Exhibit 10.2


 


Execution Version


 


REGISTRATION RIGHTS AGREEMENT


 


BY AND BETWEEN


 


THE CHEESECAKE FACTORY INCORPORATED


 


AND


 


RC CAKE HOLDINGS LLC


 


Dated as of April 20, 2020


 






     


     


    

 


TABLE OF CONTENTS


 





 




	 	Page
	Article I Resale Shelf Registration	1
	Section 1.1   Resale Shelf Registration Statement	1
	Section 1.2   Effectiveness Period	1
	Section 1.3   Subsequent Shelf Registration	2
	Section 1.4   Supplements and Amendments	2
	Section 1.5   Subsequent Holder Notice	2
	Section 1.6   Underwritten Offering	3
	Section 1.7   Take-Down Notice	3
	Article II Company Registration	3
	Section 2.1   Notice of Registration	3
	Section 2.2   Underwriting	4
	Section 2.3   Right to Terminate Registration	4
	Article III Additional Provisions Regarding Registration Rights	5
	Section 3.1   Registration Procedures	5
	Section 3.2   Limitation on Subsequent Registration Rights	7
	Section 3.3   Expenses of Registration	7
	Section 3.4   Information by Holders	7
	Section 3.5   Rule 144 Reporting	8
	Section 3.6   “Market Stand-Off” Agreement	9
	Section 3.7   Insider Trading Policy	9
	Article IV Indemnification	9
	Section 4.1   Indemnification by Company	9
	Section 4.2   Indemnification by Holders	10
	Section 4.3   Notification	11
	Section 4.4   Contribution	11
	Article V Transfer and Termination of Registration Rights	12
	Section 5.1   Transfer of Registration Rights	12
	Section 5.2   Termination of Registration Rights	12
	Article VI Miscellaneous	12
	Section 6.1   Counterparts	12
	Section 6.2   Governing Law; Waiver of Jury Trial.	12
	Section 6.3   Entire Agreement; No Third Party Beneficiary	13
	Section 6.4   Expenses	13



 






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	Section 6.5   Notices	13
	Section 6.6   Successors and Assigns	14
	Section 6.7   Headings	15
	Section 6.8   Amendments and Waivers	15
	Section 6.9   Interpretation; Absence of Presumption	15
	Section 6.10   Severability	15


 



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REGISTRATION RIGHTS AGREEMENT


 


This REGISTRATION RIGHTS
AGREEMENT (the “Agreement”) is entered into as of April 20, 2020, by and between The Cheesecake Factory Incorporated,
a Delaware corporation (including its successors and permitted assigns, the “Company”), and RC Cake Holdings
LLC, a Delaware limited liability company (the “Investor”). Capitalized terms used but not defined elsewhere
herein are defined in Exhibit A.


 


The Company has entered
into a Subscription Agreement, dated as of the date hereof (as amended from time to time, the “Subscription Agreement”),
with the Investor pursuant to which the Company is selling to the Investor, and the Investor is purchasing from the Company, 200,000
shares of the Series A Convertible Preferred Stock, which is convertible into shares of Common Stock.


 


As a condition to each
of the parties’ obligations under the Subscription Agreement, the Company and the Investor are entering into this Agreement
for the purpose of granting certain registration and other rights to the Investor.


 


In consideration of
the premises and the mutual representations, warranties, covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:


 


Article
I

Resale Shelf Registration


 


Section 1.1           
Resale Shelf Registration Statement. Subject to the other applicable provisions of this Agreement, the Company shall
use its reasonable best efforts to file within forty-five (45) days of the date hereof a registration statement covering the sale
or distribution from time to time by the Holders, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act of
all of the Registrable Securities on Form S-3 (except if the Company is not then eligible to register for resale the Registrable
Securities on Form S-3, then such registration shall be on another appropriate form and shall provide for the registration of such
Registrable Securities for resale by such Holders in accordance with any reasonable method of distribution elected by the Holders)
(the “Resale Shelf Registration Statement” and such registration, the “Resale Shelf Registration”),
and if the Company is a WKSI as of the filing date, the Resale Shelf Registration Statement shall be an Automatic Shelf Registration
Statement. If the Resale Shelf Registration Statement is not an Automatic Shelf Registration Statement, then the Company shall
use its reasonable best efforts to cause such Resale Shelf Registration Statement to be declared effective by the Commission as
promptly as practicable after the filing thereof, but in any event prior to the date that is one hundred five (105) days after
the date of this Agreement.


 


Section 1.2           
Effectiveness Period. Once declared effective, the Company shall, subject to the other applicable provisions of this
Agreement, use its reasonable best efforts to cause the Resale Shelf Registration Statement to be continuously effective and usable
until such time as there are no longer any Registrable Securities (the “Effectiveness Period”).


