Document:

EX-10.1

LOAN AGREEMENT

Between

JONES SODA CO.

and

KEYBANK NATIONAL ASSOCIATION

1

Dated as of August 21, 2007

LOAN AGREEMENT

THIS LOAN AGREEMENT (“Agreement”) is made between Jones Soda Co. (“Borrower”), and KeyBank
National Association (“Lender”). The parties agree as follows:

ARTICLE 1

Definitions

All terms defined below shall have the meaning indicated. All references in this Agreement
to:

(a) “dollars” or “$” shall mean U.S. dollars;

(b) “Article,” “Section,” or “Subsection” shall mean articles, sections, and subsections of
this Agreement, unless otherwise indicated; and

(c) an accounting term not otherwise defined in this Agreement shall have the meaning assigned
to it under GAAP.

1.1 Advances or Advance shall mean the disbursement of loan proceeds under the Revolving Loan.

1.2 Available Amounts shall mean at any time the amount of the Borrowing Limit minus the
unpaid balance of the Revolving Note.

1.3 Borrowing Limit shall mean the sum of $15,000,000.00.

1.4 Business Day shall mean any day other than a Saturday, Sunday, or other day on which
commercial banks in Seattle, Washington, are authorized or required by law to close.

1.5 Commencement Date shall mean the first day of any LIBOR Interest Period as requested by
Borrower.

1.6 Default shall be as defined in Section 9.1 hereof.

1.7 ERISA shall mean the Employee Retirement Income Security Act of 1974, as amended.

1.8 Expiration Date shall mean August 21, 2009, unless the Revolving Loan is sooner terminated
in accordance with Subsection 9.3.2.

1.9 GAAP shall mean generally accepted accounting principles as in effect from time to time in
the United States and as consistently applied by Borrower.

1.10 Interest Payment Dates shall mean the 1st day of each month as to each Prime Rate Loan
and LIBOR Rate Loan.

1.11 LIBOR Borrowing Rate shall mean the sum of (i) the LIBOR Rate; and (ii) the LIBOR Margin.

1.12 LIBOR Business Day shall mean a Business Day on which dealings are carried on in the
London interbank Eurodollar market.

1.13 LIBOR Interest Period shall mean the period commencing on the date of any Advance at, or
conversion to, a LIBOR Rate and ending thirty (30), sixty (60) or ninety (90) days thereafter as
selected by Borrower, subject to the restrictions of Article 3; provided that (A) any LIBOR
Interest Period which would otherwise expire on a day which is not a Business Day, shall be
extended to the next succeeding Business Day, unless the result of such extension would be to
extend such LIBOR Interest Period into another calendar month, in which event the LIBOR Interest
Period shall end on the immediately preceding Business Day; and (B) any LIBOR Interest Period that
begins on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such LIBOR Interest Period) shall end on the
last Business Day of a calendar month.

1.14 LIBOR Margin shall mean 100 basis points (1.00% per annum).

1.15 LIBOR Rate shall mean, for any LIBOR Interest Period, a rate per annum calculated by
Lender in good faith, which Lender determines with reference to the rate per annum (rounded upwards
to the next higher whole multiple of 1/16 % if such rate is not such multiple) at which deposits in
United States dollars are offered by prime banks in the London Interbank Eurodollar market on the
Business day occurring two (2) London Banking Days prior to the applicable Commencement Date for a
LIBOR Rate Loan, in an amount comparable to the applicable Advance and with a maturity equal to the
applicable LIBOR Interest Period.

1.16 LIBOR Rate Loans or Loan shall mean those portions or portion of the Revolving Note
accruing interest at the LIBOR Borrowing Rate.

1.17 LIBOR Reserve Requirements means, for any Advance bearing interest at the LIBOR Borrowing
Rate, the maximum reserves (whether basic, supplemental, marginal, emergency, or otherwise)
prescribed by the Board of Governors of the Federal Reserve System (or any successor) with respect
to liabilities or assets consisting of or including “Eurocurrency liabilities” (as defined in
Regulation D of the Board of Governors of the Federal Reserve System) having a term equal to the
term of such Advance.

1.18 Loan Documents shall mean collectively this Agreement, the Revolving Note, the Security
Agreement, financing statements and all other documents, instruments, and agreements now or later
executed in connection with this Agreement. Such documents shall be referred to collectively as
the “Loan Documents” and individually as a “Loan Document.”

1.19 London Banking Day shall mean any day other than a Saturday, Sunday, or other day on
which commercial banks in Seattle, Washington, or London, England, are authorized or required by
law to close.

1.20 Obligations shall mean the amounts owing under the Revolving Note, and all fees, costs,
expenses and indemnifications due to Lender under this Agreement.

1.21 Person shall mean any individual, trust, partnership, corporation, limited liability
company, business trust, unincorporated organization, joint venture or other entity, or any
governmental entity, department, agency, or political subdivision.

1.22 Plan shall mean any employee benefit plan or other plan maintained for Borrower’s
employees and covered by Title IV of ERISA, excluding any plan created or operated by or for any
labor union.

1.23 Prime Borrowing Rate means the (i) the Prime Rate; minus (ii) 150 basis points (1.50% per
annum).

1.24 Prime Rate shall mean the floating commercial loan reference rate of Lender, publicly
announced from time to time as its “prime rate” or “reference rate” (calculated on the basis of
actual number of days elapsed over a year of 360 days), with any change in the Prime Rate to be
effective on the date the “reference rate” or “prime rate” changes. The Prime Rate is not
necessarily the lowest rate which Lender charges any borrower or class of borrowers. Lender’s
internal records of applicable interest rates shall be determinative in the absence of manifest
error with respect to the calculation of the Prime Rate.

1.25 Prime Rate Loans or Loan shall mean those portions or portion of the principal of the
Revolving Note accruing interest at the Prime Borrowing Rate.

1.26 Revolving Loan shall mean the Revolving Loan described in Section 2.1 below.

1.27 Revolving Note shall mean that promissory note evidencing the Revolving Loan.

ARTICLE 2

Revolving Loans

2.1 Revolving Loan Facility. Subject to the terms and conditions of this Agreement, Lender
shall make Advances to Borrower from time to time, until the Expiration Date, with the aggregate
principal amount at any one time outstanding not to exceed the Borrowing Limit. Such loan shall be
referred to herein as the “Revolving Loan.” Borrower may use the Revolving Loan by borrowing,
prepaying, and reborrowing the Available Amounts, in whole or in part.

2.2 Procedure for Advances. Borrower may request Advances under the Revolving Loan on any
Business Day but no later than the Expiration Date, provided that (i) as a result of the Advance,
the Borrowing Limit is not exceeded, and (ii) with regard to an Advance regarding a LIBOR Rate Loan
only, the amount of the requested LIBOR Advance shall be no less than $1,000,000.00, and any
additional LIBOR Advances must be in increments of $250,000.00, and (iii) the conditions to
borrowing set forth in Article 4 are met as of the time of the request. Borrower shall give Lender
irrevocable notice either orally or in writing, but Lender may require that all oral requests be
confirmed in writing, and the notice shall specify the amount to be borrowed and the requested
borrowing date. Lender must receive such notice on or before 2:00 p.m., Seattle time, on the day
borrowing is requested. All Advances shall be discretionary to the extent notification by Borrower
is given subsequent to that time. The following persons (each authorized to do so without consent
or authorization of any of the others) are authorized to request Advances under the Revolving Loans
until Lender receives from Borrower written notice of the revocation of their authority:

Peter Van Stolk

Hassan Natha

Additional authorized persons may be added upon receipt by Lender of evidence satisfying Lender of
their appointment. Borrower agrees to be liable to Lender for all sums either (i) advanced, or
(ii) credited to any of Borrower’s accounts with Lender, in either case in accordance with
instructions by an authorized person.

2.3 Revolving Loan Fee. The Revolving Loan fee (the “Revolving Loan Fee”) shall be
$15,000.00, payable by Borrower on or before the closing of the Revolving Loan.

2.4 Repayment of Revolving Loan. The Revolving Loan shall be repaid by Borrower in accordance
with the terms of and shall be evidenced by a promissory note in the form attached hereto as
Exhibit A and incorporated herein by this reference (the “Revolving Note”). Interest on the
amounts outstanding on the Revolving Loan from time to time shall accrue and be payable at (i) the
Prime Borrowing Rate as defined in Section 1.23; or (ii) the LIBOR Borrowing Rate, as defined in
Section 1.11 if elected by Borrower, subject to the fulfillment of the conditions set forth in
Article 4 and the terms in the Revolving Note, and so long as the amount outstanding under any
Revolving Loan does not exceed the Borrowing Limit, Borrower may borrow and reborrow sums under the
Revolving Loan through the Expiration Date. Subject to Subsection 3.4.3, the individual Advances
made under the Revolving Note may be repaid by Borrower at any time in whole without penalty,
provided, that no partial payments of Advances shall be allowed hereunder. Advances under the
Revolving Note shall bear interest at the Prime Borrowing Rate or a fixed rate of interest equal to
the LIBOR Borrowing Rate for the duration of the LIBOR Interest Period, at Borrower’s election, but
subject to Sections 3.4 and 3.5. Interest shall be payable on the Interest Payment Dates.

ARTICLE 3

Interest Rate Options

3.1 Interest Rate. The Revolving Note shall bear interest at the Prime Borrowing Rate unless
a LIBOR Borrowing Rate is specifically selected by Borrower in the manner provided herein and as
additionally provided in Section 3.3.

3.2 Procedure For Selecting a LIBOR Rate. Borrower may, before 11:00 a.m. Seattle time on any
Business Day occurring two London Banking Days before a Commencement Date, request Lender to give a
LIBOR Rate quote for a specified loan amount and LIBOR Interest Period. Lender will then quote to
Borrower the available LIBOR Rate. Borrower shall have two hours from the time of the quote to
elect a LIBOR Rate by giving Lender irrevocable notice of such election, in which case the Advance
requested by Borrower shall accrue interest at the LIBOR Rate quoted by Lender plus the LIBOR
Margin from the Commencement Date through and including the last day of the LIBOR Interest Period.
Lender reserves the right to reject such election, and offer an updated quote, in the case of a
significant move in the Eurodollar market occurring after the Lender makes its initial quote.

3.3 Selection of Interest Rates. Advances under the Revolving Loans shall bear interest at
the LIBOR Borrowing Rate for the duration of a LIBOR Interest Period, at Borrower’s election;
provided that (i) the LIBOR Borrowing Rate may only be selected for a minimum principal amount of
no less than $1,000,000.00 and thereafter in integral multiples of $250,000; (ii) no more than
three (3) LIBOR Borrowing Rates may be outstanding at any one time on the Revolving Loan, and each
LIBOR Interest Period for a LIBOR Rate Loan shall be for 30, 60 or 90 days; and (iii) no LIBOR
Interest Period on a Revolving Loan may extend beyond the Expiration Date. Before the expiration
of a LIBOR Interest Period, Borrower may elect a new LIBOR Borrowing Rate to be applied to an
Advance in the manner described in Section 3.2, or Borrower may notify Lender (in writing, if
required by Lender), on or before the time and date Borrower is required to request a LIBOR Rate
quote from Lender as described in Section 3.2, that Borrower elects to convert an Advance to a
Prime Rate Loan after the termination of the LIBOR Interest Period (in which case the Advance shall
commence accruing interest at the Prime Borrowing Rate after the expiration of the LIBOR Interest
Period). If Borrower fails to make a timely LIBOR Borrowing Rate or Prime Borrowing Rate election,
Advances that previously bore interest at a LIBOR Borrowing Rate will bear interest at the LIBOR
Borrowing Rate for consecutive, identical LIBOR Interest Periods until a further election is made,
with the LIBOR Borrowing Rate to be determined by Lender for each LIBOR Interest Period in the
manner described in Section 3.2 above; provided that if the LIBOR Interest Period relating to any
such Advance would end later than the Expiration Date, such Advance will bear interest at the LIBOR
Borrowing Rate for the period ending most closely on or before such Expiration Date.

