Document:

exv10w3

Exhibit 10. 3

JONES SODA CO.

2011 INCENTIVE PLAN

STOCK OPTION GRANT NOTICE

     Jones Soda Co. (the “Company”) hereby grants to you an Option (the “Option”) to purchase
shares of the Company’s Common Stock under the Company’s 2011 Incentive Plan (the “Plan”). The
Option is subject to all the terms and conditions set forth in this Stock Option Grant Notice (this
“Grant Notice”) and in the Stock Option Agreement and the Plan, which are incorporated into this
Grant Notice in their entirety.

	 	 	 	 	 

	Participant:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Grant Date:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Vesting Commencement Date:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Number of Shares Subject to Option (the
“Shares”):
	 	 	 	 
	 
	 	 	 	 
	Exercise Price (per Share):
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Option Expiration Date:
	 	 	 	(subject to earlier the terms of the Plan and the
termination in
	 

	 		 	 
	 

	 	 accordance with

Stock Option Agreement)
	 
	 	 	 	 
	Type of Option:	 	Nonqualified Stock Option
	 
	 	 	 	 
	Vesting and Exercisability Schedule:	 	25% of the Option will
vest and become exercisable on
the first anniversary of the
Vesting Commencement Date and
an additional 1/48th of the
Option will vest and become
exercisable each additional
one-month period of continuous
service completed thereafter.

Additional Terms/Acknowledgement: You acknowledge receipt of, and understand and agree to,
this Grant Notice, the Stock Option Agreement and the Plan. You further acknowledge that as of the
Grant Date, this Grant Notice, the Stock Option Agreement and the Plan set forth the entire
understanding between you and the Company regarding the Option and supersede all prior oral and
written agreements on the subject.

	 	 	 

	JONES SODA CO.

	 	PARTICIPANT
	 
	 	 
	 

	 	 
	By:

	 	[Name]
	 

	 	 
	Title:
	 	 
	 

	 	 

Attachments:

1. Stock Option Agreement

 

 

JONES SODA CO.

2011 INCENTIVE PLAN

STOCK OPTION AGREEMENT

     Pursuant to your Stock Option Grant Notice (the “Grant Notice”) and this Stock Option
Agreement, Jones Soda Co. has granted you an Option under its 2011 Incentive Plan (the “Plan”) to
purchase the number of shares of the Company’s Common Stock indicated in your Grant Notice (the
“Shares”) at the exercise price indicated in your Grant Notice. Capitalized terms not explicitly
defined in this Stock Option Agreement but defined in the Plan shall have the same definitions as
in the Plan.

     The details of the Option are as follows:

     1. Vesting and Exercisability. Subject to the limitations contained herein, the Option will
vest and become exercisable as provided in your Grant Notice, provided that vesting will cease upon
your Termination of Service and the unvested portion of the Option will terminate.

     2. Securities Law Compliance. Notwithstanding any other provision of this Agreement, you may
not exercise the Option unless the Shares issuable upon exercise are registered under the
Securities Act or, if such Shares are not then so registered, the Company has determined that such
exercise and issuance would be exempt from the registration requirements of the Securities Act.
The exercise of the Option must also comply with other applicable laws and regulations governing
the Option, and you may not exercise the Option if the Company determines that such exercise would
not be in material compliance with such laws and regulations.

     3. Independent Tax Advice. You should obtain tax advice independent from the Company when
exercising the Option and prior to the disposition of the Shares.

     4. Method of Exercise. You may exercise the Option by giving written notice to the Company,
in form and substance satisfactory to the Company, which will state your election to exercise the
Option and the number of Shares for which you are exercising the Option. The written notice must
be accompanied by full payment of the exercise price for the number of Shares you are purchasing.
You may make this payment in any combination of the following: (a) by cash; (b) by wire transfer
or check acceptable to the Company; (c) if the Common Stock is registered under the Exchange Act
and to the extent permitted by law, by instructing a broker to deliver to the Company the total
payment required; or (d) by any other method permitted by the Committee.

