Document:

Loan Agreement, dated December 15, 2005

 Exhibit 10.2 
 LOAN AGREEMENT 
 THIS LOAN AGREEMENT (“Agreement”) is made and entered into as of
December 15, 2005, by and between BJ’S RESTAURANTS, INC., a California corporation (“Borrower”), and UNION BANK OF CALIFORNIA, N.A., a national banking association (“Bank”). 
 SECTION 1. CREDIT FACILITIES. 
 1.1 The Loan. 
 1.1.1 The Revolving Loan. Bank will make one or more advances to Borrower upon Borrower’s request in an aggregate principal amount at any one
time outstanding not to exceed Ten Million Dollars ($10,000,000) (the “Revolving Loan”). The proceeds of each advance under the Revolving Loan shall be used only to finance Borrower’s working capital and for other general corporate
purposes. Each advance requested and made under the Revolving Loan shall be in a principal amount of not less than One Hundred Thousand Dollars ($100,000), or in increments of Fifty Thousand Dollars ($50,000) in excess thereof. Borrower may borrow,
repay and reborrow all or any part of the Revolving Loan in accordance with the terms of the Revolving Note (as such term is defined herein below); provided, however, that for at least thirty (30) consecutive days during each twelve
(12) month period during which this Agreement is in effect, the aggregate principal amount of all advances outstanding under the Revolving Loan must be Zero Dollars ($0). All borrowings of the Revolving Loan must be made before
December 31, 2008, on which date all unpaid principal of, and accrued but unpaid interest on, the Revolving Loan shall be due and payable. Borrower’s obligation to repay the aggregate outstanding principal amount of all advances made by
Bank to Borrower under the Revolving Loan, together with accrued but unpaid interest thereon, shall be evidenced by Bank’s standard form of commercial promissory note (the “Revolving Note”), duly issued by Borrower in favor of Bank.
Bank shall enter each amount borrowed and repaid in connection with the Revolving Note in Bank’s records and such entries shall be deemed correct, absent manifest error. The failure of Bank to make any such entries shall not discharge Borrower
from its obligation to repay in full with interest all amounts borrowed under the Revolving Loan. 
 1.1.2 The L/C Sublimit. As a
sublimit of the Revolving Loan, Bank shall issue, for the account of Borrower, one or more irrevocable commercial and/or standby letters of credit (collectively, “L/Cs” and individually, an “L/C”), with transport documents
presented in a full set to Bank (and, in the case of airway bills, consigned to Bank) and calling for drafts at sight or usance, secured or unsecured, covering the importation or purchase of goods (in the case of each commercial L/C) or supporting
Borrower’s worker’s compensation or other obligations incurred in the normal course of business (in the case of each standby L/C) (the “L/C Sublimit”). The sum of (a) the aggregate amount available to be drawn under all
outstanding L/Cs and (b) the aggregate amount of unpaid reimbursement obligations under drawn L/Cs shall not exceed Seven Million Five Hundred Thousand Dollars ($7,500,000) at any time and shall reduce, Dollar for Dollar, the maximum amount
available to be borrowed under the Revolving Loan. Each L/C shall be drawn on such terms and conditions as may be acceptable to Bank and shall be governed by the terms of (and Borrower agrees to execute) Bank’s 

  

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standard form of commercial or standby letter of credit application and reimbursement agreement in connection therewith, as applicable; provided, however,
that (a) no commercial L/C shall expire more than one hundred eighty (180) days from its date of issuance or in any event later than April 30, 2009, and (b) no standby L/C shall expire more than twelve (12) months from its
date of issuance or in any event later than December 31, 2009. 
 1.2 Terminology. The following words and phrases, whether used in their
singular or plural form, shall have the meanings set forth below: 
 “GAAP” means generally accepted accounting principles and practices
consistently applied. Accounting terms used in this Agreement but not otherwise expressly defined have the meanings given them by GAAP. 
 “L/C” means the commercial L/Cs or the standby L/Cs, or both, as the context may require. 
 “Lien” means
any voluntary or involuntary security interest, mortgage, pledge, claim, charge, encumbrance, title retention agreement, or third party interest, covering all or any part of the property of Borrower. 
 “Loan” means all of the credit facilities described hereinabove. 
 “Loan Documents” means this Agreement, the Note, and all other documents, instruments and agreements required by Bank and executed in connection with this
Agreement, the Note, the Loan, and with all other credit facilities from time to time made available to Borrower by Bank. 
 “Note” means all of the promissory notes described hereinabove. 
 1.3 Prepayment. The Loan may be prepaid in full or in part, but
only in accordance with the terms of the Note, and any such prepayment shall be subject to any prepayment fee provided for therein. 
 1.4 Interest.
The unpaid principal amount of the Loan shall bear interest at the rate or rates provided in the Note. 
 1.5 Upfront Fee. On or before the date
of execution of this Agreement, Borrower shall pay to Bank an upfront fee in the sum of Three Thousand Dollars ($3,000). 
 1.6 Unused Fee. On the
last day of each calendar quarter, commencing December 31, 2005, and on the termination date of the Revolving Loan, Borrower shall pay to Bank a fee equal to one-tenth of one percent (1/10 of 1%) per annum on the unused portion of the
Revolving Loan, computed on the basis of a 360-day year for actual days elapsed. For clarification purposes only, L/Cs issued under the L/C Sublimit shall be considered as usage in the calculation of such unused fee. 
 1.7 L/C Fees. All fees in connection with the issuance, amendment and payment of any L/C shall be in accordance with Bank’s standard schedule of fees as
published from time to time, 

