Document:

Execution Version

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO CREDIT AGREEMENT,
dated as of July 22, 2013 (this “Amendment”), is by and among JAMBA, INC., a Delaware corporation (the
“Parent”), JAMBA JUICE COMPANY, a California corporation (the “Borrower”), the Subsidiary
Guarantors party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Bank”).

 

RECITALS

 

A.Reference is made to the Credit Agreement,
dated as of February 14, 2012, as amended by the First Amendment to Credit Agreement, dated as of November 1, 2012 (as amended,
modified or supplemented from time to time, the “Credit Agreement”), among the Parent, the Borrower, and the
Bank. Capitalized terms used herein without definition shall have the meanings given to them in the Credit Agreement.

 

B.The Borrower has requested certain
amendments to the Credit Agreement, including without limitation, an increase in the aggregate revolving commitment thereunder
to $15,000,000. The Bank has agreed to make such amendments on the terms and conditions set forth herein.

 

STATEMENT OF AGREEMENT

 

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

 

ARTICLE
I

 

Amendments
to CREDIT AGREEMENT

 

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

 

		(a)	The following defined terms are hereby added in appropriate alphabetical order:

 

“Consolidated EBITDAR” means, for
any period, the sum of Consolidated EBITDA plus Consolidated Rent Expense, for such period.

 

“Consolidated Fixed Charges” means,
as of any date of determination, the sum of (a) the current portion of long term Indebtedness as of such date, in accordance with
GAAP, plus (b) the current portion of Capitalized Leases as of such date, in accordance with GAAP, plus (c) consolidated
interest expense for the period of four fiscal quarters ending on such date, plus (d) income tax expense for the period
of four fiscal quarters ending on such date, plus (e) dividends paid on preferred stock for the period of four fiscal quarters
ending on such date.

 

“Consolidated Funded Indebtedness”
means, as of any date of determination, all Indebtedness of the Parent and its Subsidiaries, on a consolidated basis, as of such
date, other than Indebtedness described in clause (xi) of the definition thereof.

 

    	 

    	 

    

 

“Consolidated Leverage Ratio” means,
as of any date of determination, the ratio of (a) the sum of (i) Consolidated Funded Indebtedness as of such date plus (ii)
the product of Consolidated Rent Expense for the period of four fiscal quarters ending on such date multiplied by eight,
to (b) Consolidated EBITDAR for the period of four fiscal quarters ending on such date.

 

“Consolidated Rent Expense” means,
for any period, the sum of all rent, common area maintenance charges, property taxes, licenses and property insurance incurred
by the Parent and its Subsidiaries, on a consolidated basis, for such period.

 

“Consolidated Tangible Net Worth”
means, at any time, the aggregate of total stockholders' equity less any intangible assets and less Investments in Affiliates,
in each case, for the Parent and its Subsidiaries on a consolidated basis.

 

“Fixed Charge Coverage Ratio” means,
as of any date of determination, the ratio of (a) Consolidated EBITDA minus Capital Expenditures minus dividends
and other distributions (other than dividends paid on preferred stock), each for the period of four fiscal quarters ending on such
date, to (b) Consolidated Fixed Charges as of such date.

 

“Second Amendment Effective Date”
means July 22, 2013.

 

		(b)	The following defined terms are deleted in their entirety: “Cash Management Products Exposure”, “Dedicated
Deposit Account”, “Specified Amount”, and “Unencumbered Liquidity”.

 

		(c)	The defined terms “Applicable Margin”, “Consolidated EBITDA”, “Revolving Credit Exposure”,
“Revolving Credit Termination Date”, and “Unutilized Revolving Commitment” are deleted in their entirety
and replaced with the following:

 

“Applicable
Margin” means 2.50% per annum.

 

“Consolidated
EBITDA” means, for the Parent and its Subsidiaries, on a consolidated basis, for any period, the aggregate of (i) Consolidated
Net Income of the Parent and its Subsidiaries for such period, plus (ii) the sum of depreciation, amortization of intangible assets,
interest expense, and income tax expense, plus (iii) non-cash share based compensation expense, plus (iv) asset impairment losses,
measured as the amount by which the carrying value of an asset exceeds the fair value of the asset, plus (v) pre-store opening
costs for such period in an aggregate amount not to exceed $75,000 per store location and $750,000 for all store locations in any
period of four fiscal quarters, minus (vi) interest income, all to the extent taken into account in the calculation of Consolidated
Net Income of the Parent and its Subsidiaries for such period, minus, to the extent not already deducted in the calculation of
Consolidated Net Income for such period, all payments made pursuant to the Talbott Teas Earnout for such period.

 

“Revolving
Credit Exposure” means, at any time, the sum of (i) the aggregate principal amount of all Revolving Loans that are outstanding
at such time, (ii) the Stated Amount of each outstanding Letter of Credit and, without duplication of clause (i), all obligations
to reimburse the Bank for drawing under any Letter of Credit, in each case, at such time, and (iii) the Commercial Credit Card
Exposure at such time.

 

“Revolving
Credit Termination Date” means the date of the earliest to occur of the following: (i) July 22, 2016; and (ii) such earlier
date of termination of the Revolving Credit Commitment pursuant to Section 2.7 or 8.2(a).

 

    	 

    	 

    

 

“Unutilized
Revolving Commitment” means, at any time, the Revolving Credit Commitment at such time less the sum of (i) the aggregate
principal amount of all Revolving Loans outstanding at such time, (ii) the Stated Amount of each outstanding Letter of Credit and,
without duplication of clause (i), all obligations to reimburse the Bank for drawing under any Letter of Credit, in each case,
at such time, and (iii) the Commercial Credit Card Exposure at such time.

 

1.2Amendments to
Section 2.1 (Commitments) of the Credit Agreement. Section 2.1 of the Credit Agreement is amended and restated in its entirety
as follows:

 

2.1 Commitments.
(a)The Bank agrees, on the terms and conditions set forth herein, to make loans (each, a “Revolving Loan,”
and collectively, the “Revolving Loans”) to the Borrower, from time to time before the Revolving Credit Termination
Date; provided that, immediately after each Revolving Loan is made, the Revolving Credit Exposure shall not exceed $15,000,000.00
(as such figure may be reduced from time to time as provided in this Agreement, the “Revolving Credit Commitment”).
Subject to Section 3.2, the Borrower may borrow under this Section 2.1(a), repay or prepay Revolving Loans and reborrow
under this Section 2.1(a) at any time before the Revolving Credit Termination Date.

 

1.3Amendments to
Section 2.3 (Principal Payments; Maturity of Loans) of the Credit Agreement. Section 2.3(iii) of the Credit Agreement is amended
and restated in its entirety as follows:

 

(iii)In
part, immediately in the event that the Revolving Credit Exposure exceeds the Revolving Credit Commitment, in the amount of such
excess; provided that, to the extent such excess amount is greater than the aggregate principal amount of the Revolving Loans outstanding
immediately prior to the application of such repayment, the amount so repaid shall be retained by the Bank and held as cash collateral
for outstanding Letters of Credit and Commercial Credit Card Exposure, and thereupon such cash shall be deemed to reduce the aggregate
Revolving Credit Exposure by an equivalent amount.

 

1.4Amendments to
Section 2.6 (Fees) of the Credit Agreement.

 

		(a)	Section 2.6(b) of the Credit Agreement is amended and restated in its entirety as follows:

 

(b)The
Borrower agrees to pay to the Bank, an unused fee for each calendar quarter (or portion thereof) for the period from the date of
this Agreement to the Revolving Credit Termination Date, at a per annum rate of (i) 0.25%, or (ii) at any time the Borrower is
not utilizing a corporate card program with the Bank, 0.375%, in each case on the average daily aggregate Unutilized Revolving
Commitment, excluding clause (iii) of the definition of Unutilized Revolving Commitment for purposes of this Section 2.6(b)
only, payable in arrears (x) on the last Business Day of each calendar quarter, beginning with the first such day to occur after
the Closing Date, and (y) on the Revolving Termination Date.

 

    	 

    	 

    

 

		(b)	Section 2.6(c) of the Credit Agreement is amended and restated in its entirety as follows:

 

(c)The
Borrower agrees to pay to the Bank a letter of credit fee for each calendar quarter (or portion thereof) in respect of all Letters
of Credit outstanding during such quarter, at a per annum rate equal to 2.50% on the daily average aggregate Stated Amount of such
Letters of Credit, payable in arrears (i) on the last Business Day of each calendar quarter, beginning with the first such day
to occur after the Closing Date, and (ii) on the later of the Revolving Credit Termination Date and the date of termination of
the last outstanding Letter of Credit.

 

		(c)	A new Section 2.6(e) of the Credit Agreement is hereby added as follows:

 

(e)The
Borrower agrees to pay to the Bank a non-refundable second amendment upfront fee, in an aggregate amount equal to $45,000, which
fee shall be due and payable in the amount of $15,000 on each of the Second Amendment Effective Date and the first two anniversaries
of the Second Amendment Effective Date; provided that, if the Borrower has established and its utilizing a purchase card
program with the Bank on terms acceptable to the Bank on the date any installment of the foregoing fee is due and payable, such
installment due on such date shall be waived by the Bank and shall not be payable by the Borrower hereunder.

 

1.5Article VI (Financial
Covenants) of the Credit Agreement. Article VI of the Credit Agreement is amended and restated in its entirety as follows:

 

ARTICLE
VI

FINANCIAL COVENANTS

 

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

 

6.1Maximum
Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the last day of any fiscal quarter to be greater
than the ratio set forth below opposite such fiscal quarter (or opposite the period that includes such fiscal quarter):

 

	

Period	Maximum Consolidated 

Leverage Ratio
	Fiscal quarter ending September 30, 2013	5.50 to 1.00
	Fiscal quarter ending December 31, 2013 through the fiscal quarter ending September 30, 2014	5.25 to 1.00
	Fiscal quarter ending December 31, 2014 through the fiscal quarter ending September 30, 2015	5.00 to 1.00
	Each fiscal quarter thereafter	4.75 to 1.00

 

    	 

    	 

    

 

6.2Minimum
Fixed Charge Coverage Ratio. Permit the Fixed Charge Coverage Ratio as of the last day of any fiscal quarter to be less than
1.50 to 1.00.