 






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Section 1.3            Subsequent
Shelf Registration. If any Shelf Registration ceases to be effective under the Securities Act for any reason at any time
during the Effectiveness Period, the Company shall use its reasonable best efforts to promptly cause such Shelf Registration
to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the
effectiveness of such Shelf Registration), and in any event shall within thirty (30) days of such cessation of effectiveness,
amend such Shelf Registration in a manner reasonably expected to obtain the withdrawal of any order suspending the
effectiveness of such Shelf Registration or, file an additional registration statement (a “Subsequent Shelf
Registration”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities
Act registering the resale from time to time by Holders thereof of all securities that are Registrable Securities as of the
time of such filing. If a Subsequent Shelf Registration is filed, the Company shall use its reasonable best efforts to (a)
cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably
practicable after such filing, but in no event later than the date that is ninety (90) days after such Subsequent Shelf
Registration is filed and (b) keep such Subsequent Shelf Registration (or another Subsequent Shelf Registration)
continuously effective until the end of the Effectiveness Period. Any such Subsequent Shelf Registration shall be a
Registration Statement on Form S-3 to the extent that the Company is eligible to use such form, and if the Company is a WKSI
as of the filing date, such Registration Statement shall be an Automatic Shelf Registration Statement. Otherwise, such
Subsequent Shelf Registration shall be on another appropriate form and shall provide for the registration of such Registrable
Securities for resale by such Holders in accordance with any reasonable method of distribution elected by the Holders.


 


Section 1.4           
Supplements and Amendments. The Company shall supplement and amend any Shelf Registration if required by the rules,
regulations or instructions applicable to the registration form used by the Company for such Shelf Registration if required by
the Securities Act or as reasonably requested by the Holders covered by such Shelf Registration.


 


Section 1.5           
Subsequent Holder Notice. If a Person becomes a Holder of Registrable Securities after a Shelf Registration becomes
effective under the Securities Act, the Company shall, as promptly as is reasonably practicable following delivery of written notice
to the Company of such Person becoming a Holder and requesting for its name to be included as a selling securityholder in the prospectus
related to the Shelf Registration (a “Subsequent Holder Notice”):


 


(a)              
if required and permitted by applicable law, file with the Commission a supplement to the related prospectus or a post-effective
amendment to the Shelf Registration so that such Holder is named as a selling securityholder in the Shelf Registration and the
related prospectus in such a manner as to permit such Holder to deliver a prospectus to purchasers of the Registrable Securities
in accordance with applicable law;


 


(b)              
if, pursuant to Section 1.5(a), the Company shall have filed a post-effective amendment to the Shelf Registration
that is not automatically effective, use its reasonable best efforts to cause such post-effective amendment to become effective
under the Securities Act as promptly as is reasonably practicable, but in any event by the date that is ninety (90) days after
the date such post-effective amendment is required by Section 1.5(a) to be filed; and


 


(c)              
notify such Holder as promptly as is reasonably practicable after the effectiveness under the Securities Act of any post-effective
amendment filed pursuant to Section 1.5(a).


 






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Section 1.6           
Underwritten Offering. The Holders of Registrable Securities may on up to four (4) occasions after the Resale Shelf
Registration Statement becomes effective deliver a written notice to the Company specifying that the sale of some or all of the
Registrable Securities subject to the Shelf Registration is intended to be conducted through an underwritten offering, so long
as the anticipated gross proceeds of such underwritten offering is not less than twenty-five million dollars ($25,000,000) (unless
the Holders are proposing to sell all of their remaining Registrable Securities) (the “Underwritten Offering”).
In the event of an Underwritten Offering:


 


(a)              
The Holders of a majority of the Registrable Securities participating in the Underwritten Offering shall select the managing
underwriter or underwriters to administer the Underwritten Offering; provided, that the choice of such managing underwriter
or underwriters shall be subject to the consent of the Company, which is not to be unreasonably withheld, conditioned or delayed.


 


(b)              
Notwithstanding any other provision of this Section 1.6, if the managing underwriter or underwriters of a proposed
Underwritten Offering advises the Board of Directors of the Company that in its or their opinion the number of Registrable Securities
requested to be included in such Underwritten Offering exceeds the number which can be sold in such Underwritten Offering in light
of market conditions, the Registrable Securities shall be included on a pro rata basis upon the number of securities that each
Holder shall have requested to be included in such offering. If any Holder disapproves of the terms of any such underwriting, such
Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter or underwriters.


 


Section 1.7           
Take-Down Notice. Subject to the other applicable provisions of this Agreement, at any time that any Shelf Registration
Statement is effective, if a Holder delivers a notice to the Company (a “Take-Down Notice”) stating that it
intends to effect a sale or distribution of all or part of its Registrable Securities included by it on any Shelf Registration
Statement (a “Shelf Offering”) and stating the number of Registrable Securities to be included in such Shelf
Offering, then, subject to the other applicable provisions of this Agreement, the Company shall amend or supplement the Shelf Registration
Statement as may be necessary in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering.


 


Article
II

Company Registration


 


Section 2.1           
Notice of Registration. If at any time or from time to time the Company shall determine to file a registration statement
with respect to an offering (or to make an underwritten public offering pursuant to a previously filed registration statement)
of its Common Stock, whether or not for its own account (other than a registration statement on Form S-4, Form S-8 or any successor
forms), the Company will:


 


(a)              
promptly give to each Holder written notice thereof, which notice shall be given, to the extent reasonably practicable,
no later than five (5) business days prior to the filing or launch date (except in the case of an offering that is an “overnight
offering”, in which case such notice must given no later than one (1) business day prior to the filing or launch date); and


 






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(b)              
subject to Section 2.2, include in such registration or underwritten offering (and any related qualification under
blue sky laws or other compliance) all the Registrable Securities specified in a written request or requests made within ten (10)
days after receipt of such written notice from the Company by any Holder.