3.4 Increased Costs, Illegality and Prepayment. The following shall apply in the event any
Advances are made herein at the LIBOR Borrowing Rate.

3.4.1 Increased Costs. If, because of the introduction of or any change in, or because of a
judicial, administrative, or other governmental interpretation of, any law or regulation, there
shall be an increase in the cost to Lender of making, funding, maintaining or allocating capital to
any Advance bearing interest at the LIBOR Borrowing Rate, including a change in LIBOR Reserve
Requirements, then Borrower shall, from time to time upon demand by Lender, pay to Lender
additional amounts sufficient to compensate Lender for such increased cost.

3.4.2 Illegality. If, because of the introduction of or any change in, or because of any
judicial, administrative, or other governmental interpretation of, any law or regulation, it
becomes unlawful for any Lender to make, fund, or maintain any advance at the LIBOR Borrowing Rate,
then Lender’s obligation to make, fund, or maintain any such Advance shall terminate and each
affected outstanding Advance shall be converted to the Prime Borrowing Rate on the earlier of the
termination date for each LIBOR Interest Period or the date the making, funding, or maintaining of
each such Advance becomes unlawful.

3.4.3 Reimbursement of Costs. If Borrower repays any Advance bearing interest at the LIBOR
Borrowing Rate prior to the end of the applicable LIBOR Interest Period, including, without
limitation, a prepayment under Subsections 3.4.1 or 3.4.2 above, Borrower shall reimburse Lender on
demand for any resulting loss or expense incurred by Lender, including, without limitation, any
loss or expense incurred in obtaining, liquidating or re-employing deposits from third parties. A
statement as to the amount of such loss or expense, prepared in good faith and in reasonable detail
by Lender and submitted by Lender to Borrower, shall be conclusive and binding for all purposes
absent manifest error in computation. Calculation of all amounts payable to Lender under this
Subsection shall be made as though Lender shall have actually funded the relevant Advance through
deposits or other funds acquired from third parties for such purpose, provided, however, that
Lender may fund any Advance bearing interest at the LIBOR Borrowing Rate in any manner it sees fit
and the foregoing assumption shall be utilized only for purposes of calculation of amounts payable
under this Subsection. Lender will be entitled to receive the reimbursement provided for herein
regardless of whether the prepayment is voluntary (including demand or acceleration of the
Revolving Loans upon Borrower’s default).

3.5 Inability to Participate in Market. If Lender in good faith cannot participate in the
Eurodollar market for legal or practical reasons, the LIBOR Borrowing Rate shall cease to be an
option hereunder. Lender shall notify Borrower if and when it again becomes legal or practical to
participate in the Eurodollar market, at which time the LIBOR Borrowing Rate shall resume being an
option.

ARTICLE 4

Conditions of Lending

Lender’s obligations to make the Revolving Loan and make each Advance are subject to the
following conditions precedent, unless waived by Lender in writing:

4.1 Authorization. Borrower shall have delivered to Lender (i) a certified copy of the
resolution of Borrower’s board of directors authorizing the transactions contemplated by this
Agreement and the execution, delivery, and performance of all the Loan Documents; (ii) a
Certificate of Existence or similar certificate from the Washington Secretary of State certifying
that Borrower is in existence and in good standing under the laws of the state of Washington, dated
at least thirty (30) or less days before the date of Borrower’s execution of this Agreement; (iii)
a copy of the current Articles of Incorporation of Borrower; and (iv) if requested by Lender, an
opinion of Borrower’s legal counsel in a form satisfactory to Lender and Lender’s counsel opining
that, among other things, Borrower has the proper authority to enter into this Agreement and
consummate the transaction described herein.

4.2 Representations and Warranties. The representations and warranties made by Borrower in
the Loan Documents and in any certificate, document, or financial statement furnished at any time
shall continue to be true and correct, except to the extent that such representations and
warranties expressly relate to an earlier date.

4.3 Compliance. No Default or other event which, upon notice or lapse of time or both would
constitute a Default, shall have occurred and be continuing.

4.4 Documentation. Borrower shall have executed and delivered to Lender all documents to
reflect the existence of the Obligations, including, without limitation, the Loan Documents.

4.5 Proof of Insurance. Proof of insurance as required by Section 7.11 has been provided to
Lender.

4.6 Payment of Fees. Borrower shall have paid Lender all fees and costs required to be paid
to Lender by Borrower before any Advance pursuant to this Agreement, including, without limitation,
the Revolving Loan Fee.

ARTICLE 5

Collateral

5.1 Collateral. To secure payment of the Revolving Loan and performance of all other
obligations and duties owed by Borrower to Lender, Borrower (and others, if required) shall grant
to Lender first priority security interests in all of Borrower’s property and assets (collectively
the “Collateral”), including, without limitation, all of Borrower’s present and future tangible and
intangible property, including, without limitation, all accounts, inventory, equipment, general
intangibles, patents, trademarks, trade names, copyrights and intellectual property and the other
property which shall be described in the Security Agreement referenced in this section below.
Borrower shall execute a commercial security agreement (the “Security Agreement”) in favor of
Lender, which Security Agreement shall be in form and substance acceptable to Lender, and pursuant
to which Borrower shall grant Lender a security interest in the Collateral. Lender’s security
interest in the Collateral shall be a continuing lien and shall include the proceeds and products
of the Collateral, including without limitation, the proceeds of any insurance. With respect to
the Collateral, Borrower agrees and represents and warrants to Lender and shall comply with the
provision of Sections 5.2 and 5.3 below.

5.2 Perfection of Security Interest. Borrower grants Lender the authority to file financing
statements with the appropriate filing offices to perfect Lender’s security interests in the
Collateral. At Lender’s request, Borrower agrees to take whatever other actions are requested by
Lender to perfect and continue Lender’s security interest in the Collateral. Upon request of
Lender, Borrower will deliver to Lender any and all of the documents evidencing or constituting the
Collateral, and Borrower will note Lender’s interest upon any and all chattel paper if not
delivered to Lender for possession by Lender. Contemporaneous with the execution of this
Agreement, Borrower will file one or more UCC financing statements and any and all similar
statements in the appropriate location or locations as may be required by applicable law. Borrower
hereby appoints Lender as its irrevocable attorney-in-fact for the purpose of executing or filing
any documents necessary to perfect or to continue any security interest. Lender may at any time,
and without further authorization from Borrower, file a carbon, photograph, facsimile, or other
reproduction of any financing statement for use as a financing statement. Borrower will reimburse
Lender for all expenses for the perfection, termination, and the continuation of the perfection of
Lender’s security interest in the Collateral. Borrower will promptly notify Lender of any change
in Borrower’s name including any change to the assumed business names of Borrower. Borrower also
will promptly notify Lender of any change in Borrower’s Employer Identification Number. Borrower
further agrees to notify Lender in writing prior to any change in address or location of Borrower’s
state of incorporation and/or principal governance office or should Borrower merge or consolidate
with any other entity.

5.3 Collateral Records. Borrower does now, and at all times hereafter shall, keep correct and
accurate records of the Collateral, all of which records shall be available to Lender or Lender’s
representative upon demand for inspection and copying at any reasonable time. With respect to
Borrower’s accounts, Borrower agrees to keep and maintain such records as Lender may require
regarding the Collateral, including, without limitation, information concerning Borrower’s
accounts, including account balances and agings.

ARTICLE 6

Representations and Warranties

To induce Lender to enter into this Agreement, Borrower represents, warrants, and covenants to
Lender as follows:

6.1 Corporate Existence. Borrower is in good standing as a corporation under the laws of the
state of Washington, has the corporate power, authority, and legal right to own and operate its
property or lease the property it operates and to conduct its current business; and is qualified to
do business and is in good standing in all other jurisdictions where the ownership, lease, or
operation of its property or the conduct of its business requires such qualification.

6.2 Enforceability. The Loan Documents, when executed and delivered by Borrower, shall be
enforceable against Borrower in accordance with their respective terms.

6.3 No Legal Bar. The execution, delivery, and performance by Borrower of the Loan Documents,
and the use of the loan proceeds, shall not violate any existing law or regulation applicable to
Borrower; any ruling applicable to Borrower of any court, arbitrator, or governmental agency or
body of any kind, Borrower’s articles of incorporation or bylaws, any security issued by Borrower,
or any mortgage, indenture, lease, contract, undertaking, or other agreement to which Borrower is a
party or by which Borrower or any of its property may be bound.

6.4 Financial Information. By submitting each of the financial statements required by
Subsection 7.2, Borrower is deemed to represent and warrant that: (a) such statement is complete
and correct and fairly presents its financial condition as of the date of such statement; (b) such
statement discloses all liabilities that are required to be reflected or reserved against under
GAAP, whether liquidated or unliquidated, fixed or contingent; and (c) such statement has been
prepared in accordance with GAAP. As of the date submitted, there has been no adverse change in
Borrower’s financial condition, since the date of preparation of such financial statements which
would materially impair Borrower’s ability to repay the obligations.

6.5 Liens and Encumbrances. As of this date, Borrower has good and marketable title to its
property free and clear of all security interests, liens, encumbrances, or rights of others, except
as disclosed in writing to Lender, and except for taxes which are not yet delinquent and
conditions, restrictions, easements, and rights of way of record which do not materially affect the
use of any of Borrower’s property.

6.6 Litigation. Except as disclosed in writing to Lender, there is no threatened (to
Borrower’s knowledge) or pending litigation, investigation, arbitration, or administrative action
which may materially adversely affect Borrower’s business, property, operations, or financial
condition.

6.7 Payment of Taxes. Borrower has filed or caused to be filed all tax returns when required
to be filed; and has paid all taxes, assessments, fees, licenses, excise taxes, franchise taxes,
governmental liens, penalties, and other charges levied or assessed against Borrower or any of its
property imposed on it by any governmental authority, agency, or instrumentality that are due and
payable (other than those returns or payments of which the amount, enforceability, or validity are
contested in good faith by appropriate proceedings and with respect to which reserves in conformity
with GAAP are provided on Borrower’s books).

6.8 Employee Benefit Plan. Borrower is in compliance in all respects with the provisions of
ERISA and the regulations and published interpretations thereunder. Borrower has not engaged in
any acts or omissions which would make Borrower liable to the Plan, to any of its participants, or
to the Internal Revenue Service, under ERISA.

