Document:

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                                                                    EXHIBIT 10.3

                          CARIBOU COFFEE COMPANY, INC.

                             2001 STOCK OPTION PLAN

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                                TABLE OF CONTENTS

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Section 1 INTRODUCTION..........................................................        1

Section 2 DEFINITIONS...........................................................        1

         2.1      Affiliate.....................................................        1
         2.2      Beneficial Owner or Beneficiary Ownership.....................        1
         2.3      Board or Board of Directors...................................        1
         2.4      Change of Control Event.......................................        2
         2.5      Code..........................................................        5
         2.6      Committee.....................................................        5
         2.7      Company.......................................................        6
         2.8      Employee......................................................        6
         2.9      Fair Market Value.............................................        6
         2.10     1933 Act......................................................        7
         2.11     1934 Act......................................................        7
         2.12     Option........................................................        7
         2.13     Option Agreement..............................................        7
         2.14     Option Price..................................................        7
         2.15     Parent........................................................        7
         2.16     Person........................................................        7
         2.17     Plan..........................................................        7
         2.18     Qualified Public Offering.....................................        8
         2.19     Rule 16b-3....................................................        8
         2.20     Stock.........................................................        8
         2.21     Subsidiary....................................................        8

Section 3 SHARES RESERVED UNDER THE PLAN........................................        8

Section 4 EFFECTIVE DATE........................................................        9

Section 5 COMMITTEE.............................................................        9

Section 6 ELIGIBILITY...........................................................        9

Section 7 OPTIONS...............................................................       10

         7.1      Committee Action..............................................       10
         7.2      Option Price..................................................       10
         7.3      Vesting and Exercise Period...................................       11

Section 8 NONTRANSFERABILITY....................................................       14

Section 9 SECURITIES REGISTRATION...............................................       14
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Section 10 LIFE OF PLAN.........................................................       15

Section 11 ADJUSTMENT...........................................................       15

         11.1     Capital Structure.............................................       15
         11.2     Mergers.......................................................       16
         11.3     Fractional Shares.............................................       16
         11.4     Committee Action..............................................       17

Section 12 CHANGE OF CONTROL EVENT..............................................       17

Section 13 AMENDMENT OR TERMINATION.............................................       17

Section 14 MISCELLANEOUS........................................................       18

         14.1     Stockholder Rights............................................       18
         14.2     No Contract of Employment.....................................       18
         14.3     Withholding...................................................       18
         14.4     Construction..................................................       19
         14.5     Other Conditions..............................................       19
         14.6     Rule 16b-3....................................................       19

SCHEDULE A......................................................................      A-1
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                                      -ii-

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                                    SECTION 1

                                  INTRODUCTION

      The purpose of this Plan is to promote the interest and long-term success
of Caribou Coffee Company, Inc. (the "Company") by authorizing the Committee to
grant Options to selected management Employees in order (1) to attract and
retain highly motivated Employees, (2) to provide an additional incentive to
each Employee who is selected to receive an Option to increase the value of the
Company's Stock and (3) to provide each selected Employee with an interest in
the future of the Company which corresponds to the interest of each of the
Company's current stockholders.

                                    SECTION 2

                                   DEFINITIONS

      2.1   Affiliate-- means any organization (other than a Subsidiary) that
would be treated as under common control with the Company under Section 414(c)
of the Code if "50 percent" were substituted for "80 percent" in the income tax
regulations under Section 414(c) of the Code.

      2.2   Beneficial Owner or Beneficiary Ownership-- has the meaning ascribed
to such term in Rule 13d-3 of the General Rules and Regulations under the 1934
Act.

