Document:

Amended and Restated Loan Agreement

 EXHIBIT 10.1 
 AMENDED AND RESTATED LEASE AGREEMENT 
 This Amended and Restated Lease Agreement (this
“Lease”) dated as of September 1, 2007, is by and between PILGRIM PARTNERSHIP, L.L.C., a Vermont limited liability company having its office at Post Office Box 447, Waterbury, Vermont 05676, hereinafter
“Landlord” and GREEN MOUNTAIN COFFEE ROASTERS, INC., a Delaware corporation having its principal place of business at 33 Coffee Lane, Waterbury, Vermont, hereinafter “Tenant.” This Lease amends and restates a certain Lease
Agreement by and between Pilgrim Partnership and Green Mountain Coffee, Inc. dated as of April 28, 1993, as modified by various amendments over time (the “Original Lease”). 
 ARTICLE 1. Premises; Term 
 ARTICLE 1.1. Demised Premises. Landlord leases to Tenant and Tenant
hires from Landlord of Unit #1 as depicted in Exhibit D, Condominium Plan of Amended and Restated Declaration of Pilgrim Commercial Park Condominiums, dated September 28, 2006, and recorded in Book 250, Page 220-297 of the Waterbury Land
Records, hereinafter “the Declaration,” consisting of 80,200 square feet. Said Plan is also recorded in Map Slide 75 of the Waterbury Land Records. Also included with Unit #1 are the common elements and limited common elements appurtenant
thereto, hereinafter “the Common Areas” together with the reserved development rights in Sites C and J as depicted on said Plan. 
 TO HAVE AND TO HOLD the same unto Tenant for the lease term to expire on August 31, 2017, hereinafter “the Original Lease Term,” yielding and paying the rents and additional rents hereinafter set forth, all on the
covenants, conditions, and agreements contained herein (the “Demised Term,” said term including any extensions or renewals thereof). Subject to Tenant’s renewal rights as set forth in Section 1.2 hereof, in the event that Tenant
continues in possession of the Demised Premises upon the expiration of the Demised Term of this Lease, the tenancy hereunder shall become a month to month tenancy terminable by either party upon thirty (30) days advance written notice to the
other party. In the event of any such holding over, all of the terms and conditions of this Lease, to the extent applicable, shall continue in effect. 
 ARTICLE 1.2. Option to Renew. Tenant shall have an option to renew this Lease of the Demised Premises or any portion of the Demised Premises for two (2) successive five (5) year terms at an agreed upon rent for the
successive five year terms by providing Landlord with written notice of Tenant’s intent to renew not later than six (6) months prior to the end of the Original Lease Term or the first of the within two successive five-year terms. The Fixed
Rent for the extension terms shall increase by two and one half percent (2 1/2%) from the Fixed Rent of the preceding year. 
  

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 ARTICLE 1.3. Right of First Refusal on the Demised Premises. Landlord hereby grants to Tenant a right of first
refusal on the Demised Premises. This right of first refusal is not saleable or transferable by Tenant, except to (a) an entity which purchases all or substantially all of Tenant’s assets, (b) Tenants’s parent, Green Mountain
Coffee, Inc., or (c) a successor by merger to Tenant. If Landlord receives a bona fide written offer to purchase the Demised Premises, Landlord shall notify Tenant in writing of the identity of the offeror, and the terms and conditions of the
offer. Tenant shall notify Landlord of its intent to exercise its right to purchase the Demised Premises of first refusal within sixty (60) days of receipt of the notice, and thereafter the closing of the sale of the Demised Premises shall
occur no later than the later of the date set for closing in the bona fide offer to purchase or one hundred twenty (120) days of the date Tenant receives the offer from Landlord. If Tenant does not exercise its right of first refusal, Landlord
may sell the Demised Premises to the original offeror upon the original terms and conditions for a period up to one hundred eighty (180) days after Tenant’s receipt of notice. If Landlord does sell the Demised Premises to the original
offeror for such original terms and conditions within said one hundred eighty (180) day period, Tenant’s right of first refusal shall forever terminate. If Landlord does not sell the Demised Premises within said one hundred eighty
(180) day period, Tenant’s right of first refusal as provided herein shall apply to a next offer to purchase the Demised Premises. For purposes of this ARTICLE 1.3. the term “written offer to purchase the Demised Premises” shall
be deemed to be a written offer to purchase Unit #1 together with its limited common elements and interest in common elements as set forth in the Declaration, as may be amended. The term “written offer to purchase the Demised Premises”
shall not be deemed to be an offer to purchase any other portion of the Condominium from which the Demised Premises is derived nor shall the term “written offer to purchase the Demised Premises” be deemed to be an offer to purchase
multiple Units of the Condominium which shall include the Demised Premises, nor shall the term “written offer to purchase the Demised Premises” be deemed to be an offer to purchase a fractional interest in the Demised Premises or a
fractional interest in any portion of the Condominium from which the Demised Premises is derived or a factional interest in multiple Units of the Condominium which shall include the Demised Premises. The right of first refusal provided herein shall
be self terminating upon the filing in the Waterbury Land Records of an affidavit sworn to or affirmed by Landlord, its successors or assigns, setting forth i) the date the notice of the offer to purchase the Demised Premises was received by Tenant,
ii) that sixty (60) days expired and no letter of intent was received by Tenant or that iii) one hundred eighty (180) days have passed after Tenant’s receipt of the notice and Landlord closed on the transaction and iv) five
(5) business days have passed since Landlord sent Tenant a copy of the required affidavit. 
 ARTICLE 1.4. Option to Purchase. Landlord hereby
grants to Tenant an option to purchase the Demised Premises. This option to purchase is not saleable or transferable by Tenant, except to (a) an entity which purchases all or substantially all of Tenant’s assets, (b) Tenants’s
parent, Green Mountain Coffee, Inc., or (c) a successor by merger to Tenant, or (d) any company in which Tenant or Green Mountain Coffee, Inc. owns stock (or other equity interest) representing at least 50% voting control of such company.
At all times thereafter during the term of this Lease, as the same may be renewed by Tenant, Tenant shall have the option to purchase (i) the Demised Premises, and (ii) the Future Development Rights reserved in the areas designated on the
Plan as Site C and Site J (“Future Development Rights Site C and Site J”), in each case at the applicable price set forth below. Tenant 

  

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may exercise each such option separately. Such option may be exercised by written notice from Tenant to Landlord. Landlord agrees that during the term of the
Lease, it shall not transfer, convey or lease any rights in the optioned premises, or any portion thereof subject to said options to any party other than Tenant and any mortgagee; however any transfer to a mortgagee shall be subject to Tenant’s
rights herein. The purchase price for each such option (in each case, the “Purchase Price”) shall be as set forth below increased annually commencing on September 1, 2007 and each anniversary thereof, by two and one-half percent
(2.5%). Commencing on September 1, 2017 and continuing until the end of the lease term, the increase shall be two percent (2%) on each anniversary date. The Purchase Price shall be set as of the date of exercise of the option: 

 

			
	 Premises
	  	Purchase Price
	Future Development Rights Site C and Site J	  	$950,000
	Demised Premises	  	$3,800,000

 If Tenant exercises any of the foregoing purchase options, Landlord shall convey the subject
property, to Tenant, or its designee, by warranty deed, conveying fee simple title to such property free and clear of all liens and other encumbrances except as set forth in the Declaration. Closing of the transaction shall occur as soon as
reasonably practicable. Rent and other payments due under this Lease or any other applicable lease between Landlord and Tenant shall be prorated to the date of closing. Taxes and other related charges shall also be prorated as of the closing. Tenant
shall be responsible for any transfer taxes payable with respect to any conveyance hereunder and Landlord shall be responsible for any capital gains tax, land tax or similar tax which may be payable in connection with such conveyance. 
 Landlord acknowledges that its breach of its obligation to sell any of the option premises with respect to which Tenant validly exercises its purchase
option hereunder would cause Tenant irreparable harm. As a result, Landlord agrees that, in addition to all other available remedies, Tenant shall be entitled to compel Landlord’s specific performance of its obligations under this Article 1.4.

 To the extent there is a conflict between the provisions contained in this Article 1.4 and option provisions concerning Future Development
Rights Site C and Site J and the Demised Premises contained in any other lease agreement between the parties hereto, the terms of this Lease Agreement shall govern the option to purchase Future Development Rights Site C and Site J and the Demised
Premises. 
 ARTICLE 2. Commencement of Term 
 ARTICLE 2.1. Commencement Date. The term of this Lease shall commence on September 1, 2007 (“Commencement Date”) and end on August 31, 2017. The rent payment obligation provided for herein shall commence on
September 1, 2007. 
  

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 ARTICLE 2.2. Possession. Tenant is in possession of the Demised Premises and Tenant continues occupancy of the
Demised Premises in the condition as exists on the date hereof, except that it is a condition of the Lease that Landlord perform the work required by Article 20.1. 
 ARTICLE 3. Rent 
 ARTICLE 3.1. Rent Payments. During the term of this Lease, Tenant covenants and agrees to pay
Landlord a fixed, minimum rent commencing September 1, 2007 according to the schedule set out on Schedule 3.1, attached hereto. Rent shall be payable in equal monthly installments in advance on the first day of each month during the term of
this Lease at the office of Landlord or such other place as Landlord may designate, without any set-off or deduction whatsoever. 
 ARTICLE 3.2.
Additional Rent. All costs, charges, expenses and adjustments to rent which Tenant assumes, agrees or is obligated to pay Landlord pursuant to this Lease and the Exhibits annexed hereto, shall be deemed additional rent, and, in the event of
the nonpayment thereof, Landlord shall have all the rights and remedies with respect thereto as are herein provided for in case of the nonpayment of rent. Tenant covenants to pay Landlord the rent, additional rent and adjustments of rent as herein
provided when due, without notice or demand, at the time and in the manner herein specified and, in default of payment may, at the option of Landlord, be added to the next or any other installment of fixed minimum rent subsequently becoming due.

 ARTICLE 3.3. Late Payment Penalty. Tenant acknowledges that late payment by Tenant to Landlord of rent and other sums due hereunder will cause
Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Accordingly, if any installment of rent or any other sum due from Tenant shall not be received by Landlord or Landlord’s
designee within ten (10) days after notice by Landlord to Tenant that such amount is past due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such overdue amount. The parties agree that such late charge represents
a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount nor
prevent Landlord from exercising any of the other rights and remedies granted hereunder. 
 ARTICLE 4. Use 
 ARTICLE 4.1. Use, Density. Tenant shall use and occupy the Demised Premises for business activities of Tenant or assignees or subtenants permitted under ARTICLE
10 hereof only and for no other purposes, without Landlord’s consent not to be unreasonably withheld, delayed or conditioned. 
  

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 ARTICLE 4.2. Adverse Use. Tenant shall not knowingly suffer or permit the Demised Premises or any part thereof to
be used in any manner, or anything to be done therein, or suffer or permit anything to be brought into or kept in the Demised Premises which would in any way (a) violate any law or requirement of public authorities, (b) cause structural
injury to the Demised Premises or any part thereof, (c) interfere with the normal operations of the heating, air-conditioning, ventilating, plumbing or other mechanical or electrical systems of the Demised Premises or the elevators installed
therein, (d) constitute a public or private nuisance, (e) alter the appearance of the exterior of the Demised Premises, or (f) violate the non smoking provisions of Section 24.1. 
 ARTICLE 5. Repairs; Alterations; Fixtures 
 ARTICLE 5.1.
Landlord Maintenance. Landlord shall at Landlord’s own expense make all structural repairs (excluding roof unless caused by the actions of Landlord, its successors, assigns, employees, agents, invitees, or licensees, and including
foundation, building exterior, parking lots and sidewalks as more particularly described in Section 19.1 hereof) of the Demised Premises. Except those repairs required to be made by Tenant pursuant to Section 5.2, Landlord shall, at
Landlord’s own expense, make all repairs to the Demised Premises. Tenant shall endeavor to promptly notify Landlord of the necessity of any repairs of which Tenant may have knowledge and for which Landlord may be responsible under the
provisions of this Section 5.1. 
 ARTICLE 5.2. Tenant Maintenance. Tenant shall take good care of the interior of the Demised Premises. Tenant
shall, at Tenant’s own expense, make all Tenant repairs to the interior of the Demised Premises, and repairs of and maintenance to the roof of the Demised Premises (unless roof repair or damage is due to the actions of Landlord, its successors,
assigns, employees, agents, invitees, or licensees). All damage or injury to the Demised Premises, caused by Tenant moving property in or out of the Demised Premises or by installation or removal of furniture, fixtures, or other property, or
resulting from fire, explosion, short circuits, flow or leakage of water, steam, illuminating gas, sewer gas, sewerage, or by frost or by bursting or by leaking of pipes or plumbing solely due to carelessness, omission, gross neglect, or willful
misconduct by Tenant, its servants, employees, agents, visitors, or licensees, shall be repaired, restored, or replaced promptly by Tenant at Tenant’s sole cost and expense, except to the extent that such cost and expense is covered by the
proceeds of Insurance recovered by Landlord. All of said repairs and any restorations or replacements required in connection therewith shall be of a quality and class at least equal to the original work or installations, and shall be done in a good
and workmanlike manner. 
 ARTICLE 5.3. Additional Alterations. 
 (1) Tenant shall make no structural or mechanical alterations, installations, additions, or improvements in or to the Demised Premises costing in excess of $100,000.00. , including, but not limited to, water coolers,
heating, air-conditioning or cooling systems, units or part 

  

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thereof, or other apparatus of other or like nature, without Landlord’s prior written consent and then as to any such work required to be performed by
professionals, only by contractors or mechanics approved in writing by Landlord. Landlord agrees not to unreasonably withhold its consent to such work and contractors or mechanics. All such work, alterations, installations, additions, or
improvements shall be done at Tenant’s sole expense, and in full compliance with all laws, rules, regulations, and requirements of all governmental bureaus and bodies having jurisdiction thereof. Without limiting the foregoing, it is understood
that Tenant shall be permitted to make non-structural cosmetic and/or decorative improvements to the Demised Premises without the necessity for consent by Landlord unless such cosmetic and/or decorative improvements are visible from the exterior of
the Demised Premises in which case such cosmetic and/or decorative improvements shall be permitted upon notice to and consent by Landlord which consent shall not be unreasonably withheld. Any alterations, decorations, installations, additions, or
improvements shall, at the election of Tenant, become the property of Landlord and shall remain upon and be surrendered with the Demised Premises as a part thereof at the end of the Demised Term, or prior expiration thereof, shall be removed by
Tenant. In the event Tenant shall elect to remove the alterations, installations, additions or improvements made by Tenant upon the Demised Premises, then such of the alterations, installations, additions or improvements made by Tenant upon the
Demised Premises as Tenant may select (as well as any communications equipment or equipment leased by Tenant) shall be removed by Tenant, and Tenant shall restore the Demised Premises to their original condition (except with respect to those items
which Tenant has elected to remain) at Tenant’s own cost and expense at or prior to the expiration of the Demised Term. In the case of either election, upon the termination of Tenant’s occupancy of the Demised Premises, Tenant shall have
the obligation to turn over condition of the Building in a broom clean condition and the Building and the Demised Premises free from trash, litter, debris, and refuse. Notwithstanding anything to the contrary contained in this Article 5.3,
Tenant’s installation of production or packaging equipment, or other Tenant equipment used in connection with its business operations at the Demised Premises shall not be deemed an Additional Alteration requiring Landlord’s approval,
regardless of the cost. 
 (2) If any mechanic’s lien is filed against the Building and/or any other portion of the Demised Premises for
work claimed to have been done for, or materials claimed to have been furnished to Tenant, it shall be discharged by Tenant within ten (10) days thereafter, at Tenant’s expense, by filing any bond required by law or payment or otherwise.

