Document:

EXHIBIT 10.33

 

 

RELEASE AGREEMENT

 

This Release Agreement
(this “Agreement”) is made and entered into between the undersigned (referred to herein as “Executive”)
and Jamba Juice Company, a California corporation (the “Company”), pursuant to the Executive Retention and Severance
Plan adopted by Jamba, Inc. effective July 25, 2013 (the “Plan”).

 

1.     Separation. Executive’s last day of work with the Company will be her employment termination date which will
be no later than May 1, 2016 (such termination date, the “Separation Date”).

 

2.     Accrued Salary and Vacation. On the Separation Date, the Company will pay Executive all salary and unused vacation
through the Separation Date, subject to standard payroll deductions and withholdings. Executive is entitled to these payments regardless
of whether you sign this Agreement.

 

3.     Consideration. In consideration for signing this release and an additional, substantially identical release setting
forth the terms contained in Sections 5, 6 and 7 of this Agreement, no earlier than the Separation Date and no later than 60 days
after the Separation Date, and provided that Executive does not revoke either release and complies with the other provisions as
required by the Plan for receipt of Severance Benefits (as defined in the Plan), the Company will provide Executive with the Severance
Benefits provided pursuant to Section 4.1 of the Plan.

 

(a) Additional Consideration. For purposes of providing
the Company an orderly transition, in addition to the Severance Benefits provided pursuant to Section 4.1 of the Plan, the Company
will provide the following additional consideration if Executive continues to work on a full-time basis and be employed by Company
through April 30, 2016 or such earlier Separation Date that the Company may otherwise determine and provide notice of same to
Executive.

 

(1)Accelerated
Vesting of Equity Awards Subject to Board Approval

 

(i)Options.
Notwithstanding any provision to the contrary contained in any plan or agreement evidencing an Option held by Executive, subject
to Board approval, the vesting and exercisability of each such Option shall be accelerated by twelve (12) months upon the Separation
Date, subject to Board approval.

 

(ii)Restricted
Stock and Restricted Stock Units. Notwithstanding any provision to the contrary contained in any plan or agreement evidencing
Restricted Stock or Restricted Stock Units held by Executive, vesting of such Restricted Stock and Restricted Stock Units shall
be accelerated by twelve (12) months upon the Separation Date, subject to Board approval.

 

(iii)Performance
Based Awards. Notwithstanding any provision to the contrary contained in any plan or agreement evidencing performance based
awards, if Executive is eligible to receive a performance based award on the Separation Date, vesting of such performance based
award shall be accelerated by twelve (12) months upon the Separation Date, subject to Board approval.

 

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(iv)Other
Performance Awards. Except as set forth above, the treatment of stock-based compensation upon the consummation of a Change
in Control shall be determined in accordance with the terms of the plans or agreements providing for such awards. In addition,
any award of Options, Restricted Stock, or Restricted Stock Units, the value or vesting of which is determined based on attainment
of performance metrics, such awards shall be governed by the terms of the award and not Section 5 of the Plan. Performance
based awards are not affected by the accelerated vesting in clauses (i) or (ii) of Section 3(a)(1) above. Executive will be eligible
to receive the 2015 Target Bonus if earned without any deduction based on Executive’s Separation.

 

(2)Retention
Bonus

 

(i)So
long as Executive stay continues her employment with Company and executes her duties through the April 30, 2016 and executes a
release of all claims as of Executive’s Separation Date, Executive will be eligible to receive a Retention Bonus in an amount
of $25,000.

 

(ii)In
the event the Company ends Executive’s employment prior to the Separation Date for any reason other than Cause, it will
nevertheless pay Executive 100% of the Retention Bonus that would have been payable to Executive under this Agreement had the
Company not ended your employment prior to the Separation Date.

 

(iii)The Company will pay the
Retention Bonus Payment promptly following the Separation Date The Retention Bonus shall be subject to all withholdings required
by law.

