Document:

EX-10.6

 Exhibit 10.6 

INVESTOR RIGHTS AGREEMENT 

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

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

1.    Board Appointment and Related Agreements. 

(a)    Board Appointment 

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

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

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

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

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

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

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

  
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 4.    Preemptive Rights. 

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

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

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

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

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

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

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

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

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

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

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

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

6.    Access to Information. 

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

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

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

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

7.    Confidentiality. 

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

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

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

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

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

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

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

  
 11 

 11.    Miscellaneous. 

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

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

  
 12 

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

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

 

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

Attention:        Greg Levin

E-mail:             
glevin@bjsrestaurants.com

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

10345 W. Olympic Blvd.
 Los Angeles, CA 90064

Attention:        Robert Steinberg, Esq.

E-mail:             
rsteinberg@elkinskalt.com

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

Brookline, MA 02446

Attention:        Ron Shaich

E-mail:             
ronshaich@act3holdings.com

  
 13 

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

125 Broad St.
 New York, NY 10004

Attention:        Frank Aquila

                         Audra D. Cohen

E-mail:             
aquilaf@sullcrom.com

                         cohena@sullcrom.com

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

Brookline, MA 02446

E-mail:             
ronshaich@act3holdings.com

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

125 Broad St.
 New York, NY 10004

Attention:        Frank Aquila

                         Audra D. Cohen

E-mail:             
aquilaf@sullcrom.com

                         cohena@sullcrom.com

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

Sullivan & Cromwell LLP 

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

                       
  Audra D. Cohen 

E-mail:             aquilaf@sullcrom.com 

                       
  cohena@sullcrom.com 

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

  
 14 

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

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

(i)    Interpretation; Absence of Presumption. 

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

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

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

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

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

  
 15 

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

			
	BJ’S RESTAURANTS, INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Investor Rights Agreement] 

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

			
	SC 2018 TRUST LLC

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Investor Rights Agreement]EX-10.7

 Exhibit 10.7 

[FORM OF WARRANT] 
 THE SECURITIES REPRESENTED
HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS AND MAY BE OFFERED, SOLD, ASSIGNED,
PLEDGED, HYPOTHECATED, TRANSFERRED OR OTHERWISE DISPOSED OF (EACH, A “TRANSFER”) ONLY IF SUCH SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR IF SUCH TRANSFER IS MADE PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH STATE SECURITIES LAWS AFTER PROVIDING AN OPINION OF COUNSEL TO SUCH EFFECT. 
 COMMON
STOCK PURCHASE WARRANT 
 BJ’S RESTAURANTS, INC. 
  

	 Warrant Shares: 875,000 
	 Initial Issuance Date: May [5], 2020 

THIS COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for value received, SC 2018 Trust LLC or
its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, on or prior to the Close of Business on May [4], 2025 (the “Termination
Date”) but not thereafter, to subscribe for and purchase from BJ’s Restaurants, Inc., a California corporation (the “Company”), up to 875,000 duly authorized, validly issued, fully paid and nonassessable
shares of Common Stock (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price (as defined below). 

Section 1. Definitions. Capitalized terms used and not otherwise defined in this Warrant that are defined in the Purchase
Agreement shall have the respective meanings ascribed to such terms in the Purchase Agreement. As used in this Warrant, the following terms shall have the respective meanings set forth in this Section 1: 

a)    “Aggregate Exercise Price” means an amount equal to the product of
(i) the number of Warrant Shares in respect of which this Warrant is then being exercised pursuant to Section 2, multiplied by (ii) the Exercise Price in effect as of the Exercise Date in accordance with the terms
of this Warrant; provided that for the purposes of Section 3(a), “Aggregate Exercise Price” shall mean an amount equal to the product of (x) the total number of Warrant Shares initially
issuable pursuant to this Warrant (as adjusted pursuant to Section 3(a)) multiplied by (y) the Exercise Price in effect as of the date of the applicable adjustment pursuant to Section 3(a).

 b)    “Business Day” means a day that is a Monday, Tuesday, Wednesday,
Thursday or Friday and is not a day on which banking institutions in New York, New York generally are authorized or obligated by law, regulation or executive order to close. 