  

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except that the issuance fee with respect to each L/C shall be one percent (1%) per annum on the face amount thereof. 
 1.8 No Security. Borrower’s obligations and liabilities to Bank under this Agreement and the other Loan Documents shall be unsecured. 
 SECTION 2. CONDITIONS PRECEDENT 
 Bank shall not be
obligated to disburse all or any portion of the Loan unless at or prior to the time of each such disbursement, the following conditions have been fulfilled to Bank’s satisfaction: 
 2.1 Compliance. Borrower shall have performed and complied with all terms and conditions required by this Agreement to be performed or complied with, and shall have executed and delivered to Bank the Note and
all other Loan Documents to which Borrower is a party. 
 2.2 Authorization to Obtain Credit. Borrower shall have provided Bank with an Authorization
to Obtain Credit, Grant Security, Guarantee or Subordinate, on Bank’s standard form or otherwise in a form acceptable to Bank, duly executed by the secretary or an assistant secretary of Borrower, authorizing the execution, delivery and
performance of this Agreement and the other Loan Documents to which Borrower is a party. Such Authorization to Obtain Credit, Grant Security, Guarantee or Subordinate shall also designate the officers of Borrower who are authorized to act on
Borrower’s behalf in connection with this Agreement to do the things required of Borrower pursuant to this Agreement and the other Loan Documents to which Borrower is a party. 
 2.3 Continuing Compliance. At the time any disbursement of the Loan is to be made and immediately thereafter, there shall not exist any Event of Default (as such term is hereinafter defined) or any event,
condition, or act which with the giving of notice or the lapse of time, or both, would constitute an Event of Default. 
 SECTION 3. REPRESENTATIONS AND
WARRANTIES 
 Borrower represents and warrants that: 
 3.1 Principal Business Activity. Borrower’s principal business is the operation of restaurants and breweries within selected restaurants. 
 3.2 Affiliates and Subsidiaries. Borrower’s affiliates and subsidiaries (those entities in which Borrower has either a controlling interest or a twenty-five percent (25%) or more ownership interest) and their addresses, and
the names of the persons or entities owning five percent (5%) or more of the capital stock of Borrower, are as provided on a schedule delivered to Bank on or before the date of this Agreement; provided, however, that Borrower shall have no
obligation to update such schedule for those entities that acquire five percent (5%) or more of the capital stock of Borrower in the ordinary course of business and are required to file a Form 13G with the Securities and Exchange Commission.

  

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 3.3 Organization and Qualification. Borrower is a corporation, duly organized and existing under the laws of the
State of California, is duly qualified and in good standing in any jurisdiction where such qualification is required, and has the power and authority to carry on the business in which it is engaged and/or proposes to engage, except where the failure
to be so qualified would not have a material adverse effect on Borrower. 
 3.4 Power and Authorization. Borrower has the power and authority to enter
into this Agreement and to execute and deliver the Note and all other Loan Documents to which it is a party. This Agreement and all things required by this Agreement and the other Loan Documents to which Borrower is a party have been duly authorized
by all requisite corporate action on the part of Borrower. 
 3.5 Authority to Borrow. The execution, delivery and performance of this Agreement, the
Note and all other Loan Documents to which Borrower is a party are not in contravention of any of the terms of any indenture, agreement or undertaking to which Borrower is a party or by which it or any of its property is bound or affected.

 3.6 Compliance with Laws. Borrower is in compliance with all applicable laws, rules, ordinances or regulations which materially affect the
operations or financial condition of Borrower. 
 3.7 Title. Except for assets which may have been disposed of in the ordinary course of business,
Borrower has good and marketable title to all property reflected in the financial statements that it has delivered to Bank and to all property purchased or otherwise acquired by Borrower since the date of such financial statements, free and clear of
all Liens, except for Liens permitted by this Agreement. 
 3.8 Financial Statements. Borrower’s financial statements (on Form 10Q) for the
fiscal period ended October 4, 2005, have heretofore been furnished to Bank, are true and complete, and fairly represent in all material respects Borrower’s financial condition for the fiscal period covered thereby. Since October 4,
2005, there has been no material adverse change in Borrower’s financial condition or operations. 
 3.9 Litigation. There is no litigation or
proceeding pending or, to Borrower’s knowledge, threatened against Borrower or any of its property which is reasonably likely to affect the financial condition, property or business of Borrower in a materially adverse manner or result in
liability of more than One Million Dollars ($1,000,000) in excess of Borrower’s insurance coverage. 
 3.10 ERISA. Borrower’s defined
benefit pension plans (as defined in the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), if any, meet, as of the date hereof, the minimum funding standards of Section 302 of ERISA, and no Reportable Event (as
such term is defined in ERISA) or Prohibited Transaction (as such term is defined in ERISA) has occurred with respect to any such plan that would have a material effect on Borrower. 
 3.11 Regulation U. No action has been taken or is currently planned by Borrower, or any agent acting on its behalf, which would cause this Agreement or the Note to violate Regulation 