 

(3)Health
Insurance

 

(i)To
the extent provided by the federal COBRA law or, if applicable, state insurance laws, and by the Company’s current group
health insurance policies, Executive will be eligible to continue her group health insurance benefits at her own expense. For
a period of twelve (12) months, the Company will continue to pay the employer portion of Executive group health insurance premiums
and Executive will only be responsible for the employee portion of that monthly premium, provided Executive do not become eligible
for health coverage from another employer during this period. After twelve (12) months, Executive will be responsible for paying
the entire premium to maintain coverage. Later, Executive may be able to convert to an individual policy through the provider
of the Company’s health insurance, if Executive wishes. Executive will be provided with a separate notice of your COBRA
rights..

 

(4)No
Duty to Mitigate. Notwithstanding Section 16.2 of the Plan, Executive has no obligation to mitigate and any amounts payable
under the Plan and/or this Agreement will not be reduced by any amounts earned by Executive from other employment or business activities
during the Severance Benefit Period.

 

4.             Other Compensation or Benefits. Executive acknowledges that, except as expressly provided in Paragraph 3 of this
Agreement, Executive will not receive any additional compensation, severance or benefits after the Separation Date.

 

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5.     Release
of Claims. 

 

(a)  THIS IS A GENERAL RELEASE
OF ALL CLAIMS. As consideration for the Severance Benefits and Additional Consideration being provided to you, Executive, on
his own behalf, and on behalf of his respective heirs, family members, executors, administrators, attorneys, representatives, and
assigns, hereby fully and forever releases Company and its legal representatives, officers, directors, fiduciaries, employees,
investors, shareholders, insurers, agents, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations,
and assigns, both in their individual and corporate capacities (collectively, the "Releasees"), of and from any and all
claims and causes of action, demands, duties, obligations, agreements, promises, liabilities, damages, costs, and/or fees, whether
known or unknown, suspected or unsuspected, arising out of or relating to Executive's employment, including the termination of
his employment, including without limitation: (i) any and all claims relating to or arising from Executive's employment relationship
with Company and the termination of that relationship; (ii) any and all claims relating to, or arising from, Executive's right
to purchase, or actual purchase of, shares of stock of Company, including, without limitation, any claims for fraud; misrepresentation;
breach of fiduciary duty; breach of duty under applicable state corporate law; and securities fraud under any state or federal
law; (iii) any and all claims under the law of any jurisdiction including without limitation wrongful discharge of employment;
constructive discharge from employment; termination in violation of public policy; discrimination; breach of contract, both express
and implied; breach of a covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent and
intentional infliction of emotional distress; negligent and intentional misrepresentation; negligent and intentional interference
with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury;
assault; battery; invasion of privacy; false imprisonment; and conversion; (iv) any and all claims for violation of any federal,
state or municipal statute, including without limitation all employment laws, including without limitation the California Fair
Employment and Housing Act; the California Unruh Act; the Age Discrimination in Employment Act, as amended; Title VII of the Civil
Rights Act of 1964, as amended; the Civil Rights Act of 1866; the Civil Rights Act of 1871; the Fair Labor Standards Act; the Americans
with Disabilities Act; the Older Workers' Benefits Protection Act; the Family Medical Leave Act; the Equal Pay Act; the Employee
Retirement Income Security Act of 1974; the National Labor Relations Act; the California Constitution; the California Labor Code;
the California Business & Professions Code; the California Government Code; the California Civil Code; and all other laws against
discrimination or applicable to employment that may be the subject of a release under applicable law; (v) any and all claims for
violation of the federal, or any state, constitution; (vi) any and all claims arising out of any other laws and regulations relating
to employment or employment discrimination; (vii) any and all claims arising out of any personnel policies, contracts of employment,
any other contracts, severance pay agreements, and covenants of good faith and fair dealing; (viii) any claim for any loss, cost,
damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by
Executive as a result of this Agreement; (ix) any claim or damage arising out of Executive's employment with or separation from
Company under any common law theory or any federal, state, or local statute or ordinance not specifically referred to above; (x)
any and all claims for unpaid or withheld wages, severance, benefits, bonuses, commissions, and other compensation of any kind
that Executive may have against the Releasees; and (xi) any and all claims for attorneys' fees and costs.