  
 1 

 c)    “Cashless Exercise Date”
has the meaning set forth in Section 2(c). 
 d)    “Change of
Control” means, at any time, the occurrence of any of the following events or circumstances: (i) any “person” or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) shall
(A) become the “beneficial owner” (within the meaning of Section 13(d) of the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the
Company’s then outstanding voting securities or (B) otherwise acquire, directly or indirectly, the power to direct or cause the direction of the management or policies of the Company, whether through the ability to exercise voting power,
by contract or otherwise, (ii) persons who were (A) directors of the Company on the date hereof or (B) appointed by directors who were directors of the Company on the date hereof or were nominated or approved by directors who were
directors of the Company on the date hereof shall cease to occupy a majority of the seats (excluding vacant seats) on the Board, (iii) the consummation of a merger or consolidation of the Company with or into any other Person, other than a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent at least 50% of the total voting power represented by the voting securities of the Company or such
surviving entity or its parent outstanding immediately after such merger or consolidation or (iv) any direct or indirect sale, transfer or other disposition, in one transaction or a series of related transactions, of all or substantially all of
the assets of the Company and its subsidiaries, taken as a whole (it being agreed that the sale, transfer or other disposition by any Person of the Equity Interests of any subsidiary constitutes an indirect sale, transfer or disposition of the
assets of such subsidiary). 
 e)    “Close of Business” means 5:00 p.m., eastern
time, on any Business Day. 
 f)    “Closing Bid Price” means, for any date, the
price determined by the first of the following clauses that applies: (i) if the Common Stock is then listed or quoted on a Trading Market, the last reported closing bid price of the Common Stock for such date on the Trading Market on which the
Common Stock is then listed or quoted as reported by Bloomberg L.P., (ii) if the Common Stock is not then listed on a Trading Market or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the
“Pink Sheets” published by OTC Markets Group Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported or (iii) in all other cases,
the fair market value of a share of Common Stock as determined by an independent nationally recognized investment banking, accounting or valuation firm selected in good faith by the Company and reasonably acceptable to the Holder, the fees and
expenses of which shall be paid by the Company. 
 g)    “Commission” means the
U.S. Securities and Exchange Commission. 
 h)    “Common Stock” means the common
stock, no par value per share, of the Company. 
 i)    “Company” has the meaning
set forth in the Preamble. 

  
 2 

 j)    “DWAC” has the meaning set
forth in Section 2(d). 
 k)    “Equity Interests”
means any and all shares, interests, participations or other equivalents (however designated) of equity interests of a corporation, any and all equivalent ownership interests in a Person other than a corporation (including, without limitation,
partnership interests, membership interests and similar ownership interests), any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing, and all other ownership or profit interests in a
Person (including partnership, member or trusts interests in such Person), in each case whether voting or non-voting and whether or not outstanding on any date of determination. 

l)    “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder, as the same may be amended from time to time. 

m)    “Exercise Date” has the meaning set forth in
Section 2(a). 
 n)    “Excluded Issuance” means any
issuance or sale by the Company after the Initial Issuance Date of: (i) shares of Common Stock issued upon the exercise of this Warrant; (ii) options, Convertible Securities (as defined in the Investor Rights Agreement) and shares of
Common Stock (as such number of shares is equitably adjusted for subsequent stock splits, stock combinations, stock dividends and recapitalizations) issued directly or upon the conversion or exercise of options or Convertible Securities to
directors, officers, employees, or consultants of the Company in connection with their service as directors of the Company, their employment by the Company or their retention as consultants by the Company, in each case authorized by the Board and
issued pursuant to the Company’s Equity Incentive Plan or any successor plan (including all such shares of Common Stock, options and Convertible Securities outstanding prior to the Initial Issuance Date); (iii) shares of Common Stock
issued upon the conversion or exercise of options or Convertible Securities (other than options and Convertible Securities covered by clause (ii) above) issued prior to the Initial Issuance Date, or (iv) any Equity Securities (as defined
in the Investor Rights Agreement) with respect to which the Investors (as defined in the Investor Rights Agreement) had exercised preemptive rights under the Investors Rights Agreement. 

o)    “Exercise Price” has the meaning set forth in
Section 2(b). 
 p)    “Governmental Authority” means
any supra-national, national, federal, provincial, state, municipal or other government, or political subdivision thereof, and any governmental department, commission, board, bureau, court, agency, authority, regulatory body, central bank, or
instrumentality or other entity or officer exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

q)    “Holder” has the meaning set forth in the Preamble. 

