Document:

EX-4.2

 Exhibit 4.2 

FORM OF REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of
[            ], 20[    ] by and among (i) J. Alexander’s Holdings, Inc., a Tennessee corporation (including any successor, the
“Company”), (ii)(A) each Person that is a holder of Units (as defined below) as of the date of this Agreement (other than any wholly-owned subsidiary of the Company) and (B) each other Person that from time to time becomes
a holder of Units after the date of this Agreement, signs a Joinder (as defined below) and becomes a party to this Agreement as “Unitholder” in accordance with the terms of this Agreement (each such Person in this clause (ii), a
“Unitholder” and, collectively, the “Unitholders”) and (C) each other Person that from time to time becomes a holder of Class A Common Stock (as defined below) as a result of a Transfer by a Holder after
the date of this Agreement, signs a Joinder and becomes a party to this Agreement as a “Holder” in accordance with the terms of this Agreement (in the case of clauses (B) and (C), other than the Company and any
wholly-owned subsidiary of the Company). Certain capitalized terms are defined in Section 1. 
 RECITALS 

WHEREAS, the parties hereto wish to set forth certain rights and obligations with respect to the registration of shares of the Class A
Common Stock under the Securities Act. 
 NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained, it is
agreed as follows: 
 Section 1. Definitions. Unless otherwise defined herein, capitalized terms used herein and in the recitals
above shall have the following meanings: 
 “Adverse Disclosure” shall mean the public disclosure of material non-public
information that, in the Company’s Board of Director’s good faith judgment, after consultation with independent outside counsel to the Company: (i) would be required to be made in any registration statement or report filed with the
Commission by the Company so that such registration statement or report would not be materially misleading; (ii) would not be required to be made at such time but for the filing of such registration statement; and (iii) the Company has a
bona fide business purpose for not disclosing publicly. 
 “Affiliate” means, with respect to any Person, any other Person
Controlling, Controlled by or under common Control with such particular Person. 
 “Agreement” shall have the meaning set
forth in the Preamble. 
 “Beneficial Ownership” shall mean, with respect to a specified Person, the ownership of
securities as determined in accordance with Rule 13d-3 of the Exchange Act, as such Rule is in effect from time to time. “Beneficially Own” shall have the correlative meaning. 

“Block Trade” shall have the meaning set forth in Section 4(d). 

 “Business Day” shall mean any day that is not a Saturday, a Sunday or a day on
which banks are required or permitted to be closed in the State of New York. 
 “Class A Common Stock” shall mean the
shares of Class A Common Stock, $0.001 par value per share, of the Company, as adjusted to reflect any merger, consolidation, recapitalization, reclassification, split-up, stock dividend, rights offering or reverse stock split made, declared or
effected with respect to such Class A Common Stock. 
 “Class A/B Common Stock” shall mean the shares of Class A
Common Stock and Class B Common Stock, collectively. 
 “Class B Common Stock” shall mean the shares of Class B Common
Stock, $0.001 par value per share, of the Company, as adjusted to reflect any merger, consolidation, recapitalization, reclassification, split-up, stock dividend, rights offering or reverse stock split made, declared or effected with respect to such
Class B Common Stock. 
 “Commission” shall mean the Securities and Exchange Commission or any other federal agency then
administering the Securities Act and other federal securities laws. 
 “Company” shall have the meaning assigned to such
term in the Preamble. 
 “Control” (including, with correlative meaning, all conjunctions thereof) means, with respect to
any Person, the ability of another Person to control or direct the actions or policies of such first Person, whether by ownership of voting securities, by contract or otherwise. 

“Demand Registration” shall have the meaning assigned to such term in Section 2(a)(i) hereof. 

“Demand Registration Request” shall have the meaning assigned to such term in Section 2(a)(i) hereof. 

“Demanding Securityholders” shall have the meaning assigned to such term in Section 2(c)(i). 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect from time to time. 
 “FINRA” shall mean the
Financial Industry Regulatory Authority, Inc. 
 “FNFV” shall mean Fidelity National Financial Ventures, LLC. 

“Holder” shall mean any Person that, as of the date of this Agreement, is or, after the date of this Agreement (by executing
and delivering a Joinder hereto in accordance with Section 11(e)), becomes a party to this Agreement (other than the Company and any of its wholly-owned subsidiaries) that holds Registrable Securities. 

  
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 “Inspectors” shall have the meaning assigned to such term in
Section 3(a)(xi) hereof. 
 “Investor Shareholders” shall mean FNFV, Newport and each of their respective Permitted
Assignees, in each case, to the extent such Person Beneficially Owns Registrable Securities and becomes a party to this Agreement pursuant to a Joinder. 

“Joinder” shall mean a joinder agreement in the form of Exhibit A. 

“LLC Agreement” shall mean that certain Amended and Restated Limited Liability Company Agreement of the Operating Company,
dated as of [            ], 2014, by and among the Operating Company, FNFV, Newport and the other Persons that may from time to time become parties thereto. 

“Newport” shall mean Newport Global Opportunities Fund AIV-A LP. 

“Non-Underwritten Shelf Take-Down” shall have the meaning assigned to such term in Section 2(b)(vii). 

“Operating Company” shall mean J. Alexander’s Holdings, LLC, a limited liability company organized under the laws
of the state of Delaware, and any successor thereto. 
 “Other Securities” shall have the meaning assigned to such term in
the definition of Registrable Securities. 
 “Other Shareholders” shall mean the Holders other than Investor Shareholders.

 “Permitted Assignee” shall mean (i) with respect to any Unitholder who is a natural person, a member of such
Unitholder’s immediate family, which shall include such Unitholder’s spouse, children or grandchildren, or a trust, corporation, partnership or limited liability company all of the beneficial interests of which shall be held by such
Unitholder or one or more members of such Unitholder’s immediate family, and shall include such Unitholder’s heirs, successors, administrators and executors; (ii) with respect to any Unitholder that is an entity, (A) any
Affiliate of such Unitholder (provided that such assignee shall cease to be a Holder for all purposes hereunder if such assignee ceases to be an Affiliate of such Unitholder at any time following a Transfer of Units to such Person), and (B) any
of such Unitholder’s shareholders, members, partners or other equityholders to which such Unitholder Transfers all of such Unitholder’s Registrable Securities. 

“Person” shall mean an individual, a corporation, an association, a joint venture, a partnership, a limited liability
company, an estate, a trust, an unincorporated organization and any other entity or organization, governmental or otherwise. 

“Public Offering” shall mean a public offering and sale of Class A Common Stock pursuant to an effective registration
statement under the Securities Act. 
 “Records” shall have the meaning assigned to such term in
Section 3(a)(xi) hereof. 

  
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 “Registrable Securities” shall mean the Class A Common Stock, including any
Class A Common Stock issuable or issued upon conversion or exchange of other securities of the Company or any of its wholly-owned subsidiaries (including, for the avoidance of doubt, any Class A Common Stock issuable upon exchange of Units
and the corresponding Class B Common Stock), Beneficially Owned by any party to this Agreement (other than the Company and any of its wholly-owned subsidiaries) as of the date hereof or at any time in the future; and, if as a result of any
reclassification, stock dividends or stock splits or in connection with a combination of Class A Common Stock, recapitalization, merger, consolidation, sale of all or substantially all of the assets of the Company or other reorganization or
other transaction or event, any capital stock, evidence of indebtedness, warrants, options, rights or other securities (collectively “Other Securities”) are issued or transferred to any such party in respect of Registrable
Securities held by such party, then references herein to Registrable Securities shall be deemed to include such Other Securities; provided, however, that a Registrable Security will cease to be a Registrable Security if (a) a
registration statement covering such Registrable Security has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) such Registrable Security
has been sold or disposed of pursuant to Rule 144 (or any successor rule) under the Securities Act; (c) such Registrable Security has been sold or otherwise disposed of by a Holder, the Company has delivered a new certificate or other evidence
of ownership for such Registrable Security not bearing any restrictive legend and such Registrable Security may be resold without limitation or subsequent registration under the Securities Act (d) such Registrable Security has been transferred
to a Person who is not (and does not become as a result of such transfer) a Holder, or at any time thereafter ceases to be a Holder; (e) such Registrable Security is held by the Company or any of its wholly-owned subsidiaries; or (f) such
Registrable Security ceases to be outstanding. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, or
any similar federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect from time to time. 

“Seller Affiliates” shall have the meaning assigned to such term in Section 6(a) hereof. 

“Shelf Requesting Holder” shall have the meaning assigned to such term in Section 2(b)(i) hereof. 

“Shelf Registration” shall have the meaning assigned to such term in Section 2(b)(i) hereof. 

“Shelf Registration Request” shall have the meaning assigned to such term in Section 2(b)(i) hereof. 

“Shelf Suspension” shall have the meaning assigned to such term in Section 2(b)(vii) hereof. 

“Take-down Transaction” shall have the meaning assigned to such term in Section 2(b)(v) hereof. 

  
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 “Transfer” means (in either the noun or the verb form, including with respect to
the verb form, all conjugations thereof within their correlative meanings) with respect to any security, the gift, sale, assignment, transfer, pledge, hypothecation or other disposition (whether for or without consideration, whether directly or
indirectly, and whether voluntary, involuntary or by operation of law) of such security or any interest therein. 
 “Underwritten
Offering” shall mean a registration in which securities of the Company are sold to an underwriter or underwriters on a firm commitment basis for reoffering to the public. 

“Units” shall have the meaning assigned to such term in the LLC Agreement. 

“Unitholder” shall have the meaning assigned to such term in the Preamble. 

Section 2. Required Registration. 

(a) Demand Registrations. 

(i) At any time following at least one hundred eighty (180) days after the effectiveness of the registration statement on
Form S-1 for the initial Public Offering, an Investor Shareholder may deliver a written request to the Company (each, a “Demand Registration Request”) that the Company effect a registration under the Securities Act covering all
or part of such Registrable Securities as are specified in such Demand Registration Request and specifying the intended method or methods of disposition thereof (a “Demand Registration”); provided, that, in each case,
the anticipated aggregate offering price, net of underwriting discounts and commissions, exceeds $30,000,000 and not more than three Demand Registrations on a long-form registration statement (such as Form S-1 and successor forms) in total by all
Investor Shareholders may be effected pursuant to this Section 2(a)(i). Notwithstanding anything herein to the contrary, unless the Demand Registration is withdrawn pursuant to Section 2(a)(iv), a registration will not count
as one of such three Demand Registrations pursuant to this Section 2(a)(i) unless at least 75% of the Registrable Securities specified in the applicable Demand Registration Request have been sold in connection with such request. 

(ii) Upon the Company’s receipt of a Demand Registration Request, the Company shall promptly (but in any event within five
(5) Business Days) notify in writing all Holders, other than the initiating Investor Shareholder, of receipt of such Demand Registration Request and the intended method or methods of disposition of Registrable Securities pursuant to such Demand
Registration. Each Holder, other than such initiating Investor Shareholder, may elect (by written notice sent to the Company within ten (10) Business Days after the date of the aforementioned notice from the Company) to have Registrable
Securities included in such Demand Registration (on the same terms and pursuant to the same intended method or methods of disposition as are set forth in such Demand Registration Request) pursuant to this Section 2(a). 

  
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 (iii) The Company, subject to Section 7, shall use its commercially
reasonable efforts to file the form and other documents necessary to effect each Demand Registration with the Commission within sixty (60) days after the Company’s receipt of each Demand Registration Request, shall thereupon include in
such filing the number of shares of Registrable Securities for which registration is so requested, subject to Section 2(c)(i), and shall use its commercially reasonable efforts to effect the registration under the Securities Act of such
Registrable Securities. The initiating Investor Shareholder and any other Holder that elects to have its Registrable Securities included in such Demand Registration agrees to furnish to the Company all information with respect to such Holder as is
necessary to make any information previously furnished to the Company by such Holder not misleading. 
 (iv) Any Investor
Shareholder and any other Holder that has requested its Registrable Securities included in such Demand Registration pursuant to this Section 2(a) may withdraw all or a portion of its Registrable Securities included in a Demand
Registration from such Demand Registration at any time prior to the effectiveness of the Demand Registration. Upon receipt of a notice to such effect (A) from a Holder (or if there is more than one Holder, from all such Holders) with respect to
all of the Registrable Securities included by such Holders in such Demand Registration; or (B) from one or more Holders with respect to Registrable Securities held by them that would cause the anticipated aggregate offering price, net of
underwriting discounts and commissions, to fall to $30,000,000 or below, the Company shall cease all effort to secure effectiveness of the applicable Demand Registration. Any Demand Registration that is withdrawn pursuant to this
Section 2(a)(iv) shall nonetheless be deemed to be one of the three Demand Registrations for purposes of Section 2(a). 

(b) Shelf Registrations. 

(i) Notwithstanding anything contained in Section 2 to the contrary, at such time as the Company shall have
qualified for the use of Form S-3 promulgated under the Securities Act or any successor form thereto, any Holder (each, a “Shelf Requesting Holder” and, collectively, “Shelf Requesting Holders”) may deliver a
written request to the Company (a “Shelf Registration Request”) that the Company file a Shelf Registration Statement covering such Registrable Securities on Form S-3 or its successor form (a “Shelf Registration”);
provided, that the anticipated aggregate offering price, net of underwriting discounts and commissions, exceeds $7,500,000. Such request or requests shall specify the number of Class A Common Stock intended to be sold or disposed of and
the holders thereof. A requested registration on Form S-3 (or its successor form) in compliance with this Section 2(b) shall not be counted as a Demand Registration for purposes of the proviso in Section 2(a)(i). The Shelf
Registration shall be in a form permitting registration of such Registrable Securities for resale by the Shelf Requesting Holders in the manner or manners designated by them (including, without limitation, one or more underwritten offerings, subject
to Section 4 (including, but not limited to Block Trades), agented transactions, sales directly 

  
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into the market, purchases or sales by brokers, distributions to shareholders, partners or members of such Shelf Requesting Holders, Non-Underwritten Shelf Take-Downs and other sales not
involving a public offering). 
 (ii) Upon receipt of a Shelf Registration Request, the Company shall promptly (but in any
event within five (5) Business Days) notify in writing all Holders, other than such Shelf Requesting Holders, of receipt of the Shelf Registration Request. Each Holder, other than such Shelf Requesting Holders, may elect (by written notice sent
to the Company within five (5) Business Days after the date of the aforementioned Company notice) to have Registrable Securities included in the Shelf Registration pursuant to this Section 2(b). 

(iii) The Company, subject to Section 7, shall use its commercially reasonable efforts to file the form and other
documents necessary to file the Shelf Registration with the Commission within thirty (30) days after the Company’s receipt of a Shelf Registration Request and use its commercially reasonable efforts to cause the same to be declared
effective by the Commission as promptly as practicable after such filing. Each Shelf Requesting Holder and any other Holder that elects to have its Registrable Securities included in such Shelf Registration agrees to furnish to the Company all
information with respect to such Holder necessary to make any information previously furnished to the Company by such Holder not misleading. 

(iv) The Company agrees to use commercially reasonable efforts to keep each Shelf Registration Statement continuously effective
until the earliest to occur of (i) the date specified by the Shelf Requesting Holder, if any, (ii) the day after the date on which all Registrable Securities covered by such Shelf Registration Statement have been sold pursuant to such
Shelf Registration Statement, and (iii) the first date on which there shall cease to be any Registrable Securities covered by such Shelf Registration Statement. The Company further agrees, if necessary, to promptly supplement or amend each
Shelf Registration Statement, if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations
thereunder for shelf registrations, and the Company agrees to furnish to the Shelf Requesting Holders and any other Holder that elects to have its Registrable Securities included in any such Shelf Registration copies of any such supplement or
amendment promptly after its being used or filed with the Commission. 
 (v) If at any time following the effectiveness of
any Shelf Registration Statement, any of the Holders desire to sell Registrable Securities pursuant thereto in an underwritten offering, such Holder(s) shall notify the Company of such intent, including the intended method or methods of disposition
thereof (including, without limitation, one or more underwritten offerings, subject to Section 4 (including, but not limited to Block Trades) and the identity of any underwriter selected by the Holder (which underwriter shall be
reasonably acceptable to the Company) at least ten (10) Business Days prior to any such sale 

  
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(any such proposed transaction, a “Take-down Transaction”), and the Company thereupon shall, subject to Section 7, prepare and file within such ten (10) Business
Days a prospectus supplement or post-effective amendment to the Shelf Registration Statement, as necessary, to permit the consummation of such Take-down Transaction. 

(vi) Upon receipt of notice from such Holder(s) regarding a Take-down Transaction as provided in Section 2(b)(v),
the Company shall promptly deliver notice to any other Holders of Registrable Securities whose Registrable Securities have been included in such Shelf Registration Statement and shall permit such Holders to participate in such Take-down Transaction
(subject to Section 2(d)), it being understood, for the avoidance of doubt, that no Person other than the Holders shall have the right to initiate (but such Persons other than the Holders may participate in) a Take-down Transaction
pursuant to this Agreement. Notwithstanding the foregoing, the Company shall not include securities of the Company for its own account or for the account of other Persons which are not Holders of Registrable Securities in a proposed underwritten
offering of Registrable Securities pursuant to this Agreement without the prior written consent of the Holder of a majority of Registrable Securities included in such offering. 

(vii) If a Holder desires to effect a Take-down Transaction that does not constitute an underwritten offering (a
“Non-Underwritten Shelf Take-Down”), including without limitation, agented transactions, sales directly into the market, purchases or sales by brokers, distributions to shareholders, partners or members of such Shelf Requesting
Holders and other sales not involving a public offering, such Holder shall so indicate in a written request delivered to the Company no later than three (3) Business Days prior to the expected date of such Non-Underwritten Shelf Take-Down,
which request shall include (1) the total number of Registrable Securities expected to be offered and sold in such Non-Underwritten Shelf Take-Down, (2) the expected plan of distribution of such Non-Underwritten Shelf Take-Down and
(3) the action or actions required (including the timing of such Non-Underwritten Shelf Take-Down) in connection with such Non-Underwritten Shelf Take-Down (including the delivery of one or more stock certificates representing shares of
Registrable Securities to be sold in such Non-Underwritten Shelf Take-Down, if applicable) and the Company shall (1) file and use its commercially reasonable best efforts to effect an amendment or supplement to its Shelf Registration for such
purpose as soon as practicable and (2) enter into and perform its obligations under documents or certificates customary in similar offerings, including, without limitation, placement agent agreement with applicable brokers. 

(c) Piggyback Registrations. 

(i) If the Company at any time proposes or is required to file on the Company’s behalf and/or on behalf of any of its
security holders other than the Holders (the “Demanding Securityholders”) a registration statement under the 

  
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Securities Act on any form (including a Shelf Registration Statement, but other than a registration statement on Form S-4 or S-8, or any successor form for securities to be offered in a
transaction of the type referred to in Rule 145 under the Securities Act or in connection with an exchange offer, or to employees of the Company pursuant to any employee benefit plan, respectively) for the general registration of securities solely
for cash, the Company shall give written notice to all Holders at least ten (10) Business Days before the proposed date of filing with the Commission of such registration statement, which notice shall set forth the intended method of
disposition of the securities proposed to be registered by the Company. The notice shall offer to include in such registration the aggregate number of shares of Registrable Securities as the Holders may request. 

(ii) Each Holder desiring to have Registrable Securities registered under this Section 2(c) shall advise the
Company in writing within five (5) Business Days after the date of such offer from the Company, setting forth the amount of such Registrable Securities for which registration is requested. The Company, subject to Section 7(c), shall
thereupon include in such filing the number of shares of Registrable Securities for which registration is so requested, subject to Section 2(d)(ii), and shall use its commercially reasonable efforts to effect registration under the
Securities Act of such Registrable Securities. Any Holder that elects to have its Registrable Securities included in such registration agrees to furnish to the Company all information with respect to such Holder as is necessary to make any
information previously furnished to the Company by such Holder not misleading. 
 (iii) The Company shall use its
commercially reasonable efforts to maintain the effectiveness of the registration statement for a Piggyback Registration for a period of at least one hundred eighty (180) days after the effective date thereof or such shorter period in which all
Registrable Securities included in such registration statement have actually been sold. 
 (d) Underwriting Cutbacks. 

(i) If the managing underwriter of a Demand Registration pursuant to Section 2(a) or a Take-Down Transaction
pursuant to Section 2(b)(v), if any, shall advise the Company in writing (with a copy to each Person requesting registration of Registrable Securities) that, in its opinion, the number of the Registrable Securities requested to be
included in such Demand Registration or Take-Down Transaction would materially and adversely affect the price per share of such Registrable Securities, then the Company shall allocate the Registrable Securities to be included in such Demand
Registration or Take-Down Transaction as follows: (i) first, to the Investor Shareholders electing to have their Registrable Securities included, pro rata based on their Beneficial Ownership of Class A/B Common Stock; (ii) second,
to any Holders and any other shareholders electing to have their Class A Common Stock included, pro rata based on their Beneficial Ownership of Class A/B Common Stock; and (iii) third, to the Company with respect to Class A
Common Stock to be included for its own account. 

  
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 (ii) If the managing underwriter of a Piggyback Registration pursuant to
Section 2(c) shall advise the Company in writing (with a copy to each Person requesting registration of Registrable Securities) that, in its opinion, the number of the Registrable Securities requested to be included in such Piggyback
Registration would materially and adversely affect the price per share of such Registrable Securities, then the Company shall allocate the Registrable Securities to be included in such Piggyback Registration as follows: (i) first, to the
Company with respect to Class A Common Stock to be included for its own account; (ii) second, to the Investor Shareholders electing to have their Registrable Securities included, pro rata based on their Beneficial Ownership of Class
A/B Common Stock; and (iii) third, to any Holders and any other shareholders electing to have their Class A Common Stock included, pro rata based on their Beneficial Ownership of Class A/B Common Stock. 

Section 3. Registration Procedures. 