 

6.3Minimum
Consolidated Tangible Net Worth. Permit, at any time, Consolidated Tangible Net Worth to be less than $14,000,000.

 

1.6Amendments to
Section 7.17 (Dedicated Deposit Account) of the Credit Agreement. Section 7.17 of the Credit Agreement is hereby deleted in
its entirety and replaced with the following:

 

7.17[Reserved]

 

1.7Amendments to
Section 8.2 (Remedies) of the Credit Agreement. Section 8.2(b) of the Credit Agreement is hereby deleted in its entirety and
replaced with the following:

 

(b)Right
of Set-off. The Bank may, and is hereby authorized by the Borrower, at any time and from time to time, to the fullest extent
permitted by applicable laws, without advance notice to the Borrower (any such notice being expressly waived by the Borrower),
set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and any other
indebtedness at any time owing by the Bank or any of its Affiliates to or for the credit or the account of the Borrower against
any or all of the Obligations of the Borrower under this Agreement or the other Credit Documents now or hereafter existing, whether
or not such obligations have matured. The Bank agrees promptly to notify the Borrower after any such set-off or application; provided,
however, that the failure to give such notice shall not affect the validity of such set-off and application.

 

1.8Amendments to
Section 9.3 (Notices) of the Credit Agreement. The notice information for the Bank in Section 9.3 of the Credit Agreement is
hereby deleted in its entirety and replaced with the following:

 

	 	Bank	Wells Fargo Bank, National Association
	 	 	301 S. Tryon Street, 28th Floor
	 	 	Charlotte, NC 28288
	 	 	Attention: Cavan J. Harris
	 	 	Telephone:  (704) 383-6423
	 	 	Fax:  (704) 374-6483
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	Moore & Van Allen PLLC
	 	 	100 N. Tryon Street, Suite 4700
	 	 	Attn: Mac McBryde
	 	 	Telecopy No.:  (704) 378-1944

 

    	 

    	 

    

 

1.9Amendments to
Exhibit B (Compliance Certificate) to the Credit Agreement. Exhibit B to the Credit Agreement is hereby amended in its entirety
as set forth on Appendix I to this Amendment.

 

ARTICLE II

 

REPRESENTATIONS
AND WARRANTIES

 

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

 

2.1Representations and Warranties.
After giving effect to this Amendment, each of the representations and warranties of the Credit Parties contained in the Credit
Agreement and each other Credit Document is true and correct in all material respects (except for such representations and warranties
that are qualified as to materiality, which shall be true and correct in all respects) on and as of the date hereof with the same
effect as if made on and as of the date hereof (except to the extent any such representation or warranty is expressly stated to
have been made as of a specific date, in which case such representation or warranty shall be true and correct, or true and correct
in all material respects, as applicable, as of such date).

 

2.2No Default. After giving effect
to this Amendment, no Default or Event of Default has occurred and is continuing.

 

2.3Authorization. The execution,
delivery and performance of this Amendment and the transactions contemplated hereby (i) are within the corporate authority
of each Credit Party, (ii) have been duly authorized by all necessary corporate action of the each Credit Party, (iii) do
not and will not violate any provision of law, statute, rule or regulation to which any Credit Party is subject or any judgment,
order, writ, injunction, license or permit applicable to any Credit Party, (iv) do not violate or breach any provision of
the governing documents of any Credit Party, and (v) do not violate or breach any agreement or other instrument binding upon any
Credit Party, in each case under this clause (v) where such violation or breach, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

 

2.4Governmental Approvals. The
execution, delivery and performance of this Amendment by each Credit Party do not require the approval or consent of, or filing
with, any Governmental Authority, except such approvals or consents as have been obtained and are in full force and effect and
such filings as have been made.

 

2.5Enforceability. This Amendment
has been duly executed and delivered by the each Credit Party and constitutes each Credit Party’s legal, valid and binding
obligation, enforceable in accordance with its terms, except as such enforceability may be limited by general principles of equity
and conflicts of laws or by bankruptcy, reorganization, insolvency, moratorium or other laws of general application relating to
or affecting the enforcement of creditors’ rights.

 

    	 

    	 

    

 

ARTICLE
III

 

conditions
OF EFFECTIVENESS

 

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

 

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

 

(b)The Bank shall have received a second
amended and restated Revolving Note, duly executed by the Borrower for the account of the Bank.

 

(c)The Bank shall have received an opinion
of counsel to the Parent and its Subsidiaries dated as of the Second Amendment Effective Date and addressed to the Bank, in form
and substance reasonably satisfactory to the Bank.

 

(d)The Bank shall have received a certificate
of the secretary or an assistant secretary of each of the Parent and each of its Subsidiaries as of the Second Amendment Effective
Date, dated as of the Second Amendment Effective Date and in form and substance reasonably satisfactory to the Bank, certifying,
in a form acceptable to Bank, (i) the articles or certificate of incorporation, certificate of formation or other organizational
document and all amendments thereto of such party, (ii) the bylaws, operating agreement or similar governing document of such party,
as then in effect and as in effect at all times from the date on which the resolutions referred to in clause (iii) below were adopted
to and including the date of such certificate, (iii) a true and complete copy of resolutions adopted by the board of directors
(or similar governing body) of such party, authorizing the execution, delivery and performance of this Agreement and the other
Credit Documents to which it is a party, and (iv) as to the incumbency and genuineness of the signature of each officer of such
party executing this Amendment, and attaching all such copies of the documents described above.

 

(e)The Bank shall have received a certificate
as of a recent date of the good standing of each of the Parent and each of its Subsidiaries as of the Second Amendment Effective
Date, under the laws of its jurisdiction of organization, from the Secretary of State (or comparable Governmental Authority) of
such jurisdiction.

 

(f)The Bank shall have received certified
reports from an independent search service satisfactory to it listing any judgment or tax lien filing or Uniform Commercial Code
financing statement that names the Parent or the Borrower as debtor in any of the jurisdictions listed beneath its name on Schedule
I to the Security Agreement, and the results thereof shall be reasonably satisfactory to the Bank.

 

(g)The Bank shall have received updated
certificates of insurance evidencing the insurance coverages described on Schedule 4.16 and all other or additional coverages required
under the Security Documents and naming the Bank as loss payee or additional insured, as its interests may appear.

 

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

 

    	 

    	 

    

 

ARTICLE
IV

 

AFFIRMATION
OF OBLIGATIONS

 

4.1Affirmation of Obligations.
Each Credit Party hereby approves and consents to the amendments contemplated by this Amendment and agrees that its obligations
under the Credit Documents to which it is a party shall not be diminished as a result of the execution of this Amendment. This
acknowledgement by each Credit Party is made and delivered to induce the Bank to enter into this Amendment, and each Credit Party
acknowledges that the Bank would not enter into this Amendment in the absence of the acknowledgements contained herein.

 

4.2Liens. Each Credit Party hereby
ratifies and confirms the grant of a security interest in and Lien on the Collateral contained in the Security Documents that were
executed in connection with the Credit Agreement, which security interest and Lien shall continue in full force and effect without
interruption.

 

ARTICLE
V

 

MISCELLANEOUS

 

5.1Release. In consideration
of the Bank's willingness to enter into this Amendment, the Credit Parties hereby release the Bank and each of its respective officers,
employees, representatives, agents, counsel and directors from any and all actions, causes of action, claims, demands, damages
and liabilities of whatever kind or nature, in law or in equity, now known or unknown, suspected or unsuspected to the extent that
any of the foregoing arises from any action or failure to act solely in connection with the Credit Documents on or prior to the
date hereof.

 

5.2Governing Law. This Amendment
shall be governed by and construed and enforced in accordance with the laws of the State of New York (including Sections 5-1401
and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules).

 

5.3Full Force and Effect. Except
as expressly amended hereby, the Credit Agreement shall continue in full force and effect in accordance with the provisions thereof
on the date hereof. As used in the Credit Agreement, “hereinafter,” “hereto,” “hereof,” and
words of similar import shall, unless the context otherwise requires, mean the Credit Agreement after amendment by this Amendment.
Any reference to the Credit Agreement or any of the other Credit Documents herein or in any such documents shall refer to the Credit
Agreement and Credit Documents as amended hereby. This Amendment is limited as specified and shall not constitute or be deemed
to constitute an amendment, modification or waiver of any provision of the Credit Agreement except as expressly set forth herein.
This Amendment shall constitute a Credit Document under the terms of the Credit Agreement.

 

5.4Expenses. The Borrower agrees
on demand (i) to pay all reasonable fees and expenses of counsel to the Bank, and (ii) to reimburse the Bank for all reasonable
out-of-pocket costs and expenses, in each case, in connection with the preparation, negotiation, execution and delivery of this
Amendment and the other Credit Documents delivered in connection herewith.

 

5.5Severability. To the extent
any provision of this Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall
be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting or invalidating
such provision in any other jurisdiction or the remaining provisions of this Amendment in any jurisdiction.

 

    	 

    	 

    

 

5.6Successors and Assigns. This
Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns
of the parties hereto.

 

5.7Construction. The headings
of the various sections and subsections of this Amendment have been inserted for convenience only and shall not in any way affect
the meaning or construction of any of the provisions hereof.

 

5.8Counterparts. This Amendment
may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed
and delivered shall be an original, but all of which shall together constitute one and the same instrument.

