Document:

Employment Offer Letter between Stephen C. Jones and Jones Soda Co.

 Exhibit 10.1 
 June 3, 2008 
 Stephen C. Jones 
 Jones Soda Co.

 234 9th Avenue N. 
 Seattle, Washington 98109 
 Dear Steve: 
 This letter establishes what will be the terms of your
employment with the Jones Soda Co. (the “Company”) as its Chief Executive Officer if you accept this offer. 
 Effective Date and
Responsibilities 
 If you accept this offer of employment by fulfilling the conditions set forth later in this letter, the effective date of your
employment pursuant to this letter will be the later of the date of this letter and the date on which you provide the Company evidence of your eligibility to be employed by the Company in the United States (the “Effective Date”). This
offer of employment is contingent on you providing such evidence. The Company will take reasonable steps to procure such eligibility on your behalf and will be responsible for the fees related to petitioning for H-1B status to enable you to be
employed with the Company. 
 You will perform the duties customarily performed by the Chief Executive Officer of a corporation which is, in all respects,
similar to Jones Soda and such other duties as may be assigned from time to time by the Board of Directors of the Company. Your role as Chief Executive Officer is a full time position and, once your employment commences, you are expected to be based
in Seattle, Monday through Friday, or be traveling on Company business, for at least three weeks out of each month. You may work remotely for no more than one week per month (excluding travel relating to Company business). 
 Until the Effective Date, you will continue to serve as an independent contractor to the Company (in the role of Chief Executive Officer), with your services being
provided primarily from Canada. During this period, your compensation will be $20,000 per month, effective May 1, 2008, and your independent contractor relationship may be terminated by the Company with or without cause. 
 Compensation and Benefits 
 Once your employment becomes effective,
your compensation and benefits will be as follows: 
  

			
	Annual Base Salary:	  	$245,000, payable twice a month in accordance with the Company’s standard payroll practice and subject to applicable withholding taxes.

			
	Annual Bonus Opportunity:	  	Your annual bonus opportunity for the year ending April 30, 2009 will be up to $160,000, payable in the sole and absolute discretion of the Board of Directors (on the recommendation
of the Compensation Committee) based on the achievement of performance objectives to be agreed upon between you and the Compensation Committee, and approved by the Board of Directors, within 30 days after the date of this letter. Such performance
objectives shall include objectives that are tied to the Company’s 2008 and 2009 budgets and operating plans and such other factors as may by approved by the Compensation Committee and the Board of Directors.
		
	Benefits:	  	 Medical and dental coverage for you under the Jones Soda Co. plan in accordance with, and subject to, the terms thereof (including, without
limitation, the terms relating to eligibility and enrollment); provided, however, that the Company will use commercially reasonable efforts to cause its insurance carrier to waive the three-month eligibility requirement so that your coverage can
commence as of the Effective Date.
  
 You will be eligible to participate in
Company’s 401(k) retirement plan in accordance with, and subject to, the terms thereof (including, without limitation, the terms relating to eligibility and enrollment).

		
	Corporate Housing:	  	The Company will provide you with corporate housing in Seattle.
		
	Vacation:	  	Four weeks per year.
		
	Stock Options:	  	Subject to approval by the Compensation Committee, you will be granted an option to purchase 160,000 shares of the Company’s common stock. The exercise price of your stock option grant will
be equal to the closing price of the Company’s common stock on the date of the grant (as reported on The Nasdaq Stock Market). The option will vest in equal installments every six months over forty-two months and expire ten years from the date
of grant. The vesting commencement date will be May 1, 2008. Vesting will, of course, depend on your continued service to the Company, either as an employee, director, independent contractor or other capacity approved by the Compensation Committee.

  

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		  	Your option will be subject to the terms and conditions of the Company’s 2002 Stock Option and Restricted Stock Plan (the “2002 Plan”) and will be documented by delivery to you of
a Stock Option Letter Agreement specifying the terms and conditions of the option.
		
