Document:

Change of Control Retention and Severance Agmt. - Russell K. Testa

 Exhibit 10.15 
 CHANGE OF CONTROL RETENTION AND SEVERANCE AGREEMENT 
 This Change of Control Retention and Severance Agreement (the
“Agreement”) is made and entered into as of November 1, 2005 (the “Effective Date”), by and between Jamba Juice Company, a California corporation (the “Company”), and
Russell Testa (the “Employee”). Capitalized terms used in this Agreement shall have the meanings set forth in Section 3 below. 
 1. Purpose. The purpose of this Agreement is to encourage Employee to remain in the employ of the Company and to continue to devote Employee’s full attention to the success of the Company in the event of a Change of Control or
otherwise. 
 2. Termination Upon Change of Control or Without Cause. In the event of (i) Employee’s Termination Without Cause, or
(ii) Employee’s Termination Upon Change of Control, Employee shall receive the following payments and benefits: 
 2.1 Accrued Salary and
Vacation, and Benefits. Employee shall receive all salary and accrued vacation (less applicable withholding) earned through Employee’s termination date, and the benefits, if any, under Company benefit plans to which Employee may be entitled
pursuant to the terms of such plans. 
 2.2 Cash Severance Payment. Provided that Employee complies with Section 4 below, Company shall pay
Employee severance in the form of continuation of Employee’s base salary in effect on Employee’s termination date for fifty-two (52) weeks following such termination date. These payments will be made on the Company’s ordinary
payroll dates starting with the first pay date after the termination date, and will be subject to standard payroll deductions and withholdings. 
 3.
Definitions. Capitalized terms used in this Agreement shall have the meanings set forth in this Section 3. 
 3.1 “Cause” means
Employee’s (a) conviction or plea of guilty or nolo contendere to any felony or crime involving moral turpitude or dishonesty; (b) participation in a fraud or embezzlement against the Company; (c) failure to substantially perform
the material duties and obligations of employment, which failure continues uncured after written notice thereof by the Company and a reasonable opportunity to cure; or (d) material violation of a statutory duty Employee owes to the Company,
which violation continues uncured after written notice thereof by the Company and a reasonable opportunity to cure. 
 3.2 “Change of
Control” means (a) a sale of substantially all of the assets of the Company, (b) a merger or consolidation in which the Company is not the surviving corporation, (c) a reverse merger in which the Company is the surviving
corporation but the shares of Common Stock outstanding immediately preceding the merger are converted by virtue of the merger into other 

 
property, whether in the form of securities, cash or otherwise, (d) an acquisition by any person, entity or group within the meaning of
Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or any comparable successor provisions (excluding any employee benefit plan, or related trust, sponsored or maintained by the Company) of the
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act, or comparable successor rule) of securities of the Company representing at least fifty percent (50%) of the combined voting power entitled to vote in the
election of Directors. 
 3.3 “Company” means Jamba Juice Company, a California corporation, and any successor or assign to substantially
all the business and/or assets of Jamba Juice Company, a California corporation. 
 3.4 “Constructive Termination” means the occurrence of
any of the following conditions, without Employee’s consent: (a) a significant diminution in the nature or scope of Employee’s authority, title, function or duties from Employee’s authority, title, function or duties in effect
immediately preceding any Change of Control; (b) a fifteen percent (15%) or more reduction in Employee’s base salary in effect immediately preceding any Change of Control; or (c) the Company’s requiring Employee to be based
at any office or location that makes Employee’s commute 50 miles longer than Employee’s commute immediately preceding the Change of Control or if Employee is required to relocate. 
 3.5 “Termination Upon Change of Control” means: 
 (a) any
involuntary termination of the employment of Employee by the Company without Cause within twelve (12) months following a Change of Control; or 
 (b)
any resignation by Employee based on a Constructive Termination where (i) such Constructive Termination occurs within twelve (12) months following the Change of Control, and (ii) such resignation occurs within ninety (90) days
following such Constructive Termination. 
 3.6 “Termination Without Cause” means any involuntary termination of the employment of Employee
by the Company without Cause. 
 4. Release of Claims. The Company may condition the payments and benefits set forth in Section 2.2 of this
Agreement upon the delivery by Employee of a signed release of claims in a form satisfactory to the Company which will including, without limitation, an undertaking that until the date that is one (1) year from the date of termination of
Employee’s employment with the Company, Employee shall not employ or seek to employ, or otherwise directly or indirectly induce to leave his or her employment, any person who is employed by the Company. 
 5. Arbitration. Any claim, dispute or controversy arising out of this Agreement, the interpretation, validity or enforceability of this Agreement or the alleged
breach thereof shall be submitted by the parties to binding arbitration (without the necessity for any earlier mediation or other ADR) under the Arbitration Rules set forth in California Code of Civil Procedure Sections 1280 through 1294.2,
including Section 1283.05 (the “Rules”) and pursuant to California law. The arbitration shall be administered by JAMS and the site of the arbitration proceeding shall be in San Francisco County, California, or another location
mutually agreed to by the parties. 
  

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 6. Conflict in Benefits; Effect of Agreement. This Agreement shall supersede all prior arrangements, whether
written or oral, and understandings regarding severance compensation following a Change of Control or without Cause, including without limitation, that certain offer letter dated January 29, 2004 and shall be the exclusive agreement for the
determination of any severance compensation due upon Employee’s termination of employment upon a Change of Control or without Cause. 
 7.
Miscellaneous. 
 7.1 Successors of the Company. The Company will require any successor or assign (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, expressly, absolutely and unconditionally to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession or assignment had taken place. 
 7.2 No Employment Agreement. This Agreement does not
alter Employee’s at-will employment status or obligate the Company to continue to employ Employee for any specific period of time, or in any specific role or geographic location. 
 7.3 Modification of Agreement. This Agreement may be modified, amended or superseded only by a written agreement signed by Employee and the Chief Employee Officer of the Company. 
 7.4 Entire Agreement. This Agreement shall constitute the entire understanding of the parties with respect to the subject matter, superseding all prior and
contemporaneous promises, agreements and understandings, whether written or oral pertaining thereto, and neither party has relied on such prior and contemporaneous promises, agreements, and understandings to the extent not incorporated into this
Agreement. Neither party makes any representations or warranties to the other except as set forth herein. 
 7.5 Governing Law. This Agreement shall
be interpreted in accordance with and governed by the laws of the State of California 
  

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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized
officer, as of the day and year first above written. 
  

			
	 “Company”
  
 JAMBA JUICE COMPANY

		
	By:	 	/s/ Paul Clayton
	Its:	 	President and CEO

			
		
	“Employee”	 	
	
	/s/ Russell Testa
	Russell Testa

  

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 AMENDMENT TO THE 
 CHANGE OF CONTROL RETENTION AND SEVERANCE AGREEMENT 
 (“AMENDMENT”) 
 (Effective as of January 1, 2005) 
 WHEREAS, a Change of Control Retention and Severance Agreement was entered into as of November 1, 2005 (the “Agreement”) between Jamba Juice Company, a California corporation (the “Company”) and Russell Testa
(the “Employee”); and 
 WHEREAS, the Company would like to amend the Agreement to comply with the requirements of
Section 409A of the Internal Revenue Code of 1986, as amended, (“Section 409A”), as enacted in the American Jobs Creation Act of 2004; 
 WHEREAS, pursuant to Section 7.3 of the Agreement, the Agreement may be modified, amended or superseded by written agreement signed by Employee and the Chief Employee Officer of the Company; 
 NOW, THEREFORE, effective as of January 1, 2005: 
  

	1.	Section 2.2 of the Agreement is hereby amended to read as follows: 

 2.2 Cash Severance Payment. Provided that Employee complies with Section 4 below, Company shall pay Employee severance in the form of continuation of Employee’s base salary in effect on
Employee’s termination date for fifty-two (52) weeks following such termination date. These payments will be made on the Company’s ordinary payroll dates starting with the first pay date after the termination date, and will be subject
to standard payroll deductions and withholdings. 
 Notwithstanding anything to the contrary in this agreement, to the extent required to
comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), if Employee is deemed to be a “specified employee” for purposes of Section 409A(a)(2)(B) of the Code, Employee shall agree that the
payments and benefits due to Employee under this Agreement in connection with a termination of employment that would otherwise have been payable at any time during the six-month period immediately following such termination of employment shall not
be paid prior to, and shall instead be payable in a lump sum as soon as practicable following, the expiration of such six-month period. In light of the uncertainty surrounding the application of Section 409A of the Code, the Company cannot make
any guarantee as to the treatment under Section 409A of the Code of any payments made or benefits provided under this agreement. 
  