 

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(b)Executive specifically agrees that this Agreement
includes without limitation any and all claims that were raised, or that reasonably could have been raised, under the applicable
Wage Order, Labor Code sections 201, 202, 203, 212, 226, 226.3, 226.7, 510, 512, 515, 558, 1194, and 1198, as well as claims under
the Business & Professions Code sections 17200, et seq. and Labor Code sections 2698, et seq. based on alleged violations of
Labor Code provisions. Executive further covenants that he will not seek to initiate any proceedings seeking penalties under Labor
Code sections 2699, et seq. based upon the Labor Code provisions specified above.

 

(c)Executive understands and agrees that, to the
fullest extent permitted by law, Executive is precluded from filing or pursuing any legal claim of any kind against any of the
Releasees at any time in the future, in any federal, state, or municipal court, administrative agency, or other tribunal, arising
out of any of the claims that Executive has waived by virtue of executing this Agreement. Executive agrees not to file or pursue
any such legal claims and, if Executive does pursue such legal claims, Executive waives any right to receive monetary recovery.
By Executive's signature below, Executive represents that she/he has not filed any such legal claims against any of the Releasees
in any federal, state, or municipal court, administrative agency, or other tribunal.

 

(d)Nothing in this Agreement shall be construed
to waive any claims that cannot be waived as a matter of law. In addition, this Agreement does not prevent Executive from filing
an administrative charge against any Releasee that may not be released as a matter of law; however, Executive agrees that Executive
shall not be entitled to recover any monetary payments or other individual benefits in any such proceeding.

 

(e)Nothing in this Agreement will affect the ability
of Executive or Company to enforce rights or entitlements specifically provided for under this Agreement as set forth above, or
any rights or claims that may arise after the date that Executive executed this Agreement. By Executive's signature below, Executive
represents that: (a) Executive is not aware of any unpaid wages, vacation, bonuses, expense reimbursements, or other amounts owed
to Executive by Company, other than the Consideration specifically promised in this Agreement; (b) Executive has not been denied
any request for leave to which Executive believes she/he was legally entitled, and Executive was not otherwise deprived of any
of his rights under the Family and Medical Leave Act or any similar state or local statute; and (c) Executive has not assigned
or transferred, or purported to assign or transfer, to any person, entity, or individual whatsoever, any of the claims released
in the foregoing general release and waiver. Company's obligations under this Agreement are contingent upon Executive's compliance
with all terms and conditions provided for herein.

 

6.     Section 1542 Waiver/Release
of Unknown Claims.  Executive expressly acknowledges that the releases given in this Agreement are intended to include, without
limitation, claims that Executive did not know or suspect to exist in his favor at the time of the date of Executive’s execution
of this Agreement, regardless of whether the knowledge of such claims, or the facts upon with they might be based, would have materially
affected the settlement of this matter; and that the Consideration provided under this Agreement are also for the release of those
claims and contemplates the extinguishment of any such unknown claims, despite the fact that California Civil Code section 1542
may provide otherwise. Executive expressly waives any right or benefit available to him in any capacity under the provisions of
California Civil Code section 1542, which provides as follows:

 

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A GENERAL RELEASE DOES NOT EXTEND
TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH
IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

7.     Age Discrimination in Employment Act.
Executive acknowledges, agrees and understands that:

 

(a)under the general release detailed
above, Executive is waiving and releasing, among other claims, any rights and claims that may exist under the Age Discrimination
in Employment Act (“ADEA”);

 

(b)the waiver and release of claims
set forth in the release above does not apply to any rights or claims that may arise under the ADEA after the date of execution
of this Agreement;

 

(c)the payments and other consideration
that are being provided to Executive are of significant value and are in addition to what Executive otherwise would be entitled;

 

(d)Executive is being advised in writing
to consult with an attorney before signing this Agreement;

 

(e)Executive is being given a period
of forty-five (45) days within which to review and consider this Agreement before signing it, though Executive may sign earlier,
and if Executive fails to sign and return this Agreement within the forty-five (45) day consideration period, Company’s offer
and this Agreement will expire on its own terms;

 

(f)Executive may revoke his acceptance
of this Agreement by providing written notice to Company within seven (7) days following its execution, and any notice of revocation
of this Agreement must be in writing and transmitted by hand or certified mail to Jamba Juice Company, 6475 Christie Avenue, Suite
150, Emeryville, CA 94608, Attn: Kathy Wright; and

 

(g)Because of Executive’s right
to revoke this Agreement, this Agreement shall not become effective and enforceable until the eighth (8th) day after the return
of an executed copy of this Agreement by Executive to Company (the “Effective Date”), and Executive will not be entitled
to any of the benefits set forth in this Agreement until after the Effective Date.

