EX-10.6





 Exhibit 10.6 

INVESTOR RIGHTS AGREEMENT 

This Investor Rights Agreement (this “Agreement”) is made and entered into as of May [●], 2020 by and among
BJ’s Restaurants, Inc., a California corporation (the “Company”), and SC 2018 Trust LLC, a Delaware limited liability company (“Trust LLC,” and together with any transferees of the Securities (as defined in the
Purchase Agreement) who agree to become parties to this Agreement, each an “Investor” and collectively, the “Investors”) (each of the Company and the Investors, a “Party” to this Agreement, and
collectively, the “Parties”). 
 RECITALS 

WHEREAS, the Company and Trust LLC are parties to that certain Securities Purchase Agreement, dated as of May 1, 2020 (the
“Purchase Agreement”), pursuant to which Trust LLC has become the holder of 375,000 shares of common stock, no par value per share, of the Company (the “Common Stock” and such shares, the “Common
Shares”) and a holder of 875,000 Warrants (as defined in the Common Share Purchase Warrant); and 
 WHEREAS, in connection with the
investment contemplated by the Transaction Documents (as defined in the Purchase Agreement), the Company and Investors have determined to come to an agreement with respect to certain governance matters as well as certain other matters, as provided
in this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby, agree as follows: 

1.    Board Appointment and Related Agreements. 

(a)    Board Appointment 

(i)    From the date of this Agreement and for so long as the Investors meet the Minimum Ownership Threshold, the
Investors shall have the right to designate for appointment or nomination, as the case may be, to the Company’s board of directors (the “Board”) or replace an Appointed Director with one (1) person (the “Director
Nominee”), who shall be designated by the Investor Representative. The “Investor Representative” shall be Ron Shaich or any replacement thereof approved by Trust LLC. The initial Director Nominee is Keith Pascal (the
“Initial Director Nominee”). 
 (ii)    As soon as reasonably possible after the Closing Date (as
defined in the Purchase Agreement) (and in no event later than ten (10) business days after the Closing Date), and subject to the Initial Director Nominee meeting the Independent Director Criteria below, the Company agrees that the Board and
all applicable committees of the Board shall take all necessary actions (A) to appoint the Initial Director Nominee to the Board, (B) simultaneously therewith, increase the size of the Board from nine (9) to ten (10) directors,
and (C) to the extent necessary, cause an existing director of the Board to resign effective simultaneously with the appointment of the Initial Director Nominee. As used in this Agreement, an “Appointed Director” means any
Director Nominee, including the Initial Director Nominee, who is elected or appointed to the Board to serve as a director of the Company, including a Replacement Director. 












 (iii)    Any Director Nominee shall (a) have business, restaurant,
marketing, technology, accounting, finance and/or other relevant experiences or expertise, (b) be reasonably acceptable to the Governance and Nominating Committee of the Board (the “Nominating Committee”) and the Board,
(c) qualify as “independent” pursuant to Nasdaq Stock Market listing standards and satisfy any other criteria applicable to “independent” directors under such listing standards and under applicable law and the rules and
regulations of the Securities and Exchange Commission, (d) have provided the items that would be required of an independent director pursuant the Company’s normal director intake procedures (including completion of a standard director and
officer questionnaire and completion of a background check), and (e) who does not serve as a director or officer of any company that owns, operates or franchises casual dining restaurants; provided that, for purposes of clause (e), such casual
dining restaurants shall not include any fine dining restaurants, any fast casual restaurants or any casual dining restaurants with fewer than 25 locations and shall not include serving as a director or officer of Trust LLC or Act III Holdings,
LLC or any of its Subsidiaries (clauses (a)-(e), the “Independent Director Criteria”). 

(iv)    Within ten (10) business days of his or her name being submitted to the Nominating Committee, the Nominating
Committee shall determine whether such Director Nominee is reasonably acceptable to the Board, and if such nomination is recommended by the Nominating Committee and approved by the Board, the Board shall take all necessary actions to promptly
appoint the Appointed Director as a director of the Company within five (5) business days of the Nominating Committee’s recommendation. In the event the Nominating Committee or the Board does not accept a Director Nominee, the Investors
shall have the right to recommend a substitute Director Nominee, so long as no Resignation Event has occurred, whose appointment shall be subject to the procedures described above and satisfaction of the Independent Director Criteria. 

(v)    The Company agrees that, so long as a Resignation Event has not occurred, subject to his or her continued
satisfaction of the Independent Director Criteria (i) the Board shall nominate for election to the Board, along with its other nominees, the Director Nominee, including the Initial Director Nominee, at any annual or special meeting of
shareholders of the Company at which directors are to be elected and shall recommend, support and solicit proxies for the election of such Director Nominee at any such meeting in the same manner as it recommends, supports, and solicits proxies for
the election of any continuing directors. 
 (vi)    If any Appointed Director is unable or unwilling to serve as a
director and ceases to be a director, resigns as a director, is removed as a director, or for any other reason fails to serve or is not serving as a director at any time prior to the occurrence of a Resignation Event, the Investor Representative
shall have the right to designate a person to be a Replacement Director (any such replacement nominee, when appointed to the Board, shall be referred to as a “Replacement Director”). Any Replacement Director must satisfy the
Independent Director Criteria. Any Replacement Director will be considered, approved and appointed to the Board in accordance with the process specified in Section 1(a)(iv). 

