Document:

Supplement
to SEPARATION AGREEMENT AND RELEASE

 

This Supplement to the
Separation Agreement and Release executed October 22, 2013 (“Supplement”) is made by and between Jamba Juice Company,
a California corporation (the “Company”), and the undersigned, Bruce Schroder (referred to herein as “Executive,”
“you” and “your”), and amends the Separation Agreement and Release (“Separation Agreement”),
attached hereto as Exhibit 1, between those same parties by extending the promises and mutual agreements of each and every
paragraph and subparagraph, except for Paragraph 3 and its subparts, of that Separation Agreement.

 

1.          Consideration
and Severance Benefits. Provided that Executive affirms that he has and continues to fully comply
with the Separation Agreement including all Post-Termination Obligations, as defined in the Separation Agreement, by executing
this Supplement, the Company agrees to amend Executive’s Severance Benefits and provide Consideration in exchange for acknowledgment
and agreement to the General Release in Paragraph 8 of the Separation Agreement, the Section 1542 Waiver in Paragraph 9 of the
Separation Agreement and specifically, the Age Discrimination Employment Act (“ADEA”) release included in this Supplement.
Executive’s Severance Package shall be revised to the following: 

 

A.           The
Company will pay Executive a lump sum of $81,000 (equal to three months’ of Executive’s Base Salary at the time of
separation), less applicable withholdings and deductions (“Consideration”). This Consideration will be paid to Executive
within 10 days after the Effective Date (as defined below). The Company will no longer subject Executive’s Severance to be
reduced by all amounts (whether direct or indirect salary, compensation or otherwise) earned at his new employment. Any other payments
including Severance as defined in the Separation Agreement will cease immediately, and Executive agrees that in exchange for the
Consideration provided, he will no longer be entitled to such Severance. 

 

B.           The
Company shall reimburse Executive the premiums paid to maintain his Consolidated Omnibus Budget Reconciliation Act (“COBRA”)
coverage so long as he (i) timely elected to continue coverage under the Company’s group health plan and coverage under the
applicable provisions of COBRA; (ii) remains eligible for these benefits under COBRA; and (iii) does not become eligible for health
coverage through another employer, through no later than March 1, 2014. 

 

C.           Executive
agrees and acknowledges that this Consideration represents a benefit to which he is not otherwise entitled.

 

    	 

    	 

    

 

2.           Release
of Claims. 

 

A.           In
addition and consistent with Paragraph 8 of the Separation Agreement, Executive agrees that the Severance already received pursuant
to the Separation Agreement and the Consideration pursuant to Paragraph 1 above represent settlement in full of all outstanding
obligations owed to Executive by Company. THIS IS A GENERAL RELEASE OF ALL CLAIMS. As
consideration for the Severance, Consideration and other benefits being provided to Executive, Executive, on his own behalf, and
on behalf of his respective heirs, family members, executors, administrators, attorneys, representatives, and assigns, hereby fully
and forever releases Company and its legal representatives, officers, directors, fiduciaries, employees, investors, shareholders,
insurers, agents, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assigns, both
in their individual and corporate capacities (collectively, the "Releasees"), of and from any and all claims and causes
of action, demands, duties, obligations, agreements, promises, liabilities, damages, costs, and/or fees, whether known or unknown,
suspected or unsuspected, arising out of or relating to Executive's employment, including the termination of his employment, including
without limitation: (i) any and all claims relating to or arising from Executive's employment relationship with Company and the
termination of that relationship; (ii) any and all claims relating to, or arising from, Executive's right to purchase, or actual
purchase of, shares of stock of Company, including, without limitation, any claims for fraud; misrepresentation; breach of fiduciary
duty; breach of duty under applicable state corporate law; and securities fraud under any state or federal law; (iii) any and all
claims under the law of any jurisdiction including without limitation wrongful discharge of employment; constructive discharge
from employment; termination in violation of public policy; discrimination; breach of contract, both express and implied; breach
of a covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent and intentional infliction
of emotional distress; negligent and intentional misrepresentation; negligent and intentional interference with contract or prospective
economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion
of privacy; false imprisonment; and conversion; (iv) any and all claims for violation of any federal, state or municipal statute,
including without limitation all employment laws, including without limitation the California Fair Employment and Housing Act;
the California Unruh Act; the Age Discrimination in Employment Act, as amended; Title VII of the Civil Rights Act of 1964, as amended;
the Civil Rights Act of 1866; the Civil Rights Act of 1871; the Fair Labor Standards Act; the Americans with Disabilities Act;
the Older Workers' Benefits Protection Act; the Family Medical Leave Act; the Equal Pay Act; the Employee Retirement Income Security
Act of 1974; the National Labor Relations Act; the California Constitution; the California Labor Code; the California Business
& Professions Code; the California Government Code; the California Civil Code; and all other laws against discrimination or
applicable to employment that may be the subject of a release under applicable law; (v) any and all claims for violation of the
federal, or any state, constitution; (vi) any and all claims arising out of any other laws and regulations relating to employment
or employment discrimination; (vii) any and all claims arising out of any personnel policies, contracts of employment, any other
contracts, severance pay agreements, and covenants of good faith and fair dealing; (viii) any claim for any loss, cost, damage,
or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by Executive
as a result of the Separation Agreement and this Supplement; (ix) any claim or damage arising out of Executive's employment with
or separation from Company under any common law theory or any federal, state, or local statute or ordinance not specifically referred
to above; (x) any and all claims for unpaid or withheld wages, severance, benefits, bonuses, commissions, and other compensation
of any kind that Executive may have against the Releasees; and (xi) any and all claims for attorneys' fees and costs.

