Document:

EX-10.1

 Exhibit 10.1 

FOURTH AMENDED AND RESTATED LOAN AGREEMENT 

THIS FOURTH AMENDED AND RESTATED AGREEMENT (“Loan Agreement” or “Agreement”) is made and entered into as of this 28th day of October, 2020, by and between J. ALEXANDER’S, LLC, a Tennessee limited liability company ( “Borrower”) and PINNACLE BANK (“Lender”). 

W I T N E S S E T H: 

WHEREAS, Lender and Borrower are parties to a certain Third Amended and Restated Loan Agreement dated June 5, 2020 (the
“Existing Loan Agreement”) wherein Lender loaned Borrower funds for the purposes therein stated, said indebtedness being currently evidenced by (i) that certain Amended and Restated Promissory Note dated September 3, 2019 in the
original principal amount of $5,000,000.64, (together with any and all extensions, renewals and modifications thereof, the “Existing Term Note”), (ii) that certain Amended and Restated Revolving Promissory Note dated June 5, 2020 in
the maximum principal amount of $16,000,000.00, (together with any and all extensions, renewals and modifications thereof, the “Existing Revolving Note”), (iii) that certain Amended and Restated Revolving Promissory Note dated
September 3, 2019 in the maximum principal amount of $20,000,000.00 (together with any and all extensions, renewals and modifications thereof, the “Existing Development Note”), and (iv) that certain Amended and Restated
Promissory Note dated January 2, 2019 in the original principal amount of $10,000,000.00, as amended by that certain Amendment to Promissory Note dated as of April 15, 2020 (together with any and all extensions, renewals and modifications
thereof, the “Existing Second Term Note”), the Existing Term Note, Existing Revolving Note, Existing Development Note, and Existing Second Term Note hereinafter being collectively referred to as the “Existing Notes”; and 

WHEREAS, Borrower has applied to Lender for an extension of the Maturity Dates (as defined in the Notes) (the “Loan
Modification”), subject to the terms and conditions hereinafter contained; and 
 WHEREAS, the Borrower has requested and Lender
has agreed to amend and restate the Existing Loan Agreement in its entirety, it being understood that nothing contained herein shall be deemed a satisfaction or novation of the indebtedness and obligations created or evidenced by the Existing Loan
Agreement or the Existing Notes as of the date hereof. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained,
and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Lender and Borrower covenant and agree as follows: 

  
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 I. THE LOANS 

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

 

	 	1.1.1.	 A Term Loan in the principal amount of FOUR MILLION TWENTY-SEVEN THOUSAND SEVEN HUNDRED SEVENTY-EIGHT
AND 49/100 DOLLARS ($4,027,778.49), solely for the purposes specifically enumerated herein and certain costs and expenses related thereto (the “Term Loan”). The Term Loan has been fully funded prior to the date hereof. The Term Loan is
evidenced by the “Term Note”. The Term Note shall be deemed to refer to an Amended and Restated Promissory Note of even date herewith in the maximum principal amount of $4,027,778.49, together with any and all extensions, renewals, and
modifications thereof. 

  

	 	1.1.2.	 A revolving line of credit in the maximum principal amount of SIXTEEN MILLION AND NO/100 DOLLARS
($16,000,000.00), to be used for general business purposes, including working capital needs of Borrower and its subsidiaries, by advancing said sum to Borrower on a revolving basis from time to time at Borrower’s request pursuant to the
provisions herein contained (the “Line of Credit”). The Line of Credit shall be evidenced by the “Revolving Note”. The Revolving Note shall be deemed to refer to an Amended and Restated Revolving Promissory Note of even date
herewith in the maximum principal amount of $16,000,000.00, together with any and all extensions, renewals, and modifications thereof. 

  

	 	1.1.3.	 A revolving line of credit in the maximum principal amount of TWENTY MILLION AND NO/100 DOLLARS
($20,000,000.00), solely for the purposes specifically enumerated herein and to pay certain costs and expenses related thereto, by advancing said sum to Borrower on a revolving basis from time to time at Borrower’s request pursuant to the
provisions herein contained (the “Development Loan”). The Development Loan is evidenced by the “Development Note”. The Development Note shall be deemed to refer to an Amended and Restated Revolving Promissory Note of even date
herewith in the maximum principal amount of $20,000,000.00, together with any and all extensions, renewals, and modifications thereof. 