(a) Whenever any Holder has requested that any Registrable Securities be registered pursuant to Section 2 hereof, the Company will
use its commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company will: 

(i) prepare and, as soon as practicable, file with the Commission a registration statement on any appropriate form under the
Securities Act with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective as soon as reasonably practicable; 

(ii) prepare and promptly file with the Commission such amendments, post-effective amendments and supplements to such
registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective in accordance with the terms of this Agreement and comply with the provisions of the Securities Act with respect
to the sale or other disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the Holders thereof set forth in such registration statement; provided,
however, that the Company may discontinue any registration of its securities that cease to be Registrable Securities; 

(iii) prior to filing a registration statement or prospectus or any amendments or supplements thereto, furnish to such seller
of Registrable Securities and, if applicable, the underwriters of the securities being registered, such number of copies of such registration statement, each amendment and supplement thereto, a summary prospectus or other prospectus (including each
preliminary prospectus), any documents incorporated by reference therein, 

  
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comment response letters to the Commission and such other documents as such seller or underwriter may reasonably request in order to facilitate the disposition of such securities by such seller
or underwriter (provided that the Company shall not file any registration statement or any amendment or post-effective amendment or supplement to such registration statement or the prospectus used in connection therewith to which such seller
or underwriter shall have reasonably objected on the grounds that such registration statement amendment, supplement or prospectus does not comply in all material respects with the requirements of the Securities Act or of the rules or regulations
thereunder (any such objection to include an explanation of the reasons therefor)); 
 (iv) furnish to each seller of
Registrable Securities, without charge, such number of conformed copies of such registration statement and of each such amendment and supplement thereto (in each case including all exhibits and documents filed therewith) and such number of copies of
the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities
Act, and such other documents, as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities Beneficially Owned by such seller in accordance with the intended method or methods of disposition thereof (it
being understood that, subject to Section 3(c) and the requirements of the Securities Act and applicable state securities laws, the Company consents to the use of the prospectus and any amendment or supplement thereto by each seller and
underwriter in connection with the offering and sale of Registrable Securities covered by the applicable registration statement of which such prospectus, amendment or supplement is a part); 

(v) use its commercially reasonable efforts to (1) register or qualify the Registrable Securities covered by such
registration statement under such other securities or blue sky laws of such jurisdictions within the United States as the managing underwriter shall request (or, in the event the registration statement does not relate to an underwritten offering, as
each seller of Registrable Securities shall request), (2) keep each such registration or qualification (or exemption therefrom) effective during the period in which the registration statement is required to be kept effective, and (3) do
any and all such other acts and things as may be reasonably necessary or advisable to enable such seller or underwriter to consummate the disposition of the Registrable Securities in such jurisdictions in accordance with the intended method or
methods of disposition thereof (provided, however, that the Company shall not be obligated to qualify as a foreign corporation to do business under the laws of any jurisdiction in which it is not then qualified, to subject itself to
taxation in such jurisdiction or to file any general consent to service or process); 
 (vi) use its commercially reasonable
efforts to cause all Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies, authorities or self-regulatory 

  
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bodies (including any filings as may be required to be made with FINRA) as may be necessary by virtue of the business and operations of the Company to enable the seller or sellers thereof to
consummate the disposition of such Registrable Securities in accordance with the intended method or methods of disposition thereof; 

(vii) promptly notify each seller of Registrable Securities and underwriter and, if requested by any such Person, confirm such
notice in writing (1) when a prospectus or any prospectus supplement or post-effective amendment has been filed and, with respect to a registration statement or any post-effective amendment, when the same has become effective, (2) of the
issuance by any state securities or other regulatory authority of any order suspending the qualification or exemption from qualification of any of the Registrable Securities under state securities or “blue sky” laws or the initiation of
any proceedings for that purpose, (3) any request by the Commission for the amending or supplementing of such registration statement or prospectus or for additional information; and (4) of the happening of any event which requires the
making of any changes in such registration statement or prospectus so that it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, and, as promptly as practicable thereafter, prepare and file with the Commission and furnish a supplement or amendment to such prospectus so that, as thereafter deliverable to
the purchasers of such Registrable Securities, such prospectus will not contain any untrue statement of a material fact or omit a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading, and in the case of this clause (4) the time period during which such registration statement is required to remain effective shall be extended for the time period during which such prospectus is so suspended; 

(viii) at the request of any Holder requesting registration of Registrable Securities, (1) furnish on the date of the
final prospectus or prospectus supplement (and, if such registration includes an underwritten public offering the date that such shares of Registrable Securities are delivered to the underwriters for sale pursuant to such registration) or
(2) if such Registrable Securities are not being sold through underwriters, use commercially reasonable efforts to obtain and, if obtained, furnish on the date that the registration statement with respect to such shares of Registrable
Securities becomes effective, (A) an opinion, dated such date(s), of the independent counsel representing the Company for the purposes of such registration, addressed to the underwriters, if any, and if such Registrable Securities are not being
sold through underwriters, then to the Holders making such request, in customary form and covering matters of the type customarily covered in such legal opinions; and (B) a comfort letter dated such date(s), from the independent certified
public accountants of the Company, addressed to, in the case of clause (1), the underwriters (and use commercially reasonable efforts to also furnish such comfort letter to any Holders participating in such offering) and (2) if such Registrable
Securities are not being sold through 

  
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underwriters, then to the Holders making such request and, if such accountants refuse to deliver such letter to such Holders, then to the Company, in a customary form and covering matters of the
type customarily covered by such comfort letters and as the underwriters or such Holders shall reasonably request. Such opinion of counsel shall additionally cover such other legal matters with respect to the registration in respect of which such
opinion is being given as such Holders or the managing underwriter may reasonably request. Such letter from the independent certified public accountants shall additionally cover such other financial matters (including information as to the period
ending not more than 5 Business Days prior to the date of such letter) with respect to the registration in respect of which such letter is being given as the Holders of a majority of the Registrable Securities being so registered or the managing
underwriter may reasonably request; 
 (ix) enter into customary agreements (including an underwriting agreement in customary
form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities, including, without limitation, preparing for, and participating in, such number of “road shows”
and all such other customary selling efforts as the underwriters reasonably request in order to facilitate such disposition; 

(x) cooperate with the sellers of Registrable Securities and the managing underwriter, if any, to facilitate the timely
preparation and delivery of certificates (which shall not bear any restrictive legends unless required under applicable law) representing securities sold under any registration statement, and enable such securities to be in such denominations and
registered in such names as the managing underwriter or such sellers of Registrable Securities may request and keep available to the Company’s transfer agent prior to the effectiveness of such registration statement a supply of such
certificates; 
 (xi) promptly make available upon reasonable notice for inspection by any seller of Registrable Securities,
any underwriter participating in any disposition pursuant to any registration statement, and any attorney, accountant or other agent or representative retained by any such seller or underwriter (collectively, the “Inspectors”), all
financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the
Company’s officers, directors and employees to meet in person with the Inspectors if so requested and to supply all information requested by any such Inspector in connection with such registration statement; provided, however,
that, unless the disclosure of such Records is necessary to avoid or correct a misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, the Company shall not be required to provide any information under this subclause (xi) if (1) the Company believes, after consultation with counsel for the Company, that to do so would cause the Company to forfeit an
attorney-client privilege that was applicable to such information or (2) if either (A) the Company has requested and been granted 

  
 13 

 
from the Commission confidential treatment of such information contained in any filing with the Commission or documents provided supplementally or otherwise or (B) the Company reasonably
determines in good faith that such Records are confidential and so notifies the Inspectors in writing unless prior to furnishing any such information with respect to (1) or (2) such seller of Registrable Securities requesting such
information agrees to enter into a confidentiality agreement in customary form and subject to customary exceptions and reasonably acceptable to the Company; and provided, further, that each seller of Registrable Securities agrees that
it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its sole expense, to undertake appropriate action and to prevent disclosure of the Records
deemed confidential; 
 (xii) advise each seller of Registrable Securities, promptly after it shall receive notice or obtain
knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding for such purpose and promptly use its commercially reasonable
efforts to prevent the issuance of any stop order or to obtain its withdrawal at the earliest possible moment if such stop order should be issued; 

(xiii) use its commercially reasonable efforts (A) to cause such Registrable Securities to be listed on any securities
exchange or included for quotation in a recognized trading market on which the Class A Common Stock is then listed or quoted and (B) to provide an independent transfer agent and registrar for such Registrable Securities not later than the
effective date of such registration statement and to instruct such transfer agent (1) to release, on such effective date, any stop transfer order with respect to the certificates with respect to the Registrable Securities being sold and
(2) to furnish certificates without restrictive legends representing ownership of the shares being sold, in such denominations requested by the sellers of the Registrable Securities or any managing underwriter; and 

(xiv) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission,
and make available to the Holders, as soon as reasonably practicable, but not later than 18 months after the effective date of the registration statement, an earnings statement covering the period of at least 12 months beginning with the first full
month after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 

(b) It shall be a condition precedent to the obligation of the Company to take any action pursuant to this Agreement in respect of the
securities which are to be registered at the request of any Holder that such Holder shall furnish to the Company such information regarding the securities held by such Holder and the intended method of disposition thereof as the Company shall
reasonably request in writing (provided that such information is 

  
 14 

 
reasonably necessary for the Company to comply with the provisions of this Agreement and consummate such registration and shall be used only in connection with such registration) or as shall be
required by law in connection with the action taken by the Company. 
 (c) Each Holder agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in clause (3) or (4) of Section 3(a)(vii), such Holder shall immediately discontinue such Holder’s disposition of Registrable Securities pursuant to the
registration statement relating to such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(a)(vii). 

(d) The Company agrees not to file or make any amendment to any registration statement with respect to any Registrable Securities, or any
amendment of or supplement to the prospectus used in connection therewith, which refers to any Holder of Registrable Securities, or otherwise identifies any Holder of Registrable Securities as the Holder of any Registrable Securities, without the
consent of such Holder, such consent not to be unreasonably withheld or delayed, unless such disclosure is required by law, in which case the Company will provide to the extent practicable written notice to such Holder no less than five days prior
to such amendment of or supplement to the prospectus. 
 Section 4. Underwritten Offerings. 

(a) Demand and Shelf Registrations. If requested by the underwriters for any Underwritten Offering requested by an Investor Shareholder
or a Shelf Requesting Holder pursuant to a registration under Section 2(a) or Section 2(b), as applicable, then the Company shall enter into an underwriting agreement with such underwriters for such offering and the Investor
Shareholders making such Demand Request or the Shelf Requesting Holder, as applicable (which agreement shall be reasonably satisfactory in substance and form to the Company and shall contain such representations and warranties and indemnities by the
Company and such other terms as are generally prevailing in agreements of that type). The Investor Shareholders or Shelf Requesting Holder, as applicable, shall cooperate with the Company in the negotiation of such underwriting agreement and shall
give consideration to the reasonable suggestions of the Company regarding the form thereof. Any Holder participating in such Underwritten Offering shall become a party to such underwriting agreement. 

(b) Piggyback Registrations. If the Company proposes to register shares of Class A Common Stock as contemplated by
Section 2(c), and such shares are to be distributed in an Underwritten Offering, then the Company shall, if requested by any Holder pursuant to Section 2(c) and subject to the provisions of Section 2(d)(ii), use
commercially reasonable efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such registration all of the Registrable Securities to be offered and sold by such Holder among such
shares of the Company to be distributed by such underwriters in such registration. Any Holder participating in such Underwritten Offering shall become a party to the underwriting agreement between the Company and such underwriters. 

(c) no Holder shall be required to make any representations or warranties, or provide any indemnity, in connection with any such Underwritten
Offering other 

  
 15 

 
than representations and warranties (or indemnities with respect thereto) as to (i) such Person’s ownership of his, her or its Registrable Securities to be transferred free and clear of
all liens, claims, and encumbrances, (ii) such Person’s power and authority to effect such transfer, and (iii) such Person’s intended method of distribution; provided, however, that the obligation of such Person to
indemnify pursuant to any such underwriting arrangements shall be several, not joint and several, among such Persons selling Registrable Securities; and provided, further, that such liability will be limited to the net amount received
by such Person (after deducting underwriting commissions) from the sale of such Registrable Securities pursuant to such registration. 
 (d)
Block Trades. Notwithstanding anything contained herein, in the event of an Underwritten Offering not involving any “road show” which is commonly known as a “block trade (a “Block Trade”), the requesting Holder
shall identify the potential underwriter(s) in such notice with contact information for such underwriter(s) and the Company shall cooperate with such requesting Holder or Holders to the extent it is reasonably able and shall not be required to give
notice thereof to other Holders of Registrable Securities or permit their participation therein unless reasonably practicable. Any Block Trade will be for at least $7.5 million in expected gross proceeds. The Company shall not be required to
effectuate more than one Block Trade in any 180 day period. 
 Section 5. Expenses. All expenses incurred in complying with this
Agreement, including, without limitation, all registration and filing fees (including all expenses incident to filing with any stock exchange or the Financial Industry Regulatory Authority), printing expenses, fees paid to accountants, fees and
disbursements of counsel for the Company, the reasonable fees and expenses of one counsel for the selling Holders (selected by those selling Holders holding a majority of the shares being registered; except that the Company will not be responsible
for the fees and expenses of such counsel incurred in connection with a Demand Registration if a Demand Registration is withdrawn pursuant to Section 2(a)(iv)), expenses of any special audits incident to or required by any such registration and
expenses of complying with the securities or blue sky laws of any jurisdiction pursuant to Section 3(a)(v), shall be paid by the Company, except that each Holder shall pay its share (based on the number of Registrable Securities included
in such offering) of all underwriting discounts and commissions and transfer taxes, if any, relating to Registrable Securities and the Company shall not be liable for any such fees, discounts, commissions, fees to underwriters’ counsel,
disbursements or transfer taxes. 
 Section 6. Indemnification and Contribution. 

(a) In the event of any registration of any Registrable Securities under the Securities Act pursuant to this Agreement, the Company shall
indemnify and hold harmless to the fullest extent permitted by law the Holder of such Registrable Securities, such Holder’s directors, officers, employees, advisors, agents, representatives, partners and members and each other Person (including
each underwriter) who participated in the offering of such Registrable Securities and each other Person, if any, who Controls such Holder or such participating person within the meaning of the Securities Act, and any agent or investment advisor
thereof (collectively, the “Seller Affiliates”), (i) against any and all losses, claims, damages, liabilities and expenses, joint or several (including, without limitation, attorneys’ fees and disbursements except as
limited by Section 6(c)) (each a “Loss” and collectively “Losses”), to which such Holder or any such Seller Affiliate may become subject under the Securities Act or any other

  
 16 

 
statute or at common law, insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue or alleged untrue statement of any material fact contained in any
registration statement, preliminary prospectus, final prospectus, or free writing prospectus (when taken together with the related prospectus) contained therein or used in connection with the offering of securities covered thereby, offering
circular, notification, pricing disclosure or like document or any amendment or supplement to any of the foregoing (collectively, any “Offering Document”), or any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, (ii) against any and all Losses, as incurred, to the extent of the aggregate amount paid in settlement of any litigation or investigation or proceeding by any governmental
agency or body, commenced or threatened, or of any claim whatsoever based upon, arising out of, related to or resulting from any such untrue statement or omission or alleged untrue statement or omission, and (iii) against any and all costs and
expenses (including reasonable fees and disbursements of counsel) as may be reasonably incurred in investigating, preparing or defending against any litigation, investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whatsoever based upon, arising out of, related to or resulting from any such untrue statement or omission or alleged untrue statement or omission, or such violation of the Securities Act or any other statute or at common law, to the
extent that any such expense or cost is not paid under clause (i) or (ii) above; except insofar as any such statements or omissions are made in reliance upon and in conformity with information furnished in writing to the Company by such
Holder or Seller Affiliate specifically for use in any Offering Document in accordance with the second sentence of Section 6(b). The reimbursements required by this Section 6(a) will be made by periodic payments during the
course of the investigation or defense, as and when bills are received or expenses incurred. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or such Seller Affiliate, and shall
survive the transfer of such securities by such Holder. 
 (b) In connection with any registration statement in which a Holder is
participating, each such Holder will indemnify the Company and its directors and officers and each other Person, if any, who Controls the Company within the meaning of the Securities Act against any and all Losses to which the Company or any such
director or officer or any such Person may become subject under the Securities Act or any other statute or at common law, insofar as such Losses (or actions in respect thereof) resulting from (i) any untrue or alleged untrue statement of any
material fact contained in any Offering Document, or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue or
alleged untrue statement or omission or alleged omission is contained (or omitted) in any information furnished in writing by such Holder or any of its Seller Affiliates specifically for inclusion thereunder; provided that the obligation to
indemnify will be several and not joint, among such selling Holders, and, except as provided in Section 6(d) below, the liability of each such selling Holder will be in proportion to the net amount received by such selling Holder from
the sale of Registrable Securities pursuant to such registration statement as compared to the total net amount received by all such selling Holders who are liable for indemnification payments or reimbursements hereunder in connection with such
registration statement; provided, further, that such liability will be limited to the net cash amount received by such selling Holder from the sale of Registrable Securities pursuant to such registration statement; provided,
however, that such selling Holder shall not be liable in any such case to the extent that prior to the filing of any such 

  
 17 

 
registration statement or prospectus or amendment thereof or supplement thereto, such selling Holder has furnished in writing to the Company information expressly for use in such registration
statement or prospectus or any amendment thereof or supplement thereto which corrected or made not misleading the information previously furnished to the Company. The Company and each of the Holders (in its capacity as a shareholder and/or a
controlling person) hereby acknowledge and agree that, unless otherwise expressly consented to in writing by such Holder, the only information furnished or to be furnished to the Company specifically for use in any Offering Document are statements
specifically relating to (i) the Beneficial Ownership of shares of Class A Common Stock by such Holder and its Seller Affiliates, (ii) the name and address of such Holder and its Seller Affiliates and (iii) such other additional
information about such Holder or the plan of distribution as may be required by law to be disclosed in any such document. The Company shall be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities
industry professionals participating in the distribution, to the same extent as provided above (with appropriate modification) with respect to information furnished in writing by such Persons specifically for inclusion in any Offering Document. 

(c) Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give such notice shall not limit the rights of such Person, except to the extent the indemnifying party is actually prejudiced thereby) and (ii) unless in such
indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses
of such counsel shall be at the expense of such Person, unless (A) the indemnifying party has agreed to pay such fees or expenses or (B) the indemnifying party shall have failed to assume the defense of such claim and employ counsel
reasonably satisfactory to such Person. If such defense is not assumed by the indemnifying party as permitted hereunder, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent
(but such consent will not be unreasonably withheld or delayed). If such defense is assumed by the indemnifying party pursuant to the provisions hereof, such indemnifying party shall not settle or otherwise compromise the applicable claim, unless
(i) such settlement or compromise contains a full and unconditional release of the indemnified party or (ii) the indemnified party otherwise consents in writing, which consent shall not be unreasonably withheld or delayed. An indemnifying
party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in
the reasonable judgment of any indemnified party, a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay
the reasonable fees and disbursements of such additional counsel or counsels. 
 (d) If the indemnification provided for in this
Section 6 from the indemnifying party is unavailable, or is insufficient, to hold harmless an indemnified party hereunder (other than by reason of the exception provided herein) in respect of any losses,

  
 18 

 
claims, damages, liabilities or expenses referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and indemnified parties in connection with the actions which resulted
in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified parties shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such indemnifying party or indemnified
parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred
to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. Notwithstanding the provisions of this Section 6(d), no Holder shall be
required to contribute an amount greater than the dollar amount by which the net proceeds received by such selling Holder from the sale of Registrable Securities exceeds the amount of damages which such selling Holder has paid by reason of any
liability for indemnification under Section 6(b). 
 The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 6(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph.
No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

Section 7. Certain Limitations on Registration Rights. Notwithstanding the other provisions of this Agreement: 

(a) the Company shall not be obligated to register the Registrable Securities of any Holder pursuant to Section 2(a) or
2(b) if the Company has had a registration statement, pursuant to Section 2(a) or 2(b) declared or become effective within six months prior to the date of a request pursuant to Section 2(a) or 2(b); 

(b) the Company shall have the right to delay the filing or effectiveness of a registration statement (but not the preparation) required
pursuant to Section 2(a) and 2(b) hereof or to suspend any Holder’s rights to make sales pursuant to any effective registration statement during one or more periods aggregating to not more than 90 days in any twelve-month
period and the Holders agree to suspend such use of the applicable prospectus and attempts at any offer to sell or purchase, Registrable Securities in the event that the Company has furnished to any such Holder a written notice stating that
(i) the Company would be required to make an Adverse Disclosure and (ii) in the good faith judgment of the Company’s board of directors, there is a reasonable likelihood that such disclosure, or any other action to be taken in
connection with the prospectus, would materially and adversely affect the Company; 

  
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 (c) in the case of any registration statement described in Section 2(c)(i) that is
initiated by the Company as a primary offering on behalf of the Company, nothing contained herein shall prohibit the Company from determining, at any time, not to file a registration statement or, if filed, to withdraw such registration or terminate
or abandon the offering related thereto; and 
 (d) in the case of any registration statement described in Section 2(b), the
parties hereto acknowledge that the number of shares of Registrable Securities to be registered thereunder may be limited by the rules and regulations of the Commission, subject to such clarification and interpretation as have been provided by the
Commission or by the staff of the Commission, and if so limited, the parties agree that the number of shares of Registrable Securities to be registered thereunder shall be reduced in accordance with the cutback provisions of
Section 2(d)(ii). 
 Section 8. Selection of Managing Underwriters. If the offering of Registrable Securities
pursuant to Section 2(a) or Section 2(b) shall be in the form of an underwritten offering, the managing underwriter or underwriters for any such offering shall be selected by the Holders of a majority of the Registrable
Securities being so registered and shall be reasonably acceptable to the Company. 
 Section 9. Rules 144 and 144A and Regulation
S. The Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder, all to the extent required from time to time to enable
the Holders to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules or regulations may be
amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the reasonable request of a Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such
requirements and, if not, the specifics thereof. 
 Section 10. Interpretive Matters. Unless otherwise expressly provided or the
context otherwise requires, for purposes of this Agreement the following rules of interpretation apply: 
 (a) When calculating the period
of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period is excluded. If the last day of such period is a non-Business Day,
the period in question ends on the next succeeding Business Day. 
 (b) Any reference in this Agreement to gender includes all genders, and
words imparting the singular number also include the plural and vice versa. 
 (c) All references in this Agreement to any
“Article,” or “Section,” are to the corresponding Article or Section of this Agreement. 
 (d) The words
“herein,” “hereinafter,” “hereof,” and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires. 

  
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 (e) The word “including” or any variation thereof means “including, but not
limited to,” and does not limit any general statement that it follows to the specific or similar items or matters immediately following it. 

(f) Any references to an agreement or organizational document herein shall mean such agreement or organizational document, as may be amended,
modified and/or supplemented (and/or as any provision thereunder may be waived) from time to time in accordance with its terms. 

Section 11. Miscellaneous. 

(a) No Inconsistent Agreements. The Company will not hereafter enter into any agreement with respect to its securities which is
inconsistent with the rights granted to the Holders in this Agreement. The Company has not previously entered into any agreement with respect to any of its securities granting any registration rights to any Person which is effective as of the date
hereof. 
 (b) Remedies. Each Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement
and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. In any action or proceeding brought to enforce any provision of this Agreement or where any provision hereof is validly asserted as
a defense, the successful party shall be entitled to recover reasonable attorneys’ fees in addition to any other available remedy. 

(c) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to departure from the provisions hereof may not be given unless the Company has obtained the written consent of the Holders holding at the time, shares of Registrable Securities representing more than 50% of the
then outstanding Registrable Securities; provided that if any such amendment, modification, supplement, waiver, consent or departure would adversely affect the rights, preferences or privileges of any Holder disproportionately with respect to
the rights, preferences and privileges of the other Holders, such Holder’s consent in writing shall be required. 
 (d) Notice
Generally. Any notice, demand, request, consent, approval, declaration, delivery or other communication hereunder to be made pursuant to the provisions of this Agreement shall be sufficiently given or made if in writing and either delivered in
person with receipt acknowledged, sent by registered or certified mail, return receipt requested, postage prepaid, by electronic mail, or by confirmed facsimile, addressed or delivered as follows: 

(i) If to the Company, at 

J. Alexander’s Holdings, Inc. 

3401 West End Avenue, Suite 260 

Nashville, Tennessee 37203 

Facsimile: (615) 269-1999 

E-mail: mparkey@JAlexanders.com 

Attention: Chief Financial Officer 

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

Bass, Berry & Sims PLC 

150 Third Avenue South, Suite 2800 

Nashville, Tennessee 37201 

Facsimile: (615) 742-2775 

E-mail: MWalker@bassberry.com 

Attention: F. Mitchell Walker, Jr. 