6.9 Misrepresentations. No information, exhibits, data, or reports furnished by Borrower or
delivered to Lender in connection with Borrower’s application for credit misstates any material
fact or omits any fact necessary to make such information, exhibits, data, or reports not
misleading.

6.10 No Default. Borrower is not in default under any Loan Document, or in any material
contract, agreement, or instrument to which it is a party.

6.11 No Burdensome Restrictions. No contract or other instrument to which Borrower is a
party, or order, award, or decree of any court, arbitrator, or governmental agency, materially
impairs Borrower’s ability to repay the obligations.

6.12 Margin Stock. Borrower is not engaged, nor shall it engage, principally or as one of its
important activities, in the business of extending credit for the purpose of “purchasing” or
“carrying” margin stock under Regulation U of the Board of Governors of the Federal Reserve System.
Borrower shall not use any part of the proceeds of any Advance for any purpose which violates or
is inconsistent with the provisions of Regulation T, U, or X of such Board of Governors, as the
same may be amended, supplemented, or modified from time to time.

6.13 Hazardous Substances. The terms “hazardous waste,” “hazardous substance,” “disposal,”
“release,” and “threatened release,” as used in this Agreement, shall have the same meanings as set
forth in the “CERCLA,” “SARA,” the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801,
et seq., the Resource Conservation and Recovery Act, 49 U.S.C. Section 6901, et seq., and/or other
applicable state or Federal laws, rules or regulations adopted pursuant to any of the foregoing or
governing hazardous substances or hazardous waste, including all Washington State laws and
regulations. Except as disclosed to and acknowledged by Lender in writing, Borrower represents and
warrants that: (a) during the period of Borrower’s ownership of its properties, there has been no
use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
hazardous waste or substance by any person on, under, or about any of the properties; (b) Borrower
has no knowledge of, or reason to believe that there has been (i) any use, generation, manufacture,
storage, treatment, disposal, release, or threatened release of any hazardous waste or substance by
any prior owners or occupants of any of the properties, or (ii) any actual or threatened litigation
or claims of any kind by any person relating to such matters; and (c) neither Borrower nor any
tenant, contractor, agent or other authorized user of any of its properties shall use, generate,
manufacture, store, treat, dispose of, or release any hazardous waste or substance on, under or
about any of its properties; and any such activity shall be conducted in compliance with all
applicable federal, state and local laws, regulations, and ordinances, including, without
limitation, those laws, regulations and ordinances described above. Borrower authorizes Lender and
its agents to enter upon the properties to make such inspections and tests as Lender may deem
appropriate to determine compliance of the properties with this section of the Agreement. Any
inspections or tests made by Lender shall be at Borrower’s expense and for Lender’s purposes only
and shall not be construed to create any responsibility or liability on the part of Lender to
Borrower or to any other person. The representations and warranties contained herein are based on
Borrower’s due diligence in investigating its properties for hazardous waste. Borrower hereby (a)
releases and waives any future claims against Lender for indemnity or contribution in the event
Borrower becomes liable for clean up or other costs under any such laws, and (b) agrees to
indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages,
penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a
breach of this subsection of the Agreement or as a consequence of any use, generation, manufacture,
storage, disposal, release or threatened release occurring prior to Borrower’s ownership or
interest in its properties, whether or not the same was or should have been known to Borrower. The
provisions of this subsection of the Agreement, including the obligation to indemnify, shall
survive the payment of the Revolving Loan and the termination or expiration of this Agreement and
shall not be affected by Lenders’ acquisition of any interest in any of Borrower’s properties,
whether by foreclosure or otherwise.

ARTICLE 7

Affirmative Covenants

So long as this Agreement shall remain in effect, or any liability exists under the Loan
Documents, Borrower shall:

7.1 Use of Proceeds. The proceeds of the Revolving Loan shall be used exclusively for general
corporate purposes.

7.2 Financial Information. Maintain a standard system of accounting in accordance with GAAP
and furnish to Lender the following:

7.2.1 Quarterly Financial Statements. As soon as available and, in any event, within
forty-five (45) days after the end of each fiscal quarter, a copy of Borrower’s 10-Q report filed
with the Security and Exchange Commission (“SEC”).

7.2.2 Annual Financial Statements. As soon as available and, in any event, within one hundred
twenty (120) days after the end of each fiscal year, a copy of Borrower’s 10-K report filed with
the SEC.

7.2.3 Additional Financial Information. As soon as available and, in any event, within ten
(10) days after request, such other data, information, or documentation as Lender may reasonably
request.

7.3 Current Ratio. Borrower shall attain a ratio of Current Assets (less prepaid expenses) to
Current Liabilities of 2.00 to 1.00 or greater, tested at the end of each fiscal quarter. “Current
Assets” and “Current Liabilities” shall have the meanings defined by GAAP.

7.4 Total Debt/Tangible Net Worth Ratio. Borrower shall attain a Total Debt to Tangible Net
Worth of not greater than 1.00 to 1.00, tested at the end of each fiscal quarter. “Total Debt”
shall mean all of Borrower’s liabilities including Subordinated Debt. “Subordinated Debt” shall
mean indebtedness and liabilities of Borrower which have been subordinated by written agreement to
indebtedness owed by Borrower to Lender in form and substance acceptable to Lender. “Tangible Net
Worth” shall mean Borrower’s total assets, excluding all intangible assets (i.e. goodwill,
trademarks, patents, copyrights, organizational expenses and similar intangible items, but
including leaseholds and leasehold improvements) less Total Debt.

7.5 Location of Deposit Accounts. Borrower shall keep and maintain all of its operating
deposit accounts at Lender until the Revolving Loan has been fully paid and is terminated
(Borrower’s investment accounts may be maintained at other institutions).

7.6 Maintenance of Existence. Preserve and maintain its corporate existence, powers, and
privileges in the jurisdiction of its incorporation, and qualify and remain qualified in each
jurisdiction in which its presence is necessary or desirable in view of its business, operations or
ownership of its property. Borrower shall also maintain and preserve all of its property which is
necessary or useful in the proper course of its business, in good working order and condition,
ordinary wear and tear excepted.

7.7 Books and Records. Keep accurate and complete books, accounts, and records in which
complete entries shall be made in accordance with GAAP, reflecting all financial transactions of
Borrower.

7.8 Access to Premises and Records. At all reasonable times and as often as Lender may
reasonably request, permit any authorized representative designated by Lender to have access to the
premises, property, and financial records of Borrower, including all records relating to the
finances, operations, and procedures of Borrower, and to make copies of or abstracts from such
records.

7.9 Notice of Events. Furnish Lender prompt written notice of:

7.9.1 Proceedings. Any proceeding instituted by or against Borrower in any court or before
any commission or regulatory body, or any proceeding threatened against it in writing by any
governmental agency which if adversely determined would have a material adverse effect on
Borrower’s business, property, or financial condition, or where the amount involved is
$1,000,000.00 or more and not covered by insurance;

7.9.2 Material Development. Any material development in any such proceeding referred to in
Subsection 7.9.1;

7.9.3 Defaults. Any accident, event, or condition which is or, with notice or lapse of time
or both, would constitute a Default, or a default under any other agreement to which Borrower is a
party; and

7.9.4 Adverse Effect. Any other action, event, or condition of any nature which could result
in a material adverse effect on the business, property, or financial condition of Borrower.

7.10 Payment of Debts and Taxes. Pay all of its liabilities as they come due and perform all
obligations promptly and in accordance with their terms, and pay and discharge promptly all taxes,
assessments, and governmental charges or levies imposed upon Borrower, its property, or revenues
prior to the date on which penalties attach thereto, as well as all lawful claims for labor,
material, supplies, or otherwise which, if unpaid, might become a lien or charge upon Borrower’s
property. Borrower shall not, however, be required to pay or discharge any such tax, assessment,
charge, levy, or claim so long as its enforceability, amount, or validity is contested in good
faith by appropriate proceedings.

7.11 Insurance. Maintain commercially adequate levels of insurance coverage with financially
sound and reputable insurers as approved by Lender, including, without limitation:

7.11.1 Property Insurance. Insurance on all the Collateral and property of a character
usually insured by organizations engaged in the same or similar type of business as Borrower
against all risks, casualties, and losses through extended coverage or otherwise and of the kind
customarily insured against by such organizations, with such policy or policies naming Lender as
loss payee, as its interests may appear;

7.11.2 Liability Insurance. Public liability insurance against tort claims which may be
asserted against Borrower; and

7.11.3 Additional Insurance. Such other insurance as may be required by law.

ARTICLE 8

Negative Covenants

So long as this Agreement shall remain in effect, or any liability shall exist under the Loan
Documents, Borrower shall not, without prior written consent of Lender:

8.1 Merger. Become a party to any merger, consolidation, or like corporate change, or make
any substantial transfer or contribution to, or material investment in, stock, shares, or licenses
of any Person.

8.2 Capital Structure. Issue, purchase, retire, or redeem any of its capital stock or take
any other action which would effect a substantial change in Borrower’s capital structure.

8.3 Laws. Violate any laws, including, without limitation, the federal Fair Labor Standards
Act or any comparable state wage and hour law.

8.4 ERISA. Engage in any act or omission which would make Borrower liable under ERISA to the
Plan, to any of its participants, or to the Internal Revenue Service.

8.5 Dissolution. Adopt any agreement or resolution for dissolving, terminating, or
substantially altering Borrower’s present business activities.

8.6 Business Activities. Engage or enter into any activity which is unusual to Borrower’s
existing business.

ARTICLE 9

Events and Consequences of Default

9.1 Events of Default. Any of the following events shall, at the option of Lender and at any
time without regard to any previous knowledge on the part of Lender, constitute a default by
Borrower under the terms of this Agreement, the Revolving Note, and all other Loan Documents
(“Default”):

9.1.1 Nonpayment. Any payment or reimbursement due or demanded under this Agreement or any
Loan Document is not made when due or within three (3) days thereafter;

9.1.2 Breach of Warranty. Any representation or warranty made in connection with this
Agreement or any other Loan Document, or any certificate, notice, or report furnished pursuant
hereto, is determined by Lender to be materially false in any respect when made;

9.1.3 Failure to Perform. Any other term, covenant, or agreement contained in any Loan
Document is not performed or satisfied (including any failure to adhere to an affirmative covenant
set forth in Article 7 hereof), and, if remediable, such failure continues unremedied for ten (10)
days after written notice thereof has been given to Borrower by Lender;

9.1.4 Borrowing Limit. If the aggregate amount of the outstanding Advances under the
Revolving Note shall exceed the Borrowing Limit, and Borrower upon written or oral notice from
Lender does not immediately pay Lender an amount equal to the difference between the outstanding
balance of such Advances due under the Revolving Note and the Borrowing Limit;

9.1.5 Defaults to Third Parties. Should Borrower default under any loan, extension or
credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any
other creditor or person that may materially affect any of Borrower’s property or Borrower’s
ability to repay the Revolving Loan or perform its obligations under this Agreement or any of the
Loan Documents;