 

[Signature Page to Follow]

 

    	 

    	 

    

 

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

 

	 	THE BORROWER:
	 	 	 
	 	JAMBA JUICE & COMPANY
	 	 	 
	 	 	 
	 	By:	/s/ Karen Luey
	 	Name: 	Karen Luey
	 	Title:	Executive Vice President, Chief Financial Officer,
Chief Accounting Officer and Secretary
	 	 	 
	 	 	 
	 	THE PARENT:
	 	 	 
	 	JAMBA, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Karen Luey
	 	Name: 	Karen Luey
	 	Title:	Executive Vice President, Chief Financial Officer,
Chief Accounting Officer and Secretary
	 	 	 
	 	 	 
	 	THE SUBSIDIARY GUARANTORS:
	 	 	 
	 	JAMBA JUICE ADVERTISING FUND INC.
	 	 	 
	 	 	 
	 	By:	/s/ Karen Luey
	 	Name: 	Karen Luey
	 	Title:	Executive Vice President, Chief Financial Officer,
Chief Accounting Officer and Secretary
	 	 	 
	 	 	 
	 	TALBOTT TEAS INC.
	 	 	 
	 	 	 
	 	By:	/s/ Karen Luey
	 	Name: 	Karen Luey
	 	Title:	Executive Vice President, Chief Financial Officer,
Chief Accounting Officer and Secretary

 

 

 

 

Signature Page to Second Amendment

Jamba Juice Company 

 

    	 

    	 

    

 

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

 

 

 

 

Signature Page to Second Amendment

Jamba Juice CompanyJAMBA,
INC.

 

Executive
Retention and Severance Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

Table
of Contents

 

Page

 

 

	1.	Establishment and Purpose of Plan	- 1 -
	 	 	 
	 	1.1	Establishment	- 1 -
	 	 	 	 
	 	1.2	Purpose	- 1 -
	 	 	 	 
	 	1.3	Plan Document and Summary Plan Description	- 1 -
	 	 	 	 
	2.	Definitions and Construction	- 1 -
	 	 	 
	 	2.1	Definitions	- 1 -
	 	 	 	 
	 	2.2	Construction	- 6 -
	 	 	 	 
	3.	Eligibility and Participation	- 6 -
	 	 	 
	4.	Termination in the Absence of a Change in Control	- 6 -
	 	 	 
	 	4.1	Involuntary Termination	- 6 -
	 	 	 	 
	 	4.2	Other Terminations	- 8 -
	 	 	 	 
	5.	Treatment of Equity Awards Upon a Change in Control	- 9 -
	 	 	 
	 	5.1	Options	- 9 -
	 	 	 	 
	 	5.2	Restricted Stock and Restricted Stock Units	- 9 -
	 	 	 	 
	 	5.3	Other Equity Awards/Performance Awards	- 9 -
	 	 	 	 
	6.	Termination Upon a Change in Control	- 9 -
	 	 	 
	 	6.1	Accrued Obligations	- 9 -
	 	 	 	 
	 	6.2	Severance Benefits	- 10 -
	 	 	 	 
	7.	Certain Federal Tax Considerations	- 11 -
	 	 	 
	 	7.1	Federal Excise Tax Under Section 4999 of the Code	- 11 -
	 	 	 	 
	 	7.2	Compliance with Section 409A	- 12 -
	 	 	 	 
	8.	Conflict in Benefits; Noncumulation of Benefits	- 14 -
	 	 	 
	 	8.1	Effect of Plan	- 14 -
	 	 	 	 
	 	8.2	Noncumulation of Benefits	- 14 -
	 	 	 	 
	9.	Exclusive Remedy	- 14 -
	 	 	 
	10.	Proprietary and Confidential Information	- 14 -
	 	 	 
	11.	No Contract of Employment	- 14 -
	 	 	 
	12.	Claims for Benefits	- 15 -
	 	 	 
	 	12.1	ERISA Plan	- 15 -
	 	 	 	 
	 	12.2	Application for Benefits	- 15 -

 

    	 

    	 

    

 

Table
of Contents

(continued)

Page

 

 

	 	12.3	Appeal of Denial of Claim	- 15 -
	 	 	 	 
	13.	Successors and Assigns	- 16 -
	 	 	 
	 	13.1	Successors of the Company	- 16 -
	 	 	 	 
	 	13.2	Acknowledgment by Company	- 16 -
	 	 	 	 
	 	13.3	Heirs and Representatives of Participant	- 16 -
	 	 	 	 
	14.	Notices	- 16 -
	 	 	 
	 	14.1	General	- 16 -
	 	 	 	 
	 	14.2	Notice of Termination	- 17 -
	 	 	 	 
	15.	Administration, Termination, and Amendment of Plan	- 17 -
	 	 	 
	 	15.1	Administration	- 17 -
	 	 	 	 
	 	15.2	Amendment and Termination of the Plan	- 17 -
	 	 	 	 
	16.	Miscellaneous Provisions	- 18 -
	 	 	 
	 	16.1	Unfunded Obligation	- 18 -
	 	 	 	 
	 	16.2	Duty to Mitigate; Obligations of Company	- 18 -
	 	 	 	 
	 	16.3	No Representations	- 18 -
	 	 	 	 
	 	16.4	Waiver	- 18 -
	 	 	 	 
	 	16.5	Choice of Law	- 18 -
	 	 	 	 
	 	16.6	Validity	- 18 -
	 	 	 	 
	 	16.7	Benefits Not Assignable	- 18 -
	 	 	 	 
	 	16.8	Tax Withholding	- 18 -
	 	 	 	 
	 	16.9	Consultation with Legal and Financial Advisors	- 19 -
	 	 	 	 
	 	16.10	Further Assurances	- 19 -
	 	 	 	 
	17.	Agreement	- 19 –

 

 

    	 

    	 

    

 

JAMBA, INC.

EXECUTIVE RETENTION AND SEVERANCE PLAN

 

1.Establishment
and Purpose of Plan

 

1.1Establishment.
The Jamba, Inc. Executive Retention and Severance Plan (the “Plan”) is hereby established by the Compensation
Committee of the Board of Directors of Jamba, Inc., effective July 25, 2013 (the “Effective Date).

 

1.2Purpose.
The Company draws upon the knowledge, experience and advice of its Executive Officers and Key Employees in order to manage its
business for the benefit of the Company’s stockholders. Due to the widespread awareness of the possibility of mergers, acquisitions
and other strategic alliances in the Company’s industry, the topics of compensation and other employee benefits in the event
of a Change in Control or other circumstances that may result in termination of employment are issues in competitive recruitment
and retention efforts. The Committee recognizes that such circumstances could lead to uncertainty regarding the consequences of
such an event and could adversely affect the Company’s ability to attract, retain and motivate present and future Executive
Officers and Key Employees. Therefore, the Committee has determined that it is in the best interests of the Company and its stockholders
to provide for the continued dedication of its Executive Officers and Key Employees notwithstanding the possibility or occurrence
of a Change in Control or other circumstances that may result in termination of employment by establishing this Plan to provide
Executive Officers and Key Employees with enhanced financial security in the event of a Change in Control or termination of employment.
The purpose of this Plan is to provide its Participants with specified compensation and benefits in the event of a termination
of employment under circumstances specified herein (including in connection with a Change in Control). The Company intends that
the Plan comply with all applicable requirements of Section 409A (as defined below), and the Plan shall be so construed. In addition,
the Plan is intended to replace such compensation and benefits which may be provided to its Executive Officers and Key Employees
pursuant to their existing employment agreements (if any), and participation in this Plan is expressly made contingent on the waiver
of such compensation and benefits by the individual Executive Officer or Key Employee.

 

1.3Plan Document
and Summary Plan Description. This document is intended to serve as both the Plan document for the Plan, and the Plan’s
Summary Plan Description.

 

2.Definitions
and Construction

 

2.1Definitions.
Whenever used in this Plan, the following terms shall have the meanings set forth below:

 

(a)“Base
Salary Rate” means the annual base salary rate in effect immediately prior to any termination of employment (without
giving effect to any reduction in the Participant’s base salary rate constituting Good Reason). For this purpose, base salary
does not include any bonuses, commissions, fringe benefits, car allowances, other irregular payments or any other compensation
except base salary.

 

(b)“Board”
means the Board of Directors of the Company.

 

    	 

    	 

    

 

(c)“Cause”
means, except as otherwise set forth in a Participant’s Participation Agreement, any of the following: (i) the Participant’s
theft, dishonesty, willful misconduct, breach of fiduciary duty for personal profit, or falsification of any member of the Company
Group’s documents or records; (ii) the Participant’s material failure to abide by a member of the Company Group’s
code of conduct or other policies (including, without limitation, policies relating to confidentiality and reasonable workplace
conduct); (iii) the Participant’s unauthorized use, misappropriation, destruction, or diversion of any tangible or intangible
asset or corporate opportunity of a member of the Company Group (including, without limitation, the Participant’s improper
use or disclosure of a member of the Company Group’s confidential or proprietary information); (iv) any intentional act by
the Participant which has a material detrimental effect on a member of the Company Group’s reputation or business; (v) the
Participant’s repeated failure or inability to perform any reasonable assigned duties after written notice from the Committee
of, and a reasonable opportunity to cure, such failure or inability; (vi) any material breach by the Participant of any employment,
service, non-disclosure, non-competition, non-solicitation or other similar agreement between the Participant and a member of the
Company Group, which breach is not cured pursuant to the terms of such agreement; or (vii) the Participant’s conviction (including
any plea of guilty or nolo contendere) of any criminal act involving fraud, dishonesty, misappropriation, or moral turpitude, or
which impairs the Participant’s ability to perform his or her duties.