 

B.           Executive
specifically agrees that the Separation Agreement and this Supplement includes without limitation any and all claims that were
raised, or that reasonably could have been raised, under the applicable Wage Order, Labor Code sections 201, 202, 203, 212, 226,
226.3, 226.7, 510, 512, 515, 558, 1194, and 1198, as well as claims under the Business & Professions Code sections 17200, et
seq. and Labor Code sections 2698, et seq. based on alleged violations of Labor Code provisions. Executive further covenants that
he will not seek to initiate any proceedings seeking penalties under Labor Code sections 2699, et seq. based upon the Labor Code
provisions specified above.

 

    	 

    	 

    

 

C.           Executive
understands and agrees that, to the fullest extent permitted by law, Executive is precluded from filing or pursuing any legal claim
of any kind against any of the Releasees at any time in the future, in any federal, state, or municipal court, administrative agency,
or other tribunal, arising out of any of the claims that Executive has waived by virtue of executing the Separation Agreement and
this Supplement. Executive agrees not to file or pursue any such legal claims and, if Executive does pursue such legal claims,
Executive waives any right to receive monetary recovery. By Executive's signature below, Executive represents that she/he has not
filed any such legal claims against any of the Releasees in any federal, state, or municipal court, administrative agency, or other
tribunal.

 

D.           Nothing
in the Separation Agreement and this Supplement shall be construed to waive any claims that cannot be waived as a matter of law.
In addition, this Supplement does not prevent Executive from filing an administrative charge against any Releasee that may not
be released as a matter of law; however, Executive agrees that Executive shall not be entitled to recover any monetary payments
or other individual benefits in any such proceeding. This release Supplement. 

 

E.           Nothing
in the Separation Agreement or this Supplement will affect the ability of Executive or Company to enforce rights or entitlements
specifically provided for under this Supplement as set forth above, or any rights or claims that may arise after the date that
Executive executed this Supplement. By Executive's signature below, Executive represents that: (a) Executive is not aware of any
unpaid wages, vacation, bonuses, expense reimbursements, or other amounts owed to Executive by Company, other than the Consideration
specifically promised in this Supplement; (b) Executive has not been denied any request for leave to which Executive believes she/he
was legally entitled, and Executive was not otherwise deprived of any of his rights under the Family and Medical Leave Act or any
similar state or local statute; and (c) Executive has not assigned or transferred, or purported to assign or transfer, to any person,
entity, or individual whatsoever, any of the claims released in the foregoing general release and waiver. Company's obligations
under this Supplement are contingent upon Executive's compliance with all terms and conditions provided for herein and in the Separation
Agreement.