(ii) If to FNFV, at 

Fidelity National Financial Ventures, LLC 

601 Riverside Avenue 

Jacksonville, Florida 32204 

Facsimile: (904) 633-3055 

E-mail: MGravelle@fnf.com 

Attention: Corporate Secretary 

(iii) If to Newport, at 

Newport Global Opportunities Fund AIV-A LP 

21 Waterway Avenue 

Suite 150 

The Woodlands, TX 77380 

Facsimile: (713) 559-7499 

E-mail: rmay@ngalp.com 

Attention: Chief Financial Officer 

(iv) If to any Other Holder, at its last known address appearing on the books of the Company maintained for such purpose. 

or at such other address as may be substituted by notice given as herein provided. The giving of any notice required hereunder may be waived in writing by the
party entitled to receive such notice. Every notice, demand, request, consent, approval, declaration, delivery or other communication hereunder shall be deemed to have been duly given or served on the date on which personally delivered, with receipt
acknowledged, on the date received, if delivered by electronic mail or facsimiled and confirmed by facsimile receipt, or three Business Days after the same shall have been deposited in the United States mail. 

  
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 (e) Successors, Assignees and Transferees. This Agreement shall be binding upon, inure to
the benefit of, and be enforceable by, each of the parties hereto and their respective successors and permitted assigns. If (i) any Permitted Assignee shall acquire Units from any Unitholder in compliance with the terms of the LLC Agreement or
(ii) any Person shall acquire Registrable Securities from any Holder in any manner, whether by operation of law or otherwise, such transferring Unitholder or Holder, as the case may be, shall promptly notify the Company and, except to the
extent limited by such Unitholder transferring such Units or such Holder transferring such Registrable Securities, as the case may be, such Units or Registrable Securities acquired from such Unitholder or Holder, respectively, shall be subject to
all of the terms of this Agreement, and any transferee thereof shall execute and deliver to the Company a Joinder, whereupon such transferee shall be entitled to receive the benefits of, and be conclusively deemed to have agreed to be bound by and
to perform, all of the terms and provisions of this Agreement that are applicable to the Unitholder transferring such Units or the Holder transferring such Registrable Securities, as the case may be. Nothing in this Section 11(e) shall
affect any restrictions on transfer contained in any other contract by and among the Company and any of the Holders, or by and among any of the Holders. 

(f) Headings. The heading references herein and the table of contents hereof are for convenience of reference only and shall not be
deemed to limit or affect any of the provisions hereof. 
 (g) Governing Law; Jurisdiction; Jury Waiver. This Agreement shall be
governed by, construed and enforced in accordance with the laws of the State of Tennessee without giving effect to the conflict of laws provisions thereof that would result in the application of the law of another jurisdiction. Each of the parties
hereby submits to non-exclusive personal jurisdiction and waives any objection as to venue in any federal or state court located in the State of Tennessee. Service of process on the parties in any action arising out of or relating to this Agreement
shall be effective if mailed to the parties in accordance with Section 11(d) hereof. The parties hereto waive all right to trial by jury in any action or proceeding to enforce or defend any rights hereunder. 

(h) Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement. 
 (i) Entire Agreement. This Agreement represents the complete agreement
and understanding of the parties hereto in respect of the subject matter contained herein and therein. This Agreement supersedes all prior agreements and understandings between the parties with respect to the subject matter hereof. 

(j) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts
(including by facsimile or electronically in portable document format), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

  
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 (k) Termination. The Company’s obligations under this Agreement shall cease with
respect to any Holder when such Holder ceases to hold Registrable Securities. 
 (l) Holdback. In connection with any Underwritten
Offerings, each Holder agrees, unless otherwise agreed to by the managing underwriter for any Underwritten Offering pursuant to this Agreement, not to effect any sale or distribution of any Class A Common Stock (except for such Class A
Common Stock included in such registration) or securities convertible into or exchangeable or exercisable for Class A Common Stock during the period commencing on the effective date of the registration statement (or the date the registration
priced in the case of a Shelf Registration) and continuing for 90 days following such date (plus any additional period of time as may be necessary to comply with applicable regulatory requirements); provided that, notwithstanding the
foregoing, such holdback period shall be no longer than the holdback period that such managing underwriter shall require for directors and executive officers of the Company and any releases therefrom granted to any party shall apply to the Holders
on a pro rata basis, based on their Beneficial Ownership of shares of Class A/B Common Stock; provided, further, that such restrictions shall not apply to: (i) securities acquired in the public market subsequent to the date of this
Agreement and (ii) transfers to Affiliates of such Holder who agree to be bound by the restrictions herein. Each Holder further agrees to enter into any agreement reasonably required by the underwriters or the Company to implement the foregoing
within any reasonable timeframe so requested. In order to enforce the “holdback” covenant described in this Section 11(l), the Company shall have the right to place restrictive legends on the certificates representing the
shares subject to this Section 11(l) and to impose stop transfer instructions with respect to the Registrable Securities and such other shares of capital stock of each Holder (and the shares or securities of every other Person subject to
the foregoing restriction) until the end of each of such period; provided that if any Registrable Securities become freely transferable under the Securities Act, at the written request of any Holder, the Company shall remove (or cause to be
removed) any restrictive legends or transfer restrictions regarding the Securities Act from any stock certificate evidencing such Registrable Securities or any account at which such Registrable Securities are held. The underwriters in connection
with such registration are intended third party beneficiaries of this Section 11(l) and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. 

[The remainder of this page is left blank intentionally.] 

  
 24 

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

			
	 COMPANY
  

J. ALEXANDER’S HOLDINGS, INC.

		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to the Registration Rights Agreement] 

 
			
	THE INVESTOR SHAREHOLDERS
	
	FIDELITY NATIONAL FINANCIAL VENTURES, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	NEWPORT GLOBAL OPPORTUNITIES FUND AIV-A LP
		
	By:	 	Newport Global Opportunities GP LP,
	its general partner
		
	By:	 	Newport Global Opportunities GP LLC,
	its general partner
		
	By:	 	Newport Global Advisers LP,
	its managing partner
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to the
Registration Rights Agreement] 

 
			
	THE OTHER SHAREHOLDERS
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to the
Registration Rights Agreement] 

 EXHIBIT A 

TO REGISTRATION RIGHTS AGREEMENT 

FORM OF 
 JOINDER
AGREEMENT 
 THIS JOINDER AGREEMENT (this “Joinder”) is made and entered into as of
[                    ] by the undersigned (the “New Holder”) in accordance with Section 11(e) of the Registration Rights
Agreement by and among J. Alexander’s Holdings, Inc., a Tennessee corporation (including any successor, the “Company”), the Unitholders party thereto and the Holders party thereto, dated as of
[                    ] (as the same may be amended, restated or otherwise modified from time to time, the “Registration Rights
Agreement”), for the benefit of, and for reliance upon by, the Company, the Unitholders and the Holders. Capitalized terms used herein but not otherwise defined shall have the meanings given to them in the Registration Rights Agreement.

 WHEREAS, the New Holder desires to exercise certain rights granted to it under the Registration Rights Agreement; and 

WHEREAS, the execution and delivery to the Company of this Joinder by the New Holder is a condition precedent to the New Holder’s
exercise of any of its rights under the Registration Rights Agreement. 
 NOW, THEREFORE, in consideration of the premises and covenants
herein, and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the New Holder hereby agrees as follows: 

1. Joinder. By the execution and delivery of this Joinder, the New Holder hereby agrees to become, and to be deemed to be, and shall
become and be deemed to be, for all purposes under the Registration Rights Agreement, [a Unitholder] [and/or] [a Holder], with the same force and effect as if the New Holder had been an original signatory thereto, and the New Holder agrees to be
bound by all of the terms and conditions of, and to assume all of the obligations of, [a Unitholder] [and/or] [a Holder] under, the Registration Rights Agreement. All of the terms, provisions, representations, warranties, covenants and agreements
set forth in the Registration Rights Agreement with respect to [a Unitholder] [and/or] [a Holder] are incorporated by reference herein and shall be legally binding upon, and inure to the benefit of, the New Holder. 

2. Further Assurances. The New Holder agrees to perform any further acts and execute and deliver any additional documents and
instruments that may be necessary or reasonably requested by the Company to carry out the provisions of this Joinder or the Registration Rights Agreement. 

3. Binding Effect. This Joinder and the Registration Rights Agreement shall be binding upon, and shall inure to the benefit of, the New
Holder and its successors and Permitted Assigns, subject to the terms and provisions of the Registration Rights Agreement. It shall not be necessary in connection with the New Holder’s status as [a Unitholder] [and/or] [a Holder] to make
reference to this Joinder. 

 IN WITNESS WHEREOF, the New Holder has executed this Joinder as of the date first above written.

  

			
	[NEW HOLDER]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	Address:	 	
	
	  

	  

	  

	  

 

			
	Accepted and agreed:
	
	J. ALEXANDER’S HOLDINGS, INC.
		
	By:	 	  

	Name:	 	  

	Title:EX-10.1

 Exhibit 10.1 

FORM OF AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 J. ALEXANDER’S
HOLDINGS, LLC, 
 A DELAWARE LIMITED LIABILITY COMPANY 

Dated [            ], 2014 

by and among 
 J.
ALEXANDER’S HOLDINGS, LLC 
 AND THE 

OTHER PARTIES HERETO 
 THE
MEMBERSHIP INTERESTS AND UNITS ISSUED PURSUANT TO THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (COLLECTIVELY, THE “LLC INTERESTS”) HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. THE LLC INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE
OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFER SET FORTH HEREIN. 
 THE LLC INTERESTS ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER
SPECIFIED IN THIS AGREEMENT, AND IN CERTAIN CASES THE 2014 MANAGEMENT INCENTIVE PLAN OF THE COMPANY, AND THE COMPANY RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH INTERESTS UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER.
A COPY OF THIS AGREEMENT SHALL BE PROMPTLY FURNISHED BY THE COMPANY TO A HOLDER OF ANY LLC INTERESTS UPON WRITTEN REQUEST AND WITHOUT CHARGE. 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	ARTICLE I REPRESENTATIONS AND WARRANTIES OF THE PARTIES	  	1	 
			
	 1.1
	 	Representations and Warranties of the Company	  	 	1	  
	 1.2
	 	Representations and Warranties of the Members	  	 	2	  
		
	 ARTICLE II ORGANIZATION
	  	 	3	  
			
	 2.1
	 	Formation of Company	  	 	3	  
	 2.2
	 	Name	  	 	3	  
	 2.3
	 	Office; Agent for Service of Process	  	 	3	  
	 2.4
	 	Term	  	 	3	  
	 2.5
	 	Purpose and Scope	  	 	3	  
	 2.6
	 	Authorized Acts	  	 	4	  
	 2.7
	 	Fiscal Year	  	 	5	  
	 2.8
	 	Qualification to do Business	  	 	5	  
		
	 ARTICLE III MEMBERS; CONTRIBUTIONS
	  	 	5	  
			
	 3.1
	 	Capital Contributions	  	 	5	  
	 3.2
	 	Interest Payments	  	 	5	  
	 3.3
	 	Ownership and Issuance of Units	  	 	5	  
	 3.4
	 	Vesting of Management Units; Profits Interests	  	 	6	  
	 3.5
	 	Call Rights and Forfeiture	  	 	8	  
	 3.6
	 	Voting Rights	  	 	10	  
	 3.7
	 	Withdrawals	  	 	11	  
	 3.8
	 	Liability of the Members Generally	  	 	11	  
	 3.9
	 	Capital Accounts	  	 	11	  
		
	 ARTICLE IV MANAGEMENT
	  	 	11	  
			
	 4.1
	 	Management and Control of the Company	  	 	11	  
	 4.2
	 	Indemnification	  	 	13	  
	 4.3
	 	Officers	  	 	15	  
		
	 ARTICLE V DISTRIBUTIONS
	  	 	15	  
			
	 5.1
	 	Distributions Generally	  	 	15	  
	 5.2
	 	Regular Distributions	  	 	16	  
	 5.3
	 	Tax Distributions	  	 	16	  

  
 -i- 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
	 5.4
	 	Distributions of Securities	  	 	16	  
	 5.5
	 	Restricted Distributions	  	 	17	  
	 5.6
	 	Withholding Tax Payments and Obligations	  	 	17	  
		
	ARTICLE VI ALLOCATIONS	  	17	 
			
	 6.1
	 	General Application	  	 	17	  
	 6.2
	 	Certain Matters	  	 	18	  
	 6.3
	 	Special Allocations	  	 	18	  
	 6.4
	 	Transfer of Interest	  	 	20	  
	 6.5
	 	Tax Allocations	  	 	20	  
		
	ARTICLE VII ACCOUNTING AND TAX MATTERS	  	21	 
			
	 7.1
	 	Tax Returns	  	 	21	  
	 7.2
	 	Tax Matters Member	  	 	21	  
	 7.3
	 	Accounting Methods; Elections; Information	  	 	21	  
	 7.4
	 	Partnership Status	  	 	21	  
		
	ARTICLE VIII TRANSFERS OF UNITS	  	22	 
			
	 8.1
	 	Restrictions on Transfers of Units	  	 	22	  
	 8.2
	 	Transfers in Violation of Agreement	  	 	23	  
		
	ARTICLE IX INFORMATION RIGHTS, CONFIDENTIALITY AND ADDITIONAL AGREEMENTS	  	23	 
			
	 9.1
	 	Information Rights	  	 	23	  
	 9.2
	 	Confidentiality	  	 	23	  
		
	ARTICLE X AMENDMENT AND TERMINATION	  	23	 
			
	 10.1
	 	Amendment or Modification; Waiver	  	 	23	  
	 10.2
	 	Amendments by the Managing Member	  	 	24	  
	 10.3
	 	Termination of Agreement	  	 	24	  
	 10.4
	 	Termination as to a Party	  	 	24	  
		
	ARTICLE XI DISSOLUTION; LIQUIDATION	  	24	 
			
	 11.1
	 	Dissolution	  	 	24	  
	 11.2
	 	Final Accounting	  	 	25	  
	 11.3
	 	Liquidation	  	 	25	  
	 11.4
	 	Cancellation of Certificate of Formation	  	 	26	  

  
 -ii- 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
	ARTICLE XII EXCHANGE PROCEDURES	  	26	 
			
	 12.1
	 	Exchanges of Units	  	 	26	  
	 12.2
	 	Conversion of Certain Units	  	 	28	  
	 12.3
	 	Common Stock to be Issued	  	 	28	  
	 12.4
	 	Capital Structure of J. Alexander’s and the Company	  	 	29	  
		
	ARTICLE XIII MISCELLANEOUS	  	30	 
			
	 13.1
	 	Certain Defined Terms	  	 	30	  
	 13.2
	 	Severability	  	 	41	  
	 13.3
	 	Entire Agreement	  	 	42	  
	 13.4
	 	Successors and Assigns	  	 	42	  
	 13.5
	 	Counterparts	  	 	42	  
	 13.6
	 	Remedies	  	 	42	  
	 13.7
	 	Notices	  	 	42	  
	 13.8
	 	Governing Law	  	 	43	  
	 13.9
	 	Interpretation	  	 	43	  
	 13.10
	 	Descriptive Headings	  	 	43	  
	 13.11
	 	Business Opportunities	  	 	44	  
	 13.12
	 	Transactions with Interested Persons; Standards of Conduct	  	 	44	  
	 13.13
	 	Appointment of Managing Member as Attorney-in-Fact	  	 	44	  
	 13.14
	 	Loans to the Company	  	 	45	  
	 13.15
	 	Limited Authorization of Managing Member	  	 	45	  
	 13.16
	 	No Third Party Beneficiaries	  	 	46	  
	 13.17
	 	Further Assurances	  	 	46	  
	 13.18
	 	Construction	  	 	46	  
	 13.19
	 	Waiver of Action for Partition	  	 	46	  
	 13.20
	 	Relations with Members	  	 	46	  
	 13.21
	 	Accounting Considerations	  	 	46	  

  
 -iii- 

 Schedules 

Schedule I – List of Members 
 Exhibits 

Exhibit A – Form of Joinder Agreement 
 Exhibit B –
Company Profits Interest Incentive Plan 
 Exhibit C – Form of Exchange Notice 

  
 -iv- 

 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 J. ALEXANDER’S
HOLDINGS, LLC 
 A DELAWARE LIMITED LIABILITY COMPANY 

THIS AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT (this “Agreement”) is entered into as of [            ]
[    ], 2014, by and among (i) J. ALEXANDER’S HOLDINGS, LLC, a Delaware limited liability company (the “Company”),
(ii) J. ALEXANDER’S HOLDINGS, INC., a Tennessee corporation, (“J. Alexander’s”), (iii) FIDELITY
NATIONAL FINANCIAL VENTURES, LLC, a Delaware limited liability company (“FNFV”), (iv) NEWPORT GLOBAL
OPPORTUNITIES FUND AIV-A LP, a Delaware limited partnership (“Newport”), (v) those Persons listed on Schedule I attached hereto,
and (vi) the other Persons that may from time to time become parties hereto in accordance with the terms hereof. J. Alexander’s, FNFV, Newport, each member of management who hereafter is granted Management Units pursuant to the Company
Profits Interest Incentive Plan and becomes a party hereto (each, a “Management Member”), and each other Person that is or may become listed on Schedule I hereto in accordance with
the Agreement are sometimes referred to herein collectively as the “Members” and individually as a “Member.” Certain capitalized terms used herein are defined in Section
13.1. 
 WHEREAS, the Company was formed as a Delaware limited liability company under the
name “J. Alexander’s Holdings, LLC” effective as of February 6, 2013, by the filing of a Certificate of Formation with the Delaware Secretary of State; 

WHEREAS, the Company initially adopted a limited liability company agreement dated as of
February 25, 2013 (the “Prior Agreement”); 
 WHEREAS, the
Company wishes to grant Management Units to certain members of management from time to time subject to the terms set forth herein, in the Company Profits Interest Incentive Plan and in the Award Agreements; and 

WHEREAS, the parties hereto desire to amend and restate the Prior Agreement in its entirety. 

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

ARTICLE I 

REPRESENTATIONS AND WARRANTIES OF THE PARTIES 

1.1 Representations and Warranties of the Company. The Company hereby represents and warrants to each Member that as of the date of
this Agreement: 
 (a) it is a limited liability company duly formed, validly existing and in good standing under the laws of the
state of its formation, it has full power and authority to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby, and the execution, delivery and performance by it of this Agreement and the consummation
of the transactions contemplated hereby have been duly authorized by all necessary limited liability company action; 

  
 - 1 - 

 (b) this Agreement has been duly and validly executed and delivered by it and (assuming
the due execution hereof by the Members) constitutes a legal and binding obligation of the Company, enforceable against it in accordance with its terms; and 

(c) the execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions
contemplated hereby will not, with or without the giving of notice or lapse of time, or both, (i) violate any provision of law, statute, rule or regulation to which the Company is subject, (ii) violate any order, judgment or decree
applicable to the Company or (iii) conflict with, or result in a breach or default under, any term or condition of the Company’s organizational documents or any agreement or instrument to which the Company is a party or by which it is
bound. 
 1.2 Representations and Warranties of the Members. Each Member (as to himself or itself only) represents and warrants to
the Company and each other Member that, as of the time such Member becomes a party to this Agreement: 
 (a) he or she is a natural
person, or it is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation, or it is a trust, limited partnership or a limited liability company duly formed, validly existing, and in good
standing under the laws of its state of formation, as the case may be, it has full power and authority to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby, and the execution, delivery and performance
by it of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate, partnership or limited liability company action, as the case may be; 

(b) this Agreement (or the separate joinder agreement, in the form attached hereto as Exhibit A, executed by such Member) has
been duly and validly executed and delivered by such Member, and this Agreement (or such joinder, assuming the due execution hereof or thereof by the Company) constitutes a legal and binding obligation of such Member, enforceable against such Member
in accordance with its terms; and 
 (c) the execution, delivery and performance by such Member of this Agreement (or any joinder to
this Agreement, if applicable, in the form attached hereto as Exhibit A) and the consummation by such Member of the transactions contemplated hereby (and thereby, if applicable) will not, with or without the giving of notice or lapse of time,
or both, (i) violate any provision of law, statute, rule or regulation to which such Member is subject, (ii) violate any order, judgment or decree applicable to such Member or (iii) conflict with, or result in a breach or default
under, any term or condition of any agreement or other instrument to which such Member is a party or by which such Member is bound. 

  
 - 2 - 

 ARTICLE II 

ORGANIZATION 
 2.1
Formation of Company. The Certificate of Formation has heretofore been duly filed with the Secretary of State of the State of Delaware. Upon the execution of this Agreement, J. Alexander’s shall be the sole Managing Member and shall be
designated as an authorized person within the meaning of the Act. The rights, powers, duties, obligations and liabilities of the Members shall be determined pursuant to the Act and this Agreement. To the extent that the rights, powers, duties,
obligations and liabilities of any Member are different by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the Act, control. 

2.2 Name. The name of the Company is J. Alexander’s Holdings, LLC. The Company Business shall be conducted under such name or
under such other names as the Managing Member may deem appropriate in compliance with applicable law. 
 2.3 Office; Agent for Service of
Process. The address of the Company’s registered office in Delaware is Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, County of New Castle. The name of its registered agent at such address is The Corporation Trust
Company. The Managing Member may change the registered office and the registered agent of the Company from time to time. The principal office and place of business of the Company shall be located in Nashville, Tennessee. The Managing Member may
change the principal office or place of business of the Company at any time and may cause the Company to establish other offices or places of business. 

2.4 Term. The term of the Company shall continue until the dissolution of the Company in accordance with the provisions of Article
XI or as otherwise provided by law. 
 2.5 Purpose and Scope. 

(a) The purpose and business of the Company (the “Company Business”) is (subject to the terms of this
Agreement, the direction of the Managing Member and the Public Co Charter) to pursue, directly or indirectly through its Subsidiaries or other Persons, business opportunities in the restaurant industry and engage in any lawful act or activity for
which limited liability companies may be organized under the Act and to engage in any and all activities necessary or incidental thereto. Notwithstanding anything to the contrary in this Agreement, all matters material to the affairs and business of
the Company shall be determined by the Managing Member. 
 (b) The Company shall have the power to do any and all acts reasonably
necessary, appropriate, proper, advisable, incidental or convenient to or for the furtherance of the Company Business and for the protection and benefit of the Company, and shall have, without limitation, any and all of the powers that may be
exercised on behalf of the Company by the Managing Member pursuant to this Agreement, including pursuant to Section 2.6. 
  

  
 - 3 - 

 2.6 Authorized Acts. In furtherance of the Company Business, but subject to all other
provisions of this Agreement, the Managing Member, on behalf of the Company, is hereby authorized and empowered: 
 (a) To do any and
all things and perform any and all acts necessary or incidental to the Company Business and otherwise in accordance with law; 
 (b)
To enter into, and take any action under, any contract, agreement or other instrument as the Managing Member shall determine to be necessary or desirable to further the objects and purposes of the Company, including contracts or agreements with
any Member or prospective Member; 
 (c) To open, maintain and close bank accounts and draw checks or other orders for the payment of
money and open, maintain and close brokerage, money market fund and similar accounts; 
 (d) To hire, for usual and customary
payments and expenses, employees, consultants, brokers, attorneys, accountants and such other agents for the Company as it may deem necessary or advisable, and authorize any such agent to act for and on behalf of the Company; 

(e) To incur expenses and other obligations on behalf of the Company in accordance with this Agreement, and, to the extent that funds
of the Company are available for such purpose, pay all such expenses and obligations; 
 (f) To borrow money or guarantee any
obligation, which borrowing or guarantee shall be on such terms as the Managing Member shall determine; 
 (g) To make loans to and
investments in Subsidiaries or other Persons; 
 (h) To merge or consolidate with or convert into another limited liability company
(organized under the laws of Delaware or any other state), a corporation (organized under the laws of Delaware or any other state) or any other “business entity” (as defined in Section 18-209(a) of the Act), regardless of whether the
Company is the survivor of such merger or consolidation; 
 (i) To bring and defend actions and proceedings at law or in equity and
before any governmental, administrative or other regulatory agency, body or commission; 
 (j) To establish reserves in accordance
with this Agreement or the Act for contingencies and for any other purpose of the Company; 
 (k) To prepare and file all necessary
returns and statements, pay all taxes, assessments and other impositions applicable to the assets of the Company, and withhold amounts with respect thereto from funds otherwise distributable to any Member; 

(l) To determine the accounting methods and conventions to be used in the preparation of any accounting or financial records of the
Company; and 
 (m) To act for and on behalf of the Company in all matters incidental to the foregoing. 