  

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U or any other regulation of the Board of Governors of the Federal Reserve System, or to violate the Securities and Exchange Act of 1934, in each case as in
effect now or as the same may hereafter be in effect. Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock as one of its important activities and, except as may be expressly agreed to and
documented between Borrower and Bank, none of the proceeds of the Loan will be used directly or indirectly for such purpose. 
 3.12 No Event of Default.
Borrower is not now in default in the payment of any of its material obligations, and there exists no Event of Default, and no condition, event or act which with notice or lapse of time, or both, would constitute an Event of Default. 

3.13 Borrower Solvent. Borrower is now and shall be at all times hereafter Solvent. As used herein, the term “Solvent” shall mean, as to Borrower at
any time, that: (a) the fair value of the property and assets of Borrower is greater than the amount of Borrower’s indebtedness as such value is established and such indebtedness is evaluated for purposes of Section 101(32) of the
United States Bankruptcy Code (12 U.S.C. 101 et seq.); (b) the present fair saleable value of the property and assets of Borrower is not less than the amount that will be required to pay the probable liability of Borrower on its indebtedness as
it becomes absolute and matured; (c) Borrower is able to realize upon its property and assets and pay its indebtedness (including trade Indebtedness) as it matures in the normal course of business; (d) Borrower does not intend to, and does
not believe that it will, incur Indebtedness beyond its ability to pay same as it matures; and (e) Borrower is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which its property and assets
would constitute unreasonably small capital. 
 3.14 Continuing Representations and Warranties. The foregoing representations and warranties shall be
considered to have been made again at and as of the date of each and every disbursement of the Loan or other extension of credit and shall be true and correct as of each such date. 
 SECTION 4. AFFIRMATIVE COVENANTS 
 Until all sums payable pursuant to this Agreement, the Note and the
other Loan Documents have been paid in full, unless Bank otherwise consents in writing, Borrower agrees that: 
 4.1 Use of Proceeds. Borrower will
use the proceeds of the Loan only as provided in Section 1 hereinabove. 
 4.2 Payment of Obligations. Borrower will pay and discharge promptly
all taxes, assessments and other governmental charges and claims levied or imposed upon it or its property, or any part thereof; provided, however, that Borrower shall have the right in good faith to contest any such taxes, assessments, charges or
claims and, pending the outcome of such contest, to delay or refuse payment thereof provided that adequately funded reserves are established by it to pay and discharge any such taxes, assessments, charges and claims. 
  

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 4.3 Maintenance of Existence. Borrower will maintain and preserve its existence, its assets, and all rights,
franchises, licenses and other authority necessary for the conduct of its business, and will maintain and preserve its property, equipment and facilities in good order, condition and repair. Bank may, at reasonable times, visit and inspect any of
Borrower’s properties. 
 4.4 Records. Borrower will keep and maintain full and accurate accounts and records of its operations in accordance
with GAAP and will permit Bank, at Bank’s expense (unless an Event of Default has occurred and is continuing, in which case such audits shall be at Borrower’s expense), to have access thereto, to make examination and photocopies thereof,
and to make audits of Borrower’s accounts and records. 
 4.5 Information Furnished. Borrower will furnish to Bank: 
 (a) Within forty-five (45) days after the close of each fiscal quarter, except for the final fiscal quarter of each fiscal year, its unaudited
financial statements (on Form 10Q) for such fiscal quarter, all prepared in accordance with GAAP; 
 (b) Within one hundred twenty
(120) days after the close of each fiscal year, a copy of its financial statements (on Form 10K) for such fiscal year, examined and prepared on an audited basis by independent certified public accountants selected by Borrower and reasonably
satisfactory to Bank in accordance with GAAP; 
 (c) Concurrently with the delivery of the financial statements described in subsections
(a) and (b) of this Section 4.5, a certification of compliance with all financial covenants under this Agreement, executed by Borrower’s president, chief financial officer or other duly authorized officer in form and substance
acceptable to Bank; 
 (d) Prompt written notice to Bank of any Event of Default or breach under any of the terms or provisions of this
Agreement or any other Loan Document, any litigation which would have a material adverse effect on Borrower’s financial condition, and any other matter which has resulted in, or is likely to result in, a material adverse change in
Borrower’s financial condition or operations taken as a whole; 
 (e) Prior written notice to Bank of any change in Borrower’s
officers, Borrower’s name or state of organization, or the location of Borrower’s assets, principal place of business or chief executive office; 
 (f) Within fifteen (15) days after Borrower knows or has reason to know that any material Reportable Event (as such term is defined in ERISA) or Prohibited Transaction (as such term is defined in ERISA) has
occurred with respect to any defined benefit pension plan of Borrower, a statement of an authorized officer of Borrower describing such event or condition and the action, if any, which Borrower proposes to take with respect thereto; and 

(g) Such other financial statements and information concerning Borrower as Bank may reasonably request from time to time. 
  