 

3.  
        Section 1542 Waiver/Release of Unknown Claims. 
Consistent with Paragraph 9 of the Separation Agreement, Executive against acknowledges expressly acknowledges that the
releases given in the Separation Agreement and this Supplement are intended to include, without limitation, claims that
Executive did not know or suspect to exist in his favor at the time of the date of Executive’s execution of this
Supplement, regardless of whether the knowledge of such claims, or the facts upon with they might be based, would have
materially affected the settlement of this matter; and that the Severance received pursuant to the Separation Agreement and
the Consideration provided under this Supplement were also for the release of those claims and contemplates the
extinguishment of any such unknown claims, despite the fact that California Civil Code section 1542 may provide
otherwise. Executive expressly waives any right or benefit available to him in any capacity under the provisions of
California Civil Code section 1542, which provides as follows:

 

    	 

    	 

    

 

A GENERAL
RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

4.      
     Age Discrimination in Employment Act. Executive acknowledges,
agrees and understands that:

 

A.           under
the general release detailed above, Executive is waiving and releasing, among other claims, any rights and claims that may exist
under the Age Discrimination in Employment Act (“ADEA”);

 

B.           the
waiver and release of claims set forth in the release above does not apply to any rights or claims that may arise under the ADEA
after the date of execution of this Supplement;

 

C.           the
payments and other consideration that are being provided to Executive are of significant value and are in addition to what Executive
otherwise would be entitled;

 

D.           Executive
is being advised in writing to consult with an attorney before signing this Supplement;

 

E.           Executive
is being given a period of twenty-one (21) days within which to review and consider this Supplement before signing it, though Executive
may sign earlier, and if Executive fails to sign and return this Supplement within the twenty-one (21) day consideration period,
Company’s offer and this Supplement will expire on its own terms;

 

F.           Executive
may revoke his acceptance of this Supplement by providing written notice to Company within seven (7) days following its execution,
and any notice of revocation of this Supplement must be in writing and transmitted by hand or certified mail to Jamba Juice Company,
6475 Christie Avenue, Suite 150, Emeryville, CA 94608, Attn: Christy Consler, Senior Vice President, HR & Corporate Responsibility,
with a copy to DLA Piper LLP (US), 2000 University Avenue, East Palo Alto, CA 94303-2215, Attn: Eric Wang, Esq.; and

 

G.           Because
of Executive’s right to revoke this Supplement, this Supplement shall not become effective and enforceable until the eighth
(8th) day after the return of an executed copy of this Supplement by Executive to Company (the “Effective Date”), and
Executive will not be entitled to any of the benefits set forth in this Supplement until after the Effective Date.

 

The
Parties to this SUPPLEMENT have read the foregoing SUPPLEMENT and fully understand each and every provision contained herein, AND
THAT IT ACTS AS A SUPPLEMENT TO THE SEPARATION AGREEMENT. Wherefore, the Parties have freely and voluntarily executed this Amendment
on the dates shown below.

 

    	 

    	 

    

  

	Jamba Juice Company	 	 
	 	 	 
	/s/ Christy Consler	 	1/14/14
	Signature	 	Date
	 	 	 
	Christy Consler	 	SVP HR & Corp. Sustainability
	Print Name	 	Title
	 	 	 
	Bruce Schroder	 	 
	 	 	 
	/s/ Bruce Schroder	 	1/20/14
	Signature	 	DateTHIRD AMENDMENT TO CREDIT AGREEMENT
AND LIMITED WAIVER

 

THIS THIRD AMENDMENT TO CREDIT AGREEMENT
AND LIMITED WAIVER, dated as of November 4, 2013 (this “Amendment”), is by and among JAMBA, INC.,
a Delaware corporation (the “Parent”), JAMBA JUICE COMPANY, a California corporation (the “Borrower”),
the Subsidiary Guarantors party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Bank”).

 

RECITALS

 

A.               
Reference is made to the Credit Agreement, dated as of February 14, 2012, as amended by the First Amendment to Credit Agreement,
dated as of November 1, 2012 and the Second Amendment to the Credit Agreement, dated as of July 22, 2013 (as amended, modified
or supplemented from time to time, the “Credit Agreement”), among the Parent, the Borrower, and the Bank. Capitalized
terms used herein without definition shall have the meanings given to them in the Credit Agreement.