  
 3 

 r)    “Initial Issuance Date”
means May [5], 2020. 
 s)    “Investor Rights Agreement” means the Investor
Rights Agreement dated as of May 1, 2020, by and among the Company, the Holder and any transferees of the Securities (as defined in the Purchase Agreement) who agree to become subject to the Investor Rights Agreement. 

t)    “Moving Party” has the meaning set forth in
Section 5(g). 
 u)    “Notice of Exercise” has the
meaning set forth in Section 2(a). 
 v)    “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and any governmental entity or any department or agency thereof. 

w)    “Purchase Agreement” means the Securities Purchase Agreement, dated as of
May 1, 2020, by and between the Company and the Holder. 
 x)    “Registration Rights
Agreement” means the Registration Rights Agreement, dated as of May [5], 2020, by and among the Company, and the Investors (as defined in the Registration Rights Agreement). 

y)    “Termination Date” has the meaning set forth in the Preamble. 

z)    “Trading Day” means a day on which the Common Stock is traded on a Trading
Market or, if the Common Stock is not traded on a Trading Market, then on the principal securities exchange or securities market on which the Common Stock is then traded. 

aa)    ”Trading Market” means any market or exchange of the Nasdaq Stock Market LLC
or the New York Stock Exchange. 
 bb)    “Transfer Agent” has the meaning set
forth in Section 2(d). 
 cc)    “VWAP” means, for any
date, the price determined by the first of the following clauses that applies: (i) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time)), (ii) if the Common Stock is
not then listed on a Trading Market or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported or (iii) in all other cases, the fair market value of a share of Common Stock as determined by an independent nationally
recognized investment banking, accounting or valuation firm selected in good faith by the Company and reasonably acceptable to the Holder, the fees and expenses of which shall be paid by the Company. 

  
 4 

 dd)    “Warrant” has the meaning
set forth in the Preamble. 
 ee)    “Warrant Register” has the meaning set forth
in Section 4(c). 
 ff)    “Warrant Share Delivery
Date” has the meaning set forth in Section 2(d). 

gg)    “Warrant Shares” has the meaning set forth in the Preamble. 

Section 2. Exercise. 

a)    Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or before the Termination Date by delivery to the principal office of the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder
appearing on the books of the Company) of a duly executed facsimile or original copy of the Notice of Exercise Form annexed hereto (each, a “Notice of Exercise”). Unless the purchase rights represented by this Warrant are
being exercised on a cashless basis in accordance with Section 2(c), within three Trading Days following the date of exercise as aforesaid, the Holder shall deliver the Aggregate Exercise Price for the shares specified in
the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank (such date of delivery of the Aggregate Exercise Price, the “Exercise Date”). Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and this Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation within three Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of
Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain
records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall inform the Holder if a Notice of Exercise has not been duly completed within one Business Day of receipt of such notice, but shall not refuse or
object to the issuance of the Warrant Shares upon receipt of, and pursuant to, a duly completed Notice of Exercise. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this
paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

b)    Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be
$27.00, subject to adjustment hereunder (the “Exercise Price”). 

c)    Cashless Exercise. If at the time of exercise of this Warrant there is no effective
registration statement registering the resale of the Warrant Shares by the Holder, the Holder, at its option, may exercise this Warrant, in whole or in part, by means of a 

  
 5 

 
“cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(Y)*(A-B)] by (A), where: 
  

	 	(A) =	 the average of the Closing Bid Price of the shares of Common Stock for the five consecutive Trading Days ending
on the last Trading Day immediately preceding the date on which the Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise (such date, the “Cashless Exercise
Date”); 

  

	 	(B) =	 the Exercise Price of this Warrant, as adjusted hereunder in effect of the Cashless Exercise Date; and

  

	 	(Y) =	 the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms
of this Warrant if such exercise were by means of a cash exercise pursuant to Section 2(a) rather than a cashless exercise. 

d)    Mechanics of Exercise. 

i.    Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be
transmitted by the Company’s transfer agent (the “Transfer Agent”) to the Holder by, at the Holder’s option, (A) crediting the account of the Holder’s prime broker with The Depository Trust Company through
its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the
Warrant Shares by the Holder or (B) physical delivery of a certificate (or certificates, as applicable) for the applicable number of Warrant Shares to the address specified by the Holder in the Notice of Exercise by the date that is three
Trading Days after the latest of (1) the delivery to the Company of the Notice of Exercise, (2) surrender of this Warrant (if required), (3) payment of the Aggregate Exercise Price as set forth above and (4) three Trading Days
following the Cashless Exercise Date, if applicable (such date in (1), (2), (3) or (4), the “Warrant Share Delivery Date”). The applicable Warrant Shares shall be deemed to have been issued, and the Holder or any other Person
so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the applicable Exercise Date or the date that is three Trading Days following the Cashless Exercise Date, as applicable. 