  
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 (vii)    So long as no Resignation Event has occurred, the Board shall
give any Appointed Director the same due consideration for membership to any committee of the Board as any other independent director; provided that the Appointed Director shall serve on at least one (1) committee of the Board. The remaining
members of each Board committee shall be selected such that each committee includes directors whose skill sets and expertise are relevant to such committee. 

(b)    Resignation Events. As a condition to the Appointed Director’s appointment to the Board, the Appointed
Director shall, and the Investors shall cause the Appointed Director to submit prior to effectiveness of any appointment, an irrevocable resignation letter pursuant to which the Appointed Director shall resign from the Board and all applicable
committees thereof effective automatically and immediately (i) upon a Resignation Event or (ii) if at any time following the date of such person’s appointment to the Board such person no longer meets the Independent Director Criteria
set forth in Section 1(a)(iii)(e); provided that in the case of clause (ii), the Investors shall retain the right to nominate for appointment or nomination a Replacement Director. The Investors shall promptly (and in any
event within five (5) business days) inform the Company in writing if the Investors fail to satisfy the Minimum Ownership Threshold at any time. For the avoidance of doubt, the Investors shall have no rights under Sections 1 or 4
if any Resignation Event has occurred and the Company shall have no rights under Section 2 if any Resignation Event has occurred. For purposes of this Agreement, a “Resignation Event” means, regardless of
actual resignation, if the Investors fail to satisfy the Minimum Ownership Threshold at any time after the date of this Agreement. For purposes hereof, the “Minimum Ownership Threshold” shall mean collective beneficial ownership (as
determined under Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) of the lesser of (i) 187,500 shares of Common Stock (subject to
proportionate adjustment in the event of splits, combinations or reclassifications) or (ii) a number of Common Shares or shares or rights convertible or exercisable into Common Shares, including the Warrants (whether or not presently
convertible or exercisable) that, in the aggregate, are convertible or exercisable into and/or equal at least 4.25% of the then-outstanding Common Stock (on an
as-converted and as-exercised basis). 
 (c)    Reimbursement. The
Director Nominee or Appointed Director, as applicable, shall be entitled to (i) reimbursement of expenses and indemnification in the same manner and to the same extent as the other members of the Board, in accordance with the Company’s
organizational documents and on the basis of the director indemnification agreement with the Company, and (ii) compensation in the same manner and to the same extent as the other members of the Board. Any director minimum ownership requirements
shall be deemed satisfied in respect of the Director Nominee or Appointed Director, as applicable, by the Common Shares or shares or rights convertible or exercisable into Common Shares, including the Warrants, (whether or not presently convertible
or exercisable) held by the Investors. 
 2.    Voting. For so long as the Investors have the right to designate
or nominate a Director Nominee pursuant to Section 1, in connection with any proposal submitted for Company shareholder approval (at any annual or special meeting called, or in connection with any other action (including
the execution of written consents)) related to the election or removal of directors of the Board or any business or proposal involving the Company, each of the Investors will (A) cause all of their respective shares of Company capital stock
that are entitled to vote, whether 