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	2.	Section 3.2 of the Agreement is hereby amended to read as follows: 

  

	 	3.2	Change of Control means: 

 (a) a sale of
substantially all of the assets of the Company to one (1) or more persons that are not related to the Company immediately prior to the sale or transfer. For purposes of this provision, persons are “related” if one of them owns,
directly or indirectly, at least fifty percent (50%) of the voting capital stock of the other or a third person owns, directly or indirectly, at least fifty percent (50%) of the voting capital stock of each of them; 
 (b) a merger or consolidation in which securities possessing more than fifty percent (50%) of the total combined voting power of the
Corporation’s outstanding securities are transferred to a person or persons not related (as such term is defined in subsection (a) above) to the persons holding those securities immediately prior to such transaction, and in which the
Company is not the surviving corporation; 
 (c) a reverse merger in which the securities possessing more than fifty percent (50%) of
the total combined voting power of the Corporation’s outstanding securities are transferred to a person or persons not related (as such term is defined in subsection (a) above) to the persons holding those securities immediately prior to
such transaction, the Company is the surviving corporation, and the shares of Common Stock outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise;
or 
 (d) an acquisition by any person, entity or group within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of
1934, as amended (“Exchange Act”), or any comparable successor provisions (excluding any employee benefit plan, or related trust, sponsored or maintained by the Company) of the beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act, or comparable successor rule) of securities of the Company representing at least fifty percent (50%) of the combined voting power entitled to vote in the election of Directors, other than a group of two
(2) or more persons not acting in concert for the purpose of acquiring, holding or disposing of such stock. The acquisition of additional stock by any person who immediately prior to such acquisition already is the beneficial owner of more than
fifty percent (50%) of the capital stock of the Company entitled to vote in the election of directors is not a Change of Control. 
 [Signatures on next page.] 
  

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 IN WITNESS WHEREOF, the parties hereto, intending legally to be bound hereby, have executed this
Amendment as of the date first above written. 
  

			
	 “Company”
  
 JAMBA JUICE COMPANY

		
	By:	 	/s/ Michael Fox
	Its:	 	Chief Employee Officer
	
	“Employee”
	
	/s/ Russell Testa
	Russell Testa

  

 3Amended and Restated 1994 Stock Incentive Plan

 Exhibit 10.16 
 JAMBA JUICE COMPANY 
 AMENDED AND RESTATED 1994 STOCK INCENTIVE PLAN 
  

	1.	PURPOSE 

 The purpose of the Jamba Juice
Company Amended and Restated 1994 Stock Incentive Plan (the “Plan”) is to further the interests of Jamba Juice Company (the “Company”) by strengthening the desire of Employees to continue their employment with the Company and by
securing other benefits for the Company through stock options to be granted hereunder. Options granted under the Plan are either options intending to qualify as “incentive stock options” within the meaning of Section 422 of the Code
or non-qualified stock options. References to the “1994 Stock Incentive Plan” shall refer to this Restated 1994 Stock Incentive Plan unless otherwise indicated. 
  

	2.	DEFINITIONS 

 Whenever used herein the
following terms shall have the following meanings, respectively: 
 (a) “Act” shall mean the Securities Act of 1933, as amended.

 (b) “Board” shall mean the Board of Directors of the Company. 
 (c) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (d) “Committee” shall mean the Compensation Committee appointed by the Board of Directors of the Company, or if no committee has been
appointed, reference to “Committee” shall be deemed to refer to the Board of Directors of the Company. 
 (e) “Common
Stock” shall mean the Company’s Common Stock as described in the Company’s Articles of Incorporation. 
 (f)
“Company” shall mean Jamba Juice Company, a California corporation, formerly known as “Juice Club, Inc.”. 
 (g)
“Employee” shall mean in connection with Non-Qualified Options and the Company’s Non-Qualified Stock Option Agreement (i) any director, officer, actual employee or independent contractor of the Company or any Subsidiary or Parent
of the Company, (ii) any individual in an effort to induce said individual to become and remain an employee or independent contractor of the Company, or (iii) any other individual or entity the Committee may deem appropriate to receive a
Non-Qualified Option (so long as the grant of the Non-Qualified Option furthers a specific Company purpose and the Committee deems it in the best interests of the Company to grant the Non-Qualified Option to said individual or entity). In 

  

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connection with Incentive Options and the Company’s Incentive Stock Option Agreement, the term “Employee” shall include only actual employees
of the Company or of any Subsidiary or Parent of the Company. 
 (h) “Fair Market Value Per Share” of the Company’s Common
Stock shall mean if the Company’s Common Stock is publicly traded the mean between the highest and lowest quoted selling prices of the Common Stock on the date of the grant of the Option or, if not available, the mean between the bona fide bid
and asked prices of the Common Stock on the date of the grant of the Option. In any situation not covered above or if there were no sales on the date of the grant of an Option, the Fair Market Value Per Share shall be determined by the Committee in
accordance with Section 20.2031-2 of the Federal Estate Tax Regulations. Notwithstanding the foregoing, if the Option is granted in connection with an initial public offering of the Company’s Common Stock, the Fair Market Value Per Share
shall be at the price at which the Common Stock is sold in such public offering. 
 (i) “Incentive Option” shall mean an Option
granted under the Plan which is designated as and qualifies as an incentive stock option within the meaning of Section 422 of the Code. 
 (j) “Initial Public Offering” shall mean a firm commitment underwritten public offering pursuant to an effective registration statement under the Act covering the offer and sale of the Common Stock. 
 (k) “Non-Qualified Option” shall mean an Option granted under the Plan which is designated as a non-qualified stock option and which does not
qualify as an incentive stock option within the meaning of Section 422 of the Code. 
 (l) “Option” shall mean an Incentive
Option, as defined in Section 2(i) hereof, or a Non-Qualified Option, as defined in Section 2(k) hereof. 
 (m)
“Optionee” shall mean any Employee who has been granted an Incentive Option to purchase shares of Common Stock under the Plan and shall mean any person (including an Employee) who has been granted a Non-Qualified Option under the Plan.

 (n) “Parent” shall have the meaning set forth in Section 424(e) of the Code. 
 (o) “Permanent Disability” shall mean termination of employment with the Company or with the consent of the Company by reason of permanent and
total disability within the meaning of Section 22(e)(3) of the Code. 
 (p) “Plan” shall mean this Amended and Restated 1994
Stock Incentive Plan. 
 (q) “Subsidiary” shall have the meaning set forth in Section 424(f) of the Code. 
  

	3.	ADMINISTRATION 

 (a) The Plan shall be
administered either (i) by the Board, or (ii) in the discretion of the Board, by the Committee appointed by the Board. The Board may from time to time appoint 

  

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members of the Committee in substitution for or in addition to members previously appointed and may fill vacancies. 
 (b) Any action of the Committee with respect to the administration of the Plan shall be taken by majority vote or by written consent of a majority of its
members. 
 (c) Subject to the provisions of the Plan, the Committee or the Board shall have the authority to construe and interpret the
Plan, to define the terms used therein, to determine the time or times an Option may be exercised and the number of shares which may be exercised at any one time, to prescribe, amend and rescind rules and regulations relating to the Plan, to approve
and determine the duration of leaves of absence which may be granted to participants without constituting a termination of their employment for purposes of the Plan, and to make all other determinations necessary or advisable for the administration
of the Plan. All determinations and interpretations made by the Committee shall be conclusive and binding on all Employees and on their guardians, legal representatives and beneficiaries. 
 (d) The Company will indemnify and hold harmless the members of the Board and the Committee from and against any and all liabilities, costs and expenses
incurred by such persons as a result of any act, or omission to act, in connection with the performance of such persons’ duties, responsibilities and obligations under the Plan, other than such liabilities, costs and expenses as may result from
the negligence, gross negligence, bad faith, willful misconduct and/or criminal acts of such person. 
 (e) The Company will provide
financial information to the Optionees on the same basis as the Company provides such information to holders of Common Stock, which in any event shall include dissemination of the Company’s financial statements at least annually. 
  