9.1.6 Loss, Destruction, or Condemnation. A portion of Borrower’s property is affected by any
uninsured loss, damage, destruction, theft, sale, or encumbrance other than created herein or is
condemned, seized, or appropriated, the effect of which materially impairs Borrower’s financial
condition or its ability to pay its debts as they come due;

9.1.7 Attachment Proceedings and Insolvency. Borrower or any of Borrower’s property is
affected by any:

(a) Judgment lien, execution, attachment, garnishment, general assignment for the benefit of,
creditors, sequestration, or forfeiture, to the extent Borrower’s financial condition or its
ability to pay its debts as they come due is thereby materially impaired; or

(b) Proceeding under the laws of any jurisdiction relating to receivership, insolvency, or
bankruptcy, whether brought voluntarily or involuntarily by or against Borrower, including, without
limitation, any reorganization of assets, deferment or arrangement of debts, or any similar
proceeding, and, if such proceeding is involuntarily brought against Borrower, it is not dismissed
within sixty (60) days;

9.1.8 Judgments. Final judgment on claims not covered by insurance which, together with other
outstanding final judgments against Borrower, exceeds $1,000,000.00, is rendered against Borrower
and is not discharged, vacated, or reversed, or its execution stayed pending appeal, within sixty
(60) days after entry, or is not discharged within sixty (60) days after the expiration of such
stay;

9.1.9 Government Approvals. Any governmental approval, registration, or filing with any
governmental authority, now or later required in connection with the performance by Borrower of its
obligations under the Loan Documents, is revoked, withdrawn, or withheld, or fails to remain in
full force and effect, except Borrower shall have sixty (60) days after notice of any such event to
take whatever action is necessary to obtain all necessary approvals, registration, and filings;

9.1.10 Defective Collateralization. This Agreement or any of the Loan Documents ceases to be
in full force and effect (including, without limitation, the failure of the Security Agreement to
create a valid and perfected security interest in any of the Collateral);

9.1.11 Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture
proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any
creditor of Borrower, or any creditor of any grantor, against the Collateral or any portion
thereof, securing the Revolving Loan, or by any governmental entity or agency. This includes,
without limitation, garnishment, attachment or levy on or of any of Borrower’s deposit accounts
with Lender. However, this Default shall not apply if there is a good faith dispute by Borrower or
any grantor, as the case may be, as to the validity or reasonableness of the claim which is the
basis of the creditor or forfeiture proceeding, and if Borrower or the grantor gives Lender written
notice of the creditor or forfeiture proceeding and furnishes to Lender reserves or a surety bond
for the creditor or forfeiture proceeding satisfactory to Lender; and/or

9.1.12 Adverse Change. In Lender’s reasonable opinion, a material adverse change occurs in
the financial condition of Borrower.

9.2 Notification of Default. Lender shall promptly furnish Borrower with written notice of
the nature and extent of any Default after Lender has actual knowledge thereof.

9.3 Remedies Upon Default. If any Default occurs and is continuing, Lender may at its option,
by notice to Borrower:

9.3.1 Terminate Commitments. Refuse to make further Advances;

9.3.2 Accelerate. Declare all principal, accrued interest and other charges under the
Revolving Note to be immediately due and payable without presentment, demand, protest, or notice of
any kind, all of which are hereby expressly waived by Borrower, and Lender may immediately exercise
all rights granted to Lender upon default by Borrower under the Revolving Note, the Security
Agreement and the other Loan Documents;

9.3.3 Setoff. Exercise its right of setoff, assert its banker’s lien, or counterclaim against
any interest of Borrower in each deposit account which Borrower may now or later have with Lender,
or any property which is now or later shall be in Lender’s possession; and/or

9.3.4 All Remedies. Pursue all available legal and equitable remedies. All of Lender’s
rights and remedies in all Loan Documents shall be cumulative and can be exercised separately or
concurrently.

9.4 Default Interest. Upon Default, whether or not acceleration has occurred, all unpaid
principal under the Revolving Note shall, at Lender’s option, accrue interest at a fluctuating rate
per annum of 5% above the Prime Rate.

9.5 Alleged Default by Lender. In the event that Borrower at any time concludes that Lender
has defaulted in any respect under this Agreement or any of the Loan Documents, Borrower shall
promptly give notice thereof to Lender and provide Lender with a period of not less than thirty
(30) days in which to cure such alleged default; provided, however, that in no event shall this
Section 9.5 or Borrower’s giving such notice to Lender extend the time period(s) granted to
Borrower to cure any Default under this Agreement or any Loan Document. Failure of Borrower to
provide such notice to Lender shall waive Borrower’s right to assert a claim against Lender for
such alleged default.

ARTICLE 10

Miscellaneous

10.1 Manner of Payments.

10.1.1 Payments on Nonbusiness Days. Whenever any event is to occur or any payment is to be
made under any Loan Document on any day other than a Business Day, such event may occur or such
payment may be made on the next succeeding Business Day and such extension of time shall be
included in computation of interest in connection with any such payment.

10.1.2 Payments. All payments and prepayments to be made by Borrower shall be made to Lender
when due, at Lender’s office as may be designated by Lender, without offsets or counterclaims for
any amounts claimed by Borrower to be due from Lender, in U.S. dollars and in immediately available
funds.

10.1.3 Application of Payments. All payments made by Borrower shall be applied first against
fees, expenses, and indemnities due; second, against interest due; and third, against principal.

10.1.4 Recording of Payments. Lender is authorized to record on a schedule or
computer-generated statement the date and amount of each Advance, all conversions between interest
rate options, and all payments of principal and interest. All such schedules or statements shall
constitute prima facie evidence of the accuracy of the information so recorded.

10.2 Notices. Lender may make Advances and make conversions between interest rates, based on
telephonic, telex, and oral requests made by the Persons described in Section 2.2 above. All other
notices, demands, and other communications to be given pursuant to any of the Loan Documents shall
be in writing and shall be deemed received on the earlier of when actually received, or two (2)
days after being mailed, postage prepaid and addressed as follows, or as later designated in
writing:

	 	 	 
	Lender:

	 	

	KEYBANK NATIONAL ASSOCIATION

1301 Fifth Avenue, Suite 2400

	 	

Borrower:
	WA-31-13-2474

P.O. Box 90

Seattle, WA 98111-0090

Attention: Jason R. Gill

	 	JONES SODA CO.

234 Ninth Avenue North

Seattle, WA 98109

Attention: Peter Van Stolk

10.3 Costs and Expenses. Borrower shall pay, reimburse, and indemnify Lender for:

10.3.1 Out-of-Pocket Expenses. All Lender’s costs and expenses, including, without
limitation, all accounting, appraisal, and report preparation fees or expenses, all attorneys’
fees, legal expenses, and recording or filing fees, incurred in connection with the negotiation,
preparation, execution, and administration of this Agreement and all other Loan Documents, and all
amendments, supplements, or modifications thereto; and

10.3.2 Collection Expenses. All Lender’s costs, expenses, and reasonable attorneys’ fees
(including the reasonable value of the services of staff counsel) incurred in connection with the
enforcement or preservation of any right under this Agreement or any other Loan Document, whether
or not suit is brought. This subsection shall survive the termination of this Agreement.

10.4 Waiver. No failure to exercise and no delay in exercising, on the part of Lender, any
right, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, power, or privilege hereunder preclude any other or further exercise
thereof, or the exercise of any other right, power, or privilege. Further, no waiver or indulgence
by Lender of any Default shall constitute a waiver of Lender’s right to declare a subsequent
similar failure or event to be a Default.

10.5 Assignment. This Agreement is made expressly for the sole benefit of Borrower and for
the protection of Lender and its successors and assigns. The rights of Borrower hereunder shall
not be assignable by operation of law or otherwise, without the prior written consent of Lender,
which consent may be denied or given in Lender’s sole discretion. Lender may at any time sell,
assign, grant participations in, or otherwise transfer to any other financial institution (a
“Participant”) all or any part of its obligations under the Revolving Note, and its rights under
this Agreement, without notice to Borrower. Lender acknowledges and agrees that any such
disposition will not alter or affect Lender’s direct obligations under this Agreement. Borrower
acknowledges that any such Participant will become an owner pro rata of the Obligations,
and Borrower waives any right it may have to setoff the Obligations against any claims or
counterclaims it may have against Lender.

10.6 Merger. The rights and obligations set forth in this Agreement shall not merge into or
be extinguished by any of the Loan Documents, but shall continue and remain valid and enforceable.
This Agreement and the other Loan Documents constitute Lender’s entire agreement with Borrower, and
supersede all prior writings and oral negotiations. No oral or written representation, covenant,
commitment, waiver, or promise of either Lender or Borrower shall have any effect, whether made
before or after the date of this Agreement, unless contained in this Agreement or another Loan
Document, or in an amendment complying with Section 10.7. ORAL AGREEMENTS OR ORAL COMMITMENTS TO
LOAN MONEY, TO EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE
UNDER WASHINGTON LAW.

10.7 Amendments. Any amendment or waiver of, or consent to any departure by Borrower from any
provision of, this Agreement shall be in writing signed by each party to be bound thereby, and
shall be effective only in the specific instance and for the specific purpose for which given.

10.8 Jurisdiction and Venue. Borrower irrevocably consents to the personal jurisdiction of
the state and federal courts located in the State of Washington in any action brought under this
Agreement or any other Loan Document, and any action based upon the transactions encompassed by
this Agreement, whether or not based in contract. Venue of any such action shall be laid in King
County, Washington, unless some other venue is required for Lender to fully realize upon any
collateral or guaranties.

10.9 Construction. Each term of this Agreement and each Loan Document shall be binding to the
extent permitted by law and shall be governed by the laws of the State of Washington, excluding its
conflict of laws rules. If one or more of the provisions of this Agreement should be invalid,
illegal, or unenforceable in any respect, the remaining provisions of this Agreement shall remain
effective and enforceable. If there is a conflict among the provisions of any Loan Documents, the
provisions of this Agreement shall be controlling. The captions and organization of this Agreement
are for convenience only, and shall not be construed to affect any provision of this Agreement.

10.11 Counterparts. This Agreement may be executed in multiple counterparts, each of which
shall be deemed an original and together shall be deemed one document.

10.12 Jury Trial Waiver. Lender and Borrower hereby waive the right to a jury trial in any
action, proceeding or counterclaim brought by any party against the other party.

10.13 Time is of the Essence. Time is of the essence of this Agreement.

2

	 	 	 
	Dated August 21, 2007

	 	Borrower:
	
 
	 	JONES SODA CO.

By: /s/ Hassan N. Natha
	
 
	 	 
	
 
	 	Its: Chief Financial Officer
	
 
	 	Lender:
	Dated August 22, 2007

	 	KEYBANK NATIONAL ASSOCIATION

By: /s/ James Waters

—

Its: Assistant V.P.

3

EXHIBIT A

REVOLVING NOTE

	 	 	 	 	 
	Date:
	 	August 21, 2007

	Principal Amount:
	 	$	15,000,000.00	
	Interest Rate:
	 	Prime Rate Minus 1.5% per annum or LIBOR Rate Plus Margin

	Final Payment Date:
	 	August 21, 2009

	Borrower:
	 	Jones Soda Co.