	Severance and Change in Control Benefits:	  	 If, after the Effective Date and before May 1, 2009, the Company terminates your employment as Chief Executive Officer without Cause (as defined
below) or you terminate your employment for Good Reason (as defined below), or if, while you are employed by the Company and prior to May 1, 2009, the Company consummates a Corporate Transaction (as defined in the 2002 Plan), you will be entitled
to:
  
 •        A lump sum payment equal to your then effective annual base salary (payable on the date of your termination or the date of the Corporation Transaction, as applicable); and
  
 •        Immediate vesting of the unvested portion of your stock option granted pursuant to this letter.
  
 The severance and change in control benefits described above may only be extended beyond April 30, 2009 by separate written agreement between you and the
Company.
  
 For purposes of this letter, “Cause” is defined as:
  
 •        Conviction of any felony or misdemeanor;
  
 •        Breach of the Jones Soda Code of Ethics or Insider Trading Policy or Jones
Regulation FD policies, as now in effect or as modified in the future; provided, however, that, if the breach is curable, it shall not constitute “Cause” if such breach is cured within 30 days after the receipt by you of written notice
from the Company of the breach;
  
 •        Theft or embezzlement from Jones Soda; or

  

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		  	 •        Attempt to obstruct or failure to cooperate with
any investigation authorized by Jones Soda or any governmental or self-regulatory entity; provided, however, that, if such obstruction or failure to cooperate is curable, it shall not constitute “Cause” if such obstruction or failure to
cooperate is cured within 30 days after the receipt by you of written notice from the Company of such obstruction or failure to cooperate.
  
 For purposes of this letter, “Good Reason” is defined as a material reduction in your then-current base salary unless such reduction is part of a reduction in
salary that affects all executive officers of the Company at a substantially similar percentage of magnitude. Notwithstanding the foregoing, your termination will not be for “Good Reason” unless (i) you notify the Company in writing
of the reduction which you believe constitutes “Good Reason” within 90 days of its initial occurrence (and such reduction is, in fact, material), (ii) the Company fails to remedy such reduction within 30 days after the date on which
it receives such notice (the “Remedial Period”), and (iii) you actually terminate employment within 30 days after the expiration of the Remedial Period and before the Company has remedied such reduction.

		
		  	The severance and change of control payments described above are intended to qualify for the short-term deferral exception to Section 409A of the Internal Revenue Code of 1986, as amended
(“Section 409A”), described in Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent possible, and to the extent they do not so qualify, they are intended to qualify for the involuntary separation pay plan exception to
Section 409A described in Treasury Regulation Section 1.409A-1(b)(9)(iii) to the maximum extent possible. To the extent Section 409A is applicable to such payments, this letter is intended to comply with Section 409A.
Notwithstanding any other provision of this letter to the contrary, this letter shall be interpreted, operated and administered in a manner consistent with such intentions, so as to avoid subjecting you to any penalty tax under Section 409A
with respect to such amounts payable under this letter. Without limiting the generality of the foregoing, and

  

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		  	notwithstanding any other provision of this letter to the contrary, to the extent required in order to avoid subjecting you to a penalty tax under Section 409A, amounts that would
otherwise be payable under this letter during the six-month period immediately following your separation from service, within the meaning of Section 409A, shall instead be accumulated and paid on the first business day after the date that is
six months following your separation from service.

 Employment At Will 
 If you accept our offer of employment and you employment becomes effective, you will be an employee-at-will, meaning that either you or the Company may terminate our relationship at any time for any reason, with or without cause. Any
statements to the contrary that may have been made to you, by the Company, its agents, or representatives, whether orally or in writing, are superseded by and canceled by this offer letter. As noted above, if we terminate your employment without
“Cause” or you terminate your employment for “Good Reason” after the Effective Date and on or before April 30, 2009, you will be entitled to the severance benefits outlined above. 
 Confidentiality and Noncompetition Agreements 
 As a condition of your
employment, you will be required to sign the enclosed Confidentiality Agreement and Noncompetition Agreement. The Company’s willingness to grant you the compensation and other benefits referred to above is based in significant part on your
commitment to fulfill the obligations specified in these agreements. 
 You should understand that the Noncompetition Agreement will significantly restrict
your future flexibility in many ways. For example, you will be unable to seek or accept certain employment opportunities for a period of 12 months after you leave the Company. Please review the Confidentiality Agreement and Noncompetition Agreement
carefully and, if appropriate, have your attorney review it as well. 
 Steps to Take to Accept Employment 
 If you wish to accept employment with the Company, please do the following: 
  