	4.	NUMBER OF SHARES SUBJECT TO PLAN 

 The stock
to be offered under the Plan shall consist of up to 5,435,000 shares of Common Stock. If any Option granted hereunder shall expire or terminate for any reason without having been exercised in full, the unpurchased shares subject thereto shall again
be available for purposes of this Plan. 
  

	5.	ELIGIBILITY AND PARTICIPATION 

 (a) The
Committee shall determine the Employees to whom Options shall be granted, the time or times at which such Options shall be granted and the number of shares to be subject to each Option. An Employee who has been granted an Option may, if he is
otherwise eligible, be granted an additional Option or Options if the Committee shall so determine. An Employee may be granted Incentive Options or Non-Qualified Options or both under the Plan; provided, however, that the grant of Incentive Options
and Non-Qualified Options to an Employee shall be the grant of separate Options and each Incentive Option and each Non-Qualified Option shall be specifically designated as such. 
 (b) In no event shall an Employee be granted in any calendar year, under the Plan and all other plans of the Company and any Subsidiary or Parent of the
Company, Incentive Options 

  

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that are first exercisable during any one calendar year for stock with an aggregate fair market value (determined as of the time the option was granted) in
excess of $100,000. 
  

	6.	PURCHASE PRICE 

 The purchase price of each
share covered by the Plan shall be determined by the Committee subject to the following: 
 (a) The purchase price of each share covered by
each Incentive Option shall not be less than 100% of the Fair Market Value Per Share of the Common Stock of the Company on the date the Incentive Option is granted; provided, however, that if at the time an Incentive Option is granted the Optionee
owns or would be considered to own by reason of Section 424(d) of the Code more than 10% of the total combined voting power of all classes of stock of the Company or any Subsidiary or Parent of the Company, the purchase price of the shares
covered by such Incentive Option shall not be less than 110% of the Fair Market Value Per Share of the Common Stock on the date the Incentive Option is granted. 
 (b) The purchase price of each share covered by each Non-Qualified Option shall not be less than 85% of the Fair Market Value Per Share of the Common Stock of the Company on the date the Non-Qualified Option is
granted; provided, however, that if the Optionee owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Subsidiary or Parent of the Company, the purchase price of the shares covered by
such Incentive Option shall not be less than 110% of the Fair Market Value Per Share of the Common Stock on the date the Non-Qualified Option is granted. 
  

	7.	DURATION OF OPTIONS 

 The expiration date of
each Option and all rights thereunder shall be determined by the Committee. In the event the Committee does not specify the expiration date of the Option, the expiration date shall be 10 years from the date on which the Option is granted, and shall
be subject to earlier termination as provided herein; provided, however, that if at the time an Incentive Option is granted the Optionee owns or would be considered to own by reason of Section 424(d) of the Code more than 10% of the total
combined voting power of all classes of stock of the Company or any Subsidiary or Parent of the Company, such Incentive Option shall expire 5 years from the date the Incentive Option is granted unless the Committee selects an earlier date.

  

	8.	EXERCISE OF OPTIONS 

 Except as otherwise
determined by the Committee, an Option shall be exercisable as follows: (i) at the end of the first year from the date of grant, 25% of the shares subject to the Option, or any part thereof; and (ii) in equal monthly installments over the
next three years, the remaining 75% of the shares subject to the Option, or any part thereof. In all cases, all options shall be exercisable at a minimum rate of at least 20% per year over 5 years from the date of grant of such Options.

 An Optionee may purchase less than the total number of shares for which the Option is exercisable, provided that a partial exercise of an
Option may not be for less than 100 shares, 

  

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unless the exercise is during the final year of the Option, and shall not include any fractional shares. As a condition to the exercise, in whole or in part,
of any Option, the Committee may in its sole discretion require the Optionee to pay, in addition to the purchase price of the shares covered by the Option, an amount equal to any federal, state and local taxes that the Committee has determined are
required to be paid in connection with the exercise of such Option in order to enable the Company to claim a deduction or otherwise. Furthermore, if any Optionee disposes of any shares of stock acquired by exercise of an Incentive Option prior to
the expiration of either of the holding periods specified in Section 422(a)(1) of the Code, the Optionee shall pay to the Company, or the Company shall have the right to withhold from any payments to be made to the Optionee, an amount equal to
any federal, state and local taxes the Committee has determined are required to be paid in connection with the exercise of such Option, in order to enable the Company to claim a deduction or otherwise. 
  

	9.	METHOD OF EXERCISE 

 (a) To the extent that
the right to purchase shares has accrued, Options may be exercised from time to time by giving written notice to the Company stating the number of shares with respect to which the Option is being exercised, accompanied by payment in full, by cash or
by certified or cashier’s check payable to the order of the Company or the equivalent thereof acceptable to the Company, of the purchase price for the number of shares being purchased and, if applicable, any federal, state or local taxes
required to be paid in accordance with the provisions of Section 8 hereof. The Company shall issue a separate certificate or certificates with respect to each Option exercised by an Optionee. 
 (b) In the Committee’s discretion, payment of the purchase price for the shares with respect to which the Option is being exercised may be made in
whole or in part with shares of Common Stock of the Company. If payment is made with shares of Common Stock, the Optionee, or other person entitled to exercise the Option, shall deliver to the Company certificates representing the number of shares
of Common Stock in payment for the shares being purchased, duly endorsed for transfer to the Company. If requested by the Committee, prior to the acceptance of such certificates in payment for such shares, the Optionee, or any other person entitled
to exercise the Option, shall supply the Committee with a representation and warranty in writing that he has good and marketable title to the shares represented by the certificate(s), free and clear of all liens and encumbrances. The value of the
shares of Common Stock tendered in payment for the shares being purchased shall be their Fair Market Value Per Share on the date of the Optionee’s exercise. 
 (c) Notwithstanding the foregoing, the Company shall have the right to postpone the time of delivery of the shares for such period as may be required for it to comply, with reasonable diligence, with any applicable
listing requirements of any national securities exchange or any federal, state or local law. If an Optionee, or other person entitled to exercise an Option, fails to accept delivery of or fails to pay for all or any portion of the shares requested
in the notice of exercise, upon tender of delivery thereof, the Committee shall have the right to terminate his Option with respect to such shares. 
 (d) The Company may make loans to Optionees as the Committee, in its discretion, may determine in connection with the exercise of outstanding Options granted under the Plan. 

  

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Such loans shall (i) be evidenced by promissory notes entered into by the holders in favor of the Company; (ii) be subject to the terms and
conditions set forth in this subsection (d) and such other terms and conditions, not inconsistent with the Plan, as the Committee shall determine; and (iii) bear interest at such rate as the Committee shall determine. In no event may the
principal amount of any such loan exceed the purchase price of the shares of Stock covered by the Option, or potion thereof, purchased by the Optionee. The initial term of the loan, the schedule of payments of principal and interest under the loan,
the extent to which the loan is to be with or without recourse against the holder with respect to principal and applicable interest and the conditions upon which the loan will become payable in the event of the holder’s termination of
employment shall be determined by the Committee; provided, however, that the term of the loan, including extensions, shall not exceed 10 years. Unless the Committee determines otherwise, when a loan shall have been made, shares of Stock
having a Fair Market Value at least equal to the principal amount of the loan shall be pledged by the holder to the Company as security for payment of the unpaid balance of the loan and such pledge shall be evidenced by a security agreement, the
terms of which shall be determined by the Committee, in it discretion; provided, however, that each loan shall comply with all applicable laws, regulations and rules of the Board of Governors of the Federal Reserve System and any other governmental
agency having jurisdiction. 
  

	10.	NON-TRANSFERABILITY OF OPTIONS 

 No Option
granted under the Plan shall be assignable or transferable by the Optionee, either voluntarily or by operation of law, otherwise than by will or the laws of descent and distribution, and shall be exercisable during his lifetime only by the Optionee.