ii.    Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part,
the Company shall, at the request of the Holder and upon surrender of this Warrant, at the time of delivery of the certificate or certificates representing the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder
to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 

  
 6 

 iii.    Rescission Rights. If the Company fails
to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder shall have the right to
rescind such exercise. Any rescission by the Holder pursuant to this Section 2(d)(iii) shall not affect any other remedies available to the Holder under applicable law or equity as a result of the Company’s failure to
timely deliver the Warrant Shares. 
 iv.    No Fractional Shares. No fractional shares shall be
issued upon the exercise of this Warrant. As to any fraction of a Warrant Share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at the Holder’s election, either (A) pay to such Holder an
amount in cash (by delivery of a certified or official bank check or by wire transfer of immediately available funds) equal to the product of (1) such fraction multiplied by (2) the Closing Bid Price of one Warrant Share on the Exercise
Date or the Cashless Exercise Date, as applicable, or (B) round up to the next whole share. 

v.    Closing of Books. The Company shall not close its stockholder books or records in any manner
which prevents the timely exercise of this Warrant pursuant to the terms hereof. 
 e)    Conditional
Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection with a public offering or a sale of the Company (pursuant to a merger, sale of stock, or otherwise), such exercise
may, at the election of the Holder (set forth in the applicable Notice of Exercise), be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective until immediately prior to the
consummation of such transaction. 
 f)    Representations, Warranties and Covenants of the
Company. The Company hereby represents, covenants and agrees, as applicable: 
 i.    The Company
(A) is a corporation duly organized and validly existing and in good standing under the laws of the State of California, and has the requisite power and authority to own its properties and to carry on its business as now being conducted and as
presently proposed to be conducted and (B) is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such
qualification necessary. 

  
 7 

 ii.    The issuance of this Warrant and any Warrant in
substitution for or replacement of this Warrant (including pursuant to
 Section 2(d)(ii)) is and shall be duly authorized and, upon issuance, shall be (A) validly issued and free from all preemptive or similar
rights, taxes, Liens, charges and other encumbrances with respect to the issue thereof, (B) a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. Upon any exercise of this Warrant (whether in part or in whole), the applicable
Warrant Shares will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights, taxes, Liens, charges and other encumbrances with respect to the issue thereof, with the Holder being entitled to all rights accorded
to a holder of Common Stock. Assuming in part the accuracy of each of the representations and warranties of the Holder set forth in Section 2(g) of this Warrant, the offer and issuance by the Company of this Warrant is
exempt from registration under the 1933 Act. 
 iii.    The execution, delivery and performance by the
Company of this Warrant and the consummation by the Company of the transactions contemplated hereby does not and will not (A) result in a violation of the Articles of Incorporation or the Bylaws, (B) conflict with, or constitute a default
(or an event which with notice or lapse of time or both would become a default) in any respect under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the
Company or any of its Subsidiaries is a party or result in the creation of any Lien (other than Permitted Liens) upon any of the properties or assets of the Company or any of its Subsidiaries or (C) result in a violation of any law, rule,
regulation, order, judgment or decree (including foreign, federal and state securities laws and regulations and the rules and regulations of the Trading Market and applicable laws of the State of California and any foreign, federal, and other
state laws) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected. 

iv.    The Company covenants that, during the period this Warrant is outstanding, it will reserve from its
authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights represented by this Warrant. The Company further covenants that its issuance of this
Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such action as may be necessary or appropriate to assure that such Warrant Shares may be issued as provided 

  
 8 

 
herein without violation of any applicable law or regulation, of any requirements of the Trading Market upon which the Common Stock may be listed or any preemptive or similar rights of any equity
holder of the Company. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such
Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, Liens and charges (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

v.    Except and to the extent as waived or consented to by the Holder, the Company shall not by any
action, including, through an amendment of its Articles of Incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of the
Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (A) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (B) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and
(C) use its reasonable best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 vi.    Before taking any action which would result in an adjustment in the number of Warrant Shares
for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

 g)    Representations and Warranties of the Holder. The Holder, by the acceptance hereof,
represents and warrants that it is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D and that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon
such exercise, for its own account and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under the 1933 Act. 

Section 3. Certain Adjustments. In order to prevent dilution of the purchase rights granted under this
Warrant, the Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant shall be subject to adjustment from time to time as provided in this Section 3 (in each case, after taking into
consideration any prior adjustments pursuant to this Section 3). 

