Document:

Warrant Redemption Agreement, dated May 26, 2005

 Exhibit 10.31 
  
 MAYOR’S JEWELERS, INC. 
 WARRANT
REDEMPTION AGREEMENT 
  
 This Warrant Redemption Agreement
(this “Agreement”) is entered into as of May 26, 2005 by and between Mayor’s Jewelers, Inc. a Delaware corporation (the “Corporation”) and John Ball (the “Seller”). 
  
 Preliminary Statements 
  

	 	A.	In March 2003, Henry Birks & Sons Inc. assigned and transferred to John Ball 500,000 warrants to purchase common stock of the Corporation at an exercise price of $.30 per share.

  

	 	B.	As a result of certain anti-dilution provisions contained in the warrants, the number of outstanding warrants increased from 500,000 to 501,348 and the exercise price decreased from
$.30 to $.29 per share (the “Warrants”). 

  

	 	C.	The Corporation proposes to redeem, and the Seller proposes to sell to the Corporation, all of the Warrants. This Agreement sets forth the terms and conditions under which the
Warrants would be acquired by the Corporation. 

  
 Terms 
  
 1. Sale and Purchase of the Warrants. On the date
of this Agreement, Seller shall sell to the Corporation, and the Corporation shall purchase from Seller, the Warrants. 
  
 2. Assignment of Warrants. Effective as of the Closing, the Seller assigns, transfers and sets over to the Corporation all of Seller’s right, title and
interest in and to the Warrants and all rights and benefits of every description whatsoever accruing to the benefit of the Seller in respect of the Warrants. The Seller shall from time to time execute and deliver such further instruments and take
such further actions as the Corporation may reasonably request to confirm or perfect the foregoing transfer. 
  
 3. Purchase Price and Payment. In consideration for Seller’s sale and assignment of the Warrants to the Corporation, the Corporation agrees to pay to Seller US$150,000 (“Purchase Price”).

  
 4. Closing. The closing (the “Closing”) of the purchase of
the Warrants hereunder shall take place on the date hereof or such other date as may be agreed to by the Corporation and the Seller (such date upon which the Closing occurs is referred to as the “Closing Date”). At the Closing, the
Corporation shall deliver, or caused to be delivered, to the Seller the Purchase Price and the Warrants shall be irrevocably deemed to have been assigned to the Corporation for cancellation. 
  
 5. Representations and Warranties of Seller. The Seller represents and warrants to the
Corporation as follows: 

 (a) Title. Upon the Closing, the Corporation will acquire valid equitable and beneficial title to
the Warrants, free and clear of any mortgage, pledge, lien, encumbrance, charge, security interest, lien for taxes, restriction or any liability or claim of any nature whatsoever. The Warrants constitute all of Seller’s interest in the
Corporation. 
  
 (b) Authorization and Validity of
Agreement. Seller has the requisite capacity to execute, deliver and perform this Agreement, and this Agreement has been duly and validly executed and delivered by Seller and constitutes a valid and binding obligation enforceable against Seller
in accordance with its terms. 
  
 (c) Consents and Approvals;
No Violations. The execution and delivery of this Agreement by Seller and the consummation by Seller of the transactions contemplated hereby will not result in a violation or breach of, conflict with, or result in the creation of any lien or
encumbrance under any note, agreement, contract, or other obligation to which Seller is a party, or by which Seller’s assets are bound. 
  
 (d) Seller Disclosures. The Corporation has made available to Seller all documents and information that Seller has requested relating to this
Agreement. Seller has, to the extent it believes such discussion to be necessary, discussed with its professional legal, tax and financial advisers the terms and conditions of this Agreement, and Seller understands such terms and conditions and has
determined that such terms and conditions are acceptable to Seller. 
  