     5. Treatment Upon Termination of Service. The unvested portion of the Option will terminate
automatically and without further notice immediately upon your Termination of Service. You may
exercise the vested portion of the Option as follows:

 

 

          (a) General Rule. You must exercise the vested portion of the Option on or before the earlier
of (i) three months after your Termination of Service and (ii) the Option Expiration Date;

          (b) Retirement or Disability. If your employment or service relationship terminates due to
Retirement or Disability, you must exercise the vested portion of the Option on or before the
earlier of (i) one year after your Termination of Service and (ii) the Option Expiration Date.

          (c) Death. If your employment or service relationship terminates due to your death, the
vested portion of the Option must be exercised on or before the earlier of (i) one year after your
Termination of Service and (ii) the Option Expiration Date. If you die after your Termination of
Service but while the Option is still exercisable, the vested portion of the Option may be
exercised until the earlier of (x) one year after the date of death and (y) the Option Expiration
Date; and

          (d) Cause. The vested portion of the Option will automatically expire at the time the Company
first notifies you of your Termination of Service for Cause, unless the Committee determines
otherwise. If your employment or service relationship is suspended pending an investigation of
whether you will be terminated for Cause, all your rights under the Option likewise will be
suspended during the period of investigation. If any facts that would constitute termination for
Cause are discovered after your Termination of Service, any Option you then hold may be immediately
terminated by the Committee.

     It is your responsibility to be aware of the date the Option terminates.

     6. Limited Transferability. During your lifetime only you can exercise the Option. The
Option is not transferable except by will or by the applicable laws of descent and distribution.
The Plan provides for exercise of the Option by a beneficiary designated on a Company-approved
form. Notwithstanding the foregoing and to the extent permitted by Section 422 of the Code, the
Committee, in its sole discretion, may permit you to assign or transfer the Option, subject to such
terms and conditions as specified by the Committee.

     7. Withholding Taxes. As a condition to the exercise of any portion of an Option, you must
make such arrangements as the Company may require for the satisfaction of any federal, state, local
or foreign withholding tax obligations that may arise in connection with such exercise.

     8. Option Not an Employment or Service Contract. Nothing in the Plan or any Award granted
under the Plan will be deemed to constitute an employment contract or confer or be deemed to confer
any right for you to continue in the employ of, or to continue any other relationship with, the
Company or any Related Company or limit in any way the right of the Company or any Related Company
to terminate your employment or other service relationship at any time, with or without Cause.

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     9. No Right to Damages. You will have no right to bring a claim or to receive damages if you
are required to exercise the vested portion of the Option within three months (one year in the case
of Retirement, Disability or death) of your Termination of Service or if any portion of the Option
is cancelled or expires unexercised. The loss of existing or potential profit in Awards will not
constitute an element of damages in the event of your Termination of Service for any reason even if
the termination is in violation of an obligation of the Company or a Related Company to you.

     10. Binding Effect. This Agreement will inure to the benefit of the successors and assigns of
the Company and be binding upon you and your heirs, executors, administrators, successors and
assigns.

     11. Section 409A. Notwithstanding any provision in the Plan or this Agreement to the
contrary, the Committee may, at any time and without your consent, modify the terms of the Option
as it determines appropriate to avoid the imposition of interest or penalties under Section 409A;
provided, however, that the Company makes no representations that the Option shall be exempt from
or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to the
Option.

     [Sections 12 and 13 are for non-U.S. employees:]

     12. Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation. In
accepting the Option, you acknowledge, understand and agree that (a) the Plan is established
voluntarily by the Company, it is discretionary in nature, and may be amended, suspended or
terminated by the Company at any time; (b) the grant of the Option is voluntary and occasional and
does not create any contractual or other right to receive future grants of options, or benefits in
lieu of options, even if options have been granted repeatedly in the past; (c) all decisions with
respect to future option grants, if any, will be at the sole discretion of the Company; (d) you are
voluntarily participating in the Plan; (e) the Option and any Shares acquired under the Plan are
extraordinary items that do not constitute compensation of any kind for services of any kind
rendered to the Company, and which is outside the scope of your service contract, if any; (f) the
Option and any Shares acquired under the Plan are not intended to replace any compensation; (g) the
Option and any Shares acquired under the Plan are not part of normal or expected compensation for
any purposes, including, but not limited to, calculating any severance, resignation, termination,
redundancy, dismissal, end of service payments, bonuses, long-service awards, or similar payments
and in no event should be considered as compensation for, or relating in any way to, past services
for the Company or any Related Company; (h) the future value of the Shares underlying the Option is
unknown and cannot be predicted with certainty; (i) if the underlying Shares do not increase in
value, the Option will have no value; (j) if you exercise the Option and acquire Shares, the value
of such Shares may increase or decrease in value, even below the exercise price; (k) no claim or
entitlement to compensation or damages shall arise from forfeiture of the Option resulting from
your Termination of Service by the Company or a Related Company (for any reason whatsoever and
whether or not in breach of local laws) and in