      2.3   Board or Board of Directors-- means the Board of Directors of the
Company.

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      2.4   Change of Control Event-- means that any of the following events has
occurred with respect to the Company, and the effective date of the Change of
Control Event shall be as of the first day that any one or more of the following
events shall have been fully and unconditionally effected:

      (1)   The acquisition by any Person other than Caribou Holding Company
            Limited or any of its Affiliates or any combination thereof of
            Beneficial Ownership of 50% or more of either (i) the then
            outstanding shares of Stock, or (ii) the combined voting power of
            the outstanding voting securities of the Company entitled to vote
            generally in the election of Directors; provided, however, that for
            purposes of this subsection, the following transactions shall not
            constitute a Change of Control Event: (A) any acquisition of such
            Stock or voting power directly from the Company through a public
            offering of shares of Stock of the Company, (B) any acquisition of
            such Stock or voting power by the Company, (C) any acquisition of
            such Stock or voting power by any employee benefit plan (or related
            trust) sponsored or maintained by the Company or any corporation
            controlled by the Company, (D) any acquisition of such Stock or
            voting power by any Person who, prior to such acquisition, had
            Beneficial Ownership of 50% or more of (i) the then outstanding
            shares of Stock, or (ii) the combined voting power of the
            outstanding voting securities of the Company entitled to vote
            generally in the election of Directors, or (E) any acquisition by
            any

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            corporation pursuant to a transaction which complies with clauses
            (i), (ii) and (iii) of subsection (3) below;

      (2)   The cessation, for any reason, of the individuals who constitute the
            Company's Board of Directors as of the date hereof ("Incumbent
            Board") to constitute at least a simple majority of the Company's
            Board of Directors; provided, however, that any individual who
            becomes a Director following the date hereof pursuant to the
            procedures for nomination and election set forth in the bylaws of
            the Company, or whose election, or nomination for election by the
            Company's stockholders, was otherwise approved by a vote of at least
            a majority of the Directors then comprising the Incumbent Board
            shall be considered as though such individual was a member of the
            Incumbent Board, but excluding, for this purpose, any such
            individual whose initial assumption of office occurs because of an
            actual or threatened election contest with respect to the election
            or removal of Directors or other actual or threatened solicitation
            of proxies or consents by or on behalf of a Person other than the
            Company's Board of Directors;

      (3)   The consummation of a reorganization, merger or consolidation or
            sale or other disposition of all or substantially all of the assets
            of the Company ("Business Combination") unless, following such
            Business Combination, (i) all or substantially all of the
            individuals

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            and entities who were the Beneficial Owners, respectively, of the
            outstanding shares of Stock of the Company and the outstanding
            voting securities of the Company immediately before such Business
            Combination Beneficially Own, directly or indirectly, more than 50%
            of, respectively, the then outstanding shares of Stock and the
            combined voting power of the then outstanding voting securities
            entitled to vote generally in the election of Directors, as the case
            may be, of the Company resulting from or surviving such Business
            Combination (including, without limitation, a corporation which as a
            result of such transaction owns the Company or all or substantially
            all of the Company's assets either directly or through one or more
            subsidiaries) in substantially the same proportions as their
            ownership immediately before such Business Combination of the
            outstanding shares of Stock and the outstanding voting securities of
            the Company, as the case may be; (ii) no Person (excluding any
            corporation resulting from such Business Combination or any employee
            benefit plan (or related trust) of the Company or such corporation
            resulting from or surviving such Business Combination) beneficially
            owns, directly or indirectly, 50% or more of, respectively, the then
            outstanding shares of common stock of the corporation resulting from
            or surviving such Business Combination or the combined voting power
            of the then outstanding voting securities of such corporation except
            to the extent that such

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            ownership existed as to the Company before the Business Combination;
            and (iii) at least a simple majority of the members of the board of
            directors of the corporation resulting from or surviving such
            Business Combination were members of the Company's Board of
            Directors at the time of the execution of the initial agreement, or
            of the action of the Company's Board of Directors, providing for
            such Business Combination;

      (4)   The unconditional approval by the stockholders of the Company of a
            complete liquidation or dissolution of the Company (except for a
            liquidation of the Company which also qualifies as a Business
            Combination); or

      (5)   Any other condition or event (i) that the Committee determines to be
            a "Change of Control Event" within the meaning of this Section 2.4
            and (ii) that is set forth as a supplement to this Section 2.4 in
            the Option Agreement.