  
 9 

 a)    Stock Dividends and Splits. If the Company,
at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which,
for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides (by any stock split, recapitalization or otherwise) outstanding shares of Common Stock into a larger
number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of Common Stock any shares of capital stock of the
Company, then in each case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to (A) the record date for the determination of stockholders entitled to receive such dividend or distribution or
(B) the effective date in the case of a subdivision, combination or re-classification by a fraction, the numerator of which shall be the number of shares of Common Stock (excluding treasury shares, if
any) outstanding immediately before such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be
proportionately adjusted such that the Aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 b)    Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding,
shall distribute to all holders of Common Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase any security, then in each such case the Exercise
Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction, the numerator of which shall be such VWAP on such
record date less the then fair market value (as determined by the Board in good faith) at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of Common Stock, and the
denominator of which shall be the VWAP determined as of the record date mentioned above. Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above. 

c)    Issuance Less Than Fair Market Value. 

i.    Except as provided in Section 3(e) and except in the case of an event
described in either Section 3(a) or Section 3(b), if the Company shall, at any time or from time to time after the Initial Issuance Date, issue or sell any shares of Common Stock without
consideration or for consideration per share less than the VWAP immediately prior to such 

  
 10 

 
issuance or sale , then immediately upon such issuance or sale, the Exercise Price in effect immediately prior to such issuance or sale shall be reduced (and in no event increased) to an Exercise
Price equal to a product obtained by multiplying the Exercise Price in effect immediately prior to such issuance or sale, by a fraction (which shall in no event be more than one): 

(1)    the numerator of which shall be the sum of (A) the product obtained by multiplying the Common Stock
deemed outstanding immediately prior to such issuance or sale by the VWAP immediately prior to such issuance or sale plus (B) the aggregate consideration, if any, received by the Company upon such issuance or sale; and 

(2)    the denominator of which shall be the product obtained by multiplying (A) the Common Stock outstanding
immediately after such issuance or sale by (B) the VWAP immediately prior to such issuance or sale. 

ii.    Upon any and each adjustment of the Exercise Price as provided in
Section 3(c)(i), the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to any such adjustment shall be increased to a number of Warrant Shares equal to the quotient obtained by dividing:

 (1)    the product of (x) the Exercise Price in effect immediately prior to any such adjustment multiplied
by (y) the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to any such adjustment; by 

(2)    the Exercise Price resulting from such adjustment. 

d)    Certain Events. If any event of the type contemplated by the provisions of this
Section 3 but not expressly provided for by such provisions occurs, then the Board shall make an appropriate adjustment in the Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant so as to
protect the rights of the Holder in a manner consistent with the provisions of this Section 3; provided, that no such adjustment pursuant to this Section 3(d) shall increase the Exercise
Price or decrease the number of Warrant Shares issuable as otherwise determined pursuant to this Section 3. 

e)    Excluded Issuance. Anything herein to the contrary notwithstanding, there shall be no
adjustment to the Exercise Price or the number of Warrant Shares issuable upon exercise of this Warrant with respect to any Excluded Issuance. 

f)    Calculations. All calculations under this Section 3 shall be made to
the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the
number of shares of Common Stock issued and outstanding. 

  
 11 

 g)    Notice to the Holder. 

i.    Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any
provision of this Section 3, the Company shall promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant, and prepare a certificate setting forth such adjustment, including (A) a
statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), (B) in the case of adjustment pursuant to Section 3(b),
a statement of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock, and setting forth a brief statement of the facts requiring such adjustment and certifying the
calculation thereof and (C) in the case of adjustment pursuant to Section 3(c), a statement of the material terms of the issuance of Common Stock, including (w) the per share consideration of such issuance,
(x) the total amount received or receivable by the Company as consideration for such issuance, (y) the date of such issuance and (z) the VWAP immediately prior to such issuance. The Company will deliver a copy of each such certificate
to the Holder as promptly as reasonably practicable following any adjustment of the Exercise Price, but in any event not later than ten Business Days thereafter. 

ii.    Notice to Allow Exercise by the Holder. If (A) the Company shall declare a dividend (or
any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the
Common Stock or rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights of the Company, (D) the Company enters into or becomes bound by an agreement in connection with a Change of Control or
(E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear
upon the Warrant Register (as defined below) of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of
such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distribution, redemption, rights or warrants are to be
determined or (y) the date on which such Change of Control is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of Common Stock
for securities, cash or other property deliverable upon such Change of Control; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be
specified in such notice. The Holder shall remain entitled to exercise this 