  
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now owned or hereafter acquired (collectively, the “Voting Securities”), to be present in person or represented by proxy at all meetings of shareholders of the Company, so that
all such shares shall be counted as present for determining the presence of a quorum at such meetings and (B) vote all of their Voting Securities in accordance with the recommendation of the Board for: (1) any nominee or director nominated
by the Nominating Committee, (2) the Company’s “say on pay” proposal set forth in the proxy statement for any such annual meeting, and (3) the ratification of the appointment of the Company’s independent public
accounting firm set forth in the proxy statement for any such annual meeting; it being understood that any Investor shall be under no obligation to vote in the same manner as recommended by the Board or in any other manner other than its sole
discretion with respect to any other matter. 
 3.    Standstill. The Investors agree that until the later of
(x) the third anniversary of the date of this Agreement, and (y) the date on which the Investors no longer have the right to designate or nominate a Director Nominee pursuant to Section 1, without the prior
written consent of the Company, such Investors will not at any time, nor will they cause or permit any of their respective controlled Affiliates (as defined in the Purchase Agreement) to: (a) effect or seek, offer or propose (whether publicly
or otherwise) to effect, or announce any intention to effect or cause or participate in or in any way assist, facilitate or encourage any other Person (as defined in the Purchase Agreement) to effect or seek, offer or propose (whether publicly or
otherwise) to effect or participate in, (i) any acquisition of any securities (or beneficial ownership thereof), or rights or options to acquire any securities (or beneficial ownership thereof), or any assets, indebtedness or businesses of the
Company or its Subsidiaries (as defined in the Purchase Agreement), (ii) any tender or exchange offer, merger or other business combination involving the Company or its Subsidiaries or assets of the Company or its Subsidiaries constituting a
significant portion of the consolidated assets of the Company and its Subsidiaries, or (iii) any “solicitation” of “proxies” (as such terms are used in the proxy rules of the Securities and Exchange Commission) or consents
to vote any voting securities of the Company or any of its Subsidiaries; (b) form, join or in any way participate in a “group” (as defined under the Exchange Act) with respect to the Company or otherwise act in concert with any Person
in respect of any such securities; (c) otherwise act, alone or in concert with others, to seek representation on or to control or influence the management, Board or policies of the Company or to obtain representation on the Board of the Company
(other than pursuant to the terms of this Agreement); (d) take any action which would or would reasonably be expected to force the Company to make a public announcement regarding any of the types of matters set forth in clause (a) above; or
(e) enter into any discussions or arrangements with any third party with respect to any of the foregoing; it being understood that nothing in this Section 3 shall (x) restrict or prohibit the Appointed Director
from taking any action, or refraining from taking any action, which he or she determines, in his or her reasonable discretion, is necessary to fulfill his or her fiduciary duties as a member of the Board (y) restrict the Investors’
acquisition of any Equity Securities paid as dividends or acquired pursuant to Section 4 of this Agreement, in each case, in accordance with the terms of this Agreement, or (z) restrict the Investors acquisition of
equity or debt securities of the Company or any of its Subsidiaries, or voting such securities (subject to the provisions of Section 2) and otherwise exercising its rights and privileges with respect to such securities, so
long as such acquisition, voting or exercise of the rights and privileges, would not constitute a violation of clauses (a)(ii) and (iii) or (b) through (e) above. 

  
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 4.    Preemptive Rights. 

(a)    Notwithstanding anything contained in Section 3, from and after the Closing Date, for so
long as the Investors meet the Minimum Ownership Threshold, if the Company makes any public or non-public offering of any New Securities, each Investor shall be afforded the opportunity to acquire from the
Company all or a portion of such Investor’s Preemptive Rights Portion of such New Securities for the same price as that offered to the other purchasers of such New Securities; provided, that such Investor shall not be entitled to acquire any
New Securities pursuant to this Section 4 to the extent the issuance of such New Securities to such Investor would require approval of the stockholders of the Company as a result of any such Investor’s status, if
applicable, as an Affiliate of the Company or pursuant to the rules and listing standards of the Nasdaq Stock Exchange, in which case the Company may consummate the proposed issuance of New Securities to other Persons prior to obtaining approval of
the stockholders of the Company (subject to compliance by the Company with Section 4(e) below). 

(b)    If the Company proposes to offer New Securities, it shall give the Investors written notice of its intention,
describing the anticipated price (or range of anticipated prices), anticipated amount of New Securities and other material terms and timing upon which the Company proposes to offer the same (including, in the case of a registered public offering and
to the extent possible, a copy of the prospectus included in the registration statement filed with respect to such offering) at least seven (7) business days prior to such issuance (or, in the case of a registered public offering, at least
seven (7) business days prior to the commencement of such registered public offering) (provided that, to the extent the terms of such offering cannot reasonably be provided seven (7) business days prior to such issuance, notice of such
terms may be given as promptly as reasonably practicable but in any event prior to such issuance). The Company may provide such notice to the Investors on a confidential basis prior to public disclosure of such offering. Other than in the case of a
registered public offering, the Investor Representative may notify the Company in writing at any time on or prior to the second (2nd) business day immediately preceding the date of such issuance
(or, if notice of all such terms has not been given prior to the second (2nd) business day immediately preceding the date of such issuance, at any time prior to such issuance) whether any of the
Investors will exercise such preemptive rights and as to the amount of New Securities the Investors desire to purchase, up to the such Investor’s Preemptive Rights Portion. In the case of a registered public offering, the Investor
Representative shall notify the Company in writing at any time prior to the second (2nd) business day immediately preceding the date of commencement of such registered public offering (or, if
notice of all such terms has not been given prior to the second (2nd) business day immediately preceding the date of commencement of such registered public offering, at any time prior to the date
of commencement of such registered public offering) whether any of the Investors will exercise such preemptive rights and as to the amount of New Securities the Investors desire to purchase, up to such Investor’s Preemptive Rights Portion. Such
notice to the Company shall constitute a binding commitment by the Investors to purchase the amount of New Securities so specified at the price and other terms set forth in the Company’s notice to it. Subject to receipt of the requisite notice
of such issuance by the Company, the failure of the Investor Representative to respond prior to the time a response is required pursuant to this Section 4(b) shall be deemed to be a waiver of the Investors’ purchase
rights under this Section 4 only with respect to the offering described in the applicable notice. 