 


Section 2.2           
Underwriting. The right of any Holder to registration pursuant to Section 1.6 or this Article II
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of Registrable Securities in
the underwriting to the extent provided herein. Each Holder proposing to distribute its securities through such underwriting shall
(together with the Company and the other holders distributing their securities through such underwriting) enter into and perform
such Holder’s obligations under an underwriting agreement with the managing underwriter selected for such underwriting by
the Company or by the stockholders of the Company who have the right to select the underwriters (such underwriting agreement to
be in the form negotiated by the Company or such stockholders, as the case may be). Notwithstanding any other provision of this
Article II, if the managing underwriter or underwriters of a proposed underwritten offering with respect to which Holders
of Registrable Securities have exercised their piggyback registration rights advise the Board of Directors of the Company that
in its or their opinion the number of Registrable Securities requested to be included in the offering thereby and all other securities
proposed to be sold in the offering exceeds the number which can be sold in such underwritten offering in light of market conditions,
the Registrable Securities and such other securities to be included in such underwritten offering shall be allocated, (a) first,
(i) in the event such offering was initiated by the Company, up to the total number of securities that the Company has requested
to be included in such registration and (ii) in the event such offering was initiated by the holders of securities (other than
the Holders) who have exercised their demand registration rights, up to the total number of securities that such holders of such
securities have requested to be included in such offering, (b) second, and only if all the securities referred to in clause (a)
have been included, up to the total number of securities that the Holders and other holders of securities that have contractual
rights to be included in such registration have requested to be included in such offering (pro rata based upon the number of securities
that each of them shall have requested to be included in such offering) and (c) third, and only if all the securities referred
to in clause (b) have been included, all other securities proposed to be included in such offering that, in the opinion of the
managing underwriter or underwriters can be sold without having such adverse effect. If any Holder disapproves of the terms of
any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter
or underwriters. Any securities excluded or withdrawn from such underwriting shall be withdrawn from such registration.


 


Section 2.3            Right
to Terminate Registration. The Company or the holders of securities who have caused a registration statement to be filed
as contemplated by this Article II, as the case may be, shall have the right to have any registration initiated by it
or them under this Article II terminated or withdrawn prior to the effectiveness thereof, whether or not any Holder
has elected to include securities in such registration.


 






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Article
III

Additional Provisions Regarding Registration Rights


 


Section 3.1           
Registration Procedures. In the case of each registration effected by the Company pursuant to Article I or
II, the Company will keep each Holder participating in such Registration reasonably informed as to the status thereof and,
at its expense, the Company will:


 


(a)              
prepare and file with the Commission a registration statement with respect to such securities in accordance with the applicable
provisions of this Agreement;


 


(b)              
prepare and file with the Commission such amendments, including post-effective amendments, and supplements to such registration
statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions
of the Securities Act with respect to the disposition of all securities covered by such registration statement (including to permit
the intended method of distribution thereof) and as may be necessary to keep the registration statement continuously effective
for the period set forth in this Agreement;


 


(c)              
furnish to the Holders participating in such registration and to their legal counsel copies of the registration statement
proposed to be filed, and provide such Holders and their legal counsel the reasonable opportunity to review and comment on such
registration statement;


 


(d)              
furnish to the Holders participating in such registration and to the underwriters of the securities being registered such
reasonable number of copies of the registration statement, preliminary prospectus and final prospectus as the such underwriters
may reasonably request in order to facilitate the public offering of such securities;


 


(e)              
use reasonable best efforts to notify each Holder of Registrable Securities covered by such registration statement at any
time when a prospectus relating thereto is required to be delivered under the Securities Act of the Company’s knowledge of
the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading or incomplete in the light of the circumstances then existing, and, subject to Section 3.1(n),
at the request of any such Holder, prepare promptly and furnish to such Holder a reasonable number of copies of a supplement to
or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchaser of such shares, such prospectus
shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading or incomplete in the light of the circumstances then existing;


 


(f)                use
reasonable best efforts to register and qualify the securities covered by such registration statement under such other
securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided, however,
that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file
a general consent to service of process in any such states or jurisdictions;


 






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(g)              
in the event that the Registrable Securities are being offered in an underwritten public offering, enter into and perform
its obligations under an underwriting agreement on customary terms and in accordance with the applicable provisions of this Agreement;


 


(h)              
in connection with an underwritten public offering, cause its officers to use their reasonable best efforts to support the
marketing of the Registrable Securities covered by such offering (including participation in “road shows” or other
similar marketing efforts);


 


(i)                
if such securities are being sold through underwriters, (i) furnish, on the date that such Registrable Securities are delivered
to the underwriters, an opinion, dated as of such date, of the legal counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the
underwriters, if any, and a “negative assurance letter,” dated as of such date, of the legal counsel representing the
Company for purposes of such registration, in form and substance as is customarily given to underwriters and (ii) furnish, on the
date of the underwriting agreement and on the date that the Registrable Securities are delivered to the underwriters, a letter
dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily
given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters;
and


 


(j)                
use reasonable best efforts to list the Registrable Securities covered by such registration statement with any securities
exchange on which the Common Stock is then listed;


 