	 	1.	Sign both copies of this letter; 

  

	 	2.	Sign both copies of the enclosed Confidentiality Agreement; 

  

	 	3.	Sign both copies of the enclosed Noncompetition Agreement; 

  

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	 	3.	Retain for your files one of the copies of each of the documents you executed 

  

	 	4.	Return the other signed copy of each document to me. 

 You will also be
required to sign, promote and enforce our Code of Conduct. Also, by signing this agreement, you represent that you are under no contractual commitments inconsistent with your obligations to Jones Soda Co. 
 Final Conditions 
 If you accept employment with the Company by
performing all of the above steps, this offer letter will set forth the terms of your employment. This letter supersedes any previous discussions or offers, no matter what their source. Any future modifications of or additions to the terms set forth
in this letter will be of no effect unless in writing and signed by you and an authorized member of the Compensation Committee of the Board of Directors of the Company. This letter, as well as the Confidentiality Agreement and the Noncompetition
Agreement, may be executed and delivered (including by facsimile transmission) in one or more counterparts, and by the different parties hereto and thereto in separate counterparts, each of which when executed and delivered shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. 
 I hope that you will accept this offer and look forward to a
productive and mutually beneficial working relationship. Please let me know if I can answer any questions for you about any of the matters outlined in this letter. 
  

	
	Sincerely,
	
	/s/ Michael Fleming
	Michael Fleming
	Member, Compensation Committee of the Board of Directors of Jones Soda Co.

 ACCEPTANCE 
 I
accept employment with Jones Soda Co. under the terms set forth in this letter: 
  

					
			
	/s/ Stephen C. Jones	 		 	June 3, 2008
	Signature	 		 	Date

 Printed Name: Stephen C. Jones 
  

 -6-Sixth Amended and Restated Employment Severance Agreement, Joan S. Fujii

 Exhibit 10.1 
 SIXTH AMENDED AND RESTATED EMPLOYMENT SEVERANCE AGREEMENT 
 This Sixth Amended and Restated
Employment Severance Agreement (the “Agreement”) is made and entered into effective as of May 5, 2008 (the “Effective Date”), by and between Joan S. Fujii (the “Executive”) and Cost Plus, Inc. (the
“Company”). 
 RECITALS 
 A. The Company desires to continue retaining the services of the Executive, and the Executive desires to be employed by the Company, on the terms and subject to the conditions set forth in this Agreement. 
 B. The Board of Directors of the Company (the “Board”) believes the Company should provide the Executive with certain severance benefits should
the Executive’s employment with the Company terminate under certain circumstances, such benefits to provide the Executive with enhanced financial security and sufficient incentive and encouragement to remain with the Company. 
 C. This Agreement amends and restates the Fifth Amended and Restated Employment Severance Agreement dated May 25, 2007 between the Company and the
Executive. 
 D. Certain capitalized terms used in the Agreement are defined in Section 6 below. 
 AGREEMENT 
 In consideration of the
mutual covenants herein contained, and in consideration of the continuing employment of the Executive by the Company, the Fifth Amended and Restated Employment Severance Agreement is hereby amended and restated in its entirety as set forth herein,
and the parties agree as follows: 
 1. Duties and Scope of Employment. The Company shall continue to employ the
Executive in the position of Executive Vice President, Human Resources with such duties, responsibilities and compensation as in effect as of the Effective Date. The Board and the Chief Executive Officer of the Company shall have the right to revise
such responsibilities and compensation from time to time as the Board or the Chief Executive Officer may deem necessary or appropriate. If any such revision constitutes “Involuntary Termination” as defined in Section 6 of this
Agreement, the Executive shall be entitled to benefits upon such Involuntary Termination as provided under this Agreement. 
 2. At-Will Employment. The Company and the Executive acknowledge that the Executive’s employment is and shall continue to be at-will, as defined under applicable law. If the Executive’s employment terminates for any reason,
the Executive shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement, or as may otherwise be available in accordance with the Company’s established employee plans and practices
or in accordance with other agreements between the Company and the Executive. 