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consideration of the grant of the Option to which
you are otherwise not entitled, you irrevocably agree never to institute any claim against the
Company or any Related Company, waive your ability, if any, to bring any such claim, and release
the Company or any Related Company from any such claim; if, notwithstanding the foregoing, any such
claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you
shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and
all documents necessary to request dismissal or withdrawal of such claims; (l) in the event of your
Termination of Service (whether or not in breach of local laws), your right to vest in the Option
under the Plan, if any, will terminate effective as of the date that you are no longer actively
retained and will not be extended by any notice period mandated under local law; furthermore, in
the event of your Termination of Service (whether or not in breach of local laws), your right to
exercise the Option after Termination of Service, if any, will be measured by the date of
termination of your active service and will not be extended by any notice period mandated
under local law; the Committee shall have the exclusive discretion to determine when you are no
longer actively retained in service for purposes of your Option grant; and (m) the Option and the
benefits under the Plan, if any, will not automatically transfer to another company in the case of
a merger, take-over or transfer of liability.

     13. Data Privacy. By entering into this Agreement and accepting the Option, you explicitly
and unambiguously consent to the collection, use and transfer, in electronic or other form, of any
of your personal data that is necessary to facilitate the implementation, administration and
management of the Option and the Plan. You understand that the Company and any Related Company
may, for the purpose of implementing, administering and managing the Plan, hold certain personal
information about you, including, but not limited to, your name, home address and telephone number,
date of birth, social insurance number or other identification number, salary, nationality, job
title any shares of stock or directorships held in the Company, details of all options or any other
entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in
your favor, for the exclusive purpose of implementing, administering and managing the Plan
(“Data”).

     You understand that Data may be transferred to any third parties assisting in the
implementation, administration and management of the Plan, including any broker with whom the
Shares issued upon vesting of the Option may be deposited, and that these recipients may be located
in your country or elsewhere, and that the recipient’s country (e.g., the United States) may have
different data privacy laws and protections than your country You understand that you may request
a list with the names and addresses of any potential recipients of the Data by contacting the
Company. You authorize the Company, and any other possible recipients which may assist the Company
(presently or in the future) with implementing, administering and managing the Plan to receive,
possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of
implementing, administering and managing your participation in the Plan. You understand that Data
will be held only as long as is necessary to implement, administer and manage your participation in
the Plan. You understand that you may, at any time, view Data, request additional information
about the storage and processing of Data, require any necessary amendments to

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Data or refuse or
withdraw the consents herein, in any case without cost, by contacting in writing the Company. You
understand, however, that refusing or withdrawing your consent may affect your ability to
participate in the Plan. For more information on the consequences of your refusal to consent or
withdrawal of consent, you understand that you may contact the Company.

-5-exv10w4

Exhibit
10.4

JONES SODA CO.

2011 INCENTIVE PLAN

RESTRICTED STOCK AWARD NOTICE

     Jones Soda Co. (the “Company”) hereby grants to you a Restricted Stock Award (the “Award”) for
shares of the Company’s Common Stock under the Company’s 2011 Incentive Plan (the “Plan”). The
Award is subject to all the terms and conditions set forth in this Restricted Stock Award Notice
(the “Award Notice”) and in the Restricted Stock Award Agreement and the Plan, which are
incorporated into the Award Notice in their entirety.