(k)              
in connection with a customary due diligence review, make available for inspection by the Holders, any underwriter participating
in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Holders or underwriter
(collectively, the “Offering Persons”), all financial and other records, pertinent corporate documents and properties
of the Company and its subsidiaries, and cause the officers, directors and employees of the Company and its subsidiaries to supply
all information and participate in customary due diligence sessions in each case reasonably requested by any such representative,
underwriter, counsel or accountant in connection with such registration statement, subject to customary confidentiality obligations
to be agreed with the Offering Persons;


 


(l)                
cooperate with the Holders and each underwriter or agent participating in the disposition of Registrable Securities and
their respective counsel in connection with any filings required to be made with FINRA;


 






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(m)            
as promptly as is reasonably practicable notify the Holders (i) when the prospectus or any prospectus supplement or post-effective
amendment has been filed and, with respect to such registration statement or any post-effective amendment, when the same has become
effective, (ii) of any request by the Commission or other federal or state governmental authority for amendments or supplements
to such registration statement or related prospectus or to amend or to supplement such prospectus or for additional information,
(iii) of the issuance by the Commission of any stop order suspending the effectiveness of such registration statement or the initiation
of any proceedings for such purpose, (iv) if at any time the Company has reason to believe that the representations and warranties
of the Company or any of its subsidiaries contained in any agreement (including any underwriting agreement contemplated by Section
3.1(g) above) cease to be true and correct or (v) of the receipt by the Company of any notification with respect to the suspension
of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the
initiation or threatening of any proceeding for such purpose; and


 


(n)              
notwithstanding any other provision of this Agreement, if the Board of Directors of the Company has determined in good faith
that the disclosure necessary for continued use of the prospectus and registration statement by the Holders could be materially
detrimental to the Company, the Company shall have the right not to file or not to cause the effectiveness of any registration
covering any Registrable Securities and to suspend the use of the prospectus and the registration statement covering any Registrable
Security for such period of time as its use would be materially detrimental to the Company by delivering written notice of such
suspension to all Holders listed on the Company’s records; provided, however, that in any 12-month period the
Company may exercise the right to such suspension not more than once. From and after the date of a notice of suspension under this
Section 3.1(n), each Holder agrees not to use the prospectus or registration statement until the earlier of (i) notice from
the Company that such suspension has been lifted or (ii) the day following the ninetieth (90th) day of suspension within
any 12-month period.


 


Section 3.2           
Limitation on Subsequent Registration Rights. From and after the date hereof, the Company shall not enter into any
agreement granting any holder or prospective holder of any securities of the Company registration rights with respect to such securities
that conflict with the rights granted to the Holders herein, without the prior written consent of Holders of a majority of the
Registrable Securities. It is agreed that the granting of pro rata registration rights to any other investor in the Company shall
not be considered to conflict with the rights granted to the Holders herein.


 


Section 3.3           
Expenses of Registration. All Registration Expenses incurred in connection with any registration pursuant to Article
I or II shall be borne by the Company. All Selling Expenses relating to securities registered on behalf of the Holders
shall be borne by the Holders of the registered securities included in such registration.


 


Section 3.4           
Information by Holders. The Holder or Holders of Registrable Securities included in any registration shall furnish
to the Company such information regarding such Holder or Holders and their Affiliates, the Registrable Securities held by them
and the distribution proposed by such Holder or Holders and their Affiliates as the Company may reasonably request in writing and
as shall be required in connection with any registration, qualification or compliance referred to in this Agreement. It is understood
and agreed that the obligations of the Company under Article I or II are conditioned on the timely provisions of
the foregoing information by such Holder or Holders and, without limitation of the foregoing, will be conditioned on compliance
by such Holder or Holders with the following:


 






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(a)              
such Holder or Holders will, and will cause their respective Affiliates to, cooperate with the Company in connection with
the preparation of the applicable registration statement, and for so long as the Company is obligated to keep such registration
statement effective, such Holder or Holders will and will cause their respective Affiliates to, provide to the Company, in writing
and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all information regarding
themselves and their respective Affiliates and such other information as may be required by applicable law to enable the Company
to prepare such registration statement and the related prospectus covering the applicable Registrable Securities owned by such
Holder or Holders and to maintain the currency and effectiveness thereof;


 


(b)              
during such time as such Holder or Holders and their respective Affiliates may be engaged in a distribution of the Registrable
Securities, such Holder or Holders will, and they will cause their Affiliates to, comply with all laws applicable to such distribution,
including Regulation M promulgated under the Exchange Act, and, to the extent required by such laws, will, and will cause their
Affiliates to, among other things: (i) not engage in any stabilization activity in connection with the securities of the Company
in contravention of such laws; (ii) distribute the Registrable Securities acquired by it solely in the manner described in
the applicable registration statement; and (iii) if required by applicable law, cause to be furnished to each agent or broker-dealer
to or through whom such Registrable Securities may be offered, or to the offeree if an offer is made directly by such Holder or
Holders or their respective Affiliates, such copies of the applicable prospectus (as amended and supplemented to such date) and
documents incorporated by reference therein as may be required by such agent, broker-dealer or offeree;


 


(c)              
such Holder or Holders shall, and they shall cause their respective Affiliates to, permit the Company and its representatives
and agents to examine such documents and records and will supply in a timely manner any information as they may be reasonably request
to provide in connection with the offering or other distribution of Registrable Securities by such Holder or Holders; and


 


(d)              
on receipt of written notice from the Company of the happening of any of the events specified in Section 3.1(m) or
Section 3.1(n), or that requires the suspension by such Holder or Holders and their respective Affiliates of the distribution
of any of the Registrable Securities owned by such Holder or Holders, then such Holders shall, and they shall cause their respective
Affiliates to, cease offering or distributing the Registrable Securities owned by such Holder or Holders until the offering and
distribution of the Registrable Securities owned by such Holder or Holders may recommence in accordance with the terms hereof and
applicable law.