  

	11.	CONTINUANCE OF EMPLOYMENT 

 Nothing contained
in the Plan or in any Option granted under the Plan shall confer upon any Optionee any rights with respect to the continuation of his employment by the Company or interfere in any way with the right of the Company at any time to terminate such
employment or to increase or decrease the compensation of the Optionee from the rate in existence at the time of the grant of an Option. 
  

	12.	TERMINATION OF EMPLOYMENT OTHER THAN BY DEATH OR PERMANENT DISABILITY 

 Except as the Committee may determine otherwise with respect to any Non-Qualified Options granted hereunder: If an Optionee ceases to be an Employee for any reason other than his death or Permanent Disability, any
Options granted to him under the Plan shall terminate 3 months from the date on which such Optionee terminates his employment (whether voluntarily or involuntarily) unless such Optionee has been rehired by the Company and is an Employee on such
date. During such 3 month period, the Optionee may exercise any Option granted to him but only to the extent such Option was exercisable on the date of termination of his employment and provided that such Option has not expired or otherwise
terminated as provided herein. A leave of absence approved in writing by the Committee shall not be deemed a termination of employment for purposes of this Section, but no Option may be exercised during any such leave of absence, except during the
first 3 months thereof. 
  

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	13.	DEATH OR PERMANENT DISABILITY OF OPTIONEE 

 If an Optionee shall die at a time when he is employed by the Company or if the Optionee shall cease to be an Employee by reason of Permanent Disability, any Options granted to him under this Plan shall terminate one year after the date of
his death or termination of employment due to Permanent Disability unless by its terms it shall expire before such date or otherwise terminate as provided herein, and shall only be exercisable to the extent that it would have been exercisable on the
date of his death or his retirement due to Permanent Disability. In the case of death, the Option may be exercised by the person or persons to whom the Optionee’s rights under the Option shall pass by will or by the laws of descent and
distribution. 
  

	14.	STOCK PURCHASE NOT FOR DISTRIBUTION 

 Each
Optionee shall, by accepting the grant of an Option under the Plan, represent and agree, for himself and his transferees by will or the laws of descent and distribution, that all shares of stock purchased upon exercise of the Option will be received
and held without a view to distribution except as may be permitted by the Act, and the rules and regulations promulgated thereunder. After each notice of exercise of any portion of an Option, if requested by the Committee, the person entitled to
exercise the Option must agree in writing that the shares of stock are being acquired in good faith without a view to distribution except as may be permitted by the Act and the rules and regulations promulgated thereunder. 
  

	15.	PRIVILEGES OF STOCK OWNERSHIP 

 No person
entitled to exercise any Option granted under the Plan shall have any of the rights or privileges of a shareholder of the Company with respect to any shares of Common Stock issuable upon exercise of such Option until such person has become the
holder of record of such shares. No adjustment shall be made for dividends or distributions of rights in respect of such shares if the record date is prior to the date on which such person becomes the holder of record, except as provided in
Section 16 hereof. 
  

	16.	ADJUSTMENTS 

 The Committee shall have the
foil authority, in its sole discretion, to specify any rules, procedures, adjustments or matters with respect to the Plan or any Options issued under the Plan in connection with any reorganization, merger, reverse merger, recapitalization,
reclassification, stock split, reverse split, combination of shares, sale of all or substantially all of the assets of the Company, sale of the Company or other corporate event or transaction, including, without limitation, modifying any applicable
vesting provisions, adjusting the amount of outstanding Options, and/or terminating the Plan. The Committee shall not be obligated to take any action, but any determination by the Committee, and the extent thereof, shall be final, binding and
conclusive. No fractional shares of stock shall be issued under the Plan or in connection with any such adjustment. 
  

	17.	AMENDMENT AND TERMINATION OF PLAN 

 (a) The
Board of Directors of the Company may from time to time, with respect to any shares at the time not subject to Options, suspend or terminate the Plan or amend or revise 

  

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the terms of the Plan; provided that any amendment to the Plan shall be approved by a majority of the shareholders of the Company if the amendment would
(i) materially increase the benefits accruing to participants under the Plan; (ii) increase the number of shares of Common Stock which may be issued under the Plan, except as permitted under the provisions of Section 16 hereof; or
(iii) materially modify the requirements as to eligibility for participation in the Plan. 
 (b) No amendment, suspension or termination
of the Plan shall, without the consent of the Optionee, alter or impair any rights or obligations under any Option theretofore granted to such Optionee under the Plan. 
 (c) The terms and conditions of any Option granted to an Optionee under the Plan may be modified or amended only by a written agreement executed by the Optionee and the Company; provided, however, that if any
amendment or modification of an Incentive Option would constitute a “modification, extension or renewal” within the meaning of Section 424(h) of the Code, such amendment shall be null and void unless the amendment contains an
acknowledgment by the parties substantially in the following form: “The parties hereto recognize and agree that this amendment constitutes a modification, renewal or extension, within the meaning of Section 424(h) of the Code, of the
option originally granted                     .” 
  

	18.	EFFECTIVE DATE OF PLAN 

 This Plan shall
become effective upon adoption by the Board of Directors of the Company and approval by the Company’s shareholders; provided, however, that prior to approval of the Plan by the Company’s shareholders, but after adoption by the Board of
Directors, Options may be granted under the Plan subject to obtaining such shareholders’ approval. Notwithstanding the foregoing, such shareholders’ approval must occur no later than 12 months after the date of adoption of the Plan by the
Board of Directors. 
  

	19.	TERM OF PLAN 

 No Option shall be granted
pursuant to the Plan after 10 years from the earlier of the date of adoption of the Plan by the Board of Directors of the Company or the date of approval of the Plan by the Company’s shareholders. 
  

	20.	RIGHT TO REPURCHASE AND RIGHT OF FIRST REFUSAL. 

 If an Optionee shall cease to be an Employee, the Company shall have the right to (i) repurchase all or any portion of the Stock purchased by the Optionee upon the exercise of the Optionee’s Stock Option at the Fair Market Value
of the Stock as of the date of termination of employment or, to the extent required to satisfy applicable legal requirements, the original exercise price, if higher, as well as any Stock issuable upon exercise of any unexercised Stock Options which
the Optionee has the right to exercise at the time the Optionee ceases to be an employee at the Fair Market Value of the Stock less the Exercise Price payable upon exercise of such Stock Options, and (ii) to purchase the unvested portion of the
shares as of the date of termination of employment at the cost, if any, paid by the Employee for purchase of the Stock Options. Any shares of Stock or Stock Options repurchased by the Company hereunder shall again be available for issuance under the
Plan. 
  

 8 

 The Company shall have the right of first refusal, exercisable in connection with any bona fide
third-party offer for any or all of such shares, the Stock shall first be offered to the Company upon the same terms and conditions as are set forth in the bona fide offer. 
 Each Stock Option Agreement may provide, at the Committee’s discretion, that the rights granted by this section shall lapse and cease to have effect
upon any of the following: (1) the first date on which the Company’s Stock is held of record by more than five hundred (500) persons, (2) determination by the company’s Board of Directors that a public market exists for the
outstanding shares of the Stock or (3) the consummation of an Initial Public Offering. 
  

	21.	MARKET STAND-OFF. 

 In connection with an
Initial Public Offering or any subsequent underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Act, an Optionee shall agree not to sell, make any short sale of, loan,
hypothecate, pledge, grant any option for the repurchase of, or otherwise dispose or transfer for value or otherwise agree to engage in any of the foregoing transactions with respect to any Stock without the prior written consent of the Company or
its underwriters, for such period of time from and after the effective date of such registration statement as may be requested by the Company or such underwriters, provided, however, that in no event shall such period exceed one hundred-eighty
(180) days. 
  

	22.	LEGENDS. 

 All certificates for shares of
Stock delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange
upon which the Stock is then listed and any applicable federal or state securities laws, or as may otherwise be appropriate to administer the Plan, and the Committee may cause a legend or legends to be placed on such certificates to evidence such
restrictions. 
  