 6.
Release. Effective as of the Closing, the Seller for itself, its predecessors, successors, assigns and transferees and any person or entity claiming by, through or under it, including, without limitation, employee, consultant, assignee,
agent, representative, attorney, successor or predecessor or affiliate not a party hereto (each such party, a “releasor”), hereby fully and forever releases, acquits and discharges the Corporation, and its respective directors,
officers, agents, employees, partners, predecessors, successors, assigns, agents, affiliates, representatives, and attorneys (the “releasees”), from any and all causes of action, rights, claims, demands, suits, proceedings, and
liabilities of any nature whatsoever arising out of, directly or indirectly, in whole or in part, the Warrants (each a “Claim”), whether known or unknown, that such releasor or any of it predecessors, successors, assigns or
transferees ever had, now has, or hereafter can, shall or may have as a result of acts or omissions occurring prior to the date hereof. Each releasor, for itself and its predecessors, successors, assigns and transferees expressly waives any and all
rights under any statute or provision or principle of common law in any state or territory of the United States of America, or any foreign jurisdiction which limits the extent to which the foregoing releases would otherwise extend to Claims which
such releasor does not know or suspect to exist in its favor at the time of executing this Agreement. Thus, for the purpose of implementing a full and complete release of each of the releasees, each releasor, for itself and its predecessors,
successors, assigns and transferees expressly acknowledges that this release is intended to include in its effect, without limitation, Claims which such party does not know of or suspect to exist in its favor at the time of execution hereof, and
that the releases contemplate an extinguishment of all such Claims. None of the foregoing negated in any way the Mayor’s Jewelers, Inc. Indemnification Agreement, dated November 23, 2004. 

 Each releasor for itself, its predecessors, successors, assigns and transferees covenants and agrees not
to institute or participate, directly or indirectly, in any suit, action or proceeding, at law or in equity, against any releasee, by reason of, or based upon, any Claim. 
  
 7. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida without
giving effect to the principles of conflicts of law thereof. 
  
 8. Binding
Effect. This Agreement shall be binding upon the Seller and Seller’s estate, heirs, personal representatives and other successors in interest and shall be binding upon the Corporation and its successors and assigns. 
  
 9. Entire Agreement. This Agreement constitutes the entire agreement and supersedes
all other prior agreements and understandings, both written and oral, among the parties or any of them, with respect to the subject matter hereof. 
  
 10. Counterparts. This Agreement may be executed in two or more counterparts, and in facsimile versions, each of which shall be deemed to be an original but all of
which shall constitute one and the same agreement. 
  
 11. Date of Payment.
Payment shall be made in full by June 1, 2005. 
  
 [THE REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK] 

 NOW THEREFORE, the parties have executed this Agreement as of the date set forth above. 
  

	
	SELLER
	
	/s/ John Ball
	John Ball

			
	
	MAYOR’S JEWELERS, INC.
		
	By:	 	/s/ Marc Weinstein
	 Name: Marc Weinstein
 Title: SVP &
CAOAmendment No. 4 to Promissory Note

 Exhibit 10.1 
  
 AMENDMENT NO. 4 TO PROMISSORY NOTE 
  
 This Amendment No. 4 to Promissory Note (this “Amendment No. 4”) is dated for reference purposes June 1, 2005, and
is by and between TULLY’S COFFEE CORPORATION, a Washington corporation (“Maker”), and KENT CENTRAL, L.L.C., a Washington limited liability company (“Holder”). 
  
 R E C I T A L S 
  
 A. Maker has previously executed that certain Promissory Note dated November 1, 2002, in favor of Holder in the original principal amount of up to TWO
MILLION EIGHT HUNDRED NINETY THOUSAND THIRTY SEVEN AND 09/100 DOLLARS ($2,890,037.09) (the “Original Note”). The Original Note was amended by Amendment to Promissory Note dated March 3, 2003 (“Amendment No. 1”), Amendment No. 2
to Promissory Note dated June 26, 2003 (“Amendment No. 2) and Amendment No. 3 to Promissory Note dated June 24, 2004 (“Amendment No. 3). Amendment No. 1, among other changes, increased the maximum amount of the Note to THREE MILLION EIGHT
HUNDRED NINETY THOUSAND THIRTY SEVEN AND 09/100 DOLLARS ($3,890,037.09). The Original Note, Amendment No. 1 Amendment No. 2 and Amendment No. 3 are collectively referred to herein as the “Note.” 
  