 

8.     Return
of Company Property. Within one (1) week the Separation Date, you agree to return to the Company all Company documents (and
all copies thereof) and other Company property that you have had in your possession at any time, including, but not limited to,
Company files, notes, drawings, records, manuals, business plans and forecasts, financial information, specifications, computer-
recorded information, electronically stored information, passwords, usernames, tangible property (including, but not limited to,
computers), credit cards, entry cards, identification badges and keys and any materials of any kind that contain or embody any
proprietary or confidential information of the Company (and all reproductions thereof).

 

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9.     Proprietary Information
Obligations. Executive agrees to continue to abide by the terms and conditions of the confidentiality
and/or proprietary rights agreement between the Participant and the Company or any other member of the Company Group.

 

10.   Cooperation.
After the Separation Date, you agree to cooperate fully with the Company in connection with its actual or contemplated defense,
prosecution, or investigation of any claims, demands, or other matters arising from events, acts or failures to act which occurred
during the time period in which you were employed by the Company. Cooperation includes, without limitation, making yourself available
upon reasonable notice at the Company’s request for interviews, depositions and trial testimony.

 

11.   Confidentiality.
The provisions of this Agreement will be held in strictest confidence by you and the Company and will not be publicized or
disclosed in any manner whatsoever; provided, however, that: you may disclose this Agreement to your immediate family,
attorneys, accountants, tax preparers and financial advisors, and you may also disclose this Agreement as may be required by law.
In particular, and without limitation, you agree not to disclose the terms of this Agreement to any current or former Company
employee.

 

12.Public Communications;
Non-Disparagement. Executive agrees that all communications with Company’s investors, the media, and franchisees shall
be consistent with the written communication plan established by the Board with input from Executive. At all times prior to and
after the Separation Date, Executive agrees that Executive will not make any disparaging or derogatory remarks about the Company
or any of its officers, directors, employees, or agents or the Board at any time.

 

13.   Section 409A.
This Agreement shall be interpreted such that the payments made thereunder shall comply with, or be exempt from, Section 409A
of the Internal Revenue Code, as amended, and the Treasury Regulations and any applicable guidance thereunder (“Section
409A”), and all provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements
for avoiding taxes or penalties under Section 409A. To the extent that the Company determines that any payment or benefit pursuant
to this Agreement is subject to Section 409A, such payment or benefit shall be made at such times and in such forms as the Company
determines are required to comply with Section 409A (including, without limitation, in the case of any amount that is payable
in connection with termination of Executive’s employment, such amount will only be paid in the event that such termination
constitutes a “separation from service” within the meaning of Section 409A and will be paid on the first business
day following a six-month delay if Executive shall be a specified employee (within the meaning of Section 409A), in each case,
to the extent necessary to comply with Section 409A). For purposes of Section 409A, each payment hereunder will be deemed to be
a separate payment as permitted under Treasury Regulation Section 1.409A-2(b)(2)(iii).

 

14.   No Claims
Filed. You represent and warrant that you have not filed or instituted any claim before any court, administrative agency, arbitrator,
or other tribunal against the Company. This Agreement does not prevent you from filing an administrative charge against the Company
that may not be released as a matter of law; however, you agree that you shall not be entitled to recover any monetary payments
or other individual benefits in any such proceeding

 

15.   Entire Agreement.
This Agreement and the Plan constitute the complete, final and exclusive embodiment of the entire agreement between you and
the Company with regard to this subject matter. It supersedes any and all agreements entered into by and between you and the Company.
It is entered into voluntarily, without reliance on any promise or representation, written or oral, other than those expressly
contained herein.