 (3) Landlord shall not be liable for any failure of any Building facilities or services including, but not limited to, the heating,
air-conditioning and ventilating equipment in the Demised Premises installed by Landlord caused by alterations, installations, and/or additions by Tenant and Tenant shall correct any such faulty installation. Upon Tenant’s failure to correct
same, Landlord may make such correction and charge Tenant for the cost thereof. Such sums due Landlord shall be deemed additional rent and shall be paid by Tenant promptly upon being billed therefor. 
 (4) Any of Tenant’s personal property which shall remain in the Demised Premises following the expiration of the Demised Term, or any earlier
termination of this Lease and the removal of Tenant from the Demised Premises, may, at the option of Landlord, be deemed to have 

  

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been abandoned and either may be retained by Landlord as its property or be disposed of at Tenant’s expense, or at Landlord’s option may be
disposed of without accountability in such manner as Landlord may see fit. In the event of Tenant’s failure to leave the Demised Premises in “broom clean” condition free from trash, litter, debris, and refuse, Landlord may cause the
Demised Premises to be cleaned and the trash, litter, debris and refuse to be removed from the Demised Premises and any other damage to the Demised Premises caused by Tenant’s removal of its property from the Demised Premises may be repaired at
Tenant’s cost and expense and Tenant shall pay to Landlord upon demand accompanied by a description of the clean-up work and invoices for the same, all such costs and expenses. The provisions hereof shall survive the expiration or termination
of this Lease. 
 ARTICLE 5.4. Permits, Insurance. Prior to commencing any work which requires Landlord’s consent, pursuant to the provisions of
Section 5.2, Tenant shall furnish to Landlord: 
 (1) Copies of any governmental permits and authorizations required in connection with
such work. Landlord agrees to cooperate with Tenant in obtaining any such permits and authorizations. 
 (2) A certificate evidencing that
Tenant (or Tenant’s contractors) have procured workmen’s compensation insurance covering all persons employed in connection with the work who might assert claims for death or bodily injury against Landlord, Tenant, the Demised Premises or
the Land. 
 ARTICLE 6. Laws; Ordinances; Requirements of Public Authorities 
 ARTICLE 6.1. Tenant Compliance. Tenant shall, at its expense, comply with all laws, orders, ordinances and regulations of federal, state, county and municipal authorities and with any direction made pursuant to
law of any public officer or officers which shall, with respect to the occupancy, use or manner of use of the Demised Premises or to any abatement of nuisance caused by Tenant, impose any violation, order, or duty upon Landlord or Tenant arising
solely from Tenant’s occupancy, use, or manner of use of the Demised Premises or any installations made therein by or at Tenant’s request or required by reason of a breach of any of Tenant’s covenants or agreements hereunder. Tenant
may at its expense contest the validity of any such law, ordinance, rule, order or regulation. Landlord has no knowledge that Tenant on the date hereof is not in compliance with this Section 6.1. Notwithstanding and without limiting the
foregoing, Tenant shall have no obligation to correct or cure at its expense any failure by Landlord, its predecessors, successors or assigns, to comply with any law, order, ordinance or regulation in connection with the construction of the Demised
Premises or the development and maintenance of the so-called Pilgrim Park of which the Demised Premises are a portion, it being understood that Tenant shall only be responsible for matters within Tenant’s control related to its operations at
and occupancy of the Demised Premises. 
 ARTICLE 6.2. Notice of Violations. If either party receives notice of any violation of law, ordinance, rule,
order, or regulation applicable to the Demised Premises, it shall give prompt notice thereof to the other party. 
  

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 ARTICLE 6.3. Landlord Compliance. Except as aforesaid, Landlord shall, at its expense, comply with or cause to be
complied with, all laws, orders, ordinances, and regulations of federal, state, county and municipal authorities and any direction made pursuant to law of any public officer or officers which shall, with respect to the public portions of the Demised
Premises, or which affect Tenant’s access to the Demised Premises or parking areas, impose any violation, order or duty upon Landlord or Tenant and with respect to which Tenant is not obligated by Section 6.1 to comply. Landlord may at its
expense contest the validity of any such law, ordinance, rule, order or regulation. 
 ARTICLE 7. Insurance 
 ARTICLE 7.1. Compliance With Insurance Regulations. Tenant shall not do or permit to be done any act or thing in or upon the Demised Premises which will
invalidate or be in conflict with any certificate of occupancy or the terms of the insurance policies covering the Building and/or the fixtures, equipment, and property therein. Tenant shall not knowingly do or permit anything to be done in or upon
the Demised Premises or bring or keep anything therein or use the Demised Premises in a manner which increases the rate of insurance upon the Building or on any property or equipment located therein over the rate in effect at the commencement of the
term of this Lease. Landlord has no knowledge that Tenant on the date hereof is not in compliance with this Section 7.1. 
 ARTICLE 7.2. Tenant
Caused Increases. If, because of anything done, caused, or permitted to be done, permitted, or omitted by Tenant, the rate of liability, fire, boiler, sprinkler, water damage or other insurance (with all extended coverage) on the Building or on
the property and equipment of Landlord shall be greater than the rate of liability, fire, boiler, sprinkler, water damage or other insurance (with all extended coverage) on the Building as of the date this Lease Agreement is executed, Tenant shall
reimburse Landlord for the additional insurance premiums thereafter paid by Landlord which shall have been charged because of the aforesaid reasons. Tenant shall make any such reimbursement on the first day of the month following such payment by
Landlord. In any action or proceeding wherein Landlord and Tenant are parties, a schedule or Amake up@ of any insurance rate for the Building or Demised Premises is issued by a body establishing insurance rates for the Building shall be conclusive
evidence of the facts therein stated and of the several items and charges in the insurance rates then applicable to the Building and/or the Demised Premises. Landlord acknowledges Tenant’s existing uses of the Building include the roasting and
packaging of coffee, and Landlord agrees that the foregoing provision related to Tenant caused increases shall only apply in the event of a change from Tenant’s existing uses of the Demised Premises which change directly corresponds to a higher
rate of insurance on the Building. 
  

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 ARTICLE 7.3. Liability Insurance. 
 (1) Tenant at Tenant’s own cost and expense shall maintain insurance against any and all claims for injury or damage to persons or property, or for the loss of life, or for the loss of property occurring upon, in
or about the Demised Premises. Such insurance shall provide for minimum combined single limit of liability of $1,000,000 each occurrence for Bodily Injury and Property Damage and with a general aggregate limit of not less than $2,000,000, and shall
name Landlord as an additional insured. 
 (2) All such insurance shall be effected under valid and enforceable policies (which may cover the
Demised Premises and other locations), shall be issued by insurers of recognized responsibility acceptable by Landlord and shall contain a provision whereby the insurer agrees not to cancel the insurance without thirty (30) days prior written
notice to Landlord. 
 On or before the Commencement Date, Tenant shall furnish Landlord with a certificate or certificates evidencing the aforesaid
insurance coverage, and renewal certificates shall be furnished to Landlord from time to time upon request by Landlord. 
 ARTICLE 7.4. Waiver of
Subrogation. Each party agrees to use its best efforts to include in each of its insurance policies (a) a waiver of the insurer’s right of subrogation against the other party, or (b) an express agreement that such policy shall not
be invalidated if the insured waives the right of recovery against any party responsible for a casualty covered by the policy before the casualty, or (c) any other form of permission for the release of the other party. If such waiver or
permission shall not be, or shall cease to be, obtainable without additional charge or at all, the insured party shall so notify the other party promptly after learning thereof. In the case of an additional charge, if the other party shall so elect
and shall pay such charge, such waiver or permission shall be included in the policy. Each party hereby releases to the other party with respect to any claim (including a claim for negligence) which it might otherwise have against the other party
for loss, damage, or destruction with respect to its property by fire or other casualty (including rental value or business interest, as the case may be) occurring during the term of this Lease to the extent that it is not prohibited under a policy
or policies containing a waiver of subrogation or permission to release liability or naming the other party as an additional insured. If such waiver is not obtainable for any reason then there shall be no such release of the other party. The waiver
of subrogation or permission for release referred to herein shall extend to the agents of each party and its and their employees and shall be coextensive therewith, and, in the case of Tenant shall also extend to all other persons and entities
occupying or using the Demised Premises in accordance with the terms of this Lease, but only if and to the extent that such waiver or permission can be obtained without additional charge (unless such party shall pay such charge). 
 ARTICLE 7.5. Landlord’s Insurance Obligation. Landlord shall maintain in effect, at its own cost and expense, sufficient insurance i) to meet its repair
obligations under ARTICLE 8 hereof in the event of fire or other damage and ii) cover the full replacement value of the Demised Premises. 
  

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 ARTICLE 8. Damage by Fire or Other Cause 
 ARTICLE 8.1. Damage. 
 (1) Tenant shall give immediate notice to Landlord in case of fire or other
damage in the Demised Premises. If the Demised Premises shall be partially damaged by fire or other cause without the fault or neglect of Tenant, Tenant’s servants, employees, agents, invitees, or licensees, the damage shall be repaired by and
at the expense of Landlord and the fixed minimum rent until such repairs shall be made shall be apportioned according to the part of the Demised Premises which is unusable by Tenant. If such partial damage is due to the fault or neglect of Tenant,
Tenant’s servants, employees, agents, invitees, or licensees, without prejudice to any other rights and remedies of Landlord and, except as provided in Section 7.4. without prejudice to the rights of subrogation of Landlord’s insurer,
the damage shall be repaired by Landlord, but there shall be no apportionment or abatement of rent. Any such repairs required to be made by Landlord shall be commenced promptly and diligently completed. If such repairs are not substantially
completed within ninety (90) days after the Landlord’s receipt of such notice, Tenant shall have the right to either (i) terminate this Lease upon thirty (30) days advance written notice to Landlord; or (ii) complete such
repairs on behalf of Landlord and deduct the costs of the same from the next installment(s) of rent due hereunder, unless completion of such repairs is practically impossible within such period of time, in which event said ninety (90) day
period shall be extended to a reasonable completion date, provided Landlord has commenced and is diligently pursuing repairs to completion, and rent shall continue to abate. 
 If the Demised Premises as a whole are totally damaged or are rendered wholly untenantable by fire or other cause, or if the Building shall be
substantially damaged and unsuitable for Tenant’s purposes so that Landlord shall decide to demolish the Demised Premises, Landlord may, within thirty (30) days after such fire or other cause, give Tenant notice of such decision, and
thereupon the Demised Term of the Demised Premises shall expire by lapse of time ten (10 ) days after such notice is given, and Tenant shall vacate the Demised Premises and surrender the same to Landlord. Tenant’s liability for rent and other
charges under the Lease for the Demised Premises shall cease as of the day following the casualty. Notwithstanding the foregoing or anything to the contrary contained in this Lease, in the event that Landlord elects to demolish the Demised Premises
as provided for herein, then Tenant after receipt of Landlord’s notice of the same (the “Demolition Notice”), may elect to exercise its Option to Purchase as to either or both of the Demised Premises and the Future Development Rights
Site C and Site J as set forth in Article 1.4 by giving Landlord written notice of the same within twenty (20) days after receipt of Landlord’s Demolition Notice. Thereafter, Landlord shall be obligated to sell such property and/or
development rights, as the case may be, to Tenant and Landlord shall assign to Tenant all of Landlord’s right, title and interest in and to insurance monies and proceeds recovered or to be recovered as a result of such fire or other casualty.

  

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 ARTICLE 8.2. Limitation. No damages, compensation, or claims shall be payable by Landlord for inconvenience, loss
of business or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building effected pursuant to this ARTICLE 8 except for rent abatement as provided in Section 8.1. or claims for the same related
to Landlord’s failure to comply with its obligations hereunder without good and sufficient cause. Landlord shall use commercially reasonable efforts to minimize interference if Tenant is occupying the Demised Premises or any portion thereof
while repair or restoration work is undertaken. 
 ARTICLE 9. Assignment; Subletting; Mortgaging 
 ARTICLE 9.1. Conditions, Requirements. 
 (1) Except as
hereinafter provided, Tenant will not by operation of law or otherwise, assign this Lease without Landlord’s prior consent, which consent shall not be unreasonably withheld, delayed or conditioned. Tenant shall submit to Landlord in writing the
terms and conditions of any proposed assignment together with any other information reasonably requested by Landlord. The consent by Landlord thereto shall not in any manner be construed to relieve Tenant from obtaining Landlord’s consent to
any other or further assignment. Notwithstanding the foregoing and provided that Tenant is in compliance with the terms of this Lease, Tenant shall have the right, without Landlord’s consent, to assign the Demised Premises or any part thereof
to another entity which i) is controlled by, or under common control with, Tenant or which has succeeded to substantially all of the assets of Tenant or which has merged with Tenant or which is an entity which has purchased substantially all of the
stock of Tenant; or (ii) has a net worth of not less than the then net worth of Tenant; provided in the case of any such assignment, the assignee agrees to assume all of Tenant’s obligations under this Lease. Tenant shall have the right to
sublet all or a portion of the Demised Premises without Landlord’s consent however any such subletting shall be subject and subordinate to the provisions of this Lease. 
 Landlord shall give Tenant notice as to giving or withholding such consent to an assignment within fifteen (15) days after Tenant furnishes Landlord, in writing, in addition to the information set forth above,
(i) the name of the proposed assignee, and (ii) the nature and character of the business of the proposed assignee. A failure by Landlord to notify Tenant of the giving or withholding of consent within such 15 days shall be deemed a consent
to the assignment. A mortgage, pledge or collateral assignment of this Lease shall not be deemed an assignment of this Lease requiring Landlord consent. 
 (2) Rent Collection. If, without Landlord’s consent, this Lease shall be assigned, or if the Demised Premises or any part thereof be sublet or occupied by any person or persons other than Tenant (except as
permitted by this Lease), Landlord may collect rent from the assignee, subtenant or occupant and apply the net amount collected to the rent herein reserved, but no such assignment, subletting, occupancy or collection of rent shall be deemed a waiver
of the covenants in this Article, nor shall it be deemed an acceptance by Landlord of the assignee, subtenant or occupant as a tenant, or a release of Tenant from the full performance by Tenant of all the terms, conditions and covenants of this
Lease. 
  