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 4.6 Liquidity. Borrower will maintain unencumbered and unrestricted Liquid Assets at all times in an aggregate
amount of not less than the sum of (a) the aggregate principal amount of all advances outstanding under the Revolving Loan at such time plus (b) Two Million Dollars ($2,000,000). As used in this Agreement, “Liquid Assets” shall
mean immediately available: (a) cash, bank deposits, accounts and mutual funds; (b) obligations of or guaranteed by the U.S. Government or an agency thereof; and (c) stocks, bonds and other debt instruments regularly traded on the New
York Stock Exchange, the American Stock Exchange or NASDAQ and which can be readily converted into cash. For the purpose of determining compliance with this Section 4.6, each L/C issued by Bank for the account of Borrower hereunder shall not be
treated as an outstanding advance under the Revolving Loan unless and until such L/C has been drawn upon. 
 4.7 Insurance. Borrower will keep all of
its insurable property, whether real, personal or mixed, insured by companies approved by Bank, which approval shall not be unreasonably withheld, against fire and such other risks, and in such amounts and with such deductibles as is customarily
obtained by companies having Borrower’s scope of operations. Borrower will furnish to Bank statements of its insurance coverage, will promptly upon Bank’s request furnish other or additional insurance deemed necessary by Bank to the extent
that such insurance may be available. Borrower will maintain adequate worker’s compensation insurance and adequate insurance against liability for damage to persons or property. All policies shall require at least ten (10) days’
written notice to Bank before alteration or cancellation. Borrower will also be allowed to self-insure all or any portion of such risks. 
 4.8 Additional
Requirements. Upon Bank’s reasonable request, Borrower will promptly take such further action and execute all such additional documents and instruments in connection with this Agreement and the other Loan Documents as Bank in its reasonable
discretion deems necessary, and promptly supply Bank with such other information concerning its affairs as Bank may reasonably request from time to time. 
 4.9 Litigation and Attorneys’ Fees. Upon Bank’s request, Borrower will promptly pay to Bank reasonable attorneys’ fees, including the reasonable estimate of the allocated costs and expenses of in-house legal counsel
and staff, and all out-of-pocket costs and other expenses paid or incurred by Bank in collecting, modifying or compromising the Loan or in enforcing or exercising its rights or remedies created by, connected with or provided for in this Agreement
and any other Loan Documents. If any judicial action, arbitration or other proceeding is commenced, only the prevailing party shall be entitled to attorneys’ fees and court costs. 
 4.10 Bank Expenses. Upon Bank’s request, Borrower will pay or reimburse Bank for all costs, expenses and fees incurred by Bank in preparing and documenting this Agreement and the Loan, and all amendments
and modifications to any Loan Documents, including but not limited to all filing and recording fees, costs of appraisals, insurance and reasonable attorneys’ fees, including the reasonable estimate of the allocated costs and expenses of
in-house legal counsel. The total amount of the costs, expenses and fees incurred by Bank and for which Borrower shall be obligated to pay or reimburse Bank hereunder shall not exceed Five Thousand Dollars ($5,000) during the term of this Agreement;
provided, however, that at all times during which an Event of Default exists hereunder, there shall be no limitation on the total amount of the costs, expenses and fees incurred by Bank for which Borrower shall be obligated to pay or reimburse Bank
hereunder. 
  

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 SECTION 5. NEGATIVE COVENANTS 
 Until all sums payable pursuant to this Agreement, the Note and the other Loan Documents have been paid in full, unless Bank otherwise consents in writing, Borrower agrees that: 
 5.1 Liens. Borrower will not create, assume or suffer to exist any Lien on any of its property, whether real, personal or mixed, now owned or hereafter acquired,
or upon the income or profits thereof, except (a) Liens, if any, in favor of Bank, (b) Liens for taxes not delinquent and taxes and other items being contested in good faith, (c) minor encumbrances and easements on real property which
do not affect its market value, (d) Liens on Borrower’s personal property in existence on the effective date of this Agreement, and (e) future purchase money security interests and security interests created under capitalized leases
encumbering only the assets purchased. 
 5.2 Borrowings. Borrower will not sell, discount or otherwise transfer any account receivable or any note,
draft or other evidence of indebtedness, except to Bank or except to a financial institution at face value for deposit or collection purposes only, and without any fees other than the financial institution’s normal fees for such services.
Borrower will not borrow any money, become contingently liable to borrow money, or enter any agreement to directly or indirectly obtain borrowed money, except (a) indebtedness of Borrower existing on the effective date of this Agreement,
(b) purchase money indebtedness and capitalized lease obligations of Borrower, (c) any tenant improvement allowance granted by any landlord in the ordinary course of business and (d) pursuant to agreements with Bank. 
 5.3 Sale of Assets, Liquidation or Merger. Borrower will not liquidate, dissolve or enter into any consolidation, merger, partnership or other combination, or
convey, sell or lease all or the greater part of its assets or business, or purchase or lease all or the greater part of the assets or business of another person or entity. Nothing contained in this Section 5.3 shall be deemed to prohibit or
otherwise limit the ability of Borrower to (a) sell inventory to its customers in the ordinary course of Borrower’s business or (b) engage in any sale and leaseback transaction with respect to any of its property, whether now owned or
hereafter acquired. 
 5.4 Loans, Advances and Guaranties. Borrower will not, except in the ordinary course of business as currently conducted, make
any loans or advances, become a guarantor or surety, or pledge its credit or properties. 
 5.5 Investments. Borrower will not purchase the debt or
equity of another person or entity, except for (a) savings accounts and certificates of deposit of Bank, (b) direct U.S. Government obligations, and (c) commercial paper, short-term notes, corporate bonds, asset-backed securities and
letters of credit issued by corporations with the highest ratings of Moody’s Investors Service, Inc., the Standard & Poor’s Rating Group, a division of McGraw-Hill, Inc. or any other nationally-known rating service reasonably
acceptable to Bank; provided that all of such permitted investments shall mature within two (2) years of purchase. 
  