 

(d)“Change
in Control” means, except as otherwise set forth in a Participant’s Participation Agreement, the occurrence
of any one or a combination of the following:

 

(i)any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as such
term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more
than fifty percent (50%) of the total fair market value or total combined voting power of the Company’s then-outstanding
securities entitled to vote generally in the election of Directors; provided, however, that a Change in Control shall not
be deemed to have occurred if such degree of beneficial ownership results from any of the following: (A) an acquisition by
any person who on the Effective Date is the beneficial owner of more than fifty percent (50%) of such voting power, (B) any
acquisition directly from the Company, including, without limitation, pursuant to or in connection with a public offering of securities,
(C) any acquisition by the Company, (D) any acquisition by a trustee or other fiduciary under an employee benefit plan
of a member of the Company Group, or (E) any acquisition by an entity owned directly or indirectly by the stockholders of
the Company in substantially the same proportions as their ownership of the voting securities of the Company; or

 

(ii)an Ownership
Change Event or series of related Ownership Change Events (collectively, a “Transaction”) in which the
stockholders of the Company immediately before the Transaction do not retain immediately after the Transaction direct or indirect
beneficial ownership of more than fifty percent (50%) of the total combined voting power of the outstanding securities entitled
to vote generally in the election of Directors or, in the case of an Ownership Change Event described in Section 2.1(s)(iii),
the entity to which the assets of the Company were transferred (the “Transferee”), as the case may be;
or

 

(iii)approval by
the stockholders of a plan of complete liquidation or dissolution of the Company.

 

(e)“Change
in Control Period” means, except as otherwise set forth in a Participant’s Participation Agreement, the period
commencing on the date a Change in Control is consummated and ending eighteen (18) months following the date of such consummation
of the Change in Control.

 

(f)“COBRA”
means the group health plan continuation coverage provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 and
any applicable regulations promulgated thereunder.

 

    	-2-

    	 

    

 

(g)“Code”
means the Internal Revenue Code of 1986, as amended, or any successor thereto and any applicable regulations promulgated thereunder.

 

(h)“Committee”
means the Compensation Committee of the Board.

 

(i)“Company”
means Jamba, Inc., a Delaware corporation, and, following a Change in Control, a Successor that agrees to assume all of the rights
and obligations of the Company under this Plan or a Successor which otherwise becomes bound by operation of law under this Plan.

 

(j)“Company
Group” means the group consisting of the Company and each present or future parent and subsidiary corporation or
other business entity thereof.

 

(k)“Current
Period Bonus” means any incentive bonus that might be earned by the Participant under the terms of the program, plan,
or agreement providing for such bonus in which the Participant is participating for the Company’s performance period in which
the Participant’s employment terminates. For this purpose, an incentive bonus shall not include a signing bonus or other
nonrecurring cash incentive award. The determination of the amount, if any, of a Current Period Bonus which is based on performance
measures shall only be determined after the end of the applicable performance period in accordance with the terms of the program,
plan, or agreement providing for such bonus.

 

(l)“Director”
means a member of the Board.

 

(m)“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(n)“Executive
Officer” means an individual employed by the Company as a Senior Vice President or Executive Vice President and serving
in such capacity both upon becoming a Participant (unless then serving as a Key Employee) and immediately prior to the first to
occur of (i) a condition constituting Good Reason with respect to such individual, (ii) such individual’s termination
of employment with the Company Group, or (iii) the consummation of a Change in Control.

 

(o)“Good
Reason” means, except as otherwise set forth in a Participant’s Participation Agreement, termination of employment
within thirty (30) days after the occurrence of one or more of the following circumstances: (i) material reduction in the Participant’s
Base Salary Rate, unless the reduction is made as part of, and is generally consistent with, a general reduction of senior executive
salaries; (ii) a change in the Participant’s position and/or duties which constitutes a material diminution of the Participant’s
position and/or duties so that the Participant’s duties are no longer consistent with the position held by the Participant
prior to such change; or (iii) the relocation of the Participant’s principal place of work to a location more than sixty
(60) miles from the Participant’s principal place of work prior to such relocation without the Participant’s prior
written approval; provided, however, in all cases that the Company has been provided with written notice of the circumstances
giving rise to such potential termination and twenty (20) days from receipt of written notice in which to cure such circumstance.

 

(p)“Involuntary
Termination” means the occurrence of either of the following events:

 

(i)termination by
the Company Group of the Participant’s employment for any reason other than Cause; or

 

    	-3-

    	 

    

 

(ii)the Participant’s
resignation for Good Reason from employment with the Company Group;

 

provided, however,
that Involuntary Termination shall not include any termination of the Participant’s employment which is (A) for Cause,
(B) a result of the Participant’s death or Permanent Disability, or (C) a result of the Participant’s voluntary
termination of employment other than for Good Reason.

 

(q)“Key
Employee” means an individual, other than an Executive Officer, who has been designated by the Committee as eligible
to participate in the Plan.

 

(r)“Option”
means any option to purchase shares of the capital stock of the Company or of any other member of the Company Group granted to
a Participant by the Company or any other Company Group member, on or after the Effective Date, and prior to a Change in Control,
including any such option which is assumed by, or for which a replacement option is substituted by, the Successor or any other
member of the Company Group in connection with the Change in Control.

 

(s)“Ownership
Change Event” means the occurrence of any of the following with respect to the Company: (i) the direct or indirect
sale or exchange in a single or series of related transactions by the stockholders of the Company of securities of the Company
representing more than fifty percent (50%) of the total combined voting power of the Company’s then outstanding securities
entitled to vote generally in the election of Directors; (ii) a merger or consolidation in which the Company is a party; or (iii)
the sale, exchange, or transfer of all or substantially all of the assets of the Company (other than a sale, exchange or transfer
to one or more subsidiaries of the Company).

 

(t)“Participant”
means (i) each Executive Officer and (ii) each Key Employee designated by the Committee to participate in the Plan, provided
in either case that such individual has executed a Participation Agreement.

 

(u)“Participation
Agreement” means an Agreement to Participate in this Plan in the form attached hereto as Exhibit A or
in such other form as the Committee may approve from time to time; provided, however, that, after a Participation Agreement
has been entered into between a Participant and the Company, it may be modified only by a supplemental written agreement executed
by both the Participant and the Company. The terms of such forms of Participation Agreement need not be identical with respect
to each Participant. For example, a Participation Agreement may limit the duration of a Participant’s participation in the
Plan or may modify the definition of “Cause,” “Change in Control,” and/or “Good Reason” with
respect to a Participant. In addition, the compensation and benefits payable upon an Involuntary Termination may differ from Participant
to Participant and from the default provisions set forth in this Plan.

 

(v)“Permanent
Disability” means, if the Participant is provided disability insurance or benefits through the Company Group, the
meaning set forth in such policy and/or plan regarding eligibility for long-term disability, otherwise “Permanent Disability”
means the Participant’s incapacity due to bodily injury or disease which prevents the Participant from engaging in the full-time
performance of the Participant’s duties for a period of six (6) consecutive months or longer.

 

(w)“Prior
Period Bonus” means the aggregate of all incentive bonuses earned by the Participant under the terms of the programs,
plans or agreements providing for such bonuses for the Company’s performance period immediately preceding the performance
period in which the Participant’s employment terminates. For this purpose, a Prior Period Bonus shall not include a signing
bonus or other nonrecurring cash incentive award.

 

    	-4-

    	 

    

 

(x)“Release”
means a full general release in favor of the Company and any of its affiliate, stockholder, Director, officer, employee, agent,
successor and/or assigns releasing all claims, known or unknown in a form acceptable to the Company.

 

(y)“Restricted
Stock” means any compensatory award of shares of the capital stock of the Company or of any other member of the Company
Group granted to a Participant by the Company or any other Company Group member on or after the Effective Date and prior to a Change
in Control, including any shares issued in exchange for any such shares by a Successor or any other member of the Company Group
in connection with a Change in Control.

 

(z)“Restricted
Stock Units” means any compensatory award of rights to receive shares of the capital stock or cash in an amount measured
by the value of shares of the capital stock of the Company or of any other member of the Company Group granted to a Participant
by the Company or any other Company Group member on or after the Effective Date prior to a Change in Control, including any such
rights issued in exchange for any such rights by a Successor or any other member of the Company Group in connection with a Change
in Control.

 

(aa)“Section
409A” means Section 409A of the Code and any applicable regulations (including proposed or temporary regulations)
and other administrative guidance promulgated thereunder.

 

(bb)“Section
409A Deferred Compensation” means compensation and benefits provided by the Plan that constitute deferred compensation
subject to and not exempted from the requirements of Section 409A.

 

(cc)“Separation
from Service” means a separation from service within the meaning of Section 409A.

 

(dd)“Severance
Benefit Period” means, except as otherwise provided in a Participant’s Participation Agreement, a period of
twelve (12) months.

 

(ee)“Specified
Employee” means a specified employee within the meaning of Section 409A.

 

(ff)“Successor”
means any successor in interest to substantially all of the business and/or assets of the Company.

 

(gg)“Target
Bonus” means the aggregate of all annual or semi-annual incentive bonuses (excluding signing bonuses or other nonrecurring
cash incentive awards) that would be earned by the Participant for the fiscal year of the Participant’s Involuntary Termination
at the targeted rate (assuming attainment of 100% of all applicable performance goals) under the terms of the programs, plans or
agreements providing for such bonuses in which the Participant was participating immediately prior to such termination of employment.

 

(hh)“Termination
in the Absence of a Change in Control” means any termination of the Participant’s employment with the Company
Group which is not a Termination Upon a Change in Control.

 

(ii)“Termination
Upon a Change in Control” means the occurrence of any of the following events:

 

 

    	-5-

    	 

    

 

(i)termination by
the Company Group of the Participant’s employment for any reason other than Cause during a Change in Control Period; or

 

(ii)the Participant’s
resignation for Good Reason from employment with the Company Group during a Change in Control Period;

 

provided, however, that Termination
Upon a Change in Control shall not include any termination of the Participant’s employment which is (A) for Cause, (B) a
result of the Participant’s death or Permanent Disability, or (C) a result of the Participant’s voluntary termination
of employment other than for Good Reason.