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 ARTICLE 9.2. Lease Obligations. Each permitted assignee shall assume and be deemed to have assumed this Lease and
shall be and remain liable jointly and severally with Tenant for the payment of the rent and additional rent, and for the due performance of all the terms, covenants, conditions, and agreements herein contained on Tenant’s part to be performed
for the Demised Term. No assignment or subletting shall be binding upon Landlord unless such assignee, sublessee or Tenant shall deliver to Landlord a duplicate original of the instrument of assignment or subletting which contains a covenant of
assumption by the assignee or sublessee of all of the obligations aforesaid, and shall obtain from Landlord the aforesaid consent prior thereto, if required. 
 ARTICLE 10. No Liability on Landlord’s Part 
 ARTICLE 10.1. Landlord and its agents shall not be liable for any damage
to personal property of Tenant entrusted to others, nor for the loss of or damage to any personal property of Tenant by theft, unless due to the theft of Landlord, its agents, invitees, employees, successors or assigns. Landlord and its agents shall
not be liable for any injury or damage to persons or property resulting from fire, explosion, falling plaster, steam, gas, electricity, water, rain or snow, or leaks from any part of the Demised Premises or from the pipes, appliances or plumbing
works or from the roof, street or subsurface or from any other place or by dampness or by any other cause of whatsoever nature, unless caused by or due to the negligence of Landlord, its agents, servants, employees, invitees, successors or assigns,
or a failure to perform any obligation or covenant of Landlord hereunder by Landlord, its agents, servants, employees, successors or assigns; nor shall Landlord or its agents be liable for any such damage caused by operations in construction of any
private, public or quasi-public work, unless performed on behalf of or at the request of Landlord, nor shall Landlord be liable for damages for injury to the person or property of Tenant or others, except to the extent of its negligence, or failure
to perform it obligations under this Lease, and its obligation, if any, under Section 5.1 hereof for any latent defect in the Demised Premises. 
 ARTICLE 11. Name of Demised Premises 
 ARTICLE 11.1. The Demised Premises will be known as “Pilgrim I” provided that Landlord shall have
the right from time to time to change such name or designation without Tenant’s consent. So long as Tenant shall occupy the Demised Premises, Landlord agrees that Landlord shall not designate, as the name by which the Demised Premises are
commonly known, the name of any firm whose principal line of business shall be the same as or related to Tenant’s business. 
  

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 ARTICLE 12. Condemnation 
 ARTICLE 12.1. Condemnation. In the event that all or any part of the Demised Premises shall be condemned or taken in any manner for any public or quasi-public use, this Lease shall cease and terminate as to
such condemned portions, as of the date of vesting of title in such proceeding, and rent shall be apportioned as of such termination. Tenant may terminate this Lease if there is impairment of ingress or egress from or to the Demised Premises through
condemnation such as to make unreasonable the conduct of Tenant’s business therein or if all or any portion of the common elements or the limited common elements of the Unit or Condominium, including any parking, shall be taken and shall as a
result make unreasonable the conduct of Tenant’s business. 
 ARTICLE 12.2. Condemnation Award. In the event of any condemnation or taking of all
or a part of the Demised Premises, Landlord shall be entitled to receive the entire award in the condemnation proceeding, including any award made for the value of the estate vested by this Lease in Tenant, and Tenant hereby expressly assigns to
Landlord any and all right, title and interest of Tenant now or hereafter arising in or to any such award or any part thereof, and Tenant shall be entitled to receive no part of such award. Notwithstanding the foregoing, Tenant shall be entitled to
any award for loss or taking of its fixtures, its relocation expenses, loss of business, and leasehold improvements. In addition, if a condemnation affecting Tenant occurs, Tenant shall have the right to make a separate claim against the condemnor
for any damages and expenses incurred by Tenant as a result, to the extent that such claim or payments do not reduce sums payable by the condemnor to Landlord. 
 ARTICLE 13. Entry 
 ARTICLE 13.1. Access. Upon reasonable advance notice to Tenant, Landlord, its agents and
designees shall have the right to enter the Demised Premises for the purpose of making such repairs or alterations as Landlord shall desire, shall be required to make, or shall have the right to make, pursuant to the provisions of this Lease;
provided that no advance notice shall be required in the case of an emergency. Landlord, it agents and designees, shall also have the right, upon reasonable advance notice to Tenant, to enter the Demised Premises for the purpose of inspecting them;
or, within three (3) months of the expiration of this Lease, exhibiting them to prospective purchasers or lessees of the Demised Premises or exhibiting them to prospective mortgagees or to prospective assignees of any such mortgagees. Landlord
shall be allowed to take all material into and upon the Demised Premises that may be required for any repairs or alterations without the same constituting an eviction of Tenant in whole or in part, and the rent reserved shall not abate while said
repairs or alterations are being made. Any such repairs or alterations shall be made as expeditiously as reasonably possible, and be conducted in such a manner, and on such notice, as to minimize as far as reasonably possible any interference with
Tenant’s use and occupancy of the Demised Premises. Landlord shall indemnify and hold Tenant harmless for any damage or injury to person or property caused by or related to said entry by Landlord, its agents and designees. 
  

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 ARTICLE 14. Bankruptcy 
 ARTICLE 14.1. During Term. If at any time during the Demised Term, there shall be filed by or against Tenant in any court a petition in bankruptcy or insolvency or for reorganization or for the appointment of a
receiver or trustee of all or a portion of Tenant’s property, and within ninety (90) days thereafter Tenant fails to secure a discharge thereof, or if Tenant makes an assignment or petitions for or enters into an arrangement for the
benefit of creditors, (except as may be provided for in this Lease, then), this Lease, at the option of Landlord, exercised within a reasonable time after receiving notice of the happening of any one or more of such events, may be canceled and
terminated, in which event neither Tenant nor any person claiming through or under Tenant by virtue of any statute or of any order of any court shall be entitled to possession or to remain in possession of the Demised Premises, but shall forthwith
quit and surrender the Demises Premises, and Landlord, in addition to all other rights and remedies it may have, may retain as liquidated damages any rent, security, deposit or monies received by it from Tenant or others on behalf of Tenant.

 ARTICLE 14.2. Landlord’s Damages. It is agreed that in the event of the termination of this Lease pursuant to Section 14.1. hereof,
Landlord shall forthwith, notwithstanding any other provisions of this Lease to the contrary, be entitled to recover from Tenant as and for liquidated damages an amount equal to the difference between the rent reserved hereunder for the unexpired
portion of the Demised Term and the then fair and reasonable rental value of the Demised Premises for the same period. If such premises or any part thereof be re-let by the Landlord for the unexpired term of this Lease or any part thereof, before
presentation of proof of such liquidated damages to any court, commission or tribunal, the amount of rent reserved upon such reletting shall be deemed prima facie to be the fair and reasonable rental value for the part or the whole of the premises
so re-let during the term of the re-letting. Nothing herein contained shall limit or prejudice the right of the Landlord to prove for and obtain as liquidated damages by reason of such termination, an amount equal to the maximum allowed by any
statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved. 
 ARTICLE 15.
Defaults, Remedies and Waiver of Redemption 
 ARTICLE 15.1. Default and Remedies. 
 (1) If Tenant defaults in fulfilling any of the covenants of this Lease requiring the payment of fixed minimum rent or additional rent and said default
continues for ten (10) days after Landlord serves a written notice upon Tenant specifying such default, this Lease and the Demised Term after written notice thereof by Landlord to Tenant shall end and expire and Tenant shall then quit and
surrender the Demised Premises to Landlord, but Tenant shall remain liable as hereinafter provided. 
  

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 (2) If (i) Tenant defaults in complying with any of the other terms, conditions or provisions of
this Lease, or (ii) if, except as provided in this Lease, or if prevented by strikes or other labor troubles, or generally applicable laws or public regulations, Tenant ceases to conduct its business in the Demised Premises or abandons the
Demised Premises, and if said default continues for thirty (30) days after Landlord serves a written notice upon Tenant specifying such default and Tenant shall have failed to comply with or remedy such default, or if the said default or
omission complained of shall be of such a nature that the same cannot be completely cured or remedied within said thirty (30) day period and Tenant shall not have diligently commenced curing such default within said period and thereafter with
reasonable diligence and in good faith proceed to remedy or cure such default, Landlord may serve a notice of cancellation of this Lease upon Tenant and upon the expiration of fifteen (15) days thereafter this Lease and the Demised Term shall
end and expire and Tenant shall then quit and surrender the Demised Premises to Landlord, but Tenant shall remain liable as hereinafter provided. 
 (3) If this Lease and the Demised Term shall end and expire pursuant to Section 15.1. (a) or Section 15.1. (b), or if any execution or attachment shall be issued against Tenant or any of Tenant’s property whereupon the
Demised Premises shall be taken or occupied by someone other than Tenant, or a permitted assignee, Landlord may, without notice, re-enter the Demised Premises pursuant to all lawful procedures and dispossess Tenant and the legal representative of
Tenant or other occupant of the Demised Premises by summary proceedings or otherwise, and remove their effects and hold the premises as if this Lease had not been made, but Tenant shall remain liable hereunder as hereinafter provided. 
 ARTICLE 15.2. Rent Deficiency. In case of any such default, re-entry, expiration and/or dispossession by summary proceedings or otherwise, (a) the fixed
minimum rent and additional rent for the remainder of the Demised Term shall continue to be due as provided herein until such time as Landlord re-lets the Demised Premises or portion thereof; (b) Landlord may re-let the Demised Premises or any
part or parts thereof in the name of Landlord for a term or terms, which may at Landlord’s option be less than or exceed the period which would otherwise have constituted the balance of the Demised Term provided the same are commercially
reasonable; and in the case of (a) or (b) Tenant or the legal representatives of Tenant shall pay Landlord as liquidated damages for the failure of Tenant to observe and perform Tenant’s covenants herein contained, any deficiency
between the rents and additional rents hereby reserved and/or covenanted to be paid and the net amount, if any, of the rents collected or to be collected on account of the lease or leases of the Demised Premises for each month of the period which
would otherwise have constituted the balance of the Demised Term. In computing such damages there shall be added to the said deficiency such reasonable expenses as Landlord may incur in connection with re-letting, including, but not limited to,
reasonable attorneys’ fees, brokerage fees and expenses incurred in keeping the Demised Premises in good order or for preparing the same for reletting. Any such damages shall be paid in monthly 

  

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installments by Tenant on the rent days specified in this Lease and any suit brought to collect the amount of the deficiency for any month or months shall
not prejudice the rights of Landlord to collect the deficiency for any subsequent month or months by similar proceedings. Landlord may make such alterations, repairs, replacements and/or decorations to the Demised Premises as Landlord considers
advisable and necessary for the purpose of re-letting the Demised Premises; and the making of such alterations and/or decorations shall not operate or be construed to release Tenant from liability hereunder. Landlord shall have an obligation to take
such steps as may be commercially reasonable to mitigate damages. In the event of a breach by Tenant of any of the covenants or provisions hereof, after notice and beyond applicable cure periods, Landlord shall have the right of injunction and the
right to invoke any remedy allowed at law or in equity as if re-entry, summary proceedings and other remedies were not herein provided for. Mention in this Lease of any particular remedy, shall not preclude Landlord from any other remedy, in law or
in equity and such remedies and rights of Landlord are cumulative. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or
in the event Landlord lawfully obtains possession of the Demised Premises, by reason of the violation by Tenant of any of the covenants and conditions of this Lease, or otherwise. 
 ARTICLE 16. Landlord’s Right to Perform Tenant’s Obligations 
 ARTICLE 16.1. If Tenant shall
default in the observance or performance of any term or covenant on its part to be observed or performed under this Lease, after notice and an opportunity to cure, Landlord, without being under any obligation to do so and without thereby waiving
such default, may remedy such default for the account and at the expense of Tenant. If in connection therewith Landlord makes any expenditures or incurs any obligations, including, but not limited to, reasonable attorneys’ fees, such sums paid
or obligations incurred with legal interest and costs shall be paid to Landlord by Tenant on demand, and if not paid, Landlord, in addition to any other remedy, may deem the same to be additional rent. 
 ARTICLE 17. Covenant of Quiet Enjoyment 
 ARTICLE 17.1.
Landlord warrants and represents that it owns the Demised Premises in fee simple, has full authority to execute this Lease for the Demised Term, and covenants that upon Tenant paying the rent and additional rent and performing the covenants to be
observed and performed on Tenant’s part, Tenant may peaceably and quietly have, hold and enjoy the Demised Premises, subject to the terms and conditions of this Lease. 
 ARTICLE 18. Excavation 
 ARTICLE 18.1. In the event that an excavation or any construction should be
made for building or other purposes upon land adjacent to the Demised Premises or should be authorized to be made, 

  

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Tenant shall, if necessary, afford to the person or persons causing or authorizing to cause such excavation or construction or other purpose, license to
enter upon the Demised Premises for the purpose of doing such work as shall reasonably be necessary to protect or preserve the wall or walls of the Demised Premises, from injury or damage and to support them by proper foundations, and/or
underpinning, or otherwise. Landlord shall ensure that any persons entering the Demised Premises to perform such work shall be fully insured and Tenant shall be held harmless and indemnified from any costs, damages or expenses related to such entry
and work. Any such work shall be performed in a manner and at such times to minimize interference with Tenant’s use and occupancy of the Demised Premises. 
 ARTICLE 18.2. Notwithstanding anything to the contrary contained herein, no additional buildings shall be constructed on land adjacent to the Demised Premises without construction of additional parking sufficient to comply with the Zoning
Bylaws of the Town of Waterbury. Landlord further covenants and agrees that Dig Safe (or a successor organization of Dig Safe) shall be contacted and proper safety measures are taken to protect existing facilities, prior to any excavation.