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 5.6 Profitability. Borrower will not incur a net loss after taxes (excluding any extraordinary non-cash items) in
any two (2) consecutive fiscal quarters during the term of this Agreement. 
 SECTION 6. EVENTS OF DEFAULT 
 The occurrence of any of the following events (collectively, “Events of Default” and individually, an “Event of Default’) shall
terminate any obligation of Bank to make or continue the Loan and shall automatically, unless otherwise provided under the Note, make all sums of interest and principal and any other amounts owing under the Loan immediately due and payable, without
notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor, or any other notice or demand: 
 6.1 Payment Default.
Borrower shall default in the due and punctual payment of the principal of or the interest on the Note or on any amounts owing under any of the Loan Documents and such default shall continue for a period of five (5) business days; or

 6.2 Covenant Default. Borrower shall default in the due performance or observance of any covenant or condition contained in this Agreement or any
of the other Loan Documents, and in the case of any default under Sections 4.5(a), 4.5(b), 4.5(c), 5.4 and 5.5 of this Agreement only, such default shall continue for a period of five (5) business days; or 
 6.3 Insolvency. Borrower shall become insolvent or fail generally to pay its or his debts as such debts become due; or 
 6.4 Bankruptcy Proceeding. Borrower shall commence any voluntary or involuntary proceeding under any laws relating to bankruptcy, insolvency, reorganization,
arrangement, debt adjustment or debtor relief and, in the case of any involuntary proceeding only, such involuntary proceeding shall not be dismissed or discharged within sixty (60) days after the commencement thereof; or 
 6.5 Assignment For Benefit Of Creditors. Borrower shall make an assignment for the benefit of its creditors of any substantial part of its property; or

 6.6 Appointment Of Receiver. There shall be appointed, or any proceeding shall be commenced for the appointment of, any receiver, trustee,
custodian or similar official for all or substantially all of Borrower’s property and, in the case of any involuntary receivership only, such involuntary receivership shall not be dismissed or discharged within sixty (60) days after the
commencement thereof; or 
 6.7 Dissolution Or Liquidation. Any proceeding shall be commenced for the dissolution or liquidation of Borrower; or

 6.8 Termination Of Existence. Borrower’s existence shall be terminated; or 
 6.9 Failure to Comply. Borrower shall fail to comply with any order, judgment, injunction, decree, writ or demand of any court or other public authority and such order, judgment, 

  

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injunction, decree, writ or demand shall continue unsatisfied and in effect for a period of sixty (60) days without being vacated, discharged, satisfied
or stayed or bonded pending appeal; or 
 6.10 Legal Process. There shall be filed or recorded against Borrower, or against the property of Borrower,
any notice of levy, notice to withhold, or other legal process for taxes other than property taxes, and such notice or other legal process shall not be released, stayed, vacated, bonded or otherwise dismissed within sixty (60) days after the
date of its filing or recording and is material to the Company; or 
 6.11 Default On Other Indebtedness. Borrower shall default on any obligation
concerning the borrowing of money that is outstanding in the aggregate amount of Two Million Dollars ($2,000,000) or more; or 
 6.12 Judicial Liens.
Any writ of attachment, execution, or other judicial lien shall be issued against Borrower, or any property of Borrower, and such writ or other judicial lien shall not be released, stayed, vacated, bonded or otherwise dismissed within sixty
(60) days after the date of its issuance and is material to the Company; or 
 6.13 Change Of Ownership. There shall be a change in ownership or
control of fifty-one percent (51%) or more of the capital stock of Borrower. 
 SECTION 7. GENERAL PROVISIONS 
 7.1 Additional Remedies. The rights, powers and remedies given to Bank hereunder shall be cumulative and not alternative and shall be in addition to all rights,
powers and remedies given to Bank by law against Borrower or any other person or entity including but not limited to Bank’s rights of setoff and banker’s lien. 
 7.2 Nonwaiver. Any forbearance or failure or delay by Bank in exercising any right, power or remedy hereunder shall not be deemed a waiver thereof and any single or partial exercise of any right, power or
remedy shall not preclude the further exercise thereof. No waiver shall be effective unless it is in writing and signed by an officer of Bank. 
 7.3
Inurement. The benefits of this Agreement and the other Loan Documents shall inure to the successors and assigns of Bank and the permitted successors and assigns of Borrower, but any attempted assignment by Borrower without Bank’s prior
written consent shall be null and void. 
 7.4 Applicable Law. his Agreement and the other Loan Documents shall be governed by and construed in
accordance with the laws of the State of California. 
 7.5 Severability. Should any one or more provisions of this Agreement or any other Loan
Document be determined to be illegal or unenforceable, all other provisions of this Agreement or such other Loan Document shall nevertheless be effective. 
  