 

2.2Construction.
Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision
of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include
the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

 

3.Eligibility
and Participation

 

Each Executive Officer
shall be eligible to become a Participant in the Plan. The Committee shall designate those Key Employees who shall be eligible
to become Participants in the Plan. To become a Participant, an Executive Officer or eligible Key Employee must execute a Participation
Agreement.

 

4.Termination
in the Absence of a Change in Control.

 

In the event of a Participant’s
Termination in the Absence of a Change in Control, the Participant shall be entitled to receive the applicable compensation and
benefits described in this Section 4. The provision, time and manner of payment or distribution of all such compensation and
benefits that constitute Section 409A Deferred Compensation shall be subject to, limited by, and construed in accordance with the
requirements of Section 409A, including the provisions of Section 7.2 below.

 

4.1Involuntary
Termination. If the Participant’s Termination in the Absence of a Change in Control constitutes an Involuntary Termination,
the Participant shall be entitled to receive:

 

(a)Accrued Obligations.

 

(i)all salary, commissions
and accrued but unused vacation earned through the date of the Participant’s termination of employment;

 

(ii)reimbursement
within ten (10) business days of submission, within three (3) months following the Participant’s termination of employment,
of proper expense reports of all expenses reasonably and necessarily incurred by the Participant in connection with the business
of the Company Group prior to his or her termination of employment; and

 

(iii)the benefits,
if any, under any Company Group retirement plan, nonqualified deferred compensation plan, Option, Restricted Stock, Restricted
Stock Unit, stock purchase or other stock-based compensation plan or agreement, health benefits plan or other Company Group benefit
plan to which the Participant may be entitled pursuant to the terms of such plans or agreements;

 

    	-6-

    	 

    

 

provided, however, that the Participant
shall not be entitled to receive any Prior Period Bonus or Current Period Bonus or any portion(s) thereof which, as of the date
of the Participant’s Involuntary Termination, remain unpaid and for which payment has not been earned by such Participant
under the terms of the program, plan, or agreement providing for such bonus, except as provided in accordance with Sections 4.1(b)(1)
and 4.1(b)(2), below.

 

(b)Severance
Benefits. Provided that within sixty (60) days following the Participant’s Involuntary Termination, the Participant (i) executes
and does not revoke the Release applicable to such Participant, and (ii)  complies during the Severance Benefit Period commencing
on the date of the Participant’s termination with such other restrictive covenants provided in this Plan, and any other written
employment or severance agreement between the Company Group and the Participant, the Participant shall be entitled to receive the
following severance payments and benefits. For purposes of this Plan, the restrictive covenants placed on a Participant as a condition
to the receipt of severance benefits include the requirements that, during such Severance Benefit Period, the Participant agrees
that he or she will not recruit, directly or indirectly, any employee of the Company Group for employment or other services with
any other company, organization, or operation, unless the Participants obtains prior written approval from the Committee (which
authority may be delegated to the Company’s Chief Executive Officer), and further agrees not to make any voluntary statements,
written or oral, or cause or encourage others to make such statements that defame, disparage, or in any way criticize the personal
and/or business reputations, practices, or conduct of the Company.

 

(1)Prior
Period Bonus. The Participant shall be entitled to receive any Prior Period Bonus or portion thereof which the Committee determines
has been earned by the Participant as of the date of the Participant’s termination of employment under the terms of the programs,
plans, or agreements providing for such bonus, but which remains unpaid as of the termination date. Any such earned Prior Period
Bonus shall be paid in accordance with the normal timing rules for the payment of such bonuses pursuant to the terms of the program,
plan, or agreement providing for such bonus.

 

(2)Current
Period Bonus. The Participant shall be paid an amount with respect to his or her Current Period Bonus only if the criteria
for payment of the Current Period Bonus (other than those related to continuous service requirements through the date on which
such amounts are earned or paid) are satisfied. The amount of this payment shall equal the amount the Participant would otherwise
have received (based on the actual performance of the Company and/or other factors set forth in the program, plan or agreement
governing the Current Period Bonus) had he or she remained a service provider to the Company Group through the payment date for
such Current Period Bonus multiplied by a fraction, the numerator of which is the number of calendar days during the performance
period for the Current Period Bonus that the Participant was a service provider to the Company Group, and the denominator of which
is the number of calendar days in such performance period. This amount shall be paid at the same time other active employees receive
similar annual bonuses for such fiscal year pursuant to the terms of the program, plan, or agreement providing for such bonus.

 

(3)Cash
Severance Payments. In addition to the foregoing, a Participant who was an Executive Vice President immediately prior to termination,
shall be entitled to receive a cash severance payment in an amount equal to one hundred twenty-five percent (125%) of the Participant’s
Base Salary Rate. Except as otherwise provided in a Participant’s Participation Agreement, for all other Participants the
amount determined pursuant to the preceding sentence shall be based on one hundred percent (100%) of such a Participant’s
Base Salary Rate. The amount determined in accordance with this subsection shall be apportioned and paid (less applicable tax withholding)
in approximately equal installments commencing on the first regular payday of the Company following the last to occur of (i) the
Participant’s termination of employment, and (ii) the date on which the Release becomes effective and non-revocable
in accordance with its terms and continuing on each successive regular paydays during the remainder of the Severance Benefit Period
applicable to the Participant. Notwithstanding the foregoing, to the extent that this cash severance payment constitutes Section
409A Deferred Compensation, then the installments shall be subject to Section 7.2(e). In addition, this cash severance payment
shall be subject to the mitigation provisions of Section 16.2

 

    	-7-

    	 

    

 

(4)Health
Benefits. For the period commencing immediately following the Participant’s termination of employment and continuing
for the duration of the Severance Benefit Period applicable to the Participant, the Company shall arrange to provide the Participant
and his or her dependents with health benefits (including medical and dental) substantially similar to those provided to the Participant
and his or her dependents immediately prior to the date of such termination of employment. Such benefits shall be provided to the
Participant at the same premium cost to the Participant and at the same coverage level as in effect as of the Participant’s
termination of employment; provided, however, that the Participant shall be subject to any change in the premium cost and/or
level of coverage applicable generally to all employees holding the position or comparable position with the Company Group which
the Participant held immediately prior to termination of employment. The Company may satisfy its obligation to provide a continuation
of health benefits by paying that portion of the Participant’s premiums required under COBRA that exceed the amount of premiums
that the Participant would have been required to pay for continuing coverage had he or she continued in employment. If the Company
is not reasonably able to continue such coverage under the Company’s health benefit plans, the Company shall provide substantially
equivalent coverage under other sources or will reimburse (without a tax gross-up) the Participant for premiums (in excess of the
Participant’s premium cost described above) incurred by the Participant to obtain his or her own such coverage. If the Participant
and/or the Participant’s dependents become eligible to receive such coverage under another employer’s health benefit
plans during the applicable Severance Benefit Period, the Participant shall report such eligibility to the Company, and the Company’s
obligations under this subsection shall cease. For the balance of any period in excess of the applicable Severance Benefit Period
during which the Participant is entitled to continuation coverage under COBRA, the Participant shall be entitled to maintain coverage
for himself or herself and the Participant’s eligible dependents at the Participant’s own expense. In addition, notwithstanding
the foregoing, if the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation
of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including but not
limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation
Act), then in lieu of providing the COBRA premiums, the Company, in its sole discretion, may elect instead to pay the Participant
on the first day of each month of the Severance Benefit Period, a fully taxable cash payment equal to the COBRA premiums for that
month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), for the
remainder of the COBRA payment period. The Participant may, but is not obligated to, use such Special Severance Payment toward
the payment of COBRA premiums.

 

4.2Other Terminations.
If the Participant’s Termination in the Absence of a Change in Control results from any reason other than an Involuntary
Termination, the Participant shall be entitled to receive:

 

(a)all salary,
commissions and accrued but unused vacation earned through the date of the Participant’s termination of employment;

 

(b)reimbursement
within ten (10) business days of submission, within three (3) months following the Participant’s termination of employment,
of proper expense reports of all expenses reasonably and necessarily incurred by the Participant in connection with the business
of the Company Group prior to his or her termination of employment; and

 

    	-8-

    	 

    

 

(c)the benefits,
if any, under any Company Group retirement plan, nonqualified deferred compensation plan, Option, Restricted Stock, Restricted
Stock Unit, stock purchase or other stock-based compensation plan or agreement, health benefits plan or other Company Group benefit
plan to which the Participant may be entitled pursuant to the terms of such plans or agreements;

 

provided, however, that the Participant
shall not be entitled to receive any Prior Period Bonus, Current Period Bonus or any portion(s) thereof which, as of the date of
the Participant’s termination from employment, remain unpaid and for which the final payment date has not yet occurred under
the terms of the program, plan, or agreement providing for such bonus.

 

5.Treatment
of Equity Awards Upon a Change in Control

 

5.1Options.
Notwithstanding any provision to the contrary contained in any plan or agreement evidencing an Option held by a Participant, in
the event of a Change in Control in which the surviving, continuing, successor, or purchasing corporation or other business entity
or parent thereof, as the case may be (the “Acquiror”), does not assume the Company’s rights and
obligations under the then-outstanding Options held by the Participant or substitute for such Options substantially equivalent
options for the Acquiror’s stock, then the vesting and exercisability of each such Option shall be accelerated in full effective
immediately prior to, but conditioned upon the consummation of the Change in Control, provided that, except as otherwise set forth
in Section 6 below, the Participant remains an employee or other service provider with the Company Group immediately prior to the
Change in Control.