 

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16.   Non-Admission
of Liability. This Agreement shall not in any way be construed as an admission of liability by either the Company or you or
that either the Company or you have acted wrongfully with respect to the other, and the Company and you specifically disclaim
any liability to or wrongful acts against one another.

 

17.   Applicable Law.
This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of
the State of California as applied to contracts made and to be performed entirely within California.

 

The parties having read
the Agreement and accept and agree to the provisions it contains and hereby execute it with full understanding of its consequences.

  

 

	Jamba Juice Company	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Karen L. Luey	 	 	December 18, 2015	 
	 	 	 	 	 
	Signature	 	 	Date	 
	 	 	 	 	 
	Karen L. Luey	 	 	Chief Financial Officer	 
	Print Name	 	 	Title	 
	 	 	 	 	 
	 	 	 	 	 
	Executive	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Julie S. Washington	 	 	December 18, 2015	 
	Signature	 	 	Date	 

 

    7EXHIBIT 10.34

 

FIFTH AMENDMENT TO CREDIT AGREEMENT AND
LIMITED WAIVER

 

THIS FIFTH AMENDMENT TO CREDIT AGREEMENT
AND LIMITED WAIVER, dated as of December 29, 2015 (this “Amendment”), is by and among JAMBA, INC.,
a Delaware corporation (the “Parent”), JAMBA JUICE COMPANY, a California corporation (the “Borrower”),
the Subsidiary Guarantors party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Bank”).

 

RECITALS

 

A.Reference is made to the Credit Agreement,
dated as of February 14, 2012 (as amended, modified or supplemented from time to time, the “Credit Agreement”),
among the Parent, the Borrower, and the Bank. Capitalized terms used herein without definition shall have the meanings given to
them in the Credit Agreement.

 

B.The Borrower has requested certain
amendments to the Credit Agreement and for the Bank to waive certain Events of Default and the Bank has agreed to make such amendments
and to grant such waiver on the terms and conditions set forth herein.

 

STATEMENT OF AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

ARTICLE
I

 

Amendments
to CREDIT AGREEMENT

 

1.1          Amendments to Section 1.1 (Defined Terms) of the Credit Agreement. Section 1.1 of the Credit Agreement is hereby
amended as follows:

 

(a)          The defined terms “Consolidated EBITDAR”, “Consolidated Funded Debt”, “Consolidated Leverage
Ratio”, “Consolidated Rent Expense” and “Specified Conditions” are hereby deleted from Section 1.1
of the Credit Agreement.

 

(b)          The definitions of “Consolidated EBITDA” and “Fixed Charge Coverage Ratio” are hereby deleted in
their entirety and replaced with the following:

 

“Consolidated EBITDA”
means, for the Parent and its Subsidiaries, on a consolidated basis, for any period, the aggregate of (i) Consolidated Net Income
of the Parent and its Subsidiaries for such period, plus (ii) the sum of depreciation, amortization of intangible assets,
interest expense, and income tax expense, plus (iii) non-cash share based compensation expense, plus (iv) non-cash
asset impairment losses, plus (v) one-time severance costs related to the retirement of the Chief Executive Officer of the
Borrower, in an aggregate amount not to exceed $793,000, plus (vi) other non-recurring costs and expenses acceptable to
the Lender in its sole discretion, minus (vii) interest income, all to the extent taken into account in the calculation
of Consolidated Net Income of the Parent and its Subsidiaries for such period.

 

    	 

     

    

 

“Fixed Charge Coverage
Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA minus Capital Expenditures
minus dividends and other distributions (including the repurchase or other acquisition of shares of Capital Stock of the
Parent) (other than dividends paid on preferred stock), each for the period of four fiscal quarters ending on such date, to
(b) Consolidated Fixed Charges as of such date; provided that, for purposes of calculating the Fixed Charge Coverage Ratio
as of any period, Consolidated EBITDA shall be increased by proceeds from disposition of stores owned by the Parent and its Subsidiaries
as part of a refranchising program or otherwise during such period.

