Document:

EX-10.4

 Exhibit 10.4 

INDEMNIFICATION AGREEMENT 

This INDEMNIFICATION AGREEMENT (the “Agreement”) is made as of this         
day of             , 20    , between J. Alexander’s Holdings, Inc., a Tennessee corporation (the “Company”), and
                    , a director of the Company (the “Director”). 

WHEREAS, the Company and the Director are aware of the increased exposure to litigation by directors of publicly-owned companies in the
course of exercising their duties; 
 WHEREAS, the Company and the Director are also aware of conditions in the insurance industry
that have affected the Company’s ability to obtain adequate directors’ and officers’ liability insurance coverage on an economically acceptable basis; 

WHEREAS, the Company desires to continue to benefit from the services of highly-qualified and experienced persons such as the Director;

 WHEREAS, the Director desires to serve the Company as a director for so long as the Company is able to provide on an acceptable
basis adequate and reliable indemnification against certain liabilities and expenses which may be incurred by the Director in connection with such service; 

WHEREAS, the Tennessee Business Corporation Act (the “Act”) and the charter of the Company (as the same may be amended
from time to time, the “Charter”), and the bylaws of the Company (as the same may be amended from time to time, the “Bylaws”) provide for the indemnification of directors under certain circumstances; 

WHEREAS, the Company and the Director recognize the potential inadequacy of the protection available to directors under the Act, the
Charter, Bylaws and directors’ and officers’ liability insurance; and 
 WHEREAS, the Act and Bylaws specifically provide
that the indemnification provided thereunder is not exclusive and contemplate that indemnification agreements may be entered into between the Company and its directors. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereby agree as follows: 

Section 1. Service by Director. The Director agrees to continue to serve as a director of the Company, provided that
(i) the Director may resign at any time in the event of any change in his or the Company’s circumstances which would in his sole judgment make his resignation advisable and (ii) this Agreement shall not give the Director the right to
be nominated or elected as a director of the Company or affect the right of shareholders to remove him or the rights of the Company or shareholders to seek judicial removal of the Director.  

Section 2. Indemnification. To the maximum extent permitted by law, subject to the limitations contained in Section 4 or
otherwise in this Agreement, the Company shall indemnify the Director against any Liability or Expense incurred in a Proceeding by reason of (or arising in part out of) an Indemnifiable Event, except that the Company shall not be required to
indemnify the Director for any Liability or Expenses incurred in a Proceeding initiated by or on behalf of the Director or to which the Director voluntarily becomes a party unless (i) the Company has joined in or the board of directors has
consented to the initiation of such Proceeding; (ii) the  

 
Proceeding is one to enforce indemnification rights; or (iii) the Proceeding is instituted after a Change in Control. If the Director is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of any Liability or Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify the Director for the portion thereof to which the Director is entitled.
Notwithstanding any other provision of this Agreement, to the extent that the Director has been successful on the merits in defense of any Proceeding relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter
therein, the Director shall be indemnified against all Liabilities and Expenses actually and reasonably incurred by the Director or on the Director’s behalf in connection therewith. 

Section 3. Expense Advances. If so requested by the Director, the Company shall advance the reasonable Expenses incurred by
the Director in a Proceeding by reason of (or arising in part out of) an Indemnifiable Event, except that the Company shall not be required to advance Expenses to the Director for any Expenses incurred in a Proceeding initiated by or on behalf of
the Director or to which the Director voluntarily becomes a party unless (i) the Company has joined in or the board of directors has consented to the initiation of such Proceeding; (ii) the Proceeding is one to enforce indemnification
rights; or (iii) the Proceeding is instituted after a Change in Control. Expense advancements shall be provided within thirty (30) calendar days of the Director furnishing the Company a request of such advance or advances, and: (a) a
written affirmation, personally signed by or on behalf of the Director, of his good faith belief that he is not liable for (i) a breach of his duty of loyalty to the Company or its shareholders, (ii) any acts or omissions not in good faith
or which involve intentional misconduct or a knowing violation of law, or (iii) any unlawful distributions to the Company’s shareholders and that he is entitled to advancement of Expenses under the terms of this Agreement; and (b) if
requested by the Company, a written opinion of counsel for the Director in the Proceeding to the effect that, based on the facts known to such counsel, it is reasonably possible that the Director will not be found liable contrary to his affirmation;
and (c) a written undertaking (in the form of an unlimited general obligation of the Director, which need not be secured), personally signed by or on behalf of the Director to repay any advances, if a judgment or final adjudication adverse to
the Director establishes his liability contrary to his affirmation. Such advances are deemed to be an obligation of the Company to the Director hereunder and shall in no event be deemed a personal loan.  

Section 4. Limitations on Indemnification. No indemnification pursuant to this Agreement may be made (a) in advance of a
final disposition of the Proceeding for which indemnification is sought, (b) for any Liability or Expenses for which the Director has been reimbursed by insurance or otherwise or (c) if a judgment or other final adjudication adverse to the
Director establishes his liability for (i) a breach of his duty of loyalty to the Company or its shareholders, (ii) any acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law,
(iii) any unlawful distributions to the Company’s shareholders or (iv) profits made from the purchase or sale by the Director of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), or any similar provisions of any federal or state statutes or regulations. A settlement without the Company’s prior written consent shall not be deemed a final disposition, and no
indemnification for any amount paid in such a settlement may be made under this Agreement.  
 Section 5. Non-Exclusive
Rights. The Director’s rights to indemnification and advancement of expenses under this Agreement are intended to be cumulative and not exclusive of other rights  

  
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to which the Director may be entitled under any insurance policy, the Act, the Charter or Bylaws of the Company or a resolution of shareholders or directors providing for indemnification. The
Director’s right to indemnification and advancement of Expenses as provided in Sections 2 and 3 of this Agreement are intended to be greater than those which are otherwise provided for in the Act and in excess of those provided in the
Company’s Charter and Bylaws, notwithstanding the Director’s failure to meet the standard of conduct required for permissive indemnification under the Act. 

Section 6. Liability Insurance. The Company currently has, or will have within a reasonable time following the date of this
Agreement, in force policies of directors’ and officers’ liability insurance (“Liability Insurance”). The Company agrees to furnish to the Director copies of such Liability Insurance policies upon his request. The Company
further agrees that, so long as the Director shall continue to serve as a director of the Company, the Company will, subject to the limitations set forth below, endeavor to purchase and maintain in force for the benefit of the Director one or more
policies of Liability Insurance providing coverage at least comparable to that provided under the policies currently in force and in no event less than that provided for the benefit of any other director. The Company shall not be required to
maintain such Liability Insurance in force if, in the sole judgment of the board of directors of the Company serving at the time such judgment is made, Liability Insurance is not reasonably available, the cost of such insurance is disproportionate
to the amount of the coverage or such insurance is so limited that there is an insufficient benefit from such insurance.  