  
 - 4 - 

 2.7 Fiscal Year. Unless otherwise determined by the Managing Member, the fiscal year (the
“Fiscal Year”) of the Company shall end on the Sunday closest to December 31st unless, for Federal income tax purposes, another Fiscal Year is required. The Company shall have the same Fiscal Year for
United States Federal income tax purposes and for accounting purposes. 
 2.8 Qualification to do Business. Except as the Managing
Member shall otherwise determine, the Company shall be qualified or registered under applicable laws of any jurisdiction in which the Company transacts business and may authorize any Person to execute, deliver and file any certificates and documents
necessary to effect such qualification or registration, including without limitation, the appointment of agents for service of process in such jurisdictions. 

ARTICLE III 
 MEMBERS;
CONTRIBUTIONS 
 3.1 Capital Contributions. The Capital Accounts of the Members as of the date hereof shall be equal to the
Capital Contributions reflected on Schedule I hereto as of date hereof and on the register of the Company, maintained by the Company in accordance with Article VII hereof (the “Company
Register”). Schedule I shall be amended from time to time in accordance with Article XI to reflect any additional Capital Contribution made by the Members. 

3.2 Interest Payments. No interest shall be paid to any Member on any Capital Contributions. The value of all Capital Contributions
shall be denominated in U.S. dollars. 
 3.3 Ownership and Issuance of Units. 

(a)    (i) As of the date hereof the Company has issued units (the “Class A Units”) to each
Class A Member in respect of the Class A Interest of such Member. Each Class A Member owns that number of Class A Units as appears next to its name on the Company Register. 

(ii) As of the date hereof the Company has issued units (the “Management Units”) to each Management Member in
respect of the Management Interest of such Member. Each Management Member owns that number of Management Units as appears next to its name on the Company Register. 

(b) The ownership of issued and outstanding Class A Units and Management Units shall initially be set forth on Schedule
I hereto, which schedule shall be amended from time to reflect any changes to the ownership of issued and outstanding Class A Units and Management Units. 

(c) The Managing Member may issue an unlimited number of Class A Units and an unlimited number of Management Units shall be
reserved for issuance in the future to individuals who provide services to or for the benefit of the Company (including through the provision of services to any of its Subsidiaries) in accordance with Section 3.3(d) and the terms of this
Agreement. The Managing Member shall be authorized to issue additional Units with such rights, preferences, privileges and restrictions as the Managing Member shall designate 

  
 - 5 - 

 
from time to time (“Preferred Units”), including, if, as and when required by and in accordance with the terms of Article XII. All issuances of any
Class A Units, Management Units and Preferred Units after the date of this Agreement shall be made in accordance with the provisions of Article XII. The Units shall not be certificated, unless otherwise determined by the Managing Member. 

(d) The Managing Member shall have the authority to grant Management Units to individuals who provide services to or for the benefit of
the Company (including through the provision of services to any of its Subsidiaries) out of the number of Management Units reserved pursuant to the Company Profits Interest Incentive Plan for issuance to individuals who provide services to or for
the benefit of the Company (including through the provision of services to any of its Subsidiaries) pursuant to Section 3.3(c) and to determine the terms and conditions of the Award Agreement to be executed by any such employee or
manager in connection with such grant (including terms and conditions relating to vesting, forfeiture, options to purchase and/or sell Management Units upon termination of Employment and purchase prices and terms of sale and purchase with respect
thereto, and the like). The Management Units issued under this Section 3.3(d) shall have a Hurdle Amount sufficient in the determination of the Managing Member to cause such Management Units to be properly treated as Profits Interests;
provided, that the Management Unit Award Agreement shall protect the Company and the Managing Member from liability if any such Management Units are not treated as Profits Interests for U.S. federal income tax purposes. 

3.4 Vesting of Management Units; Profits Interests. 

(a) Each Management Member, subject to such Person’s continued Employment on the applicable vesting date, shall vest in his or her
Management Units at the rate of 50% on the second anniversary of such Management Member’s grant date and 100% on the third anniversary of such Management Member’s grant date, provided, however, that each Management Member
shall vest in 100% of his or her Management Units immediately upon (i) the consummation of a Qualifying Vesting Sale or (ii) if the Management Member is a non-employee director or manager, upon such Person’s termination of Employment
by reason of such Person (A) not being nominated for reelection (unless due to an action or inaction that constitutes Cause (as defined in the applicable Award Agreement)), such Person’s decision not to stand for reelection or such
Person’s death or Disability) or (B) being nominated but not elected to the board (unless due to such Person’s death or Disability (as defined in the applicable Award Agreement)). 

(b) The Company and each Member agree to treat each Member’s Management Interest (such interest, a “Profits
Interest”) as a separate “profits interest” within the meaning of Rev. Proc. 93-27, 1993-2 C.B. 343. Notwithstanding anything to the contrary, distributions to each Management Member (including any additional Management
Member, if any) pursuant to Section 5.2 shall be limited to the extent necessary so that the Profits Interest of such Management Member qualifies as a “profits interest” under Rev. Proc. 93-27, and this Agreement shall be
interpreted accordingly. In accordance with Rev. Proc. 2001-43, 2001-2 C.B. 191, the Company shall treat a Member holding a Profits Interest as the owner of such Profits Interest from the date it is granted, and shall file its IRS Form 1065, and
issue appropriate Schedule K-1s to such Member allocating to such Member its distributive share of all items of 

  
 - 6 - 

 
income, gain, loss, deduction and credit associated with such Profits Interest as if it were fully vested. Each Management Member agrees to take into account such distributive share in computing
its federal income tax liability for the entire period during which it holds the Profits Interest. The Company and each Member agree not to claim a deduction (as wages, compensation or otherwise) for the fair market value of such Profits Interest
issued to a Management Member, either at the time of grant of the Profits Interest or at the time the Profits Interest becomes substantially vested. The undertakings contained in this Section 3.4(b) shall be construed in accordance with
Section 4 of Rev. Proc. 2001-43. The provisions of this Section 3.4(b) shall apply regardless of whether or not the holder of a Profits Interest files an election pursuant to Section 83(b) of the Code. 

(c) Safe Harbor Election. 

(i) The Managing Member is hereby authorized and directed to cause the Company to make an election (the “Safe Harbor
Election”) to value any Management Interests issued by the Company as compensation for services to the Company (collectively, “Compensatory Interests”), on the date of the issuance, at the liquidation value of
such Compensatory Interests (i.e., a value equal to the amount that would be distributed under Section 5.2 with respect to such Compensatory Interests in a Hypothetical Liquidation occurring immediately after the issuance of such
Compensatory Interests and assuming for purposes of such Hypothetical Liquidation that all assets of the Company are sold for their fair market values (as reasonably determined by the Managing Member) instead of their values as reflected for capital
account purposes), as the same may be permitted pursuant to or in accordance with the finally promulgated successor rules to Proposed Regulations Section 1.83-3(l) and IRS Notice 2005-43 (collectively, the “Proposed
Rules”). The Managing Member shall cause the Company to make any allocations of items of income, gain, deduction, loss or credit (including forfeiture allocations and elections as to allocation periods) necessary or appropriate to
effectuate and maintain the Safe Harbor Election. 
 (ii) Any such Safe Harbor Election shall be binding on the Company and on all
of its Members with respect to all transfers of Compensatory Interests thereafter made by the Company while a Safe Harbor Election is in effect. A Safe Harbor Election once made may be revoked by the Managing Member as permitted by the Proposed
Rules or any applicable rule. 
 (iii) Each Member (including any person to whom a Compensatory Interest is transferred in
connection with the performance of services), by signing this Agreement or by accepting such transfer, hereby agrees to comply with all requirements of the Safe Harbor Election with respect to all Compensatory Interests transferred while the Safe
Harbor Election remains effective. 
 (iv) The Managing Member shall file or cause the Company to file all returns, reports and
other documentation as may be required to perfect and maintain the Safe Harbor Election with respect to transfers of Compensatory Interests covered by such Safe Harbor Election. 

  
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 (v) The Managing Member is hereby authorized and empowered, without further vote or
action of the Members, to amend the Agreement as necessary to comply with the Proposed Rules or any rule, in order to provide for a Safe Harbor Election and the ability to maintain or revoke the same, and shall have the authority to execute any such
amendment by and on behalf of each Member. Any undertakings by the Members necessary to enable or preserve a Safe Harbor Election may be reflected in such amendments and to the extent so reflected shall be binding on each Member, respectively. 

(vi) Each Member agrees to cooperate with the Managing Member to perfect and maintain any Safe Harbor Election, and to timely execute
and deliver any documentation with respect thereto reasonably requested by the Managing Member. 
 3.5 Call Rights and Forfeiture.

 (a) (i) When used in this Agreement, the term “Employment” or “Employed” refers to
the employment of the Management Members, managers or any other individual having a service relationship with the Company or one of its Subsidiaries, including, in the case of a non-employee director or manager, such service as a director or
manager. Employment will be deemed to continue so long as the Management Member or a manager is employed by, or otherwise is providing services to, the Company or its Subsidiaries in any capacity. If a Management Member’s or manager’s
Employment is with a Subsidiary of the Company and that entity ceases to be a Subsidiary of the Company, the Management Member’s or manager’s Employment will be deemed to have terminated when the entity ceases to be a Subsidiary of the
Company unless his or her Employment is transferred to the Company or one of its remaining Subsidiaries. For the avoidance of doubt, it is intended that the Employment status of the Management Member or manager that is referred to in this Agreement
will continue to refer to the Employment status of the original Management Member or manager even if such Management Member’s Units have been transferred to another holder (a “Management Units Transferee”). Upon any
Management Member or manager ceasing to be Employed by the Company or one of its Subsidiaries (a “Terminated Employee”) for any reason (a “Termination Event”), subject to the provisions of Sections
3.5(a)(ii), 3.5(a)(iii) and 3.5(b), except as may be mutually agreed in writing between the Company and such Terminated Employee pursuant to the Terminated Employee’s Award Agreement, employment agreement or manager service
agreement or otherwise, the Company may, but shall not be required to, elect to purchase (or elect to have one or more designee(s) purchase, as provided in Section 3.5(a)(iii) below) and, if such option is exercised, such Terminated
Employee or the Management Units Transferee shall sell to the Company (or the designee(s), if the Company so elects) all or any portion of the vested Management Units owned by such Management Member or the Management Units Transferee (the
“Termination Securities”) on the date of the occurrence of such Termination Event (the “Termination Date”) at a price per Termination Security equal to the Termination Price (as determined pursuant to
Section 3.5(c) below) and in connection with such repurchase shall execute a general release in favor of the Company, its officers, employees, and Members (including the Managing Member) (which such release shall be in a form reasonably
acceptable to the Company) and such Members’ respective Affiliates, equityholders, managers, partners, directors, officers and employees. 

  
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 (ii) Upon the termination of Employment of any Management Member with the Company or any
of its Subsidiaries for any reason, all unvested Management Units held by such Management Member or the Management Units Transferee shall be immediately and automatically cancelled and forfeited for no consideration. Upon the termination of
Employment of any Management Member with the Company or any of its Subsidiaries for Cause, all vested and unvested Management Units held by such Management Member or the Management Units Transferee shall be immediately and automatically cancelled
and forfeited for no consideration. 
 (iii) The Company may exercise its right to purchase the Termination Securities pursuant to
this Section 3.5 at any time after the Termination Date, provided, that the Calculation Date and the date of closing of such purchase shall not occur earlier than the date that is six (6) months and one (1) day after the date
the Termination Securities became vested, unless the Company determines that such delay is not necessary for the award pursuant to which such Management Units were granted to be classified as an equity award under Financial Accounting Standards
Board (FASB) Accounting Standards Codification (ASC) Topic 718, Stock Compensation (or any applicable successor standards). If the Company chooses to exercise its right to purchase any Termination Security pursuant to this Section 3.5,
it shall choose the Calculation Date and date of closing of such purchase and shall notify the Terminated Employee in writing at least thirty (30) days before the date of closing of the purchase. The Company shall have the option to assign its
right to purchase all or any portion of the Termination Securities under this Section 3.5 to the Class A Members, pro rata (provided that if one or more Class A Members elects not to purchase any Termination Securities,
the other Class A Members shall have the right to purchase such Termination Securities pro rata), and such Class A Members may exercise the Company’s rights under this Section 3.5 in the same manner in which the
Company could exercise such rights. 
 (b) The closing of the purchase by the Company of Termination Securities pursuant to
Section 3.5(a) shall take place at the principal office of the Company on the date chosen by the Company, which date shall in no event be more than thirty (30) days after determination of the Termination Price. If such date is not a
business day, such purchase shall occur on the next succeeding business day. At such closing, (i) the Company shall pay the Terminated Employee or the Management Units Transferee the aggregate Termination Price and (ii) the Terminated
Employee or the Management Units Transferee shall transfer the Termination Securities to the Company, free and clear of any lien or encumbrance, with any documentation reasonably requested by the Company to evidence such transfer, which
documentation shall require the Terminated Employee or the Management Units Transferee to make the representations and warranties in the final sentence of this Section 3.5(b). If the Terminated Employee or the Management Units Transferee
fails to execute and deliver all documentation required by the Company on the scheduled closing date of such repurchase, the Company may elect to defer such closing or deposit the consideration representing the Termination Price with a bank or
financial institution as escrow holder pending delivery of such documentation. In the event of the foregoing election to deposit the Termination Price into escrow, (i) such Management Units shall be deemed for all purposes to have been
transferred to the purchasers thereof on the date such deposit is made; (ii) to the extent that such Management Units are evidenced by certificates, such certificates shall be deemed canceled and the Company shall issue new certificates in the
name of the purchaser(s) thereof; (iii) the Company shall make an appropriate notation in its records to reflect the transfer of such Management Units to the 

  
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purchaser(s) thereof; and (iv) the Person obligated to sell such Management Units shall merely be a creditor with respect to such Management Units with the right only to receive payment of
the Termination Price, without interest, from the escrow funds. If, following the one year anniversary of the scheduled closing date for the purchase of such Termination Securities, the proceeds of sale have not been claimed by the Terminated
Employee or the Management Units Transferee, the escrow deposit (and any interest earned thereon) shall, subject to the application of any applicable escheat laws, be returned to the Person originally depositing the same, and the Transferors whose
Management Units were so purchased shall look solely to the purchaser(s) thereof for payment of the purchase price (subject to reduction for any payments made pursuant to any applicable escheat laws). The transfer of the Termination Securities and
acceptance of the aggregate Termination Price by any Person selling such Termination Securities pursuant to this Section 3.5 shall be deemed accompanied with a representation and warranty by such Person that: (1) such Person has
full right, title and interest in and to such Termination Securities; (2) such Person has all necessary power and authority and has taken all necessary action to sell such Termination Securities as contemplated hereby; (3) such Termination
Securities are free and clear of any and all liens or encumbrances; and (4) there is no adverse claim with respect to such Termination Securities. 

(c) For purposes of this Section 3.5, unless otherwise provided in an Award Agreement, the “Termination
Price” shall be an amount per Termination Security equal to the Fair Market Value of such Termination Security as of the Calculation Date. 

(d) The Company (or any designee(s) or assignee(s) of the Company, as the case may be) shall pay the Termination Price in a lump-sum
cash payment, by wire transfer or by Company check; provided, however, if (i) such cash payment would result in a violation of any law, statute, rule, regulation, policy, order, writ, injunction, decree or judgment promulgated or
entered by any federal, state, local or foreign court or governmental authority applicable to the Company or any of its Subsidiaries, or (ii) after giving effect thereto such payment would result in a default of a financing covenant, then such
payment shall be made by delivery of an unsecured promissory note (the “Note”) bearing interest at the Prime Rate and payable in two equal installments, plus interest, on the first and second anniversaries of the date of
repurchase; provided, that the Note is subject to mandatory prepayment in full upon a Qualifying Vesting Sale; provided, further, that at such times as any payment under the Note is prohibited under any credit agreement
or bond indenture that applies to the Company, no such payment shall be made, and any such payment shall accrue and shall be paid promptly following the date and time that such prohibition no longer exists. 

3.6 Voting Rights. Except as otherwise provided in the Act or as otherwise provided herein, but subject to Section 10.1(d),
Members holding Class A Units shall be entitled to one vote or consent right in respect of each Class A Unit with respect to any matters of the Company on which the holders of Class A Units are entitled to vote. Notwithstanding any
other provision of this Agreement, Members holding Management Units shall have no right to vote or consent on any matter under this Agreement or the Act, including the merger, consolidation, conversion or dissolution of the Company. 

 

  
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 3.7 Withdrawals. Except as explicitly provided elsewhere herein, no Member shall have any
right to (a) withdraw as a Member from the Company, (b) withdraw from the Company all or any part of such Member’s Capital Contributions, (c) receive property other than cash in return for such Member’s Capital Contributions
or (d) receive any distribution from the Company, without the consent of the other Members except in accordance with Article V and Article XI. 

3.8 Liability of the Members Generally. Except as otherwise provided in the Act, no Member of the Company (and none of such
Member’s directors, officers, employees, partners, Affiliates, agents or representatives) shall be obligated personally for any debt, obligation or liability of the Company or any other Member, whether arising in contract, tort or otherwise,
solely by reason of being a Member of the Company. Each of the Members acknowledges that its Capital Contributions are subject to the claims of any and all creditors of the Company to the extent provided by the Act and other applicable law. The
failure of the Company to observe any formalities or requirements relating to the exercise of its powers or the management of its business or affairs under this Agreement or the Act shall not be grounds for making its Members (or any of such
Members’ directors, officers, employees, partners, Affiliates, agents or representatives) responsible for the liabilities of the Company. 

3.9 Capital Accounts. There shall be established and maintained for each Member a separate capital account (“Capital
Account”). There shall be added to the Capital Account of each Member (a) such Member’s Capital Contributions, (b) such Member’s distributive share of Net Income and any item in the nature of income or gain
that is specially allocated to the Member pursuant to Section 6.3, and (c) the amount of any Company liabilities assumed by such Member or which are secured by any property distributed to such Member. There shall be subtracted from
the Capital Account of each Member (a) the amount of any money, and the Gross Asset Value of any other property, distributed to such Member, (b) such Member’s distributive share of Net Loss and any item in the nature of loss or
expense that is specially allocated to such Partner pursuant to Section 6.3, and (c) to the extent not duplicative of any liabilities calculated pursuant to the definition of “Capital Contribution”, the amount of any
liabilities of such Member assumed by the Company or which are secured by any property contributed by such Member to the Company. The foregoing provision and other provisions of this Agreement relating to the maintenance of Capital Accounts are
intended to comply with Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Regulations. In determining the amount of any liability for purposes of this Section 3.9, there shall be
taken into account Section 752(c) of the Code and any other applicable provisions of the Code and Regulations. In the event of a Transfer in accordance with Article VIII, the transferee shall succeed to the Capital Account of the
Transferor to the extent that it relates to the transferred interest. 
 ARTICLE IV 

MANAGEMENT 
 4.1
Management and Control of the Company. 
 (a) Except as otherwise provided herein, the management, control and operation of the
business and affairs of the Company shall be vested exclusively with the Managing Member. The Managing Member shall have the authority to exercise all powers necessary and convenient for the purposes of the Company, including those set forth in
Section 2.6, 

  
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on behalf, and in the name, of the Company, subject to compliance with the restrictions and other provisions of this Agreement. Subject to the rights and powers of the Managing Member and the
limitations thereon contained in this Agreement, the Managing Member may delegate to any person any or all of its powers, rights and obligations under this Agreement and may appoint, contract or otherwise deal with any person to perform any acts or
services for the Company as the Managing Member may reasonably determine. Notwithstanding any delegation made by the Managing Member, the Managing Member shall oversee any Person so appointed or contracted to perform any acts or services for the
Company on the Managing Member’s behalf and the Managing Member shall be liable for any breaches of this Agreement caused by the foregoing. Unless the authority of an agent designated as an officer is limited in the document appointing such
officer or is otherwise specified by the Managing Member, any officer so appointed shall, subject to this Article IV, have the same authority to act for the Company as a corresponding officer of a Tennessee corporation would have to act for a
Tennessee corporation in the absence of a specific delegation of authority. The officers of the Company shall have the same fiduciary duties to the Company as an officer of a Tennessee corporation has under Tennessee law. The Managing Member may, in
its sole discretion, by vote or resolution thereof ratify any act previously taken by an officer or agent acting on behalf of the Company. The Managing Member is specifically authorized to execute, sign, seal and deliver in the name of and on behalf
of the Company any and all agreements, certificates, instruments or other documents requisite to carrying out the intentions and purposes of this Agreement and of the Company. 

(b) Unless expressly provided to the contrary in this Agreement, any action, consent, approval, election, decision or determination to
be made by the Managing Member under or in connection with this Agreement (including any act by the Managing Member within its “discretion” under this Agreement and the execution and delivery of any documents or agreements on behalf of the
Company) shall be in the sole and absolute discretion of the Managing Member. 
 (c) Each Member hereby consents to the exercise by
the Managing Member of the powers conferred upon the Managing Member by the Act and this Agreement with respect to the management and control of the Company. The Members shall not have any authority or right, in their capacities as Members of the
Company, to act for or bind the Company. Any Person dealing with the Company or any Member may rely upon a certificate signed by the Managing Member or a duly authorized officer appointed by the Managing Member, as applicable, as to (a) the
identity of any Members; (b) any factual matters relevant to the affairs of the Company; (c) the Persons who are authorized to execute and deliver any document on behalf of the Company; or (d) any action taken or omitted by the
Company, the Managing Member or any Member. 
 (d) The Managing Member as of the date hereof shall serve in such capacity until the
earliest of its dissolution, termination, resignation or bankruptcy. Upon the dissolution, termination, resignation or bankruptcy of the Managing Member, the holders of a Majority in Interest of the Class A Members may select a new Managing
Member. 

  
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 4.2 Indemnification. 