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 7.6 Controlling Document. In the event of any inconsistency between the terms of this Agreement and any other Loan
Document, the terms of such other Loan Document shall prevail. 
 7.7 Construction. The Section and subsection headings herein are for convenient
reference only and shall not limit or otherwise affect the interpretation of this Agreement. 
 7.8 Amendments. This Agreement may be amended only in
writing signed by all parties hereto. 
 7.9 Counterparts. Borrower and Bank may execute one or more counterparts to this Agreement, each of which
shall be deemed an original, but all of such counterparts when taken together shall constitute one and the same agreement. 
 7.10 Notices. Any
notices or other communications provided for or allowed hereunder shall be effective only when given by one of the following methods and addressed to the parties at their respective addresses and shall be considered to have been validly given
(a) upon delivery, if delivered personally, (b) upon receipt, if mailed, first class postage prepaid, with the United States Postal Service, (c) on the next business day, if sent by overnight courier service of recognized standing, or
(d) upon telephoned confirmation of receipt, if telecopied. The addresses to which notices or demands are to be given may be changed from time to time by notice delivered as provided hereinabove. 
 7.11 Integration Clause. Except for the other Loan Documents, this Agreement constitutes the entire agreement between Bank and Borrower regarding the Loan, and
all prior oral or written communications between Borrower and Bank shall be of no further effect or evidentiary value. 
  

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 THIS AGREEMENT is executed on behalf of the parties by their duly authorized representatives as of
the date first above written. 
 “Borrower” 
 BJ’S RESTAURANTS, INC. 
  

			
	By:	 	  
		
	Title:	 	  
		
	By:	 	  
		
	Title:	 	  

 Address For Notices: 
 BJ’s Restaurants, Inc. 
 16162 Beach Boulevard, Suite 100 
 Huntington Beach, California 92647 
 Attention: Greg Levin 
                   Chief Financial Officer 
 Telephone No.: (714) 848-3747, extension 240 
 Fax No.: (714) 848-5587 
 “Bank” 
 UNION BANK OF CALIFORNIA, N.A. 
  

			
	By:	 	  
		
	Title:	 	  

 Address For Notices: 
 Union Bank of California, N.A. 
 Commercial Banking Group— 
 Metro Los Angeles Division 
 445 South Figueroa Street, 10th Floor 
 Los Angeles, California 90071 
 Attention: David Stassel 
                   Vice President 
 Telephone No.: (213) 236-7768 
 Fax No.: (213) 236-7635 
  

 12Stock Option Agreement for Non-Employee Directors

 Exhibit 10.8 
 BJ’S RESTAURANTS, INC. 
 2005 EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 
 (Non-Employee
Director Stock Option—Formula Grant) 
 This Stock Option Agreement is made and entered into by and between BJ’s Restaurants,
Inc., a California corporation (“Company”), and the option recipient identified in the “BJ’s Restaurants, Inc. 2005 Equity Incentive Plan Notice of Grant of Stock Option” (“Grant Notice”) which is attached hereto
(“Optionee”), as of the “Grant Date” set forth in the Grant Notice, with respect to the following facts: 
 A. The
Company has adopted and the shareholders of the Company have approved the BJ’s Restaurants, Inc. 2005 Equity Incentive Plan, as heretofore amended (the “Plan”), pursuant to which the Company is authorized to grant stock options to
directors, consultants and employees of the Company or any of its subsidiaries. 
 B. Optionee has received and reviewed a copy of the Plan.

 C. Optionee is a non-employee director of the Company. 
 D. This Agreement is comprised of this Stock Option Agreement (this “Agreement”), and the attached Notice of Grant of Stock Option and the related Grant Summary, each of which is incorporated herein by
reference. 
 NOW, THEREFORE, in consideration of the premises and intending to be legally bound, the parties agree as follows: 

1. Grant of Option. Subject to the terms and conditions set forth herein, the Company hereby grants to Optionee a nonqualified stock
option (“Option”) to purchase from the Company, at the “Option Price Per Share” set forth in the Grant Notice, the “Total Number of Shares” of the Company’s authorized and unissued or reacquired shares of common
stock set forth in the Grant Notice. 
 2. Nonqualified Stock Option. The Option granted to Optionee pursuant to this Agreement
is intended to be a “nonqualified stock option” and is not subject to the qualification requirements and limitations applicable to incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”). 
 3. Administration. The Plan provides that it shall be administered by the Compensation Committee of the
Board of Directors (the “Committee”) or, in the absence of such Committee, by the Board of Directors of the Company (the “Board”). The Committee shall have full and exclusive power to administer the Plan on behalf of the Board,
subject to such terms and conditions as the Committee may prescribe. Notwithstanding anything herein to the contrary, the Committee’s power to administer the Plan, and actions the Committee takes under the Plan, 