Section 7. Notification and Defense of Claim. If a claim is made against the Company with respect to any Proceeding, the
Director shall notify the Company of the commencement of such Proceeding promptly after receipt by the Director of notice of the commencement thereof. With respect to any such Proceeding as to which the Director notifies the Company of the
commencement thereof, (i) the Company shall be entitled to participate therein at its own expense and (ii) except as otherwise provided below, shall be entitled to assume the defense thereof, with counsel reasonably satisfactory to the
Director. After notice from the Company to the Director of its election to assume the defense thereof, the Company shall not be liable to the Director under this Agreement for any legal expenses subsequently incurred by the Director in connection
with the defense thereof. The Director shall have the right to employ his own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the
expense of the Director, unless (i) the employment of such counsel by the Director has been authorized by the Company, (ii) the Director shall have reasonably concluded that there may be a conflict of interest between the Company and the
Director in the conduct of his defense in such Proceeding or (iii) the Company shall have failed to promptly employ its counsel to assume the defense in such Proceeding, in each of which cases the fees and expenses of the Director’s
counsel shall be paid by the Company. The Company shall not be entitled to assume the defense in any Proceeding brought by or on behalf of the Company as to which the Director shall have reasonably concluded that there may be a conflict of interest
between the Company and the Director in the conduct of his defense.  
 Section 8. Settlement. The Company shall not settle
any claim in any manner which would impose any penalty or any injunctive relief restricting the activities of the Director without the Director’s written consent. The Director shall not unreasonably withhold his consent to any proposed
settlement which does not impose a fine or injunctive relief, if the Company pays all amounts due under such settlement immediately upon such settlement becoming effective. 

  
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 Section 9. Cooperation of Director. The Director shall cooperate with the person
or persons making the determination on behalf of the Company with respect to the Director’s entitlement to indemnification under this Agreement, including providing any documentation or information which is not privileged or otherwise protected
from disclosure and which is reasonably available to the Director and relevant to such determination.  
 Section 10. Certain
Presumptions and Burden of Proof. If the person or persons making such determination on behalf of the Company with respect to the Director’s entitlement to indemnification or advancement of Expenses shall not have reached a decision
within sixty (60) days after receipt by the Company of the Director’s request therefor, the Director shall be deemed to be entitled thereto; provided, however, such sixty-day period may be extended for a reasonable time, not to exceed an
additional thirty (30) days, if the person or persons making the determination decide in good faith that additional time is required for obtaining or evaluating documentation or other relevant information. In any suit by the Director to enforce
his rights under this Agreement, (i) the Director shall be presumed to be entitled to indemnification, subject to the Company’s ability to rebut such presumption, and (ii) the termination of a Proceeding by a judgment, order,
settlement, conviction or upon a plea of nolo contendere or its equivalent is not, of itself, determinative that the Director did not act in good faith, did not meet a particular standard of conduct, did not have any particular belief, or that a
court has determined that indemnification is not permitted by applicable law. For purposes of any determination of good faith, the Director shall be presumed to have acted in good faith, if he relied on information, opinions, reports or statements,
including financial statements or other financial data prepared or presented by: (a) one or more officers or employees of the Company (or a subsidiary of the Company) whom the Director reasonably believes to be reliable and competent in the
matters presented; (b) legal counsel, public accountants or other persons as to matters the Director reasonably believes are within the person’s professional or expert competence; or (c) a committee of the board of directors of the
Company of which the Director is not a member, if the Director reasonably believes such committee merits confidence; provided, however, the Director shall not be presumed to be acting in good faith, if he has actual knowledge concerning the matter
in question that makes such reliance unwarranted.  
 Section 11. Letter of Credit. Unless to do so would constitute
a breach of any loan agreement or indenture or any other material agreement binding on the Company, upon the occurrence of a Change in Control of the Company, the Company, upon written request of a Director then involved in a Proceeding, shall
obtain an irrevocable standby letter of credit naming the Director as the sole beneficiary in an appropriate amount to cover the estimated Expenses of fully contesting such Proceeding which are to be advanced to the Director hereunder, but not less
than $500,000, issued by a bank or other financial institution having assets in excess of $100,000,000 and containing terms and conditions reasonably satisfactory to the Director (the “Letter of Credit”). The Letter of Credit shall
provide that the Director may from time to time draw amounts thereunder to pay such Expenses as incurred upon presentation to the issuer thereof of (i) copies of the Director’s written affirmations and written undertaking and the written
opinion of his counsel required under Section 3 above and (ii) a written certification personally signed by or on behalf of the Director that the Director has made demand  

  
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upon the Company for the amount he is seeking under the Letter of Credit and that the Company has refused to pay such amount to the Director and that the Director believes in good faith that he
is entitled to such amount under the terms of this Agreement. Once the Company has obtained the Letter of Credit required by this Section 11, and continuing for the duration of this Agreement as set forth in Section 15, the Company shall
renew the Letter of Credit or obtain a substitute letter of credit meeting the criteria specified above so that the Letter of Credit shall always have at least one year of its term remaining. 

Section 12. Contribution. If full indemnification as provided in Section 2 hereof may not be paid to the Director because
such indemnification is prohibited by law, then in any Proceeding in which the Company is jointly liable with the Director (or would be if joined in such Proceeding) the Company shall contribute to the amount of Liability and Expenses incurred by
the Director for which indemnification is not available in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and the Director on the other hand from any transaction from which such
Proceeding arose and (ii) the relative fault of the Company and the Director, as well as any other relevant equitable considerations.  

Section 13. Securities Act Liabilities. The Director understands and agrees that with respect to certain liabilities incurred
under the Securities Act of 1933, as amended, and the rules and regulations thereunder (the “Securities Act”), the Company’s obligations hereunder may be subject to undertakings contained in various registration statements
filed by it pursuant to the Securities Act, as those undertakings relate to the possible need for court review of indemnification for such liabilities. 

Section 14. Subrogation. The Company shall be subrogated to the extent of any payment to the Director under this Agreement to all of
the rights of recovery of the Director with respect to such payments against third parties (including, without limitation, the insurer under any Liability Insurance policy, if applicable). The Director shall do everything reasonably necessary to
secure such rights, including the execution of such documents as may be necessary or desirable to enable the Company to bring suit to enforce such rights. 

Section 15. Duration of Agreement. This Agreement shall continue in effect during the period Director is a director of the
Company and shall continue until the final disposition of all Proceedings for Indemnifiable Events, whether or not such Proceedings are instituted prior to Director ceasing to serve as a director of the Company.  

Section 16. Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or on behalf
of the Company or any affiliate of the Company against the Director, the Director’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, or such longer
period as may be required by state law under the circumstances. Any claim or cause of action of the Company or its affiliate shall be extinguished and deemed released unless asserted by the timely filing and notice of a legal action within such
period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action, the short period shall govern. 

  
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 Section 17. Consent to Jurisdiction. The Company and the Director each
irrevocably consent to the jurisdiction of the courts of the State of Tennessee for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement
shall be brought only in the courts of the State of Tennessee.  
 Section 18. Severability. The provisions of this
Agreement shall be severable in the event any of the provisions hereof are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent
permitted by law and, to the fullest extent possible, shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.  

Section 19. Notices. All notices, requests, demands or other communications hereunder shall be in writing and shall be deemed to have
been duly given if delivered by hand and receipted for by the party to whom such notice or other communication shall have been directed or if mailed by certified registered mail with postage prepaid or if delivered by a private express package or
similar service providing receipt against delivery. All such notices and other communications shall be deemed received on the earlier of actual receipt or the third business day after the date on which it is so delivered or mailed: 

If to the Director to: 
  

 
  

 
  

 
  

or to such other address as may be furnished to the Company by the Director by notice similarly given; or 

If to the Company to: 

J. Alexander’s Holdings, Inc. 

3401 West End Avenue, Suite 260 

Nashville, Tennessee 37203 

Attention: Chief Financial Officer 
 or to such other
address as may be furnished to the Director by the Company by notice similarly given. 
 Section 20. Governing Law. This
Agreement shall be governed by, and be construed and enforced in accordance with, the laws of the State of Tennessee applicable to contracts made and to be performed in such State without giving effect to the principles of conflicts of laws. 