 


Section 3.5           
Rule 144 Reporting. With a view to making available the benefits of Rule 144 to the Holders, the Company agrees that,
for so long as a Holder owns Registrable Securities, the Company will use reasonable best efforts to:


 


(a)              
make and keep public information available, as those terms are understood and defined in Rule 144;


 






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(b)              
file with the Commission in a timely manner all reports and other documents required of the Company under the Exchange Act;
and


 


(c)              
so long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement
by the Company as to its compliance with the reporting requirements of the Exchange Act.


 


Section 3.6           
“Market Stand-Off” Agreement. The Holders shall not sell, transfer, make any short sale of, grant any
option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect
to, any Common Stock (or other securities of the Company) held by the Holders (other than those included in the registration) for
a period specified by the representatives of the managing underwriter or underwriters of Common Stock (or other securities of the
Company convertible into Common Stock) not to exceed five (5) days prior and ninety (90) days following any registered public sale
of securities by the Company in which the Company gave the Holders an opportunity to participate in accordance with Article
II. Each of the Holders also shall execute and deliver any “lock-up” agreement reasonably requested by the representatives
of any underwriters of the Company.


 


Section 3.7           
Insider Trading Policy. So long as any designee or nominee of the Holders or their Affiliates sits on the Board of
Directors of the Company, the Holders shall, and shall cause their Affiliates, to comply with the Company’s insider trading
policy.


 


Article
IV

Indemnification


 


Section 4.1            Indemnification
by Company. To the extent permitted by applicable law, the Company will, with respect to any Registrable Securities as to
which registration or qualification or compliance under applicable “blue sky” laws has been effected pursuant to
this Agreement, indemnify each Holder, each Holder’s current and former officers, directors, partners and members, and
each Person controlling such Holder within the meaning of Section 15 of the Securities Act, and each underwriter thereof, if
any, and each Person who controls any such underwriter within the meaning of Section 15 of the Securities Act (collectively,
the “Company Indemnified Parties”), against all expenses, claims, losses, damages and liabilities, joint
or several, (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of
a material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular or other
document, or any amendment or supplement thereto incident to any such registration, qualification or compliance or based on
any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of
any rule or regulation promulgated under the Securities Act, Exchange Act or state securities laws applicable to the Company
in connection with any such registration, and the Company will reimburse each of the Company Indemnified Parties for any
reasonable legal and any other expenses reasonably incurred in connection with investigating, preparing or defending any such
claim, loss, damage, liability or action, as such expenses are incurred. The indemnity agreement contained in this Section
4.1 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is
effected without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed), nor
shall the Company be liable to a Holder in any such case for any such loss, claim, damage, liability or action (a) to the
extent that it arises out of or is based upon a violation or alleged violation of any state or federal law (including any
claim arising out of or based on any untrue statement or alleged untrue statement or omission or alleged omission in the
registration statement or prospectus) which occurs in reliance upon and in conformity with written information furnished
expressly for use in connection with such registration by or on behalf of any Holder or (b) in the case of a sale directly by
a Holder of Registrable Securities (including a sale of such Registrable Securities through any underwriter retained by such
Holder engaging in a distribution solely on behalf of such Holder), such untrue statement or alleged untrue statement or
omission or alleged omission was corrected in a final or amended prospectus, and such Holder failed to deliver a copy of the
final or amended prospectus at or prior to the confirmation of the sale of the Registrable Securities to the Person asserting
any such loss, claim, damage or liability in any case in which such delivery is required by the Securities Act.


 






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Section 4.2           
Indemnification by Holders. To the extent permitted by applicable law, each Holder will, if Registrable Securities
held by such Holder are included in the securities as to which such registration or qualification or compliance under applicable
 “blue sky” laws is being effected, indemnify, severally and not jointly, the Company, each of its directors, officers,
partners and members, each underwriter, if any, of the Company’s securities covered by such a registration, each Person
who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, and each other Holder and
each of such Holder’s officers, directors, partners and members and each Person controlling such Holder within the meaning
of Section 15 of the Securities Act (collectively, the “Holder Indemnified Parties”), against all expenses,
claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged
untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular
or other document, or any amendment or supplement thereto incident to any such registration, qualification or compliance or based
on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances in which they were made, not misleading, or any violation by such Holder of
any rule or regulation promulgated under the Securities Act, Exchange Act or state securities law applicable to such Holder, and
will reimburse each of the Holder Indemnified Parties for any reasonable legal or any other expenses reasonably incurred in connection
with investigating, preparing or defending any such claim, loss, damage, liability or action, as such expenses are incurred, in
each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity
with written information furnished to the Company by such Holder and stated to be specifically for use therein, provided,
however, that in no event shall any indemnity under this Section 4.2 payable by a Holder exceed the amount by
which the net proceeds actually received by such Holder from the sale of Registrable Securities included in such registration
exceeds the amount of any other losses, expenses, settlements, damages, claims and liabilities that such Holder has been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission or violation. The indemnity agreement
contained in this Section 4.2 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action
if such settlement is effected without the prior written consent of the applicable Holder (which consent shall not be unreasonably
withheld or delayed), nor shall the Holder be liable for any such loss, claim, damage, liability or action where such untrue statement
or alleged untrue statement or omission or alleged omission was corrected in a final or amended prospectus, and the Company or
the underwriters failed to deliver a copy of the final or amended prospectus at or prior to the confirmation of the sale of the
Registrable Securities to the Person asserting any such loss, claim, damage or liability in any case in which such delivery is
required by the Securities Act