 ARTICLE 19. Services and Charges 
 ARTICLE
19.1. Landlord Services and Charges. Landlord, at its own cost and expense, except as otherwise provided, shall: 
 (1) Supply the
initial facilities and/or equipment to provide heat during the heating seasons as needed to the building located within Demised Premises. Subsequent to the initial installation, Tenant has re-installed heating and cooling equipment at its expense.
Upon termination of the Lease Agreement, Tenant shall leave sufficient equipment within the building located within the Demised Premises for adequate heating and cooling. 
 (2) Furnish connections to municipal water and sewer lines. 
 (3) Provide exterior lighting. 
 (4) Not later than June 1, 2008, Landlord shall pave the following parking lots as depicted on the Plan: “Existing Parking Lot” “Parking Lot A,”
“Parking Lot B,” and “Parking Lot C” (collectively, the “Pilgrim I Parking Lots”). If weather and paving company schedule permit, the so-called Loop Road (“Private Road” southerly of Building #1 on Site C,
“Existing Parking Lot” and the South loading dock area shall be paved prior to December 31, 2007. Tenant shall be responsible for snow and ice removal of the Pilgrim I Parking Lots and roadways for so long as either Steven Van Esen or
Ed Steele are a principal of Landlord and Pilgrim Partnership, L.L.C. is Landlord, thereafter responsibility for such snow and ice removal shall shift from Tenant to the then current Landlord. Landlord shall be responsible for repair, replacement
and maintenance of all Pilgrim I Parking Lots, and repair, replacement and maintenance of roadways, loading zones and sidewalks (except for the radiantly heated sidewalk between Building 1 and the Distribution Center). 
  

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 (5) Landscaping, mowing and cleaning of common elements and limited common elements of Pilgrim I are maintained in a neat
and attractive manner. 
 (6) Provide at least the minimum number of parking spaces required by the Zoning Regulations of the Town of Waterbury. 

In the event Landlord fails to perform any of its obligations under this Lease, then Tenant may at its option, but without any obligation to do so, perform or cause
to be performed such Landlord obligation and thereafter deduct the costs of the same from the next payment due of rent or additional rent. Tenant shall not be entitled to such self-help remedy without first giving written notice to Landlord of such
failure to perform and a 30 day opportunity for Landlord to sure such default. 
 ARTICLE 19.2. Interruptions. Landlord reserves the right to
interrupt, curtail or suspend the services required to be furnished by Landlord under Section 19.1. when the necessity therefor arises by reason of accident, emergency, mechanical breakdown, or when required by any law, order or regulation of
any federal, state, county or municipal authority, or for any other cause beyond the reasonable control of Landlord. Landlord shall use reasonable diligence to complete any required repairs or other necessary work as quickly as possible, which
reasonable diligence may include contracting with other parties at Landlord’s expense for the timely rendering of such services so that Tenant’s inconvenience resulting therefrom may be for as short a period of time as circumstances will
reasonably permit. 
 ARTICLE 19.3. Tenant Charges. Tenant at its own cost and expense shall pay for: 
 (1) Janitorial services and supplies, including light bulb replacement for the Demised Premises. 
 (2) Propane gas supplied to the Building. 
 (3) Snow and ice removal at the Demised Premises to the extent described in Article 19.2 above. 
 (4) Electricity consumed for the
Demised Premises, including electricity for lighting all exterior portions of the Building, Pilgrim I roadways, sidewalks and Pilgrim I Parking Lots. 
 (5) Installation and maintenance of telephone/data wiring and special fire extinguisher systems for the Demised Premises. 
 (6) Installation and maintenance of sprinkler and other fire suppression systems. 
  

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 (7) Signs in accordance with local requirements; provided the signs are approved by Landlord. 

(8) Taxes assessed against any personal property of Tenant. 
 (9) Water charges for metered consumption of water at or to the Demised Premises. 
 (10) Sewer charges to
the Demised Premises which are based on metered water consumption at the Demised Premises. 
 (11) Garbage, trash and recycling removal.

 (12) Tenant shall furnish and install all replacement lighting tubes, lamps, bulbs and other similar items required in the Demised
Premises at its sole expense. 
 ARTICLE 20. Adjustment of Rent 
 ARTICLE 20.1. Property Taxes. Tenant covenants and agrees to pay to Landlord as additional rent, Property Taxes assessed against the Demised Premises. Tenant’s payment of the Property Taxes assessed
against the Demised Premises shall be due and payable on the date that taxes are due to the Town of Waterbury, and Tenant’s payment shall be made directly to the Town of Waterbury. Any delinquent payment fees and/or interest on delinquent
payments shall be the obligation of Tenant unless Landlord has failed to deliver to Tenant the property tax bill at least thirty (30) days prior to the due date, in which event Landlord shall be responsible for any delinquent fees and interest

 ARTICLE 21. Subordination 
 ARTICLE 21.1.
Subordination. This Lease is and shall be subject and subordinate to any mortgages which may now or hereafter affect the Demised Premises, and to any amendment, modification, renewal, consolidation, replacement or extension of any such
mortgages. This clause shall be self operative and no further instrument of subordination shall be required by any mortgagee. In confirmation of such subordination, Tenant without cost or charge to Landlord, shall execute promptly any certificate or
instrument of subordination in form reasonably satisfactory to Tenant that Landlord may request no later than fifteen days after any such satisfactory certificate or instrument of subordination has been provided to Tenant. 
 ARTICLE 21.2. Nondisturbance of Tenant. Notwithstanding the provisions of Section 21.1, the subordination of this Lease to any mortgage now in effect or
hereafter created, or to any renewal, modification, replacement, consolidation or extension thereof, is subject to the express conditions that 

  

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so long as this Lease is in full force and effect and Tenant shall not be in default of the terms and provisions hereof on Tenant’s part to be performed
beyond any applicable grace periods, the holder of any such lease or mortgage agrees that: 
 (1) Tenant shall not be joined as a party
defendant (i) in any action or proceeding which may be instituted or taken by the lessor of such lease for the purpose of terminating such lease by reason of any default thereunder, or (ii) in any foreclosure action or proceeding which may
be instituted or taken by the holder of such mortgage; and 
 (2) Tenant shall not be evicted from the Demised Premises, nor shall
Tenant’s leasehold estate under this Lease be terminated or disturbed, nor shall any of Tenant’s rights under this Lease be affected in any way by reason of any default under such lease or mortgage. 
 ARTICLE 21.3. Attornment. If the holder of a mortgage shall succeed to the rights of Landlord under this Lease, whether through possession or a foreclosure action
or delivery of a new lease or deed, then at the request of such party so succeeding to Landlord’s rights (a “successor landlord”) and upon such successor landlord’s written agreement to accept Tenant’s attornment, Tenant
shall attorn to and recognize such successor landlord as Tenant’s Landlord under this Lease, and shall promptly execute and deliver any instrument that such successor landlord may request to evidence such attornment. Upon such attornment this
Lease shall continue in full force and effect as if it was a direct lease between the successor landlord and Tenant upon all of the terms, conditions and covenants of this Lease. Tenant may rely on any such notice given under this Section by a
successor lessor or holder of mortgage, without obligation to verify its accuracy and with no liability to Landlord for Tenant’s reliance on such notice. 
 ARTICLE 22. Legal Proceedings 
 ARTICLE 22.1. Waiver of Jury Trial. Landlord and Tenant hereby waive, to the extent
such waiver is not prohibited by law, the right to a jury trial in any action, summary proceeding or legal proceeding between or among the parties hereto or their successors arising out of this Lease or Tenant’s occupancy of the Demised
Premises or Tenant’s right to occupy the Demised Premises. 
 ARTICLE 23. Surrender of Premises 
 ARTICLE 23.1. Upon the expiration or other termination of the Demised Term, Tenant shall quit and surrender the Demised Premises in good order and condition, ordinary
wear and tear and damage by fire or other casualty, or the elements, excepted, and shall remove all its property therefrom, except as otherwise provided in this Lease. Tenant’s obligation to observe or perform this covenant shall survive the
expiration or other termination of the Demised Term. 
  

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 ARTICLE 24. No Smoking 
 ARTICLE 24.1. No Smoking. Consistent with the provisions of 18 Vermont Statutes Annotated, Chapter 37, no smoking is permitted within the building of the demised Premises or within twenty feet of the exterior
wall perimeter of such building. With the consent of Landlord which consent shall not be unreasonably withheld, Tenant shall have the right to designate a portion of the property adjacent to the Demised Premises not within the building as a Smoking
Area and, at its expense Tenant may provide for the accommodation of its employees, agents and invitees who do smoke. 
 ARTICLE 25.
Successors and Assigns 
 ARTICLE 25.1. Binding Effect. The covenants, conditions, and agreements contained in this Lease shall bind and inure to the
benefit of the parties hereto and their respective heirs, legal representatives, successors and, except as otherwise provided herein, their assigns. 
 ARTICLE 25.2. Landlord Defined. The term “Landlord” wherever used in this Lease shall be limited to mean and include only the owner or owners at the time in question of the Demised Premises, or a mortgagee in possession, so
that in the event of any sale, assignment or transfer of the Demised Premises, such owner or mortgagee in possession shall thereupon be released and discharged from all covenants, conditions and agreements of Landlord hereunder thereafter accruing;
but such covenants, conditions and agreements shall be binding upon each new owner or mortgagee in possession for the time being of the Demised Premises, until thereafter sold, assigned, or transferred. 
 ARTICLE 26. Notices 
 ARTICLE 26.1. Any notice, request,
demand, or communication permitted or required to be given by the terms and provisions of this Lease, or by any law or governmental regulation, either by Landlord to Tenant or by Tenant to Landlord, shall be in writing. Unless otherwise required by
such law or regulation such notice, request, or demand shall be given, and shall be deemed to have been served and given by Landlord and received by Tenant, when Landlord shall have deposited such notice, request, or demand by certified or
registered mail, return receipt requested, enclosed in a securely closed postpaid wrapper, in a United States Government post office, or by hand delivery or recognized overnight courier, addressed to Tenant at its address as stated on the first page
of this Lease, Attention Facilities Manager, with a copy by U.S. Mail to: Diane M. McCarthy, Esq. Sheehey Furlong & Behm, P.C., 30 Main Street, Sixth Floor, Burlington, Vermont 05401. Any notice, request, or demand shall be given, and shall
be deemed to have been served and given by Tenant and received by Landlord, when Tenant shall have deposited such notice, request, or demand, by certified 

  

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or registered mail, return receipt requested, enclosed in a securely closed postpaid wrapper in such post office, or by hand delivery or recognized overnight
courier, addressed to Landlord at its address stated on the first page of this Lease. Either party may, by notice sent in like manner as aforesaid, designate a different address or addresses for notices, requests, demands or communications.

 ARTICLE 27. No Waiver; Entire Agreement 
 ARTICLE 27.1. No Waiver. The failure of either party to seek redress for violation of, or to insist upon the strict performance of any covenant or condition of this Lease shall not prevent a subsequent act, which would have
originally constituted a violation, from having all the force and effect of an original violation. The receipt by Landlord of rent or payment of rent by Tenant with knowledge of the breach of any covenant of this Lease shall not be deemed a waiver
of such breach. No provision of this Lease shall be deemed to have been waived by either party, unless such waiver be in writing signed by such party. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly rent herein
stipulated shall be deemed to be other than on account of the earliest stipulated rent, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent be deemed an accord and satisfaction, and Landlord
may accept such check or payment without prejudice to Landlord’s right to recover the balance of such rent or pursue any other remedy provided in this Lease. 
 ARTICLE 27.2. Entire Agreement. This Lease with the Schedules annexed hereto contains the entire agreement between Landlord and Tenant and any executory agreement hereafter made between Landlord and Tenant shall be ineffective to
change, modify, waive, release, discharge, terminate, or effect an abandonment of this Lease, in whole or in part, unless such executory agreement is in writing and signed by the party against whom enforcement of the change, modification, waiver,
release, discharge, termination, or the effecting of the abandonment is sought. 
 ARTICLE 27.3. Severability. If any term or provision of this Lease
shall, to any extent be invalid or unenforceable, the remainder of this Lease shall not be affected thereby and the balance of the terms and provisions of this Lease shall be valid and enforceable to the fullest extent either hereunder or as
permitted by law. 
 ARTICLE 28. Index and Captions; Estoppel Certificate 
 ARTICLE 28.1. Captions. The captions and the Articles in this Lease are inserted only as a matter of convenience and for reference and they in no way define, limit or describe the scope of this Lease or of the
intent of any provision hereof. 
 ARTICLE 28.2. Estoppel Certificates. Each party agrees, at any time, and from time to time, upon not less than ten
(10) days prior notice by the other party, to execute, acknowledge, and deliver to the other party, a statement in writing addressed to the other party certifying that this Lease is 

  

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unmodified and in full force and effect (or, if there have been modifications, that the same is in full force and effect as modified and stating the
modifications), stating the dates to which the fixed minimum rent and additional rent have been paid, and stating whether or not to the best knowledge of the signer of such certificate, there exists any default in the performance of any covenant,
agreement, term, provision, or condition contained in this Lease, and, if so, specifying each such default of which the signer may have knowledge. It is intended that any such statement delivered pursuant hereto may be relied upon by the other party
and by any mortgagee or prospective mortgagee of any mortgage affecting the Demised Premises or Tenant’s interest in this Lease , and by any subtenant or assignee of Tenant’s interest in this Lease. 
 ARTICLE 29. Inability to Perform 
 ARTICLE 29.1. This Lease
and the obligation of the parties to perform and comply with all of their respective covenants and agreements hereunder shall not be affected, impaired or excused because of the other party’s delay or failure to perform or comply with any of
the covenants or provisions hereunder on the part of the other party to be performed or complied with, or because the other party is unable to fulfill any of its obligations under this Lease, or to supply or is delayed in supplying any service
expressly or impliedly to be supplied, or is unable to make or is delayed in making any repairs, additions, alterations or decorations, or is unable to supply or is delayed in supplying any equipment or fixtures if prevented or delayed from so doing
by reason of strike or labor troubles or any other cause whatsoever including, but not limited to, governmental preemption in connection with a National Emergency or by reason of any rule, order or regulation of any department or subdivision thereof
of any government agency or by reason of the conditions of supply and demand which have been or are affected by war or other emergency, however the time given to a party to comply with any obligation under this Lease shall be extended for a period
of time equal to any period of delay resulting from any of the aforesaid causes. 
 ARTICLE 30. No Representations by Landlord 
 ARTICLE 30.1. Landlord or Landlord’s agents have made no representations or promises with respect to the Demised Premises, except as herein expressly set forth and
no rights, easements, or licenses are acquired by Tenant by implication or otherwise except as expressly set forth in the provisions of this Lease. 
 ARTICLE 31. Memorandum of Lease 
 ARTICLE 31.1. This Lease shall not be recorded. Landlord and Tenant shall, at the option of either of them,
execute and deliver a memorandum of this Lease in proper form for recording. Said memorandum shall not be deemed to modify or change any of the provisions of this Lease. 
  