 

(c)          The following defined terms are hereby added to Section 1.1 of the Credit Agreement in appropriate alphabetical order:

 

“Fifth Amendment Effective
Date” means December 29, 2015.

 

“Specified Condition”
means, for any fiscal quarter, at all times during such fiscal quarter, (i) unrestricted cash of the Credit Parties, minus
(ii) outstanding Revolving Loans, shall exceed $15,000,000.

 

1.2          Amendments to Section 2.1 (Commitments). Section 2.1 of the Credit Agreement is hereby deleted in its entirety and
replaced with the following:

 

The Bank agrees,
on the terms and conditions set forth herein, to make loans (each a “Revolving Loan,” and collectively, the
“Revolving Loans”) to the Borrower, from time to time before the Revolving Credit Termination Date; provided
that, immediately after each Revolving Loan is made, the Revolving Credit Exposure shall not exceed $10,000,000 (as such figure
may be reduced from time to time as provided in this Agreement, the “Revolving Credit Commitment”). Subject
to Section 3.2, the Borrower may borrow under this Section 2.1(a), repay or prepay Revolving Loans and reborrow under
this Section 2.1(a) at any time before the Revolving Credit Termination Date.

 

1.3          Amendments to Article VI (Financial Covenants). Article VI of the Credit Agreement are hereby deleted in its entirety
and replaced with the following:

 

ARTICLE
VI

 

FINANCIAL
COVENANTS

 

Until payment in full
of all Obligations of the Borrower to the Bank and the termination of the Revolving Credit Commitment, each of the Parent and the
Borrower covenants and agrees that it will not:

 

6.1Minimum Consolidated
EBITDA. Permit Consolidated EBITDA for the period of four fiscal quarters ending as of the last day of any fiscal quarter,
beginning with the fiscal quarter ending September 30, 2015, to be less than $7,500,000, provided that the foregoing financial
covenant shall not be tested for any fiscal quarter so long as the Specified Condition is satisfied with respect to such fiscal
quarter.

 

6.2Minimum Fixed Charge
Coverage Ratio. Permit the Fixed Charge Coverage Ratio as of the last day of any fiscal quarter, beginning with the fiscal
quarter ending September 30, 2015 to be less than 2.00 to 1.00.

 

6.3Minimum Consolidated
Tangible Net Worth. Permit, at any time on or after December 31, 2015, Consolidated Tangible Net Worth to be less than $3,500,000.

 

    	 

     

    

 

6.4Maximum Capital Expenditures.
Permit Capital Expenditures for the fiscal year ending December 31, 2016 to be greater than $8,500,000.

 

1.4          Amendments to Section 7.4 (Disposition of Assets) of the Credit Agreement. Section 7.4(vi) of the Credit Agreement
is hereby deleted in its entirety and replaced with the following:

 

(vi)the sale or other disposition
of stores (and related assets) owned by the Parent and its Subsidiaries, in one or more transactions after the Fifth Amendment
Effective Date, as part of a refranchising program, for fair value and for cash, provided that (x) the Parent and its Subsidiaries
collectively own at least 75 stores after giving effect to such sale or disposition, (y) no Default or Event of Default shall have
occurred and be continuing or would result therefrom, and (z) after giving effect to any such sale or other disposition (and any
other such sales or dispositions occurring prior to or contemporaneously therewith), the Credit Parties would be in compliance
with the financial covenants in Article VI on a pro forma basis, recomputed as of the end of the most recent period of four
fiscal quarters for which financial statements have been delivered pursuant to Section 5.1(a) and (b) as if such
sale or disposition had occurred on the first day of such period.

 

1.5          Amendments to Section 7.6 (Restricted Payments) of the Credit Agreement. Section 7.6(iv) of the Credit Agreement
is hereby deleted in its entirety and replaced with the following:

 

(iv)        the repurchase of the common
Capital Stock of the Parent in the fiscal years ending December 31, 2014, December 31, 2015 and December 31, 2016, in an aggregate
amount not exceeding $40,000,000 in the aggregate.