 Section 21. Changes in Law. To the extent that a change in applicable law (whether by statute or judicial decision)
shall permit broader indemnification or advancement of Expenses than is provided under the terms of the organizational documents of the Company and this Agreement, the Director shall be entitled to such broader indemnification and advancement, and
this Agreement shall be deemed to be amended to such extent.  

  
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 Section 22. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by and against the parties hereto and their respective successors and assigns, including without limitation any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of
the business or assets of the Company and the spouse, heirs and personal representatives of the Director. The Company shall require any successor to all or substantially all of the business or assets of the Company, by written agreement in form and
substance satisfactory to the Director, to expressly assume this Agreement.  
 Section 23. Subsequent Amendments. No
amendment, termination or repeal of any provision of the Charter or Bylaws of the Company, or any respective successors thereto, or of any relevant provision of any applicable law, unless in the case such amendment or change in law permits the
Company to provide broader indemnification rights than were permitted prior thereto, shall affect or diminish in any way the rights of the Director to indemnification, or the obligation of the Company, arising under this Agreement, whether the
alleged actions or conduct of the Director giving rise to the necessity of such indemnification arose before or after any such amendment, termination or repeal. A Director’s rights to indemnification and advancement under this Agreement and the
Company’s Bylaws shall vest as of the date he became or becomes a director of the Company.  
 Section 24. Modification
and Waiver. This Agreement supersedes in its entirety any existing or prior agreement between the Company (including any of its subsidiaries (such subsidiaries to include any entity that will become a subsidiary of the Company in connection
with the Spin-off (as defined below) or their predecessors) and the Director pertaining to indemnification and advancement rights. No supplement, modification, amendment, termination or assignment of this Agreement shall be effective unless in
writing signed by both parties hereto. No waiver of any provisions of this Agreement shall be binding unless executed in writing by the party making the waiver. 

Section 25. Definitions. 

(a) “Change in Control” means a change in control of a nature that would be required to be reported in response to
Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act, provided that, without limitation, such a change in control shall be deemed to have occurred if and when (i) any “person” (as such term is defined in
Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a beneficial owner, directly or indirectly, of securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities or
(ii) individuals who are members of the board of directors of the Company immediately prior to a meeting of the shareholders of the Company involving a contest for the election of directors do not constitute a majority of the board of directors
following such election. Notwithstanding the foregoing, no “Change in Control” shall be deemed to have occurred prior to, or as a result of, the spin-off of the Company via distribution of shares of the capital stock of the Company
pursuant to an effective registration statement filed under the Exchange Act (the “Spin-off”). 
 (b)
“Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees and all other disbursements or 

  
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expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating or being or preparing to be a witness in a Proceeding.
Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or
its equivalent. In addition, Expenses shall include any expenses of establishing a right to indemnification. 
 (c)
“Indemnifiable Event” means any event or occurrence that takes place either prior to or after the execution of this Agreement, related to the fact that the Director is or was a director of the Company, or while a director is or was
serving at the request of the Company as a director of another foreign or domestic corporation, partnership, joint venture, employee benefit plan, trust, or other enterprise, or was a director of a foreign or domestic corporation that was a
predecessor corporation of the Company or another enterprise at the request of such predecessor corporation, or related to anything done or not done by the Director in any such capacity, whether or not the basis of the Proceeding is alleged action
in an official capacity as a director or in any other capacity while serving as director of the Company, as described above.  

(d) “Liability” means the obligation to pay a judgment, settlement, penalty or fine (including an excise tax or
penalty assessed with respect to an employee benefit plan).  
 (e) “Proceeding” means any threatened,
pending or completed action, suit, arbitration, alternative dispute mechanism, inquiry, administrative or legislative hearing, investigation or any other actual, threatened or completed proceeding, including any and all appeals, whether conducted by
the Company or any other party, whether civil, criminal, administrative, investigative, or other, whether formal or informal, and in each case whether or not commenced prior to the date of this Agreement, that relates to an Indemnifiable Event. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first set forth above. 
  

			
	J. ALEXANDER’S HOLDINGS, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	DIRECTOR:
		
		 	 

  
 9EX-10.5

 Exhibit 10.5 

AMENDED AND RESTATED LOAN AGREEMENT 

THIS AMENDED AND RESTATED AGREEMENT (“Loan Agreement” or “Agreement”) is made and entered into as of this 9th day
of December, 2014, by and between J. ALEXANDER’S, LLC, a Tennessee limited liability company (herein called “Borrower”) and PINNACLE BANK (herein called “Lender”). 

W I T N E S S E T H: 

WHEREAS, Lender and Borrower are parties to a certain Loan Agreement dated September 3, 2013 (as may have been amended, restated,
modified or supplemented from time to time, the “Existing Loan Agreement”) wherein Lender loaned Borrower funds for the purposes therein stated, said funds were evidenced by (i) a promissory note in the original principal amount of
$15,000,000.00 (together with any and all extensions, renewals and modifications thereof, the “Term Note”) and (ii) a promissory note in the maximum principal amount of $1,000,000.00 (together with any and all extensions, renewals and
modifications thereof the “Revolving Note;” and together with the Term Loan Note, the “Existing Notes”); and 

WHEREAS, Borrower has applied to Lender for additional financing and establishing a draw-down development line of credit to fund the
land acquisition and the construction and/or leasehold improvements for new J. Alexander’s and/or Stoney River restaurants and Lender has agreed to provide such financing, subject to the terms and conditions hereinafter contained; and 

WHEREAS, the Borrower has requested and Lender has agreed to amend and restate the Existing Loan Agreement in its entirety, it being
understood that nothing contained herein shall be deemed a satisfaction or novation of the indebtedness and obligations created or evidenced by the Existing Loan Agreement or the Existing Notes as of the date hereof. 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Lender and Borrower covenant and agree as follows: 
 I. THE LOANS 

 

	 	1.1	Loan. Subject to the terms and provisions of this instrument, Lender has made or agrees to make available to Borrower: 

  

	 	1.1.1.	A term loan in the original principal amount of FIFTEEN MILLION AND NO/100 ($15,000,000.00) DOLLARS, solely for the purposes specifically enumerated in the Existing Loan Agreement and certain costs and
expenses related thereto (sometimes referred to as the “Term Loan”). The Term Loan has been fully funded prior to the date hereof. The Term Loan is evidenced by the Term Note. 

	 	1.1.2.	A revolving line of credit in the maximum principal amount of ONE MILLION AND NO/100 ($1,000,000.00) DOLLARS, to be used for general corporate purposes, including working capital needs of Borrower
and its subsidiaries, by advancing said sum to Borrower on a revolving basis from time to time at Borrower’s request pursuant to the provisions herein contained (the “Line of Credit). The Line of Credit is evidenced by the Revolving Note.

  

	 	1.1.3.	A new revolving line of credit in the maximum principal amount of FIFTEEN MILLION AND NO/100 ($15,000,000.00) DOLLARS, solely for the purposes specifically enumerated herein and to pay certain costs and
expenses related thereto, by advancing said sum to Borrower on a revolving basis from time to time at Borrower’s request pursuant to the provisions herein contained (the “Development Loan”). The Development Loan shall be evidenced by
a certain Promissory Note in the maximum principal amount of $15,000,000.00, in form and content acceptable to Lender, which shall be executed by Borrower and payable to the order of Lender (together with any and all extensions, renewals and
modifications thereof, the “Development Note”). 

 The Term Loan, the Line of Credit and the Development Loan are
sometimes hereinafter collectively referred to as the “Loans”). The Term Note, the Revolving Note and the Development Note are hereinafter collectively sometimes referred to as the “Notes.” 