Promise To Pay. Jones Soda Co. (“Borrower”), promises to pay to KeyBank National Association,
located at 1301 Fifth Avenue, Suite 2400, WA-31-13-2474, PO BOX 90 Seattle, WA 98111-0090
(“Lender”), or order, in lawful money of the United States of America, the principal amount set
forth above, or so much as has been advanced and not repaid, together with interest on the unpaid
outstanding principal balance from the date funds are actually advanced until paid in full all in
accordance with the terms set forth below. This Note is the “Revolving Note” referred to in that
certain Loan Agreement of even date herewith (the “Loan Agreement”), entered into by and between
Borrower and Lender. All capitalized terms that are used in this Note but are not otherwise
defined herein are intended to have the meanings assigned to such terms in the Loan Agreement.

1. Repayment. Beginning on the first day of the first month after an Advance is made hereof,
and continuing on or before the first day of each month during the term hereof, Borrower shall pay
to Lender all accrued interest outstanding hereon, subject to any grace period set forth in the
Loan Agreement. Notwithstanding any other term hereof, each Advance and all principal, interest,
fees and other sums outstanding hereunder shall be repaid no later than the Final Payment Date,
which is August 21, 2009; provided that the Final Payment Date may be hereafter extended by Lender
in its sole discretion, subject to such terms as Lender shall require. Additionally, if at any
time the aggregate amount of the outstanding Advances under the revolving loan evidenced by this
Note (the “Revolving Loan”) shall exceed the applicable Borrowing Limit as described in the Loan
Agreement, Borrower, upon written or oral notice from Lender, shall immediately pay to Lender an
amount equal to the difference between the outstanding balance of such Advances and the Borrowing
Limit. Borrower shall pay Lender at Lender’s address described above or at such other place as
Lender may designate in writing, or, at the election of Lender, Lender may directly debit
Borrower’s operating or other accounts with Lender. Unless otherwise agreed or required by
applicable law, payments will be applied by Lender first to all legal and collection costs and
charges; next to late charges; next to accrued interest; and the remainder to principal.

2. Variable Interest Rate. The interest rate on this Note is subject to change from time to
time based on changes in an index which is Lender’s Prime Rate (the “Prime Rate”) as announced by
Lender. The interest rate will change automatically and correspondingly on the date of each
announced change of the Prime Rate by Lender with regard to Advances under the Loan accruing
interest based on the Prime Rate. The Prime Rate is not necessarily the lowest rate charged by
Lender on its loans and is set by Lender in its sole discretion. If the Prime Rate becomes
unavailable during the term of this Loan, the Lender may designate a similar substitute index after
notifying Borrower. Lender will inform Borrower of the current Prime Rate upon Borrower’s request.
Borrower understands that Lender may make loans, as applicable, based on other rates as well. The
interest rate change will not occur more often than each day that the Prime Rate changes. The
Prime Rate currently is 8.25% per annum. The interest rate to be applied to the unpaid principal
balance of this Note will be at a rate equal to the Prime Rate, minus 1.5% per annum (the “Prime
Borrowing Rate”). As more fully set forth in the Loan Agreement, Borrower may elect to have
Advances under the Loan bear interest based on the LIBOR Rate defined in the Loan Agreement plus
the LIBOR Margin of 1.00% per annum (the “Libor Borrowing Rate”) for 30, 60 or 90 days at the time
and in the manner described in the Loan Agreement. In such case, such Advances shall thereafter
accrue interest at the LIBOR Borrowing Rate in accordance with the Loan Agreement. NOTICE:
Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by
applicable law.

3. Prepayment. Borrower agrees that all Loan fees and other prepaid finance charges are
earned fully as of the date of the Loan and will not be subject to refund upon early payment
(whether voluntary or as a result of default), except as otherwise required by law. Except for the
foregoing and as provided under the Loan Agreement (including in Section 3.4.3), Borrower may pay
without penalty any individual Advance made hereunder in full earlier than it is due, provided that
no partial payment of any Advance shall be allowed hereunder. Early payments will not, unless
agreed to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make
payments of accrued and unpaid interest. Rather, they will reduce the principal balance due.

4. Loan Advances. Lender agrees to make Advances to Borrower hereunder from time to time from
the date of this Note to the Expiration Date as set forth in the Loan Agreement; provided that the
aggregate amount of such Advances outstanding at any time does not exceed the Borrowing Limit.
However, Advances hereunder may be borrowed, repaid and reborrowed, and the aggregate Advances
loaned hereunder from time to time may exceed such maximum amount.

5. Late Charge. If a payment owing hereon is ten (10) days or more late, Borrower will be
charged 5.000% of the regularly scheduled payment.

6. Default. Defaults hereunder and under other Loan Documents and Lender’s rights upon an
Event of Default by Borrower shall be those set forth in the Loan Agreement.

7. Remedies. Including the remedies described in the Loan Agreement, upon the occurrence of
an Event of Default, Lender may declare the entire unpaid principal balance on this Note and all
accrued unpaid interest and other sums owing hereon immediately due, without notice, and then
Borrower must pay that amount. Upon the occurrence of an Event of Default, including, without
limitation, Borrower’s failure to fully pay this Note when due, Lender, at its option, may also
increase the variable interest rate of this Note to five percentage points (5%) over the Prime
Rate, which rate shall thereafter accrue on all Advances under this Note. Lender may hire or pay
someone else to help collect this Note if Borrower does not pay. Borrower also will pay Lender
that amount. This includes, subject to any limits under applicable law, court costs, Lender’s
attorneys’ fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and
legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay
or injunction), appeals, and any anticipated post-judgment collection services. This Note has been
delivered to and accepted by Lender in the State of Washington. If there is a lawsuit, Borrower
agrees upon Lender’s request to submit to the jurisdiction of the courts of King County, State of
Washington. Lender and Borrower hereby waive the right to any jury trial in any action,
proceeding, or counterclaim brought by either Lender or Borrower against the other. This Note
shall be governed by and construed in accordance with the laws of the State of Washington.

8. Right of Setoff. Borrower grants to Lender a contractual security interest in, and hereby
assigns, conveys, delivers, pledges and transfers to the Lender all Borrower’s right, title and
interest in and to Borrower’s accounts with Lender (whether checking, savings or some other
account), including, without limitation, all accounts held jointly with someone else and all
accounts Borrower may open in the future, excluding however all IRA, Keogh, and trust accounts.
Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums
owing on this Note against any and all such accounts.

9. General Provisions. Time is of the essence of this Note. Lender may delay or forgo
enforcing any of its rights and remedies under this Note without losing them. Borrower and any
other person who signs, guarantees or endorses this Note, to the extent allowed by law, each waive
presentment, demand for payment, protest and notice of dishonor. Upon any change in the terms of
this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether
as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such
parties agree that Lender may renew or extend (repeatedly and for any length of time) this Note, or
release any party, and take any other action deemed necessary by Lender without the consent of or
notice to anyone. All such parties also agree that Lender may modify this Note without the consent
of or notice to anyone other than the party with whom the modification is made.

PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL PROVISIONS OF THIS
NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS
OF THIS NOTE AND ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS NOTE.

NOTICE CONCERNING ORAL AGREEMENTS

ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR

FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW

BORROWER:

JONES SODA CO.

By: /s/ Hassan N. Natha

Its: Chief Financial Officer

4EX-10.2

COMMERCIAL SECURITY AGREEMENT

This Commercial Security Agreement (“Agreement”) is made as of August 21, 2007, by JONES
SODA CO., a Washington corporation (“Borrower”), for the benefit of KEYBANK NATIONAL ASSOCIATION
(“Lender”).

RECITALS

A. Borrower has received a revolving loan (the “Loan”) from Lender in the principal amount of
$15,000,000.00 (the “Indebtedness”) evidenced by a Revolving Note (the “Note”) of even date
executed by Borrower to the order of Lender.

B. As a condition of granting the Loan, Lender has required that Borrower grant to Lender a
security interest in the Collateral to secure Borrower’s repayment of the Indebtedness and
Borrower’s obligations to Lender under the Revolving Note and other loan documents.

C. This Agreement is given in connection with a Loan Agreement of even date made by Borrower
and Lender (the “Loan Agreement”). All capitalized terms not otherwise defined in this Agreement
shall have the definitions given them in the Loan Agreement.

AGREEMENT

1. Grant of Security Interest. For valuable consideration, Borrower as a debtor and grantor
hereby grants to Lender a security interest on the Collateral to secure Borrower’s repayment of the
Indebtedness and Borrower’s obligations to Lender under the Loan Documents, and agrees that Lender
shall have the rights stated in this Agreement with respect to the Collateral, in addition to all
other rights which Lender may have by law.

2. Definitions. The following words shall have the following meanings when used in this
Agreement:

• Agreement. “Agreement” means this Commercial Security Agreement, as this Commercial
Security Agreement may be amended or modified from time to time, together with all exhibits and
schedules attached to this Commercial Security Agreement from time to time.

• Borrower. “Borrower” means JONES SODA CO.

• Collateral. “Collateral” means the following described assets and property of
Borrower, whether now owned or hereafter acquired, whether now existing or hereafter arising, and
wherever located:

All assets and property of Borrower, whether now existing or hereafter arising, whether
now owned by Borrower or hereafter acquired by Borrower, and/or whether now or hereafter
subject to any rights in any such assets and property, such assets and property to include,
without limitation, all inventory, equipment, accounts, chattel paper, instruments
(including, without limitation, all promissory notes), letter-of-credit rights, letters of
credit, documents, deposit accounts, investment property, money, other rights to payment and
performance, and general intangibles (including, without limitation, all software and all
payment intangibles); all patents, trademarks, copyrights and intellectual property rights;
all insurance refunds relating to the foregoing assets and property; all good will relating
to the foregoing assets and property and Borrower’s business; and all supporting obligations
relating to the foregoing assets and property; all whether now existing or hereafter
arising, whether now owned or hereafter acquired or whether now or hereafter subject to any
rights in the foregoing assets and property.

In addition, the word “Collateral” includes all the following, whether now owned or
hereafter acquired, whether now existing or hereafter existing, and wherever located:

(a) All attachments, accessions, accessories, tools, parts, supplies, increases, and additions
to all and replacements of and substitutions for any of the assets and property described above.

(b) All products and produce of any of the assets and property described in this Collateral
section.

(c) All accounts, general intangibles, instruments, rents, monies, payments, and all other
rights, arising out of a sale, lease, or other disposition of any of the assets and property
described in this Collateral section.

(d) All proceeds (including insurance proceeds) from the sale, destruction, loss or other
disposition of any of the assets and property described in this Collateral section.

(e) All records and data relating to any of the assets and property described in this
Collateral section, whether in the form of a writing, photograph, microfilm, microfiche, or
electronic media, together with all of Borrower’s right, title, and interest in and to all computer
software required to utilize, create, maintain, and process any such records or data on electronic
media.

• Event of Default. “Event of Default” means any of the Events of Default set forth
below in the section titled “Events of Default.”

• Borrower. “Borrower” means JONES SODA CO.

• Guarantor. “Guarantor” means and includes without limitation each and all of the
guarantors, sureties, and accommodation parties in connection with the Indebtedness.