 

B.                
The Company has notified the Bank of the occurrence of an Event of Default arising from the failure of the Credit Parties
to comply with the Minimum Fixed Charge Coverage Ratio in Section 6.2 of the Credit Agreement for the fiscal quarter ending September 30,
2013 (the “Specified Event of Default”).

 

C.                
The Borrower has requested certain amendments to the Credit Agreement and for the Bank to waive the Specified Event of Default
and the Bank has agreed to make such amendments and to grant such waiver on the terms and conditions set forth herein.

 

STATEMENT OF AGREEMENT

 

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

 

ARTICLE
I

AMENDMENTS TO CREDIT AGREEMENT

 

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

 

(a)               
The definition of “Consolidated Leverage Ratio” is hereby deleted in its entirety and replaced with the
following:

 

“Consolidated Leverage
Ratio” means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated Funded Indebtedness as of
such date plus (ii) the product of Consolidated Rent Expense for the period of four fiscal quarters ending on such date multiplied
by eight, to (b) Consolidated EBITDAR for the period of four fiscal quarters ending on such date, provided that, for purposes
of the calculation of the Consolidated Leverage Ratio as of any date (i) Consolidated EBITDA of the Parent and its Subsidiaries
shall exclude any Consolidated EBITDA arising from stores owned by the Parent and its Subsidiaries that have been disposed of as
of such date as part of a refranchising program or otherwise, and (ii) Consolidated Rent Expense shall exclude any Consolidated
Rent Expense attributable to any stores owned by the Parent and its Subsidiaries that have been disposed of as of such date as
part of a refranchising program or otherwise.

 

    	 

    	 

    

 

(b)              
The definition of “Fixed Charge Coverage Ratio” is hereby deleted in its entirety and replaced with the
following:

 

“Fixed Charge Coverage
Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA minus Capital Expenditures
minus dividends and other distributions (other than dividends paid on preferred stock), each for the period of four fiscal quarters
ending on such date, to (b) Consolidated Fixed Charges as of such date; provided that, for the fiscal quarters ending
December 31, 2013, March 31, 2014 and June 30, 2014, Capital Expenditures for purposes of this definition for the period of
four fiscal quarters ending on such dates shall be deemed to be actual Capital Expenditures for such period minus $4,000,000
(but not to be less than zero).

 

1.2             
Amendments to Section 6.1 (Maximum Consolidated Leverage Ratio) of the Credit Agreement. Section 6.1 of the Credit
Agreement is hereby deleted in its entirety and replaced with the following:

 

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

 

	Period	
        Maximum Consolidated

        Leverage Ratio

         

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

 

 

1.3             
Amendments to Section 6.3 (Minimum Consolidated Tangible Net Worth) of the Credit Agreement. Section 6.3 of the Credit
Agreement is hereby deleted in its entirety and replaced with the following:

 

    	 

    	 

    

 

6.3Minimum Consolidated Tangible
Net Worth. Permit, at any time, Consolidated Tangible Net Worth to be less than $20,000,000.

 

ARTICLE
II

LIMITED WAIVER

 

The Bank hereby waives the Specified Event
of Default; provided that the foregoing waiver shall not be deemed to modify or affect the obligations of the Credit Parties
to comply with each and every other obligation, covenant, duty, or agreement under the Credit Agreement and the other Credit Documents,
in each case as amended, from and after the date hereof. The waiver in this Article II is a one-time waiver and shall not be construed
to be a waiver of or in any way obligate the Bank to waive any other Default or Event of Default under the Credit Agreement and
the other Credit Documents that may occur from and after the date hereof.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

 

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

 

3.1             
Representations and Warranties. After giving effect to this Amendment, each of the representations and warranties
of the Credit Parties contained in the Credit Agreement and each other Credit Document is true and correct in all material respects
(except for such representations and warranties that are qualified as to materiality, which shall be true and correct in all respects)
on and as of the date hereof with the same effect as if made on and as of the date hereof (except to the extent any such representation
or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty shall be
true and correct, or true and correct in all material respects, as applicable, as of such date).

