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                                                                   EXHIBIT 10.21

            SECOND AMENDMENT TO SECOND AMENDED AND RESTATED LEASE AND
                LICENSE FINANCING AND PURCHASE OPTION AGREEMENT

         THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED LEASE AND LICENSE
FINANCING AND PURCHASE OPTION AGREEMENT (this "Amendment"), dated as of May 10,
2005, is by and between ARABICA FUNDING, INC., a Delaware corporation
("Arabica") and CARIBOU COFFEE COMPANY, INC., a Minnesota corporation (the
"Company").

                                    RECITALS

         A.     Arabica and the Company are parties to the Second Amended and
Restated Lease and License Financing and Purchase Option Agreement dated as of
June 29, 2004 (as in effect from time to time, the "Master Lease"). Capitalized
terms used herein without definition have the meanings assigned to them in the
Master Lease.

         B.     The Company has requested certain amendments to the Master
Lease, and Arabica is willing to effect such amendments on the terms and
conditions hereinafter set forth.

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

I.      AMENDMENTS TO MASTER LEASE. Subject to the satisfaction of each of the
conditions set forth herein, the Master Lease is hereby amended as follows:

         A.     Definitions. Section 1(a) of the Master Lease is amended by
amending the definition of "Permitted Liens" by inserting, after the words
"(other than for the payment of money);" appearing in clause (iii) thereof, the
words "Liens securing obligations described in, and permitted under, Section
22(a)(vi)".

         B.     Indebtedness. Section 22(a) of the Master Lease is amended (1)
by deleting the word "and" at the end of clause (iv) thereof, (2) by replacing
the period at the end of clause (v) thereof with "; and" and (3) by adding the
following new clause (vi) thereof:

         (vi) reimbursement obligations (both contingent and otherwise) in
respect of letters of credit issued on behalf of the Company and its
Subsidiaries to support leases of real property entered into by the Company and
its Subsidiaries, provided that the aggregate amount of such contingent and
other obligations shall not exceed at any time $1,000,000.

         C.     No Further Amendments. Except as specifically amended hereby,
the text of the Master Lease and all other Lease/Purchase Documents shall remain
unchanged and in full force and effect.

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II.     REFERENCES IN LEASE/PURCHASE DOCUMENTS; CONFIRMATION OF SECURITY. All
references to the Master Lease in all Lease/Purchase Documents shall, from and
after the date hereof, refer to the Master Lease, as amended by this Amendment,
and all obligations of the Company under the Lease/Purchase Documents shall be
secured by and be entitled to the benefits of the Company Security Documents.
All Company Security Documents heretofore executed by the Restricted Group shall
remain in full force and effect and, by the Company's signature hereto, such
Company Security Documents are hereby ratified and affirmed.

III.    REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. The Company
hereby represents and warrants to, and covenants and agrees with Arabica that:

         A.     The execution and delivery of this Amendment have been duly
authorized by all requisite action on the part of the Company.

         B.     The representations and warranties of each member of the
Restricted Group contained in the Master Lease and the other Lease/Purchase
Documents are true and correct in all material respects on and as of the date
of, and before and after giving effect to, this Amendment as though made at and
as of such date, except to the extent (a) such representations and warranties
expressly relate to an earlier date (and the representations and warranties set
forth in Section 19(a) and Section 19(q) (relating solely to the Confidential
Information Memorandum) of the Master Lease shall be construed to relate only to
the date of the Master Lease and to the Closing Date), in which case each such
representation and warranty shall be true and correct in all material respects
as of such earlier date and (b) of inaccuracies resulting from transactions
permitted under the Lease/Purchase Documents.

         C.     No member of the Restricted Group is required to obtain any
consent, approval or authorization from, or to file any declaration or statement
with, any governmental instrumentality or other agency or any other person or
entity in connection with or as a condition to the execution, delivery or
performance of this Amendment.

         D.     This Amendment constitutes the legal, valid and binding
obligation of the Company, enforceable against it in accordance with its
respective terms, subject to bankruptcy, insolvency, reorganization, moratorium
and similar laws affecting the rights and remedies of creditors generally or the
application of principles of equity, whether in any action at law or proceeding
in equity, and subject to the availability of the remedy of specific performance
or of any other equitable remedy or relief to enforce any right thereunder.

IV.     CONDITIONS. The willingness of Arabica to amend the Master Lease as
provided above, and the effectiveness of this Amendment, are subject to the
following conditions precedent:

         A.     The Company shall have delivered to Arabica true and complete
copies of any required stockholders' and/or directors' consents and/or
resolutions, authorizing the execution and delivery of this Amendment, certified
by the Secretary of the Company.

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         B.     The members of the Restricted Group shall have delivered to
Arabica such other supporting documents and certificates as Arabica, any
Registered Holder or their respective counsel may reasonably request.

         C.     All legal matters incident to the transactions hereby
contemplated shall be reasonably satisfactory to Arabica's and the Registered
Holders' respective counsel.

V.       MISCELLANEOUS.

         A.     As provided in the Master Lease, the Company agrees to reimburse
Arabica and the Registered Holders upon demand for all reasonable fees and
disbursements of counsel incurred in connection with the preparation of this
Amendment and the other Related Documents.

         B.     This Amendment shall be governed by and construed in accordance
with the laws of the State of New York.

         C.     This Amendment may be executed by the parties hereto in several
counterparts hereof and by the different parties hereto on separate counterparts
hereof, all of which counterparts shall together constitute one and the same
agreement. Delivery of an executed signature page of this Amendment by facsimile
transmission shall be effective as an in-hand delivery of an original executed
counterpart hereof.