 9 

 JAMBA JUICE COMPANY 
 INCENTIVE STOCK OPTION AGREEMENT 
  

			
	Name of Optionee:	 	__________________________________________
		
	Residence Address:	 	__________________________________________
		 	__________________________________________
		 	__________________________________________
		
	Number of Options Granted:	 	__________________________________________
		
	Date Option Granted:	 	__________________________________________

 THIS AGREEMENT is made as of the date set forth above between Jamba Juice Company, a California
corporation (the “Company”), and the optionee named above (the “Optionee”). 
 RECITAL 
 The Board of Directors of the Company, or a duly appointed Compensation Committee (either of which is referred to herein as the “Committee”)
thereof, has determined that it is to the advantage and interest of the Company and its shareholders to grant the option provided for herein to the Optionee as an inducement to remain in the service of the Company and as an incentive for increased
effort during such service. In consideration of the mutual covenants herein contained, the parties hereto agree as follows: 
 1. Grant of
Option 
 a. Pursuant to and subject to the terms and conditions of the Company’s Amended and Restated 1994 Stock
Incentive Plan (the “Plan”), the Company grants to the Optionee the right and option (the “Option”) to purchase on the terms and conditions hereinafter set forth all or any part of an aggregate of
                     shares (the “Shares”) of the presently authorized and unissued Common Stock of the Company (the “Common
Stock”) at the purchase price of $                     per share. Unless otherwise specified on Exhibit “A” attached hereto,
the Option shall be exercisable as follows: 
 i. At the end of the first year from the date of grant, 25% of the shares
subject to the Option, or any part thereof; and 

 ii. In equal monthly installments over the next three years, the remaining 75% of the
shares subject to the Option, or any part thereof. 
 b. Nothing contained herein shall be construed to limit or restrict the
right of the Company to terminate the Optionee’s employment at any time, with or without cause, or to increase or decrease the Optionee’s compensation from the rate in existence at the time the Option is granted. 
 2. Exercise. The right to exercise the Option granted hereunder, to the extent unexercised, shall remain in effect for a period often years from
the date of grant of this Option unless an earlier date is specified on Exhibit “A” attached hereto. 
 3. Method of
Exercise. To the extent that the right to purchase Shares has accrued hereunder, the Option may be exercised from time to time by written notice to the Company stating the number of Shares with respect to which the Option is being exercised,
together with payment in full, in cash or by certified or cashier’s check payable to the order of the Company, of the purchase price for the number of Shares being exercised. If requested by the Committee, prior to the delivery of any Shares
the Optionee, or any other person entitled to exercise the Option, shall supply the Committee with a representation that the shares are not being acquired with a view to distribution and will be sold or otherwise disposed of only in accordance with
applicable federal and state statutes, rules and regulations. If the Optionee disposes of the shares of stock acquired by exercise of this Option prior to the expiration of the holding periods specified in Section 422(a)(1) of the Code, the
Optionee shall pay to the Company, or the Company shall have the right to withhold from any payments to be made to the Optionee, an amount equal to any federal, state and local taxes the Committee has determined are required to be paid in connection
with the exercise of such Option in order to enable the Company to claim a deduction or otherwise. As soon after the notice of exercise as the Company is reasonably able to comply, the Company shall, without transfer or issue tax to the Optionee or
any other person entitled to exercise the Option, deliver to the Optionee or any such other person, at the main office of the Company or such other place as shall be mutually acceptable, a certificate or certificates for the Shares being exercised.

 In the Committee’s sole discretion, payment of the purchase price for the number of Shares to be delivered, but not of the amount of
any withholding taxes, may be made in whole or in part with shares of Common Stock of the Company. If payment is made with shares of Common Stock of the Company, the Optionee, or any other person entitled to exercise the Option, shall deliver to the
Company with the notice of exercise certificates representing the number of shares of Common Stock in payment for the Shares, duly endorsed for transfer to the Company. If requested by the Committee, prior to the acceptance of such certificates in
payment for the Shares the Optionee, or any other person entitled to exercise the Option, shall supply the Committee with a written representation and warranty that he or she has good and marketable title to the Shares represented by the
certificate(s), free and clear of liens and encumbrances. The value of the shares of Common Stock tendered in payment for the Shares being purchased shall be their Fair Market Value Per Share on the date of the Optionee’s notice of exercise.

 For purposes hereof, the “Fair Market Value Per Share” of the Company’s Common Stock shall have the meaning specified in
the Plan. 
  

 2 

 Notwithstanding the foregoing, the Company shall have the right to postpone the time of delivery of the
Shares for such period as may be required for it with reasonable diligence to comply with any applicable listing requirements of any national securities exchange or any federal, state or local law. The Optionee may exercise the Option for less than
the total number of Shares for which the Option is exercisable, provided that a partial exercise may not be for less than 100 shares, except during the final year of the Option, and shall not include any fractional shares. 
 4. Termination of Option. The Option shall terminate and expire upon the earlier of: 
 a. The last date for exercise of the Option as provided in Section 2 of this Agreement; 
 b. The expiration of three months from the date of the Optionee’s termination of employment with the Company or any of its
Subsidiaries other than by reason of death or Permanent Disability, unless the Optionee has been rehired and is an employee of the Company or any Subsidiary on such date; 
 c. The expiration of twelve months from the date of the Optionee’s termination of employment with the Company or any of its
Subsidiaries by reason of death or Permanent Disability; 
 d. The termination of the Option pursuant to Section 5
hereof; or 
 e. The expiration of five years from the date hereof if, as of the date hereof, the Optionee owns, or is
considered to own by reason of Section 424(d) of the Code, more than 10% of the total combined voting power of all classes of stock of the Company or any Subsidiary or Parent of the Company. 
 A termination of employment by reason of the death, retirement or Permanent Disability of the Optionee or otherwise shall not accelerate or otherwise
affect the number of Shares with respect to which the Option may be exercised, and the Option may only be exercised with respect to the number of Shares for which it was exercisable at the date of such termination of employment. In the event of the
Optionee’s death, the Option may be exercised prior to its expiration or termination by his personal representative, or if there is no personal representative, by his heir or legatee. 
 Termination of employment (other than by reason of death or Permanent Disability) for purposes hereof shall be deemed to take place upon the earliest to
occur of the following: (i) the date of the Optionee’s retirement under the normal retirement policies of the Company or any Subsidiary or Parent of the Company; (ii) the date of the Optionee’s retirement with the approval of the
Committee because of disability other than Permanent Disability; (iii) the date the Optionee receives notice or advice that his employment is terminated; or (iv) the date the Optionee ceases to render his services to the Company or any
Subsidiary or Parent of the Company (absences for temporary illness, emergencies and vacations or leaves of absence of not more than 90 days’ duration and approved in writing by the Committee excepted). The fact that the Optionee may receive
payment from the Company after termination for vacation pay, for 

  

 3 

 
services rendered prior to termination, for salary in lieu of notice or for other benefits shall not affect the termination date. 
 As defined in the Plan, “Permanent disability” means termination of employment with the Company with the consent of the Company by reason of
permanent and total disability within the meaning of Section 22(e)(3) of the Code. 
 5. Adjustments. The Committee shall have
the full authority, in its sole discretion, to specify any rules, procedures, adjustments or matters with respect to the Plan or any Options issued under the Plan in connection with any reorganization, merger, reverse merger, recapitalization,
reclassification, stock split, reverse split, combination of shares, sale of all or substantially all of the assets of the Company, sale of the Company or other corporate event or transaction, including, without limitation, modifying any applicable
vesting provisions, adjusting the amount of outstanding Options, and/or terminating the Plan. The Committee shall not be obligated to take any action, but any determination by the Committee, and the extent thereof, shall be final, binding and
conclusive. No fractional shares of stock shall be issued under the Plan or in connection with any such adjustment. 
 6.
Non-Transferability. The Option is not assignable or transferable by the Optionee, either voluntarily or by operation of law, otherwise than by will or by the laws of descent and distribution, and is exercisable, during the Optionee’s
lifetime, only by the Optionee. 
 7. No Shareholder Rights. The Optionee or other person entitled to exercise the Option shall have
no rights or privileges as a shareholder with respect to any Shares subject hereto until the Optionee or such person has become the holder of record of such Shares, and no adjustment (except such adjustments as may be effected pursuant to the
provisions of Section 5 hereof) shall be made for dividends or distributions of rights in respect of such Shares if the record date is prior to the date on which the Optionee or such person becomes the holder of record. 
 8. Plan Controls. The Option shall be subject to and governed by the provisions of the Plan (a copy of which is attached hereto as Exhibit B)
which the Committee alone shall have the authority to interpret and construe. In the event of any conflict between the provisions of this Agreement and the Plan, the Plan shall govern. All determinations and interpretations thereof made by the
Committee shall be conclusive and binding on all parties hereto and upon then-successors and assigns. All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Plan. The Option is intended to meet the
requirements of an incentive stock option within the meaning of Section 422 of the Code. 
 9. Conditions to Issuance of Shares.
The Company’s obligation to issue Shares of its Common Stock upon exercise of the Option is expressly conditioned upon the completion by the Company of any registration or other qualification of such Shares under any state and/or federal law or
rulings or regulations of any government regulatory body or the making of such investment representations or other representations and agreements by the Optionee or any person entitled to exercise the Option in order to comply with the requirements
of any exemption from any such registration or other qualification of such Shares which the Committee shall, in its sole discretion, deem necessary or advisable. Such required representations and agreements 