  

	 	1.1.4.	 A term loan in the original principal amount of FIVE HUNDRED FIFTY-FIVE THOUSAND FIVE HUNDRED
FORTY-EIGHT AND NO/100 DOLLARS ($555,548.00), solely for the purposes of refinancing Borrower’s existing indebtedness owed to Fidelity National Financial Ventures, LLC and certain costs and expenses related thereto related thereto (the
“Second Term Loan”). The Second Term Loan has been fully funded prior to the date hereof. The Second Term Loan is evidenced by the “Second Term Note”. The Second Term Note shall be deemed to refer to an Amended and Restated
Promissory Note of even date herewith in the principal amount of $555,548.00, together with any and all extensions, renewals, and modifications thereof. 

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

  
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 J. ALEXANDER’S HOLDINGS, LLC, a Delaware limited liability company
(“Holdings”), J. ALEXANDER’S RESTAURANTS, LLC, a Tennessee limited liability company, J. ALEXANDER’S RESTAURANTS OF KANSAS, LLC, a Kansas limited liability company, J. ALEXANDER’S OF TEXAS, LLC, a Texas
limited liability company, JAX REAL ESTATE, LLC, a Delaware limited liability company, JAX RE HOLDINGS, LLC, a Delaware limited liability company, JAX REAL ESTATE MANAGEMENT, LLC, a Delaware limited liability company, STONEY
RIVER MANAGEMENT COMPANY, LLC, a Delaware limited liability company, SRLS LLC, a Delaware limited liability company, STONEY RIVER LEGENDARY MANAGEMENT, L.P., a Georgia limited partnership, and STONEY RIVER, LLC, a Delaware
limited liability company (herein collectively referred to as the “Guarantors”), shall unconditionally guarantee payment of the Loans, and all indebtedness now or hereafter owing to Lender by Borrower, and shall execute instruments
in such form as may be reasonably required by Lender to accomplish such guaranties. The Guarantors herein stated include wholly-owned subsidiaries of Borrower that own Collateral (as hereinafter defined). 

1.2 Term. The term of the Loans shall be as set forth in the Notes and this Loan Agreement. 

1.3 Interest. The Loans shall bear interest at annual rates as set forth in the Notes. Interest accruing under the Notes shall
be computed on the basis of a three hundred sixty (360) day year. After default or maturity, interest and penalties shall accrue as set forth in the Note and this Loan Agreement. Notwithstanding anything herein to the contrary, in no event
shall the interest rate exceed the maximum rate allowed by applicable law. 
 1.4 Repayment Schedule. Payment of all
obligations arising under the Loans shall be made as set forth in the Notes and this Loan Agreement. 
 1.5 Commitment Fees; Non-Use Fee. 
  

	 	1.5.1.	 Upon closing of the Loan Modification, Borrower shall pay to Lender an upfront commitment fee equal to
$4,000.00, payable in full in cash at closing. 

  

	 	1.5.2.	 Borrower shall pay to Lender a non-use fee (the “Non-Use Fee”) for the unused portion of the Development Loan. The Non-Use Fee shall be 0.25% per annum of the average, unused portion of the Development Loan,
subject to quarterly adjustments, payable quarterly in arrears until the termination of the Development Loan. 

  

	 	1.5.3.	 Borrower shall pay to Lender a fee equal to either (a) 0.15% multiplied by the purchase price
(“Purchase Price”) if Borrower is sold at a Purchase Price equal to or greater than $150,000,000.00, or (b) 0.10% multiplied by the Purchase Price if the Purchase Price is less than $150,000,000.00. This fee will remain in effect until
January 1, 2023. 

  
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 1.6 Place of Payments. All payments of principal and interest shall be made at
150 Third Avenue South, Suite 800, Nashville, TN 37201, or at such other place, or places, as Lender may direct by notice in writing to Borrower from time to time. 

1.7 Prepayment. Prepayment of principal due under the Loans may be made at any time without premium or other prepayment charge.

 1.8 Pre-Closing Requirements. Prior to closing the Loan Modification, the
following conditions shall have been met by the Borrower and/or Guarantors, as applicable: 
 (a) Borrower and Guarantors shall have provided
to Lender certified resolutions appropriately authorizing the transactions contemplated herein and designating an authorized officer or other agent to execute all Loan Documents to which such entity is a party. Lender agrees that the resolutions
previously delivered by Borrower and Guarantors to Lender in connection with the execution of Existing Loan Agreement and the Existing Notes shall be deemed to satisfy this condition. 

(b) Lender shall have received UCC-1 or UCC-3 financing
statements in form acceptable to Lender to be filed with the Secretary of State of Tennessee, and such other locations as Lender may reasonably require, perfecting Bank’s security interest in the Collateral (as hereinafter defined), and any
waivers or releases reasonably required by Lender. 
 (c) Lender shall have received a copy of certificates of existence of Borrower and
Guarantors from the Secretaries of State for the states in which said entities are organized, together with copies of the operating agreements or limited partnership agreement of Borrower and Guarantors, as applicable. 