J. ALEXANDER’S HOLDINGS, LLC, a Delaware limited liability company, J. ALEXANDER’S RESTAURANTS, LLC, a Tennessee
limited liability company, J. ALEXANDER’S RESTAURANTS OF KANSAS, LLC, a Kansas limited liability company, J. ALEXANDER’S OF TEXAS, LLC, a Texas limited liability company, JAX REAL ESTATE, LLC, a Delaware limited
liability company, JAX RE HOLDINGS, LLC, a Delaware limited liability company, and JAX REAL ESTATE MANAGEMENT, LLC, a Delaware limited liability company (herein collectively called “Guarantors”), shall unconditionally
guarantee payment of the Loan, and all indebtedness now or hereafter owing to Lender by Borrower, and shall execute instruments in such form as may be reasonably required by Lender to accomplish such guaranties. The Guarantors herein stated include
all of the wholly-owned subsidiaries of Borrower that own Collateral (as hereinafter defined). 
 1.2 Term. The term of the Loans
shall be as set forth in the Notes and this Loan Agreement. 
 1.3 Interest. The Loans shall bear interest at annual rates as set
forth in the Notes. Interest accruing under the Notes shall be computed on the basis of a three hundred sixty (360) day year. After default or maturity, interest and penalties shall accrue as set forth in the Note and this Loan Agreement.
Notwithstanding anything herein to the contrary, in no event shall the interest rate exceed the maximum rate allowed by applicable law. 

1.4 Repayment Schedule. Payment of all obligations arising under the Loans shall be made as set forth in the Note and this Loan
Agreement. 

  
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 1.5 Commitment Fees; Non-Use Fee. Upon the closing of the Development Loan, Borrower shall
pay to Lender an upfront commitment fee equal to 0.25% of the maximum principal amount of the Development Loan, payable in full in cash at closing. Borrower shall also pay to Lender an unused fee equal to 0.25% per annum of the average, unused
portion of the Line of Credit and the Development Loan until the termination of the Line of Credit and the termination of the Development Loan, payable quarterly in arrears. 

1.6 Place of Payments. All payments of principal and interest shall be made at 150 Third Avenue South, Suite 800, Nashville, TN 37201,
or at such other place, or places, as Lender may direct by notice in writing to Borrower from time to time. 
 1.7 Prepayment.
Prepayment of principal due under the Loans made hereunder may be made at any time without premium or other prepayment charge. 
 1.8
Disbursement of Loans. The Term Loan has been disbursed in full. Funds shall be disbursed by Lender under the Revolving Note and the Development Note for the purposes provided herein on a revolving basis from time to time at Borrower’s
request, and subject to and in accordance with the conditions and requirements contained herein, as follows: 
 (a) Lender shall not be
obligated to disburse any portion of the Line of Credit and the Development Loan other than closing costs of the Loans approved by Lender, unless and until, at Lender’s option, the following conditions precedent shall have been satisfied: 

(i) Lender shall have received all of the Loan Documents and Security Instruments, as hereinafter defined, in form reasonably satisfactory to
Lender, including, but not limited to Borrower and the appropriate parties executing one or more modification agreements (individually a “Modification Agreement” and collectively the “Modification Agreements”) amending and
modifying the loan documents dated September 3, 2013, which among other things, include certain security documents wherein the indebtedness under the Development Loan shall be secured by the Collateral (as hereinafter defined). 

(ii) Borrower and Guarantors shall have provided to Lender certified resolutions appropriately authorizing the transactions contemplated
herein and designating an authorized officer or other agent of Borrower to execute all Loan Documents to which Borrower is a party. 

(iii) Lender shall have received financing statements in form acceptable to Lender to be filed with the Secretary of State of Tennessee, and
such other locations as Lender may reasonably require, perfecting Bank’s security interest in the Collateral (as hereinafter defined), and any waivers or releases reasonably required by Lender. 

(iv) Lender shall have received a copy of certified articles of organization and certificates of existence of Borrower and Guarantors from
the Tennessee Secretary of State and/or such other jurisdictions as Lender may reasonably require, together with copies of the bylaws of Borrower and each corporate Guarantor. 

  
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 (v) Lender shall have received UCC-11 searches issued by the Secretary of State of Tennessee and
such other jurisdictions as Lender may reasonably require. 
 (vi) Borrower shall be in material compliance with all covenants, warranties
and representations to which Borrower is obligated under this Loan Agreement. 
 (vii) No Event of Default shall then be in existence
hereunder or would be caused by any such disbursement. 
 (viii) Borrower shall have furnished to Lender a detailed list of all of the
corporate and/or limited liability company entities owned by Borrower, with evidence of any indebtedness currently outstanding with Borrower and/or Guarantors. 

Interest shall accrue on sums advanced only from the date of disbursement of such sums. 

(b) Advances under the Development Loan shall be subject to the following additional terms and conditions: 

(i) Prior to advancing funds under the Development Loan, Borrower shall be in compliance with all the existing financial covenants. 

(ii) Borrower may, at its option upon completion of any project financed under the Development Loan, request that Lender term-out advances
made in respect of any such projects (a “Term-Out Option”). Thereafter, principal and interest payments in respect of such advances (a “Conversion Loan”) shall be due and payable monthly based upon a 180-month amortization for
fee simple projects and a 60-month amortization for leasehold projects, with all amounts advanced in respect of a particular project being due and payable five (5) years from the beginning of principal and interest amortization (the
“Conversion Date”). 
 (iii) Upon the Conversion Date for a particular project, all amounts advanced under Development Loan in
respect of such project shall be available to be reborrowed under the Development Loan, provided Borrower has provided the documents described in Section 1.8 of this Agreement and further provided that no Event of Default has occurred and is
continuing. 
 (iv) Borrower will pay all reasonable legal expense and recording cost/tax associated with perfecting Lender’s a first
priority security interest in the 3-J. Alexander’s locations not currently financed with Lender to the extent required to be provided as Collateral pursuant to Section 5.17 of this Agreement, in addition to paying any and all reasonable legal
expense and recording cost/tax associated with perfecting Lender’s first priority security interest in the Collateral herein described. 

(v) Borrower shall deliver or cause to be delivered to Lender a preliminary budget for operation of any new restaurant within thirty
(30) days after the disbursement to Borrower of the initial disbursement to build said restaurant. In addition, in the 

  
 4 

 
event Borrower exercises a Term-Out Option with respect to a particular project, Borrower shall deliver to Lender or cause to be delivered to Lender, such documentation as Lender may reasonably
request in respect of such project. Such documentation shall include but not be limited to a current appraisal, title commitment, landlords consents and estoppels (for leasehold projects) any environmental report and any other necessary reasonably
required documents, all of which shall be provided to Lender in a timely manner but not less than thirty (30) days prior to the anticipated closing of the Conversion Loan. To clarify, upon the Conversion Date, the subject Conversion Loan shall
no longer be secured by the Collateral, but shall be secured by a mortgage lien on the fee simple or leasehold interest in the subject restaurant, the construction of which was financed with the proceeds thereof. In addition, with respect to any
permanent loan secured by real property, the original principal amount of such permanent loan will be the lesser of (a) Borrower’s total real estate costs, or (b) 80% of the appraised property value. As part of the condition to a
permanent loan being made, the Guarantors shall agree to continue to guarantee any such permanent loan. 
 1.9 Collateral. As
collateral for the Secured Obligations, as hereinafter defined, including the Loan, Borrower shall execute and deliver, or cause to be executed and delivered to Lender, the following prior to or at closing hereunder: 

(a) A mortgage/deed of trust lien on nine (9) certain real estate assets owned by JAX Real Estate, LLC that each has a J. Alexander
Restaurant located thereon, (“Real Estate Collateral”). Except for Permitted Encumbrances (as hereinafter defined), the Real Estate Collateral will be free and clear of other liens, claims and encumbrances. It is understood, however, that
the Lender has an existing security interest in said properties as set forth in the Existing Loan Agreement, pursuant to which the Lender obtained a first priority lien on the Real Estate Collateral to secure the Existing Notes. 