  

 4 

 
include representations and agreements that the Optionee, or any other person entitled to exercise the Option, (a) is not purchasing such Shares for
distribution and (b) agrees to have placed upon the face and reverse of any certificates for such Shares a legend setting forth any representations and agreements which have been given to the Committee or a reference thereto and stating that,
prior to making any sale or other disposition of any such Shares, the Optionee, or any other person entitled to exercise the Option, will give the Company notice of intention to sell or dispose of the Shares not less than five days prior to such
sale or disposition. 
 This Agreement is addressed to the Optionee in duplicate and shall not be effective until the Optionee executes the acceptance
below and returns one copy to the Company, thereby acknowledging that he or she has read, approves of and agrees to all the terms and conditions of this Agreement and the Plan. 
  

 5 

 EFFECTIVE as of the              day
of                     ,             . 
  

			
	Jamba Juice Company
		
	By:	 	  
		
	Title:	 	  

  

	
	ACCEPTED:
	
	   
	Signature of Optionee

  

 6 

 EXHIBIT A 
 - None - 
  

 7 

 JAMBA JUICE COMPANY 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
  

			
	Name of Optionee:	 	__________________________________________
		
	Residence Address:	 	__________________________________________
		 	__________________________________________
		 	__________________________________________
		
	Number of Options Granted:	 	__________________________________________
		
	Date Option Granted:	 	__________________________________________

 THIS AGREEMENT is made as of the date set forth above between Jamba Juice Company, a California
corporation (the “Company”), and the optionee named above (the “Optionee”). 
 RECITAL 
 The Board of Directors of the Company, or a duly appointed Compensation Committee (either of which is referred to herein as the “Committee”)
thereof, has determined that it is to the advantage and interest of the Company and its shareholders to grant the option provided for herein to the Optionee as an inducement to remain in the service of the Company and as an incentive for increased
effort during such service. In consideration of the mutual covenants herein contained, the parties hereto agree as follows: 
 1. Grant of
Option 
 a. Pursuant to and subject to the terms and conditions of the Company’s Amended and Restated 1994 Stock
Incentive Plan (the “Plan”) to the Optionee the right and option (the “Option”) to purchase on the terms and conditions hereinafter set forth all or any part of an aggregate of 16,000 shares (the “Shares”) of the
presently authorized and unissued Common Stock of the Company (the “Common Stock”) at the purchase price of $2.25 per share. Unless otherwise specified on Exhibit “A” attached hereto, the Option shall be exercisable as follows:

 i. At the end of the first year from the date of grant, 25% of the shares subject to the Option, or any part thereof; and

 ii. In equal monthly installments over the next three years, the remaining 75% of the
shares subject to the Option, or any part thereof. 
 b. Nothing contained herein shall be construed to limit or restrict the
right of the Company to terminate the Optionee’s employment at any time, with or without cause, or to increase or decrease the Optionee’s compensation from the rate in existence at the time the Option is granted. 
 2. Exercise. The right to exercise the Option granted hereunder, to the extent unexercised, shall remain in effect for a period often years from
the date of grant of this Option unless an earlier date is specified on Exhibit “A” attached hereto. 
 3. Method of
Exercise. To the extent that the right to purchase Shares has accrued hereunder, the Option may be exercised from time to time by written notice to the Company stating the number of Shares with respect to which the Option is being exercised,
together with payment in full, in cash or by certified or cashier’s check payable to the order of the Company, of the purchase price for the number of Shares being exercised. If requested by the Committee, prior to the delivery of any Shares
the Optionee, or any other person entitled to exercise the Option, shall supply the Committee with a representation that the shares are not being acquired with a view to distribution and will be sold or otherwise disposed of only in accordance with
applicable federal and state statutes, rules and regulations. As a condition to the exercise of the Option in whole or in part the Committee may, in its sole discretion, require the Optionee to pay in addition to the purchase price for the Shares
being exercised an amount equal to any federal, state or local taxes that the Committee has determined are required to be paid in connection with the exercise of the Option in order to enable the Company to claim a deduction in connection with the
exercise of the Option or otherwise. As soon after the notice of exercise as the Company is reasonably able to comply, the Company shall, without transfer or issue tax to the Optionee or any other person entitled to exercise the Option, deliver to
the Optionee or any such other person, at the main office of the Company or such other place as shall be mutually acceptable, a certificate or certificates for the Shares being exercised. 
 In the Committee’s sole discretion, payment of the purchase price for the number of Shares to be delivered, but not of the amount of any withholding
taxes, may be made in whole or in part with shares of Common Stock of the Company. If payment is made with shares of Common Stock of the Company, the Optionee, or any other person entitled to exercise the Option, shall deliver to the Company with
the notice of exercise certificates representing the number of shares of Common Stock in payment for the Shares, duly endorsed for transfer to the Company. If requested by the Committee, prior to the acceptance of such certificates in payment for
the Shares the Optionee, or any other person entitled to exercise the Option, shall supply the Committee with a written representation and warranty that he or she has good and marketable title to the Shares represented by the certificate(s), free
and clear of liens and encumbrances. The value of the shares of Common Stock tendered in payment for the Shares being purchased shall be their Fair Market Value Per Share on the date of the Optionee’s notice of exercise. 
 For purposes hereof, the “Fair Market Value Per Share” of the Company’s Common Stock shall have the meaning specified in the Plan.

  

 2 

 Notwithstanding the foregoing, the Company shall have the right to postpone the time of delivery of the
Shares for such period as may be required for it with reasonable diligence to comply with any applicable listing requirements of any national securities exchange or any federal, state or local law. The Optionee may exercise the Option for less than
the total number of Shares for which the Option is exercisable, provided that a partial exercise may not be for less than 100 shares, except during the final year of the Option, and shall not include any fractional shares. 
 4. Termination of Option. The Option shall terminate and expire upon the earlier of: 
 a. The last date for exercise of the Option as provided in Section 2 of this Agreement; 
 b. The expiration of three months from the date of the Optionee’s termination of employment with the Company or any of its
Subsidiaries other than by reason of death or Permanent Disability, unless the Optionee has been rehired and is an employee of the Company or any Subsidiary on such date; 
 c. The expiration of twelve months from the date of the Optionee’s termination of employment with the Company or any of its
Subsidiaries by reason of death or Permanent Disability; or 
 d. The termination of the Option pursuant to Section 5
hereof. 
 A termination of employment by reason of the death, retirement or Permanent Disability of the Optionee or otherwise shall not
accelerate or otherwise affect the number of Shares with respect to which the Option may be exercised, and the Option may only be exercised with respect to the number of Shares for which it was exercisable at the date of such termination of
employment. In the event of the Optionee’s death, the Option may be exercised prior to its expiration or termination by his personal representative, or if there is no personal representative, by his heir or legatee. 
 Termination of employment (other than by reason of death or Permanent Disability) for purposes hereof shall be deemed to take place upon the earliest to
occur of the following: (i) the date of the Optionee’s retirement under the normal retirement policies of the Company or any Subsidiary or Parent of the Company; (ii) the date of the Optionee’s retirement with the approval of the
Committee because of disability other than Permanent Disability; (iii) the date the Optionee receives notice or advice that his employment is terminated; or (iv) the date the Optionee ceases to render his services to the Company or any
Subsidiary or Parent of the Company (absences for temporary illness, emergencies and vacations or leaves of absence of not more than 90 days’ duration and approved in writing by the Committee excepted). The fact that the Optionee may receive
payment from the Company after termination for vacation pay, for services rendered prior to termination, for salary in lieu of notice or for other benefits shall not affect the termination date. 
 As defined in the Plan, “Permanent disability” means termination of employment with the Company with the consent of the Company by reason of
permanent and total disability within the meaning of Section 22(e)(3) of the Code. 
  