 23 

 ARTICLE 32. General 
 ARTICLE 32.1. Execution. It is agreed that this Lease is submitted to Tenant for signature with the understanding that it shall not bind Landlord unless and until it has been executed by Landlord and delivered to Tenant or to
Tenant’s attorney. 
 ARTICLE 32.2. Financial Statements. Tenant agrees within a reasonable time after being requested by Landlord to submit such
financial information as may be reasonably required by any financial institution holding a mortgage on the Demised Premises. 
 ARTICLE 32.3. Governing
law; Construction. This Lease shall be governed by the laws of the State of Vermont. Any striking out or deletion of any portion of this Lease was effected as a matter of convenience for the purpose of execution, and the language omitted is not
to be given any effect in construing this Lease. 
 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed
the day and year first above written. 
  

			
	PILGRIM PARTNERSHIP, L.L.C.
	Landlord
		
	By:	 	 /s/ Edward Steele

		 	Its Duly Authorized Member

 STATE OF VERMONT 
 COUNTY OF WASHINGTON, SS. 
 At Waterbury, this 6th day of November, 2007, Edward Steele, duly authorized member of PILGRIM
PARTNERSHIP, L.L.C., personally appeared and he acknowledged this instrument by him sealed and subscribed to be his free act and deed, and the free act and deed of PILGRIM PARTNERSHIP, L.L.C. 
  

	
	Before me,
	
	 /s/ Vicky Brooker

	Notary Public
	My commission expires 11/07

  

 24 

			
	 GREEN MOUNTAIN COFFEE ROASTERS, INC.
 Tenant

		
	By:	 	 /s/ Frances Rathke

		 	Its Duly Authorized Agent

 STATE OF VERMONT 
 COUNTY OF WASHINGTON, SS. 
 At Waterbury, this 6th day of November, 2007, Frances Rathke, as duly authorized agent of GREEN
MOUNTAIN COFFEE ROASTERS, INC. personally appeared and she acknowledged this instrument by her/him sealed and subscribed, to be her/his free act and deed and the free act and deed of GREEN MOUNTAIN COFFEE ROASTERS, INC.  
  

	
	Before me,
	
	 /s/ Vicki Brooker

	Notary Public
	My commission expires 11/07

  

 25 

 Schedule 3.1 Rent Schedule 

												
	 Space Designation
	  	Area of Space Designation SqFT	  	Per Sq Ft Rental Charge	  	Annual Minimum Rental Charge	  	Monthly Minimum Rental Charge
	 To 8/31/2007
	  	Final Year Old Rates	  			  			  		
	 Building 1
	  	34,000	  	$	6.60	  	$	224,400.00	  	$	18,700.00
	 Building 1B
	  	40,000	  	$	6.60	  	$	 264,000.00	  	$	22,000.00
	 Building 1C (G Bean)
	  	6,200	  	$	6.60	  	$	40,920.00	  	$	3,410.00
	 
	 Total Sq Ft
	  	80,200	  	$	19.80	  	$	529,320.00	  	$	44,110,00
		  	Average SQ FT	  	$	6.60	  			  		
					
	 9/1/07 to 8/31/08
	  	Year 1	  	$	6.73	  	 	Increase	  	 	102.00%
	 Building 1
	  	34,000	  	$	6.73	  	$	228,888.00	  	$	19,074.00
	 Building 1B
	  	40,000	  	$	6.73	  	$	269,280.00	  	$	22,440.00
	 Building 1C (G Bean)
	  	6,200	  	$	6.73	  	$	41,738.40	  	$	3,478.20
	 
	 Total Sq Ft
	  	80,200	  	$	20.20	  	$	539,906.40	  	$	44,992.20
		  	Average SQ FT	  	$	6.73	  			  		
					
	 9/1/08 to 8/31/09
	  	Year 2	  	$	6.87	  	 	Increase	  	 	102.00%
	 Building 1
	  	34,000	  	$	6.87	  	$	233,465.76	  	$	19,455.48
	 Building 1B
	  	40,000	  	$	6.87	  	$	274,665.60	  	$	22,888.80
	 Building 1C (G Bean)
	  	6,200	  	$	6.87	  	$	42,573.17	  	$	3,547.76
	 
	 Total Sq Ft
	  	80,200	  	$	20.60	  	$	550,704.53	  	$	45,892.04
		  	Average SQ FT	  	$	6.87	  			  		
					
	 9/1/09 to 8/31/10
	  	Year 3	  	$	7.00	  	 	Increase	  	 	102.00%
	 Building 1
	  	34,000	  	$	7.00	  	$	238,135.08	  	$	19,844.59
	 Building 1B
	  	40,000	  	$	7.00	  	$	280,158.91	  	$	23,346.58
	 Building 1C (G Bean)
	  	6,200	  	$	7.00	  	$	43,424.63	  	$	3,618.72
	 
	 Total Sq Ft
	  	80,200	  	$	21.01	  	$	561,718.62	  	$	46,809.88
		  	Average SQ FT	  	$	7.00	  			  		
					
	 9/1/10 to 8/31/11
	  	Year 4	  	$	7.14	  	 	Increase	  		
	 Building 1
	  	34,000	  	$	7.14	  	$	242,897.78	  	$	20,241.48
	 Building 1B
	  	40,000	  	$	7.14	  	$	285,762.09	  	$	23,813.51
	 Building 1C (G Bean)
	  	6,200	  	$	7.14	  	$	44,293.12	  	$	3,691.09
	 
	 Total Sq Ft
	  	80,200	  	$	21.43	  	$	572,952.99	  	$	47,746.08
		  	Average SQ FT	  	$	7.14	  			  		
					
	 9/1/11 to 8/31/12
	  	Year 5	  	$	7.29	  	 	Increase	  	 	102.00%
	 Building 1
	  	34,000	  	$	7.29	  	$	247,755.73	  	$	20,646.31
	 Building 1B
	  	40,000	  	$	7.29	  	$	291,477.33	  	$	24,289.78
	 Building 1C (G Bean)
	  	6,200	  	$	7.29	  	$	45,178.99	  	$	3,764.92
	 
	 Total Sq Ft
	  	80,200	  	$	21.86	  	$	584,412.05	  	$	48,701.00
		  	Average SQ FT	  	$	7.29	  			  		
					
	 9/1/12 to 8/31/13
	  	Year 6	  	$	7.43	  	 	Increase	  	 	102.00%
	 Building 1
	  	34,000	  	$	7.43	  	$	252,710.85	  	$	21,059.24
	 Building 1B
	  	40,000	  	$	7.43	  	$	297,306.88	  	$	24,775.57
	 Building 1C (G Bean)
	  	6,200	  	$	7.43	  	$	46,082.57	  	$	3,840.21
	 
	 Total Sq Ft
	  	80,200	  	$	22.30	  	$	596,100.29	  	$	49,675.02
		  	Average SQ FT	  	$	7.43	  			  		
					
	 9/1/13 to 8/31/14
	  	Year 7	  	$	7.58	  	 	Increase	  	 	102.00%
	 Building 1
	  	34,000	  	$	7.58	  	$	257,765.06	  	$	21,480.42
	 Building 1B
	  	40,000	  	$	7.58	  	$	303,253.02	  	$	25,271.08
	 Building 1C (G Bean)
	  	6,200	  	$	7.58	  	$	47,004.22	  	$	3,917.02
	 
	 Total Sq Ft
	  	80,200	  	$	22.74	  	$	608,022.30	  	$	50,668.52
		  	Average SQ FT	  	$	7.58	  			  		
					
	 9/1/14 to 8/31/15
	  	Year 8	  	$	7.73	  	 	Increase	  	 	102.00%
	 Building 1
	  	34,000	  	$	7.73	  	$	262,920.37	  	$	21,910.03
	 Building 1B
	  	40,000	  	$	7.73	  	$	309,318.08	  	$	25,776.51
	 Building 1C (G Bean)
	  	6,200	  	$	7.73	  	$	47,944.30	  	$	3,995.36
	 
	 Total Sq Ft
	  	80,200	  	$	23.20	  	$	620,182.74	  	$	51,681.90
		  	Average SQ FT	  	$	7.73	  			  		
					
	 9/1/15 to 8/31/16
	  	Year 9	  	$	7.89	  	 	Increase	  	 	102.00%
	 Building 1
	  	34,000	  	$	7.89	  	$	268,178.77	  	$	22,348.23
	 Building 1B
	  	40,000	  	$	7.89	  	$	315,504.44	  	$	26,292.04
	 Building 1C (G Bean)
	  	6,200	  	$	7.89	  	$	48,903.19	  	$	4,075.27
	 
	 Total Sq Ft
	  	80,200	  	$	23.66	  	$	632,586.40	  	$	52,715.53
		  	Average SQ FT	  	$	7.89	  			  		
					
	 9/1/16 to 8/31/17
	  	Year 10	  	$	8.05	  	 	Increase	  	 	102.00%
	 Building 1
	  	34,000	  	$	8.05	  	$	273,542.35	  	$	22,795.20
	 Building 1B
	  	40,000	  	$	8.05	  	$	321,814.53	  	$	26,817.88
	 Building 1C (G Bean)
	  	6,200	  	$	8.05	  	$	49,881.25	  	$	4,156.77
	 
	 Total Sq Ft
	  	80,200	  	$	24.14	  	$	645,238.13	  	$	53,769.84
		  	Average SQ FT	  	$	8.05	  			  		
					
		  		  	 	10 Year Total	  	$	5,911,824.45	  		

									
	 Option Top Purchase Pilgrim 1 Building & Development Rights to Sites C & J AT
2.5%
 Escalation Start 2007

	 To 8/31/2007
	  			  		 		
	 Pilgrim 1 Dev Rights
	  	$	950,000.00	  		 		
	 Pilgrim 1 Building
	  	$	3,800,000.00	  		 		
	 	 		
	 Total
	  	$	4,750,000.00	  		 		
				
	 9/1/07 to 8/31/08
	  	 	Increase	  	102.50%	 		
	 Pilgrim 1 Dev Rights
	  	$	973,750.00	  		 		
	 Pilgrim 1 Building
	  	$	3,895,000.00	  		 		
	 	  		 		
	 Total
	  	$	4,868,750.00	  		 	$	118,750.00
		  			  		 	 	Increase YOY
				
	 9/1/08 to 8/31/09
	  	 	Increase	  	102.50%	 		
	 Pilgrim 1 Dev Rights
	  	$	998,093.75	  		 		
	 Pilgrim 1 Building
	  	$	3,992,375.00	  		 		
	 	  		 		
	 Total
	  	$	4,990,468.75	  		 	$	121,718.75
		  			  		 	 	Increase YOY
				
	 9/1/09 to 8/31/10
	  	 	Increase	  	102.50%	 		
	 Pilgrim 1 Dev Rights
	  	$	1,023,046.09	  		 		
	 Pilgrim 1 Building
	  	$	4,092,184.38	  		 		
	 	  		 		
	 Total
	  	$	5,115,230.47	  		 	$	124,761.72
		  			  		 	 	Increase YOY
				
	 9/1/10 to 8/31/11
	  	 	Increase	  	102.50%	 		
	 Pilgrim 1 Dev Rights
	  	$	1,048,622.25	  		 		
	 Pilgrim 1 Building
	  	$	4,194,488.98	  		 		
	 	  		 		
	 Total
	  	$	5,243,111.23	  		 	$	127,880.76
		  			  		 	 	Increase YOY
				
	 9/1/11 to 8/31/12
	  	 	Increase	  	102.50%	 		
	 Pilgrim 1 Dev Rights
	  	$	1,074,837.80	  		 		
	 Pilgrim 1 Building
	  	$	4,299,351.21	  		 		
	 	  		 		
	 Total
	  	$	5,374,189.01	  		 	$	131,077.78
		  			  		 	 	Increase YOY
				
	 9/1/12 to 8/31/13
	  	 	Increase	  	102.50%	 		
	 Pilgrim 1 Dev Rights
	  	$	1,101,708.75	  		 		
	 Pilgrim 1 Building
	  	$	4,406,834.99	  		 		
	 	  		 		
	 Total
	  	$	5,508,543.74	  		 	$	134,354.73
		  			  		 	 	Increase YOY
				
	 9/1/13 to 8/31/14
	  	 	Increase	  	102.50%	 		
	 Pilgrim 1 Dev Rights
	  	$	1,129,251.47	  		 		
	 Pilgrim 1 Building
	  	$	4,517,005.86	  		 		
	 	  		 		
	 TotaI
	  	$	5,646,257.33	  		 	$	137,713.59
		  			  		 	 	Increase YOY
				
	 9/1/14 to 8/31/15
	  	 	Increase	  	102.50%	 		
	 Pilgrim 1 Dev Rights
	  	$	1,157,482.75	  		 		
	 Pilgrim 1 Building
	  	$	4,629,931.01	  		 		
	 	  		 		
	 Total
	  	$	5,787,413.76	  		 	$	141,156.43
		  			  		 	 	Increase YOY
				
	 9/1/15 to 8/31/16
	  	 	Increase	  	102.50%	 		
	 Pilgrim 1 Dev Rights
	  	$	1,186,419.82	  		 		
	 Pilgrim 1 Building
	  	$	4,745,679.29	  		 		
	 	  		 		
	 Total
	  	$	5,932,099.11	  		 	$	144,685.34
		  			  		 	 	Increase YOY
				
	 9/1/16 to 8/31/17
	  	 	Increase	  	102.50%	 		
	 Pilgrim 1 Dev Rights
	  	$	1,216,080.32	  		 		
	 Pilgrim 1 Building
	  	$	4,864,321.27	  		 		
	 	  		 		