  
 12 

 
Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. Except as
otherwise prohibited by applicable laws, to the extent that any notice provided pursuant to this Section 3(g)(ii) contains material, non-public information regarding the Company, the
Company shall disclose such information regarding the Company in a Current Report on Form 8-K and file such Current Report on Form 8-K with the Commission no later than
the second Trading Day following the date such notice is delivered to the Holder, unless (1) such disclosure shall cause the Company to be in breach of a bona fide agreement between the Company and any third party existing as of the Initial
Issuance Date; provided that the Company shall use its reasonable best efforts to preemptively cure such breach so that the Company can make such disclosure as promptly as possible or (2) the Board reasonably determines that such
disclosure would cause material harm to the Company or its business, in which event, the Board can delay such disclosure for up to ten (10) Trading Days following the notice. 

h)    In the event of any (i) capital reorganization of the Company, (ii) reclassification of the
stock of the Company (other than a change in par value or from par value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, split-up or combination of shares),
(iii) Change of Control or (iv) other similar transaction (other than any such transaction covered by Section 3(a) or Section 3(b)) in each case which entitles the holders of Common Stock
to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock, each Warrant that is not exercised prior to such event shall, immediately after such reorganization,
reclassification, Change of Control or similar transaction, remain outstanding and shall thereafter, in lieu of or in addition to (as the case may be) the number of Warrant Shares then exercisable under this Warrant, be exercisable for the kind and
number of shares of stock or other securities or assets of the Company or of the successor Person resulting from such transaction to which the Holder would have been entitled upon such reorganization, reclassification, Change of Control or similar
transaction if the Holder had exercised this Warrant in full immediately prior to the time of such reorganization, reclassification, Change of Control or similar transaction and acquired the applicable number of Warrant Shares then issuable
hereunder as a result of such exercise (without taking into account any limitations or restrictions on the exercisability of this Warrant); and, in such case, appropriate adjustment shall be made with respect to the Holder’s rights under this
Warrant to insure that the provisions of this Section 3 shall thereafter be applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter acquirable upon exercise of
this Warrant (including, in the case of any Change of Control or similar transaction in which the successor or purchasing Person is other than the Company, an immediate adjustment in the Exercise Price to the value per share for the Common Stock
reflected by the terms of such Change of Control or similar transaction, and a corresponding immediate adjustment to the number of Warrant Shares acquirable upon exercise of this Warrant without regard to any limitations or restrictions on exercise,
if the value so reflected is less than the Exercise Price in effect immediately prior to such Change of Control or similar transaction). The 

  
 13 

 
provisions of this Section 3(h) shall similarly apply to successive Change of Control or similar transactions. Prior to the consummation thereof, (A) the successor
Person (if other than the Company) resulting from such Change of Control or similar transaction, shall assume, by written instrument substantially similar in form and substance to this Warrant, the obligation to deliver to the Holder such shares of
stock, securities or assets which, in accordance with the foregoing provisions, such Holder shall be entitled to receive upon exercise of this Warrant. 

Section 4. Transfer of Warrant. 

a)    Transferability. Subject to applicable securities laws, this Warrant and all rights hereunder
are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the
Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name
of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. This Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. For the avoidance of doubt, nothing in any of the
existing agreements or any other arrangements involving the Company and the Holder or any of their respective Affiliates (contractual or otherwise) shall be construed as limiting the Holder’s or any of its Affiliates’ or assigns’
ability to transfer or exercise this Warrant or transfer any of the Warrant Shares. 
 b)    New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or
Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Issuance Date and shall be identical with this Warrant except as to
the number of Warrant Shares issuable pursuant thereto. 
 c)    Warrant Register. The Company
shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 

  
 14 

 Section 5. Miscellaneous. 

a)    No Rights as Stockholder Until Exercise. Except as provided in
Section 3, this Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d). 

b)    Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by
the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security
reasonably satisfactory to it (which, in the case of this Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company shall make and deliver a new Warrant
or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 

c)    Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action
or the expiration of any right required or granted herein is not a Business Day, such action may be taken or such right may be exercised on the next succeeding Business Day. 

d)    Governing Law; Jurisdiction. 

i.    Governing Law. This Warrant and any claims, controversy, dispute or cause of action (whether
in contract or tort or otherwise) based upon, arising out of or relating to this Warrant and the transactions contemplated hereby shall be governed by, and construed in accordance with, the law of the State of California without giving effect to any
choice of law or conflict of law provision or rule (whether of the State of California or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of California. 

ii.    Jurisdiction. Each party hereto irrevocably and unconditionally agrees that it will not
commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against any other party hereto in any way relating to this Warrant or the transactions relating hereto,
in any forum other than the courts of the State of California sitting in California in Los Angeles County, and of the United States District Court of the Central District of California, and any appellate court from any thereof; and each of the
parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such California State court or, to the
fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. 