 

1.6          Amendments to Exhibit B (Compliance Certificate) to the Credit Agreement. Exhibit B to the Credit Agreement is hereby
amended in its entirety as set forth on Appendix I to this Amendment.

 

ARTICLE II 

 

LIMITED
WAIVER

 

The Bank hereby waives any Event of Default
arising under the Credit Agreement as a result of (i) the failure of the Borrower to comply with the Minimum Consolidated Tangible
Net Worth in Section 6.3 of the Credit Agreement at any time prior to the Fifth Amendment Effective Date and (ii) the failure of
the Borrower to comply with the Minimum Fixed Charge Coverage Ratio in Section 6.2 of the Credit Agreement for the fiscal quarter
ending September 30, 2015; provided that the foregoing waiver shall not be deemed to modify or affect the obligations of
the Credit Parties to comply with each and every other obligation, covenant, duty, or agreement under the Credit Agreement and
the other Credit Documents, in each case as amended, from and after the date hereof. The waiver in this Article II is a
one-time waiver and shall not be construed to be a waiver of or in any way obligate the Bank to waive any other Default or Event
of Default under the Credit Agreement and the other Credit Documents that may occur from and after the date hereof.

 

    	 

     

    

 

ARTICLE III 

 

REPRESENTATIONS
AND WARRANTIES

 

Each Credit Party hereby represents and
warrants to the Bank as follows:

 

3.1          Representations and Warranties. After giving effect to this Amendment, each of the representations and warranties
of the Credit Parties contained in the Credit Agreement and each other Credit Document is true and correct in all material respects
(except for such representations and warranties that are qualified as to materiality, which shall be true and correct in all respects)
on and as of the date hereof with the same effect as if made on and as of the date hereof (except to the extent any such representation
or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty shall be
true and correct, or true and correct in all material respects, as applicable, as of such date).

 

3.2          No Default. After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

 

3.3          Authorization. The execution, delivery and performance of this Amendment and the transactions contemplated hereby
(i) are within the corporate authority of each Credit Party, (ii) have been duly authorized by all necessary corporate
action of the each Credit Party, (iii) do not and will not violate any provision of law, statute, rule or regulation to which
any Credit Party is subject or any judgment, order, writ, injunction, license or permit applicable to any Credit Party, (iv) do
not violate or breach any provision of the governing documents of any Credit Party, and (v) do not violate or breach any agreement
or other instrument binding upon any Credit Party, in each case under this clause (v) where such violation or breach, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

3.4          Governmental Approvals. The execution, delivery and performance of this Amendment by each Credit Party do not require
the approval or consent of, or filing with, any Governmental Authority, except such approvals or consents as have been obtained
and are in full force and effect and such filings as have been made.

 

3.5          Enforceability. This Amendment has been duly executed and delivered by the each Credit Party and constitutes each
Credit Party’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability
may be limited by general principles of equity and conflicts of laws or by bankruptcy, reorganization, insolvency, moratorium or
other laws of general application relating to or affecting the enforcement of creditors’ rights.

 

ARTICLE
IV 

 

conditions
OF EFFECTIVENESS

 

This Amendment shall become effective as
of the date hereof (the “Fifth Amendment Effective Date”) when, and only when, each of the following conditions
precedent shall have been satisfied:

 

(a)          The
Bank shall have received from each party hereto either (i) a counterpart of this Amendment signed on behalf of each Credit Party
and the Bank, or (ii) written evidence satisfactory to the Bank (which may include facsimile or other electronic image scan
transmission of a signed signature page of this Amendment) that each such party has signed a counterpart of this Amendment.

 

(b)          The Bank shall have received payment of an amendment fee in the amount of $10,000.

 

(c)          The Bank shall have received a third amended and restated promissory note, duly executed by the Borrower for the account
of the Bank.

 

    	 

     

    

 

(d)          The Bank shall have received payment of all other fees and other amounts due and payable on or prior to the Fifth Amendment
Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses (including fees, charges
and disbursements of counsel to the Bank) required to be reimbursed or paid by the Borrower under the Credit Agreement, this Amendment
or any other Credit Document.