	 Total
	  	$	6,080,401.58	  		 	$	148,302.48
		  			  		 	 	Increase YOYEmployment Agreement with Lawrence J. Blanford

 EXHIBIT 10.28 
 EMPLOYMENT AGREEMENT 
 AGREEMENT made and entered into in Waterbury, Vermont, by and between
Green Mountain Coffee Roasters, Inc. (the “Company”), a Delaware corporation with its principal place of business in Waterbury, Vermont, and Larry Blanford, of Toronto, Ontario (the “Executive”), effective as of the 3rd day of
May, 2007. 
 WHEREAS, the operations of the Company and its Affiliates are a complex matter requiring direction and leadership in a variety
of areas, including financial, strategic planning, regulatory, community relations and others; 
 WHEREAS, the Executive is possessed of
certain experience and expertise that qualify him to provide the direction and leadership required by the Company and its Affiliates; and 
 WHEREAS, subject to the terms and conditions hereinafter set forth, the Company therefore wishes to employ the Executive as its President and Chief Executive Officer and the Executive wishes to accept such employment; 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in this Agreement, the
parties hereby agree: 
 1. Employment. Subject to the terms and conditions set forth in this Agreement, the Company hereby offers, and
the Executive hereby accepts, employment. 
 2. Term. Subject to earlier termination as hereafter provided, the Executive’s
employment hereunder shall be for a term of five (5) years, commencing on the effective date hereof, and may be extended or renewed only by a written agreement signed by the Executive and an expressly authorized representative of the Company.
The term of this Agreement, as from time to time extended or renewed, is hereafter referred to as “the term of this Agreement” or “the term hereof.” 
 3. Capacity and Performance. 
 (a) During the term hereof, the Executive shall serve the Company as
its President and Chief Executive Officer, subject to his appointment by the Board of Directors of the Company (the “Board”). In addition, and without further compensation, (i) the Board will nominate and, so long as Executive is
employed hereunder, renominate as necessary and recommend the Executive’s election to serve or continue to serve as a member of the Board and the Executive shall so serve if elected or re-elected, and (ii) the Executive shall serve as a
director and/or officer of one or more of the Company’s Affiliates if so elected or appointed from time to time. 
 (b) As a condition
of employment, the Executive must execute the Company’s Code of Conduct no later than the date he executes this Agreement. The Company’s Code of Conduct that the Executive is required to execute at this time is attached hereto as
Exhibit A. 

 (c) During the term hereof, the Executive shall be employed by the Company on a full-time basis and shall
perform the duties and responsibilities of his position, together with such other duties and responsibilities on behalf of the Company and its Affiliates as may reasonably be designated from time to time by the Board or by its designees. 

(d) During the term hereof, the Executive shall devote his full business time and his best efforts, business judgment, skill and knowledge exclusively
to the advancement of the business and interests of the Company and its Affiliates and to the discharge of his duties and responsibilities hereunder. The Executive shall not engage in any other business activity or serve in any industry, trade,
professional or governmental position during the term of this Agreement, except as may be expressly approved in advance by the Board in writing. The Executive may participate in reasonable charitable and academic endeavors (including as a board
member) so long as they do not materially interfere with his duties hereunder. 
 (e) Upon advance approval by the Company’s Governance
and Nominating Committee, which approval shall not be unreasonably withheld, the Executive may serve as an outside director of other companies, including public companies, so long as in the reasonable judgment of the Board such activities do not
interfere with the performance of his duties as Chief Executive Officer of the Company. 
 4. Compensation and Benefits. As
compensation for all services performed by the Executive under and during the term hereof, and subject to performance of the Executive’s duties and fulfillment of the obligations of the Executive to the Company and its Affiliates, pursuant to
this Agreement or otherwise: 
 (a) Base Salary. During the term hereof, the Company shall pay the Executive a base salary at the rate
of Five Hundred Forty Thousand Dollars ($540,000) per annum, payable in bi-weekly installments in accordance with the regular payroll practices of the Company for its executives. The Company shall increase the Executive’s base salary to the
rate of Five Hundred Ninety Thousand Dollars ($590,000) starting on October 1, 2007, and the Executive’s base salary shall thereafter be subject to upward adjustment from time to time by the Board, in its sole discretion. Such base salary,
as from time to time adjusted, is hereafter referred to as the “Base Salary”. 
 (b) Short-Term Incentive Compensation. The
Executive shall be eligible to participate in the Company’s Short-Term Incentive Plan (“STIP”) made available to senior executives of the Company, in accordance with the terms thereof, as in effect and as amended from time to time.
Prorated for 2007, and annually thereafter, the Executive shall be eligible to earn an annual STIP Bonus with a target of one hundred percent (100%) of Base Salary, which bonuses shall be subject to and payable in accordance with the terms set
forth in the STIP, but in no event shall such bonuses be paid any later than the applicable two 

  

 -2- 

 
and one-half (2- 1/2)
month period for short-term deferrals as provided in 26 CFR §1.409A-1(b)(4). Any STIP Bonus paid to the Executive shall be in addition to the Base Salary. The criteria for earning a STIP bonus shall be governed by the terms of the STIP. 

 (c) Long-Term Incentive Compensation. The Company agrees to implement a Long-Term Incentive Plan (“LTIP”) in 2007. After
the Executive completes one (1) full year of service, the Executive will be eligible to receive annually a bonus pursuant to such LTIP or other bonus plan of the Company in a gross amount equivalent to approximately one hundred fifty percent
(150%) of Base Salary. The LTIP Bonus will be provided in the form of a combination of stock option grants, restricted stock units and other equity awards from time to time selected by the Board, as mutually agreed upon by the Company, the
members of the Board’s Compensation Committee, and the Executive. Each LTIP Bonus will vest over four (4) years, in accordance with and subject to the terms of the LTIP, as then in effect and as amended from time to time. 
 (d) Stock Options. The Executive acknowledges that promptly following the date the Executive commenced employment hereunder, the Company granted
to the Executive an option to purchase 70,000 shares of the Company’s common stock (the “Common Stock”), with an exercise price equal to fair market value on the date of grant (the “Option”). The shares that are subject to
the Option shall vest at the rate of twenty percent (20%) on each of the first five (5) anniversaries of the date of grant, provided that the Executive is still employed by the Company on each such vesting date. The Option and all other
options granted to the Executive by the Company shall be subject to any applicable stock option plan, option certificate, and shareholder and/or option holder agreements and other restrictions and limitations generally applicable to equity held by
Company executives or otherwise required by law. The Executive shall not be eligible to receive any stock options, restricted stock or other equity of the Company, however, whether under an equity incentive plan or otherwise, except as expressly
provided in this Agreement or as otherwise authorized for him expressly by the Board. 
 (e) Vacations. During the term hereof, the
Executive shall be entitled to paid vacation at the rate of four (4) weeks per year, such vacation to be taken at such times and intervals as shall be determined by the Executive, subject to the reasonable business needs of the Company. Unused
vacation hours may be carried over from year to year, up to a cumulative maximum of one hundred sixty (160) hours, pursuant to the terms of the Company’s Combined Time Off (“CTO”) program, in effect and as amended from time to
time. 
 (f) Other Benefits. During the term hereof, the Executive shall be entitled to participate in any and all employee benefit
plans from time to time in effect for employees of the Company generally, except to the extent any such employee benefit plan is in a category of benefit otherwise provided to the Executive (e.g., a severance pay benefit), in which case the
Executive shall be eligible for the benefit as set forth in this Agreement. The Executive’s benefit participation shall be subject to the terms of the applicable plan documents and generally applicable Company policies. The Company may alter,
modify, add to or terminate its employee benefit plans at any time as it, in its sole judgment, determines to be appropriate, without recourse by the Executive. 
  

 -3- 

 (g) Business Expenses. The Company shall pay or reimburse the Executive for all reasonable,
customary and necessary business and travel expenses incurred or paid by the Executive in the performance of his duties and responsibilities hereunder, subject to any maximum annual limit and other restrictions on such expenses set by the Board and
to such reasonable substantiation and documentation requirements as may be specified by the Company from time to time. The Company shall make such reimbursement payments under this Section 4(g) or under Section 4(h) below to Executive
within thirty (30) days of the submission of proper substantiation. In the case of any reimbursement to which the Executive is entitled under this Agreement, including without limitation under this Section 4(g) or under Section 4(h)
below, and that would constitute deferred compensation subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the following additional rules shall apply: (i) the reimbursable expense must have been
incurred, except as otherwise expressly provided in this Agreement, during the term of this Agreement; (ii) the amount of expenses eligible for reimbursement during any calendar year will not affect the amount of expenses eligible for
reimbursement in any other calendar year; (iii) the reimbursement shall be made, if at all, not later than December 31 of the calendar year following the calendar year in which the expense was incurred; and (iv) the Executive’s
entitlement to reimbursement shall not be subject to liquidation or exchange for another benefit. 
 (h) Moving Allowance. The Company
shall reimburse the Executive for all reasonable moving expenses incurred or paid by the Executive in relocating his residence from Toronto, Ontario and Atlanta, Georgia to Vermont, subject to his providing reasonable substantiation and
documentation as specified by the Company. The Company will provide the Executive with a gross-up payment if necessary so that such reimbursements (and any gross-up payment) do not result in the Executive incurring any net expense for taxes
associated therewith. 
 (i) Term Life Insurance. During the term of this Agreement, the Company shall maintain and pay for a term
life insurance policy for the benefit of the Executive and his beneficiaries, with a death benefit no less than the Executive’s Base Salary. The proceeds of such policy shall be paid to the Executive’s beneficiaries in the event of the
Executive’s death during the term of the Executive’s employment hereunder. 
 5. Termination of Employment and Severance
Benefits. Notwithstanding the provisions of Section 2 hereof, the Executive’s employment under this Agreement shall terminate prior to the expiration of the term hereof under the following circumstances: 
 (a) Death. In the event of the Executive’s death during the term hereof, the Executive’s employment shall immediately and automatically
terminate. In such event, the Company shall pay to the Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive in writing, to his estate, (i) any Base Salary earned but not paid during the final
payroll period of the Executive’s employment through the date of 

  

 -4- 

 
termination, (ii) pay for any vacation time earned but not used through the date of termination, (iii) any STIP, LTIP or other bonus compensation
owed for the year preceding that in which termination occurs, but unpaid on the date of termination, and (iv) any business expenses incurred by the Executive but un-reimbursed as of the date of termination, provided that such expenses and
required substantiation and documentation are known to the Company and that such expenses are reimbursable under Company policy (all of the foregoing, “Final Compensation”). Final Compensation shall be paid no later than ninety
(90) days after such termination. Additionally, in the event of the Executive’s death during the term hereof, the Company shall pay the monthly premium costs to continue medical and dental insurance for the Executive’s immediate
family (and who are “qualified beneficiaries” within the meaning of Section 4980B(g)(1)(A) of the Code) pursuant to the federal law commonly known as “COBRA,” (“COBRA”) for a period of thirty-six (36) months;
and, if death occurs following termination of employment and a timely COBRA election has been made, the Company shall pay such monthly premium costs for a total of thirty-six (36) months, measured from the date of termination. The Company shall
also assist the Executive’s beneficiaries and/or estate to obtain the life insurance death benefit provided in Section 4(i) herein. The Company shall have no further obligation to the Executive hereunder; provided, however, that the
Executive’s beneficiary or estate shall be entitled to exercise any options or receive other equity rights of the Executive which are vested as of the date of the Executive’s death, in accordance with the terms of the applicable equity
rights plans and any related agreements. 
 (b) Disability. 
 (i) The Company may terminate the Executive’s employment, upon notice to the Executive, in the event that the Executive becomes disabled during his
employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of his duties and responsibilities hereunder, notwithstanding the provision
of any reasonable accommodation, for one hundred eighty five (185) days during any period of three hundred and sixty-five (365) consecutive calendar days. In the event of such termination, the Company shall have no further obligation to
the Executive, other than for payment of Final Compensation within ninety (90) days of such termination, and Executive shall be entitled to exercise any options or receive other equity rights of the Executive which are vested as of the date of
such termination, in accordance with the terms of the applicable equity rights plans and related agreements. 
 (ii) The Board may designate
another employee to act in the Executive’s place during any period of the Executive’s disability. Notwithstanding any such designation, the Executive shall continue to receive the Base Salary in accordance with Section 4(a) and
benefits in accordance with Section 4(f), to the extent permitted by the then-current terms of the applicable benefit plans, until the Executive becomes eligible for disability income benefits under the Company’s disability income plan or
until the termination of his employment, whichever shall first occur. 
  