(a) Indemnification of Members and Officers. The Company shall indemnify, to the fullest extent permitted by the Act as the same exists
or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than said law permitted the Company to provide prior to such amendment), any
Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that such Person (or any of its
Affiliates, directors, officers, employees, agents and representatives) is or was a Member, the Managing Member, an officer of the Company, or an employee of the Company or any of its subsidiaries who is also an employee of Fidelity or any of its
subsidiaries (other than the Company and its subsidiaries) or is or was serving at the request of the Company as a director, officer, manager or trustee of another corporation, limited liability company, partnership, joint venture, trust or other
enterprise from and against all expenses and disbursements (including attorneys’ fees), judgments, damages, fines and amounts paid in settlement (collectively, “Costs”) actually and reasonably incurred by such Person in
connection with such suit, action or proceeding. Notwithstanding the foregoing, indemnification shall not be paid to any Person pursuant to this Section 4.2(a) if it is determined by a final, nonappealable order of a court of competent
jurisdiction that such Person’s actions giving rise to the Costs for which indemnification is sought constituted bad faith or willful misconduct, or, with respect to any criminal action or proceeding, such Person had reasonable cause to believe
such Person’s conduct was unlawful. Any Person may consult with legal or other professional counsel, and any actions taken by such Person in good faith reliance on, and in accordance with, the written opinion of such counsel shall be deemed to
be fully protected and justified and made in good faith. 
 (b) Indemnification of Employees and Agents. The Managing Member, in its
discretion, may authorize the Company to indemnify any Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by
reason of the fact that such Person is or was an employee or agent of the Company, or is or was serving at the request of the Company as an employee or agent of another corporation, limited liability company, partnership, joint venture, trust or
other enterprise, against all Costs actually and reasonably incurred by him in connection with such action, suit or proceeding. Notwithstanding the foregoing, indemnification shall not be paid to any Person pursuant to this
Section 4.2(b) if it is determined by a final, nonappealable order of a court of competent jurisdiction that such Person’s actions giving rise to the Costs for which indemnification is sought constituted bad faith or willful
misconduct, or, with respect to any criminal action or proceeding, such Person had reasonable cause to believe such Person’s conduct was unlawful. Any Person may consult with legal or other professional counsel, and any actions taken by such
Person in good faith reliance on, and in accordance with, the written opinion of such counsel shall be deemed to be fully protected and justified and made in good faith. 

(c) Advance Payments. Except as limited by law, expenses incurred by the indemnified Person in defending any proceeding, including a
proceeding by or in the right of the Company, shall be paid by the Company to the indemnified Person in advance of final 

  
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disposition of the proceeding upon receipt of a written undertaking to repay such amount if the indemnified Person is determined pursuant to this Section 4.2 or adjudicated to be
ineligible for indemnification, which undertaking need not be secured and shall be accepted. 
 (d) Non-Exclusivity; Primacy of
Indemnification by the Company. The indemnification and advancement of expenses provided by, or granted pursuant to, the other provisions of this Section 4.2 shall not be deemed exclusive of any other rights to which those
persons provided indemnification or advancement of expenses may be entitled under any bylaw, agreement (including any employment agreement between an employee on the one hand and the Company or any of its subsidiaries on the other hand), vote of
Members or the Managing Member or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding such office. Notwithstanding the foregoing, it is acknowledged that certain persons may have
certain rights to indemnification, advancement of expenses and/or insurance provided by the Members of the Company or one or more of the affiliates of such Members of the Company other than the Company and its Subsidiaries (any of such entities,
together with their affiliates (other than the Company and its Subsidiaries), the “Member Sponsors”) as an employee of any of such entities (or their respective payroll companies) or pursuant to separate written agreements,
which the Company and the Member Sponsors intend to be secondary to the primary obligation of the Company to provide indemnification as provided herein. If any Member Sponsor pays or causes to be paid, for any reason, any amounts otherwise
indemnifiable hereunder or under any other indemnification agreement or arrangement (whether pursuant to contract, by-laws or charter) to a person indemnifiable hereunder, then (i) the applicable Member Sponsor entity shall be fully subrogated
to all of such person’s rights with respect to such payment and (ii) the Company shall indemnify, reimburse and hold harmless the applicable Member Sponsor entity for the payments actually made. The Member Sponsors shall be third-party
beneficiaries of this Section 4.2, having the rights to enforce this Section 4.2. 
 (e) Insurance. The
Company may purchase and maintain insurance on behalf of any Person who is or was a Member, Managing Member, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer, manager, trustee,
employee or agent of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or
her status as such, whether or not the Company would have the power to indemnify him or her against such liability under the provisions of the Act (as presently in effect or hereafter amended) or this Agreement. The Company’s indemnification
under Section 4.2 of any Person who is or was a Member, Managing Member, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer, manager, trustee, employee or agent of another
corporation, limited liability company, partnership, joint venture, trust or other enterprise, shall be reduced by any amounts such Person receives as indemnification under any policy of insurance purchased and maintained on such Person’s
behalf. 
 (f) Amendment. This Section 4.2 may be amended pursuant to Article X to decrease the Company’s
obligations to any indemnitee pursuant to this Section 4.2 only with respect to actions or omissions occurring after the date of such amendment. 

  
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 4.3 Officers. 

(a) Enumeration. The officers of the Company may consist of a Chief Executive Officer, a President, a Treasurer, a Chief Financial
Officer, a Secretary, and such other officers, including one or more Vice Presidents, Assistant Treasurers and Assistant Secretaries, as the Managing Member may determine. 

(b) Appointment. The officers of the Company shall be appointed from time to time by the Managing Member. Other officers may be
appointed from time to time by the Managing Member. 
 (c) Qualification. No officer need be a Member or manager. Any two (2) or
more offices may be held by the same Person. 
 (d) Tenure. Except as otherwise provided by the Act or by this Agreement, each of the
officers of the Company shall hold his or her office until his or her successor is elected or until his or her earlier resignation or removal. Any officer may resign by delivering his or her written resignation to the Company, and such resignation
shall be effective upon receipt unless it is specified to be effective at some other time or upon the happening of some other event. 

(e) Removal. The Managing Member may remove any officer with or without cause. 

(f) Vacancies. Any vacancy in any office may be filled for the unexpired portion of the term by the Managing Member. 

(g) Other Powers and Duties. Subject to this Agreement, each officer of the Company shall have in addition to the duties and powers
specifically set forth in this Agreement, such duties and powers as are customarily incident to his or her office, and such duties and powers as may be designated from time to time by the Managing Member or the President. 

ARTICLE V 
 DISTRIBUTIONS

 5.1 Distributions Generally. The Members shall be entitled to receive (a) Regular Distributions when and as determined by
the Managing Member, out of funds of the Company legally available therefor, net of any Reserves, payable on such payment dates to Members on such record date as shall be determined by the Managing Member, and (b) Tax Distributions as set forth
in Section 5.3. All determinations made pursuant to this Article V shall be made by the Managing Member in its sole discretion. To the extent that the Managing Member determines that any distributions shall be made to the Members,
such distributions shall be made in accordance with the provisions of this Article V. All payments under the Advancement Agreement shall be treated as a fee in consideration for the obligations and limitations under this Agreement and shall
not be treated as Distributions. 

  
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 5.2 Regular Distributions. Subject to Section 3.4(b), Regular Distributions
shall be made as follows: 
 (a) first, to the Class A Members, pro rata in accordance with their respective Unreturned
Capital Contributions, until the amount of each Class A Member’s Unreturned Capital Contributions has been reduced to zero; and 

(b) thereafter, 100% to the Class A Members and Management Members in respect of their vested Management Units, pro rata,
in accordance with their respective number of outstanding Class A Units and vested Management Units. 
 Notwithstanding the foregoing,
no holder of a Management Unit shall be entitled to receive any distributions (other than Tax Distributions) with respect to such Management Unit unless and until the aggregate amount of distributions made after the issuance of such Management Unit
to the Members in respect of the Units outstanding at the time of the issuance of such Management Unit equals the Hurdle Amount with respect to such Management Unit. 

For purposes of determining the amount of distributions under this Section 5.2, each Member holding a Unit shall be treated as
having received any amounts received by any prior Member holding such Unit in connection with any prior distributions made under this Section 5.2 or Section 5.4. 

5.3 Tax Distributions. Notwithstanding the foregoing distribution provisions of this Article V, each Member shall be entitled to
a Tax Distribution equal to the Tax Rate multiplied by the cumulative taxable income allocated to the Member for all previous years pursuant to this Agreement plus an estimate for current year to date taxable income (after taking into account
cumulative taxable losses allocated to the Member), taking into account capital losses only when, on a standalone basis, they can be deducted for U.S. federal income tax purposes against capital gains allocated to the Member under this Agreement,
and reduced by prior Tax Distributions. If the Tax Rate in effect for the current year differs from the Tax Rate in effect for any prior year(s), appropriate adjustments shall be made to the amount of Tax Distributions calculated pursuant to the
preceding sentence so as to take into account such varying rates such that, a change in the Tax Rate will not be applied for purposes of the calculations set forth in this Section 5.3 in respect of any year for which such changed Tax
Rate was not in effect. Tax Distributions shall be made subject to restrictions under the financing arrangements of the Company and its Subsidiaries, and shall be made as an advance against distributions under Section 5.2(b) and shall
have the effect of reducing such distributions. Tax Distributions will be timed in such a manner as to provide the direct or indirect holders of Units with such distributions prior to the due date for their respective estimated tax and actual tax
payment obligations. 
 5.4 Distributions of Securities. Other than with respect to Tax Distributions pursuant to
Section 5.3, which shall be paid in cash, the Managing Member is authorized, in its sole discretion, to make distributions to the Members in the form of Securities or other property received or otherwise held by the Company;
provided, however, that, in the event of any such non-cash distribution, such Securities or other property shall be valued at the Fair Market Value thereof and shall be distributed to the Members in the same proportion that cash
received upon the sale of such Securities or other property at such Fair Market Value would have been distributed pursuant to Sections 5.2 or 5.3. 

  
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 5.5 Restricted Distributions. Notwithstanding anything to the contrary contained herein,
the Company, and the Managing Member on behalf of the Company, shall not make a distribution to any Member if such distribution would violate the Act or other applicable law. 

5.6 Withholding Tax Payments and Obligations. In the event that withholding taxes are paid or required to be paid in respect of amounts
distributed, or distributive share allocated, by the Company, such payments or obligations shall be treated as follows: 
 (a) Payments by
the Company. The Company is authorized to withhold from any payment made to, or any distributive share of, a Member, any taxes required by law to be withheld, and in such event, such taxes shall be treated as if an amount equal to such withheld
taxes had been paid to the Member rather than paid over to the taxing authority. 
 (b) Over-withholding. Neither the Company nor the
Managing Member shall be liable for any excess taxes withheld in respect of any Member’s interest in the Company, and, in the event of over withholding, a Member’s sole recourse shall be to apply for a refund from the appropriate taxing
authority. Any refunds of withheld taxes received by the Company shall be allocated and distributed in the manner, as reasonably determined by the Managing Member, that will as closely as practicable put the Members in the position that they would
have been in had the Company not withheld such refunded tax. 
 (c) Certain Withheld Taxes Treated as Demand Loans. Any taxes
withheld pursuant to Section 5.6(a) shall be treated as if distributed to the relevant Member to the extent an amount equal to such withheld taxes would then be distributable to such Member and, to the extent in excess of such distributable
amounts, as a demand loan payable by the Member to the Company with interest at the lesser of (a) the Prime Rate per annum, and (b) the highest rate per annum permitted by law. The Managing Member may, in its discretion, either demand
payment of the principal and accrued interest on such demand loan at any time, and enforce payment thereof by legal process, or may withhold from one or more distributions to a Member amounts sufficient to satisfy such Member’s obligations
under any such demand loan. 
 (d) Indemnity. In the event that the Company, or the Managing Member or any Affiliate thereof, becomes
liable as a result of a failure to withhold and remit taxes in respect of any Member, then such Member (or, if applicable, former Member) shall indemnify and hold harmless the Company, or the Managing Member, as the case may be, in respect of all
taxes, including interest and penalties, and any reasonable expenses incurred in any examination, determination, resolution and payment of such liability. The provisions contained in this Section 5.6(d) shall survive the termination of
the Company and the withdrawal of any Member. 
 ARTICLE VI 

ALLOCATIONS 
 6.1
General Application. The rules set forth below in this Article VI shall apply for the purpose of determining each Member’s allocable share of the items of income, gain, loss and expense of the Company comprising Net Income or Net
Loss of the Company for each Fiscal Year, determining special allocations of other items of income, gain, loss and expense, and adjusting the balance of each Member’s Capital Account to reflect the aforementioned general and special
allocations. For each Fiscal Year, the special allocations in Section 6.3 shall be made immediately prior to the general allocations of Section 6.2. 

  
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 6.2 Certain Matters. 

(a) Hypothetical Liquidation. Except as explicitly provided elsewhere herein, the items of income, gain, loss or deduction of the
Company comprising Net Income or Net Loss for a Fiscal Year shall be allocated among the Persons who were Members during such Fiscal Year in a manner such that the Capital Account of each Member, immediately after making such allocation, is, as
nearly as possible, equal (proportionately) to (i) the distributions that would be made to such Member pursuant to Article XI if, on the last day of the Fiscal Year, the Company were dissolved, its affairs wound up and its assets sold
for cash equal to their Gross Asset Values, all Company liabilities were satisfied (limited in the case of each Nonrecourse Liability to the Gross Asset Value of the assets securing such liability) and the net proceeds of the Company were
distributed in accordance with Section 11.3(c)(ii) to the Members immediately after making such allocations, minus (ii) such Member’s share of Company Minimum Gain, Member Nonrecourse Debt Minimum Gain and the amount such
Member would be obligated to contribute to the capital of the Company, all computed immediately prior to the hypothetical sale of the assets described in clause (i) above. 

(b) Loss Limitation. Notwithstanding anything to the contrary in Section 6.2(a) but subject to the last sentence of this
Section 6.2(b), the amount of items of Company expense and loss allocated pursuant to Section 6.2(a) to any Member shall not exceed the maximum amount of such items that can be so allocated without causing such Member to have
an Adjusted Capital Account Deficit at the end of any Fiscal Year, unless each Member would have an Adjusted Capital Account Deficit. All such items in excess of the limitation set forth in this Section 6.2(b) shall be allocated first,
to Members who would not have an Adjusted Capital Account Deficit pro rata in proportion to their Capital Account balances, adjusted as provided in clauses (a) and (b) of the definition of “Adjusted Capital Account
Deficit,” until no Member would be entitled to any further allocation, and thereafter to the Members in a manner determined in good faith by the Managing Member taking into account the relative economic interests of the Members of the
Company. 
 6.3 Special Allocations. The following special allocations shall be made in the following order and immediately prior to
the general allocations of Section 6.2(a): 
 (a) Minimum Gain Chargeback. In the event that there is a net decrease
during a Fiscal Year in either Company Minimum Gain or Member Nonrecourse Debt Minimum Gain, then notwithstanding any other provision of this Article VI, each Member shall receive such special allocations of items of Company income and gain
as are required in order to conform to Regulations Section 1.704-2. 
 (b) Qualified Income Offset. Notwithstanding any other
provision of this Article VI, items of income and gain shall be specially allocated to the Members in a manner that complies with the “qualified income offset” requirement of Regulations Section 1.704-1(b)(2)(ii)(d)(3),
provided that any allocation under this Section 6.3(b) shall be made only if and to the extent that a Member would have a deficit Capital Account balance in excess of such sum after all allocations provided for in this Article VI
have been tentatively made as if this Section 6.3(b) were not in this Agreement. 

  
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 (c) Deficit Capital Accounts Generally. In the event that a Member has a deficit Capital
Account balance at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Member is then obligated to restore pursuant to this Agreement, and (ii) the amount such Member is then deemed to be obligated to restore
pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), respectively, such Member shall be specially allocated items of Company income and gain in an amount of such excess as quickly as possible, provided that
any allocation under this Section 6.3(c) shall be made only if and to the extent that a Member would have a deficit Capital Account balance in excess of such sum after all allocations provided for in this Article VI have been
tentatively made as if Section 6.3(b) and this Section 6.3(c) were not in this Agreement. 
 (d) Deductions
Attributable to Member Nonrecourse Debt. Any item of Company loss or expense that is attributable to Member Nonrecourse Debt shall be specially allocated to the Members in the manner in which they share the economic risk of loss (as defined in
Regulations Section 1.752-2) for such Member Nonrecourse Debt. 
 (e) Allocation of Nonrecourse Deductions. Each Nonrecourse
Deduction of the Company shall be specially allocated to the Members in a manner determined in good faith by the Managing Member taking into account the relative economic interests of the Members of the Company. 

(f) Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset, pursuant to
Section 734(b) or Section 743(b) of the Code is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to Capital Accounts shall be
treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Members in accordance with Regulations
Section 1.704-1(b)(2)(iv)(m). 
 (g) Regulatory Allocations. The allocations set forth in Sections 6.3(a) to
6.3(f) (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. It is the intent of the Members that, to the extent possible, the Regulatory Allocations will be offset with
special allocations of other items of Company income, gain, loss or deduction pursuant to this Section 6.3. Therefore, notwithstanding any other provision of this Article VI (other than the Regulatory Allocations), the Managing
Member shall make such offsetting special allocations of Company income, gain, loss or deduction in whatever manner it determines appropriate so that, after the offsetting allocations are made, each Member’s Capital Account balance is, to the
extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to Section 6.2(a). In exercising its discretion
pursuant to this Section 6.3(g), the Managing Member shall take into account future Regulatory Allocations that, although not yet made, are likely to offset other Regulatory Allocations previously made. 

  
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 6.4 Transfer of Interest. In the event of a transfer of all or part of an Interest (in
accordance with the provisions of this Agreement) or the admission of an Additional Member (in accordance with the provisions of this Agreement) the Company’s taxable year shall close with respect to the transferring Member, and such
Member’s distributive share of all items of profits, losses and any other items of income, gain, loss or deduction shall be determined using the interim closing of the books method under Section 706 of the Code and Regulations
Section 1.706-1(c)(2)(i) unless the Managing Member determines that there would be no substantial difference between the results under closing of the books and a pro rata method as described in proposed Regulation Section 1.706-4(d).
Except as otherwise provided in this Section 6.4, in all other cases in which it is necessary to determine the profits, losses, or any other items allocable to any period, profits, losses, and any such other items shall be determined on
a daily, monthly, or other basis, as determined by the Managing Member using any permissible method under Section 706 of the Code and the Regulations thereunder. 

6.5 Tax Allocations. 

(a) Section 704(b) Allocations. 

(i) Except as provided in Section 6.5(b) below, each item of income, gain, loss, deduction or credit for U.S. federal
income tax purposes that corresponds to an item of income, gain, loss or expense that is either taken into account in computing Net Income or Net Loss or is specially allocated pursuant to Section 6.3 (a “Book
Item”) shall be allocated among the Members in the same proportion as the corresponding Book Item. 
 (ii)
        (A) If the Company recognizes Depreciation Recapture in respect of the sale of any Company asset, 

(1) the portion of the gain on such sale which is allocated to a Member pursuant to Section 6.1 or Section 6.3
shall be treated as consisting of a portion of the Company’s Depreciation Recapture on the sale and a portion of the balance of the Company’s remaining gain on such sale under principles consistent with Regulations Section 1.1245-1,
and 
 (2) if, for U.S. federal income tax purposes, the Company recognizes both “unrecaptured Section 1250 gain” (as
defined in Section 1(h) of the Code) and gain treated as ordinary income under Section 1250(a) of the Code in respect of such sale, the amount treated as Depreciation Recapture under Section 6.5(a)(ii)(2)(B) shall be comprised
of a proportionate share of both such types of gain. 
 (B) For purposes of this Section 6.5(a)(ii),
“Depreciation Recapture” means the portion of any gain from the disposition of an asset of the Company which, for U.S. federal income tax purposes, (1) is treated as ordinary income under Section 1245 of the Code,
(2) is treated as ordinary income under Section 1250 of the Code, or (3) is “unrecaptured Section 1250 gain” as such term is defined in Section 1(h) of the Code. 

(b) Section 704(c) Allocations. In the event that any property of the Company is credited to the Capital Account of a Member at a
value other than its tax basis (whether as a result of a contribution of such property or a revaluation of such property pursuant to clause (b) of the definition of “Gross Asset Value”), then allocations of taxable income, gain, loss
and deductions with respect to such property shall be made using any method provided for in Regulation Section 1.704-3. 

  
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 (c) Credits. All tax credits shall be allocated among the Members as determined by the
Managing Member in its reasonable discretion, consistent with applicable law. 
 (d) Capital Accounts. The tax allocations made
pursuant to this Section 6.5 shall be solely for tax purposes and shall not affect any Member’s Capital Account or share of non-tax allocations or distributions under this Agreement. 

ARTICLE VII 
 ACCOUNTING
AND TAX MATTERS 
 7.1 Tax Returns. The Managing Member, at the expense of the Company, shall endeavor to cause the preparation
and timely filing (including extensions) of all tax returns required to be filed by the Company pursuant to the Code as well as all other required tax returns in each jurisdiction in which the Company owns property or does business. Within ninety
(90) days after the end of each Fiscal Year, the Managing Member will cause to be delivered to each Person who was a Member at any time during such Fiscal Year, information with respect to the Company as may be necessary for the preparation of
such Person’s Federal, state and local income tax returns for such Fiscal Year. 
 7.2 Tax Matters Member. The Managing
Member shall have the power to make elections and prepare and file returns regarding any federal, state or local tax obligations of the Company, and to designate one of the Members to serve as the “Tax Matters Member” of the
Company for purposes of Section 6231(a)(7) of the Code, with power to manage and represent the Company in any administrative proceeding of the Internal Revenue Service; provided, however, that the Tax Matters Member shall not make
decisions in a manner that would adversely affect the Class A Members without the consent of such other Class A Members, which consent shall not be unreasonably withheld or delayed. 

7.3 Accounting Methods; Elections; Information. The Managing Member shall determine the accounting methods and conventions to be used
in the preparation of the Company’s tax returns and shall make any and all elections under the tax laws of the United States (including under Section 754 of the Code) and any other relevant jurisdictions as to the treatment of items of
income, gain, loss, deduction and credit of the Company, or any other method or procedure related to the preparation of the Company’s tax returns. 

7.4 Partnership Status. The Members intend, and the Company shall take no position inconsistent with, treating the Company as a
partnership for United States federal, state and local income and franchise tax purposes. 

  
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 ARTICLE VIII 

TRANSFERS OF UNITS 
 8.1
Restrictions on Transfers of Units. 
 (a) No Member may Transfer any Units except (i) in an Exempt Transfer, (ii) with
the prior written approval of the Managing Member or (iii) in each case, in accordance with the applicable terms of this Agreement. To the extent that J. Alexander’s or FNFV (as applicable) Transfers any or all of its Units pursuant to an
Exempt Transfer, the defined terms “J. Alexander’s” and “FNFV” (as applicable) shall be deemed to include the Transferee of such Exempt Transfer. 

(b) No Transfer of any Units by any Member shall become effective unless and until the Transferee (unless such Transferee already is
party to this Agreement) executes and delivers to the Company a counterpart to this Agreement, agreeing to be treated in the same manner as the transferring Member. Upon such Transfer and such execution and delivery, the Transferee acquiring
Transferred Units shall be bound by, and entitled to the benefits of, this Agreement in the same manner as the transferring Member. 

(c) In addition to any other restrictions on Transfer imposed by this Agreement, no Member may Transfer any Unit (i) if the
Managing Member determines that the Company could, as a result of such Transfer, be treated as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code and (ii) without first delivering to the Managing
Member, if requested, an opinion of nationally recognized tax counsel or consultant (reasonably acceptable in form and substance to the Managing Member) that such Transfer will not cause the Company to be deemed a “publicly traded
partnership” as such term is defined in Section 7704(b) of the Code or otherwise cease to be taxable as a partnership for federal income tax purposes. 