 3. Severance and Change of Control Benefits. 
 (a) Benefits upon Termination Apart from a Change of Control. If, prior to a Change of Control or more than twelve (12) months
following a Change of Control, the Executive’s employment terminates as a result of an Involuntary Termination and the Executive signs and does not revoke a Release of Claims, then the Executive shall receive the following severance benefits:

 (i) continued payments of the Executive’s Base Compensation, less applicable withholding and payable in accordance
with the Company’s normal payroll practices for twelve (12) months from the Termination Date; 
 (ii) a pro-rata
portion of the Executive’s target fiscal year bonus, if any, under the Company’s Management Incentive Plan in effect for the fiscal year in which the Termination Date occurs. Such amount (A) shall only be paid if, and to the extent,
that the relevant performance targets are achieved by the Company, (B) shall be pro-rated for the period of time during the fiscal year that the Executive was an employee of the Company, and (C) shall be paid at the time bonuses for the
completed fiscal year are paid to other executives (but no later than the period of time required to fit within the short-term deferral rule of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the final
regulations and any guidance promulgated thereunder (“Section 409A”)); and 
 (iii) provided (A) the Executive
constitutes a qualified beneficiary, as defined in Section 4980B(g)(1) of the Code, and (B) the Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)
within the time period prescribed pursuant to COBRA, the Company will reimburse the COBRA premiums for continued health (i.e., medical, dental and vision) coverage for Executive and Executive’s eligible dependents for the period of time the
Executive is receiving severance payments under Section 3(a)(i) of this Agreement or, if earlier, until the Executive is eligible to be covered under another medical insurance plan by a subsequent employer. 
 (b) Benefits upon Termination in Connection with a Change of Control. If, on or within twelve (12) months after a Change of
Control, the Executive’s employment terminates as a result of an Involuntary Termination and the Executive signs and does not revoke a Release of Claims, then the Executive shall receive the following severance benefits: 
 (i) a lump sum amount equal to one and a half (1.5) times the sum of the Executive’s annual Base Compensation and target fiscal
year bonus under the Company’s Management Incentive Plan in effect for the fiscal year in which the Termination Date occurs, less applicable withholding and payable within thirty (30) days after the Termination Date; 
 (ii) a pro-rata portion of the Executive’s target fiscal year bonus, if any, under the Company’s Management Incentive Plan in
effect for the fiscal year in which the Termination Date occurs. Such amount (A) shall only be paid if, and to the extent, that the relevant 

  

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performance targets are achieved by the Company, (B) shall be pro-rated for the period of time during the fiscal year that the Executive was an employee
of the Company, and (C) shall be paid at the time bonuses for the completed fiscal year are paid to other executives (but no later than the period of time required to fit within the short-term deferral rule of Section 409A); and