	 	 	 	 	 
	Participant:
	 	 	 	 
	 
	 	 	 
	 
	 	 	 	 
	Grant Date:
	 	 	 	 
	 
	 	 	 
	 
	 	 	 	 
	Vesting Commencement Date:
	 	 	 	 
	 
	 	 	 
	 
	 	 	 	 
	Number of Shares Subject to the Award
(the “Shares”):
	 	 	 	 
	 
	 	 	 
	 
	 	 	 	 
	Fair Market Value Per Share on Grant Date:
	 	$	 	 
	 
	 	 	 
	 
	 	 	 	 
	Vesting Schedule:
	 	 	 	 

Additional Terms/Acknowledgement: You acknowledge receipt of, and understand and agree to, the
Award Notice, the Restricted Stock Award Agreement and the Plan. You further acknowledge that as
of the Grant Date, the Award Notice, the Restricted Stock Award Agreement and the Plan set forth
the entire understanding between you and the Company regarding the Award and supersede all prior
oral and written agreements on the subject.

	 	 	 

	JONES SODA CO.

	 	PARTICIPANT
	 
	 	 
	 

	 	 
	By:

	 	[Name]
	 
	 	 
	Title:
	 	 
	 
	 	 

Attachments:

1. Restricted Stock Award Agreement

 

 

JONES SODA CO.

2011 INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT

     Pursuant to your Restricted Stock Award Notice (the “Award Notice”) and this Restricted Stock
Award Agreement (this “Agreement”), Jones Soda Co. (the “Company”) has granted you a Restricted
Stock Award (the “Award”) under its 2011 Incentive Plan (the “Plan”) for the number of
shares of the Company’s Common Stock indicated in your Award Notice. Capitalized terms not defined
in this Agreement but defined in the Plan have the same definitions as in the Plan.

     The details of the Award are as follows:

1. Vesting

     The Award will vest and no longer be subject to forfeiture according to the vesting schedule
set forth in the Award Notice (the “Vesting Schedule”). Shares subject to the portion of the Award
that has vested and is no longer subject to forfeiture according to the Vesting Schedule are
referred to herein as “Vested Shares.” Shares subject to the portion of the Award that has not
vested and remains subject to forfeiture under the Vesting Schedule are referred to herein as
“Unvested Shares.” The Unvested Shares will vest (and to the extent so vested cease to be Unvested
Shares remaining subject to forfeiture) in accordance with the Vesting Schedule (the Unvested and
Vested Shares are collectively referred to herein as the “Shares”).

2. Termination of Service

     Unless the Committee determines otherwise prior to your Termination of Service, all Unvested
Shares will immediately be forfeited to the Company upon your Termination of Service without
payment of any consideration to you.

3. Consideration for Award

     The Company acknowledges your payment of full consideration for the Award in the form of
services previously rendered and/or services to be rendered hereafter to the Company (in either
case, in an amount equal to no less than the aggregate par value of the Shares).

4. Securities Law Compliance

     4.1 You represent and warrant that you (a) have been furnished with a copy of the Plan and all
information which you deem necessary to evaluate the merits and risks of receipt of the Shares, (b)
have had the opportunity to ask questions and receive answers concerning the information received
about the Shares and the Company, and (c) have been given the opportunity to obtain any additional
information you deem necessary to verify the accuracy of any information obtained concerning the
Shares and the Company.

     4.2 You hereby agree that you will in no event sell or distribute all or any part of the
Shares unless (a) there is an effective registration statement under the Securities Act and
applicable state securities laws covering any such transaction involving the Shares or (b) the
Company receives an opinion of your legal counsel (concurred in by legal counsel for the Company)
stating that such transaction is exempt from registration or the Company otherwise satisfies itself
that such transaction is exempt from registration.

 

 

     4.3 You confirm that you have been advised, prior to your receipt of the Shares, that neither
the offering of the Shares nor any offering materials have been reviewed by any administrator under
the Securities Act or any other applicable securities act.

     4.4 You hereby agree to indemnify the Company and hold it harmless from and against any loss,
claim or liability, including attorneys’ fees or legal expenses, incurred by the Company as a
result of any breach by you of, or any inaccuracy in, any representation, warranty or statement
made by you in this Agreement or the breach by you of any terms or conditions of this Agreement.

5. Transfer Restrictions

     Any sale, transfer, assignment, pledge, encumbrance, hypothecation, conveyance in trust,
gift, transfer by bequest, devise or descent, or other transfer or disposition of any kind, whether
voluntary or by operation of law, directly or indirectly, of Unvested Shares will be strictly
prohibited and void.