 

ARTICLE
V

 

AFFIRMATION
OF OBLIGATIONS

 

5.1          Affirmation of Obligations. Each Credit Party hereby approves and consents to the amendments contemplated by this
Amendment and agrees that its obligations under the Credit Documents to which it is a party shall not be diminished as a result
of the execution of this Amendment. This acknowledgement by each Credit Party is made and delivered to induce the Bank to enter
into this Amendment, and each Credit Party acknowledges that the Bank would not enter into this Amendment in the absence of the
acknowledgements contained herein.

 

5.2          Liens. Each Credit Party hereby ratifies and confirms the grant of a security interest in and Lien on the Collateral
contained in the Security Documents that were executed in connection with the Credit Agreement, which security interest and Lien
shall continue in full force and effect without interruption.

 

ARTICLE
VI

 

MISCELLANEOUS

 

6.1          Release. In consideration of the Bank's willingness to enter into this Amendment, the Credit Parties hereby release
the Bank and each of its respective officers, employees, representatives, agents, counsel and directors from any and all actions,
causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, now known or unknown,
suspected or unsuspected to the extent that any of the foregoing arises from any action or failure to act solely in connection
with the Credit Documents on or prior to the date hereof.

 

6.2          Governing Law. This Amendment shall be governed by and construed and enforced in accordance with the laws of the
State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice
of law and conflicts of law rules).

 

6.3          Full Force and Effect. Except as expressly amended hereby, the Credit Agreement shall continue in full force and
effect in accordance with the provisions thereof on the date hereof. As used in the Credit Agreement, “hereinafter,”
“hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the
Credit Agreement after amendment by this Amendment. Any reference to the Credit Agreement or any of the other Credit Documents
herein or in any such documents shall refer to the Credit Agreement and Credit Documents as amended hereby. This Amendment is limited
as specified and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit
Agreement except as expressly set forth herein. This Amendment shall constitute a Credit Document under the terms of the Credit
Agreement.

 

6.4          Expenses. The Borrower agrees on demand (i) to pay all reasonable fees and expenses of counsel to the Bank, and (ii)
to reimburse the Bank for all reasonable out-of-pocket costs and expenses, in each case, in connection with the preparation, negotiation,
execution and delivery of this Amendment and the other Credit Documents delivered in connection herewith.

 

    	 

     

    

 

6.5          Severability. To the extent any provision of this Amendment is prohibited by or invalid under the applicable law
of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such
jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this
Amendment in any jurisdiction.

 

6.6          Successors and Assigns. This Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective
successors and permitted assigns of the parties hereto.

 

6.7          Construction. The headings of the various sections and subsections of this Amendment have been inserted for convenience
only and shall not in any way affect the meaning or construction of any of the provisions hereof.

 

6.8          Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto on separate
counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one
and the same instrument.

 

[Signature Page to Follow]

 

    	 

     

    

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to Credit Agreement to be executed by their duly authorized officers as of the date first above
written.

 

 

 

	 	THE BORROWER:
	 	 
	 	JAMBA JUICE & COMPANY
	 	 
	 	 
	 	By:	/s/ Karen Luey
	 	Name: 	Karen Luey
	 	Title:	Executive Vice President, CFO
	 	 
	 	 
	 	THE PARENT:
	 	 
	 	JAMBA, INC.
	 	 
	 	 
	 	By:	/s/ Karen Luey
	 	 Name: 	Karen Luey
	 	Title:	Executive Vice President, CFO
	 	 
	 	 
	 	THE SUBSIDIARY GUARANTORS:
	 	 
	 	JAMBA JUICE ADVERTISING FUND INC.
	 	 
	 	 
	 	By:	/s/ Karen Luey
	 	Name: 	Karen Luey
	 	Title:	Executive Vice President, CFO
	 	 
	 	 
		TALBOTT TEAS INC.
	 	 
	 	 
	 	By:	/s/ Karen Luey
	 	Name: 	Karen Luey
	 	Title:	CFO

 

 

    	 

     

    

 

	 	THE BANK:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	 
	 	By:	/s/ Cavan J. Harris
	 	Name: 	Cavan J. Harris
	 	Title:	Senior Vice President

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