  
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 (c)    Each Investor shall purchase the New Securities that it has
elected to purchase under this Section 4 concurrently with the related issuance of such New Securities by the Company (subject to the receipt of any required approvals from any governmental entity to consummate such
purchase by such Investor); provided, that if such related issuance is prior to the twentieth (20th) business day following the date on which such Investor has notified the Company that it has
elected to purchase New Securities pursuant to this Section 4, then each Investor shall purchase such New Securities within twenty (20) business days following the date of the related issuance. If the proposed issuance
by the Company of securities which gave rise to the exercise by the Investor of its preemptive rights pursuant to this Section 4 shall be terminated or abandoned by the Company without the issuance of any securities, then
the purchase rights of the Investors pursuant to this Section 4 shall also terminate as to such proposed issuance by the Company (but not any subsequent or future issuance), and any funds in respect thereof paid to the
Company by the Investors in respect thereof shall be promptly refunded in full. 
 (d)    In the case of the offering of
securities for consideration in whole or in part other than cash, including securities acquired in exchange therefor (other than securities by their terms so exchangeable), the consideration other than cash shall be deemed to be the fair value
thereof as reasonably determined by the Board; provided, however, that such fair value as determined by the Board shall not exceed the aggregate market price of the securities being offered as of the date the Board authorizes the offering of such
securities. 
 (e)    In the event that the Investors are not entitled to acquire any New Securities pursuant to this
Section 4 because such issuance would require the Company to obtain stockholder approval in respect of the issuance of such New Securities to the Investors as a result of any such Investor’s status, if applicable, as
an Affiliate of the Company or pursuant to the rules and listing standards of the Nasdaq Stock Exchange, the Company shall, upon the Investor’s reasonable request delivered to the Company in writing within seven (7) business days following
its receipt of the written notice of such issuance to the Investors pursuant to this Section 4, at the Investor’s election, (i) consider and discuss in good faith modifications proposed by the Investors to the
terms and conditions of such portion of the New Securities which would otherwise be issued to the Investors such that the Company would not be required to obtain stockholder approval in respect of the issuance of such New Securities as so modified;
and/or (ii) solely to the extent that stockholder approval is not required in connection with the issuance of Equity Securities to Persons other than the Investors, use reasonable best efforts to seek stockholder approval in respect of the
issuance of any New Securities to the Investors. 
 (f)    If the Investors do not elect to purchase their respective
Preemptive Election Share of the New Securities pursuant to this Section 4, the Company may sell such portion of the New Securities on terms and conditions that are not materially more favorable in the aggregate to the
applicable purchaser(s) than those set forth in the written notice of such offer. If such sale is not consummated within 120 days of the date upon which the written notice of such offer was given, then no issuance of such New Securities may be made
thereafter by the Company without again offering the same to the Investors in accordance with this Section 4. The election by any Investor to not exercise its subscription rights under this
Section 4 in any one instance shall not affect its right as to any subsequent proposed issuance. 

  
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 (g)    The Company and the Investors shall cooperate in good faith to
facilitate the exercise of the Investors’ rights pursuant to this Section 4, including securing any required approvals or consents. 

(h)    For purposes of this Section 4, the following terms have the following meanings: 

(i)    “Convertible Securities” means any security convertible into or exchangeable for capital stock of
the Company. 
 (ii)    “Equity Securities” means (A) all capital stock of the Company,
(B) all Convertible Securities and (C) all Options to acquire from the Company shares of such capital stock or such Convertible Stock. 

(iii)    “Excluded Securities” means (A) any securities issued by the Company as full or partial
consideration in connection with a merger, acquisition, consolidation or purchase of all or substantially all of the securities or assets of a corporation or other entity; (B) any shares of capital stock or options to purchase shares of capital
stock, or other equity-based awards (including restricted stock units), issued or granted to employees (or prospective employees who have accepted an offer of employment), directors or consultants (as defined in the Company’s Equity Incentive
Plan) of the Company or any of its Subsidiaries, pursuant to plans that have been approved by a majority of the independent members of the Board or that exist as of the date of this Agreement; (C) securities issued by the Company upon the
exercise, exchange or conversion of any securities that are exercisable or exchangeable for, or convertible into, shares of capital stock and are outstanding as of the date of this Agreement, provided that such exercise, exchange or conversion is
effected pursuant to the terms of such securities as in effect on the date of this Agreement; and (D) securities issued by the Company pursuant to any equipment loan or leasing arrangement, real property leasing arrangement or debt financing
from a bank or similar financial institution approved by a majority of the disinterested members of the Board. 