 B. Maker has requested that Holder (1) extend the maturity date of the Note
to July 1, 2006, and (2) execute a Subordination and Release Agreement (the “Subordination Agreement”) subordinating Holder’s security interest in Maker’s accounts receivable and inventory to Maker’s granting of a security
interest in Maker’s accounts receivables and inventory (the “Security Agreement”) in favor of Northrim Funding Services, a division of Northrim Bank (“Northrim”), to which requests Holder has agreed upon the terms and
conditions set forth below. 
  
 NOW, THEREFORE, the parties
hereto, in consideration of their mutual promises contained herein and for other good and valuable consideration, hereby agree to amend the Note as follows: 
  
 AGREEMENT 
  
 1. The paragraph on page 3 of the Original Note which began with the sentence “This Note evidences a revolving line of credit” and which was
replaced with Section 3 of Amendment No. 2 is hereby deleted in its entirety so that the Note no longer evidences a revolving line of credit and Maker acknowledges that Maker is not entitled to any additional advances under the Note. 
  
 2. Sections 3 through 9 of Amendment No. 1 are hereby deleted in their
entirety effective upon Holder’s delivery of this Amendment No. 4 to Maker. 
  
 3. On or before June 24, 2005, Maker shall make an additional principal payment of $224,632.79 so that the outstanding principal balance under the Note is $1,300,000.00. 
  
 4. Maker shall continue to pay all interest accrued under the Note on a
monthly basis on the first (1st) day of each calendar month and Maker shall continue to make monthly principal
payments of Seventy Thousand and 00/100 Dollars ($70,000.00) on the first day of each calendar month until this Note has been paid in full. 

 5. Notwithstanding anything to the contrary contained in the Note, the maturity date of the Note is
hereby extended to July 1, 2006, on which date any outstanding principal balance under the Note, together with any accrued, but unpaid, interest, shall be due and payable in full in the form of a balloon payment. 
  
 6. By their execution of counterparts to this Amendment No. 4, Guarantors
hereby: (a) approve the foregoing, (b) agree that nothing contained herein shall in any way terminate or reduce their guaranties, (c) subordinate their security interest in the Collateral to the security interest of Holder which secures repayment of
the Note, as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3 and this Amendment No. 4, (d) agree that the “Indebtedness” (as defined in each of their guaranties) includes all amounts owed Lender under the Note, Amendment No.
1, Amendment No. 2, Amendment No. 3 and this Amendment No. 4, and (e) consent to Maker granting a security in Maker’s accounts receivable and inventory in favor of Northrim and Holder subordinating its security interest in said collateral to
the security interest granted Northrim under the Security Agreement. 
  
 7. Except as set forth in this Amendment No. 4, the Original Note, Amendment No. 1, Amendment No. 2 and Amendment No. 3 shall remain in full force and effect as originally executed by Maker and Lender. 
  
 8. This Amendment No. 4 may be executed in any number of original
counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute one and the same instrument. 
  
 MAKER: 
  
 TULLY’S COFFEE CORPORATION 
  

			
	By:	 	 /s/ Kristopher S. Galvin

	Name:	 	Kristopher S. Galvin
	Title:	 	Executive Vice President and CFO

  

 2 

 LENDER: 
  
 KENT CENTRAL, L.L.C. 
  

			
	By:	 	 /s/ Larry R. Benaroya

	Name:	 	Larry R. Benaroya
	Title:	 	Manager

  
 GUARANTORS: 
  

	
	 /s/ Richard Padden

	Richard Padden

  

	
	 /s/ Laurie Padden

	 Laurie Padden

  

	
	 /s/ Tom T. O’Keefe

	 Tom T. O’Keefe

  

	
	 /s/ Cathy O’Keefe

	 Cathy O’Keefe

  

	
	 /s/ Ron Neubauer

	 Ron Neubauer

  

	
	 /s/ Linda Neubauer

	 Linda Neubauer

  

 3 

	
	 /s/ George Hubman

	George Hubman

  

	
	 /s/ Carolyn Hubman

	Carolyn Hubman

  

	
	 /s/ Larry Hood

	Larry Hood

  

	
	 /s/ Ritchie Hood

	Ritchie Hood

  

	
	 /s/ Marc Evanger

	Marc Evanger

  

	
	 /s/ Heidi Evanger

	Heidi Evanger

  

	
	 /s/ Kevin Fortun

	Kevin Fortun

  

 4

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