 

3.2             
No Default. After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

 

3.3             
Authorization. The execution, delivery and performance of this Amendment and the transactions contemplated hereby
(i) are within the corporate authority of each Credit Party, (ii) have been duly authorized by all necessary corporate action of
the each Credit Party, (iii) do not and will not violate any provision of law, statute, rule or regulation to which any Credit
Party is subject or any judgment, order, writ, injunction, license or permit applicable to any Credit Party, (iv) do not violate
or breach any provision of the governing documents of any Credit Party, and (v) do not violate or breach any agreement or other
instrument binding upon any Credit Party, in each case under this clause (v) where such violation or breach, individually or in
the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

3.4             
Governmental Approvals. The execution, delivery and performance of this Amendment by each Credit Party do not require
the approval or consent of, or filing with, any Governmental Authority, except such approvals or consents as have been obtained
and are in full force and effect and such filings as have been made.

 

    	 

    	 

    

 

3.5             
Enforceability. This Amendment has been duly executed and delivered by the each Credit Party and constitutes each
Credit Party’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability
may be limited by general principles of equity and conflicts of laws or by bankruptcy, reorganization, insolvency, moratorium or
other laws of general application relating to or affecting the enforcement of creditors’ rights.

 

ARTICLE
IV

CONDITIONS OF EFFECTIVENESS

 

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

 

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

 

(b)              
The Bank shall have received payment of an amendment fee in the amount of $10,000.

 

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

 

ARTICLE
V

AFFIRMATION OF OBLIGATIONS

 

5.1             
Affirmation of Obligations. Each Credit Party hereby approves and consents to the amendments contemplated by this
Amendment and agrees that its obligations under the Credit Documents to which it is a party shall not be diminished as a result
of the execution of this Amendment. This acknowledgement by each Credit Party is made and delivered to induce the Bank to enter
into this Amendment, and each Credit Party acknowledges that the Bank would not enter into this Amendment in the absence of the
acknowledgements contained herein.

 

5.2             
Liens. Each Credit Party hereby ratifies and confirms the grant of a security interest in and Lien on the Collateral
contained in the Security Documents that were executed in connection with the Credit Agreement, which security interest and Lien
shall continue in full force and effect without interruption.

 

    	 

    	 

    

 

ARTICLE
VI

MISCELLANEOUS

 

6.1             
Release. In consideration of the Bank’s willingness to enter into this Amendment, the Credit Parties hereby
release the Bank and each of its respective officers, employees, representatives, agents, counsel and directors from any and all
actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, now known
or unknown, suspected or unsuspected to the extent that any of the foregoing arises from any action or failure to act solely in
connection with the Credit Documents on or prior to the date hereof.

 

6.2             
Governing Law. This Amendment shall be governed by and construed and enforced in accordance with the laws of the
State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice
of law and conflicts of law rules).

 

6.3             
Full Force and Effect. Except as expressly amended hereby, the Credit Agreement shall continue in full force and
effect in accordance with the provisions thereof on the date hereof. As used in the Credit Agreement, “hereinafter,”
“hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the
Credit Agreement after amendment by this Amendment. Any reference to the Credit Agreement or any of the other Credit Documents
herein or in any such documents shall refer to the Credit Agreement and Credit Documents as amended hereby. This Amendment is limited
as specified and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit
Agreement except as expressly set forth herein. This Amendment shall constitute a Credit Document under the terms of the Credit
Agreement.

 

6.4             
Expenses. The Borrower agrees on demand (i) to pay all reasonable fees and expenses of counsel to the Bank, and (ii)
to reimburse the Bank for all reasonable out-of-pocket costs and expenses, in each case, in connection with the preparation, negotiation,
execution and delivery of this Amendment and the other Credit Documents delivered in connection herewith.

 

6.5             
Severability. To the extent any provision of this Amendment is prohibited by or invalid under the applicable law
of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such
jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this
Amendment in any jurisdiction.

 

6.6             
Successors and Assigns. This Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective
successors and permitted assigns of the parties hereto.

 

6.7             
Construction. The headings of the various sections and subsections of this Amendment have been inserted for convenience
only and shall not in any way affect the meaning or construction of any of the provisions hereof.

 

6.8             
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto on separate
counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one
and the same instrument.

 

 

[Signature Page to Follow]

 

    	 

    	 

    

  

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

 

	 	
        THE BORROWER:

         

        JAMBA JUICE & COMPANY

         

        

	 	

    	 

    	 

    

 

	 	
        THE BANK:

         

        WELLS FARGO BANK, NATIONAL ASSOCIATION

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