(iv)    “New Securities” means all Equity Securities other than: (A) Excluded Securities;
(B) shares of any class of capital stock of the Company issued on a pro rata basis to all holders of such class as a stock dividend or upon any stock split or other subdivision of shares of capital stock; (C) shares of capital stock of the
Company issued as consideration in connection with an acquisition (approved by the Board) by the Company of assets or capital stock of any Person; (D) shares of Common Stock issued pursuant to a bona fide public offering, or Convertible
Securities or shares of Common Stock issuable upon exercise or conversion of Convertible Securities issued pursuant to a bona fide public offering, in each case with aggregate proceeds of at least $10,000,000, (E) shares of Common Stock, Convertible
Securities and Options issued to existing or former officers, directors, employees or consultants of the Company pursuant to any equity incentive plan adopted or approved by the Board from time to time, including any shares of Common Stock issuable
upon exercise of any such Option or settlement or vesting of any award issued under such plans, (F) rights issued pursuant to a shareholder rights plan, and (G) the issuance of warrants with indebtedness for purposes of yield enhancement.


  
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 (v)    “Options” means any options, warrants or other
rights to subscribe for, purchase or otherwise acquire any capital stock of the Company or Convertible Securities. 

(vi)    “Preemptive Rights Portion” means, with respect to an Investor, the amount of New Securities
that each Investor shall be entitled to purchase in the aggregate determined by multiplying (1) the total number of such offered shares of New Securities by (2) the quotient of (a) the aggregate number of shares
of Common Stock or shares or rights convertible or exercisable into Common Shares (whether or not presently convertible or exercisable) (on an as-converted and as-exercised basis) held by such Investor, as of
such date, divided by (b) the aggregate number of shares of Common Stock (on an as-converted and as-exercised basis) outstanding as of such date. 

5.    Corporate Opportunities. The Company, on behalf of itself and its Subsidiaries, to the fullest extent
permitted by applicable law, (a) acknowledges and affirms that the Investors and their Affiliates and Representatives, including any Director Nominee or any other members of the Board affiliated with the Investors (the “Investor
Group”): (i) have participated (directly or indirectly) and will continue to participate (directly or indirectly) in direct investments in corporations, joint ventures, limited liability companies and other entities (“Other
Investments”), including Other Investments engaged in various aspects of businesses similar to those engaged in by the Company and its Subsidiaries (and related services businesses) that may, are or will be competitive with the
Company’s or any of its Subsidiaries’ businesses or that could be suitable for the Company’s or any of its Subsidiaries’ interests, (ii) have done and may do business with any client, customer, vendor or lessor of any of the
Company or its Affiliates or any other Person with which any of the Company or its Affiliates has a business relationship, (iii) have interests in, participate with, aid and maintain seats on the board of directors or similar governing bodies
of, or serve as officers of, Other Investments, (iv) may develop or become aware of business opportunities for Other Investments; and (v) may or will, as a result of or arising from the matters referenced in this Section 5, the nature
of the Investor Group’s businesses and other factors, have conflicts of interest or potential conflicts of interest, (b) hereby renounces and disclaims any interest or expectancy in any business opportunity (including any Other Investments
or any other opportunities that may arise in connection with the circumstances described in the foregoing clauses (a)(i) through (a)(v) (each, a “Renounced Business Opportunity”)), (c) acknowledges and affirms that no member of
Investor Group, including any Director Nominee, shall have any obligation to communicate or offer any Renounced Business Opportunity to the Company or any of its Subsidiaries, and any member of Investor Group may pursue a Renounced Business
Opportunity and (d) waives any claim against the Investor Group and each member thereof. The Company agrees that in the event that the Investor Group or any member thereof acquires knowledge of a potential transaction or matter which may
constitute a corporate opportunity for both (x) the Investor Group and (y) the Company or its Subsidiaries, a member of the Investor Group shall not have any duty to offer or communicate information regarding such corporate opportunity to
the Company or its Subsidiaries. To the fullest extent permitted by applicable law, the Company hereby waives any claim against the Investor Group and each member thereof that such member or the Investor Group is liable to the Company or its
stockholders for breach of any fiduciary duty solely by reason of the fact that the Investor Group or such member of the Investor Group (A) pursues or acquires any corporate opportunity for its own account or the account of any Affiliate or
other Person, (B) directs, recommends, sells, assigns or otherwise transfers such corporate opportunity to another Person or (C) does not communicate information regarding such 

  
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corporate opportunity to the Company. Notwithstanding anything to the contrary in the foregoing, the Company does not renounce its interest in any corporate opportunity if such corporate
opportunity was expressly offered to a Director Nominee solely in his or her capacity as a member of the Board of Directors; provided that such opportunity has not been separately presented to the Investors, their Affiliates or their respective
Representatives. Notwithstanding anything to the contrary in the foregoing, the Company shall not be prohibited from pursuing any Renounced Business Opportunity as a result of this Section 5. 