 (iii) provided (A) the Executive constitutes a qualified beneficiary, as defined in Section 4980B(g)(1) of the
Code, and (B) the Executive elects continuation coverage pursuant to COBRA within the time period prescribed pursuant to COBRA, the Company will reimburse the COBRA premiums for continued health (i.e., medical, dental and vision) coverage for
the Executive and the Executive’s eligible dependents for eighteen (18) months or, if earlier, until Executive is eligible to be covered under another medical insurance plan by a subsequent employer. 
 (c) Equity Award Acceleration. 
 (i) Change of Control. In the event of a Change of Control that occurs while the Executive remains an employee of the Company, (A) the Executive will fully vest in and have the right to exercise all his or
her outstanding options and stock appreciation rights, (B) all restrictions on restricted stock and restricted stock units will lapse, and, (C) with respect to all awards with performance-based vesting, all performance goals or other
vesting criteria will be deemed achieved at 100% of target levels and all other terms and conditions met, pro-rated to reflect the amount of time the Executive was an employee of the Company during the applicable performance period. 
 (ii) Termination. Unless otherwise provided in the Company’s equity award plans or in the Executive’s equity award
agreements, the Executive shall not be entitled to acceleration of any unvested equity awards upon the termination of the Executive’s employment for any reason, including an Involuntary Termination. 
 (d) Voluntary Resignation; Termination for Cause. If the Executive’s employment with the Company terminates other than as a
result of an Involuntary Termination, then the Executive will not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company’s then existing severance and benefits plans and
practices or pursuant to other written agreements with the Company. 
 (e) Disability; Death. If the Company terminates
the Executive’s employment as a result of the Executive’s Disability, or the Executive’s employment terminates due to his or her death, then the Executive will not be entitled to receive severance or other benefits except for those
(if any) as may then be established under the Company’s then existing written severance and benefits plans and practices or pursuant to other written agreements with the Company. 
 (f) Miscellaneous. Upon the termination of the Executive’s employment for any reason, (i) the Company shall pay the
Executive any unpaid base salary due for periods prior to the Termination Date; (ii) the Company shall pay the Executive all of the Executive’s accrued and 

  

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unused vacation through the Termination Date; and (iii) following submission of proper expense reports by the Executive, the Company shall reimburse the
Executive for all expenses reasonably and necessarily incurred by the Executive in connection with the business of the Company prior to the Termination Date. These payments shall be made promptly upon termination and within the period of time
mandated by applicable law. 
 4. Limitations on Payments. 
 (a) Code Section 409A. 
 (i) Notwithstanding anything to the contrary in this Agreement, if the Executive is a “specified employee” within the meaning of Section 409A at the time of the Executive’s termination (other than
due to death), then the severance payable to the Executive, if any, pursuant to this Agreement, together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A (together, the
“Deferred Compensation Separation Benefits”), that are payable within the first six (6) months following the Executive’s termination of employment will become payable on the first payroll date that occurs on or after the date six
(6) months and one (1) day following the date of the Executive’s termination of employment. All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable to each
payment or benefit. Notwithstanding anything herein to the contrary, if the Executive dies following his or her termination but prior to the six (6) month anniversary of his or her termination, then any payments delayed in accordance with this
paragraph will be payable in a lump sum as soon as administratively practicable after the date of the Executive’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable
to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (ii) Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in
Section 1.409A-1(b)(4) of the Treasury Regulations shall not constitute Deferred Compensation Separation Benefits for purposes of clause (i) above. 
 (iii) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service
pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that do not exceed the Section 409A Limit shall not constitute Deferred Compensation Separation Benefits for purposes of clause (i) above. For purposes of this
Agreement, “Section 409A Limit” shall mean the lesser of two (2) times: (i) the Executive’s annualized compensation based upon the annual rate of pay paid to the Executive during the Company’s taxable year preceding the
Company’s taxable year of the Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount
that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Executive’s employment is terminated. 
  