                    [The next pages are the signature pages.]

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         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as a sealed instrument by their duly authorized representatives,
all as of the day and year first above written.

                                            ARABICA FUNDING, INC.

                                            By: /s/ Bernard J. Angelo
                                                --------------------------------
                                                Name: Bernard J. Angelo
                                                Title: Vice President

                                            CARIBOU COFFEE COMPANY, INC.

                                            By: /s/ George E. Mileusnic
                                                --------------------------------
                                                Name: George E. Mileusnic
                                                Title: Chief Financial Officer<PAGE>

                                                                   EXHIBIT 10.22

                 SECOND AMENDED AND RESTATED CALL OPTION LETTER

June 29, 2004

Caribou Coffee Company, Inc.
615 North Third Street
Minneapolis, MN  55401

             Re:      Second Amended and Restated Lease and License
                      Financing and Purchase Option Agreement

Dear Sirs:

      We refer to the Second Amended and Restated Lease and License Financing
and Purchase Option Agreement, dated as of the date hereof, between you and us
(the "AGREEMENT"). Unless otherwise defined herein, terms defined in the
Agreement shall have the same meanings when used in this letter. This Second
Amended and Restated Call Option Letter amends and restates the Amended and
Restated Call Option Letter, dated as of April 25, 2001, issued by us to you. In
consideration of your entering into the Agreement and undertaking the
transactions contemplated by the Agreement, we have agreed to grant to you the
options described below. We therefore agree with you as follows:

      1. We hereby grant to you an option (the "CALL OPTION") to purchase all or
a pro rata portion of all of the Assets, exercisable by notice in writing in the
form set out in Schedule 1 hereto (a "CALL OPTION NOTICE") signed by or on
behalf of yourself. Once given, a Call Option Notice may not be withdrawn except
with our consent. The exercise of the Call Option is conditional upon your
payment on the date upon which the purchase of all or a pro rata portion of the
Assets pursuant to the Call Option is to be effected (the "EXERCISE DATE") of
the purchase price for the Assets (the "OPTION PURCHASE PRICE"), as calculated
in accordance with Section 2 hereof. If a pro rata portion of all of the Assets
is to be purchased pursuant to an exercise of the Call Option, such pro rata
portion shall be equal to the pro rata portion that the Specified Acquisition
Cost (as defined below) represents of the aggregate unpaid Acquisition Cost.

      2.    (a) If a pro rata portion of all of the Assets is to be purchased
pursuant to an exercise of the Call Option, then the Option Purchase Price of
the Assets to be purchased shall be an amount equal to the sum of (i) the
portion of the unpaid Acquisition Cost (the "SPECIFIED ACQUISITION COST")
specified by you in the relevant Call Option Notice, which amount shall at least
be equal to $1,000,000 or a whole multiple thereof, plus (ii) any and all
accrued and unpaid Rent in respect of the Specified Acquisition Cost to the
Exercise Date, plus (iii) $10.

            (b) If all of the Assets then subject to the Agreement are to be
purchased pursuant to an exercise of the Call Option, then the Option Purchase
Price of the Assets shall be an amount equal to the sum of (i) the aggregate
unpaid Acquisition Cost of the Assets then subject to the Agreement, plus (ii)
any and all accrued and unpaid Rent to the Exercise Date, plus (iii) $10.

                     Second Amended and Restated Call Option

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      3. Upon each utilization of the Call Option, the amount paid shall be
applied against the unpaid Acquisition Cost of the Assets. After giving effect
to the Call Option, we will update our records to reflect each such reduction in
the unpaid Acquisition Cost. Upon payment in full of the Option Purchase Price
after the exercise of the Call Option, property and title to all or a pro rata
portion of the Assets, as the case may be, shall vest in and be accepted by you
and property therein and title thereto shall be deemed to have passed on such
delivery free from all security interests, but without warranty by or recourse
to us with regard to the condition or fitness of the Assets or otherwise in any
respect. Any passing of title hereunder shall be without prejudice to the
accrued rights of the parties under the Agreement or under this letter.

      4. This letter shall be binding upon, and inure to and for the benefit of,
you and us and our respective successors and assigns. You and we agree that this
letter may not be assigned in whole or in part without the prior written consent
of the other party hereto. You and we agree that any assignment of the Agreement
by any party thereto must include an assignment and assumption of this letter.

      5. Each communication to be made under this letter shall be made in
writing in accordance with the notice provisions of the Agreement.

      6. We hereby covenant and agree to complete and convey an acknowledgment
of receipt of a Call Option Notice in the form set out in Schedule 2 hereto to
you on the Exercise Date.

      7. These options and your rights hereunder are personal to you and may not
be assigned.

      8. This letter shall be governed by, and in construed in accordance with,
the laws of the State of New York. The parties agree that the last sentence of
Section 32 of the Agreement (relating to submission to jurisdiction) and the
provisions of Section 34 of the Agreement (relating to waiver of jury trial) are
incorporated by reference into this letter with the same force and effect as if
such provisions were set forth herein in full.

                             SIGNATURE PAGE FOLLOWS

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                                   ARABICA FUNDING, INC.

                                   By /s/ Bernard J. Angelo
                                      _______________________________________
                                      Name:  Bernard J. Angelo
                                      Title: Vice President

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