• Income and Proceeds. “Income and Proceeds” mean all present and future income,
proceeds, earnings, increases, and substitutions from or for the Collateral of every kind and
nature, including without limitation all payments, interest, profits, distributions, benefits,
rights, options, warrants, dividends, stock dividends, stock splits, stock rights, regulatory
dividends, distributions, subscriptions, monies, claims for money due and to become due, proceeds
of any insurance on the Collateral, shares of stock of different par value or no par value issued
in substitution or exchange for shares included in the Collateral, whether voluntary or
involuntary, by agreement or by operation of law, and all other property Borrower is entitled to
receive on account of such Collateral, including accounts, contract rights, documents, instruments,
chattel paper, and general intangibles.

• Indebtedness. “Indebtedness” means the indebtedness evidenced by the Note, including
all principal and interest, together with all other indebtedness and costs and expenses for which
Borrower is responsible under this Agreement or under any of the Loan Documents. In addition, the
word “Indebtedness” includes all other obligations, debts and liabilities, plus interest thereon,
of Borrower to Lender, as well as all claims by Lender against Borrower, whether existing now or
later; whether they are voluntary or involuntary, due or not due, direct or indirect, absolute or
contingent, liquidated or unliquidated; whether Borrower may be liable individually or jointly with
others; whether Borrower may be obligated as guarantor, surety, accommodation party or otherwise;
whether recovery upon such Indebtedness may be or hereafter may become barred by any statute of
limitations; and whether such indebtedness may be or hereafter may become otherwise unenforceable.

• Lender. “Lender” means KEYBANK NATIONAL ASSOCIATION, its successors and assigns.

• Loan Documents. “Loan Documents” means this Agreement, the Note, the Loan Agreement,
all related documents, and all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Note.

• Note. “Note” means the Revolving Note of even date, in the principal amount of
$15,000,000.00 executed by Borrower to the order of Lender, together with all renewals of,
extensions of, modifications of, refinancings of, consolidations of and substitutions for the Note.

• Obligor. “Obligor” means and includes, without limitation, any and all persons or
entities obligated to pay money or to perform some other act under the Collateral.

3. Borrower’s Waivers and Responsibilities. Except as otherwise required under this Agreement
or by applicable law, (a) Borrower agrees that Lender need not tell Borrower about any action or
inaction Lender takes in connection with this Agreement; (b) Borrower assumes the responsibility
for being and keeping informed about the Collateral; and (c) Borrower waives any defenses that may
arise because of any action or inaction of Lender, including, without limitation, any failure of
Lender to realize upon the Collateral or any delay by Lender in realizing upon the Collateral; and
Borrower agrees to remain liable under the Indebtedness no matter what action Lender takes or fails
to take under this Agreement.

4. Right of Setoff. Borrower hereby grants Lender a contractual possessory security interest
in and hereby assigns, conveys, delivers, pledges, and transfers all of Borrower’s right, title and
interest in and to Borrower’s accounts with Lender (whether checking, savings, or some other
account), including all accounts held jointly with someone else and all accounts Borrower may open
in the future, excluding however all IRA, Keogh, and trust accounts. Borrower authorizes Lender,
to the extent permitted by applicable law, to charge or setoff all indebtedness against any and all
such accounts, and, at Lender’s option, to administratively freeze all such accounts to allow
Lender to protect Lender’s charge and setoff rights provided in this section.

5. Borrower’s Representations and Warranties. Borrower warrants that: (a) this Agreement is
executed at Borrower’s request and not at the request of Lender, and (b) Borrower has the full
right, power and authority to enter into this Agreement and to pledge the Collateral to Lender.

6. Borrower’s Waivers. Borrower waives all requirements of presentment, protest, demand, and
notice of dishonor on non-payment to Borrower, or any other party to the Indebtedness or the
Collateral.

7. Obligations of Borrower. Borrower warrants and covenants to Lender as follows:

7.1 Organization. Borrower is a corporation which is duly organized, validly existing, and in
good standing under the laws of the State of Washington. Borrower has its chief executive office
at 234 Ninth Avenue North, Seattle, Washington 98109. Borrower will notify Lender of any change in
the state of its incorporation and/or the location of Borrower’s chief executive office.

7.2 Authorization. The execution, delivery, and performance of this Agreement by Borrower
have been duly authorized by all necessary action by Borrower and do not conflict with, result in a
violation of, or constitute a default under (a) any provision of its articles of incorporation or
organization, or bylaws, or any agreement or other instrument binding upon Borrower or (b) any law,
governmental regulation, court decree, or order applicable to Borrower.

7.3 Perfection of Security Interest. Borrower agrees to file such financing statements and to
take whatever other actions are requested by Lender to perfect and continue Lender’s security
interest in the Collateral. In addition, Borrower agrees that Lender may file any financing
statement required to perfect Lender’s security interest in the Collateral. Upon request of Lender,
Borrower will deliver to Lender any and all of the documents evidencing or constituting the
Collateral, and Borrower will note Lender’s interest upon any and chattel paper if not delivered to
Lender for possession by Lender. Borrower hereby appoints Lender as its irrevocable
attorney-in-fact for the purpose of executing or filing any documents necessary to perfect or to
continue the security interest granted in this Agreement. Lender may at any time, and without
further authorization from Borrower, file a carbon, photographic or other reproduction of any
financing statement or of this Agreement for use as a financing statement. Borrower will reimburse
Lender for all expenses for the perfection and the continuation of the perfection of Lender’s
security interest in the Collateral. Borrower promptly will notify Lender of any change in
Borrower’s name including any change to the assumed business names of Borrower.

7.4 No Violation. The execution and delivery of this Agreement will not violate any law or
agreement governing Borrower or to which Borrower is a party, and its certificate or articles of
incorporation and bylaws do not prohibit any terms or condition of this Agreement.

7.5 Enforceability of Collateral. To the extent the Collateral consists of accounts, contract
rights, chattel paper, or general intangibles, the Collateral is enforceable in accordance with its
terms, is genuine, and complies with the applicable laws concerning form, content and manner of
preparation and execution, and all persons appearing to be obligated on the Collateral have
authority and capacity to contract and are in fact obligated as they appear to be on the
Collateral. At the time any account becomes subject to a security interest in favor of Lender, the
account shall be a good and valid account representing an undisputed, bona fide Indebtedness
incurred by the account debtor, for merchandise held subject to delivery instructions or
theretofore shipped or delivered pursuant to a contract of sale, or for services theretofore
performed by Borrower with or for the account debtor; there shall be no setoffs or counterclaims
against any such account; and no agreement under which any deductions or discounts may be claimed
shall have been made with the account debtor except those disclosed to Lender in writing.

7.6 Location of Collateral. Borrower, upon request of Lender, will deliver to Lender in form
satisfactory to Lender a schedule of real properties and Collateral locations relating to
Borrower’s operations, including without limitation the following: (a) all real property owned or
being purchased by Borrower; (b) all real property being rented or leased by Borrower; (c) all
storage facilities owned, rented, leased, or being used by Borrower; and (d) all other properties
where Collateral is or may be located. Except in the ordinary course of its business, Borrower
shall not remove the Collateral from its existing locations without the prior written consent of
Lender, which shall not be unreasonably withheld.

7.7 Removal of Collateral. Borrower shall keep the Collateral (or to the extent the
Collateral consists of intangible property such as accounts, the records concerning the Collateral)
at Borrower’s address shown above, or at such other locations as are reasonably acceptable to
Lender. Except in the ordinary course of its business, including the sales of inventory, Borrower
shall not remove the Collateral from its existing locations without the prior written consent of
Lender, which shall not be unreasonably withheld. To the extent that the Collateral consists of
vehicles, or other titled property, Borrower shall not take or permit any action which would
require application for certificates of title for the vehicles outside the State of Washington,
without the prior written consent of Lender, which shall not be unreasonably withheld.

7.8 Transactions Involving Collateral. Except for inventory sold or accounts collected in the
ordinary course of Borrower’s business, Borrower shall not sell, offer to sell, or otherwise
transfer or dispose of the Collateral. While Borrower is not in default under this Agreement,
Borrower may sell inventory, but only in the ordinary course of its business and only to buyers who
qualify as a buyer in the ordinary course of business. A sale in the ordinary course of Borrower’s
business does not include any bulk sale. Borrower shall not pledge, mortgage, encumber or
otherwise permit the Collateral to be subject to any lien, security interest, encumbrance, or
charge, other than the security interest provided for in this Agreement, without the prior written
consent of Lender, which shall not be unreasonably withheld. This includes security interests even
if junior in right to the security interests granted under this Agreement. Unless waived by
Lender, all proceeds from any disposition of the Collateral (for whatever reason) shall be held in
trust for Lender and shall not be commingled with any other funds; provided however, this
requirement shall not constitute consent by Lender to any sale or other disposition. Upon receipt,
Borrower shall immediately deliver any such proceeds to Lender.

7.9 Title. Borrower represents and warrants to Lender that it holds good and marketable title
to the Collateral, free and clear of all liens and encumbrances except for the lien of this
Agreement. No financing statement covering any of the Collateral is on file in any public office
other than those which reflect the security interest created by this Agreement or to which Lender
has specifically consented. Borrower shall defend Lender’s rights in the Collateral against the
claims and demands of all other persons.

7.10 Collateral Schedules and Locations. As often as Lender shall require, and insofar as the
Collateral consists of accounts and general intangibles, Borrower shall deliver to Lender schedules
of such Collateral, including such information as Lender may require, including without limitation
names and addresses of account debtors and agings of accounts and general intangibles. Insofar as
the Collateral consists of inventory, Borrower shall deliver to Lender, as often as Lender shall
require, such lists, descriptions, and designations of such Collateral as Lender may require to
identify the nature, extent, and location of such Collateral. Such information shall be submitted
for Borrower and each of its subsidiaries or related companies.

7.11 Maintenance and Inspection of Collateral. Borrower shall maintain all tangible
Collateral in good condition and repair. Borrower will not commit or permit damage to or
destruction of the Collateral or any part of the Collateral. Lender and its designated
representatives and agents shall have the right at all reasonable times to examine, inspect, and
audit the Collateral wherever located. Borrower shall immediately notify Lender of all cases
involving the return, rejection, repossession, loss or damage of or to any Collateral; of any
request for credit or adjustment or of any other dispute arising with respect to the Collateral;
and generally of all happenings and events affecting the Collateral or the value or the amount of
the Collateral.

7.12 Taxes, Assessments and Liens. Borrower will pay when due all taxes, assessments and
liens upon the Collateral, its use or operation, upon this Agreement, upon any promissory note or
notes evidencing the Indebtedness, or upon any of the other Loan Documents. Borrower may withhold
any such payment or may elect to contest any lien if Borrower is in good faith conducting an
appropriate proceeding to contest the obligation to pay and so long as Lender’s interest in the
Collateral is not jeopardized in Lender’s sole opinion. If the Collateral is subjected to a lien
which is not discharged within fifteen (15) days, Borrower shall deposit with Lender cash, a
sufficient corporate surety bond or other security satisfactory to Lender in an amount adequate to
provide for the discharge of the lien plus any interest, costs, attorneys’ fees or other charges
that could accrue as a result of foreclosure or sale of the Collateral. In any contest Borrower
shall defend itself and Lender and shall satisfy any final adverse judgment before enforcement
against the Collateral. Borrower shall name Lender as an additional obligee under any surety bond
furnished in the contest proceedings.