  
 15 

 iii.    Waiver of Venue. Each party hereto
irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement in any court
referred to in paragraph (ii) of this Section 5. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court. 
 iv.    Service of Process. Each party hereto
irrevocably consents to service of process in the manner provided for notices in Section 5(f). 

e)    Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS WARRANT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5(E). 

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

if to the Company: 
 BJ’s
Restaurants, Inc. 
 7755 Center Avenue 

Huntington Beach, California 92647 

Attention: Greg Levin 
 E-mail: glevin@bjrestaurants.com 
 with a copy to (for informational purposes only): 

Elkins Kalt Weintraub Reuben Gartside LLP 

10345 West Olympic Boulevard 

Los Angeles, California 90066 

Attention: Robert M. Steinberg, Esq. 

E-mail: rsteinberg@elkinskalt.com 

  
 16 

 if to the Holder: 

SC 2018 Trust LLC 
 23 Prescott
St. 
 Brookline MA 02446 

Attention: Ron Shaich 
 Email:
ronshaich@act3holdings.com 
 with a copy to (for informational purposes only): 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, NY
10004 
 Attention: Francis J. Aquila 

                 Audra D. Cohen 

Email: aquilaf@sullcrom.com 

            cohena@sullcrom.com 
 or to such other address and/or e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five days prior to the effectiveness of such change. Written confirmation
of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s e-mail containing the time, date, and
recipient e-mail address or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or e-mail or receipt
from an overnight courier service in accordance with clause (i), (ii), or (iii) above, respectively. 

g)    Limitation of Liability. No provision hereof, in the absence of any affirmative action by the
Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a shareholder of the
Company, whether such liability is asserted by the Company or by creditors of the Company. 

h)    Remedies. Each of the Holder, on the one hand, and the Company, on the other hand,
acknowledges and agrees that irreparable injury to the other party hereto would occur in the event any of the provisions of this Warrant were not performed in accordance with their specific terms or were otherwise breached and that such injury would
not be adequately compensable by the remedies available at law (including the payment of money damages). It is accordingly agreed that the Holder, on the one hand, and the Company, on the other hand (in each case, the “Moving
Party”), shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof, and the other party hereto will not take action, directly or indirectly, in opposition to the Moving Party
seeking such relief on the grounds that any other remedy or relief is available at law or in equity. This Section 5(g) is not the exclusive remedy for any violation of this Warrant. 

  
 17 

 i)    Successors and Assigns. Subject to
applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall be binding upon and inure to the benefit of the parties hereto and their respective the successors, heirs and permitted assigns. The provisions of this
Warrant are intended to be for the benefit of the Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. For the avoidance of doubt, that in the event that any Person acquires this Warrant or any
Warrant Shares, such Person shall, without any further writing or action of any kind, be deemed a beneficiary hereof for all purposes and by taking and holding such Warrant or Warrant Shares, as applicable, such Person shall be treated as a
“Holder” for all purposes under this Warrant and shall be entitled to receive the benefits of, and be conclusively deemed to have agreed to be bound by all of the applicable terms and provisions of, this Warrant. 

j)    No Third Party Beneficiary. Notwithstanding anything contained in this Warrant to the
contrary, this Warrant is intended solely for the benefit of the parties hereto and their respective successors, heirs and permitted assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 

k)    Entire Agreement. This Warrant supersedes all other prior or contemporaneous negotiations,
writings and understandings between the Holder, the Company, their Affiliates and Persons acting on their behalf with respect to the matters discussed herein, and this Warrant and the instruments referenced herein constitute the full and entire
understanding and agreement among the parties hereto with regard to the matters covered herein and therein, and, except as specifically set forth herein or therein, neither the Company nor the Holder makes any representation, warranty, covenant or
undertaking with respect to any such matters. 
 l)    Amendments and Waivers. Provisions of this
Warrant may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only if such amendment or waiver is in writing and signed, in the case of an amendment, by the
Company and the Holder, and, in the case of a waiver, by the party against whom the waiver is to be effective. Any amendment or waiver effected in accordance with this Section 5(k) shall be binding upon the Holder (and each
future Holder) and the Company. 
 m)    Counterparts. This Warrant may be executed in two or more
identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile or .pdf format
signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile or .pdf signature. 

n)    Severability. If any provision of this Warrant is prohibited by law or otherwise becomes or is
declared by a court of competent jurisdiction to be invalid or unenforceable, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable,
and the invalidity or unenforceability of such provision shall not affect the 