 

5.2Restricted
Stock and Restricted Stock Units. Notwithstanding any provision to the contrary contained in any plan or agreement evidencing
Restricted Stock or Restricted Stock Units held by a Participant, such Restricted Stock and Restricted Stock Units shall vest in
full upon the consummation of a Change in Control to the extent that the Restricted Stock Units are not assumed or otherwise substituted
for by the Acquiror, provided that, except as otherwise set forth in Section 6 below, the Participant remains an employee or other
service provider with the Company Group immediately prior to the Change in Control.

 

5.3Other Equity
Awards/Performance Awards. Except as set forth in Sections 5.1 and 5.2 above, the treatment of stock-based compensation
upon the consummation of a Change in Control shall be determined in accordance with the terms of the plans or agreements providing
for such awards. In addition, any award of Options, Restricted Stock, or Restricted Stock Units, the value or vesting of which
is determined based on attainment of performance metrics, such awards shall be governed by the terms of the award and not this
Section 5.

 

The provisions of this
Section 5 with respect to all amounts that constitute Section 409A Deferred Compensation shall be subject to, limited by,
and construed in accordance with the requirements of Section 409A, including the provisions of Section 7.2 below.

 

6.Termination
Upon a Change in Control

 

In the event of a Participant’s
Termination Upon a Change in Control, the Participant shall be entitled to receive the compensation and benefits described in this
Section 6. The provision, time and manner of payment or distribution of all such compensation and benefits that constitute
Section 409A Deferred Compensation shall be subject to, limited by and construed in accordance with the requirements of Section
409A, including the provisions of Section 7.2 (f) below.

 

6.1Accrued Obligations.
The Participant shall be entitled to receive:

 

    	-9-

    	 

    

 

(a)all salary,
commissions and accrued but unused vacation earned through the date of the Participant’s termination of employment;

 

(b)reimbursement
within ten (10) business days of submission, within three (3) months following the Participant’s termination of employment,
of proper expense reports of all expenses reasonably and necessarily incurred by the Participant in connection with the business
of the Company Group prior to his or her termination of employment; and

 

(c)the benefits,
if any, under any Company Group retirement plan, nonqualified deferred compensation plan, stock purchase or other stock-based compensation
plan or agreement (other than any such plan or agreement pertaining to Options, Restricted Stock or Restricted Stock Units or other
stock-based compensation whose treatment is prescribed by Section 6.2(e) below), health benefits plan or other Company Group
benefit plan to which the Participant may be entitled pursuant to the terms of such plans or agreements.

 

6.2Severance Benefits.
Provided that within sixty (60) days following the Participant’s Involuntary Termination, the Participant (i) executes
and does not revoke the Release applicable to such Participant, and (ii)  complies with such other restrictive covenants provided
in Section 4.1(b) of this Plan, and any other written employment or service agreement between the Company Group and the Participant
for the Severance Benefit Period the Participant shall be entitled to receive the following severance payments and benefits:

 

(a)Prior Period
Bonus. The Participant shall be entitled to receive any Prior Period Bonus or portion thereof which the Committee determines
has been earned by the Participant as of the date of the Participant’s termination of employment under the terms of the program,
plan or agreement providing for such bonus, but which remains unpaid as of such date. Any such earned Prior Period Bonus shall
be paid in accordance with the normal timing rules for the payment of such bonuses pursuant to the terms of the program, plan,
or agreement providing for such bonus.

 

(b)Cash Severance
Payment. Subject to Section 7.2, within ten (10) business days following the last to occur of (i) the Participant’s
termination of employment, and (ii) the date on which the Release becomes effective and non-revocable in accordance with its
terms, the Company shall pay to the Participant who was an Executive Vice President immediately prior to termination in a lump
sum cash payment an amount equal to the sum of (A) one hundred twenty-five percent (125%) of the Participant’s Base
Salary Rate; and (B) the Participant’s Target Bonus. Except as otherwise provided in a Participant’s Participation
Agreement, for all other Participants the amount determined pursuant to Section 6.2(b) shall be based on one hundred percent (100%)
of such a Participant’s Base Salary Rate.

 

    	-10-

    	 

    

 

(c)Health Benefits.
For the period commencing immediately following the Participant’s termination of employment and continuing for the duration
of the Severance Benefit Period applicable to the Participant, the Company shall arrange to provide the Participant and his or
her dependents with health benefits (including medical and dental), substantially similar to those provided to the Participant
and his or her dependents immediately prior to the date of such termination of employment. Such health benefits shall be provided
to the Participant at the same premium cost to the Participant and at the same coverage level as in effect as of the Participant’s
termination of employment; provided, however, that the Participant shall be subject to any change in the premium cost and/or
level of coverage applicable generally to all employees holding the position or comparable position with the Company which the
Participant held immediately prior to the Change in Control. The Company may satisfy its obligation to provide a continuation of
health benefits by paying that portion of the Participant’s premiums required under COBRA that exceed the amount of premiums
that the Participant would have been required to pay for continuing coverage had he or she continued in employment. If the Company
is not reasonably able to continue such coverage under the Company’s health benefit plans, the Company shall provide substantially
equivalent coverage under other sources or will reimburse (without a tax gross-up) the Participant for premiums (in excess of the
Participant’s premium cost described above) incurred by the Participant to obtain his or her own such coverage. If the Participant
and/or the Participant’s dependents become eligible to receive any such coverage under another employer’s health benefit
plans during the applicable Severance Benefit Period, the Participant shall report such eligibility to the Company, and the Company’s
obligations under this subsection shall cease. For the balance of any period in excess of the applicable Severance Benefit Period
during which the Participant is entitled to continuation coverage under COBRA, the Participant shall be entitled to maintain coverage
for himself or herself and the Participant’s eligible dependents at the Participant’s own expense. In addition, notwithstanding
the foregoing, if the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation
of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including but not
limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation
Act), then in lieu of providing the COBRA premiums, the Company, in its sole discretion, may elect instead to pay the Participant
on the first day of each month of the Severance Benefit Period, a Special Severance Payment for the remainder of the COBRA payment
period. The Participant may, but is not obligated to, use such Special Severance Payment toward the payment of COBRA premiums.

 

(d)Acceleration
of Vesting of Options, Restricted Stock, Restricted Stock Units and Other Stock-Based Compensation. Notwithstanding any provision
to the contrary contained in any agreement evidencing an Option, Restricted Stock, Restricted Stock Units or other stock-based
compensation award granted after the Effective Date, the vesting and/or exercisability of each of the Participant’s outstanding
Options, Restricted Stock, Restricted Stock Units and other stock-based compensation awards which was not otherwise accelerated
pursuant to Section 5 shall be accelerated in full effective as of the date of the Participant’s termination of employment
so that each such Option, share of Restricted Stock, Restricted Stock Unit and other stock-based compensation award held by the
Participant shall be immediately exercisable and/or fully vested as of such date; provided, however, that such acceleration
of vesting and/or exercisability shall not apply to any stock-based compensation award where such acceleration would result in
plan disqualification or would otherwise be contrary to applicable law (e.g., an employee stock purchase plan intended to
qualify under Section 423 of the Code). In addition, to the extent that the vesting of any Restricted Stock, Restricted Stock Units
and/or other stock-based compensation award is based on the achievement of performance metrics, the vesting of such awards shall
be determined based on the terms of such awards and not this Section 6.2(d).

 

7.Certain
Federal Tax Considerations

 

7.1Federal Excise
Tax Under Section 4999 of the Code

 

(a)Treatment
of Excess Parachute Payments. In the event that any payment or benefit received or to be received by a Participant pursuant
to this Plan or otherwise payable to the Participant (collectively, the “Payments”) would subject the
Participant to any excise tax pursuant to Section 4999 of the Code, or any similar or successor provision (the “Excise
Tax”), due to the characterization of the Payments as “excess parachute payments” under Section 280G
of the Code or any similar or successor provision (“Section 280G”), then, notwithstanding the other provisions
of this Plan, the amount of the Payments shall not exceed the amount which produces the greatest after-tax benefit to the Participant.

 

    	-11-

    	 

    

 

(b)Determination
of Amounts.

 

(1)Determination
by Accountants. All computations and determinations called for by this Section 7.1 shall be promptly determined and reported
in writing to the Company and the Participant by independent public accountants selected by the Company and reasonably acceptable
to the Participant (the “Accountants”), and all such computations and determinations shall be conclusive
and binding upon the Participant and the Company. For purposes of such determinations, the Accountants may rely on reasonable,
good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Participant shall
furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make their required
determinations. The Company shall bear all fees and expenses charged by the Accountants in connection with such services.

 

(2)Order
of Reduction. If a reduction in the Payments is necessary so that the Payments do not result in the imposition of an Excise
Tax, and none of the Payments are Section 409A Deferred Compensation, then the reduction shall occur in the manner elected by the
Participant in writing prior to the date of payment in accordance with such procedures as the Company may establish for this purpose.
If any Payment constitutes Section 409A Deferred Compensation or if the Participant fails to elect an order, then the order of
the reduction of the Payments will be (i) first by reducing cash payments, (ii) second by the reduction of equity awards which
are valued in full for purposes of Section 280G, (iii) third equity awards which are valued based on their value of acceleration,
and (iv) all other benefits, all in the inverse order of when payment or benefit in each category would have been made to the Participant,
with such reductions in each category coming first from those that constitute Section 409A Deferred Compensation, and the remainder
from other amounts, until the reduction is achieved.

 

7.2Compliance
with Section 409A. Notwithstanding any other provision of the Plan to the contrary, the provision, time and manner of payment
or distribution of all compensation and benefits provided by the Plan that constitute Section 409A Deferred Compensation shall
be subject to, limited by and construed in accordance with the requirements of Section 409A, including the following:

 

(a)Separation
from Service. To the extent required to avoid the imposition of additional taxes and penalties under Section 409A, payments
and benefits otherwise payable or provided pursuant this Plan upon a Participant’s termination of employment shall be paid
or provided only at the time of a termination of Participant’s employment which constitutes a Separation from Service.