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 (iv) The foregoing provisions are intended to comply with the requirements of
Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and the
Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual
payment to the Executive under Section 409A. 
 (b) Code Section 280G. In the event that the severance and
other benefits provided for in this Agreement or otherwise payable to the Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 4(b), would be subject
to the excise tax imposed by Section 4999 of the Code, then the Executive’s benefits under Section 3 of this Agreement shall be either: 
 (i) delivered in full, or 
 (ii) delivered as to such lesser extent which would result in no
portion of such severance and other benefits being subject to excise tax under Section 4999 of the Code, 
 whichever of the foregoing amounts, taking
into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999 of the Code, results in the receipt by the Executive on an after-tax basis, of the greatest amount of severance benefits,
notwithstanding that all or some portion of such severance benefits may be taxable under Section 4999 of the Code. Unless the Company and the Executive otherwise agree in writing, any determination required under this Section 4(b) shall be
made in writing by the Company’s independent public accountants immediately prior to the Change of Control (the “Accountants”), whose determination shall be conclusive and binding upon the Executive and the Company for all purposes.
For purposes of making the calculations required by this Section 4(b), the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the
application of Sections 280G and 4999 of the Code. The Company and the Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 4(b).
The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 4(b). 
 5. Non-Solicitation. In consideration for the mutual agreements as set forth herein, the Executive agrees that the Executive shall not, at any time, within twelve (12) months following termination of the
Executive’s employment with the Company for any reason, directly or indirectly solicit the employment or other services of any individual who at that time shall be or within the prior twelve (12) months shall have been an employee of the
Company. 
  

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 6. Definition of Terms. The following terms referred to in this Agreement shall
have the following meanings: 
 (a) Base Compensation. “Base Compensation” means the Executive’s annual
base salary paid by the Company for services performed as in effect on the Termination Date. 
 (b) Cause.
“Cause” means: 
 (i) The Executive’s continued intentional and demonstrable failure to perform his or her
duties customarily associated with the Executive’s position as an employee of the Company or its respective successors or assigns, as applicable (other than any such failure resulting from the Executive’s mental or physical Disability)
after the Executive has received a written demand of performance from the Company which specifically sets forth the factual basis for the Company’s belief that the Executive has not devoted sufficient time and effort to the performance of his
or her duties and has failed to cure such non-performance within thirty (30) days after receiving such notice (it being understood that if the Executive is in good faith performing his or her duties, but is not achieving results the Company
deems satisfactory for the Executive’s position, it will not be considered to be grounds for termination of the Executive for “Cause”); 
 (ii) The Executive’s conviction of, or plea of nolo contendere to, a felony that the Board reasonably believes has had or will have a material detrimental effect on the Company’s reputation or business; or

 (iii) The Executive’s commission of an act of fraud, embezzlement, misappropriation, willful misconduct, or breach of
fiduciary duty against, and causing material harm to, the Company or its respective successors or assigns, as applicable. 
 The Executive
will receive notice and an opportunity to be heard before the Board with the Executive’s own attorney before any termination for Cause is deemed effective. Notwithstanding anything to the contrary, the Board may immediately place the Executive
on administrative leave (with full pay and benefits to the extent legally permissible) but will allow reasonable access to Company information, employees and business should the Executive wish to avail himself and prepare for his or her opportunity
to be heard before the Board prior to the Board’s termination for Cause. If the Executive avails himself or herself of the Executive’s opportunity to be heard before the Board, and then fails to make himself or herself available to the
Board within thirty (30) days of such request to be heard, the Board may thereafter cancel the administrative leave and terminate the Executive for Cause. Likewise, if the Board fails to make itself available to the Executive and his or her
counsel within thirty (30) days of the Executive’s request to be heard, Executive will be entitled to terminate his or her employment with the Company and such termination will be treated as a resignation by Executive for Involuntary
Termination. 
  