(d) Any Member who effectively Transfers any Units pursuant to this Article VIII shall cease to be a Member with respect to such
Units and shall no longer have any rights or privileges of a Member with respect to such Units (it being understood, however, that the applicable provisions of Section 4.2 shall continue to inure to such Person’s benefit). Nothing
contained herein shall relieve any Member who Transfers any Units from any liability or obligation of such Member to the Company or the other Members with respect to such Units that may exist on the date of such Transfer or that is otherwise
specified in the Act and incorporated into this Agreement or for any liability to the Company or any other Person for any breaches of any representations, warranties or covenants by such Member (in its capacity as such) contained herein or in other
agreements with the Company. 
 (e) No Transfer (including an Exempt Transfer) of any Units by any Member (other than a Public Co
Member or any Management Member) shall become effective unless an equal number of shares of Class B Common Stock are simultaneously transferred to the transferee in accordance with Section 12.4(b). 

  
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 (f) Notwithstanding anything to the contrary herein, without the prior written approval of
the Managing Member, no holder of Management Units shall Transfer any Units of the Company to any Competitive Business (as defined below) or any direct or indirect Affiliate thereof. “Competitive Business” shall mean the
business competitors of the Company, J. Alexander’s, Fidelity or FNFV. 
 (g) Notwithstanding anything to the contrary herein,
without the prior written approval of the Managing Member, no Transfer shall be made to any person if such Transfer would (alone or with other contemporaneous Transfers) cause the Company to be required to register securities under the Exchange Act
or the rules and regulations promulgated thereunder. 
 8.2 Transfers in Violation of Agreement. Any Transfer or attempted
Transfer of any Units in violation of any provision of this Agreement shall be void, and the Company shall not record such Transfer on its books or treat any purported transferee of such Units as the owner of such Units for any purpose. Without
limitation of any other provision herein, no Transfer of any interest in any Management Unit by a Management Member shall be effective unless prior to such Transfer the transferee, assignee or intended recipient of such interest shall have agreed in
writing to be bound by the provisions of Section 3.4(c), in form reasonably satisfactory to the Managing Member. 
 ARTICLE IX

 INFORMATION RIGHTS, CONFIDENTIALITY AND ADDITIONAL AGREEMENTS 

9.1 Information Rights. Members shall have the right to receive from the Company, upon request, a copy of the Certificate of Formation
(and any amendment thereto) and of this Agreement, as amended from time to time, and such other information regarding the Company as is required by the Act or this Agreement. 

9.2 Confidentiality. Each Member agrees that it will hold, and will use all commercially reasonable efforts to cause its officers,
directors, members, managers, partners, employees, accountants, counsel, consultants, advisors, financial sources, financial institutions, and agents (the “Representatives”) to hold, in confidence all
confidential information and documents regarding the Company and its Subsidiaries pursuant to or received by such Member or its Representatives in connection with this Agreement or any transaction contemplated hereby (except as required by
applicable law, regulation or legal process, including any rule or regulation of a self-regulatory organization to which such Member or its Representatives are subject); provided, that each Member shall be entitled to disclose such confidential
information and documents to its investors who are subject to confidentiality obligations owed to such Members. 
 ARTICLE X 

AMENDMENT AND TERMINATION 

10.1 Amendment or Modification; Waiver. This Agreement may be amended only with the written approval of the Managing Member and such
amendment must be in writing; provided, however, that (a) an amendment or modification changing adversely the rights of a Member under Article V, Article VI, Article XI or with respect to voting of
Class A Interests (other than to reflect changes otherwise provided by this Agreement) shall be effective only with consent such Member, (b) an amendment or modification increasing any liability or obligation of

  
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a Member to the Company, or adversely affecting the limitation of the liability of a Member with respect to the Company, shall be effective only with that Member’s consent, (c) an
amendment of this section shall require the consent of all Class A Members, and (d) any amendment that affects holders of Management Interests as a class adversely and disproportionately from Class A Members as a class, shall require
the consent of a Majority In Interest of holders of vested Management Interests; provided, that, if at the applicable time, there are no holders of vested Management Interests, such shall require the consent of a Majority in Interest of all
holders of unvested Management Interests. The failure of any Member to insist upon strict performance of a covenant hereunder or of any obligation hereunder, irrespective of the length of time for which such failure continues, shall not be a waiver
of such Member’s right to demand strict compliance herewith in the future. No consent or waiver, express or implied, to or of any breach or default in the performance of any obligation hereunder, shall constitute a consent or waiver to or of
any other breach or default in the performance of the same or any other obligation hereunder. 
 10.2 Amendments by the Managing Member.
The Managing Member, without the consent or approval at any time of any Member (each Member, by acquiring its Interests, being deemed to consent to any such amendment), may amend any provision of this Agreement or the Certificate of Formation,
and may execute, swear to, acknowledge, deliver, file and record all documents required or desirable in connection therewith, to reflect: 

(a) Qualification to do Business. A change that is necessary to qualify the Company as a limited liability company or a Company in
which the Members have limited liability; and 
 (b) Changes Which are Inconsequential, Curative or Required. A change that is: 

(i) Of an inconsequential nature and does not adversely affect any Member in any respect; or 

(ii) Necessary to reflect the addition or removal of any Member or the current Capital Contributions and number or class of Units held
by each Member on the Company Register, following any change to such items in accordance with the provisions of this Agreement. 
 10.3
Termination of Agreement. This Agreement will terminate in respect of all Members with the written consent of the Company; or (b) upon the dissolution, liquidation or winding-up of the Company. 

10.4 Termination as to a Party. Any Member who ceases to hold any Units shall cease to be a Member and, except as provided herein,
shall have no further rights or obligations under this Agreement. 
 ARTICLE XI 

DISSOLUTION; LIQUIDATION 

11.1 Dissolution. The Company shall be dissolved and its affairs wound up on the first to occur of any of the following events: 

(a) the written consent of all of the Class A Members; 

  
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 (b) the decision to sell all or substantially all of the assets of the Company; or 

(c) the entry of a decree of judicial dissolution under Section 18-802 of the Act. 

The Company shall not dissolve or be terminated upon the death, retirement, resignation, expulsion, bankruptcy or dissolution of any Member
other than the only Member of the Company, if the Company has only one Member remaining. The Managing Member shall promptly notify the Members of the dissolution of the Company. 

11.2 Final Accounting. Upon the dissolution of the Company, a proper accounting shall be made from the date of the last previous
accounting to the date of dissolution. 
 11.3 Liquidation. 

(a) Dissolution of the Company shall be effective as of the date on which the event occurs giving rise to the dissolution and all
Members shall be given prompt notice thereof in accordance with Section 13.7, but the Company shall not terminate until the assets of the Company have been distributed as provided for in Section 11.3(c). Notwithstanding the
dissolution of the Company, prior to the termination of the Company, the business, assets and affairs of the Company shall continue to be governed by this Agreement. 

(b) Upon the dissolution of the Company, the Managing Member, or, if there is no Managing Member, a person selected by Class A
Members holding 66 2/3% in Interest of the Class A Interests shall act as the liquidator (the “Liquidator”) of the Company to wind up the Company. The Liquidator shall have full power and authority to sell, assign and
encumber any or all of the Company’s assets and to wind up and liquidate the affairs of the Company in an orderly and business-like manner. A reasonable amount of time shall be allowed for the orderly liquidation of assets of the Company and
the discharge of liabilities to creditors so as to enable the Members to minimize the normal losses attendant upon a liquidation. The costs of dissolution and liquidation shall be an expense of the Company. 

(c) The Liquidator shall distribute all proceeds from liquidation in the following order of priority: 

(i) first, to creditors of the Company (including creditors who are Members) in satisfaction of the liabilities of the Company (whether
by payment or the making of reasonable provision for payment thereof); and 
 (ii) second, to the Members in the same manner in
which distributions are made pursuant to Article V, which distributions shall be deemed to be made pursuant to Article V. 
 The
Liquidator shall determine whether any assets of the Company shall be liquidated through sale or shall be distributed in kind. A distribution in kind of an asset to a Member shall be considered, for the purposes of this Article XI, a
distribution in an amount equal to the fair  

  
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market value of the assets so distributed as determined by the Liquidator in its reasonable discretion. As promptly as possible after dissolution and again after final liquidation, the
liquidating trustee shall cause an accounting by a firm of independent public accountants of the Company’s assets, liabilities, operations and liquidating distributions to be given to the Members. 

11.4 Cancellation of Certificate of Formation. Upon the completion of the distribution of Company assets as provided in
Section 11.3, the Company shall be terminated and the person acting as Liquidator shall cause the cancellation of the Certificate of Formation and shall take such other actions as may be necessary or appropriate to terminate the Company,
including filing the certificate of cancellation with the Secretary of State of the State of Delaware. 
 ARTICLE XII 

EXCHANGE PROCEDURES 

12.1 Exchanges of Units. 

(a) Elective Exchanges of Units. 

(i) Upon the terms and subject to the conditions of this Agreement, including Section 12.1(b) below, in the event any
Member (other than a Public Co Member) wishes to effect an Exchange, such Member shall (A) deliver to J. Alexander’s and the Company an Exchange Notice and (B) surrender (or in the absence of a surrender, be deemed to surrender) to
the Company (or, if J. Alexander’s issues Class A Common Stock pursuant to clause (y) below, to a Public Co Member) the Units relating to such Exchange at the office of the transfer agent for the Units (or at the principal office of
the Company, if the Company serves as its own transfer agent), free and clear of all liens, encumbrances, rights of first refusal and the like, in consideration for, at the option of J. Alexander’s, with such consideration to be delivered as
promptly as practicable following such delivery and surrender or deemed surrender (as applicable), but in any event within two (2) business days after the Date of Exchange specified in such Exchange Notice, (x) a Cash Exchange Payment by
the Company in accordance with the instructions provided in the Exchange Notice, in which event such exchanged Units shall automatically be deemed cancelled concurrently with such payment, without any action on the part of any Person, including J.
Alexander’s or the Company, or (y) the issuance by J. Alexander’s to a Public Co Member of a number of shares of Class A Common Stock equal to the number of Units exchanged, and a Public Co Member’s transfer of such
Class A Common Stock to the exchanging Member in exchange for the Units (and the Company shall issue such Units in the name of the applicable Public Co Member). Concurrently with any such Exchange of Units, a corresponding number of shares of
Class B Common Stock beneficially owned by the exchanging Member automatically shall be deemed cancelled without any action on the part of any Person, including J. Alexander’s. If J. Alexander’s elects to issue Class A Common Stock in
an Exchange, J. Alexander’s shall (i) deliver or cause to be delivered on behalf of a Public Co Member at the offices of the then-acting registrar and transfer agent of the Class A Common Stock (or, if there is no then-acting
registrar and transfer agent of the Class A Common Stock, at the principal executive offices of J. Alexander’s) the number of shares of Class A Common Stock deliverable upon such Exchange, registered in the name of the relevant
exchanging 

  
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Member (or in such other name as is requested in writing by the Member), in certificated form, as may be requested in writing by the exchanging Member or, (ii) if the Class A Common
Stock is settled through the facilities of The Depository Trust Company, upon the written instruction of the exchanging Member set forth in the Exchange Notice, use its reasonable best efforts to deliver on behalf of a Public Co Member the shares of
Class A Common Stock deliverable to such exchanging Member in the Exchange through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such exchanging Member in the
Exchange Notice. 
 (ii) An Exchange pursuant to Section 12.1(a) of Units for Class A Common Stock will be deemed
to have been effected immediately prior to the close of business on the Date of Exchange, and the Member will be treated as a holder of record of Class A Common Stock as of the close of business on such date, and a Public Co Member will be
treated as a holder of record of such Units as of the close of business on such Date of Exchange. 
 (iii) Notwithstanding anything
to the contrary herein, to the extent J. Alexander’s or the Company shall determine that interests in the Company do not meet the requirements of Treasury Regulation section 1.7704-1(h), J. Alexander’s or the Company may impose such
restrictions on Exchanges as J. Alexander’s or the Company may determine to be necessary or advisable so that the Company is not treated as a “publicly traded partnership” under Section 7704 of the Code. Notwithstanding anything
to the contrary herein, no Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith determination of J. Alexander’s or of the Company, such an Exchange would pose a material risk that the Company would be a
“publicly traded partnership” under Section 7704 of the Code. 
 (b) Cancellation of Class B Common Stock. Immediately
upon the Exchange of any Unit pursuant to Section 12.1(a), whether such Exchange is for a Cash Exchange Payment or Class A Common Stock, an equal number of outstanding shares of Class B Common Stock beneficially owned by the exchanging
Member automatically shall be deemed cancelled without any action on the part of any Person, including J. Alexander’s. Any such cancelled shares of Class B Common Stock shall no longer be outstanding, and all rights with respect to such shares
shall automatically cease and terminate. 
 (c) Expenses. J. Alexander’s, any Public Co Member, the Company and each exchanging
Member shall bear its own expenses in connection with any Exchange, whether or not any such Exchange is ultimately consummated. For the avoidance of doubt, (i) none of J. Alexander’s, any Public Co Member or the Company shall bear any
transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange, including if any shares of Class A Common Stock are to be delivered in a name other than that of the Member effecting the
Exchange, and such Member or the Person in whose name such shares are to be delivered shall establish to the reasonable satisfaction of J. Alexander’s that any such tax has been paid or is not payable and (ii) each exchanging Member shall
bear any and all income or gains taxes imposed on gain realized by such exchanging Member as a result of any such Exchange. 

  
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 12.2 Conversion of Certain Units. Any election by any holder of Management Units to
include in the Exchange any vested Management Units (it being understood that no such election can be made in connection with an Exchange with respect to unvested Management Units) shall automatically result in the conversion of the
applicable number of such holder’s vested Management Units into the number of Class A Units equal to the Exchange Conversion Ratio as of the Date of Exchange (with a corresponding reduction in the number of authorized Management Units
provided in Section 3.3(c) or in any incentive plan of the Company); provided, that such conversion shall be conditioned upon, and shall occur immediately prior to, the closing of the Exchange (it being understood, for the
avoidance of doubt, that any vested Management Units shall not be converted into Class A Units to the extent such Units are not included in the Exchange). For the avoidance of doubt, without the use of conversion described in the immediately
preceding sentence, in no circumstance may Management Units be Exchanged.  
 12.3 Common Stock to be Issued. 

(a) In connection with any Exchange, J. Alexander’s shall have the right to provide shares of Class A Common Stock that are
registered pursuant to the Securities Act, unregistered shares of Class A Common Stock or any combination thereof, as it may determine in its sole discretion; it being understood that all such unregistered shares of Class A Common Stock
shall be entitled to the registration rights set forth in the Registration Rights Agreement; provided such holders thereof have agreed to join the Registration Rights Agreement as parties thereto. 

(b) J. Alexander’s shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock,
solely for the purpose of issuances upon any Exchange, such number of shares of Class A Common Stock as shall from time to time be sufficient to effect the Exchange of all Units that may be outstanding from time to time. J. Alexander’s
shall take any and all actions necessary or desirable to give effect to the foregoing. If the shares of Class A Common Stock required to be reserved pursuant to the foregoing sentence require listing on any national securities exchange, J.
Alexander’s shall, at its expense, use its commercially reasonable efforts to cause such shares to be listed or duly approved for listing on the same exchange on which the Class A Common Stock shall otherwise be listed. 

(c) Prior to the effective date of any Exchange effected pursuant to this Agreement, J. Alexander’s shall take all such steps as
may be required to cause to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions or dispositions of shares of
Class A Common Stock and any Units that result from the transactions contemplated by this Agreement, by each director or officer of J. Alexander’s who may reasonably be expected to be subject to the reporting requirements of
Section 16(a) of the Exchange Act with respect to J. Alexander’s upon the registration of any class of equity security of J. Alexander’s pursuant to Section 12 of the Exchange Act (with the authorizing resolutions specifying the
name of each such director or officer whose acquisition or disposition of securities is to be exempted and the number of securities that may be acquired and disposed of by each such Person pursuant to this Agreement; provided that such
information is provided by the Member to the Secretary of J. Alexander’s in writing at least ten (10) business days in advance of any scheduled meeting of the Board of Directors of J. Alexander’s). 

  
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 (d) J. Alexander’s shall use its reasonable best efforts to timely file all reports
and other documents required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations promulgated by the Securities and Exchange Commission thereunder to enable a holder of shares of Class A Common Stock
received upon an Exchange to sell such shares without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 or Regulation S under the Securities Act. Upon the written request of a Member, J.
Alexander’s shall deliver to such holder a written statement that it has complied with such requirements. 
 (e) Any
Class A Common Stock to be issued by J. Alexander’s in accordance with this Agreement shall be validly issued, fully paid and non-assessable. 

12.4 Capital Structure of J. Alexander’s and the Company. 

(a) Upon the issuance by J. Alexander’s of any shares of Class A Common Stock other than pursuant to an Exchange (including
any issuance in connection with a business combination by J. Alexander’s or its Subsidiaries, an equity incentive program or upon the conversion, exercise or exchange of any security or other instrument convertible into or exercisable or
exchangeable for shares of Class A Common Stock), J. Alexander’s shall contribute (or cause to be contributed) the proceeds of such issuance (net of any selling or underwriting discounts or commissions or other expenses) to a Public Co
Member, which shall immediately contribute such proceeds to the Company in exchange for a number of newly-issued Class A Units equal to the number of shares of Class A Common Stock issued; provided that, in lieu of such contribution
and issuance, J. Alexander’s may agree with a Member to transfer such net proceeds to such Member in exchange for such Member transferring to a Public Co Member a number of Class A Units equal to the number of shares of Class A Common
Stock to which such net proceeds relate. 
 (b) At any time that the Company issues a Class A Unit (other than as a result of a
conversion pursuant to Section 12.2 and other than to a Public Co Member), J. Alexander’s shall issue a share of Class B Common Stock to the recipient of such Class A Unit. Upon the conversion or cancellation of any
Class A Unit pursuant to this Agreement, the corresponding share of Class B Common Stock automatically shall be cancelled without any action on the part of any Person, including J. Alexander’s. A Member may only transfer shares of
Class B Common Stock to a Person (including any Affiliate of such Member) if an equal number of Class A Units are simultaneously transferred to the transferee, and a Member (other than a Public Co Member) may only transfer Class A Units to
a Person (including any Affiliate of such Member) if an equal number of shares of Class B Common Stock are simultaneously transferred to the transferee. 

(c) If J. Alexander’s redeems, repurchases or otherwise acquires any shares of its Class A Common Stock for cash (including a
redemption, repurchase or acquisition of restricted shares of Class A Common Stock for nominal or no value), the Company shall, coincident with such redemption, repurchase or acquisition, redeem or repurchase an identical number of Units held
by a Public Co Member upon the same terms, including the same price, as the terms of the redemption, repurchase or acquisition of the Class A Common Stock. 

  
 - 29 - 

 (d) J. Alexander’s shall not in any manner effect any Subdivision or Combination of
Class A Common Stock or Class B Common Stock unless the Company simultaneously effects a Subdivision or Combination, as the case may be, of Units with an identical ratio as the Subdivision or Combination of Class A Common Stock or Class B
Common Stock. The Company shall not in any manner effect any Subdivision or Combination of Units unless J. Alexander’s simultaneously effects a Subdivision or Combination, as the case may be, of Class A Common Stock or Class B Common Stock
with an identical ratio as the Subdivision or Combination of Units. 
 (e) J. Alexander’s shall not issue, and shall not agree
to issue (including pursuant to any security or other instrument convertible into or exercisable or exchangeable for) any class of equity securities other than its Class A Common Stock, Class B Common Stock or one or more series of Preferred
Stock that J. Alexander’s may determine to issue from time to time in accordance with, and subject to the limitations contained in, the Public Co Charter and this Section 12.4(e). J. Alexander’s shall not issue any shares
of Preferred Stock unless (i) the Company issues or agrees to issue, as the case may be, to J. Alexander’s a number of Preferred Units, with designations, preferences and other rights and terms that are substantially the same as such
shares of Preferred Stock, equal to the number of such shares of Preferred Stock issued by J. Alexander’s, and (ii) J. Alexander’s transfers to the Company the proceeds (net of any selling or underwriting discounts or commissions and
other expenses permitted to be advanced under the Advancement Agreement) of the issuance of such Preferred Stock (and agrees to transfer to the Company any amounts paid by the holders of securities or instruments exercisable or exchangeable therefor
upon their exercise or exchange, if applicable, net of expenses permitted to be advanced under the Advancement Agreement). 
 (f) For
as long as this Agreement is in effect, the Company shall not, and J. Alexander’s shall cause the Company not to, at any time, issue any Class A Units (other than as a result of a conversion pursuant to Section 12.2) to any
Person other than J. Alexander’s or any of its wholly-owned Subsidiaries (provided that such Subsidiary remains directly or indirectly wholly-owned by J. Alexander’s). 

(g) If J. Alexander’s pays a dividend or makes a distribution of J. Alexander’s stock on its Class A Common Stock or
Class B Common Stock, then the Company shall make a dividend or other distribution to all Members of an equivalent number of units of the Company with designations, preferences and other rights and terms that are substantially the same as such
distributed stock. 
 ARTICLE XIII 

MISCELLANEOUS 
 13.1
Certain Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth or as referenced below. 

“Act” has the meaning given such term in the definition of Certificate of Formation. 

  
 - 30 - 

 “Adjusted Capital Account Deficit” means, with respect to any Member, the
deficit balance, if any, in such Member’s Capital Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments: 

(a) credit to such Capital Account any amounts that such Member is obligated to restore pursuant to any provision of this Agreement or
is deemed obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(b) debit to such Capital Account the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and
1.704-1(b)(2)(ii)(d)(6). 
 The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Advancement Agreement” means that certain Advancement Agreement dated as of [•], 2014 by and between the Company
and J. Alexander’s. 
 “Affiliate” of any particular Person means any other Person Controlling, Controlled by,
or under common Control with, such Person. 
 “Agreement” has the meaning given such term in the Preamble. 

“Award Agreement” means each award agreement pursuant to which Management Units are issued and granted under the
Company Profits Interest Incentive Plan. 
 “Book Item” has the meaning given such term in Section
6.5(a)(i). 
 “Business Opportunities Exempt Party” has the meaning given such term in Section 13.11.

 “Calculation Date” means the date selected by the Company as of which the Fair Market Value of a Termination
Security is determined, which date shall be (a) not more than thirty (30) days before the closing date of the purchase of the Termination Security and (b) at least six (6) months and one (1) day after the date the
Termination Security became vested (unless the Company determines that such six (6) month delay is not necessary for the award pursuant to which such Management Units were made to be classified as an equity award under Financial Accounting
Standards Board (FASB) Accounting Standards Codification (ASC) Topic 718, Stock Compensation (or any applicable successor standards) with respect to any Termination Security the valuation on the date that is 181 days following the Termination Date
with respect to such Terminated Employee. 
 “Capital Account” has the meaning given such term in
Section 3.9. 
 “Capital Contribution” means, with respect to any Member, the amount of cash and the initial
Gross Asset Value of any property (other than cash) contributed to the Company by such Member at such time with respect to the Interests held by such Member reduced by the amount of any liability of such Member assumed by the Company or the amount
of any liability to which  

  
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any property contributed by such Member is subject; “Capital Contributions” means, with respect to any Member, the aggregate amount of cash and the aggregate value of any
property (other than cash) as determined by reference to the initial Gross Asset Value of such property contributed to the Company by such Member (or its predecessors in interest) with respect to the Interests held by such Member reduced by the
amount of any liability of such Member assumed by the Company or the amount of any liability to which any property contributed by such Member is subject. 