  
 18 

 
validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without material change, the original intentions of the parties as to the subject
matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits
that would otherwise be conferred upon the parties. The parties hereto will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as
possible to that of the prohibited, invalid or unenforceable provision(s). 
 o)    Headings;
Interpretation. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. When a reference is made in this Warrant to a Section, Schedule or Annex, such reference
shall be to a Section, Schedule or Annex of this Warrant unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used in this Warrant, they shall be deemed to be followed by the words
“without limitation.” The words “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Warrant as a whole (including all of the Schedules
and Annexes) and not to any particular provision of this Warrant. Unless otherwise specified in this Warrant, the term “dollars” and the symbol “$” mean U.S. dollars for purposes of this Warrant and all amounts in this Warrant
shall be paid in U.S. dollars. The definitions contained in this Warrant are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any agreement,
instrument or statute, rule or regulation defined or referred to in this Warrant means such agreement, instrument or statute, rule or regulation as from time to time amended, modified or supplemented, including (in the case of agreements or
instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes. Any reference to any section under the 1933 Act, or any rule promulgated thereunder, shall include any publicly available interpretive
releases, policy statements, staff accounting bulletins, staff accounting manuals, staff legal bulletins, staff “no-action,” interpretive and exemptive letters, and staff compliance and disclosure
interpretations (including “telephone interpretations”) of such section or rule by the Commission. Each of the parties has participated in the drafting and negotiation of this Warrant. If an ambiguity or question of intent or
interpretation arises, this Warrant shall be construed as if it were drafted by each of the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this
Warrant. 
 p)    Further Assurances. Each party hereto shall do and perform, or cause to be done
and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes
of this Warrant and the consummation of the transactions contemplated hereby. 
 (Signature Page Follows) 

  
 19 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
  

			
	BJ’S RESTAURANTS, INC.

 
			
		
	By:	 	  

		 	Name:  
		 	Title:    

 [Signature Page to Common Stock Purchase Warrant] 

 Accepted and agreed, 
  

			
	SC 2018 Trust LLC

			
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Common Stock Purchase Warrant] 

 Annex 

NOTICE OF EXERCISE 

To:    BJ’s Restaurants, Inc. 

(1)    The undersigned hereby elects to purchase
                 Warrant Shares of the Company pursuant to the terms of the attached Common Stock Purchase Warrant (the “Warrant”), and tenders
herewith payment of the applicable exercise price, together with all applicable transfer taxes, if any. Capitalized terms used and not otherwise defined in this Notice of Exercise that are defined in the Warrant shall have the respective meanings
ascribed to such terms in the Warrant. 
 (2)    Payment shall take the form of (check applicable box): 

[    ] in lawful money of the United States; or 

[    ] if permitted, the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set
forth in Section 2(c) of the Warrant, to exercise the Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in Section 2(c) of the Warrant. 

(3)    As to any fraction of a Warrant Share that the undersigned would otherwise be entitled to purchase in connection
with this Notice of Exercise, please (check applicable box): 
 [    ] pay an amount in cash pursuant to
Section 2(d)(iv) of the Warrant; or 
 [    ] round up to the next whole share. 

(4)    Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in
such other name as is specified below: 
  
 The Warrant Shares shall be delivered to the
following DWAC Account Number or by physical delivery of a certificate to: 
  
  

 
 [SIGNATURE OF HOLDER] 

 

			
	Name of Investing Entity:	 	  

			
		
	Signature of Authorized Signatory of Investing Entity:	 	  

			
		
	Name of Authorized Signatory:	 	  

			
		
	Title of Authorized Signatory:	 	  

			
		
	Date:	 	  

 ASSIGNMENT FORM 

(To assign the foregoing warrant, execute 

this form and supply required information. 

Do not use this form to exercise the warrant.) 

FOR VALUE RECEIVED, all of or [                ] of the shares
of the foregoing Common Stock Purchase Warrant (the “Warrant”) and all rights evidenced thereby are hereby assigned to 

                    
                                         
                                        whose
address is 

                    
                                         
                                         
                                  . 

 
  

                                         
                                         
                                         
              
 Dated:
                    ,         

Holder’s
Signature:                                       
                            

Holder’s
Address:                                       
                              

 
  
 
                                         
                                         
                
 Signature Guaranteed:
                                         
                                         
                 
 NOTE: The signature to this Assignment Form must
correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other
representative capacity should file proper evidence of authority to assign the Warrant.

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