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 (c) Change of Control. “Change of Control” means the occurrence of any
of the following events: 
 (i) Change in Ownership of the Company. A change in the ownership of the Company which
occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting
power of the stock of the Company, except that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board will not be considered a Change of Control; or 
 (ii) Change in Effective Control of the Company. A change in the effective control of the Company which occurs on the date that a
majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes
of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change of Control; or 
 (iii) Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial
portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company
that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For purposes of this subsection (iii), gross fair
market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 
 For these purposes, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation,
purchase or acquisition of stock, or similar business transaction with the Company. 
 Notwithstanding the foregoing provisions of this
definition, a transaction will not be deemed a Change of Control unless the transaction qualifies as a change in control event within the meaning of Section 409A. 
 (d) Disability. “Disability” means the Executive has been unable to perform his or her Company duties as the result of
his or her incapacity due to physical or mental illness, and such inability, at least twenty-six (26) weeks after its commencement or 180 days in any consecutive twelve (12) month period, is determined to be total and permanent by a
physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative (such agreement as to acceptability not to be unreasonably withheld). Termination resulting from Disability may only be
effected after at least thirty (30) days’ written notice by the Company of its intention to terminate the Executive’s employment. In the event that the Executive resumes the performance of substantially all of his or her duties
hereunder before the termination of his or her employment becomes effective, the notice of intent to terminate will automatically be deemed to have been revoked. 
  

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 (e) Involuntary Termination. “Involuntary Termination” means termination
of the Executive’s employment following the occurrence of one or more of the following, without Executive’s consent: 
 (i) termination of the Executive’s employment by the Company for any reason other than Cause; 
 (ii) a
material reduction in the Executive’s base salary as in effect immediately prior to such reduction, unless the Company (or the Executive’s employer or the parent corporation in a group of controlled corporations following a Change of
Control) also similarly reduces the base compensation of all other employees of the Company (or the Executive’s employer or the parent corporation in a group of controlled corporations following a Change of Control) with positions, duties and
responsibilities comparable to the Executive’s; 
 (iii) any material breach by the Company of any material provision of
this Agreement which continues uncured for thirty (30) days following notice thereof; 
 (iv) a material reduction in
the Executive’s duties, responsibilities or authority; or 
 (v) on or within twelve (12) months after a Change of
Control, a material change in the geographic location at which the Executive must perform services (defined for purposes of this Agreement as the relocation of the Executive to a facility that is more than fifty (50) miles from the
Executive’s current location). 
 Any purported Involuntary Termination pursuant to Section 6(e)(ii) through (e)(v) above will not
be effective until the Executive has delivered to the Company, within sixty (60) days of the initial existence of the Involuntary Termination condition, a written explanation that describes the basis for the Executive’s belief that the
Executive should be permitted to terminate the Executive’s employment and have it treated as an Involuntary Termination and the Company has been given thirty (30) days following delivery of such notice to cure any curable violation. In no
instance will a resignation by Executive be deemed to be an Involuntary Termination if it is made more than twelve (12) months following the initial existence of one or more of the conditions that constitute an Involuntary Termination
hereunder. 
 (f) Release of Claims. “Release of Claims” shall mean a waiver by the Executive, in a form
satisfactory to the Company, of all employment-related obligations of and claims and causes of action against the Company. 
 (g) Termination Date. “Termination Date” shall mean the date on which an event that would constitute Involuntary Termination occurs, or the later of (i) the date on which a notice of termination is given, or
(ii) the date (which shall not be more than thirty (30) days after the giving of such notice) specified in such notice. 
  

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 (h) Management Incentive Plan. “Management Incentive Plan” shall mean
the Company’s bonus program, as implemented by the Company’s board of directors from time to time and pursuant to which the Executive may receive incentive-based compensation at fiscal year end. 
 7. Confidentiality. The Executive acknowledges that during the course of the Executive’s employment, the Executive will have
produced and/or have access to confidential information, records, notebooks, data, formula, specifications, trade secrets, customer lists and secret inventions, and processes of the Company and its affiliated companies. Therefore, during or
subsequent to the Executive’s employment by the Company, the Executive agrees to hold in confidence and not directly or indirectly to disclose or use or copy or make lists of any such information, except to the extent authorized by the Company
in writing. All records, files, drawings, documents, equipment, and the like, or copies thereof, relating to the Company’s business, or the business of an affiliated company, which the Executive shall prepare, or use, or come into contact with,
shall be and remain the sole property of the Company, or of an affiliated company, and shall not be removed from the Company’s or the affiliated company’s premises without its written consent, and shall be promptly returned to the Company
upon termination of employment with the Company. 
 8. Successors. 
 (a) Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same
manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business
and/or assets which executes and delivers the assumption agreement pursuant to this subsection (a) or which becomes bound by the terms of this Agreement by operation of law. 
 (b) Executive’s Successors. The terms of this Agreement and all rights of the Executive hereunder shall inure to the benefit
of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 9. Notice. 
 (a) General. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return
receipt requested and postage 