(b) Except as set forth herein, in addition to the Real Estate Collateral herein described, Lender shall receive a first priority perfected
security interest in substantially all existing and after-acquired tangible personal property of Borrower and Guarantors, located at the Real Estate Collateral. As used herein “Collateral” shall mean all tangible personal property located
at the Real Estate Collateral and the Real Estate Collateral. The Collateral will be free and clear of other liens, claims and encumbrances, except Permitted Encumbrances. As used herein “Permitted Encumbrances” shall mean (i) matters
shown on the title insurance commitments delivered to Lender in connection herewith, (ii) subordinate judgment liens that are the subject of an ongoing appeal, (iii) liens in favor of Lender, (iv) liens securing purchase money
indebtedness or capital lease obligations, and (v) liens for taxes not yet delinquent or being contested in good faith, (vi) claims of materialmen, mechanics, carriers, warehousemen, processors or landlords for labor, materials, supplies
or rentals incurred in the ordinary course of business to the extent limited to the property or assets relating to such contract, and (vii) liens in favor of a landlord to secure Borrower’s or its subsidiaries’ obligations to pay
rent. It is understood, however, that the Lender has existing security interest in said properties as set forth in the Existing Loan Agreement, pursuant to which the Lender obtained a first priority lien on the Collateral to secure the Existing
Notes (subject to Permitted Encumbrances). 

  
 5 

 (c) Assignment and Security Agreement, assigning and granting a security interest to Lender in
all items therein described and other rights and matters as provided therein arising from or with respect to the Collateral, together with Financing Statements to evidence and perfect such assignment and security interest, all of which shall be in
form and substance reasonably satisfactory to Lender in all respects, and which shall be first priority encumbrances upon the property, rights and interests which are the subject of such Assignment and Security Agreement and Financing Statements
(subject to Permitted Encumbrances). 
 (d) Guaranties of the Guarantors, in form and substance reasonably satisfactory to Lender executed
by the Guarantors. 
 The foregoing instruments and documents, and any other instruments and documents now or hereafter securing the Secured
Obligations, are herein sometimes collectively called the “Security Instruments.” The Security Instruments, together with the Notes, this Loan Agreement, and any other instruments and documents now or hereafter evidencing, securing or
regulating the Loans or Secured Obligations are herein sometimes collectively called the “Loan Documents.” 
 Without limiting any
of the provisions thereof, the Security Instruments shall secure the following (the “Secured Obligations”): 
 (a) The full and
timely payment of the indebtedness evidenced by the Notes, together with interest thereon, and all extensions, modifications and renewals thereof. 

(b) The full and prompt performance of all the obligations of Borrower to Lender under the Loan Documents. 

(c) The full and prompt payment of all costs and expenses of whatever kind or nature incident to the collection of any indebtedness evidenced
by the Notes, the enforcement or protection of the Security Instruments, or the exercise by Lender or any rights or remedies of Lender with respect to any indebtedness evidenced by the Notes, including but not limited to reasonable attorney fees
incurred by Lender in connection therewith, all of which Borrower agrees to pay upon demand. 
 (d) The full and prompt payment and
performance of any and all other indebtedness and obligations of Borrower to Lender, whether direct, indirect, contingent or matured, and whether incurred as endorser, guarantor, maker, surety or otherwise, whether now existing or hereafter arising.

 1.10 Collateral Substitution. In the event Borrower shall elect to close or dispose of a restaurant that is part of the Real
Estate Collateral, Lender shall release its mortgage lien on said Real Estate Collateral and any related personal property, so long as Borrower shall provide Lender with a mortgage lien on a substitute property reasonably satisfactory to Lender
(which shall be subject to terms, conditions, and documentation reasonably satisfactory to Lender). 
 1.11 Further Documents and
Actions. Borrower and Guarantors shall execute such instruments as Lender may reasonably require from time to time (which shall be in such form and substance as Lender may reasonably require), and shall take such other actions as Lender may
reasonably require from time to time, to assure the full realization by Lender of the security of all the Collateral. 

  
 6 

 II. REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants to Lender as follows: 

(a) Neither this Loan Agreement, nor any document, financial statement, report, notice, schedule, certificate, statement or other writing
which has, or shall be, furnished to Lender by or on behalf of Borrower hereunder contains any untrue statement of a material fact, or omits to state a fact material to this Loan Agreement, or the Loans to be made hereunder. 

(b) Borrower has full power and authority to consummate the transactions contemplated hereby. 

(c) Borrower and each Guarantor have, and shall have, the authority and capacity to execute and deliver the Loan Documents to which it is a
party. 
 (d) As of the date hereof, there is no default, under any instrument or document to which Borrower or any Guarantor is a party,
which default is reasonably likely to cause a material adverse effect upon Borrower and Guarantors’ financial condition taken as a whole (a “Material Adverse Effect”). Neither the execution nor delivery of this Loan Agreement, or any
of the Loan Documents, nor compliance with their terms and provisions, will conflict with or be in violation of any applicable law, regulation, ordinance, court order, injunction, writ, or decree which conflict is reasonably likely to result in a
Material Adverse Effect. 
 (e) As of the date hereof there is no pending or, to Borrower’s knowledge, threatened judicial,
administrative, or arbitrational action or proceeding affecting Borrower, or any Guarantor before any court, governmental agency, or arbitrator which relates in any adverse manner to any of the transactions contemplated by this Loan Agreement, or
which if adversely determined, is reasonably likely to result in a Material Adverse Effect. Neither Borrower, nor any Guarantor has any material contingent liability not disclosed in the financial information heretofore furnished to Lender, which is
reasonably likely to result in a Material Adverse Effect. 
 (f) The funds disbursed under the Loans shall be used for no purpose other than
the purposes stated above and for working capital needs and other general corporate purposes. 
 (g) The financial statements which have
been heretofore delivered to Lender by or on behalf of Borrower and Guarantors, and all financial statements which shall be delivered hereunder by Borrower or Guarantors, or such parties, to Lender, during the term of this Loan Agreement, and until
payment of the Loans made hereunder, fairly present, and shall fairly present, in all material respects, the financial condition and results of operations of the Borrower as of and for the periods represented. 

  
 7 

 (h) Borrower is a Tennessee limited liability company, validly existing, and in good standing
under the laws of the State of Tennessee and has the power to own its properties, to carry on its business as now conducted, and to enter into and perform its obligations under this Loan Agreement and the other Loan Documents. Borrower is duly
qualified to do business and in good standing in any other state in which a failure to be so qualified could reasonably be expected to have a Material Adverse Effect. The parties executing the Loan Documents on behalf of Borrower are duly authorized
to act on its behalf. 
 (i) Guarantors are validly existing and in good standing under the laws of the states of their organization and
have the power to guarantee the indebtedness contemplated hereby, to carry on business as now conducted, and to enter into and perform obligations under this instrument and the other Loan Documents. Guarantors are duly qualified to do business and
in good standing in any other state in which a failure to be so qualified could reasonably be expected to have a Material Adverse Effect. The parties executing the Loan Documents on behalf of Guarantors are duly authorized to act on behalf of
Guarantors. 
 (j) As of the date hereof, Borrower’s principal office and chief place of business is located at 3401 West End Avenue,
Suite 260, Nashville, Tennessee 37203. Borrower will give Lender thirty (30) days notice of any change in its principal office or chief place of business. 