      2.5   Code-- means the U.S. Internal Revenue Code of 1986, as amended.

      2.6   Committee-- means a committee appointed by the Board which shall
have at least two members, each of whom shall be appointed by and shall serve at
the pleasure of the Board.

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      2.7   Company-- means Caribou Coffee Company, Inc., and any successor
thereto.

      2.8   Employee-- means a management employee of the Company or any
Subsidiary or Affiliate who is recommended to the Committee by senior management
of the Company to receive an Option and who, in the judgment of the Committee
acting in its absolute discretion, is key directly or indirectly to the success
of the Company or any Subsidiary or Affiliate.

      2.9   Fair Market Value-- means, on any given date, the current fair
market value of a share of Stock as determined pursuant to (1), (2) or (3)
below, as applicable: (1) the closing price on any date for a share of Stock as
reported by The Wall Street Journal under the New York Stock Exchange Composite
Transactions quotation system (or under any successor quotation system) or, if
Stock is not traded on the New York Stock Exchange, under the quotation system
under which such closing price is reported or, if The Wall Street Journal no
longer reports such closing price, such closing price as reported by a newspaper
or trade journal selected by the Committee or, (2) if no such closing price is
available on such date, such closing price as so reported in accordance with
Section 2.9(1) for the immediately preceding business day, or, (3) if no
newspaper or trade journal reports such closing price or if no price quotation
is available, the price which the Committee acting in good faith determines
through any reasonable valuation method that a share of Stock might change hands
between a willing buyer and a willing seller, neither being under any compulsion
to buy or to sell and both having reasonable knowledge of the relevant facts.

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      2.10  1933 Act-- means the U.S. Securities Act of 1933, as amended.

      2.11  1934 Act-- means the U.S. Securities Exchange Act of 1934, as
amended.

      2.12  Option-- means an option which is granted under Section 7 of this
Plan.

      2.13  Option Agreement-- means the written agreement which sets forth the
terms and conditions of an Option granted to an Employee under this Plan.

      2.14  Option Price-- means the price which shall be paid to purchase one
share of Stock upon the exercise of an Option granted under this Plan.

      2.15  Parent -- means any corporation which is a parent of the Company
within the meaning of Section 424(e) of the Code.

      2.16  Person-- means any natural person and any, company, government or
political subdivision, agency or instrumentality of a government; provided that
if two or more Persons act as a partnership, limited partnership, joint venture,
syndicate or other group for the purpose of acquiring, holding or disposing of
securities of the Company, such partnership, limited partnership, joint venture,
syndicate or group shall be deemed to be a single Person for purposes of this
Plan.

      2.17  Plan-- means this Caribou Coffee Company, Inc. 2001 Stock Option
Plan as effective as of the date adopted by the Board and as amended from time
to time thereafter.

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      2.18  Qualified Public Offering-- means a firm commitment underwritten
public offering of Company equity securities registered under the Securities Act
resulting in net proceeds to the Company in excess of $35,000,000.

      2.19  Rule 16b-3-- means the exemption under Rule 16b-3 to Section 16(b)
of the 1934 Act or any successor to such rule.

      2.20  Stock-- means $.01 par value common stock of the Company.

      2.21  Subsidiary-- means a corporation which is a subsidiary corporation
of the Company within the meaning of Section 424(f) of the Code.

                                    SECTION 3

                         SHARES RESERVED UNDER THE PLAN

      The number of shares of Stock initially reserved for use under this Plan
is 1,666,116 shares, reduced by: (1) the number of shares for which options are
granted from time to time under any incentive stock option plan adopted by the
Company, and (2) the 10,707 outstanding options granted under a prior stock
option plan(s). Such shares of Stock shall be reserved to the extent that the
Company deems appropriate from authorized but unissued shares of Stock and from
shares of Stock which have been reacquired by the Company. Any shares of Stock
subject to an Option which remain unissued after the cancellation, expiration or
exchange of such Option thereafter shall again become available for use under
this Plan, but any shares of Stock issued upon the exercise an Option or used to
satisfy a withholding obligation shall not again become available for use under
this Plan.