“Cash Exchange Payment” means, as of the Date of Exchange, an amount in cash equal to the product of (x) the
number of Units Exchanged and (y) the average of the daily VWAP of a share of Class A Common Stock for the fifteen (15) Trading Days immediately prior to the date of delivery of the relevant Exchange Notice; provided that in
calculating such average, (i) the VWAP for any Trading Day during the fifteen (15) Trading Day period prior to the date of any extraordinary distributions made on the Class A Common Stock during the fifteen (15) Trading Day
period shall be reduced by the value of such distribution per share of Class A Common Stock, and (ii) the VWAP for any Trading Day during the fifteen (15) Trading Day period prior to the date of a Subdivision or Combination of
Class A Common Stock during the fifteen (15) Trading Day period shall automatically be adjusted in inverse proportion to such Subdivision or Combination. 

“Cause”, with respect to any Management Member, has the meaning for such term (or an analogous term) set forth in the
applicable employment agreement (or similar agreement) or such person, and in the absence of such definition, means (i) such Person’s indictment, pleading of nolo contendere or conviction of a felony or a crime involving embezzlement,
conversion of property or moral turpitude, (ii) a final non-appealable finding of such Person’s breach of any applicable fiduciary duties to the Company or its members, (iii) such Person’s willful and continual neglect to
discharge his or her duties, responsibilities or obligations under any agreement between the such Person and the Company, (iv) such Person’s habitual drunkenness or substance abuse which materially interferes with such Person’s
ability to discharge his or her duties, responsibilities and obligations under any agreement between such Person and the Company, provided that such Person has been given notice and thirty (30) days from such notice fails to cure such
drunkenness or abuse, (v) the material breach by such Person of any agreement between such Person and the Company, provided, that such Person has been given notice and fails to cure such breach within thirty (30) days from such
notice, (vi) commission of fraud, embezzlement or misappropriation of funds against the Company or (vii) gross negligence or willful misconduct in the performance of duties that causes a material harm to the Company. 

“Certificate of Formation” means the Certificate of Formation of the Company as filed with the Secretary of State of
the State of Delaware on February 6, 2013 pursuant to the Delaware Limited Liability Company Act (6 Del. C. Section 18-101, et seq., as amended and in effect from time to time) (the
“Act”), as it may be amended or restated from time to time. 
 “Class A Common
Stock” means the Class A Common Stock, par value $0.001 per share, of J. Alexander’s. 
 “Class A Exchange
Price” means an amount equal to the Cash Exchange Payment that would be payable in connection with the Exchange of a Class A Unit on the Date of Exchange. 

  
 - 32 - 

 “Class A Interest” means the limited liability company interest
represented by the Class A Units owned by a Class A Member in the Company at any particular time, including the right of such Class A Member to any and all benefits to which such Class A Member may be entitled as provided in the
Act, this Agreement, or otherwise, together with the obligations of such Class A Member to comply with all terms and provisions of this Agreement and the Act. 

“Class A Member” means each Person admitted to the Company as a Class A Member whose name is set forth on
Schedule I hereto as a Class A Member with respect to Class A Units held by such Person, and any other Person admitted as an additional or substitute Class A Member, so long as such Person remains a Class A
Member. 
 “Class A Units” has the meaning given such term in Section 3.3(a)(i). 

“Class B Common Stock” means the Class B Common Stock, par value $0.001 per share, of J. Alexander’s. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Combination” means any combination of stock or units, as the case may be, by reverse split, reclassification,
recapitalization or otherwise. 
 “Company” has the meaning given such term in the Preamble. 

“Company Business” has the meaning given such term in Section 2.5(a). 

“Company Profits Interest Incentive Plan” means the 2014 Management Incentive Plan of the Company, in the form
attached hereto as Exhibit B, as the same may be amended, restated, modified or supplemented from time to time. 

“Company Minimum Gain” has the meaning given such term in Regulations Sections 1.704-2(b)(2) and 1.704-2(d). 

“Company Register” has the meaning given such term in Section 3.1. 

“Compensatory Interests” has the meaning given such term in Section 3.4(c)(i). 

“Competitive Business” has the meaning given such term in Section 8.1(d). 

“Control” (including, with correlative meaning, all conjugations thereof) means with respect to any Person, the
ability of another Person to control or direct the actions or policies of such first Person, whether by ownership of voting Units, by contract or otherwise. 

“Costs” has the meaning set forth in Section 4.2(a). 

“Date of Exchange” means with respect to an Exchange pursuant to Article XII, the date identified in the
respective Exchange Notice. 

  
 - 33 - 

 “Depreciation” means, for each fiscal year, an amount equal to the
depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such fiscal year, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning
of such fiscal year, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such fiscal year bears to such beginning
adjusted basis; provided, however, that if the adjusted basis for federal income tax purposes of an asset at the beginning of such fiscal year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value
using any reasonable method selected by the Managing Member. 
 “Depreciation Recapture” has the meaning given such
term in Section 6.5(a)(ii)(B). 
 “Employed” has the meaning given such term in Section
3.5(a)(i). 
 “Employment” has the meaning given such term in Section 3.5(a)(i). 

“Exchange” means an exchange of Units for cash or shares of Class A Common Stock pursuant to the terms, and
subject to the conditions, of Section 12.1(a). 
 “Exchange Act” means the Securities Exchange Act of
1934 and the rules and regulation promulgated thereunder, all as the same have been or may be amended from time to time. 

“Exchange Conversion Ratio” means the quotient obtained by dividing the Management Unit Exchange Price with respect to
an Exchange by the Class A Exchange Price with respect to such Exchange. 
 “Exchange Notice” means a written
election of Exchange substantially in the form of Exhibit C attached hereto, duly executed by the exchanging Member. 

“Exempt Transfer” means a Transfer of Units (a) with respect to any Member who is a natural person, to a member
of such Member’s immediate family, which shall include such Member’s spouse, children or grandchildren, or a trust, corporation, partnership or limited liability company all of the beneficial interests of which shall be held by such Member
or one or more members of such Member’s immediate family, and shall include such Member’s heirs, successors, administrators and executors; (b) with respect to any Member that is an entity, (i) to any Affiliate of such Member (but
only as long as such entity remains an Affiliate of such Member) and (ii) to any of such Member’s shareholders, members, partners or other equity holders to which such Member Transfers all of such Member’s Units; (c) and the
Managing Member pursuant to any Exchange effected in accordance with the provisions of Article 12; provided, that, in each case any transferee in an Exempt Transfer shall have (if not already a party to this
Agreement) agreed in writing in an instrument substantially in the form of Exhibit A to become party to, and be bound by, all of the terms of this Agreement (in the absence of which such transfer shall be deemed
not to be an Exempt Transfer). 
 “Fair Market Value” means the fair market value reasonably
determined by the Managing Member. 

  
 - 34 - 

 “Family Group” means, with respect to any individual, such
individual’s spouse and descendants (whether natural or adopted) and any trust, partnership, limited liability company or similar vehicle established and maintained solely for the benefit of (or the sole members or partners of which are) such
individual, such individual’s spouse and/or such individual’s descendants. 
 “Fidelity” means Fidelity
National Financial, Inc.  
 “Fiscal Year” has the meaning given such term in Section
2.7. 
 “FNFV” has the meaning given such term in the Preamble. 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for U.S. federal income tax
purposes, except as follows: 
 (a) the Gross Asset Value of any asset (other than a promissory note described in
Treasury Regulation Section 1.704-1(b)(iv)(d)(2)) contributed by a Member to the Company is the gross fair market value of such asset as reasonably determined by the contributing Member and the Managing Member at the time of contribution; 

(b) the Gross Asset Value of all Company assets shall be adjusted to equal their respective gross fair market values, as reasonably
determined by the Managing Member, as of the following times: (i) the acquisition of any additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution; (ii) the
distribution by the Company to a Member of more than a de minimis amount of property as consideration for an interest in the Company; (iii) the grant of an interest in the Company (other than a de minimis interest) as
consideration for the provision of services to or for the benefit of the Company by an existing Member acting in its capacity as a Member, or by a new Member acting in its capacity as a Member or in anticipation of becoming a Member; and
(iv) the liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that the adjustments pursuant to clauses (i), (ii) and (iii) above shall be
made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company; 

(c) the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross fair market value of such
asset on the date of distribution as reasonably determined by the Managing Member; and 
 (d) the Gross Asset Values of all Company
assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Section 734(b) or Section 743(b) of the Code, but only to the extent that such adjustments are taken into account in
determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) and clause (f) of the definition of “Net Income” and “Net Loss” or Section 6.3(f);
provided, however, that such Gross Asset Values shall not be adjusted pursuant to this clause (d) to the extent the Managing Member reasonably determines that an adjustment pursuant to clause (b) above is
necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph. 

  
 - 35 - 

 If the Gross Asset Value of a Company asset has been determined or adjusted pursuant to clause (a),
(b) or (d) above, such Gross Asset Value shall thereafter be adjusted by Depreciation taken into account with respect to such asset for purposes of computing Net Income or Net Loss. 

“Hurdle Amount” means, in respect of a Management Unit, a specified amount, which shall be (i) with respect to
the Management Units issued as of the date hereof (if any), the amount set forth on Schedule I hereto, and (ii) with respect to each subsequent issuance of Management Units, the amount determined by the Managing Member at the time
of such subsequent issuance and set forth both in an Award Agreement and on Schedule I hereto (which Schedule I shall be updated from time to time upon issuance of additional Management Units in accordance with this
Agreement). The Hurdle Amount for each outstanding Management Unit shall be increased by the aggregate amount of all Capital Contributions made to the Company subsequent to the issuance of such Management Unit to the extent necessary to maintain the
treatment of such Management Units as Profits Interests. 
 “Hypothetical Liquidation”
means as of any date, a hypothetical liquidation of the Company as of such date, assuming (i) that a sale of all the assets of the Company occurs at prices equal to their respective fair market values (as reasonably determined by the Managing
Member), (ii) the net proceeds of such sale are distributed to the Members pursuant to Section 5.2, and after payment of all actual Company indebtedness, and any other liabilities related to the Company’s assets, limited, in
the case of the hypothetical payment of non-recourse liabilities, to the collateral securing or otherwise available to satisfy such liabilities. 

“Interests” means the Class A Interests and the Management Interests. 

“J. Alexander’s” has the meaning given such term in the Preamble. 

“Liquidator” has the meaning given such term in Section 11.3(b). 

“Majority in Interest” means, with respect to Units of a particular class, vested Units of such class representing
more than 50% of the aggregate number of vested Units of such class. 
 “Management Interest” means
the limited liability company interest represented by the Management Units owned by a Management Member in the Company at any particular time, including the right of such Management Member to any and all benefits to which a Management Member may be
entitled as provided in the Act, this Agreement, or otherwise, together with the obligations of such Management Member to comply with all terms and provisions of this Agreement and the Act. 

“Management Member” means each Person admitted to the Company as a Management Member whose name is set forth on
Schedule I hereto as a Management Member with respect to Management Units held by such Person, and any other Person admitted as an additional or substitute Management Member, so long as such Person remains a Management Member.

 “Management Units” has the meaning given such term in Section
3.3(a)(ii). 

  
 - 36 - 

 “Management Unit Exchange Price” means, for each vested Management Unit,
the aggregate amount that would be distributed with respect to such vested Management Unit in accordance with Section 5.2 (assuming for this purpose that all unvested Units are vested) if the aggregate amount to be
distributed to all Members pursuant to Section 5.2 were equal to the implied valuation of the Company calculated by reference to the Cash Exchange Payment that would be payable on the Date of Exchange in connection with the
Exchange of a Class A Unit. 
 “Member Sponsors” has the meaning given such term in
Section 4.3(d). 
 “Management Units” means the Management
Units. 
 “Management Units Transferee” has the meaning given such term in Section
3.5(a)(i). 
 “Managing Member” means J. Alexander’s, in its capacity as the sole manager of the
Company in accordance with Section 18-402 of the Act.  
 “Member Loan” has the meaning given
such term in Section 13.14. 
 “Member Nonrecourse Debt” has the
meaning given such term in Regulations Section 1.704-2(b)(4) for “partner nonrecourse debt.” 

“Member Nonrecourse Debt Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the
Company Minimum Gain that would result if the Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

“Member” and “Members” have the meaning given such terms in the Preamble. 

“New Units” has the meaning given such term in Section 9.1(a). 

“Newport” has the meaning given such term in the Preamble. 

“Net Income” and “Net Loss” means, for each Fiscal Year or other period, an amount equal to
the Company’s taxable income or loss for such Fiscal Year or other period, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant
to Section 703(a)(1) of the Code shall be included in taxable income or loss) with the following adjustments (without duplication): 

(a) any income of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in computing Net Income
or Net Loss pursuant to this paragraph, shall be added to such income or loss; 
 (b) any expenditures of the Company described in
Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) of the Code expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income or Net Loss, shall be
subtracted from such taxable income or loss; 
 (c) in the event the Gross Asset Value of any Company asset is adjusted pursuant to
clauses (b) or (c) of the definition of “Gross Asset Value”, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net
Loss; 

  
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 (d) gain or loss resulting from any disposition of Company property with respect to which
gain or loss is recognized for U.S. federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value;

 (e) in lieu of depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income
or loss, there shall be taken into account Depreciation for such Fiscal Year, computed based on the Gross Asset Value of the property; 

(f) to the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Section 734(b) or Section 743(b)
of the Code is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of
the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss; and 

(g) any items which are specially allocated pursuant to the provisions of Section 6.3 shall not be taken into account in
computing Net Income or Net Loss. 
 “Nonrecourse Deductions” has the meaning given such term in Regulations
Sections 1.704-2(b)(1) and 1.704-2(c). 
 “Nonrecourse Liability” has the meaning given such term in
Regulations Section 1.704-2(b)(3). 
 “Note” has the meaning given such term in
Section 3.5(d). 
 “Person” means an individual, a partnership, a joint venture, a corporation, an
association, a joint stock company, a limited liability company, a trust, an unincorporated organization or a government or any department or agency or political subdivision thereof. 

“Preferred Units” has the meaning given such term in Section
3.3(c). 
 “Prime Rate” means the highest U.S. prime rate of interest published by
The Wall Street Journal as the “base rate” on corporate loans at large money center commercial banks. 

“Prior Agreement” has the meaning given such term in the Recitals. 

“Profits Interest” has the meaning given such term in Section 3.4(b). 

“Proposed Rules” has the meaning given such term in Section 3.4(c)(i). 

  
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 “Public Co Charter” means the Amended and Restated Charter of J.
Alexander’s, dated as of [the date hereof], as the same may be amended from time to time in accordance with its terms and not inconsistent with the provisions hereof. 

“Public Co Member” means J. Alexander’s and/or one or more of its direct or indirect, wholly-owned Subsidiaries,
in each case, to the extent that such Person directly holds Units and has joined the LLC Agreement as a Member thereunder. 

“Public Offering” means an offering and sale to the public of any Units or equity securities of the Company, any
successor entity or any direct or indirect parent entity (other than Fidelity or FNFV) thereof, any of its Subsidiaries, or any Person that holds all of the Securities or assets of the Company (other than Fidelity or FNFV), pursuant to a
registration statement in the United States. 
 “Qualifying Vesting Sale” means the consummation of a
transaction, whether in a single transaction or in a series of related transactions that are consummated contemporaneously (or consummated pursuant to contemporaneous agreements), by any Person or group of Persons on an arm’s-length basis other
than any Person or group of Persons that was an Affiliate of J. Alexander’s or the Company on the date of this Agreement, pursuant to which such Person or group of Persons (a) acquire (whether by merger, Unit or stock purchase,
recapitalization, reorganization, redemption, issuance of Units or common stock or otherwise), directly or indirectly, more than fifty-percent (50%) of the voting power of J. Alexander’s or the Company or (b) acquire assets
constituting all or substantially all of the assets of J. Alexander’s or the Company and its Subsidiaries on a consolidated basis; provided, however, that in no event shall a Qualifying Vesting Sale be deemed to include any
transaction effected for the purpose of (i) changing, directly or indirectly, the form of organization or the organizational structure of the Company or any of its Subsidiaries or (ii) contributing Securities to entities controlled by J.
Alexander’s or the Company. 
 “Registration Rights Agreement” means the Registration Rights
Agreement by and among J. Alexander’s and the Members parties thereto, dated as of the date hereof. 
 “Regular
Distributions” means all distributions other than Tax Distributions. 
 “Regulations”
means the Income Tax Regulations promulgated under the Code, as amended. 
 “Regulatory
Allocations” has the meaning given such term in Section 6.3(g). 

“Representatives” has the meaning given such term in Section 9.2. 

“Reserves” means the amount of proceeds that the Managing Member determines in good faith and in its reasonable
discretion is necessary to be maintained by the Company for the purpose of paying reasonably anticipated expenses, liabilities and obligations of the Company regardless of whether such expenses, liabilities and obligations are actual or
contingent. 
 “Safe Harbor Election” has the meaning given such term in Section
3.4(c)(i). 

  
 - 39 - 

 “Securities” means securities of every kind and nature, including stock,
notes, bonds, evidences of indebtedness, options to acquire any of the foregoing, and other business interests of every type, including interests in any Person. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Subdivision” means any subdivision of stock or units, as the case may be, by any split, dividend, reclassification,
recapitalization or otherwise. 
 “Subsidiary” means, with respect to any specified Person, any other Person in
which such specified Person, directly or indirectly through one or more Affiliates or otherwise, beneficially owns at least fifty percent (50%) of either the ownership interest (determined by equity or economic interests) in, or the voting
control of, such other Person. 
 “Tax Distribution” means a distribution under
Section 5.3. 
 “Tax Matters Member” has the meaning given such term in Section
7.2. 
 “Tax Rate” means the highest combined marginal U.S. federal, state and local tax rate (including
for the avoidance of doubt the net investment income tax imposed by Code Section 1411 and corresponding provisions of state and local law) for an individual residing in New York City, New York. 

“Tax Receivable Agreement” means that certain Tax Receivable Agreement dated as of [•], 2014 by and between J.
Alexander’s and the other parties thereto. 
 “Termination Date” has the meaning given such term
in Section 3.5(a)(i). 
 “Terminated Employee” has the meaning given such term in
Section 3.5(a)(i). 
 “Termination Event” has the meaning given such term in Section
3.5(a)(i). 
 “Termination Price” has the meaning given such term in Section
3.5(c). 
 “Termination Securities” has the meaning given such term in Section
3.5(a)(i). 
 “Trading Day” means a day on which (i) the Class A Common Stock at the close of
regular way trading (not including extended or after hours trading) is not suspended from trading on any national securities exchange or association or over-the-counter market that is the primary market for trading the Class A Common Stock at
the close of business, (ii) the Class A Common Stock has traded at least once regular way on the national securities exchange or association or over-the-counter market that is the primary market for the trading of the Class A Common
Stock, and (iii) there has been no “market disruption event.” For purposes of this definition, “market disruption event” means the occurrence or existence for more than one half-hour period in the aggregate on any
scheduled trading day for the Class A Common Stock of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Class A Common Stock, and such
suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time. 

  
 - 40 - 

 “Transfer” means (in either the noun or the verb form, including with
respect to the verb form, all conjugations thereof within their correlative meanings) with respect to any security, the gift, sale, assignment, transfer, pledge, hypothecation or other disposition (whether for or without consideration, whether
directly or indirectly, and whether voluntary, involuntary or by operation of law) of such security or any interest therein; provided, however, that transfers of all or any portion of stock, partnership interests (general or limited),
membership interests or other similar securities or any securities convertible into or exercisable or exchangeable therefor in Fidelity, FNFV or J. Alexander’s shall not constitute a “Transfer”. 

“Transferee” means any Person to whom a Member may Transfer Units. 

“Transferor” means the transferor in a Transfer. 

“Units” means the Class A Units, the Management Units and any other class or series of authorized units of the
Company. 
 “Unit Equivalents” means (without duplication with any Class A Units, Management
Units or other Unit Equivalents) rights, warrants, options, convertible Units, or exchangeable Units or indebtedness, or other rights, exercisable for or convertible or exchangeable into, directly or indirectly, Units or securities exercisable for
or convertible or exchangeable into Units, as the case may be, whether at the time of issuance or upon the passage of time or the occurrence of some future event. 

“Unreturned Capital Contributions” means, with respect to each Class A Member, at any time of
determination, the aggregate amount of such Class A Member’s Capital Contributions less the amount of distributions received by such Class A Member (or its predecessors in interest) under Section
5.2(a). 
 “VWAP” means the daily per share volume-weighted average price of the
Class A Common Stock as displayed under the heading Bloomberg VWAP on the Bloomberg page designated for the Class A Common Stock (or its equivalent successor if such page is not available) in respect of the period from the open of trading
on such day until the close of trading on such day (or if such volume-weighted average price is unavailable, (x) the per share volume-weighted average price of such Class A Common Stock on such day (determined without regard to afterhours
trading or any other trading outside the regular trading session or trading hours), or (y) if such determination is not feasible, the market price per share of Class A Common Stock, in either case as determined by a nationally recognized
independent investment banking firm retained for this purpose by the Public Co Member). 
 13.2 Severability. Whenever possible, each
provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule
in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 

  
 - 41 - 

 13.3 Entire Agreement. Except as otherwise expressly set forth herein, this document
(including the Company Profits Interest Incentive Plan and any other exhibits and schedules hereto), together with any applicable terms of any Award Agreement between any Management Member, on the one hand, and the Company, on the other hand,
embodies the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, which
may have related to the subject matter hereof in any way. 
 13.4 Successors and Assigns. Except as otherwise provided herein, this
Agreement shall bind and inure to the benefit of and be enforceable by the Company and its successors and assigns and the Members and any subsequent holders of Units and the respective successors and assigns of each of them, so long as they hold
Units. 
 13.5 Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all parties had
signed the same document, and all counterparts shall be construed together and shall constitute the same instrument. 
 13.6
Remedies. The Company and the Members shall be entitled to enforce their rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement (including costs of enforcement) and to exercise all
other rights existing in their favor. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that the Company or any Member may in its, his or her sole
discretion apply to any court of law or equity of competent jurisdiction for specific performance or injunctive relief (without posting a bond or other security) in order to enforce or prevent any violation of the provisions of this Agreement. 

13.7 Notices. Except as expressly set forth to the contrary in this Agreement, all notices, requests, or consents required or permitted
to be given under this Agreement must be in writing and shall be deemed to have been given: (a) three (3) days after the date mailed by registered or certified mail, addressed to the recipient, with return receipt requested, (b) upon
delivery to the recipient in person or by courier, or (c) upon receipt of a facsimile transmission by the recipient. Such notices, requests and consents shall be given (i) to Members at their addresses or fax numbers set forth on
Schedule I attached hereto, or such other address or fax numbers as a Member may specify by written notice to the Company, the Managing Member and all of the other Members, or (ii) to the Company or the Managing Member at the
address specified in this Section 13.7, or at such other location as the Company shall have specified in writing to the Members as its principal office. Whenever any notice is required to be given by law, the Certificate of Formation or this
Agreement, a written waiver thereof, signed by the Person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Notices to the Company will be sent to: 

J. Alexander’s Holdings, LLC 

3401 West End Avenue, Suite 260 

Nashville, Tennessee 37203 

Attention: Chief Financial Officer 

Facsimile: (615)-269-1999 

  
 - 42 - 

 with copies (which shall not constitute notice) to: 

Fidelity National Financial Ventures, LLC 

601 Riverside Avenue 

Jacksonville, Florida 32204 

Attention: Corporate Secretary 

Facsimile: (904) 633-3055 

J. Alexander’s Holdings, Inc. 

3401 West End Avenue, Suite 260 

Nashville, Tennessee 37203 

Attention: Chief Financial Officer 

Facsimile: (615)-269-1999 

Newport Global Opportunities Fund AIV-A LP 

21 Waterway Avenue, Suite 150 

The Woodlands, TX 77380 

Attention: Chief Financial Officer 

Facsimile: (713) 559-7499 

Notices to any Member will be sent to the address set forth opposite such Member’s name on Schedule I attached hereto. 