     [Sections 6 is for employees subject to U.S. tax law only:]

6. Section 83(b) Election for Award

     You understand that under Section 83(a) of the Code, the Fair Market Value of the Unvested
Shares on the date the forfeiture restrictions lapse will be taxed, on the date such forfeiture
restrictions lapse, as ordinary income subject to payroll and withholding tax and tax reporting, as
applicable. For this purpose, the term “forfeiture restrictions” means the right of the Company to
receive back any Unvested Shares upon your Termination of Service. You understand that you may
elect under Section 83(b) of the Code to be taxed at the time the Unvested Shares are acquired,
rather than when and as the Unvested Shares cease to be subject to the forfeiture restrictions.
Such election (an “83(b) Election”) must be filed with the Internal Revenue Service within 30 days
from the Grant Date of the Award.

     You understand that there are significant risks associated with the decision to make an 83(b)
Election. If you make and 83(b) Election and the Unvested Shares are subsequently forfeited to the
Company, you will not be entitled to a deduction for any ordinary income previously recognized as a
result of the 83(b) Election. If you make an 83(b) Election and the value of the Unvested Shares
subsequently declines, the 83(b) Election may cause you to recognize more ordinary income than you
would have otherwise recognized. On the other hand, if the value of the Unvested Shares increases
and you have not made an 83(b) Election, you may recognize more ordinary income than you would have
if you had made the election.

     THE FORM FOR MAKING AN 83(b) ELECTION IS ATTACHED TO THIS AGREEMENT AS EXHIBIT B. YOU
UNDERSTAND THAT, IF YOU DECIDE TO MAKE AN 83(b) ELECTION, IT IS YOUR RESPONSIBILITY TO FILE SUCH AN
ELECTION AND THAT FAILURE TO FILE SUCH AN ELECTION WITHIN THE 30-DAY PERIOD MAY RESULT IN THE
RECOGNITION OF ORDINARY INCOME BY YOU AS THE FORFEITURE RESTRICTIONS LAPSE. You further understand
that an additional copy of such election form should be filed with your federal income tax
return for the calendar year in which the date of this Agreement falls. You acknowledge that the
foregoing is only a summary of the federal income tax laws that apply to the receipt of the
Unvested Shares under this Agreement and does not purport to be complete. YOU FURTHER ACKNOWLEDGE
THAT THE COMPANY HAS DIRECTED YOU TO

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SEEK INDEPENDENT ADVICE REGARDING THE APPLICABLE PROVISIONS OF
THE CODE, THE INCOME TAX LAWS OF ANY MUNICIPALITY, STATE OR FOREIGN COUNTRY IN WHICH YOU MAY
RESIDE, AND THE TAX CONSEQUENCES OF YOUR DEATH.

     You agree to execute and deliver to the Company with this Agreement a copy of the
Acknowledgment and Statement of Decision Regarding Section 83(b) Election attached hereto as
Exhibit A. You further agree that, if you choose to make an 83(b) Election with the Internal
Revenue Service, you will execute and deliver to the Company with this Agreement a copy of the
83(b) Election attached hereto as Exhibit B.

7. Book Entry Registration of Shares

     The Company may issue the Shares by registering the Shares in book entry form with the
Company’s transfer agent in your name in which case the applicable restrictions will be noted in
the records of the Company’s transfer agent in the book entry system.

8. Stop-Transfer Notices

     You understand and agree that, in order to ensure compliance with the restrictions referred to
in this Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer
agent, if any, and that, if the Company transfers its own securities, it may make appropriate
notations to the same effect in its own records. The Company will not be required to (a) transfer
on its books any Shares that have been sold or transferred in violation of the provisions of this
Agreement or (b) treat as the owner of the Shares, or otherwise accord voting, dividend or
liquidation rights to, any transferee to whom the Shares have been transferred in contravention of
this Agreement.