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                                    SECTION 4

                                 EFFECTIVE DATE

      The effective date of this Plan shall be the date of its adoption by the
Board.

                                    SECTION 5

                                    COMMITTEE

      This Plan shall be administered by the Committee. The Committee acting in
its absolute discretion shall exercise such powers and take such actions as
expressly called for under this Plan and, further, the Committee shall have the
power to interpret this Plan and (subject to Section 11, Section 12 and Section
13 of this Plan and Rule 16b-3) to take such other actions in the administration
and operation of this Plan as the Committee deems equitable under the
circumstances, which action shall be binding on the Company and on each affected
Option holder and on each other person directly or indirectly affected by such
action. Procedures followed by the Committee in taking actions called for under
this Plan shall be in accordance with administrative procedures applicable
generally to committees of the Board.

                                    SECTION 6

                                   ELIGIBILITY

      Only Employees of the Company or a Subsidiary or Affiliate who are
Employees on the date of the grant of an Option (as determined in the sole
direction of

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the Committee) and who execute or have executed an employee non-disclosure and
non-solicitation agreement with the Company (or Subsidiary or Affiliate, as
applicable) satisfactory to the Board, and, at the Committee's discretion, a
noncompete agreement, shall be eligible for the grant of Options under this
Plan.

                                    SECTION 7

                                     OPTIONS

      7.1   Committee Action. The initial grant of Options under the Plan shall
be as described in Schedule A, attached hereto and made a part hereof.
Thereafter, the Committee, acting in its absolute discretion, shall have the
right from time to time to grant an Option to an Employee under this Plan to
purchase the number of shares determined by the Committee. Each grant of an
Option to an Employee shall be evidenced by an Option Agreement, and each Option
Agreement shall set forth such terms and conditions of such grant as the
Committee acting in its absolute discretion deems consistent with the terms of
this Plan.

      7.2   Option Price. The Option Price for each share of Stock subject to an
Option which is granted to an Employee shall be no less than the Fair Market
Value of a share of Stock on the date the Option is granted. The Option Price
and Fair Market Value for a share of Stock for the initial Options granted
pursuant to Schedule A is shown on Schedule A. The Option Price shall be payable
in full in cash upon the exercise of any Option. At the discretion of the
Committee, an Option Agreement may also provide for the payment of the Option
Price by check or in Stock which has been held for at least 6 months and which
is acceptable to the Committee, or in any

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combination of cash, check or Stock. In addition, if provided in the Option
Agreement and at the discretion of the Committee, the Option Price may be paid
through any broker-facilitated cashless exercise procedure acceptable to the
Committee or its delegate. Any payment made in Stock shall be treated as equal
to the Fair Market Value of such Stock on the date the properly endorsed
certificate for such Stock is delivered to the Committee or its delegate.

      7.3   Vesting and Exercise Period. Unless the Committee approves and
provides for a different vesting schedule in an Option Agreement, each Option
granted under this Plan to an Employee shall vest in accordance with the
following schedule:

      (1)   the Option shall vest with respect to 25% of the shares of Stock
            underlying the Option (rounding down to the nearest whole number) if
            the Employee receiving the Option remains an Employee until the
            first anniversary of the date he or she was granted such Option;

      (2)   the Option shall vest with respect to an additional 25% of the
            shares of Stock underlying the Option (rounding down to the nearest
            whole number) if the said Employee receiving the Option remains an
            Employee until the second anniversary of the date he or she was
            granted such Option;

      (3)   The Option shall vest with respect to an additional 25% of the
            shares of Stock underlying the Option (rounding down to the nearest
            whole number) if the said Employee receiving the Option

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            remains an Employee until the third anniversary of the date he or
            she was granted such Option;

      (4)   the remaining portion of the Option shall vest if the said Employee
            receiving the Option remains an Employee until the fourth
            anniversary of the date he or she was granted such Option.