III. COVENANTS OF BORROWER 

3.1 Loan Documents. Borrower and Guarantors shall execute and deliver, or cause to be executed and delivered, to Lender for the Loans
to be made hereunder, prior to disbursement thereof, all of the Loan Documents, including but not limited to this Loan Agreement, the Notes and Security Instruments, all in form and substance reasonably satisfactory to Lender in all respects. 

3.2 Additional Documentation. Borrower shall deliver to Lender charters, bylaws, certifications, affidavits, good standing
certificates, resolutions, opinions of counsel, and such other documentation as may be reasonably necessary in Lender’s judgment, to authorize the execution and delivery of any of the Loan Documents or to carry out the provisions of this Loan
Agreement. 
 3.3 Liens. Borrower shall for the term of this Loan Agreement, and until payment of the Loan made hereunder,
keep the Collateral free and clear of any and all liens except Permitted Encumbrances and shall pay all taxes (if any) which may be charged against any part or all of the Collateral, prior to the time such become delinquent. However, Borrower shall
not be required to pay any such lien claim, tax or assessment deemed by Borrower to be excessive or invalid, or which may be otherwise contested by Borrower, for so long as Borrower shall in good faith object to or otherwise contest the validity of
the same by appropriate legal proceeding, and provided further that Borrower, upon demand by Lender, as protection and indemnity against loss or damage resulting therefrom, shall deposit, either in cash, bond, or other collateral acceptable to
Lender, an amount sufficient in Lender’s reasonable judgment to cover the claim for such unpaid amounts, together with any costs or penalties which may thereafter accrue. Borrower shall pay, in any event, any such items prior to any judicial or
nonjudicial sale to enforce any such lien. 

  
 8 

 3.4 Financial Statements and Other Information. Borrower shall provide Lender with
quarterly company prepared consolidating and consolidated financial statements and a quarterly loan covenant compliance report within 45 days after the end of the first three (3) fiscal quarters of each fiscal year. Borrower shall also provide
Lender with an annual audited consolidated financial statement and a loan covenant compliance report within 120 days of Borrower’s fiscal year-end. 

3.5 Additional Financial Covenants. Financial covenants will be calculated on a trailing four quarters basis (and for J.
Alexander’s Holdings, LLC, and its subsidiaries on a consolidated basis) and will consist of: 
 (a) Fixed Charge Coverage Ratio.
Borrower shall maintain a Fixed Charge Coverage ratio of not less than 1.25 to 1.0. Fixed Charge Coverage Ratio shall be measured at quarter-end based on a four-quarter trailing basis. Fixed Charge Coverage Ratio shall be defined as the ratio of
(A) the sum of Net Income (excluding the effect of any extraordinary or non-recurring gains or losses including any asset impairment charges, restaurant closing expenses (including lease buy-out expenses), changes in valuation allowance for
deferred tax assets and non-cash deferred income tax benefits and expenses and up to $1,000,000 (in the aggregate for the term of the Loans) in uninsured losses) plus depreciation and amortization plus interest expenses plus rent payments plus
non-cash FASB 123R items, i.e. stock based compensation and non-cash expenses related to a profits interest plan, plus other non-cash expenses or charges, and plus expenses associated with the initial unwritten public offering of equity securities
of J. Alexander’s Holdings, Inc. (the “IPO”), regardless of whether the IPO occurs or is delayed, minus the greater of i) actual total store maintenance capital expenditures (excluding major remodeling or image enhancements), or ii)
the total number of Borrower’s stores operating for at least 18 months multiplied by $40,000 to (B) the sum of interest expense plus rent payments plus current maturities of long term debt and capital leases. 

(b) Maximum Adjusted Debt to EBITDAR Ratio. Borrower shall maintain an Adjusted Debt to EBITDAR Ratio of not more than 4.0 to 1.0.
Maximum adjusted Debt to EBITDAR shall be measured at quarter-end based on a four quarter trailing basis. Maximum Adjusted Debt to EBITDAR Ratio is defined as the ratio of (A) Total Funded Debt minus invested Funds plus rent payments multiplied
by 7, to (B) EBITDAR. Invested Funds is defined as short term, liquid investments such as money markets with maturities of less than one year in length, and cash and cash equivalents; provided that investments into any joint venture or
any endeavor not consistent with Borrower’s core restaurant operating business without consent of Lender shall be excluded. EBITDAR shall be defined as the sum of: Net Income for such period (excluding the effect of any extraordinary or
non-recurring gains or losses including any asset impairment charges, restaurant closing expenses (including lease buy-out expenses), changes in valuation allowance for deferred tax assets and non-cash deferred income tax benefits and expenses and
up to $1,000,000.00 (in the aggregate for the term of the Loans) in uninsured losses) plus an amount which, in the determination of Net Income for such period has been deducted for (i) interest expense for such period; (ii) total federal,
state foreign or other income taxes for such period; (iii) all depreciation and amortization for such period; (iv) rent payments; and (v) non-cash FASB 123R items, i.e. stock based compensation, and non-cash expense related to a
profits interest plan, plus any other non-cash expenses or charges, and plus expenses associated with the IPO, regardless of whether the IPO occurs or is delayed, all as determined with GAAP. 

  
 9 

 3.6 Notice of Claims. Borrower shall promptly notify Lender of any litigation exceeding
$500,000.00 by any third party which may arise with respect to the Collateral, not covered by insurance subject to customary deductibles. 

3.7 Insurance. If such insurance is obtainable, Borrower shall furnish to Lender insurance policies with companies, and coverage and
amounts, reasonably satisfactory to Lender insuring the Collateral against loss or damage by fire and other casualty, and such other risks as may be reasonably requested by Lender, said policies to insure the full replacement cost of such
Collateral. Each such policy shall be maintained in full force and effect until the Loans have been paid in full. 
 3.8 Ownership of
Collateral. Except as set forth herein and the other Loan Documents, Borrower shall at all time until final payment of the Loans be the true and lawful owner of all the Collateral. 

3.9 Assignments and Participations. Lender will have the right at any time to sell and assign interests in the Loans in accordance with
customary terms, including prior consent of the Borrower (not to be unreasonably withheld), which consent shall not be required if any Event of Default exists. 

3.10 Deposit Accounts. Borrower agrees to maintain the vast majority of its treasury management depository accounts and treasury
management account balances with Lender. 
  

	 	3.11	Dividends. 

 (a) Borrower shall be permitted to pay tax dividends to members. 

(b) In addition, as long as a default has not occurred under the Loan Documents or would be caused thereby, Borrower shall be permitted to pay
dividends up to the Available Basket Amount, as determined from time to time, defined as follows, “Available Basket Amount” means, as of the closing date, $5,725,000, which amount shall be (a) increased annually on the first day of
Borrower’s fiscal year by an amount equal to $2,500,000 plus 25% of consolidated net income for the immediately preceding fiscal year, beginning with the fiscal year ending December 28, 2014, and (b) reduced by the aggregate amount of
restricted payments made during the period commencing September 3, 2013 through and including the relevant date of determination and designated by Borrower and Lender to be applied against the Available Basket Amount. 