  

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prepaid. In the case of the Executive, mailed notices shall be addressed to the Executive at the home address that the Executive most recently communicated
to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Chief Executive Officer. 
 (b) Notice of Termination. Any termination by the Company for Cause or by the Executive as a result of a voluntary resignation or
an Involuntary Termination shall be communicated by a notice of termination to the other party hereto given in accordance with Section 9(a) of this Agreement. Such notice shall indicate the specific termination provision in this Agreement
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 (which shall be not more than thirty (30) days
after the giving of such notice). The failure by the Executive to include in the notice any fact or circumstance which contributes to a showing of Involuntary Termination shall not waive any right of the Executive hereunder or preclude the Executive
from asserting such fact or circumstance in enforcing the Executive’s rights hereunder. 
 10. Term and
Termination. This Agreement shall terminate on June 15, 2010; provided, however, in the event of a Change of Control that occurs during the one (1) year period preceding June 15, 2010, the term of this Agreement will extend
through the one (1)-year anniversary of such Change of Control. Notwithstanding the foregoing, if the Executive becomes entitled to benefits pursuant to Section 3(a) or 3(b) of this Agreement, this Agreement will not terminate until, but will
terminate at, such time that all of the obligations of the parties hereto with respect to this Agreement have been satisfied. 
 11. Miscellaneous Provisions. 
 (a) Non-Disparagement. The Executive agrees to refrain from any
defamation, libel or slander of the Company and its respective officers, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assigns or tortious interference
with the contracts and relationships of the Company and its respective officers, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assigns. The Executive
acknowledges and agrees that any breach of this paragraph shall constitute a material breach of the Agreement and shall entitle the Company immediately to recover all consideration paid under this Agreement, including, but not limited
to the consideration described in Section 3. 
 (b) No Duty to Mitigate. The Executive shall not be required to
mitigate the amount of any payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that the Executive may receive from any other source. 
 (c) Waiver. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is
agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement 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. 
  

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 (d) Whole Agreement. No agreements, representations or understandings (whether
oral or written and whether express or implied) which are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof. 
 (e) Severance Provisions in Other Agreements. The Executive acknowledges and agrees that the severance provisions set forth in this
Agreement shall supersede any such provisions in any other agreement entered into between the Executive and the Company. 
 (f) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California. 
 (g) Severability. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity
or enforceability of any other provision hereof, which shall remain in full force and effect. 
 (h) No Assignment of
Benefits. The rights of any person to payments or benefits under this Agreement shall not be made subject to option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy,
garnishment, attachment or other creditor’s process, and any action in violation of this subsection shall be void. 
 (i)
Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable income, employment and other taxes. 
 (j) Assignment by Company. The Company may assign its rights under this Agreement to an affiliate, and an affiliate may assign its rights under this Agreement to another affiliate of the Company or to the
Company; provided, however, that no assignment shall be made if the net worth of the assignee is less than the net worth of the Company at the time of assignment. In the case of any such assignment, the term “Company” when used in a
section of this Agreement shall mean the corporation that actually employs the Executive. 
 (k) Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 
 [Signature Page to Follow] 
  

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

					
	 COMPANY:
	 		 	COST PLUS, INC.
			
	 	 		 	/s/ Barry J. Feld
		 		 	Barry J. Feld
		 		 	Chief Executive Officer
			
	 EXECUTIVE:
	 		 	/s/ Joan S. Fujii
		 		 	Joan S. Fujii

  

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