 3 

 5. Adjustments. The Committee shall have the full authority, in its sole discretion, to specify
any rules, procedures, adjustments or matters with respect to the Plan or any Options issued under the Plan in connection with any reorganization, merger, reverse merger, recapitalization, reclassification, stock split, reverse split, combination of
shares, sale of all or substantially all of the assets of the Company, sale of the Company or other corporate event or transaction, including, without limitation, modifying any applicable vesting provisions, adjusting the amount of outstanding
Options, and/or terminating the Plan. The Committee shall not be obligated to take any action, but any determination by the Committee, and the extent thereof, shall be final, binding and conclusive. No fractional shares of stock shall be issued
under the Plan or in connection with any such adjustment. 
 6. Non-Transferability. The Option is not assignable or transferable by
the Optionee, either voluntarily or by operation of law, otherwise than by will or by the laws of descent and distribution, and is exercisable, during the Optionee’s lifetime, only by the Optionee. 
 7. No Shareholder Rights. The Optionee or other person entitled to exercise the Option shall have no rights or privileges as a shareholder with
respect to any Shares subject hereto until the Optionee or such person has become the holder of record of such Shares, and no adjustment (except such adjustments as may be effected pursuant to the provisions of Section 5 hereof) shall be made
for dividends or distributions of rights in respect of such Shares if the record date is prior to the date on which the Optionee or such person becomes the holder of record. 
 8. Plan Controls. The Option shall be subject to and governed by the provisions of the Plan (a copy of which is attached hereto as Exhibit B)
which the Committee alone shall have the authority to interpret and construe. In the event of any conflict between the provisions of this Agreement and the Plan, the Plan shall govern. All determinations and interpretations thereof made by the
Committee shall be conclusive and binding on all parties hereto and upon their successors and assigns. All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Plan. The Option is not intended to meet the
requirements of an incentive stock option within the meaning of Section 422 of the Code. 
 9. Conditions to Issuance of Shares.
The Company’s obligation to issue Shares of its Common Stock upon exercise of the Option is expressly conditioned upon the completion by the Company of any registration or other qualification of such Shares under any state and/or federal law or
rulings or regulations of any government regulatory body or the making of such investment representations or other representations and agreements by the Optionee or any person entitled to exercise the Option in order to comply with the requirements
of any exemption from any such registration or other qualification of such Shares which the Committee shall, in its sole discretion, deem necessary or advisable. Such required representations and agreements include representations and agreements
that the Optionee, or any other person entitled to exercise the Option, (a) is not purchasing such Shares for distribution and (b) agrees to have placed upon the face and reverse of any certificates for such Shares a legend setting forth
any representations and agreements which have been given to the Committee or a reference thereto and stating that, prior to making any sale or other disposition of any such Shares, the Optionee, or any other person entitled to exercise the Option,
will give the Company notice of intention to sell or dispose of the Shares not less than five days prior to such sale or disposition. 
  

 4 

 This Agreement is addressed to the Optionee in duplicate and shall not be effective until the Optionee executes the
acceptance below and returns one copy to the Company, thereby acknowledging that he or she has read, approves of and agrees to all the terms and conditions of this Agreement and the Plan. 
 EFFECTIVE as of the              day of
                    ,             . 
  

			
	Jamba Juice Company
		
	By:	 	  
		
	Title:	 	  

  

	
	ACCEPTED:
	
	   
	Signature of Optionee

  

 5 

 EXHIBIT A 
  

			
	Vesting:	  	All options shall vest and shall be exercisable upon grant.

  

 6 

 JAMBA JUICE COMPANY 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
  

			
	Name of Optionee:	 	__________________________________________
		
	Residence Address:	 	__________________________________________
		 	__________________________________________
		 	__________________________________________
		
	Number of Options Granted:	 	__________________________________________
		
	Date Option Granted:	 	__________________________________________

 THIS AGREEMENT is made as of the date set forth above between Jamba Juice Company, a California
corporation (the “Company”), and the optionee named above (the “Optionee”). 
 RECITAL 
 The Board of Directors of the Company, or a duly appointed Compensation Committee (either of which is referred to herein as the “Committee”)
thereof, has determined that it is to the advantage and interest of the Company and its shareholders to grant the option provided for herein to the Optionee as an inducement to remain in the service of the Company and as an incentive for increased
effort during such service. In consideration of the mutual covenants herein contained, the parties hereto agree as follows: 
 1. Grant of
Option 
 a. Pursuant to and subject to the terms and conditions of the Company’s Amended and Restated 1994 Stock
Incentive Plan (the “Plan”) to the Optionee the right and option (the “Option”) to purchase on the terms and conditions hereinafter set forth all or any part of an aggregate of
                     shares (the “Shares”) of the presently authorized and unissued Common Stock of the Company (the “Common
Stock”) at the purchase price of $                     per share. Unless otherwise specified on Exhibit “A” attached hereto,
the Option shall be exercisable as follows: 
 i. At the end of the first year from the date of grant, 25% of the shares
subject to the Option, or any part thereof; and 
 ii. In equal monthly installments over the next three years, the remaining
75% of the shares subject to the Option, or any part thereof. 

 b. Nothing contained herein shall be construed to limit or restrict the right of the
Company to terminate the Optionee’s employment at any time, with or without cause, or to increase or decrease the Optionee’s compensation from the rate in existence at the time the Option is granted. 
 2. Exercise. The right to exercise the Option granted hereunder, to the extent unexercised, shall remain in effect for a period often years from
the date of grant of this Option unless an earlier date is specified on Exhibit “A” attached hereto. 
 3. Method of
Exercise. To the extent that the right to purchase Shares has accrued hereunder, the Option may be exercised from time to time by written notice to the Company stating the number of Shares with respect to which the Option is being exercised,
together with payment in full, in cash or by certified or cashier’s check payable to the order of the Company, of the purchase price for the number of Shares being exercised. If requested by the Committee, prior to the delivery of any Shares
the Optionee, or any other person entitled to exercise the Option, shall supply the Committee with a representation that the shares are not being acquired with a view to distribution and will be sold or otherwise disposed of only in accordance with
applicable federal and state statutes, rules and regulations. As a condition to the exercise of the Option in whole or in part the Committee may, in its sole discretion, require the Optionee to pay in addition to the purchase price for the Shares
being exercised an amount equal to any federal, state or local taxes that the Committee has determined are required to be paid in connection with the exercise of the Option in order to enable the Company to claim a deduction in connection with the
exercise of the Option or otherwise. As soon after the notice of exercise as the Company is reasonably able to comply, the Company shall, without transfer or issue tax to the Optionee or any other person entitled to exercise the Option, deliver to
the Optionee or any such other person, at the main office of the Company or such other place as shall be mutually acceptable, a certificate or certificates for the Shares being exercised. 
 In the Committee’s sole discretion, payment of the purchase price for the number of Shares to be delivered, but not of the amount of any withholding
taxes, may be made in whole or in part with shares of Common Stock of the Company. If payment is made with shares of Common Stock of the Company, the Optionee, or any other person entitled to exercise the Option, shall deliver to the Company with
the notice of exercise certificates representing the number of shares of Common Stock in payment for the Shares, duly endorsed for transfer to the Company. If requested by the Committee, prior to the acceptance of such certificates in payment for
the Shares the Optionee, or any other person entitled to exercise the Option, shall supply the Committee with a written representation and warranty that he or she has good and marketable title to the Shares represented by the certificate(s), free
and clear of liens and encumbrances. The value of the shares of Common Stock tendered in payment for the Shares being purchased shall be their Fair Market Value Per Share on the date of the Optionee’s notice of exercise. 
 For purposes hereof, the “Fair Market Value Per Share” of the Company’s Common Stock shall have the meaning specified in the Plan.