 

(b)Six-Month
Delay Applicable to Specified Employees. Payments and benefits constituting Section 409A Deferred Compensation to be paid or
provided pursuant to this Plan upon the Separation from Service of a Participant who is a Specified Employee shall be paid or provided
commencing on the later of (1) the date that is six (6) months after the date of such Separation from Service or, if earlier,
the date of death of the Participant (in either case, the “Delayed Payment Date”), or (2) the date
or dates on which such Section 409A Deferred Compensation would otherwise be paid or provided in accordance with this Plan. All
such amounts that would, but for this Section 7.2(b), become payable prior to the Delayed Payment Date shall be accumulated and
paid on the Delayed Payment Date.

 

    	-12-

    	 

    

 

(c)Heath Benefits.
In the event that all or any of the health benefits to be provided pursuant to Section 4.1(b)(4) or Section 6.2(c) as
a result of a Participant’s Separation from Service constitute Section 409A Deferred Compensation, the Company shall provide
for such health benefits constituting Section 409A Deferred Compensation in a manner that complies with Section 409A. To the extent
necessary to comply with Section 409A, the Company shall determine the premium cost (net of the portion of such premium cost required
to be paid by the Participant pursuant to applicable provision of the Plan) necessary to provide such benefits constituting Section
409A Deferred Compensation for the applicable Severance Benefit Period and shall pay each such net premium cost which becomes due
and payable during the applicable Severance Benefit Period on the applicable due date for such premium; provided, however,
that if the Participant is a Specified Employee, the Company shall not pay any such net premium cost until the Delayed Payment
Date. If the Company’s payment pursuant to the previous sentence is subject to a Delayed Payment Date, the Participant shall
pay the net premium cost otherwise payable by the Company prior to the Delayed Payment Date, and on the Delayed Payment Date the
Company shall reimburse the Participant for such Company net premium cost paid by the Participant and shall pay the balance of
the Company’s net premium cost necessary to provide such benefit coverage for the remainder of the applicable Severance Benefit
Period as and when it becomes due and payable over the applicable period.

 

(d)Restricted
Stock Units and Other Stock-Based Awards. The vesting of any Restricted Stock Units or other stock-based compensation awards
which constitute Section 409A Deferred Compensation and are held by a Participant who is a Specified Employee shall be accelerated
in accordance with Section 6.2(d) to the extent applicable; provided, however, that the payment in settlement of any such
awards shall occur on the Delayed Payment Date. Restricted Stock Units and other stock-based compensation which vests and becomes
payable upon a Change in Control in accordance with Section 5.2 shall not be subject to this Section 7.2(d).

 

(e)Payment Commencement
Date. Notwithstanding anything in this Plan to the contrary, to the extent any payment or benefit which constitutes Section
409A Deferred Compensation is contingent upon the execution and non-revocation of a Release, then such payment or benefit shall
not commence until the later of (i) the first payroll date occurring on or after the sixtieth (60th) day following the Participant’s
Separation from Services, and (ii) the set payment date otherwise established for commencing the payments and/or benefits.

 

(f)Payment Upon
Change in Control. Notwithstanding any provision of the Plan to the contrary, to the extent that any amount constituting Section
409A Deferred Compensation would become payable in a lump sum under this Plan by reason of a Change in Control, such amount shall
become payable in a lump sum only if the event constituting a Change in Control would also constitute a change in ownership or
effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the
meaning of Section 409A (a “409A Change in Control”). Any payment or benefit which constitutes Section
409A Deferred Compensation and which would otherwise be payable in a lump sum upon a Change in Control that does not qualify shall
be paid, in the case of cash severance payments, based on the time and forms prescribed by Sections 4.1(b)(3) and 7.2(e), and with
respect to other awards or programs (including, but not limited to Restricted Stock Units and bonus awards) in accordance with
the plan or other documents governing such award.

 

(g)Separate
Payments. It is intended that each installment of the payments and/or benefits provided under the Plan is a separate “payment”
for purposes of Section 409A.

 

(h)No Representation
Regarding Section 409A Compliance. Notwithstanding any other provision of the Plan, the Company makes no representation that
Awards shall be exempt from, or comply with Section 409A. No member of the Company Group shall be liable for any tax, penalty or
interest imposed on a Participant by Section 409A.

 

    	-13-

    	 

    

 

8.Conflict
in Benefits; Noncumulation of Benefits

 

8.1Effect of Plan.
The terms of this Plan, when accepted by a Participant pursuant to an executed Participation Agreement, shall supersede all prior
arrangements, whether written or oral, and understandings regarding the subject matter of this Plan (including, but not limited
to any severance provisions under any employment agreement entered into prior to the Effective Date and/or the date the Participant
executes his or her Participation Agreement), and shall be the exclusive agreement for the determination of any payments and benefits
due to the Participant.

 

8.2Noncumulation
of Benefits. Except as expressly provided in a written agreement between a Participant and the Company entered into after the
date of such Participant’s Participation Agreement and which expressly disclaims this Section 8.2 and is approved by
the Board or the Committee, the total amount of payments and benefits that may be received by the Participant as a result of the
events described in Sections 4, 5, and 6 pursuant to (a) the Plan, (b) any agreement between the Participant and the Company, or
(c) any other plan, practice, or statutory obligation of the Company, shall not exceed the amount of payments and benefits provided
by this Plan upon such events, and the aggregate amounts payable under this Plan shall be reduced to the extent of any excess (but
not below zero).

 

9.Exclusive
Remedy

 

The payments and benefits
provided by Section 4 and Section 6 shall constitute the Participant’s sole and exclusive remedy for any alleged
injury or other damages arising out of the cessation of the employment relationship between the Participant and the Company in
the event of the Participant’s Termination in the Absence of a Change in Control or the Participant’s Termination Upon
a Change in Control, respectively. The Participant shall be entitled to no other compensation, benefits, or other payments from
the Company as a result of (a) the Participant’s Termination in the Absence of a Change in Control with respect to which
the payments and benefits described in Section 4, if applicable, have been provided to the Participant, or (b) the Participant’s
Termination Upon a Change in Control with respect to which the payments and benefits described in Section 6 have been provided
to the Participant, except as expressly set forth in this Plan or, subject to the provisions of Section 8.2, in a duly executed
written agreement between Company and the Participant.

 

10.Proprietary
and Confidential Information

 

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

 

11.No
Contract of Employment

 

Neither the establishment
of the Plan, nor any amendment thereto, nor the payment or provision of any benefits shall be construed as giving any person the
right to be retained by the Company, a Successor or any other member of the Company Group. Except as otherwise established in an
employment agreement between the Company and a Participant, the employment relationship between the Participant and the Company
is an “at-will” relationship. Accordingly, either the Participant or the Company may terminate the relationship at
any time. In addition, nothing in this Plan shall in any manner obligate any Successor or other member of the Company Group to
offer employment to any Participant or to continue the employment of any Participant which it does hire for any specific duration
of time.

 

    	-14-

    	 

    

 

12.Claims
for Benefits

 

12.1ERISA Plan.
This Plan is intended to be (a) an employee welfare plan as defined in Section 3(1) of Employee Retirement Income Security
Act of 1974 (“ERISA”) and (b) a “top-hat” plan maintained for the benefit of a select
group of management or highly compensated employees of the Company Group.

 

12.2Application
for Benefits. All applications for payments and/or benefits under the Plan (“Benefits”) shall be
submitted to the highest Company’s level officer in charge of Human Resources (the “Claims Administrator”),
with a copy to the Company’s General Counsel. Applications for Benefits must be in writing on forms acceptable to the Claims
Administrator and must be signed by the Participant or beneficiary. The Claims Administrator reserves the right to require the
Participant or beneficiary to furnish such other proof of the Participant’s expenses, including without limitation, receipts,
canceled checks, bills, and invoices as may be required by the Claims Administrator. Notwithstanding the foregoing, in the event
that the Participant would otherwise be the Claims Administrator, then the Company’s Chief Executive Officer shall act as
the Claims Administrator.

 

12.3Appeal of
Denial of Claim.

 

(a)If a claimant’s
claim for Benefits is denied, the Claims Administrator shall provide notice to the claimant in writing of the denial within ninety
(90) days after its submission. The notice shall be written in a manner calculated to be understood by the claimant and shall include:

 

(1)The
specific reason or reasons for the denial;

 

(2)Specific
references to the Plan provisions on which the denial is based;

 

(3)A
description of any additional material or information necessary for the applicant to perfect the claim and an explanation of why
such material or information is necessary; and

 

(4)An
explanation of the Plan’s claims review procedures and a statement of claimant’s right to bring a civil action under
ERISA Section 502(a) following an adverse benefit determination.

 

(b)If special circumstances
require an extension of time for processing the initial claim, a written notice of the extension and the reason therefor shall
be furnished to the claimant before the end of the initial ninety (90) day period. In no event shall such extension exceed ninety
(90) days.

 

(c)If a claim for
Benefits is denied, the claimant, at the claimant’s sole expense, may appeal the denial to the Committee (the “Appeals
Administrator”) within sixty (60) days of the receipt of written notice of the denial. In pursuing such appeal the
applicant or his duly authorized representative:

 

(i)may request in
writing that the Appeals Administrator review the denial;

 

(ii)may review pertinent
documents; and

 

    	-15-

    	 

    

 

(iii)may submit issues
and comments in writing.

 

(d)The decision
on review shall be made within sixty (60) days of receipt of the request for review, unless special circumstances require an extension
of time for processing, in which case a decision shall be rendered as soon as possible, but not later than one hundred twenty (120)
days after receipt of the request for review. If such an extension of time is required, written notice of the extension shall be
furnished to the claimant before the end of the original sixty (60) day period. The decision on review shall be made in writing,
shall be written in a manner calculated to be understood by the claimant, and, if the decision on review is a denial of the claim
for Benefits, shall include:

 

(i)The specific reason
or reasons for the denial;

 

(ii)Specific references
to the Plan provisions on which the denial is based;

 

(iii)A description
of any additional material or information necessary for the applicant to perfect the claim and an explanation of why such material
or information is necessary; and

 

(iv)An explanation
of the Plan’s claims review procedures and a statement of claimant’s right to bring a civil action under ERISA Section
 502(a) following an adverse benefit determination.