 
shall be limited by the provisions set forth in the Committee’s charter, as such charter may be amended from time to time, and the further limitation
that certain actions may be subject to review and approval by either the full Board or a panel consisting of all of the Independent Directors (as defined in the Plan) of the Company. Subject to the provisions of the Plan, the Committee shall have
the authority to construe and interpret the Plan and this Agreement, to delegate administration of the Plan to subcommittees or officers of the Company, to promulgate, amend, and rescind rules and regulations relating to the administration of the
Plan and this Agreement, and to make all of the determinations necessary or advisable for administration of the Plan and this Agreement. All decisions, determinations, and interpretations of the Committee shall be final and binding on Optionee, the
Company (including its Subsidiaries), any shareholder and all other persons. No administrator of the Plan shall be liable for any action or determination undertaken or made in good faith and in a manner which such person reasonably believed to be in
the best interests of the Company with respect to the administration of the Plan or this Agreement. References in this Agreement to the Committee shall include the Committee (or if no Committee exists, the Board) and, to the extent the context
requires, any person(s) delegated administrative authority by the Committee (or the Board) with respect to the Plan or this Agreement. 
 4. Term of Option. Unless earlier exercised pursuant to Section 5 of this Agreement, and except as otherwise provided in the Grant Summary or Grant Notice, the Option shall terminate on, and shall not be exercisable
after, the expiration of the earliest of: (i) other than in circumstances covered by (ii), (iii), or (iv) below, six (6) months after the date Optionee ceases to be a Director, Consultant or Employee (each as defined in the Plan);
(ii) immediately upon termination of Optionee’s Active Status for Misconduct (as defined in the Plan); (iii) twelve (12) months after the date on which Optionee ceased to be a Director, Consultant or Employee as a result of his
or her total and permanent Disability (as defined in the Plan); or (iv) twelve (12) months after the date of the death of Optionee whose services as a Director, Consultant or Employee terminated as a result of his or her death. In no event
shall the Option be exercisable after ten (10) years after the “Grant Date” set forth in the Grant Notice. 
 5.
Exercise. 
 5.1 Exercisability. Subject to the terms and conditions of this Agreement, the Option
shall become exercisable according to the number of shares set forth on the “Exercise Schedule” in the Grant Summary attached hereto and incorporated herein by reference. In the event the Exercise Schedule does not specify the dates the
Option becomes exercisable, the Option shall become exercisable on a cumulative basis as to one-third (1/3) of the total number of shares covered thereby on the first anniversary of the date the Option is granted and an additional one-third
(1/3) at the end of each consecutive one-year period thereafter until the Option has become exercisable as to all of such total number of shares. The Option may be exercised by Optionee with respect to any shares of common stock of the Company
covered by the Option at any time on or after the date on which the Option becomes exercisable with respect to such shares; provided that the Option may not be exercised at any one time with respect to less than ten (10) shares of common stock
of the Company, unless the number of shares with respect to which the Option is exercised is the total number of shares with respect to which the Option is exercisable at the time. To the extent Option vest and become 

  

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exercisable in increments, except as may be specifically provided in the Grant Notice, Grant Summary or the specific terms of any written severance
arrangement between the Optionee and the Company, the Option shall cease vesting as of the date of the Optionee’s Death or Disability (each as defined in the Plan) or termination of such Optionee as a Director, Consultant or Employee (each as
defined in the Plan). 
 5.2 Notice of Exercise. Optionee shall exercise the Option by delivering to the
Company, either in person or by certified or registered mail, written notice of election to exercise and payment in full of the purchase price as provided in Subsection 5.3 of this Agreement. The written notice shall set forth the whole number of
shares with respect to which the Option is being exercised. 
 5.3 Payment of Purchase Price. The purchase
price for any shares of common stock of the Company with respect to which Optionee exercises the Option shall be paid in full at the time Optionee delivers to the Company the written notice of election to exercise. The purchase price shall be paid
in cash, by check, or, at the discretion of the Committee or such other person(s) designated by the Committee for such purposes, upon such terms and conditions as the Committee (or such other person(s)) shall approve, either by (i) subject to
any restrictions or limitations imposed under applicable law, a request that the Company or the designated brokerage firm conduct a cashless exercise of the Option; (ii) cash; and (iii) tender of shares of Common Stock owned by the
Optionee in accordance with rules established by the Committee from time to time. Shares used to pay the exercise price shall be valued at their Fair Market Value (as defined in the Plan) on the exercise date. Payment of the aggregate exercise price
by means of tendering previously-owned shares of Common Stock shall not be permitted when the same may, in the reasonable opinion of the Company, cause the Company to record a loss or expense as a result thereof. In addition to the option exercise
price, the purchase price shall include the amount of tax required to be withheld (if any) by the Company or any parent or subsidiary corporation as a result of the exercise of the Option. 
 6. Issuance of Shares. Promptly after the Company’s receipt of the written notice of election to exercise provided for in Subsection
5.2 hereof and Optionee’s payment in full of the purchase price, the Company shall deliver, or cause to be delivered to Optionee, certificates for the whole number of shares with respect to which the Option is being exercised by Optionee or, in
the case of a cashless exercise, for any such shares that were not sold in the cashless exercise. 
 6.1 Registration
of Shares. Shares shall be registered in the name of Optionee. If any law or regulation of the Securities and Exchange Commission or of any other federal or state governmental body having jurisdiction shall require the Company or Optionee to
take any action prior to issuance to Optionee of the shares of common stock of the Company specified in the written notice of election to exercise, or if any listing agreement between the Company and any national securities exchange requires such
shares to be listed prior to issuance, the date of the delivery of such shares shall be adjourned until the completion of such action and/or such listing. 
  