7.13 Compliance With Governmental Requirements. Borrower shall comply promptly with all laws;
ordinances and regulations of all governmental authorities applicable to the production,
disposition, or use of the Collateral. Borrower may contest in good faith any such law, ordinance
or regulation and withhold compliance during any proceeding, including appropriate appeals, so long
as Lender’s interest in the Collateral, in Lender’s opinion, is not jeopardized.

7.14 Hazardous Substances. Borrower represents and warrants that the Collateral never has
been, and never will be so long as this Agreement remains a lien on the Collateral, used for the
generation, manufacture, storage, transportation, treatment, disposal, release or threatened
release of any hazardous waste or substance, as those terms are defined in the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section
9601, et seq. (“CERCLA”), the Superfund Amendments and Reauthorization Act of 1986, Pub.L.No.99-499
(“SARA”), the Hazardous Material Transportation Act, 49 U.S.C. Section 1801, et seq, the Resource
Conservation and Recovery Act, 49 U.S.C. Section 6901, et seq., or other applicable state or
Federal laws, rules or regulations adopted pursuant to any of the foregoing. The terms “hazardous
waste” and “hazardous substance” shall also include, without limitation, petroleum and petroleum
by-products or any fraction thereof and asbestos. The representations and warranties contained
herein are based on Borrower’s due diligence in investigating the Collateral for hazardous wastes
and substances. Borrower hereby (a) releases and waives any future claims against Lender for
indemnity or contribution in the event Borrower becomes liable for cleanup or other costs under any
such laws, and (b) agrees to indemnify and hold harmless Lender against any and all claims and
losses resulting from a breach of this provision of this Agreement. This obligation to indemnify
shall survive the payment of the Indebtedness and the satisfaction of this Agreement.

7.15 Maintenance of Casualty Insurance. Borrower shall procure and maintain all risks
insurance, including without limitation fire, theft and liability coverage together with such other
insurance as Lender may require with respect to the Collateral, in form, amounts, coverages and
basis reasonably acceptable to Lender and issued by a company or companies reasonably acceptable
to Lender. Borrower, upon request of lender, will deliver to Lender from time to time the policies
or certificates of insurance in form satisfactory to Lender, including stipulations that coverages
will not be cancelled or diminished without at least ten (10) days’ prior written notice to Lender
and not including any disclaimer of the insurer’s liability for failure to give such a notice. In
connection with all policies covering assets in which Lender holds or is offered a security
interest, Borrower will provide Lender with such loss payable or other endorsements as Lender may
require. If Borrower at any time fails to obtain or maintain any insurance as required under this
Agreement, Lender may (but shall not be obligated to) obtain such insurance as Lender deems
appropriate, including if it so chooses “single interest insurance,” which will cover only Lender’s
interest in the Collateral.

7.16 Application of Insurance Proceeds. Borrower shall promptly notify Lender of any loss or
damage to the Collateral. Lender may make proof of loss if Borrower fails to do so within fifteen
(15) days of the casualty. All proceeds of any insurance on the Collateral, including accrued
proceeds thereon, shall be held by Lender as part of the Collateral. If Lender consents to repair
or replacement of the damaged or destroyed Collateral, Lender shall, upon satisfactory proof of
expenditure, pay or reimburse Borrower from the proceeds for the reasonable cost of repair or
restoration. If Lender does not consent to repair or replacement of the Collateral, Lender shall
retain a sufficient amount of the proceeds to pay all of the indebtedness, and shall pay the
balance to Borrower. Any proceeds which have not been disbursed within six (6) months after their
receipt and which Borrower has not committed to the repair or restoration of the Collateral shall
be used to prepay the indebtedness.

7.17 Insurance Reports. Borrower, upon request of Lender, shall furnish to Lender reports on
each existing policy of insurance showing such information as Lender may reasonably request
including the following: (a) the name of the insurer; (b) the risks insured; (c) the amount of the
policy; (d) the property insured; (e) the then current value on the basis of which insurance has
been obtained and the manner of determining that value; and (f) the expiration date of the policy.
In addition, Borrower shall upon request by Lender (however not more often than annually) have an
independent appraiser satisfactory to Lender determine; as applicable, the cash value or
replacement cost of the Collateral.

8. Borrower’s Right to Possession and to Collect Accounts. Until default and except as
otherwise provided below with respect to accounts, Borrower may have possession of the tangible
personal property and beneficial use of all the Collateral and may use it in any lawful manner not
inconsistent with this Agreement or the Loan Documents, provided that Borrower’s right to
possession and beneficial use shall not apply to any Collateral where possession of the Collateral
by Lender is required by law to perfect Lender’s security interest in such Collateral. Until
otherwise notified by Lender, Borrower may collect any of the Collateral consisting of accounts.
When an Event of Default exists, Lender may exercise its rights to collect the accounts and to
notify account debtors to make payments directly to Lender for application to the Indebtedness. If
Lender at any time has possession of any Collateral, whether before or after an Event of Default,
Lender shall be deemed to have exercised reasonable care in the custody and preservation of the
Collateral if Lender takes such action for that purpose as Borrower shall request or as Lender, in
Lender’s sole discretion, shall deem appropriate under the circumstances, but failure to honor any
request by Borrower shall not of itself be deemed to be a failure to exercise reasonable care.
Lender shall not be required to take any steps necessary to preserve any rights in the Collateral
against prior parties, nor to protect, preserve or maintain any security interest given to secure
the Indebtedness.

9. Expenditures By Lender. If not discharged or paid when due, Lender may (but shall not be
obligated to) discharge or pay any amounts required to be discharged or paid by Borrower under this
Agreement, including without limitation all taxes, liens, security interests, encumbrances, and
other claims, at any time levied or placed on the Collateral. Lender also may (but shall not be
obligated to) pay all costs of insuring, maintaining and preserving the Collateral. All such
expenditures incurred or paid by Lender for such purposes will then bear interest at the highest
rate charged under the Indebtedness from the date incurred or paid by Lender to the date of
repayment by Borrower. All such expenses shall become a part of the Indebtedness and, at Lender’s
option, will (a) be payable on demand, (b) be added to the balance of the Indebtedness and be
apportioned among and be payable with any installment payments to become due during either (i) the
term of any applicable insurance policy or (ii) the remaining term of the Indebtedness or (c) be
treated as a balloon payment which will be due and payable at the Indebtedness’s maturity. This
Agreement also will secure payment of these amounts. Such right shall be in addition to all other
rights and remedies to which Lender may be entitled upon the occurrence of an Event of Default.

10. Limitations on Obligations of Lender. Lender shall use ordinary reasonable care in the
physical preservation and custody of the Collateral in Lender’s possession, but shall have no other
obligation to protect the Collateral or its value. In particular, but without limitation, Lender
shall have no responsibility for (a) any depreciation in value of the Collateral or for the
collection or protection of any Income and Proceeds from the Collateral, (b) preservation of rights
against parties to the Collateral or against third persons, (c) ascertaining any maturities, calls,
conversions, exchanges, offers, tenders, or similar matters relating to any of the Collateral, or
(d) informing Borrower about any of the above, whether or not Lender has or is deemed to have
knowledge of such matters. Except as provided above, Lender shall have no liability for
depreciation or deterioration of the Collateral.

11. Default and Remedies.

11.1 Events of Default. Each of the following shall constitute an Event of Default under this
Agreement:

11.1.1 Default on Indebtedness. Failure of Borrower to make any payment when due on the
Indebtedness, and such failure continues for at least three (3) days or, if later, beyond any other
cure or grace period applicable thereto.

11.1.2 Default in Favor of Third Parties. Should Borrower default under any loan, extension
or credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any
other creditor or person that may materially affect any of Borrower’s property or Borrower’s
ability to repay the Loan or perform their respective obligations under this Agreement or any of
the Loan Documents.

11.1.3 Other Defaults. Failure of Borrower to comply with or to perform any other term,
obligation, covenant or condition contained in this Agreement or in any of the Loan Documents or
failure to comply with or to perform any term, or condition contained in any other agreement
between Lender and Borrower, and if remediable, such failure continues unremedied for ten (10) days
after written notice thereof has been given to Borrower by Lender.

11.1.4 False Statement. Any warranty, representation or statement made or furnished to Lender
by Borrower is false or misleading in any respect, either now or at the time made or furnished.

11.1.5 Defective Collateralization. This Agreement or any of the Loan Documents ceases to be
in full force and effect (including failure of any collateral documents to create a valid perfected
security interest or lien) at any time and for any reason.

11.1.6 Insolvency. The dissolution or termination of Borrower’s existence as a going
business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower’s
property, any assignment for the benefit of creditors, any type of creditor workout, or the
commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower, and,
if such proceeding is involuntarily brought against Borrower, it is not dismissed within sixty (60)
days of the date of filing any such involuntary proceeding.

11.1.7 Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture
proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any
creditor of Borrower or by any governmental agency against the Collateral or any other collateral
securing the Indebtedness. This includes a garnishment of any of Borrower’s deposit accounts with
Lender. However, this Event of Default shall not apply if there is a good faith dispute by
Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or
forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture
proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture
proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve
or bond for the dispute.

11.1.8 Adverse Change. A material adverse change occurs in the financial condition of
Borrower.

11.1.9 Failure to Register. Failure of the issuer, transfer agent, mutual fund company, or
broker, as the case may be, to furnish a written statement to Lender recording Lender’s security
interest to the security, or the identification of any adverse claim that may interfere with
Lender’s security interest in the Collateral.

11.1.10 Judgments. Final judgment on claims not covered by insurance which, together with
other outstanding final judgments against Borrower, exceeds $1,000,000.00, is rendered against
Borrower and is not discharged, vacated, or reversed, or its execution stayed pending appeal,
within sixty (60) days after entry, or is not discharged within sixty (60) days after the
expiration of such stay

11.2 Rights and Remedies on Default. If an Event of Default occurs under this Agreement, at
any time thereafter, Lender may exercise any one or more of the following rights and remedies:

11.2.1 Accelerate Indebtedness. Declare all Indebtedness, including any prepayment penalty
which Borrower would be required to pay, immediately due and payable, without notice of any kind to
Borrower.

11.2.2 Assemble Collateral. Lender may require Borrower to deliver to Lender all or any
portion of the Collateral and any and all certificates of title and other documents relating to the
Collateral. Lender may require Borrower to assemble the collateral and make it available to Lender
at a place to be designated by Lender. Lender also shall have full power to enter upon the
property of Borrower to take possession of and remove the Collateral. If the Collateral contains
other goods not covered by this Agreement at the time of repossession, Borrower agrees Lender may
take such other goods, provided that Lender makes reasonable efforts to return them to Borrower
after repossession.