(c) Borrower shall be prohibited from issuing or declaring dividends without Lender’s written permission until the Loans are fully repaid
or expired; except as otherwise noted, in (a) and (b) above. 
 3.12 Subordination. Lender and Fidelity National Financial,
Inc. (“FNF”) acknowledge they have previously entered into a subordination agreement to subordinate to Lender’s Loans dated September 3, 2013 (“the September 3, 2013 Loan Documents”) a $20,000,000.00 note
(“Subordinated Note”) owed by J. Alexander’s Holdings, LLC to FNF, wherein it was agreed that so long as there is no Event of Default as described in the September 3, 2013 Loan Documents,

  
 10 

 
Borrower may pay accrued interest related to this Subordinated Note. A copy of this Subordinated Note shall be delivered to Lender prior to the Closing. The Lender and FNF agree that this
Subordinate Note shall also be subordinated to the Development Loan on the same terms and conditions as set forth in the said September 3, 2013 Loan Documents and both parties shall take whatever legal action they deem necessary to carry out
the intent herein stated, provided however, so long as no Event of Default exists hereunder, the Subordinated Note may be prepaid in full with the proceeds from the IPO. Further, the Borrower shall have the privilege of prepaying up to Ten Million
and no/100 Dollars ($10,000,000.00), plus any accrued interest, toward the indebtedness evidenced by the Subordinated Note regardless of whether the IPO has occurred. 

IV. EVENTS OF DEFAULT 

Each of the following shall constitute an Event of Default hereunder: 

(a) If Borrower shall fail to pay any installment under the Loans within five (5) days of Lender’s written notice to Borrower; or 

(b) If Borrower shall fail to pay sums due under the Loans at maturity; or 

(c) If Borrower or any of the Guarantors shall fail to keep and perform any other covenant or provision contained in this Loan Agreement, or
in any of the Loan Documents, or if at any time any representation or warranty made by Borrower or any of the Guarantors, herein or otherwise in connection with the Loans made hereunder, shall be materially incorrect, and such failure shall continue
unremedied for a period of thirty (30) days following the earlier of the date an executive officer of Borrower first has actual knowledge of such breach or failure, or the date Borrower is given written notice from Lender to Borrower specifying
such breach or failure. If such failure cannot be cured by Borrower with reasonable diligence within such thirty (30) day period, then such period shall be extended to a total of forty-five (45) days provided that within such thirty
(30) day period Borrower shall commence to cure such breach or failure and shall continue to proceed thereafter with reasonable diligence; or 

(d) If Borrower or any of the Guarantors (i). shall generally not pay or shall be unable to pay its or their debts as such debts become due;
or (ii) shall make a general assignment for the benefit of creditors or petition or apply to any tribunal for the appointment of a custodian, receiver or trustee for such party, the Collateral or a substantial part of such party’s assets;
or (iii) shall commence any proceeding under bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or (iv) shall have had any
petition or application filed or commenced against it or them in which an order for relief is entered or an adjudication or appointment is made; or (v) shall indicate, by any act or omission, such party’s consent to, approval of or
acquiescence in any such petition, application, proceeding, or order for relief or the appointment of a custodian, receiver or trustee for such party, the Collateral or a substantial part of such party’s assets; or (vi) shall suffer any
custodianship, receivership or trusteeship to continue undischarged for a period of thirty (30) days or more; or 
 (e) If Borrower or
any of the Guarantors shall be liquidated or dissolved (provided, however, any Guarantor may be liquidated, dissolved or merged into another Guarantor or Borrower); or 

  
 11 

 (f) If there is a material default in any other material indebtedness or obligations now or
hereafter owing by Borrower or Guarantors, to Lender, subject to applicable cure provisions. 
 In any such event, Lender may, in addition
to all remedies available to Lender under the terms of any of the Loan Documents, or otherwise by applicable law, take any or all of the following actions, concurrently or successively: (i) declare the indebtedness evidenced by the Note
delivered pursuant to this Loan Agreement to be immediately due and payable without presentment, demand, or other notice, all of which are expressly waived, unless notice is specifically provided herein, or elsewhere in the Loan Documents,
(ii) terminate the obligation of Lender to extend credit of any kind hereunder, whereupon the obligation of Lender to make additional advances hereunder shall terminate, (iii) acquire possession of the Collateral. 

Borrower shall be liable to Lender for all sums paid or expended by Lender during the occurrence of an Event of Default in connection with the
Collateral or otherwise in connection with this Loan Agreement, and all such payments made or liabilities incurred by Lender hereunder, of any kind whatsoever, shall be payable upon demand, and all of the foregoing, shall be deemed to constitute
advances under this Loan Agreement, and the Notes, and shall be additional indebtedness secured by the Security Instruments. 
 V. GENERAL
PROVISIONS 
 5.1 Setoff. In addition to all rights of setoff, Lender shall have upon the occurrence of an Event of Default
hereunder the right to appropriate and apply to the payment of the Loans outstanding hereunder, any and all balances, credits, deposits, accounts, money, or other property of Borrower or Guarantors then or thereafter held by or deposited with
Lender. 
 5.2 Attorney Fees and Costs. Borrower shall be liable to Lender for all sums reasonably paid or incurred by Lender in
connection with this Loan Agreement, the Loans made hereunder, the Collateral, whether paid or incurred by reason of any default hereunder, or in any of the Loan Documents, or otherwise, and such shall include, but shall not be limited to, the
payment of all reasonable attorneys’ fees so paid or incurred. All such sums shall be payable by Borrower to Lender upon demand, and all of the foregoing shall constitute advances under this Loan Agreement. Borrower shall further pay to Lender
all costs and expenses incurred by Lender, including, but not limited to, reasonable attorneys’ fees, in the preparation and consummation of this Loan Agreement, and the Loan made hereunder. 

Borrower will pay all reasonable outside legal fees and UCC recording cost and search expenses incurred by the Lender relative to negotiation
and document preparation (whether or not the contemplated transaction is closed and funded), and any and all reasonable legal fees and expenses incurred by Lender after the closing for any and all ongoing administrative, enforcement and collection
expenses related to the Loans. 

  
 12 

 5.3 Remedies Cumulative. All remedies provided for in this Loan Agreement, or in any of
the Loan Documents, shall be cumulative, and shall be in addition to all other remedies available to Lender by applicable law. 
 5.4
Inspection. Upon reasonable prior notice, Lender, its representatives and designees, shall have reasonable access to the books and records of Borrower with respect to the Collateral, and shall be entitled to copies of such records upon request.
Borrower shall make such books and records available to Lender upon reasonable request. Upon reasonable prior notice, Lender shall be entitled to access to the Collateral for the purpose of inspecting the same, and in order to otherwise carry out
the provisions of this Loan Agreement, or of any of the Loan Documents. 
 5.5 No Waiver. The failure of Lender to exercise any right
or remedy granted under this Loan Agreement, any of the Loan Documents, or by applicable law, shall not be a waiver of Lender’s right or rights to exercise any such right or remedy upon any subsequent default. 

5.6 Captions. Captions used herein are for convenience only, and shall not be construed as limiting the construction of the provisions
of this Loan Agreement. 
 5.7 Notice. Any and all notices permitted or required under this Loan Agreement, or any of the Loan
Documents, shall be deemed given if hand-delivered, or mailed by United States registered or certified mail, postage prepaid, return receipt requested, to the following addresses: 

 

			
	 If to Borrower, as follows:
		J. Alexander’s, LLC
			Attn: Mark Parkey, CFO
			3401 West End Avenue, Suite 260
			Nashville, Tennessee 37203
		
	 with a copy to:
		 Bass, Berry & Sims PLC
 Attn: Felix R.
Dowsley, III

			150 Third Avenue S., Suite 2800
			Nashville, TN 37201
		
	 and in the case of Lender:
		Pinnacle Bank
			Attn: William W. DeCamp, Senior Vice President
			150 Third Avenue S., Suite 800
			Nashville, Tennessee 37201
		
	 with a copy to:
		 Gullett, Sanford, Robinson & Martin PLLC

Attn: George V. Crawford, Jr.