 






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Section 4.3           
Notification. Each party entitled to indemnification under this Article IV (the “Indemnified Party”)
shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after
such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying
Party to assume the defense of any such claim or any litigation resulting therefrom, provided, however, that counsel
for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party
(whose approval shall not unreasonably be withheld or delayed), and the Indemnified Party may participate in such defense at such
party’s expense; provided, further, however, that an Indemnified Party (together with all other Indemnified
Parties) shall have the right to retain one (1) separate counsel, with the reasonable fees and expenses to be paid by the Indemnifying
Party, if representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due
to conflicting interests between such Indemnified Party and any other party represented by such counsel in such proceeding. The
failure of any Indemnified Party to give notice as provided herein shall relieve the Indemnifying Party of its obligations under
this Article IV, only to the extent that, the failure to give such notice is materially prejudicial or harmful to an Indemnifying
Party’s ability to defend such action. No Indemnifying Party, in the defense of any such claim or litigation, shall, except
with the prior written consent of each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent
to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. The indemnity
agreements contained in this Article IV shall not apply to amounts paid in settlement of any loss, claim, damage, liability
or action if such settlement is effected without the prior written consent of the Indemnifying Party, which consent shall not be
unreasonably withheld or delayed. The indemnification set forth in this Article IV shall be in addition to any other indemnification
rights or agreements that an Indemnified Party may have.


 


Section 4.4           
Contribution. If the indemnification provided for in this Article IV is held by a court of competent jurisdiction
to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any claim, loss, damage, liability
or action referred to therein, then, subject to the limitations contained in Article IV, the Indemnifying Party, in lieu
of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as
a result of such claim, loss, damage, liability or action in such proportion as is appropriate to reflect the relative fault of
the Indemnifying Party on the one hand and the Indemnified Party on the other in connection with the actions that resulted in
such claims, loss, damage, liability or action, as well as any other relevant equitable considerations. The relative fault of
the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission to state a material fact related to information supplied by the
Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. The Company and the Holders agree that it would not be just and equitable if
contribution pursuant to this Section 4.4 were based solely upon the number of entities from whom contribution was
requested or by any other method of allocation which does not take account of the equitable considerations referred to above in
this Section 4.4. In no event shall any Holder's contribution obligation under this Section 4.4 exceed the amount
by which the net proceeds actually received by such Holder from the sale of Registrable Securities included in such registration
exceeds the amount of any other losses, expenses, settlements, damages, claims and liabilities that such Holder has been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission or violation. No Person guilty of
fraudulent misrepresentation (within the meaning of the Securities Act) shall be entitled to contribution from any Person who
was not guilty of such fraudulent misrepresentation.


 






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Article
V

Transfer and Termination of Registration Rights


 


Section 5.1           
Transfer of Registration Rights. The rights to cause the Company to register securities granted to a Holder under
this Agreement may be assigned to a Permitted Transferee in connection with any transfer or assignment of Registrable Securities
to such Permitted Transferee in accordance with the Subscription Agreement; provided, however, that (a) such
transfer may otherwise be effected in accordance with applicable securities laws, (b) prior written notice of such assignment
is given to the Company, and (c) such Permitted Transferee agrees in writing to be bound by, and subject to, this Agreement as
a “Holder” pursuant to a written instrument in form and substance reasonably acceptable to the Company.


 


Section 5.2           
Termination of Registration Rights. The rights of any particular Holder to cause the Company to register securities
under Articles I and II shall terminate with respect to such Holder upon the date upon which such Holder no longer
holds any Registrable Securities.


 


Article
VI

Miscellaneous.


 


Section 6.1           
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and will become effective when one or more counterparts have been signed by a party and delivered to the other
parties. Copies of executed counterparts transmitted by telecopy, telefax or other electronic transmission service shall be considered
original executed counterparts for purposes of this Section 6.1, provided that receipt of copies of such counterparts is
confirmed.


 


Section 6.2           
Governing Law; Waiver of Jury Trial.


 


(a)              
This Agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware, without giving
effect to any choice of law or conflict of law rules or provisions (whether of the state of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the state of Delaware.