9. Independent Tax Advice

     You acknowledge that determining the actual tax consequences to you of receiving or disposing
of the Shares may be complicated. These tax consequences will depend, in part, on your specific
situation and may also depend on other variables not within the control of the Company. You are
aware that you should consult a competent and independent tax advisor for a full understanding of
the specific tax consequences to you of receiving or disposing of the Shares. Prior to executing
the Award Notice, you either have consulted with a competent tax advisor independent of the Company
to obtain tax advice concerning the receipt or disposition of the Shares in light of your specific
situation or you have had the opportunity to consult with such a tax advisor but chose not to do
so.

10. Tax Withholding

     As a condition to the removal of forfeiture restrictions from your Vested Shares, you agree to
make arrangements satisfactory to the Company for the payment of any federal, state, local or
foreign withholding tax obligations that arise either upon receipt of the Shares or as the
forfeiture restrictions on any Shares lapse. You may satisfy such withholding obligation by any of
the following means or a combination thereof: (a) tendering a cash payment to the Company, (b)
having the Company withhold an amount from any cash amount otherwise due or become due from the
Company to you, (c) having the Company withhold a number of shares of the Company’s Common Stock
that would otherwise become vested under this Agreement (up to the employer’s minimum tax
withholding rate) or (d)

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surrendering to the Company already owned shares of the Company’s Common
Stock (up to the employer’s minimum required tax withholding rate). Notwithstanding the previous
sentence, you acknowledge and agree that the Company and any Related Company have the right to
deduct from payments of any kind otherwise due to you any federal, state or local taxes of any kind
required by law to be withheld with respect the Award.

11. General Provisions

     11.1 Assignment. The Company may assign its forfeiture rights at any time, whether or not
such rights are then exercisable, to any person or entity selected by the Company’s Board of
Directors, including, without limitation, one or more of the Company’s shareholders.

     11.2 No Waiver. No waiver of any provision of this Agreement will be valid unless in writing
and signed by the person against whom such waiver is sought to be enforced, nor will failure to
enforce any right hereunder constitute a continuing waiver of the same or a waiver of any other
right hereunder.

     11.3 Cancellation of Shares. If the Company or its assignees exercises the Company’s
forfeiture rights in accordance with the provisions of this Agreement, then, from and after such
time, the person from whom such Shares are to be forfeited will no longer have any rights as a
recipient of such Shares, such Shares will be deemed forfeited in accordance with the applicable
provisions of this Agreement, and the Company or its assignees will be deemed the owner and
recipient of such Shares, whether or not any certificates therefor have been delivered as required
by this Agreement.

     11.4 Undertaking. You hereby agree to take whatever additional action and execute whatever
additional documents the Company may deem necessary or advisable in order to carry out or effect
one or more of the obligations or restrictions imposed on either you or the Shares pursuant to the
express provisions of this Agreement.

     11.5 Agreement Is Entire Contract. This Agreement and the Award Notice constitute the entire
contract between the parties hereto with regard to the subject matter hereof and supersede all
prior oral and written agreements on the subject. This Agreement and the Award Notice are made
pursuant to the provisions of the Plan and will in all respects be construed in conformity with the
express terms and provisions of the Plan.

     11.6 Successors and Assigns. The provisions of this Agreement will inure to the benefit of,
and be binding on, the Company and its successors and assigns and you and your legal
representatives, heirs, legatees, distributees, assigns and transferees by operation of law,
whether or not any such person will have become a party to this Agreement and agreed in writing to
join herein and be bound by the terms and conditions hereof.

     11.7 No Employment or Service Contract. Nothing in this Agreement will affect in any manner
whatsoever the right or power of the Company, or a Related Company, to terminate your employment
or services on behalf of the Company, for any reason, with or without Cause.

     11.8 Shareholder of Record. You will be recorded as a shareholder of the Company and will
have, subject to the provisions of this Agreement and the Plan, all the rights of a shareholder
with respect to the Shares.

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     11.9 Counterparts. The Award Notice may be executed in two or more counterparts, each of
which will be deemed an original, but which, upon execution, will constitute one and the same
instrument.

     11.10 Governing Law. To the extent not otherwise governed by the laws of the United States,
this Agreement will be construed and administered in accordance with and governed by the laws of
the State of Washington without giving effect to principles of conflicts of law.

12. Section 409A. The Award is intended to be exempt from the rules of Section 409A or to
satisfy those rules, and shall be construed accordingly.