			150 Third Avenue S., Suite 1700
			Nashville, Tennessee 37201

 or to such other address, or addresses, as either party may request in writing to the other from time to time. No notice to or
demand on Borrower hereunder, in itself shall entitle Borrower to any other or further notice or demand in similar or other circumstances, or shall constitute a waiver of the rights of Lender to any other or further action in any circumstances
without notice or demand. 

  
 13 

 5.8 Interest. Notwithstanding anything herein to the contrary, in no event shall interest
charged under the Loans hereunder exceed the maximum rate allowed by applicable law. Interest shall be calculated on the basis of a three hundred sixty (360) day year. 

5.9 No Liability. Except to the extent caused by Lender’s negligence or willful misconduct, Borrower shall indemnify and hold
harmless Lender from and against any and all liability, loss, and damage incurred by Lender in connection with this Loan Agreement. 

5.10 Successors and Assigns. This Loan Agreement shall be binding upon the parties hereto, and their respective successors and assigns.
However, no rights of Borrower hereunder may be assigned without the express prior written consent of Lender. 
 5.11 Severability.
The invalidity or unenforceability of any provision hereof shall not affect the validity or enforceability of the remaining provisions. 

5.12 Entire Agreement, Amendment. This Loan Agreement, and the Loan Documents executed pursuant hereto shall constitute the entire
agreement of the parties. Any additional provisions contained in the Loan Documents not contained herein shall be supplemental and in addition to the provisions hereof. This Loan Agreement may be modified or amended only by an instrument in writing
executed by all parties hereto. 
 5.13 Applicable Law. The construction and validity of this Loan Agreement, and the Loans made
hereunder, shall be governed by the law of the State of Tennessee, except to the extent that such may be pre-empted by applicable law or regulation of the United States of America governing the charging or receiving of interest. 

5.14 Time of the Essence, Gender, Number. Time is of the essence with respect to this Loan Agreement, and all provisions and
obligations hereof. As used herein, the singular shall refer to the plural, the plural to the singular, and the use of any gender shall be applicable to all genders. 

5.15 Further Assurances. Borrower shall execute and deliver such additional instruments and documents and take such further actions, as
may be reasonably requested by Lender from time to time to further evidence or perfect the rights of and obligations owing to Lender hereunder and to correct any errors or mistakes in the transactions evidenced hereby. 

5.16 Counterparts. This Loan Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all
of which, taken together, shall constitute one and the same instrument. 
 5.17 Additional Collateral. In the event Lender’s
existing Term Loan No. 900000025 with Borrower remains outstanding six (6) months after the closing date of this Agreement, Lender will be entitled to a first priority security interest in three additional restaurants located at
Plantation, Florida, Tampa, Florida and Atlanta, Georgia (“New Collateral”), subject to Permitted 

  
 14 

 
Encumbrances Failure by Borrower to take or cause the action to be taken to have Lender receive a first priority security interest in said New Collateral within sixty (60) days after the
expiration of such six month period shall be deemed an Event of Default. 
 5.18 Participation Agreement. Borrower and Lender
acknowledge that Lender has committed to Borrower, that pursuant to the terms and conditions of this Agreement, and provided there is no default by Borrower or any of its affiliates in this Loan, Lender is obligated to loan to Borrower a total
principal amount of $30,000,000.00 outstanding at any time. In the event Borrower requests that Lender make available amounts in excess of the said $30,000,000.00, Lender has the right to enter into a participation agreement with third parties (in
consultation with Borrower) whereby the amount exceeding the said $30,000,000.00 is purchased by said third parties on such terms and conditions as set forth in said participation agreement. Notwithstanding the foregoing that the parties acknowledge
that Lender is under no obligation to loan to Borrower or its affiliates any funds in excess of $30,000,000.00. 
 5.19 Guarantors.
The Guarantors join in the execution of this Amended and Restated Loan Agreement for the purpose of acknowledging Guarantors’ obligations with respect to this Amended and Restated Loan Agreement, the Revolving Note, the Term Note, the
Development Loan and the Existing Loan Agreement, and in addition any other instrument or document evidencing or securing all or any part of the Loans. 

5.20 Amendment and Restatement. This Amended and Restated Loan Agreement constitutes an amendment and restatement of that certain Loan
Agreement, dated September 3, 2013, by and among the Borrower, the Lender and the within named Guarantors. 
 The remainder of this page
is left intentionally blank. 

  
 15 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Loan Agreement as
of the date first above written. 
  

			
	BORROWER:
	
	J. ALEXANDER’S, LLC,
	a Tennessee limited liability company
		
	By:		 /s/ Mark A. Parkey

	Name:		Mark A. Parkey
	Title:		Vice President and Chief Financial Officer
	
	LENDER:
	
	PINNACLE BANK
		
	By:		 /s/ William W. DeCamp

			William W. DeCamp, Senior Vice President

  

			
	GUARANTORS:
	
	J. ALEXANDER’S HOLDINGS, LLC,
	a Delaware limited liability company
		
	By:		 /s/ Mark A. Parkey

	Name:		Mark A. Parkey
	Title:		Vice President and Chief Financial Officer
	
	J. ALEXANDER’S RESTAURANTS, LLC,
	a Tennessee limited liability company
		
	By:		 /s/ Mark A. Parkey

	Name:		Mark A. Parkey
	Title:		Vice President and Chief Financial Officer

  
 16 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Loan Agreement as
of the date first above written. 
  

			
	BORROWER:
	
	J. ALEXANDER’S, LLC,
	a Tennessee limited liability company
	
	LENDER:
	
	PINNACLE BANK
		
	By:		 /s/ William W. DeCamp

			William W. DeCamp, Senior Vice President

  

			
	GUARANTORS:
	
	J. ALEXANDER’S HOLDINGS, LLC,
	a Delaware limited liability company
		
	By:		 /s/ Mark A. Parkey

	Name:		 Mark A. Parkey

	Title:		 Vice President and Chief Financial Officer

	
	J. ALEXANDER’S RESTAURANTS, LLC,
	a Tennessee limited liability company
		
	By:		 /s/ Mark A. Parkey

	Name:		 Mark A. Parkey

	Title:		 Vice President and Chief Financial Officer

  
 17 

			
	 J. ALEXANDER’S RESTAURANTS OF

KANSAS, LLC, a Kansas limited liability company.

		
	By:		 /s/ Mark A. Parkey

	Name:		Mark A. Parkey
	Title:		Vice President and Chief Financial Officer
	
	 J. ALEXANDER’S OF TEXAS, LLC,

a Texas limited liability company

		
	By:		 /s/ Mark A. Parkey

	Name:		Mark A. Parkey
	Title:		Vice President and Chief Financial Officer
	
	 JAX REAL ESTATE, LLC,
 a
Delaware limited liability company

		
	By:		 /s/ Mark A. Parkey

	Name:		Mark A. Parkey
	Title:		Vice President and Chief Financial Officer
	
	 JAX RE HOLDINGS, LLC,
 a
Delaware limited liability company

		
	By:		 /s/ Mark A. Parkey

	Name:		Mark A. Parkey
	Title:		Vice President and Chief Financial Officer
	
	 JAX REAL ESTATE MANAGEMENT, LLC,

a Delaware limited liability company

		
	By:		 /s/ Mark A. Parkey

	Name:		Mark A. Parkey
	Title:		Vice President and Chief Financial Officer

  
 18

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