6.    Access to Information. 

(a)    For so long as the Investors meet the Minimum Ownership Threshold and subject to the provisions of
Section 7, if there is not at such time an Appointed Director or any other member of the Board affiliated with the Investors serving on the Board: 

(i)    the Company shall, and shall cause its Subsidiaries and Representatives to, deliver to the Investor Representative
(who shall have the right to share such information provided by the Company, its Subsidiaries or its Representatives with the Investor Group) promptly upon reasonable advance notice, all books, records and information, including financial
information, and documents concerning or regarding its businesses, properties and assets and personnel of the Company and its Subsidiaries as may reasonably be requested by or on behalf of the Investors or their Affiliates. 

(ii)    the Company shall (and shall cause its Subsidiaries to), upon reasonable prior notice, afford the Investors,
their Affiliates and their respective Representatives reasonable access, during normal business hours, to the Company, its employees, agents, properties, offices and other facilities, contracts, books and records. The Company shall, and shall cause
its Subsidiaries and Representatives to, cooperate with the Investors, their Affiliates and their Representatives in connection with such investigation and examination, and the Investors, their Affiliates and their Representatives shall cooperate
with the respective Representatives of the Company and shall use their reasonable best efforts to minimize any disruption to the business. 

(b)    For so long as the Investors meet the Minimum Ownership Threshold and subject to the provisions of
Section 7, the Appointed Director may, from time to time, share Confidential Information he or she receives with the Investor Group. 

7.    Confidentiality. 

(a)    The Investors will, and will direct their respective Affiliates and their respective Representatives who actually
receive Confidential Information to, keep confidential any Confidential Information and to use the Confidential Information solely for the purposes of monitoring, administering or managing the Investors’ investment in the Company made pursuant
to this Agreement; provided that an Investor may disclose Confidential Information (i) to its attorneys, accountants, consultants and financial and other professional advisors to the extent reasonably necessary to obtain their services in
connection with its investment in the Company, (ii) subject to the provisions of Section 3, to any prospective purchaser of Equity Securities from such Investor (as long as such prospective purchaser is not an owner,
operator or franchisor of casual dining restaurants or an Affiliate of any such person) agrees in writing to be bound by 

  
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similar confidentiality or non-disclosure terms as are contained in this Agreement (with the Company as an express third-party beneficiary of such
agreement), (iii) to any Affiliate, partner, member, limited partners, or related investment fund of such Investor and their Affiliates and their respective Representatives, in each case in the ordinary course of business (provided that the
recipients of such Confidential Information are directed to abide by the confidentiality and non-disclosure obligations contained herein), (iv) as may be reasonably determined by such Investor to be necessary
in connection with such Investor’s enforcement of its rights in connection with this Agreement or its investment in the Company, or (v) as may otherwise be required by law or legal, judicial or regulatory process; and provided, further,
that (x) any breach of the confidentiality and use terms herein by any Person to whom such Investor may disclose Confidential Information pursuant to clauses (i) and (iii) of the preceding proviso shall be attributable to such Investor for
purposes of determining such Investor’s compliance with this Section 7, except those who have entered into a separate confidentiality or non-disclosure agreement or obligation
with the Company and (y) that such Investor takes commercially reasonable steps (at the Company’s sole expense) to minimize the extent of any required disclosure described in clause (v) of the preceding proviso. 

(b)    For purposes of this Agreement, the following terms shall have the following meanings: 

(i)    “Confidential Information” means any information (including oral, written and electronic
information) regarding the Company or its Subsidiaries that may be furnished to the Investors, their Affiliates or their Representatives by or on behalf of the Company pursuant to this Agreement that is
non-public, confidential or proprietary in nature, together with all analyses, compilations, forecasts, studies or other documents prepared by the Investors or their respective Affiliates or Representatives
which contain, are based upon or otherwise reflect such information. “Confidential Information” shall not include such portions of the Confidential Information that (a) are or become generally available to the public other than
as a result of the Investors’, their Affiliates’ or their Representatives’ disclosure in violation of this Agreement, (b) are or become available to the Investors, their Affiliates or their Representatives on a non-confidential basis from a source other than the Company or its Subsidiaries, (c) were already in the Investors’, their Affiliates’ or their Representatives’ possession prior to the date of
this Agreement and which were not obtained from the Company or its Subsidiaries or (d) are independently developed by the Investors, their Affiliates or their Representatives without reference to the Confidential Information. 

(ii)    “Representatives” means a Person’s directors, members, officers, employees, agents,
consultants, accountants, attorneys or financial advisors and direct or indirect members or partners or Affiliates of the foregoing. 