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 (iii) While receiving disability income payments under the Company’s disability income plan, the
Executive shall not be entitled to receive any Base Salary under Section 4(a) hereof, but shall continue to participate in Company employee benefit plans in accordance with Section 4(f) and the terms of such plans, until the termination of
his employment. 
 (iv) If any question shall arise as to whether, during any period, the Executive is disabled through any illness, injury,
accident or condition of either a physical or psychological nature so as to be unable to perform substantially all of his duties and responsibilities hereunder (notwithstanding the provision of any reasonable accommodation), the Executive may, and
at the request of the Company shall, submit to a medical examination by a physician selected by the Company to whom the Executive or his duly appointed guardian, if any, has no reasonable objection to determine whether the Executive is so disabled,
and such determination shall for the purposes of this Agreement be conclusive of the issue. If such question shall arise and the Executive shall fail to submit to a requested medical examination, the Company’s determination of the issue shall
be binding on the Executive. 
 (v) The Executive may, in his discretion, seek to obtain at his own expense additional disability coverage.
The Company shall not be responsible for obtaining or paying for any such additional coverage or for providing to the Executive any disability benefits other than those provided under the Company’s disability plans applicable to employees
generally, but at the Executive’s request the Company shall provide such information and related advice as in the Company’s determination is feasible under the circumstances and reasonably likely to assist the Executive in identifying and
obtaining such coverage. 
 (c) By the Company for Cause. The Company may terminate the Executive’s employment hereunder for
Cause at any time upon notice to the Executive setting forth in reasonable detail the nature of such Cause. The following, as determined by the Board in its reasonable judgment, shall constitute Cause for termination: 
 (i) The Executive’s substantial and ongoing failure to perform (other than by reason of disability), or gross negligence in the performance of, his
duties and responsibilities to the Company or any of its Affiliates; 
 (ii) Material breach by the Executive of any provision of this
Agreement or any other agreement with the Company or any of its Affiliates, provided that the Executive has been given a reasonable opportunity to cure any such material breach after notice from the Company, and such material breach has not been
cured by the Executive; 
 (iii) Fraud, embezzlement or other dishonesty with respect to the Company or any of its Affiliates; 
 (iv) Other conduct by the Executive that is substantially harmful to the business, interests or reputation of the Company or any of its Affiliates; or

  

 -6- 

 (v) Commission of a felony involving moral turpitude. 
 Upon the giving of notice of termination of the Executive’s employment hereunder for Cause, the Company shall have no further obligation to the Executive, other
than for Final Compensation which shall be paid within ninety (90) days of such termination. All options to purchase shares of Common Stock that were not exercisable on the date of termination will be forfeited, and will terminate immediately
upon the date of termination; provided, however that the Executive shall be entitled to exercise any options or receive other equity rights that are vested as of the date of any termination pursuant to this Section 5(c), in accordance with the
terms of the applicable equity rights plans and any related agreements. 
 (d) By the Company Other than for Cause. 
 (i) The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. 
 (ii) Except in connection with a termination by the Company of the Executive other than for Cause pursuant to Section 5(g) herein, in the event of a
termination by the Company of the Executive other than for Cause within the first twelve (12) months of employment, in addition to Final Compensation which shall be paid within ninety (90) days of such termination, and provided that no
benefits are payable to the Executive under a separate severance agreement or plan as a result of such termination: (A) the Company shall pay the Executive salary continuation in the gross amount of eighteen (18) months of Base Salary at
the rate in effect on the date of termination, (B) the Company shall pay the Executive a pro-rated portion of his annual STIP Bonus, in an amount to be determined following the year in which the STIP Bonus would have been earned but for the
termination, and will do so at the time and in accordance with the terms set forth in the STIP, and (C) if the Executive elects to continue his participation in the Company’s health and dental insurance plans under COBRA the Company shall
continue to pay the monthly premium cost of the Executive’s (and the Executive’s “qualified beneficiaries” within the meaning of Section 4980B(g)(1)(A) of the Code) participation in the Company’s group medical and
dental plans until the conclusion of a period of eighteen (18) months following the date of termination, provided that the Executive is entitled to continue such participation under applicable law and plan terms. 
 (iii) Except in connection with a termination by the Company of the Executive other than for Cause pursuant to Section 5(g) herein, in the event of
a termination by the Company of the Executive other than for Cause after the first twelve (12) months of employment, in addition to Final Compensation which shall be paid within ninety (90) days of such termination, and provided that no
benefits are payable to the Executive under a separate severance agreement as a result of such termination: (A) the Company shall pay the Executive salary continuation in the gross amount of twelve (12) months of Base Salary at the rate in
effect on the date of termination, (B) the Company shall pay the Executive a pro-rated portion of his annual STIP Bonus, in an amount to be determined following the year in which the STIP Bonus would have been earned but for the termination,
and will do so at the time and in accordance with the terms set forth in the STIP, and (C) if the Executive elects to 

  

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continue his participation in the Company’s health and dental insurance plans under COBRA, the Company shall continue to pay the monthly premium cost of
the Executive’s (and the Executive’s “qualified beneficiaries” within the meaning of Section 4980B(g)(1)(A) of the Code) participation in the Company’s group medical and dental plans until the conclusion of a period of
twelve (12) months following the date of termination, provided that the Executive is entitled to continue such participation under applicable law and plan terms. 
 (iv) Any obligation of the Company to the Executive hereunder is conditioned, however, upon the Executive signing and returning to the Company a timely and effective release of claims in the form provided by the
Company (the “Release of Claims”); provided, however, that such Release of Claims shall not release any rights of the Executive with respect to earned but unpaid Base Salary, bonuses, and benefits in accordance with the terms of
Section 4 hereof, any rights to insurance or indemnification pursuant to the Company’s By-laws or applicable law, or any rights arising after the date of such Release of Claims. The Release of Claims required for separation benefits under
Section 5(d), Section 5(e) or Section 5(g) hereof creates legally binding obligations on the part of the Executive, and the Company and its Affiliates therefore advise the Executive to seek the advice of an attorney before signing it.
Except as otherwise expressly provided in this Section 5(d), payments to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company, and will be made or commenced at the
Company’s next regular payroll period which is at least five business days following the later of the effective date of the Release of Claims or the date the Release of Claims, signed by the Executive, is received by the Company, but the first
payment shall be retroactive to the next business day following the date of termination. The Company agrees to provide the Executive with the form of release within 30 days of the termination of the Executive’s employment, and the Executive
agrees to execute and return the release to the Company within the time period required by law or 45 days from the date the Company provides the final form of release to Executive, whichever is earlier. 
 (v) In connection with any termination pursuant to this Section 5(d), the Executive shall have the right to exercise any vested stock options or
receive other equity rights for no less than six (6) months after the Executive’s termination date. Except as otherwise expressly provided in this Agreement, the terms and conditions of any vested stock options or other equity rights shall
remain unchanged and shall be governed by the terms of the applicable equity rights plans and any related agreements. 
 (e) By the
Executive for Good Reason. The Executive may terminate his employment hereunder for Good Reason within nine (9) months of the events described in clauses (i) through (iv) below, provided that he gives the Company notice within
ninety (90) days of the occurrence of the event or condition constituting Good Reason and further provided that the Company does not cure such event or condition within thirty (30) days of such notice. The following shall constitute Good
Reason for termination by the Executive: 
 (i) Removal of the Executive, without his consent, from the position of President and Chief
Executive Officer of the Company (or a successor corporation); 
  

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 (ii) A material breach by the Company of its obligations under Section 3(a)(i) above; 
 (iii) Material diminution in the nature or scope of the Executive’s responsibilities, duties or authority; 
 (iv) Any relocation of the Company’s headquarters outside of Vermont without the Executive’s consent; 
 (v) Material failure of the Company to provide the Executive the Base Salary, bonuses, and employee benefits in accordance with the terms of
Section 4 hereof; or 
 (vi) Any other material breach of this Agreement by the Company. 
 Except in connection with a termination by the Executive for Good Reason pursuant to Section 5(g) herein, in the event of a termination by the Executive for Good
Reason in accordance with this Section 5(e), and provided that no benefits are payable to the Executive under a separate severance agreement as a result of such termination, then the Executive will be entitled to the same pay and benefits,
payable at the same time and in the same manner, as he would have been entitled to receive had the Executive been terminated by the Company other than for Cause in accordance with Section 5(d) above; provided that the Executive satisfies all
conditions precedent to such entitlement, including without limitation the signing of an effective Release of Claims. 
 (f) By the
Executive Other than for Good Reason. Except in connection with a termination by the Executive other than for Good Reason pursuant to Section 5(g) herein, the Executive may terminate the Executive’s employment hereunder other than for
Good Reason at any time upon sixty (60) days’ notice to the Company, unless such termination would violate any obligation of the Executive to the Company under a separate severance agreement. In the event of termination of the Executive
pursuant to this Section 5(f), the Board may elect to waive the period of notice, or any portion thereof, and, whether or not the Board so elects, the Company will pay the Executive his Base Salary during the entire notice period. In addition,
the Company may, in the sole discretion of the Board, but shall not be required to, pay the Executive a pro-rated bonus through the last date of such notice period. The Company shall have no further obligation to the Executive, other than for any
Final Compensation due to him which shall be paid within ninety (90) days of any termination under this Section 5(f). All options to purchase shares of Common Stock that were not exercisable on the date of termination will be forfeited and
will terminate immediately upon the date of termination; provided, however, that the Executive shall be entitled to exercise any options or receive other equity rights that are vested as of the date of any termination pursuant to this
Section 5(f), in accordance with the terms of the applicable equity rights plans and any related agreements. 
  

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 (g) Upon a Change of Control. 
 (i) Upon a Change of Control (as defined herein in Section 5(g)(vi)), the Company shall cause all of the Executive’s stock options, restricted
stock, or other equity rights granted to the Executive that are not vested or exercisable to immediately vest and to become exercisable, and the Company shall pay the Executive for all of his stock or other equity rights in the Company in the same
manner (net of exercise price in the case of options) and within the same time period as other shareholders of the Company in connection with the Change of Control. Except as otherwise expressly provided in this paragraph, the terms and conditions
of the Executive’s stock options, restricted stock, and other equity rights granted to the Executive shall remain unchanged and shall be governed by the terms of the applicable Incentive Compensation Plan, Stock Option Agreement, shareholder
agreement, and any other applicable equity-related agreement, together with such other restrictions and/or provisions generally applicable to shares purchased by Company employees, as each of the foregoing may be amended from time to time by the
Company. 
 (ii) If prior to (but no more than nine (9) months prior to) and in connection with an anticipated Change of Control, the
Company terminates the Executive’s employment other than for Cause, or the Executive terminates his employment for Good Reason, then, in addition to Final Compensation that the Company shall pay the Executive within ninety (90) days of any
such termination, in lieu of any other payments to or on behalf of the Executive under Section 5(d) or 5(e) hereof, and provided that the Executive signs and returns to the Company a timely and effective Release of Claims (to be provided by the
Company and returned by the Executive under the timing rules of Section 5(d)(iv) above), then: (A) the Company shall pay and provide to the Executive the benefits described in Section 5(d)(ii) or Section 5(d)(iii), as applicable,
in the same manner, in the same amount and at the same times as would have been the case had Section 5(d) or Section 5(e), as the case may be applied, subject to the remaining provisions of this Section 5(g)(ii), and (B), if the
Change of Control occurs within the nine (9)-month period following such termination, the Company and/or its successor shall pay and provide the following: (I) within thirty (30) days following such Change of Control, a lump sum payment in
the gross amount of the excess of (aa) twenty-four (24) months of Base Salary at the rate in effect on the date of termination, over (bb) the aggregate gross payments made and to be made by the Company and/or its successor under
Section 5(d)(ii)(A) or Section 5(d)(iii)(A), as applicable; (II) if the Executive had elected to continue participation in the Company’s health and dental insurance plans under COBRA, a continuation of payment of monthly premium costs
of the Executive’s (and his qualified beneficiaries within the meaning of Section 4980B(g)(1)(A) of the Code) participation in such plans until the conclusion of a period of twenty-four (24) months following the date of termination,
provided that the Executive is entitled to continue such participation under applicable law and plan terms; and (III) if not previously accelerated upon a Change of Control, the Company shall cause all stock options, restricted stock, or other
equity that had been granted to the Executive and that were not yet exercisable on the date of termination to become immediately exercisable (the “Accelerated Equity”). If the Company or its successor terminates the Executive’s
employment other than for Cause, or the Executive terminates his employment for Good Reason, in either case within the twelve (12)-month period commencing at a Change of Control, then, in addition to Final Compensation that the Company or its
successor shall pay to the Executive within ninety 

  

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(90) days of such termination, in lieu of any other payments to or on behalf of the Executive under Section 5(d) or Section 5(e) hereof, and
provided that the Executive signs and returns to the Company or its successor a timely and effective Release of Claims (to be provided by the Company or its successor and returned by the Executive under the timing rules of Section 5(d)(iv)
above), then: (AA) the Company or its successor shall pay and provide to the Executive a lump sum payment in the gross amount of twenty-four (24) months of Base Salary at the rate in effect on the date of termination; (BB) if the Executive
elects to continue participation in the Company’s health and dental insurance plans under COBRA, the Company or its successor shall pay the monthly premium cost of the Executive’s (and his qualified beneficiaries within the meaning of
Section 4980B(g)(1)(A) of the Code) participation in such plans until the conclusion of a period of twenty-four (24) months following the date of termination, provided that the Executive is entitled to continue such participation under
applicable law and plan terms; and (CC) if not previously accelerated upon a Change of Control, the Company shall cause all stock options, restricted stock, or other equity that had been granted to the Executive and that were not yet exercisable on
the date of termination to become immediately exercisable (the aforementioned “Accelerated Equity”). The Accelerated Equity will remain exercisable until that date which is twenty-four (24) months from the date of termination, after
which any Accelerated Equity not exercised shall be forfeited and shall terminate. Except as otherwise expressly provided in this paragraph, the terms and conditions of the Accelerated Equity shall remain unchanged and shall be governed by the terms
of the applicable Incentive Compensation Plan, Stock Option Agreement, shareholder agreement, and any other applicable equity-related agreement, together with such other restrictions and/or provisions generally applicable to shares purchased by
Company employees, as each of the foregoing may be amended from time to time by the Company. If the Executive terminates his employment hereunder other than for Good Reason within six (6) months after a Change of Control, then, in addition to
Final Compensation that the Company or its successor shall pay the Executive within ninety (90) days of such termination, and provided that the Executive signs and returns to the Company or its successor a timely and effective Release of Claims
(to be provided by the Company or its successor and returned by the Executive under the timing rules of Section 5(d)(iv) above), the Company or its successor shall (A) on the earlier of the date that is six (6) months after the date
of termination or the date of the Executive’s death, pay the Executive or his estate a lump sum payment in the gross amount of twelve (12) months of the Executive’s Base Salary at the rate in effect on the date of his termination, and
(B) pay the amounts set forth in Section 5(g)(ii)(BB) for twelve (12) months following the date of termination. 
 (iii) In
connection with any Change of Control, if any payments or benefits made in respect of Section 5(g) of this Agreement (collectively, the “Total Payments”) become subject to the excise tax described in Section 4999 of the Code
(“Section 4999”) (or any successor to such section) and exceed the “Code Section 280G Safe Harbor Amount” by at least ten percent (10%), the Company will require the acquiring or surviving entity, as a condition of the
Company’s agreement to such Change of Control, to make a special payment to the Executive sufficient, on an after-tax basis (taking into account federal, state and local income, employment and excise taxes and related interest and penalties),
to put the Executive in the same position as would have been the case had no such excise taxes been applicable to 

  

 -11- 

 
any payments or benefits provided in Section 5(g) of this Agreement. For the purposes of this Agreement, the “Code Section 280G Safe Harbor
Amount” shall mean an amount equal to 3 times the base amount within the meaning of Section 280G(b)(3) of the Code, less one dollar. Any such special payment shall be made on the date that any excise tax is paid or remitted by the
Executive (through withholding or otherwise). 
 (iv) In connection with any Change of Control, if the Total Payments become subject to the
excise tax described in Section 4999 (or any successor to such section) and exceed the Code Section 280G Safe Harbor Amount by less than ten percent (10%), then the Total Payments shall be reduced so that the maximum amount of the Total
Payments (after reduction) shall not exceed the Code Section 280G Safe Harbor Amount. 
 (v) The determination of whether any payment is
subject to an excise tax and, if so, the amount to be paid by the Company to the Executive and the time of payment shall be made by an independent auditor selected jointly by the Company and the Executive and paid by the Company, provided that the
determination of any relevant tax authority shall ultimately govern if different from such auditor’s determination. 
 (vi) A Change of
Control shall be deemed to have taken place upon the occurrence of a “change in control event” as defined in Treas. Regs. § 1.409A-3(i)(5); provided, for the avoidance of doubt, that in applying Treas. Regs. §
1.409A-3(i)(5)(vii) (pertaining to certain asset sales), the relevant minimum percentage threshold shall be 50%. 
 (h) Limitation on
Severance Benefits. For the avoidance of doubt, under no circumstances shall the Executive be entitled to severance pay or benefits under more than one subsection of this Section 5, nor shall the Executive be entitled to severance pay or
benefits under any severance agreement or severance plan other than the benefits expressly set forth in this Agreement. 
 (i) Timing of
Payments. Notwithstanding anything to the contrary provided for herein, if, at the time of the Executive’s separation from service, the Executive is a “specified employee,” as hereinafter defined, any and all amounts payable under
this Section 5 in connection with such separation from service that constitute deferral of compensation subject to Section 409A, as determined by the Company in its sole discretion, and that would (but for this sentence) be payable within
six months following such separation from service, shall instead be paid on the earlier of the date that follows the date of such separation from service by six (6) months or the date of the Executive’s death. For purposes of the preceding
sentence, “separation from service” shall be determined in a manner consistent with subsection (a)(2)(A)(i) of Section 409A, and the term “specified employee” shall mean an individual determined by the Company to be a
specified employee as defined in subsection (a)(2)(B)(i) of Section 409A. 
 (j) Post-Agreement Employment. In the event the
Executive remains in the employ of the Company or any of its Affiliates following termination of this Agreement, by the expiration of the term or otherwise, then such employment shall be at-will. 
  