 

13.Successors
and Assigns

 

13.1Successors
of the Company. The Company shall 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 Plan 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.

 

13.2Acknowledgment
by Company. If, after a Change in Control, the Company fails to reasonably confirm that it has performed the obligation described
in Section 13.1 within twenty (20) days after written notice from the Participant, such failure shall be a material breach
of this Plan and shall entitle the Participant to resign for Good Reason and to receive the benefits provided under this Plan in
the event of Termination Upon a Change in Control.

 

13.3Heirs and
Representatives of Participant. This Plan shall inure to the benefit of and be enforceable by the Participant’s personal
or legal representatives, executors, administrators, successors, heirs, distributees, devises, legatees or other beneficiaries.
If the Participant should die while any amount would still be payable to the Participant hereunder (other than amounts which, by
their terms, terminate upon the death of the Participant) if the Participant had continued to live, then all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this Plan to the executors, personal representatives or
administrators of the Participant’s estate.

 

14.Notices

 

14.1General.
For purposes of this Plan, notices and all other communications provided for herein shall be in writing and shall be deemed to
have been duly given when personally delivered or when mailed by United States certified mail, return receipt requested, or by
overnight courier, postage prepaid, as follows:

 

    	-16-

    	 

    

 

(a)if to the Company:

 

Jamba, Inc.

6475 Christie Avenue, Suite 150

Emeryville, CA 94608

Attention: ________________

 

 

(b)if to the Participant,
at the home address which the Participant most recently communicated to the Company in writing.

 

Either party may provide
the other with notices of change of address, which shall be effective upon receipt.

 

14.2Notice of
Termination. Any termination by the Company of the Participant’s employment or any resignation of employment by the Participant
shall be communicated by a notice of termination or resignation to the other party hereto given in accordance with Section 14.1.
Such notice shall indicate the specific termination provision in this Plan relied upon, shall set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination under the provision so indicated, and shall specify the termination
date.

 

15.Administration,
Termination, and Amendment of Plan

 

15.1Administration.
The Committee shall act as the plan administrator of the Plan. The Committee has discretion and authority to administer the Plan,
including the discretion and authority to:

 

(a)adopt such rules
as it deems advisable in connection with the administration of the Plan, and to construe, interpret, apply and enforce the Plan
and any such rules and to remedy ambiguities, errors or omissions in the Plan;

 

(b)determine questions
of eligibility and entitlement to benefits and any other terms of the Plan applicable to the Participants; the Committee’s
determinations are conclusive and binding on all parties affected by its determinations;

 

(c)act under the
Plan on a case-by-case basis; the Committee’s decisions under the Plan need not be uniform with respect to similarly situated
Participants; and

 

(d)delegate its
authority under the Plan to any director, officer, employee, or group of directors, officers and/or employees of the Company; provided
that if any person with administrative authority becomes eligible or makes a claim for Plan benefits, that person will have no
authority with respect to any matter specifically affecting his/her individual interest under the Plan, and the Committee will
designate another person to exercise such authority.

 

15.2Amendment
and Termination of the Plan. The Committee may amend or terminate the Plan in any respect (including any change to the severance
benefits) at any time; provided, however, that with respect to any amendment to severance benefits which would reduce the
severance benefits provided to any Participant hereunder (“Adverse Amendment”) or any termination of
the Plan, such Adverse Amendment or termination shall be effective only with one year notice to Participants; provided further,
however, that (i) any Adverse Amendment or termination will not be effective if there is a Change in Control during the one
year notice period, and (ii) an Adverse Amendment cannot be made and the Plan cannot be terminated during the Change in Control
Period. A Participant ceasing to be eligible under the terms of the Plan before a Change in Control is not an amendment or termination
of the Plan.

 

    	-17-

    	 

    

 

16.Miscellaneous
Provisions

 

16.1Unfunded Obligation.
Any amounts payable to Participants pursuant to the Plan are unfunded obligations. The Company shall not be required to segregate
any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations.
The Company shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may
make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant
account shall not create or constitute a trust or fiduciary relationship between the Board or the Company and a Participant, or
otherwise create any vested or beneficial interest in any Participant or the Participant’s creditors in any assets of the
Company.

 

16.2Duty to Mitigate;
Obligations of Company. Notwithstanding anything in Section 4.1(b)(3) to the contrary, during the Severance Benefit Period,
the Participant shall use his or her best efforts to obtain other employment and to pursue other business opportunities and activities,
at a comparable level, and any amounts otherwise payable pursuant to Section 4.1(b)(3) shall be reduced by all amounts (whether
direct or indirect salary, compensation or otherwise) earned by the Participant from other employment or business activities during
the Severance Benefit Period.

 

16.3No Representations.
By executing a Participation Agreement, the Participant acknowledges that in becoming a Participant in the Plan, the Participant
is not relying and has not relied on any promise, representation or statement made by or on behalf of the Company which is not
set forth in this Plan.

 

16.4Waiver.
No waiver by the Participant or the Company of any breach of, or of any lack of compliance with, any condition or provision of
this Plan by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision
at another time.

 

16.5Choice of
Law. This Plan shall generally be governed by Federal law under ERISA. To the extent otherwise applicable, the laws of the
State of California, shall apply without regard to its conflict of law provisions.

 

16.6Validity.
The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision
of this Plan, which shall remain in full force and effect.

 

16.7Benefits Not
Assignable. Except as otherwise required by law, no right or interest of any Participant under the Plan shall be assignable
or transferable, in whole or in part, either directly or otherwise, including, without limitation, by execution, levy, garnishment,
attachment, pledge or in any other manner, and no attempted transfer or assignment thereof shall be effective. No right or interest
of any Participant under the Plan shall be liable for, or subject to, any obligation or liability of such Participant.

 

16.8Tax Withholding.
All payments made pursuant to this Plan will be subject to withholding of applicable income and employment taxes.

 

    	-18-

    	 

    

 

16.9Consultation
with Legal and Financial Advisors. By executing a Participation Agreement, the Participant acknowledges that this Plan confers
significant legal rights, and may also involve the waiver of rights under other agreements; that the Company has encouraged the
Participant to consult with the Participant’s personal legal and financial advisors; and that the Participant has had adequate
time to consult with the Participant’s advisors before executing the Participation Agreement.

 

16.10Further Assurances.
From time to time, at the Company’s request and without further consideration, the Participant shall execute and deliver
such additional documents and take all such further action as reasonably requested by the Company to be necessary or desirable
to make effective, in the most expeditious manner possible, the terms of the Plan, the Participant’s Participation Agreement,
and/or Release.

 

17.Agreement

 

By executing a Participation
Agreement, the Participant acknowledges that the Participant has received a copy of this Plan and has read, understands and is
familiar with the terms and provisions of this Plan. This Plan shall constitute an agreement between the Company and the Participant
executing a Participation Agreement.

 

IN WITNESS WHEREOF, the
undersigned Assistant Secretary of the Company certifies that the foregoing Plan was duly adopted by the Committee on _______________,
2013.

 

 

_________________________________________

 

    	-19-

    	 

    

 

EXHIBIT A

 

 

 

 

 

FORM OF

 

AGREEMENT TO PARTICIPATE IN THE

 

JAMBA, INC.

 

EXECUTIVE RETENTION AND SEVERANCE PLAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

AGREEMENT
TO PARTICIPATE IN THE

JAMBA,
INC.

EXECUTIVE
RETENTION AND SEVERANCE PLAN

 

In consideration of
the benefits provided by the Jamba, Inc. Executive Retention and Severance Plan (the “Plan”), the undersigned
employee of Jamba, Inc.(the “Company”) and the Company agree that, as of the date written below, the
undersigned shall become a Participant in the Plan and shall be fully bound by and subject to all of its provisions. All references
to a “Participant” in the Plan shall be deemed to refer to the undersigned.1

 

The undersigned employee
acknowledges that the Plan confers significant legal rights and constitutes a waiver by Participant of rights under other agreements
with the Company (including, but not limited to the employment agreement between the Participant and the Company dated ______________);
that the Company has encouraged the undersigned to consult with the undersigned’s personal legal and financial advisors;
and that the undersigned has had adequate time to consult with the undersigned’s advisors before executing this agreement.

 

The undersigned employee
acknowledges that he or she has received a copy of the Plan and has read, understands and is familiar with the terms and provisions
of the Plan. The undersigned employee further acknowledges that (1) the undersigned is waiving any right to a jury trial in the
event of any dispute arising out of or related to the Plan, and (2) except as otherwise established in an employment agreement
between the Company and the undersigned, the employment relationship between the undersigned and the Company is an “at-will”
relationship.

 

Executed on _________________________.

 

	PARTICIPANT	 	JAMBA, INC.
	 	 	 	 
	 	 	By:	 
	Signature	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Name Printed	 	 	 
	 	 	 	 
	 	 	 	 
	Address	 	 	 

 

 

 

 

 

 

1 If
the Company desires to allow for a Key Employee (non-Executive Vice President or Senior Vice President) to participate, add the
following paragraph and review other provisions to modify as appropriate: “The undersigned is a “Key Employee”
(as defined by the Plan) as of the date of this Agreement. If the undersigned remains a Key Employee, but not an “Executive
Officer,” for the purpose of determining any severance payments or benefits to which the undersigned may become entitled
under the Plan, then the “Severance Benefit Period” applicable to the undersigned under the Plan shall be periods of
________ months.”

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