(c)    The provisions of this Agreement shall supersede that certain
Non-Disclosure Agreement, dated April 17, 2020, by and between the Company and Act III Management, LLC but shall not supersede the existing Non-Disclosure
Agreement, dated October 3, 2019, by and among the Company, Noah Elbogen and Trust LLC. 
 8.    Specific
Performance. Each of the Investors, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to the other Party hereto would occur in the event any of the provisions of this Agreement were not
performed in accordance with 

  
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their specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies available at law (including the payment of money damages). It is
accordingly agreed that the Investors, on the one hand, and the Company, on the other hand (in each case, the “Moving Party”), shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the
terms hereof, and the other Party hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is available at law or in equity. This
Section 8 is not the exclusive remedy for any violation of this Agreement. 
 9.    Section
16 Matters. If the Company becomes a party to a consolidation, merger or other similar transaction, or if the Company proposes to take or omit to take any other action under Section 4 (including granting to the
Investors or their Affiliates the right to participate in any issuance of New Securities) or otherwise or if there is any event or circumstance that may result in the Investor Group or any member thereof being deemed to have made a disposition or
acquisition of Equity Securities or derivatives thereof for purposes of Section 16 of the Exchange Act (including the purchase by the Investors of any New Securities under Section 4 or any awards or grants made to the
Director Nominee), and if the Director Nominee is serving on the Board at such time or has served on the Board during the preceding six (6) months (i) the Board or a committee thereof composed solely of two (2) or more “non-employee directors” as defined in Rule 16b-3 of the Exchange Act will pre-approve such acquisition or disposition
of equity securities of the Company or derivatives thereof for the express purpose of exempting the interests of Investor Group or any member thereof (for the Investors and/or their Affiliates, to the extent such persons may be deemed to be
“directors by deputization”) in such transaction from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 thereunder and (ii) if the transaction involves (A) a merger or
consolidation to which the Company is a party and the Common Stock is, in whole or in part, converted into or exchanged for equity securities of a different issuer, (B) a potential acquisition or deemed acquisition, or disposition or deemed
disposition, by Investor Group or any member thereof of equity securities of such other issuer or derivatives thereof and (C) an Affiliate or other designee of the Investors or their Affiliates will serve on the board of directors (or its
equivalent) of such other issuer pursuant to the terms of an agreement to which the Company is a party (or if the Investors notify the Company of such service a reasonable time in advance of the closing of such transactions), then if the Company
requires that the other issuer pre-approve any acquisition of equity securities or derivatives thereof for the express purpose of exempting the interests of any director or officer of the Company or any of its
subsidiaries in such transactions from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 thereunder, the Company shall require that such other issuer
pre-approve any such acquisitions of equity securities or derivatives thereof for the express purpose of exempting the interests of Investor Group or any member thereof (for the Investors and/or their
Affiliates, to the extent such persons may be deemed to be “directors by deputization” of such other issuer) in such transactions from Section 16(b) of the Exchange Act pursuant to
Rule 16b-3 thereunder. 
 10.    Securities Laws. Each Investor
acknowledges that it is aware, and will advise each of its representatives who are informed as to the matters that are the subject of this Agreement, that the United States securities laws may prohibit any person who directly or indirectly has
received from an issuer material, non-public information from purchasing or selling securities of such issuer or from communicating such information to any other person under circumstances in which it is
reasonably foreseeable that such person is likely to purchase or sell such securities. 

  
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 11.    Miscellaneous. 

(a)    Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by the internal laws of the State of California, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of California or any other
jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of California. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Los Angeles County,
California, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY. 
 (b)    Counterparts. This Agreement may be executed in two or more identical counterparts, all of
which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each Party and delivered to the other Parties; provided that a facsimile or .pdf signature shall be considered due execution and
shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile or .pdf signature. 

(c)    Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or
affect the interpretation of, this Agreement. 
 (d)    Severability. If any provision of this Agreement is
prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it
would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material
change, the original intentions of the Parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal
obligations of the Parties or the practical realization of the benefits that would otherwise be conferred upon the Parties. The Parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable
provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). 

  
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 (e)    Entire Agreement; Amendment and Waiver. This Agreement and
the other Transaction Documents (as defined in the Purchase Agreement) supersede all other prior oral or written agreements between the Investors, the Company, their Affiliates and Persons acting on their behalf with respect to the matters discussed
herein, and this Agreement, the other Transaction Documents, and the instruments referenced herein and therein contain the entire understanding of the Parties with respect to the matters covered herein and therein and, except as specifically set
forth herein or therein, neither the Company nor any Investor makes any representation, warranty, covenant or undertaking with respect to such matters. Provisions of this Agreement may be amended and the observance thereof may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Investor Representative. No failure on the part of any Party to exercise, and no delay in exercising, any right,
power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or
remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. Any amendment or waiver effected in accordance with this Section 11(e) shall be binding upon each
Investor and the Company. No such amendment shall be effective to the extent that it applies to less than all of the Investors. Notwithstanding the foregoing, any Affiliate of Buyer (as defined in the Purchase Agreement) to whom there is a Transfer
(as defined in the Purchase Agreement) of Securities shall have the right to become party to this Agreement as an Investor pursuant to a joinder to this Agreement. 