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 6. Effect of Termination. The provisions of this Section 6 shall apply to any termination,
whether due to the expiration of the term hereof, pursuant to Section 5, or otherwise. 
 (a) Upon request of the Company, the Executive
shall promptly give the Company notice of all facts reasonably necessary for the Company to determine the nature, amount and duration of its obligations in connection with any termination pursuant to Section 5 hereof. 
 (b) Except for any right of the Executive to continue medical and dental plan participation in accordance with the terms of this Agreement and applicable
law, benefits shall terminate pursuant to the terms of the applicable benefit plans based on the date of termination of the Executive’s employment, without regard to any continuation of Base Salary or other payment to the Executive following
such date of termination. 
 (c) Provisions of this Agreement shall survive any termination if so provided herein or if necessary or
desirable to accomplish the purposes of other surviving provisions, including without limitation the obligations of the Executive under Sections 7, 8, and 9 hereof. The obligation of the Company to make payments to or on behalf of the Executive
under Section 5(d), 5(e), or 5(g) hereof is expressly conditioned upon the Executive’s continued full performance of his obligations under Sections 7, 8, and 9 hereof. 
 7. Confidential Information. 
 (a) The
Executive acknowledges and agrees that the Confidentiality and Non-Solicitation Agreement between Green Mountain Coffee Roasters, Inc. and Larry Blanford, Board Candidate dated March 15, 2007 (hereinafter the “Confidentiality and
Non-Solicitation Agreement”) shall remain in full force and effect in accordance with its terms. 
 (b) In addition to and without
waiving the foregoing, the Executive further acknowledges that the Company and its Affiliates continually develop Confidential Information, that the Executive may develop Confidential Information for the Company or its Affiliates, and that the
Executive may learn of Confidential Information during the course of employment. The Executive will comply with the policies and procedures of the Company and its Affiliates for protecting Confidential Information, and shall not disclose to any
Person or use, other than as required by applicable law or for the proper performance of his duties and responsibilities to the Company and its Affiliates, any Confidential Information obtained by the Executive incident to his employment or other
association with the Company or any of its Affiliates. The Executive understands that this restriction shall continue to apply after his employment terminates, regardless of the reason for such termination. The confidentiality obligation under this
Section 7 shall not apply to information that is generally known or readily available to the public at the time of disclosure or becomes generally known through no wrongful act on the part of the Executive or any other Person having an
obligation of confidentiality to the Company or any of its Affiliates. 
  

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 (c) All documents, records, tapes and other media of every kind and description relating to the business,
present or otherwise, of the Company or its Affiliates and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared by the Executive, shall be the sole and exclusive property of the Company and its Affiliates.
The Executive shall safeguard all Documents and shall surrender to the Company at the time his employment terminates, or at such earlier time or times as the Board or its designee may specify, all Documents then in the Executive’s possession or
control. 
 8. Assignment of Rights to Inventions. The Executive shall promptly and fully disclose all Inventions, as defined below,
to the Company. The Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) the Executive’s full right, title and interest in and to all Intellectual Property. The Executive agrees to execute any
and all applications for domestic and foreign patents, copyrights or other proprietary rights, and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the
Company to assign the Intellectual Property to the Company and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Inventions. The Executive will not charge the Company for time spent in complying with these
obligations. All copyrightable works that the Executive creates shall be considered “work made for hire” and shall, upon creation, be owned exclusively by the Company. 
 9. Restricted Activities. The Executive agrees that some restrictions on his activities during and after his employment are necessary to protect
the good will, Confidential Information, and other legitimate business interests of the Company and its Affiliates: 
 (a) While the Executive
is employed by the Company and for eighteen (18) months after his employment terminates (together, the “Restricted Period”), the Executive shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent,
employee, co-venturer or otherwise, compete with the Business anywhere where the Business is conducted, or undertake any planning for any business competitive with the Business. Specifically, but without limiting the foregoing, the Executive agrees
not to engage in any manner in any activity that is directly or indirectly competitive with the Business as conducted or under consideration at any time during the Executive’s employment. Restricted activity also includes, without limitation,
accepting employment or a consulting position with, or otherwise providing services to, any Person who is or is planning to become a competitor of the Business where such employment, consulting or services relate to the Business. 
 (b) The Executive agrees that, during his employment with the Company, he will not undertake any outside activity, whether or not competitive with the
business of the Company or its Affiliates, that could reasonably give rise to a conflict of interest or otherwise interfere with his duties and obligations to the Company or any of its Affiliates. 
 (c) The Executive agrees that, during the Restricted Period, the Executive will not directly or indirectly (a) solicit or encourage any customer of
the Company or any of 

  

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its Affiliates to terminate or diminish its relationship with them; or (b) seek to persuade any such customer or prospective customer of the Company or
any of its Affiliates to conduct with anyone else any business or activity which such customer or prospective customer conducts or could conduct with the Company or any of its Affiliates; provided that these restrictions shall apply (y) only
with respect to those Persons who are or have been a customer of the Company or any of its Affiliates at any time within the immediately preceding one (1) year period or whose business has been solicited on behalf of the Company or any of the
Affiliates by any of their officers, employees or agents within said one (1) year period, other than by form letter, blanket mailing or published advertisement, and (z) only if the Executive has performed work for such Person during his
employment with the Company or one of its Affiliates or been introduced to, or otherwise had contact with, such Person as a result of his employment or other associations with the Company or one of its Affiliates or has had access to Confidential
Information which would assist in the Executive’s solicitation of such Person. 
 (d) The Executive agrees that, during the Restricted
Period, the Executive will not, and will not assist any other Person to, (a) hire or solicit for hiring any employee of the Company or any of its Affiliates or seek to persuade any employee of the Company or any of its Affiliates to discontinue
employment, or (b) solicit or encourage any independent contractor providing services to the Company or any of its Affiliates to terminate or diminish its relationship with them. For the purposes of this Agreement, an “employee” or
“independent contractor” of the Company or any of its Affiliates is any person who was such at any time within the preceding one (1) year. 
 (e) Certification Requirement. During the Restricted Period, the Executive shall provide notice to the Company on a quarterly basis confirming that, to the best of his knowledge or belief, he is in full
compliance with his obligations under Section 9. 
 10. Enforcement of Covenants. The Executive acknowledges that he has
carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed upon him pursuant to Sections 7, 8, and 9 hereof. The Executive agrees without reservation that each of the restraints contained herein is
necessary for the reasonable and proper protection of the good will, Confidential Information and other legitimate interests of the Company and its Affiliates; that each and every one of those restraints is reasonable in respect to subject matter,
length of time and geographic area; and that these restraints, individually or in the aggregate, will not prevent him from obtaining other suitable employment during the period in which the Executive is bound by these restraints. The Executive
further agrees that he will never assert, or permit to be asserted on his behalf, in any forum, any position contrary to the foregoing. The Executive further acknowledges that, were he to breach any of the covenants contained in Sections 7, 8, or 9
hereof, the damage to the Company would be irreparable. The Executive therefore agrees that the Company, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or
threatened breach by the Executive of any of said covenants, without having to post bond, together with an award of the attorney’s fees incurred in enforcing its rights hereunder; provided, however, that in any proceeding relating to the
enforcement of this Agreement by either party, the non-prevailing party shall pay the 

  

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prevailing party’s attorneys’ fees, costs and expenses. The parties further agree that, in the event that any provision of Section 7, 8, or 9
hereof shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision shall be deemed to be
modified to permit its enforcement to the maximum extent permitted by law. 
 11. Conflicting Agreements. The Executive hereby
represents and warrants that the execution of this Agreement and the performance of his obligations hereunder will not breach or be in conflict with any other agreement to which the Executive is a party or is bound, and that the Executive is not now
subject to any covenants against competition or similar covenants or any court order or other legal obligation that would affect the performance of his obligations hereunder. The Executive will not disclose to or use on behalf of the Company any
proprietary information of a third party without such party’s consent. 
 12. Definitions. Words or phrases which are initially
capitalized or are within quotation marks shall have the meanings provided in this Section and as provided elsewhere herein. For purposes of this Agreement, the following definitions apply: 
 (a) “Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with the Company,
where control may be by management authority, contract or equity interest. 
 (b) “Business” means the business of providing hot or
cold beverages or related appliances engaged in by the Company and any new industry practices or areas that the Company starts planning or enters during the Executive’s employment with the Company. 
 (c) “Confidential Information” means any and all information of the Company and its Affiliates that is not generally known by those with whom
the Company or any of its Affiliates competes or does business, or with whom the Company or any of its Affiliates plans to compete or do business. Confidential Information includes without limitation such information relating to (i) the
development, research, testing, manufacturing, marketing and financial activities of the Company and its Affiliates, (ii) the Products, (iii) the costs, sources of supply, financial performance and strategic plans of the Company and its
Affiliates, (iv) the identity and special needs of the customers of the Company and its Affiliates and (v) the people and organizations with whom the Company and its Affiliates have business relationships and the nature and substance of
those relationships. Confidential Information also includes any information that the Company or any of its Affiliates has received, or may receive hereafter, belonging to customers or others with any understanding, express or implied, that the
information would not be disclosed. 
 (d) “Inventions” means any and all inventions, formulas, discoveries, developments, designs,
innovations, improvements, or processes (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others, whether or not during

  

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normal business hours or on or off Company premises) during the Executive’s employment that relate to either the Products or any prospective activity of
the Company or any of its Affiliates or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its Affiliates. 
 (e) “Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity or organization, other than the Company or any of its
Affiliates. 
 (f) “Products” mean all products planned, researched, developed, tested, manufactured, sold, licensed, leased or
otherwise distributed or put into use by the Company or any of its Affiliates, together with all services provided or planned by the Company or any of its Affiliates, during the Executive’s employment. 
 13. Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the
Company under applicable law. 
 14. Assignment. Neither the Company nor the Executive may make any assignment of this Agreement or
any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the consent of the Executive in the event
that the Executive is transferred to a position with any of the Affiliates or in the event that the Company shall hereafter effect a reorganization, consolidate with, or merge into, any Person or transfer all or substantially all of its properties
or assets to any Person. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their respective successors, executors, administrators, heirs, and permitted assigns. 
 15. Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent
jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and
provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 16. Waiver. No waiver of any
provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
 17.
Separation from service. All references in this Agreement to termination of employment and correlative terms shall be construed to require a “separation from service” as that term is defined in Treas. Regs. § 1.409A-1(h).

  

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 18. Code Section 409A Intent. The Company and Executive after exercising all due and
appropriate care, including without limitation obtaining advice from counsel, have structured the provisions of this Agreement with the mutual belief and intent that all such provisions comply with Section 409A of the Code and the Treasury
Regulations promulgated thereunder. If after further review of this Agreement or upon the issuance of subsequent guidance from the Internal Revenue Service or United States Treasury Department or a subsequent ruling of a court of applicable
jurisdiction, the Company or the Executive or their respective agents discover that a provision of the Agreement does not conform with Section 409A of the Code and the Treasury Regulations promulgated thereunder or other applicable governing
guidance from the Internal Revenue Service or the United States Treasury Department, the Executive and the Company shall use their best efforts to amend this Agreement to so comply to the extent permitted under applicable law. 
 19. Notices. Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be
effective when delivered in person, consigned to a reputable national courier service or deposited in the United States mail, postage prepaid, registered or certified, and addressed to the Executive at his last known address on the books of the
Company or, in the case of the Company, at its principal place of business, attention of Fran Rathke, or to such other address as either party may specify by notice to the other actually received. 
 20. Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior communications, agreements and
understandings, written or oral, with respect to the terms and conditions of the Executive’s employment, excluding only the agreements or plans related to any stock options or restricted shares of the Company and the Confidentiality and
Non-Solicitation Agreement, all of which agreements and plans shall remain in full force and effect in accordance with their terms. 
 21.
Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by an expressly authorized representative of the Company. 
 22. Headings. The headings and captions in this Agreement are for convenience only, and in no way define or describe the scope or content of any
provision of this Agreement. 
 23. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be
an original and all of which together shall constitute one and the same instrument. 
 24. Governing Law. This is a Vermont contract
and shall be construed and enforced under and be governed in all respects by the laws of the State of Vermont, without regard to the conflict of laws principles thereof. 
  

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 IN WITNESS WHEREOF, this Agreement has been executed by the Company, by its duly authorized
representative, and by the Executive, as of the date first above written. 
  

			
	THE EXECUTIVE:
	
	 /s/ Lawrence J. Blanford

	Larry Blanford
	
	GREEN MOUNTAIN COFFEE ROASTERS, INC.
		
	By:	 	 /s/ William D. Davis

	Title:	 	Chairman Compensation Committee

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