13.8 Governing Law. The Act shall govern all questions arising under this Agreement concerning the relative rights of the Company and
its Members. All other questions concerning the construction, validity and interpretation of this Agreement shall be governed by and construed in accordance with the domestic laws of the State of Delaware applicable to contracts made and to be
performed in the State of Delaware. The parties hereto hereby irrevocably and unconditionally submit to the exclusive jurisdiction of any State or Federal court sitting in Nashville, TN over any suit, action or proceeding arising out of or relating
to this Agreement. The parties hereby agree that service of any process, summons, notice or document by U.S. registered mail addressed to any such party shall be effective service of process for any action, suit or proceeding brought against a party
in any such court. The parties hereto hereby irrevocably and unconditionally waive any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum. The parties hereto agree that a final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon any party and may be enforced in any
other courts to whose jurisdiction any party is or may be subject, by suit upon such judgment. 
 13.9 Interpretation. Any references
to an agreement or organizational document herein shall mean such agreement or organizational document, as may be amended, modified and/or supplemented (and/or as any provision thereunder may be waived) from time to time in accordance with its
terms. 
 13.10 Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement. 

  
 - 43 - 

 13.11 Business Opportunities. Except to the extent otherwise agreed between any Member, on
the one hand, and the Company or any of its Affiliates, on the other hand, any Member and any Affiliate of such Member may engage in or possess an interest in other investments, business ventures or entities of any nature or description,
independently or with others, similar or dissimilar to, or that compete with, the investments or business of the Company, and may provide advice and other assistance to any such investment, business venture or entity, and the Company and the Members
shall have no rights by virtue of this Agreement in and to such investments, business ventures or entities or the income or profits derived therefrom, and the pursuit of any such investment or venture, even if competitive with the business of the
Company, shall not be deemed wrongful or improper. No Member nor any Affiliate thereof (other than an employee of the Company or a Subsidiary of the Company) shall be obligated to present any particular investment or business opportunity to the
Company even if such opportunity is of a character that, if presented to the Company, could be taken by the Company, and any Member or any Affiliate thereof (other than an employee of the Company or a Subsidiary of the Company) shall have the right
to take for its own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment opportunity. 

13.12 Transactions with Interested Persons; Standards of Conduct. Unless entered into in bad faith, no contract or transaction between
the Company and one or more of its Members, or between the Company and any other corporation, partnership, association or other organization in which one or more of its Members or their Affiliates, have a financial interest or are shareholders,
members, directors, partners, directors or officers, shall be voidable solely for this reason or solely because said Member or their Affiliates were present or participated in the authorization of such contract or transaction if (a) the
material facts as to the relationship or interest of such Member or their Affiliates and as to the contract or transaction were disclosed or known to the Managing Member, and (b) the contract or transaction was authorized and approved by the
Managing Member and any other Members required in accordance with the provisions of this Agreement, and, if such conditions have been satisfied, no Member or their Affiliates interested in such contract or transaction, because of such interest,
shall be considered to be in breach of this Agreement or liable to the Company, any Member or their Affiliates, or any other Person or organization for any loss or expense incurred by reason of such contract or transaction or shall be accountable
for any gain or profit realized from such contract or transaction; provided, however, that the Managing Member shall approve any such contract or transaction contemplated by this Section 13.12 only if it has reasonably determined in good
faith that such contract or transaction is on terms that are fair and reasonable and no less favorable to the Company than the Managing Member would expect to obtain in a comparable arms-length transaction with a Person which is not an Affiliate.

 13.13 Appointment of Managing Member as Attorney-in-Fact. Each Management Member hereby irrevocably constitutes, appoints and
empowers the Managing Member and its duly authorized officers, managers, agents, successors and assignees, with full power of substitution and resubstitution, as its true and lawful attorneys-in-fact, in its name, place and stead and for its use and
benefit, to execute, certify, acknowledge, file, record and swear to all instruments, agreements and documents necessary or advisable to carrying out the following: 

(a) any and all amendments to this Agreement that may be permitted or required by this Agreement or the Act, including amendments
required to effect the admission of a Member pursuant to and as permitted by this Agreement or to revoke any admission of a Member which is prohibited by this Agreement; 

  
 - 44 - 

 (b) any certificate of cancellation of the Certificate of Formation that may be necessary
upon the termination of the Company; 
 (c) any business certificate, certificate of formation, amendment thereto, or other
instrument or document of any kind necessary to accomplish the Company Business; 
 (d) all conveyances and other instruments or
documents that the Managing Member deems appropriate or necessary to effectuate or reflect the dissolution, termination and liquidation of the Company pursuant to the terms of this Agreement; 

(e) all conveyances and other instruments or documents that the Managing Member deems appropriate or necessary to effectuate or reflect
the conversion, contribution or other actions contemplated by this Agreement; and 
 (f) all other instruments that may be required
or permitted by law to be filed on behalf of the Company and that are not inconsistent with this Agreement. The Managing Member shall not take action as attorney-in-fact for any Member which would in any way increase the liability of the Member
beyond the liability expressly set forth in this Agreement or which would diminish the substantive rights of such Member. 
 13.14 Loans
to the Company. Subject to the terms of this Agreement, the Company may borrow from Members to finance its working capital (a “Member Loan”) on commercially reasonable terms; provided, that any Member Loan shall
carry interest at the prime interest rate in effect at the time of the Member Loan (as reported by Bank of America, N.A. or any successor thereto), non-compounding, and shall have no prepayment penalty or premium; provided, further, that the
Company shall only borrow the amount that is necessary for its reasonable working capital needs and shall pay off any such Member Loan as soon as cash becomes available to the Company. 

13.15 Limited Authorization of Managing Member. Each Management Member authorizes such attorneys-in-fact to take any further action
which such attorneys-in-fact shall consider necessary or advisable in connection with any of the foregoing, hereby giving such attorneys-in-fact full power and authority to do and perform each and every act or thing whatsoever necessary or advisable
to be done in and about the foregoing as fully as such Member might or could do if personally present, and hereby ratifying and confirming all that such attorneys-in-fact shall lawfully do or cause to be done by virtue hereof. The appointment by
each such Member of the Managing Member and its duly authorized officers, agents, successors and assigns with full power of substitution and resubstitution, as aforesaid, as attorneys-in-fact shall be deemed to be a power coupled with an interest in
recognition of the fact that each of the Members under this Agreement shall be relying upon the power of the Managing Member and such officers, managers, agents, successors and assigns to act as contemplated by this Agreement in such filing and
other action by it on behalf of the Company. The foregoing power of attorney shall survive the assignment by any Member of the whole or any part of its Interest hereunder. The foregoing power of attorney may be exercised by such attorneys-in-fact by
listing all of such Members executing any agreement, certificate, instrument or document with the signatures of such attorneys-in-fact acting as attorneys-in-fact for all of them. 

  
 - 45 - 

 13.16 No Third Party Beneficiaries. It is understood and agreed among the parties that
this Agreement and the covenants made herein are made expressly and solely for the benefit of the parties hereto, and that no other Person, other than an indemnified Person pursuant to Section 4.1(a) shall be entitled or be deemed to be
entitled to any benefits or rights hereunder, nor be authorized or entitled to enforce any rights, claims or remedies hereunder or by reason hereof. Notwithstanding any contrary provision of this Agreement, no such creditor or Person shall obtain
any rights under this Agreement or shall, by reason of this Agreement, be permitted to make any claim against the Company or any Member or Managing Member. 

13.17 Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Member shall execute and
deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions, as requested by the Managing Member. 

13.18 Construction. Definitions in this Agreement shall be equally applicable to both the singular and plural forms of the terms
defined, and references to the masculine, feminine or neuter gender shall include each other gender. Where used herein, the term “Federal” shall refer to the U.S. Federal government. As used herein, (a) “or” shall mean
“and/or” and (b) “including” or “include” shall mean “including without limitation.” It is the intention of the parties that every covenant, term, and provision of this Agreement shall be construed simply
according to its fair meaning and not strictly for or against any party (notwithstanding any rule of law requiring an Agreement to be strictly construed against the drafting party), it being understood that the parties to this Agreement are
sophisticated and have had adequate opportunity and means to retain counsel to represent their interests and to otherwise negotiate the provisions of this Agreement. 

13.19 Waiver of Action for Partition. Each of the Members irrevocably waives during the term of the Company any right that such Member
may have to maintain an action for partition with respect to the property of the Company. 
 13.20 Relations with Members. Unless
named in this Agreement as a Member, or unless admitted to the Company as a Member as provided in this Agreement, no Person shall be considered a Member. Subject to Article VIII, the Company and the Managing Member owe duties only to the
Company and its Members and the provisions of this Agreement applicable to Members (other than Section 4.1(a) which is enforceable by the Persons specified therein) are only enforceable by Persons so named or admitted as Members. 

13.21 Accounting Considerations. Notwithstanding anything contained herein or in any Award Agreement to the contrary, the sale or other
disposition (whether pursuant to a call right, put right or otherwise) of Management Units shall be delayed (and the terms upon which such sale or disposition occurs shall be modified) to the extent the Company determines that such delay or
modification is necessary for the award pursuant to which such Management Units were made to be classified as an equity award under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 718, Stock Compensation (or
any applicable successor standards). 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 - 46 - 

 IN WITNESS WHEREOF, the
parties hereto have executed this Amended and Restated Limited Liability Company Agreement on the day and year first above written. 
  

			
	THE COMPANY:
	
	J. ALEXANDER’S HOLDINGS, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	CLASS A MEMBERS:
	
	J. ALEXANDER’S HOLDINGS, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	FIDELITY NATIONAL FINANCIAL VENTURES, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	NEWPORT GLOBAL OPPORTUNITIES FUND AIV-A LP
		
	By:	 	Newport Global Opportunities GP LP, its general partner
		
	By:	 	Newport Global Opportunities GP LLC, its general partner
		
	By:	 	Newport Global Advisers LP, its managing partner

  

			
	By:	 	 
	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO A&R LLC AGREEMENT OF J. ALEXANDER’S HOLDINGS, LLC] 

 
			
	FOLCO Development Corp.
		
	By:	 	 
	Name:	 	William P. Foley, II
	Title:	 	President

 [SIGNATURE PAGE TO A&R LLC AGREEMENT OF J. ALEXANDER’S HOLDINGS, LLC] 

 
			
	Brandon D. Bickett Irrevocable Trust
		
	By:	 	 
	Title:	 	 

  

			
	Ryan W. Bickett Irrevocable Trust
		
	By:	 	 
	Title:	 	 

  

			
	Kelly N. Bickett Irrevocable Trust
		
	By:	 	 
	Title:	 	 

 [SIGNATURE PAGE TO A&R LLC AGREEMENT OF J. ALEXANDER’S HOLDINGS, LLC] 

 
			
	Westrock Capital Partners, LLC
		
	By:	 	 
	Name:	 	Richard N. Massey
	Title:	 	Member
	
	 
	Raymond R. Quirk
	
	 
	Erika Meinhardt
	
	 
	Christopher Abbinante
	
	 
	Don DuBois
	
	 
	Roger Jewkes

 [SIGNATURE PAGE TO A&R LLC AGREEMENT OF J. ALEXANDER’S HOLDINGS, LLC] 

 
	
	MANAGEMENT MEMBERS:
	
	[signature blocks to be added]

 [SIGNATURE PAGE TO A&R LLC AGREEMENT OF J. ALEXANDER’S HOLDINGS, LLC] 

 SCHEDULE I 

LIST OF MEMBERS 
  

									
	 Name of Member
	  	 Address
	  	 Units
	  	 Capital

Account
	  	 Hurdle Amount

	Class A Members:	  		  		  		  	
					
	Fidelity National Financial Ventures, LLC	  	601 Riverside Avenue
Jacksonville, FL 32204	  	[        ]	  	[        ]	  	N/A
					
	Newport Global Opportunities Fund AIV-A LP	  	21 Waterway Avenue
Suite 150
The Woodlands, TX 77380
Attn: Roger May	  	[        ]	  	[        ]	  	N/A
					
	Folco Development Corp.	  	601 Riverside Avenue
Jacksonville, FL 32204	  	[        ]	  	[        ]	  	N/A
					
	Brandon D. Bickett Irrevocable Trust	  	601 Riverside Avenue
Jacksonville, Florida 32204	  	[        ]	  	[        ]	  	N/A
					
	Ryan W. Bickett Irrevocable Trust	  	601 Riverside Avenue
Jacksonville, Florida 32204	  	[        ]	  	[        ]	  	N/A
					
	Kelly N. Bickett Irrevocable Trust	  	601 Riverside Avenue
Jacksonville, Florida 32204	  	[        ]	  	[        ]	  	N/A
					
	Westrock Capital Partners, LLC	  	900 South Shackleford Drive
Suite 200 Little Rock, AR 72215	  	[        ]	  	[        ]	  	N/A
					
	Raymond R. Quirk	  	601 Riverside Avenue
Jacksonville, FL 32204	  	[        ]	  	[        ]	  	N/A
					
	Erika Meinhardt	  	 601 Riverside Avenue

Jacksonville, FL 32204
	  	[        ]	  	[        ]	  	N/A
					
	Christopher Abbinante	  	 601 Riverside Avenue

Jacksonville, FL 32204
	  	[        ]	  	[        ]	  	N/A
					
	Don DuBois	  	 601 Riverside Avenue

Jacksonville, FL 32204
	  	[        ]	  	[        ]	  	N/A
					
	Roger Jewkes	  	 601 Riverside Avenue

Jacksonville, FL 32204
	  	[        ]	  	[        ]	  	N/A
					
	Management Members:	  		  		  		  	
					
	[Management Members Names to be Added]	  	[        ]	  	[        ]	  	0	  	[        ]

 Subject to update as provided in Section 3. 

 EXHIBIT A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT (this “Joinder”), dated
[            ], 20[    ] is entered into by and between J. Alexander’s Holdings, LLC, a Delaware limited liability company (the
“Company”), and                      (“New Member”). Capitalized terms used herein but not
otherwise defined shall have the meanings assigned to such terms in the Amended and Restated Limited Liability Company Agreement (as hereinafter defined). 

WHEREAS, the Members of the Company are parties to the Amended
and Restated Limited Liability Company Agreement of the Company, dated as of [            ], 2014, pursuant to which the parties thereto have been granted certain rights (the
“Amended and Restated Limited Liability Company Agreement”); 

WHEREAS, in accordance with the terms of the Amended and Restated Limited Liability Company Agreement,
New Member may join as a party thereto following the issuance of, or Transfer of, Units to New Member in accordance with, and subject to the terms and conditions of, the Amended and Restated Limited Liability Company Agreement; and 

WHEREAS, the Members wish New Member to be bound by and New Member desires to be bound by and enjoy the benefits of the
Amended and Restated Limited Liability Company Agreement. 
 NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

1. Agreement to be Bound. New Member hereby acknowledges and agrees that (i) New Member has received and reviewed a
complete copy of the Amended and Restated Limited Liability Company Agreement; (ii) New Member shall be a party to the Amended and Restated Limited Liability Company Agreement; (iii) New Member shall be deemed to be a [“Class A
Member”/“Management Member.”]; and (iv) if New Member is deemed to be a Management Member, such New Member specifically acknowledges to have reviewed and to be bound by the provisions set forth in Sections 13.13 and
13.15 of the Amended and Restated Limited Liability Company Agreement. 
 2. Acceptance by the Company. The
Company hereby (i) accepts New Member’s agreement to be bound by the Amended and Restated Limited Liability Company Agreement and to become a party thereto; and (ii) agrees that New Member shall have all such rights provided under the
Amended and Restated Limited Liability Company Agreement to [Class A Members/Management Members] and Members generally. Schedule I to the Amended and Restated Limited Liability Company Agreement shall be amended and
restated to include New Member thereon, and such schedule shall be included in the Company Register. 
 3. Intended Beneficiaries;
Successors and Assigns. This Joinder is hereby executed by New Member for the benefit of the Company and the Members, and the Company, Members and their successors, assigns and legal representatives shall be entitled to rely upon and enforce the
provisions of this Joinder and the agreements of New Member hereunder. This Joinder shall be binding upon and inure to the benefit of New Member and New Member’s successors, assigns, heirs and legal representatives. 

 4. Interpretation. The headings preceding the text of Sections of this Joinder are
for convenience only and shall not be deemed part of this Joinder or be given any effect in interpreting this Joinder. 
 5.
Counterparts. This Joinder may be executed in separate counterparts (including by means of telecopied, facsimile or electronic pdf signature pages) each of which shall be an original and all of which taken together shall constitute one and
the same Joinder. 
 6. Governing Law. The Act shall govern all questions arising under this Joinder concerning the
relative rights of the Company and its Members. All other questions concerning the construction, validity and interpretation of this Agreement shall be governed by and construed in accordance with the domestic laws of the State of Delaware
applicable to contracts made and to be performed in the State of Delaware. The parties hereto hereby irrevocably and unconditionally submit to the exclusive jurisdiction of any State or Federal court sitting in New York, NY over any suit, action or
proceeding arising out of or relating to this Agreement. The parties hereby agree that service of any process, summons, notice or document by U.S. registered mail addressed to any such party shall be effective service of process for any action, suit
or proceeding brought against a party in any such court. The parties hereto hereby irrevocably and unconditionally waive any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any
such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. The parties hereto agree that a final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon
any party and may be enforced in any other courts to whose jurisdiction any party is or may be subject, by suit upon such judgment. 

7. Spousal Consent. If New Member is a natural person, New Member shall cause his or her spouse, if any, to enter into a Spousal
Consent substantially in the form attached hereto as Schedule I. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.] 

 IN WITNESS WHEREOF, the
parties hereto have duly executed this Joinder as of the date first above written. 
  

			
	 COMPANY:
  

	J. ALEXANDER’S HOLDINGS, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

	
	NEW MEMBER:
	   

	[Name]

 SIGNATURE PAGE TO JOINDER AGREEMENT TO 

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF 

J. ALEXANDER’S HOLDINGS, LLC 

 SCHEDULE I 

FORM OF SPOUSAL CONSENT 

I,
                            , spouse of
                            , do hereby certify, acknowledge and agree as follows: 

1. I have read and approve each and every provision set forth in the Amended and Restated Limited Liability Agreement of
J. Alexander’s Holdings, LLC (the “Company” and such agreement, including any joinder thereto, the “Agreement”). 

2. I accept and agree to be bound by the Agreement in all respects and in lieu of each other interest I may have in the Company, whether that
interest may be community property or quasi-community property under the laws relating to marital property in effect in the state of our residence as of the date of the signing of the Agreement. 

3. I hereby appoint my spouse as my attorney-in-fact with respect to the exercise of any rights under the Agreement. 

4. I hereby consent to any amendments or modifications to the Agreement that are consented to, executed by or otherwise binding upon my
spouse. 
 Dated:             , 20[    ] 

 

	
	   

	Signature
	   

	Please Print Your Name

 EXHIBIT B 

COMPANY PROFITS INTEREST INCENTIVE PLAN 

 EXHIBIT C 

FORM OF 
 ELECTION OF
EXCHANGE 
 J. Alexander’s Holdings, LLC 

Reference is hereby made to the Amended and Restated Limited Liability Company Agreement of J. Alexander’s Holdings, LLC, dated as
of [            ], 2014 (as may be amended, modified and/or supplemented from time to time in accordance with its terms, the “Agreement”), made by and among
J. Alexander’s Holdings, LLC, a Delaware limited liability company (including any successor, the “Company”), J. Alexander’s Holdings, Inc., a Tennessee corporation (including any successor, “J.
Alexander’s”), and each of the other holders of Units (as defined therein) from time to time party thereto (each, a “Member” and, collectively, the “Member”). Capitalized terms used but not defined
herein shall have the meanings given to them in the Agreement. 
 The undersigned Member hereby transfers to the Company or the Public Co
Member (as defined in the Agreement), as applicable, the number of Units set forth below in Exchange for a Cash Exchange Payment to the account set forth below or for shares of Class A Common Stock to be issued in its name as set forth below,
as set forth in Article XII of the Agreement, effective in the case of an Exchange for shares of Class A Common Stock as of the close of business on the Date of Exchange set forth below. The undersigned hereby acknowledges that the Exchange of
Units shall include the automatic cancellation of an equal number of outstanding shares of Class B Common Stock beneficially owned by the undersigned. The undersigned hereby acknowledges that this Election of Exchange is revocable (without J.
Alexander’s consent) only by a written notice of revocation delivered to J. Alexander’s at least ten (10) business days prior to the Date of Exchange. 

Legal Name of Member: 

Address of Member:                     
                                         
                                         
                                         
                                         
                                 

Number of Units to be Exchanged:                
                                         
                                         
                                         
                                         
           

Number of Shares of Class B Common Stock to be Cancelled (which must be the 
same number as the “Number of Units to be
Exchanged”:                                     
                                         
                                         
                                         
                                         
                                

Resulting Number of Class A Units to be Exchanged (following conversion, if applicable): 
                                         
                                         

Date of Exchange:                     
                                         
                                         
                                         
                                         
                                     

Payment Cap (if any) pursuant to the Tax Receivable Agreement:        
                                         
                                         
                                         
  

Cash Exchange Payment instructions:                 
                                         
                                         
                                         
                                         
     

 The undersigned hereby represents and warrants that: (i)(A) in the event that the undersigned is
not a natural person, the undersigned has requisite corporate or other entity power and authority to execute and deliver this Election of Exchange and to perform the undersigned’s obligations hereunder or, (B) in the event that the
undersigned is a natural person, the undersigned has the authority and legal capacity to execute and deliver this Election of Exchange and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly
executed and delivered by the undersigned and is the legal, valid and binding obligation of the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors’ rights generally and the availability of equitable remedies; (iii) the undersigned has good and marketable title to its Units that are subject to this Election of Exchange, and such Units are being
transferred to Company or the Public Co Member, as applicable, free and clear of any pledge, lien, security interest, right of first refusal or other encumbrance; and (iv) no consent, approval, authorization, order, registration or
qualification of, or any notice to or filing with, any third party or any court or governmental agency or body having jurisdiction over the undersigned or the Units subject to this Election of Exchange is required to be obtained or made by the
undersigned for the transfer of such Units. 
 The undersigned hereby irrevocably constitutes and appoints any officer of the Company or the
Public Co Member, as applicable, as the attorney of the undersigned, with full power of substitution and resubstitution in the premises, solely to do any and all things and to take any and all actions necessary to effect the Exchange elected hereby,
including to transfer to Company or the Public Co Member, as applicable, the Units subject to this Election of Exchange and to deliver to the undersigned the cash or the shares of Class A Common Stock to be delivered in Exchange therefor. 

IN WITNESS WHEREOF the undersigned has caused this Election of Exchange to be executed and delivered as of the date set forth below. 

 

			
		
	The undersigned’s name:  	 	 
		 	(Print or type)
		
	 By:  
	 	 
		 	(Signature)
		
	 Its:  
	 	 
		 	(Name and title of authorized representative, if applicable)
		
	 Dated:

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