 Notwithstanding the foregoing, the Company shall have the right to postpone the time of delivery of the Shares for such period as may be
required for it with reasonable diligence to comply with any applicable listing requirements of any national securities exchange or any 

  

 2 

 
federal, state or local law. The Optionee may exercise the Option for less than the total number of Shares for which the Option is exercisable, provided that
a partial exercise may not be for less than 100 shares, except during the final year of the Option, and shall not include any fractional shares. 
 4. Termination of Option. The Option shall terminate and expire upon the earlier of: 
 a. The last date for
exercise of the Option as provided in Section 2 of this Agreement; 
 b. The expiration of three months from the date of
the Optionee’s termination of employment with the Company or any of its Subsidiaries other than by reason of death or Permanent Disability, unless the Optionee has been rehired and is an employee of the Company or any Subsidiary on such date;

 c. The expiration of twelve months from the date of the Optionee’s termination of employment with the Company or any
of its Subsidiaries by reason of death or Permanent Disability; or 
 d. The termination of the Option pursuant to
Section 5 hereof. 
 A termination of employment by reason of the death, retirement or Permanent Disability of the Optionee or otherwise
shall not accelerate or otherwise affect the number of Shares with respect to which the Option may be exercised, and the Option may only be exercised with respect to the number of Shares for which it was exercisable at the date of such termination
of employment. In the event of the Optionee’s death, the Option may be exercised prior to its expiration or termination by his personal representative, or if there is no personal representative, by his heir or legatee. 
 Termination of employment (other than by reason of death or Permanent Disability) for purposes hereof shall be deemed to take place upon the earliest to
occur of the following: (i) the date of the Optionee’s retirement under the normal retirement policies of the Company or any Subsidiary or Parent of the Company; (ii) the date of the Optionee’s retirement with the approval of the
Committee because of disability other than Permanent Disability; (iii) the date the Optionee receives notice or advice that his employment is terminated; or (iv) the date the Optionee ceases to render his services to the Company or any
Subsidiary or Parent of the Company (absences for temporary illness, emergencies and vacations or leaves of absence of not more than 90 days’ duration and approved in writing by the Committee excepted). The fact that the Optionee may receive
payment from the Company after termination for vacation pay, for services rendered prior to termination, for salary in lieu of notice or for other benefits shall not affect the termination date. 
 As defined in the Plan, “Permanent disability” means termination of employment with the Company with the consent of the Company by reason of
permanent and total disability within the meaning of Section 22(e)(3) of the Code. 
 5. Adjustments. The Committee shall have
the full authority, in its sole discretion, to specify any rules, procedures, adjustments or matters with respect to the Plan or any Options 

  

 3 

 
issued under the Plan in connection with any reorganization, merger, reverse merger, recapitalization, reclassification, stock split, reverse split,
combination of shares, sale of all or substantially all of the assets of the Company, sale of the Company or other corporate event or transaction, including, without limitation, modifying any applicable vesting provisions, adjusting the amount of
outstanding Options, and/or terminating the Plan. The Committee shall not be obligated to take any action, but any determination by the Committee, and the extent thereof, shall be final, binding and conclusive. No fractional shares of stock shall be
issued under the Plan or in connection with any such adjustment. 
 6. Non-Transferability. The Option is not assignable or
transferable by the Optionee, either voluntarily or by operation of law, otherwise than by will or by the laws of descent and distribution, and is exercisable, during the Optionee’s lifetime, only by the Optionee. 
 7. No Shareholder Rights. The Optionee or other person entitled to exercise the Option shall have no rights or privileges as a shareholder with
respect to any Shares subject hereto until the Optionee or such person has become the holder of record of such Shares, and no adjustment (except such adjustments as may be effected pursuant to the provisions of Section 5 hereof) shall be made
for dividends or distributions of rights in respect of such Shares if the record date is prior to the date on which the Optionee or such person becomes the holder of record. 
 8. Plan Controls. The Option shall be subject to and governed by the provisions of the Plan (a copy of which is attached hereto as Exhibit B)
which the Committee alone shall have the authority to interpret and construe. In the event of any conflict between the provisions of this Agreement and the Plan, the Plan shall govern. All determinations and interpretations thereof made by the
Committee shall be conclusive and binding on all parties hereto and upon their successors and assigns. All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Plan. The Option is not intended to meet the
requirements of an incentive stock option within the meaning of Section 422 of the Code. 
 9. Conditions to Issuance of Shares.
The Company’s obligation to issue Shares of its Common Stock upon exercise of the Option is expressly conditioned upon the completion by the Company of any registration or other qualification of such Shares under any state and/or federal law or
rulings or regulations of any government regulatory body or the making of such investment representations or other representations and agreements by the Optionee or any person entitled to exercise the Option in order to comply with the requirements
of any exemption from any such registration or other qualification of such Shares which the Committee shall, in its sole discretion, deem necessary or advisable. Such required representations and agreements include representations and agreements
that the Optionee, or any other person entitled to exercise the Option, (a) is not purchasing such Shares for distribution and (b) agrees to have placed upon the face and reverse of any certificates for such Shares a legend setting forth
any representations and agreements which have been given to the Committee or a reference thereto and stating that, prior to making any sale or other disposition of any such Shares, the Optionee, or any other person entitled to exercise the Option,
will give the Company notice of intention to sell or dispose of the Shares not less than five days prior to such sale or disposition. 
  

 4 

 This Agreement is addressed to the Optionee in duplicate and shall not be effective until the Optionee executes the
acceptance below and returns one copy to the Company, thereby acknowledging that he or she has read, approves of and agrees to all the terms and conditions of this Agreement and the Plan. 
 EFFECTIVE as of the              day of
                    ,             . 
  

			
	Jamba Juice Company
		
	By:	 	  
		
	Title:	 	  

  

	
	ACCEPTED:
	
	   
	Signature of Optionee

  

 5 

 EXHIBIT A 
 - None - 
  

 6 

 FIRST AMENDMENT 
 TO 
 JAMBA JUICE COMPANY 
 AMENDED AND RESTATED 1994 STOCK INCENTIVE PLAN 
 This First Amendment to Jamba
Juice Company Amended and Restated 1994 Stock Incentive Plan, has been duly adopted by Jamba Juice Company, a California corporation (the “Company”) effective as of March 23, 1999. 
 1. Amendment. Section 4 is amended and restated in its entirety as follows: 
 “4. NUMBER OF SHARES SUBJECT TO PLAN 
 The stock to be offered under the Plan shall consist of up to 5,435,000 shares of Common Stock. If any Option granted hereunder shall expire or terminate for any reason without having been exercised in full, the
unpurchased shares subject thereto shall again be available for purposes of this Plan.” 
 2. Amended and Restated 1994 Stock
Incentive Plan Remains in Effect. Except as expressly provided in Section 1 above, the Jamba Juice Company Amended and Restated 1994 Stock Incentive Plan remains in full force and effect, without modification. 
 * * * 

 SECOND AMENDMENT 
 TO 
 JAMBA JUICE COMPANY 
 AMENDED AND RESTATED 1994 STOCK INCENTIVE PLAN 
 This Second Amendment to Jamba
Juice Company Amended and Restated 1994 Stock Incentive Plan, has been duly adopted by Jamba Juice Company, a California corporation (the Company”) effective as of January 26, 2001. 
 1. Amendment. Section 4 is amended and restated in its entirety as follows: 
 “4. NUMBER OF SHARES SUBJECT TO PLAN 
 The stock to be offered under the Plan shall consist of up to 7,600,000 shares of Common Stock. If any Option granted hereunder shall expire or terminate for any reason without have been exercised in full, the
unpurchased shares subject thereto shall again be available for purposes of this Plan.” 
 2. Amended and Restated 1994 Stock
Incentive Plan Remains in Effect. Except as expressly provided in Section 1 above, the Jamba Juice Company Amended and Restated 1994 Stock Incentive Plan remains in full force and effect, without modification. 
 * * *

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