11.2.3 Sell the Collateral. Sell the Collateral, at Lender’s discretion, as a unit or in
parcels, at one or more public or private sales. Unless the Collateral is perishable or threatens
to decline speedily in value or is of a type customarily sold on a recognized market, Lender shall
give or mail to Borrower, or any of them, notice at least ten (10) days in advance of the time and
place of any public sale, or of the date after which any private sale may be made. Borrower agrees
that any requirement of reasonable notice is satisfied if Lender mails notice by ordinary mail
addressed to Borrower, or any of them, at the last address Borrower has given Lender in writing.
If a public sale is held, there shall be sufficient compliance with all requirements of notice to
the public by a single publication in any newspaper of general circulation in the county where the
Lender is located, setting forth the time and place of sale and a brief description of the property
to be sold. Lender may be a purchaser at any public sale.

11.2.4 Register Securities. Register any securities included in the Collateral in Lender’s
name and exercise any rights normally incident to the ownership of securities.

11.2.5 Sell Securities. Sell any securities included in the Collateral in a manner consistent
with applicable federal and state securities laws, notwithstanding any other provision of this or
any other agreement. If, because of restrictions under such laws, Lender is or believes it is
unable to sell the securities in an open market transaction, Borrower agrees that Lender shall have
no obligation to delay sale until the securities can be registered, and may make a private sale to
one or more persons or to a restricted group of persons, even though such sale may result in a
price that is less favorable than might be obtained in an open market transaction, and such a sale
shall be considered commercially reasonable. If any securities held as Collateral are “restricted
securities” as defined in the Rules of the Securities and Exchange Commission (such as Regulation D
or Rule 144) or state securities departments under state “Blue Sky” laws, or if Borrower is an
affiliate of the issuer of the securities, Borrower agrees that Borrower will not sell or dispose
of any securities of such issuer without obtaining Lender’s prior written consent, which shall not
be unreasonably withheld.

11.2.6 Foreclosure. Maintain a judicial suit for foreclosure and sale of the Collateral.

11.2.7 Transfer Title. Effect transfer of title upon sale of all or part of the Collateral.
For this purpose, Borrower irrevocably appoints Lender as its attorney-in-fact to execute
endorsements, assignments and instruments in the name of Borrower as shall be necessary or
reasonable.

11.2.8 Sell the Collateral. Lender shall have full power to sell, lease, transfer, or
otherwise deal with the Collateral or proceeds thereof in its own name or that of Borrower. Lender
may sell the Collateral at public auction or private sale. Unless the Collateral threatens to
decline speedily in value or is of a type customarily sold on a recognized market, Lender will give
Borrower reasonable notice of the time after which any private sale or any other intended
disposition of the Collateral is to be made. The requirements of reasonable notice shall be met if
such notice is given at least ten (10) days before the time of the sale or disposition. All
expenses relating to the disposition of the Collateral, including without limitation the expenses
of retaking, holding, insuring, preparing for sale and selling the Collateral, shall become a part
of the Indebtedness secured by this Agreement and shall be payable on demand, with interest at the
Note rate from date of expenditure until repaid.

11.2.9 Appoint Receiver. To the extent permitted by applicable law, Lender shall have the
following rights and remedies regarding the appointment of a receiver: (a) Lender may have a
receiver appointed as a matter of right, (b) the receiver may be an employee of Lender and may
serve without bond, and (c) all fees of the receiver and his or her attorney shall become part of
the Indebtedness secured by this Agreement and shall be payable on demand, with interest at the
Note rate from date of expenditure until repaid.

11.2.10 Collect Revenues, Apply Accounts. Lender, either itself of through a receiver, may
collect the payments, rents, income and revenues from the Collateral. Lender may at any time in
its discretion transfer any Collateral into its own name or that of its nominee and receive the
payments, rents, income, and revenues therefrom and hold the same as security for the Indebtedness
or apply it to payment of the Indebtedness in such order of preference as Lender may determine.
Insofar as the Collateral consists of accounts, general intangibles, insurance policies,
instruments, chattel paper, choses in action, or similar property, Lender may demand, collect,
receipt for, settle, compromise, adjust, sue for, foreclose, or realize on the Collateral as Lender
may determine, whether or not indebtedness or Collateral is then due. For these purposes, Lender
may, on behalf of and in the name of Borrower, receive, open and dispose of mail addressed to
Borrower; change any address to which mail and payments are to be sent; and endorse notes, checks,
drafts, money orders, documents of title, instruments and items pertaining to payment, shipment, or
storage of any Collateral. To facilitate collection, Lender may notify account debtors and
obligors on any Collateral to make payments directly to Lender.

11.2.11 Obtain Deficiency. if Lender chooses to sell any or all of the Collateral, Lender may
obtain a judgment against Borrower for any deficiency remaining on the Indebtedness due to Lender
after application of all amounts received from the exercise of the rights provided in this
Agreement. Borrower shall be liable for a deficiency even if the transaction described in this
subsection is a sale of accounts or chattel paper.

11.2.12 Other Rights and Remedies. Have and exercise any or all of the rights and remedies of
a secured creditor under the provisions of the Uniform Commercial Code, at law, in equity, or
otherwise.

11.2.13 Application of Proceeds. Apply any cash which is part of the Collateral, or which is
received from the collection or sale of the Collateral, to reimbursement of any expenses, including
any costs for registration of securities, commissions incurred in connection with a sale, attorney
fees as provided below, and court costs, whether or not there is a lawsuit and including any fees
on appeal, incurred by Lender in connection with the collection and sale of such Collateral and to
the payment of the Indebtedness of Borrower to Lender, with any excess funds to be paid to Borrower
as the interests of Borrower may appear. Borrower agrees, to the extent permitted by law, to pay
any deficiency after application of the proceeds of the Collateral to the Indebtedness.

11.2.14 Cumulative Remedies. All of Lender’s rights and remedies, whether evidenced by this
Agreement or by any other writing, shall be cumulative and may be exercised singularly or
concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other
remedy, and an election to make expenditures or to take action to perform an obligation of Borrower
under this Agreement, after Borrower’s failure to perform, shall not affect Lender’s right to
declare a default and to exercise its remedies.

12. Miscellaneous Provisions. The following miscellaneous provisions are a part of this
Agreement:

12.1 Amendments. This Agreement, together with any Loan Documents, constitutes the entire
understanding and agreement of the parties as to the matters set forth in this Agreement. No
alteration of or amendment to this Agreement shall be effective unless given in writing and signed
by the party or parties sought to be charged or bound by the alteration or amendment.

12.2 Applicable Law. This Agreement has been delivered to Lender and accepted by Lender in
the State of Washington. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to
the jurisdiction of the courts of King County, the State of Washington. This Agreement shall be
governed by and construed in accordance with the laws of the State of Washington. Lender and
Borrower agree to waive the right to a jury trial, in any action, proceeding, or counterclaim
brought by either Lender or Borrower against the other.

12.3 Attorney’s Fees; Expenses. Borrower agrees to pay upon demand all of Lender’s costs and
expenses, including reasonable attorneys’ fees and Lender’s legal expenses, incurred in connection
with the enforcement of this Agreement. Lender may pay someone else to help enforce this
Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses
include Lender’s reasonable attorneys’ fees and legal expenses whether or not there is a lawsuit,
including attorneys’ fees and legal expenses for bankruptcy proceedings (and including efforts to
modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment
collection services. Borrower also shall pay all court costs and such additional fees as may be
directed by the court.

12.4 Caption Headings. Caption headings in this Agreement are for convenience purposes only
and are not to be used to interpret or define the provisions of this Agreement.

12.5 Notices. All notices required to be given under this Agreement shall be given in
writing, may be sent by telefacsimile, and shall be effective when actually delivered, one business
day after deposit with a nationally recognized overnight courier, or three (3) business days after
deposit in the United States mail, first class, postage prepaid, addressed to the party to whom the
notice is to be given at the following address:

	 	 	 	 	 
	 	 	Jones Soda Co.
	 
	 	234 Ninth Avenue North
	Borrower
	 	Seattle, WA  98109
	 
	 	 	 	 
	 
	 	KeyBank National Association
	 
	 	1301 Fifth Avenue, Suite 2400
	 
	 	WA-31-13-2474
	 
	 	P.O. Box 90
	Lender
	 	Seattle, WA  98111-0090
	 
	 	 	 	 

Any party may change its address for notices under this Agreement by giving formal written notice
to the other parties, specifying that the purpose of the notice is to change the party’s address.
Borrower agrees to keep Lender informed at all times of Borrower’s current address.

12.6 Power of Attorney. Borrower hereby appoints Lender as its true and lawful
attorney-in-fact, irrevocably, with full power of substitution to do the following: (a) to demand,
collect, receive, receipt for, sue and recover all sums of money or other property which may now or
hereafter become due, owing or payable from the Collateral; (b) to execute, sign and endorse any
and all claims, instruments, receipts, checks, drafts or warrants issued in payment for the
Collateral; (c) to settle or compromise any and all claims arising under the Collateral, and, in
the place and stead of Borrower, to execute and deliver its releases and settlement for the claim;
and (d) to file any claim or claims or to take any action or institute or take part in any
proceedings, either in its own name or in the name of Borrower, or otherwise, which in the
discretion of Lender may seem to be necessary or advisable. This power is given as security for
the Indebtedness, and the authority hereby conferred is and shall be irrevocable and shall remain
in full force and effect until renounced by Lender.

12.7 Preference Payments. Any monies Lender pays because of an asserted preference claim in
Borrower’s bankruptcy will become a part of the Indebtedness and, at Lender’s option, shall be
payable by Borrower as provided above in the “EXPENDITURES BY LENDER” Section.

12.8 Severability. If a court of competent jurisdiction finds any provision of this Agreement
to be invalid or unenforceable as to any person or circumstance, such finding shall not render that
provision invalid or unenforceable as to any other persons or circumstances. If feasible, any such
offending provision shall be deemed to be modified to be within the limits of enforceability or
validity; however, if the offending provision cannot be so modified it shall be stricken and all
other provisions of this Agreement in all other respects shall remain valid and enforceable.

12.9 Successor Interests. Subject to the limitations set forth above on transfer of the
Collateral, this Agreement shall be binding upon and inure to the benefit of the parties, their
successors and assigns.

12.10 Waiver. Lender shall not be deemed to have waived any rights under this Agreement
unless such waiver is given in writing and signed by Lender. No delay or omission on the part of
Lender in exercising any right shall operate as a waiver of such right or any other right. A
waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver by
Lender’s right otherwise to demand strict compliance with that provision or any other provision of
this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Borrower,
shall constitute a waiver of any of Lender’s rights or of any of Borrower’s obligations as to any
future transactions. Whenever the consent of Lender is required under this Agreement, the granting
of such consent by Lender in any instance shall not constitute continuing consent to subsequent
instances where such consent is required and in all cases such consent may be granted or withheld
in the sole discretion of Lender.

NOTICE CONCERNING ORAL AGREEMENTS

Oral agreements or oral commitments to lend

money, extend credit or to forbear from

enforcing repayment of a debt are not

enforceable under Washington law.

[Signature line on following page]

	 
	BORROWER:

	JONES SODA CO.

By: /s/ Hassan N. Natha     

	 

	Its: Chief Financial Officer

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