Upon the occurrence of a Change of Control Event, the Option shall be fully
vested as of the effective date of the occurrence of a Change of Control Event,
provided that, an Employee who continues to hold an Option following his or her
termination of employment as provided in this Section 7.3 shall not have the
vested percentage as of the date of termination of employment increased by the
occurrence of a Change of Control Event if such event occurs after the effective
date of the Employee's termination of employment.

      Notwithstanding the vesting schedule set forth in this Section 7.3 and the
Option exercise right of an Employee who has terminated employment as further
described herein, no Option granted to an Employee under this Plan shall be
exercisable by an Employee as to any part of the shares of Stock covered thereby
until the earliest of: (1) the occurrence of a Qualified Public Offering and the
effectiveness of the filing of a registration statement with the Securities and
Exchange Commission on Form S-8 (or any successor form appropriate for the
registration under the 1933 Act of Stock to be issued upon the exercise of the
Options) covering a number of shares of Stock at least equal to the number of
shares of Stock for which all the then outstanding Options will, assuming the
satisfaction of this condition, be exercisable, or (2) the date that is nine

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years from the date the Option was granted. No Option granted to an Employee
shall be exercisable on or after the earliest of (i) the date such Option is
exercised or cancelled in full, (ii) the date which is the tenth anniversary of
the date the Option is granted, or (iii) the expiration of the Option as
determined by the Option Agreement. If an Employee ceases for any reason, with
or without cause, to be an Employee of the Company, its Parent, all Subsidiaries
and Affiliates prior to the date such Employee is permitted to exercise an
Option as provided previously in this Section 7.3, the Employee shall retain
such Option to the extent vested under the vesting schedule in this Section 7.3
as of the date of such Employee's termination of employment, and may exercise
such Option (to the extent vested) during the ninety (90) day period following
the effective date of such termination of employment, or such other period
provided in the Option Agreement, provided, however, if the Employee's
employment is terminanted due to his or her death, the ninety (90) day period
for exercise of the Option by the Employee's heirs, personal representative or
beneficiaries shall be extended to a one year period beginning on the date of
the Employee's death. The Option, to the extent not exercised, shall expire at
the end of the period specified in the Option Agreement following the effective
date of such Employee's termination of employment for any reason. To the extent
an exercise occurs under this Section 7, it shall be for a minimum of two
hundred (200) shares of Stock, subject to adjustment in accordance with Section
11, or the remaining vested portion of the Option, if less.

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                                    SECTION 8

                               NONTRANSFERABILITY

      No Option shall be transferable by an Employee other than by will or by
the laws of descent and distribution, and any Option shall be exercisable during
an Employee's lifetime only by the Employee. The person or persons to whom an
Option is transferred by will or by the laws of descent and distribution
thereafter shall be treated as the Employee, and shall have the right to
exercise such Option to the extent vested during the one year period that begins
on the date of the Employee's death. Such Option, to the extent not exercised,
shall expire at the end of such one year period.

                                    SECTION 9

                             SECURITIES REGISTRATION

      Each Option Agreement may provide that, upon the receipt of shares of
Stock as a result of the exercise of an Option, the Employee shall, if so
requested by the Company, hold such shares of Stock for investment and not with
a view of resale or distribution to the public and, if so requested by the
Company, shall deliver to the Company a written statement satisfactory to the
Company to that effect. As for Stock issued pursuant to this Plan, the Company,
in its sole discretion and at its expense, shall take such action as it deems
necessary or appropriate to register the original issuance of such Stock to an
Employee under the 1933 Act or under any other applicable securities laws or to
qualify such Stock for an exemption under any such laws prior to the issuance of
such Stock to an Employee; however, the Company shall

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have no obligation whatsoever to take any such action in connection with the
transfer, resale or other disposition of such Stock by an Employee.