 


(b)              
Any dispute relating hereto shall be heard first in the Delaware Court of Chancery, and, if applicable, in any state or
federal court located in of Delaware in which appeal from the Court of Chancery may validly be taken under the laws of the State
of Delaware (each a “Chosen Court” and collectively, the “Chosen Courts”), and the parties agree
to the exclusive jurisdiction and venue of the Chosen Courts. Such Persons further agree that any proceeding seeking to enforce
any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated
hereby or by any matters related to the foregoing (the “Applicable Matters”) shall be brought exclusively in
a Chosen Court, and that any proceeding arising out of this Agreement or any other Applicable Matter shall be deemed to have arisen
from a transaction of business in the state of Delaware, and each of the foregoing Persons hereby irrevocably consents to the
jurisdiction of such Chosen Courts in any such proceeding and irrevocably and unconditionally waives, to the fullest extent permitted
by law, any objection that such Person may now or hereafter have to the laying of the venue of any such suit, action or proceeding
in any such Chosen Court or that any such proceeding brought in any such Chosen Court has been brought in an inconvenient forum.


 






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(c)              
Such Persons further covenant not to bring a proceeding with respect to the Applicable Matters (or that could affect any
Applicable Matter) other than in such Chosen Court and not to challenge or enforce in another jurisdiction a judgment of such Chosen
Court.


 


(d)              
Process in any such proceeding may be served on any Person with respect to such Applicable Matters anywhere in the world,
whether within or without the jurisdiction of any such Chosen Court. Without limiting the foregoing, each such Person agrees that
service of process on such party as provided in Section 6.5 shall be deemed effective service of process on such Person.


 


(e)              
Waiver of Jury Trial. EACH PARTY HERETO, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER PROCEEDING (WHETHER BASED
ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES HERETO OR THEIR RESPECTIVE AFFILIATES
PURSUANT TO THIS AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.


 


Section 6.3           
Entire Agreement; No Third Party Beneficiary. This Agreement and the Related Agreements (as defined in the Subscription
Agreement) contain the entire agreement by and among the parties with respect to the subject matter hereof and all prior negotiations,
writings and understandings relating to the subject matter of this Agreement. Except as provided in Article IV, this Agreement
is not intended to confer upon any Person not a party hereto (or their successors and permitted assigns) any rights or remedies
hereunder.


 


Section 6.4           
Expenses. Except as provided in Section 3.3, all fees, costs and expenses incurred in connection with this
Agreement and the transactions contemplated hereby, including accounting and legal fees shall be paid by the party incurring such
expenses.


 


Section 6.5           
Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall
be deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the United States return
receipt requested, upon receipt; (b) if sent by nationally recognized overnight air courier, one (1) business day after mailing;
(c) if sent by e-mail transmission, with a copy sent on the same day in the manner provided in Section 6.5(a) or (b),
when transmitted and receipt is confirmed; and (d) if otherwise actually personally delivered, when delivered, provided,
that such notices, requests, demands and other communications are delivered to the address set forth below, or to such other address
as any party shall provide by like notice to the other Parties to this Agreement:


 






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If to the Company, to:


 


The Cheesecake Factory Incorporated

26901 Malibu Hills Road


Calabasas Hills, California 91301

Attention: General Counsel


Email: smay@thecheesecakefactrory.com


with a copy (which shall not constitute notice) to:


 


Latham & Watkins LLP

355 South Grand Avenue, Suite 100


Los Angeles, California 90071

Attention: David Zaheer


Email: david.zaheer@lw.com


 


If to the Investor, to:


 


Roark Capital Acquisitions LLC


1180 Peachtree Street NE, Suite 2500


Atlanta, Georgia 30309


Attention: Stephen Aronson

E-mail: sda@roarkcapital.com






with a copy (which shall not constitute notice) to:


 


Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas


New York, New York, 10019-6064

Attention: Jeffrey D. Marell, Sarah Stasny


E-mail: jmarell@paulweiss.com, sstasny@paulweiss.com


 


Section 6.6           
Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Except as provided in Section 5.1, no assignment of this Agreement or of any
rights or obligations hereunder may be made by any party hereto without the prior written consent of the other parties hereto.
Any purported assignment or delegation in violation of this Agreement shall be null and void ab initio.


 






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Section 6.7           
Headings. The Section, Article and other headings contained in this Agreement are inserted for convenience of reference
only and will not affect the meaning or interpretation of this Agreement.


 


Section 6.8           
Amendments and Waivers. This Agreement may not be modified or amended except by an instrument or instruments in writing
signed by the Company and the Holders of a majority of the Registrable Securities outstanding at the time of such amendment. Any
party hereto may, only by an instrument in writing, waive compliance by any other party or parties hereto with any term or provision
hereof on the part of such other party or parties hereto to be performed or complied with. No failure or delay of any party in
exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any single or partial exercise of any right
or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The waiver by any party hereto of a breach of any term or provision hereof
shall not be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder are cumulative and
are not exclusive of any rights or remedies that they would otherwise have hereunder.


 


Section 6.9           
Interpretation; Absence of Presumption.


 


(a)              
For the purposes hereof: (i) words in the singular shall be held to include the plural and vice versa and words of one gender
shall be held to include the other gender as the context requires; (ii) the terms “hereof,” “herein,” and
 “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a
whole and not to any particular provision of this Agreement, and Section and paragraph references are to the Sections and paragraphs
in this Agreement unless otherwise specified; (iii) the word “including” and words of similar import when used in this
Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified;
and (iv) the word “or” shall not be exclusive.