(f)    Notices. Any notices, consents, waivers or other communications required or permitted to be given under the
terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon delivery, when sent by electronic mail; or (iii) one business day after deposit with an
overnight courier service, in each case properly addressed to the party to receive the same. The addresses and e-mail addresses for such communications shall be: 

 

			
	If to the Company:	  	 BJ’s Restaurants, Inc.
 7755 Center
Avenue
 Huntington Beach, California 92647

Attention:        Greg Levin

E-mail:             
glevin@bjsrestaurants.com

		
	with a copy (for informational purposes only) to:	  	  
 Elkins Kalt Weintraub Reuben LLC

10345 W. Olympic Blvd.
 Los Angeles, CA 90064

Attention:        Robert Steinberg, Esq.

E-mail:             
rsteinberg@elkinskalt.com

		
	If to Trust LLC:	  	 SC 2018 Trust LLC
 23 Prescott St.

Brookline, MA 02446

Attention:        Ron Shaich

E-mail:             
ronshaich@act3holdings.com



  
 13 














			
		
	with a copy (for informational purposes only) to:	  	  
 Sullivan & Cromwell LLP

125 Broad St.
 New York, NY 10004

Attention:        Frank Aquila

                         Audra D. Cohen

E-mail:             
aquilaf@sullcrom.com

                         cohena@sullcrom.com

		
	If to the Investor Representative:	  	 Ron Shaich
 23 Prescott St.

Brookline, MA 02446

E-mail:             
ronshaich@act3holdings.com

		
	with a copy (for informational purposes only) to:	  	  
 Sullivan & Cromwell LLP

125 Broad St.
 New York, NY 10004

Attention:        Frank Aquila

                         Audra D. Cohen

E-mail:             
aquilaf@sullcrom.com

                         cohena@sullcrom.com


 If to an Investor, to its address and e-mail address set forth on the Schedule of
Investors attached hereto, with copies to such Investor’s representatives as set forth on such Schedule of Investors, with a copy (for informational purposes only) to: 

Sullivan & Cromwell LLP 

125 Broad St. 
 New York, NY
10004 
 Attention:        Frank Aquila 

                       
  Audra D. Cohen 

E-mail:             aquilaf@sullcrom.com 

                       
  cohena@sullcrom.com 

or to such other address and/or e-mail address and/or to the attention of such other Person as the recipient Party has
specified by written notice given to each other Party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication,
(B) mechanically or electronically generated by the sender’s e-mail containing the time, date, recipient e-mail address or (C) provided by an


  
 14 













 
overnight courier service shall be rebuttable evidence of personal service, receipt by e-mail or receipt from an overnight courier service in accordance
with clause (i), (ii) or (iii) above, respectively. 
 (g)    Successors and Assigns. The terms and
conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Parties and their respective successors, heirs, and permitted assigns. No Party shall assign this Agreement or any rights or obligations
hereunder without, with respect to any Investor, the prior written consent of the Company, except to an Affiliate of Buyer, and with respect to the Company, the prior written consent of the Investor Representative. 

(h)    No Third Party Beneficiaries. This Agreement is intended solely for the benefit of the Parties and their
respective successors, heirs and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 

(i)    Interpretation; Absence of Presumption. 

(i)    When a reference is made in this Agreement to an Article, Section, Schedule or Exhibit, such reference shall be to
an Article, Section, Schedule or Exhibit of this Agreement unless otherwise indicated. 
 (ii)    Whenever the words
“include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

(iii)    The words “hereof,” “herein,” and “herewith” and words of similar import shall,
unless otherwise stated, be construed to refer to this Agreement as a whole (including all of the Schedules and Exhibits) and not to any particular provision of this Agreement. 

(iv)    Unless otherwise specified in this Agreement, the term “dollars” and the symbol “$” mean U.S.
dollars for purposes of this Agreement and all amounts in this Agreement shall be paid in U.S. dollars. 
 (v)    The
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. 

(vi)    Any agreement, instrument or statute defined or referred to in this Agreement means such agreement, instrument or
statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes. 

(vii)    Each of the Parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed as if it is drafted by each of the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of authorship of any of the
provisions of this Agreement. 
 [The remainder of this page intentionally left blank] 

  
 15 













 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly
authorized signatories of the Parties as of the date hereof. 
  

			
	BJ’S RESTAURANTS, INC.


 
			
		
	By:	 	  

		 	Name:
		 	Title:


 [Signature Page to Investor Rights Agreement] 












 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly
authorized signatories of the Parties as of the date hereof. 
  

			
	SC 2018 TRUST LLC


 
			
		
	By:	 	  

		 	Name:
		 	Title:


 [Signature Page to Investor Rights Agreement]