                                   SECTION 10

                                  LIFE OF PLAN

      No Option shall be granted under this Plan on or after the earlier of:

      (1)   the tenth anniversary of the effective date of this Plan (as
            determined under Section 4 of this Plan),

      (2)   the date on which all Options authorized under the Plan (original
            and cancelled) have been issued; or

      (3)   the date on which all of the Stock reserved under Section 3 of this
            Plan has (as a result of the exercise of Options granted under this
            Plan) been issued or no longer is available for use under this Plan;

provided that the Plan shall thereafter continue in effect until all outstanding
Options have been exercised in full or no longer are exercisable.

                                   SECTION 11

                                   ADJUSTMENT

      11.1  Capital Structure. The number, kind or class (or any combination
thereof) of shares of Stock reserved under Section 3 of this Plan, the number,
kind or class (or any combination thereof) of shares of Stock subject to Options
granted under this Plan

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and the Option Price of such Options shall be adjusted by the Committee in an
equitable manner as determined by the Committee in its sole discretion, to
reflect any change in the capitalization of the Company, including, but not
limited to, such changes as stock dividends, stock splits or reverse stock
splits.

      11.2 Mergers. The Committee, as part of any corporate transaction
described in Section 424(a) of the Code shall have the right to adjust (in any
manner which the Committee in its discretion deems consistent with Section
424(a) of the Code) the number, kind or class (or any combination thereof) of
shares of Stock reserved under Section 3 of this Plan. Furthermore, the
Committee as part of any corporate transaction described in Section 424(a) of
the Code shall have the right to adjust (in any manner which the Committee in
its discretion deems consistent with Section 424(a) of the Code) the number,
kind or class (or any combination thereof) of shares of Stock subject to Option
grants previously made under this Plan and the related Option Price for each
such Option, and, further, shall have the right (in any manner which the
Committee in its discretion deems consistent with Section 424(a) of the Code) to
make Option grants to effect the assumption of, or the substitution for, option
grants previously made by any other corporation to the extent that such
corporate transaction calls for such substitution or assumption of such option
grants.

      11.3  Fractional Shares. If any adjustment under this Section 11 would
create a fractional share of Stock or a right to acquire a fractional share of
Stock, such fractional share shall be disregarded and the number of shares of
Stock reserved under this Plan

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and the number subject to any Option grants shall be the next lower number of
shares of Stock, rounding all fractions downward.

      11.4  Committee Action. An adjustment made under this Section 11 by the
Committee shall be final, conclusive and binding on all affected persons.

                                   SECTION 12

                             CHANGE OF CONTROL EVENT

      Upon the effective date of a Change of Control Event, outstanding Options
held by Persons who are then Employees shall be fully vested and all Options
shall be cancelled in exchange for a cancellation payment to the Option holder
equal in value to the difference between the Option Price per share of Stock and
the amount per share of Stock paid by the Person or Persons acquiring an
interest in the Company in connection with such Change of Control Event. In the
case of an Option holder who is not entitled to fully vest in his Option due to
the Change of Control Event, such Option cancellation payment shall be
determined based on his vested interest in the Option as provided in Section
7.3.

                                   SECTION 13

                            AMENDMENT OR TERMINATION

      This Plan may be amended by the Board from time to time to the extent that
the Board deems necessary or appropriate. The Board also may suspend the
granting of Options under this Plan at any time and may terminate this Plan at
any time;

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provided, however, the Board shall not have the right unilaterally to modify,
amend or cancel any Option granted before such suspension or termination unless
(1) in the case of a modification or amendment, the Option holder consents in
writing to such modification or amendment, (2) in the case of a cancellation
other than due to a Change of Control Event, the Option holder is given fair
value for the Option as determined by the Committee in its sole discretion, or
(3) there is a dissolution or liquidation of the Company or a transaction
described in Section 11 or Section 12 of this Plan. Cancellation of an Option in
connection with a Change of Control Event as described in Section 12 or for any
other reason under Section 13(2) shall not require the consent of the Option
holder.

                                   SECTION 14

                                  MISCELLANEOUS

      14.1  Stockholder Rights. No Employee shall have any rights as a
stockholder of the Company as a result of the grant of an Option to such Person
under this Plan or such Person's exercise of such Option pending the actual
delivery of the Stock subject to such Option to such Employee.