 


(b)              
With regard to each and every term and condition of this Agreement, the parties hereto understand and agree that the same
have or has been mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret
or construe any such term or condition, no consideration will be given to the issue of which party hereto actually prepared, drafted
or requested any term or condition of this Agreement.


 


Section 6.10       
Severability. Any provision hereof that is held to be invalid, illegal or unenforceable in any respect by a court
of competent jurisdiction, shall be ineffective only to the extent of such invalidity, illegality or unenforceability, without
affecting in any way the remaining provisions hereof, provided, however, that the parties will attempt in good faith
to reform this Agreement in a manner consistent with the intent of any such ineffective provision for the purpose of carrying out
such intent.


 


(The next page is the signature page)


 






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IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first above written.


 


	 	THE CHEESECAKE FACTORY INCORPORATED
	 	 
	 	By:	/s/
    Matthew E. Clark
	 	 	Name: Matthew Clark
	 	 	Title: Executive Vice President, Chief
    Financial Officer
	 	 	 
	 	RC CAKE HOLDINGS LLC
	 	 	 
	 	By:	/s/ Paul
    D. Ginsberg
	 	 	Name: Paul D. Ginsberg
	 	 	Title: President




 


[Signature Page to Registration Rights Agreement]


 



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EXHIBIT A

DEFINED TERMS


 


1.       The
following capitalized terms have the meanings indicated:


 


“Affiliate”
of any Person means any Person, directly or indirectly, controlling, controlled by or under common control with such Person.


 


“Automatic
Shelf Registration Statement” means an “automatic shelf registration statement” as defined under Rule 405.


 


“Commission”
means the Securities and Exchange Commission.


 


“Common Stock”
means the Company’s common stock, par value $.01 per share.


 


“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any similar successor federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect from time to time.


 


“Holder”
means (a) any Investor holding Registrable Securities and (b) any Permitted Transferee to which the rights under this Agreement
have been transferred in accordance with Section 5.1.


 


“Permitted
Transferee” has the meaning given to such term in the Subscription Agreement.


 


“Person”
means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization,
other legal entity, or any government or governmental agency or authority.


 


“register”,
 “registered” and “registration” refer to a registration effected by preparing and filing
a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration
statement.


 


“Registration
Expenses” means (a) all expenses incurred by the Company in complying with Articles I and II, including,
without limitation, all registration, qualification, listing and filing fees, printing expenses, escrow fees, fees and disbursements
of counsel for the Company, blue sky fees and expenses, and the expense of any special audits incident to or required by any such
registration; and (b) the fees and expenses of any counsel to the Holders; provided, however, that, in the case of
this clause (b), such fees and expenses shall not exceed $25,000 with respect to any particular registration pursuant to Article
I or II.


 


“Registrable
Securities” means (a) any shares of Common Stock actually issued upon conversion of the Series A Convertible Preferred
Stock, (b) any other shares of Common Stock issued in respect of preemptive rights of the Investor and (c) any Common Stock or
other securities actually issued in respect of the securities described in clauses (a) or (b) above or this clause (c) upon any
stock split, stock dividend, recapitalization, reclassification, merger, consolidation or similar event; provided, however,
that the securities described in clauses (a), (b) and (c) above shall only be treated as Registrable Securities until the earliest
of: (i) the date on which such security has been registered under the Securities Act and disposed of in accordance with an effective
Registration Statement relating thereto; (ii) the date on which such security has been sold pursuant to Rule 144 and the security
is no longer a Restricted Security; or (iii) the date on which such security is transferred in a transaction pursuant to which
the registration rights are not also assigned in accordance with Section 5.1.


 






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“Restricted
Securities” means any Common Stock required to bear the legend set forth in Section 4.3(a) of the Subscription Agreement.


 


“Rule 144”
means Rule 144 promulgated under the Securities Act and any successor provision.


 


“Rule 405”
means Rule 405 promulgated under the Securities Act and any successor provision.


 


“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder or any similar
federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.


 


“Selling Expenses”
means all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities registered by the Holders.


 


“Series A
Convertible Preferred Stock” means the Company’s Series A Convertible Preferred Stock, par value $.01 per share.


 


“Shelf Registration”
means the Resale Shelf Registration or a Subsequent Shelf Registration, as applicable.


 


“WKSI”
means a “well known seasoned issuer” as defined under Rule 405.


 


2.       The
following terms are defined in the Sections of the Agreement indicated:


 


INDEX OF TERMS


 


	Term	 	Section
	Agreement	 	Preamble
	Applicable Matters	 	Section 6.2(b)
	Chosen Court	 	Section 6.2(b)
	Company	 	Preamble
	Company Indemnified Parties	 	Section 4.1
	Effectiveness Period	 	Section 1.2
	Holder	 	Section 5.1
	Holder Indemnified Parties	 	Section 4.2
	Indemnified Party	 	Section 4.3
	Indemnifying Party	 	Section 4.3
	Investor	 	Preamble
	Market Stand-Off	 	Section 3.6
	Resale Shelf Registration	 	Section 1.1
	Resale Shelf Registration Statement	 	Section 1.1
	Subscription Agreement	 	Preamble
	Subsequent Holder Notice	 	Section 1.5
	Subsequent Shelf Registration	 	Section 1.3
	Underwritten Offering	 	Section 1.6





 






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