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 6.2 Restriction on Issuance and Transfer of Shares. Shares of common stock
acquired pursuant to the exercise of the Option which are not registered under the Securities Act of 1933 shall be subject to restrictions on transfer. No unregistered shares of common stock acquired pursuant to the exercise of the Option, nor any
right or interest therein, may be transferred without the prior written consent of the Company, except by will or the laws of descent and distribution. Any unregistered shares acquired by exercise of the Option shall bear a legend referring to the
restrictions and limitations of this Section. The Company may impose stop transfer instructions to implement such restrictions and limitations and may require the Optionee to execute a buy-sell agreement in favor of the Company or its designee with
respect to all or any of the shares so acquired. In such event, the terms of such agreement shall apply to such shares. 
 7.
Fractional Shares. In no event shall the Company be required to issue fractional shares upon the exercise of any portion of the Option. 
 8. No Rights as Shareholder or Employee. Nothing in this Agreement shall confer upon Optionee the right to continue in service as an employee or consultant of the Company for any period of specific duration, or interfere with
or otherwise restrict in any way the rights of the Company (or any subsidiary employing or retaining such person), or of Optionee, which rights are hereby expressly reserved by each, to terminate such person’s services at any time for any
reason, with or without cause. Except as provided in Section 9 hereof, no adjustment shall be made for any dividends (ordinary or extraordinary, whether cash, securities, or other property) or distributions or other rights for which the record
date is prior to the date such share certificate is issued. 
 9. Recapitalization or Reorganization of Company. Except as
otherwise provided herein, appropriate and proportionate adjustments shall be made in the number and class of shares subject to the Option, and the exercise price of the Option, in the event that the number of shares of Common Stock of the Company
are increased or decreased as a result of a stock dividend (but only on Common Stock), stock split, reverse stock split, recapitalization, reorganization, merger, consolidation, separation, or like change in the corporate or capital structure of the
Company. To the extent that the foregoing adjustments relate to stock or securities of the Company, such adjustments shall be made by the Committee, the determination of which in that respect shall be final, binding, and conclusive. No right to
purchase fractional shares shall result from any adjustment of the Option pursuant to this Section. 
 Unless otherwise provided in the most
recently executed agreement between the Optionee and the Company, or specifically prohibited under applicable laws, or by the rules and regulations of any applicable governmental agencies or national securities exchanges or quotation systems, the
Option may be Accelerated (as defined in the Plan) upon a Change of Control (as defined in the Plan) in certain circumstances specified in the Plan. 
 10. No Transfer of Option. Optionee may not transfer all or any part of the Option except by will, by the laws of descent and distribution, by instrument to an inter vivos or testamentary trust in which
the options are to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to “immediate family” as that term is defined in Title 17, Section 

  

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240.16a-1(e) of the Code of Federal Regulations. The Option shall not be exercisable during the lifetime of Optionee by any person other than Optionee. In
the event of the death of Optionee, the Option or unexercised portion thereof, to the extent (and only to the extent) exercisable by Optionee on the date of his or her death, may be exercised by Optionee’s personal representatives, heirs, or
legatees subject to the provisions of Section 4 hereof. 
 11. General Provisions. 
 11.1 Entire Agreement. This Agreement contains the entire understanding between the parties with respect to the subject
matter hereof, and supersedes any and all prior written or oral agreements between the parties with respect to the subject matter hereof. There are no representations, agreements, arrangements, or understandings, either written or oral, between or
among the parties with respect to the subject matter hereof which are not set forth in this Agreement. 
 11.2
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of California. 
 11.3 Notices. Any notice given pursuant to this Agreement may be served personally on the party to be notified or may be mailed, with postage thereon fully prepaid, by certified or registered mail, with
return receipt requested, addressed to the Company at its principal office, to Optionee at Optionee’s residence address according to the records of the Company, or at such other address as either party may designate in writing from time to
time. Any notice given as provided in the preceding sentence shall be deemed delivered when given, if personally served, or ten (10) business days after mailing, if mailed. 
 11.4 Further Acts. Each party to this Agreement agrees to perform such further acts and to execute and deliver such other
and additional documents as may be reasonably necessary to carry out the provisions of this Agreement. 
 11.5
Severability. If any term, provision, covenant, or condition of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, or unenforceable for any reason, such invalidity, illegality, or unenforceability shall
not affect any of the other terms, provisions, covenants, or conditions of this Agreement, each of which shall be binding and enforceable. 
 11.6 Modification and Amendment. This Agreement may not be modified, extended, renewed or substituted without an amendment or other agreement in writing signed by the parties to this Agreement.

  

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