      14.2  No Contract of Employment. The grant of an Option to an Employee
under this Plan shall not constitute a contract of employment and shall not
confer on an Employee any rights upon such Person's termination of employment in
addition to those rights, if any, expressly set forth in the related Option
Agreement.

      14.3  Withholding. Each Option grant shall be made subject to the
condition that the Employee receiving such Option consents to whatever action
the

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Committee directs to satisfy the U.S. federal and U.S. state tax withholding
requirements, if any, and any other U.S. or non-U.S. applicable tax withholding
or other tax requirements which the Committee in its discretion deems applicable
to the exercise of such Option. The Committee also shall have the right to
provide in an Option Agreement that an Option holder may elect to satisfy U.S.
federal and U.S. state tax withholding requirements through a reduction in the
number of shares of Stock actually transferred to such Option holder under this
Plan. Withholding shall also apply to any Option cancellation payment as
required by applicable law.

      14.4  Construction. All references to sections (Section) are to sections
(Section) of this Plan unless otherwise indicated. This Plan shall be construed
under the laws of the State of Minnesota, United States of America. Finally,
each term set forth in Section 2 of this Plan shall have the meaning set forth
opposite such term for purposes of this Plan and, for purposes of such
definitions, the singular shall include the plural and the plural shall include
the singular.

      14.5  Other Conditions. Each Option Agreement shall require that an
Employee (as a condition to the exercise of an Option) enter into any agreement
or make such representations prepared by the Company, including any agreement
(which may be the Company's stockholders' agreement) which restricts the
transfer of Stock acquired pursuant to the exercise of an Option or provides for
the repurchase of such Stock by the Company under certain circumstances.

      14.6  Rule 16b-3. The Committee shall have the right to amend any Option
or to withhold or otherwise restrict the transfer of any Stock under this Plan
to an

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Option holder as the Committee deems appropriate in order to satisfy any
condition or requirement under Rule 16b-3 to the extent Rule 16 of the 1934 Act
might be applicable to such grant or transfer.

      IN WITNESS WHEREOF, the Company has caused its duly authorized officer to
execute this Plan to evidence its adoption of this Plan.

                                        CARIBOU COFFEE COMPANY, INC.

                                        By: ____________________________________
                                        Title: _________________________________
                                        Date: __________________________________

                                       20<PAGE>
                                                                    EXHIBIT 10.4

                                 AMENDMENT NO. 1
                                     TO THE
                            2001 STOCK INCENTIVE PLAN

         THIS AMENDMENT made and entered into this 13 day of July, 2005, by
Caribou Coffee Company, Inc. (the "Company").

                                   WITNESSETH:

         WHEREAS, the Board of Directors of Caribou Coffee Company, Inc. (the
"Board") has adopted a 2001 Stock Incentive Plan (the "Plan");

         WHEREAS, Section 13 gives the Board the right to amend or revise the
terms of the Plan at any time;

         WHEREAS, the Board deems it advisable to amend the Plan to increase the
number of shares of Stock that are available for grant under the Plan by 70,000
shares of Stock; and

         WHEREAS, capitalized terms used herein without definition shall have
the respective meanings ascribed to such terms in the Plan.

         NOW THEREFORE, the Plan is hereby amended as set forth below:

         1.       Amendment of Section 3. Section 3 of the Plan is hereby
amended by deleting "1,666,116 shares" and replacing it with "1,736,116 shares."

         2.       Remaining Terms. Except as modified hereby, the terms of the
Amendment shall remain in full force and effect.

         3.       Effectiveness. This Amendment shall be effective upon the
execution of the Amendment by the Company.

<PAGE>

         IN WITNESS WHEREOF, the Company as caused its duly authorized officer
to execute this Amendment to the Plan effective as of the date first written
above.

                                       CARIBOU COFFEE COMPANY, INC.

                                       By:
                                            -----------------------------------
                                            Michael J. Coles
                                            Chairman of the Board, Chief
                                            Executive Officer and President

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