     [Sections 13 and 14 are for non-U.S. employees:]

13. Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation.

     In accepting the Award, you acknowledge, understand and agree that (a) the Plan is established
voluntarily by the Company, it is discretionary in nature, and may be amended, suspended or
terminated by the Company at any time; (b) the grant of the Award is voluntary and occasional and
does not create any contractual or other right to receive future grants of Awards, or benefits in
lieu of Awards, even if have been granted repeatedly in the past; (c) all decisions with respect
to future Award grants, if any, will be at the sole discretion of the Company; (d) you are
voluntarily participating in the Plan; (e) the Award and any Shares acquired under the Plan are
extraordinary items that do not constitute compensation of any kind for services of any kind
rendered to the Company, and which is outside the scope of your service contract, if any; (f) the
Award and any Shares acquired under the Plan are not intended to replace any compensation; (g) the
Award and any Shares acquired under the Plan are not part of normal or expected compensation for
any purposes, including, but not limited to, calculating any severance, resignation, termination,
redundancy, dismissal, end of service payments, bonuses, long-service awards, or similar payments
and in no event should be considered as compensation for, or relating in any way to, past services
for the Company or any Related Company; (h) the future value of the Award is unknown and cannot be
predicted with certainty; (i) no claim or entitlement to compensation or damages shall arise from
forfeiture of the Award resulting from your Termination of Service by the Company or a Related
Company (for any reason whatsoever and whether or not in breach of local laws) and in consideration
of the grant of the Award to which you are otherwise not entitled, you irrevocably agree never to
institute any claim against the Company or any Related Company, waive your ability, if any, to
bring any such claim, and release the Company or any Related Company from any such claim; if,
notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction,
then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue
such claim and agree to execute any and all documents necessary to request dismissal or withdrawal
of such claims; (j) in the event of your Termination of Service (whether or not in breach of local
laws), your right to vest in the Award under the Plan, if any, will terminate effective as of the
date that you are no longer actively retained and will not be extended by any notice period
mandated under local law;
and (k) the Award and the benefits under the Plan, if any, will not automatically transfer to
another company in the case of a merger, take-over or transfer of liability.

- 5 -

 

14. Data Privacy.

     By entering into this Agreement and accepting the Award, you explicitly and unambiguously
consent to the collection, use and transfer, in electronic or other form, of any of your personal
data that is necessary to facilitate the implementation, administration and management of the Award
and the Plan. You understand that the Company and any Related Company may, for the purpose of
implementing, administering and managing the Plan, hold certain personal information about you,
including, but not limited to, your name, home address and telephone number, date of birth, social
insurance number or other identification number, salary, nationality, job title any shares of stock
or directorships held in the Company, details of all Awards or any other entitlement to shares of
stock awarded, canceled, exercised, vested, unvested or outstanding in your favor, for the
exclusive purpose of implementing, administering and managing the Plan (“Data”).

     You understand that Data may be transferred to any third parties assisting in the
implementation, administration and management of the Plan, including any broker with whom the
Shares issued upon vesting of the Award may be deposited, and that these recipients may be located
in your country or elsewhere, and that the recipient’s country (e.g., the United States) may have
different data privacy laws and protections than your country You understand that you may request
a list with the names and addresses of any potential recipients of the Data by contacting the
Company. You authorize the Company, and any other possible recipients which may assist the Company
(presently or in the future) with implementing, administering and managing the Plan to receive,
possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of
implementing, administering and managing your participation in the Plan. You understand that Data
will be held only as long as is necessary to implement, administer and manage your participation in
the Plan. You understand that you may, at any time, view Data, request additional information
about the storage and processing of Data, require any necessary amendments to Data or refuse or
withdraw the consents herein, in any case without cost, by contacting in writing the Company. You
understand, however, that refusing or withdrawing your consent may affect your ability to
participate in the Plan. For more information on the consequences of your refusal to consent or
withdrawal of consent, you understand that you may contact the Company.

- 6 -

 

EXHIBIT A

ACKNOWLEDGMENT AND STATEMENT OF DECISION REGARDING SECTION 83(b) ELECTION

     The undersigned, a recipient of __________ shares of Common Stock of Jones Soda Co., a
Washington corporation (the “Company”), pursuant to a restricted stock award granted pursuant to
the Company’s 2011 Incentive Plan (the “Plan”), hereby states as follows:

     1. The undersigned acknowledges receipt of a copy of the Plan relating to the offering of such
shares. The undersigned has carefully reviewed the Plan and the Restricted Stock Award Notice and
Restricted Stock Award Agreement pursuant to which the award was granted.

     2. The undersigned either (check and complete as applicable):

	 	(a)
          	 	has consulted, and has been fully advised by, the
undersigned’s own tax advisor, ________________________, whose business
address is _________________________, regarding the federal, state and local
tax consequences of receiving shares under the Plan, and particularly
regarding the advisability of making an election pursuant to Section 83(b) of
the Internal Revenue Code of 1986, as amended (the “Code”), and pursuant to
the corresponding provisions, if any, of applicable state law, or
	 
	 	(b)          	 	has knowingly chosen not to consult such a tax advisor.

     3. The undersigned hereby states that the undersigned has decided (check as applicable)

	 	(a)          	 	to make an election pursuant to Section 83(b) of the Code,
and is submitting to the Company, together with the undersigned’s executed
Restricted Stock Award Notice, an executed form entitled “Election Under
Section 83(b) of the Internal Revenue Code of 1986,” or
	 
	 	(b)          	 	not to make an election pursuant to Section 83(b) of the
Code.

     4. Neither the Company nor any affiliate or representative of the Company has made any
warranty or representation to the undersigned with respect to the tax consequences of the
undersigned’s purchase of shares under the Plan or of the making or failure to make an election
pursuant to Section 83(b) of the Code or the corresponding provisions, if any, of applicable state
law.

	 	 	 	 	 
	 	 	 
	Dated: 
	 	 
	 	Recipient 	 
	 	
 	 
	 	Print Name 	 
	 	 	 

 

 

	 	 	 	 	 

EXHIBIT B

ELECTION UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE OF 1986

     The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue
Code, to include in taxpayer’s gross income for the current taxable year the amount of any
compensation taxable to taxpayer in connection with taxpayer’s receipt of the property described
below:

	1.	 	The name, address, taxpayer identification number and taxable year of the undersigned are as
follows:
	 
	 	 	NAME OF TAXPAYER:________________________
	 
	 	 	NAME OF SPOUSE:________________________
	 
	 	 	ADDRESS:________________________
	 
	 	 	                    ________________________
	 
	 	 	IDENTIFICATION NO. OF TAXPAYER:________________________
	 
	 	 	IDENTIFICATION NO. OF SPOUSE:________________________
	 
	 	 	TAXABLE YEAR: ________________________
	 
	2.	 	The property with respect to which the election is made is described as follows: _______
 shares of the Common Stock of Jones Soda Co., a Washington corporation (the “Company”).
	 
	3.	 	The date on which the property was transferred is: _____________, 20___
	 
	4.	 	The property is subject to the following restrictions:
	 
	 	 	The property is subject to a right pursuant to which taxpayer forfeits the rights in
and to the shares if for any reason taxpayer’s service with the Company is
terminated. The Company’s right to receive back the shares lapses as follows:
___________________.
	 
	5.	 	The aggregate fair market value at the time of transfer, determined without regard to any
restriction other than a restriction which by its terms will never lapse, of such property is:
$____________
	 
	6.	 	The amount (if any) paid for such property is: $________

     The undersigned has submitted a copy of this statement to the person for whom the services
were performed in connection with the undersigned’s receipt of the above-described property. The
undersigned is the person performing the services in connection with the transfer of said property.

     The undersigned understands that the foregoing election may not be revoked except with the
consent of the Commissioner.

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	 	 	Recipient
	 
	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	 	 	Recipient’s Spouse

 

 

DISTRIBUTION OF COPIES

	1.	 	File original with the Internal Revenue Service Center where the taxpayer’s income tax
return will be filed. Filing must be made by no later than 30 days after the date the
property was transferred.
	 
	2.	 	Attach one copy to the taxpayer’s income tax return for the taxable year in which the
property was transferred.
	 
	3.	 	Mail one copy to the Company at the following address:

Jones Soda Co.

234 9th Avenue North

Seattle, WA 98109

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