(d) Lender shall have received UCC-11 searches issued by the Secretary of State of Tennessee and such
other jurisdictions as Lender may reasonably require. 
 1.9 Disbursement of Loans. The Term Loan and Second Term Loan have
been disbursed in full. Funds shall be disbursed by Lender under the Revolving Note and the Development Note for the purposes provided herein on a revolving basis from time to time at Borrower’s request, and subject to and in accordance with
the conditions and requirements contained herein, as follows: 
 (a) Lender shall not be obligated to disburse any portion of the Line of
Credit and the Development Loan other than closing costs of the Loans approved by Lender, unless and until, at Lender’s option, the following conditions precedent shall have been satisfied: 

(i) Borrower shall be in material compliance with all covenants, warranties and representations to which Borrower is obligated under this Loan
Agreement. 

  
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 (ii) No Event of Default shall then be in existence hereunder or would be caused by any
such disbursement. 
 (iii) Prior to the end of Borrower’s fiscal month 8, 2021, Advances under the Line of Credit in excess of
$1,000,000.00 per month (x) shall be limited to $5,000,000.00 per fiscal month beginning with Borrower’s fiscal month 8, 2020 (with any amounts not borrowed during any particular period to be carried over to subsequent periods); and
(y) contingent upon the Borrower generating at least the minimum revenue amounts as set forth on Schedule 1 attached hereto. From the beginning of Borrower’s fiscal month 9, 2021 through the remaining term of the Loans, Advances in
excess of $1,000,000.00 per month shall not be limited to $5,000,000.00 per month and shall not be contingent upon the Borrower generating the minimum revenue amounts set forth in Schedule 1. 

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

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

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

(ii) Borrower may, at its option upon completion of any project financed under the Development Loan, request that Lender term-out advances made in respect of any such projects (a “Term-Out Option”). Thereafter, principal and interest payments in respect of such advances (a
“Conversion Loan”) shall be due and payable monthly based upon a 180-month amortization for fee simple projects and a 60-month amortization for leasehold
projects, with all amounts advanced in respect of a particular project being due and payable five (5) years from the beginning of principal and interest amortization (the “Conversion Date”). 

(iii) Upon the Conversion Date for a particular project, all amounts advanced under Development Loan in respect of such project shall be
available to be reborrowed under the Development Loan, provided Borrower has provided the documents described in Section 1.8 of this Agreement and further provided that no Event of Default has occurred and is continuing. 

(iv) Borrower shall have paid all reasonable legal expense and recording cost/tax associated with perfecting Lender’s first priority
security interest in the J. Alexander’s locations currently financed with Lender, in addition to paying any and all reasonable legal expense and recording cost/tax associated with perfecting Lender’s first priority security interest in the
Collateral herein described. 
 (v) Borrower shall deliver or cause to be delivered to Lender a preliminary budget for operation of any new
restaurant within thirty (30) days after the disbursement to Borrower of the initial disbursement to build said restaurant. In addition, in the event Borrower exercises a Term-Out Option with respect to a
particular project, Borrower shall deliver to Lender or cause to be delivered to Lender, such documentation as Lender may reasonably request in respect of such project. 

  
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Such documentation shall include but not be limited to a current appraisal, title commitment, landlords consents and estoppels (for leasehold projects) any environmental report and any other
necessary reasonably required documents, all of which shall be provided to Lender in a timely manner but not less than thirty (30) days prior to the anticipated closing of the Conversion Loan. To clarify, upon the Conversion Date, the subject
Conversion Loan shall no longer be secured by the Collateral, but shall be secured by a mortgage lien on the fee simple or leasehold interest in the subject restaurant, the construction of which was financed with the proceeds thereof. In addition,
with respect to any permanent loan secured by real property, the original principal amount of such permanent loan will be the lesser of (a) Borrower’s total real estate costs, or (b) 80% of the appraised property value. As part of the
condition to a permanent loan being made, the Guarantors shall agree to continue to guarantee any such permanent loan. 
 1.10
Collateral. As collateral for the Secured Obligations, as hereinafter defined, including the Loan, Borrower shall have executed and delivered, or caused to be executed and delivered to Lender, the following: 

(a) Documentation satisfactory to Lender in all respects, including all amendments, extensions, or modifications thereof, granting mortgage,
deed of trust, or deed to secure debt liens (as appropriate) on seventeen (17) certain real estate assets owned by JAX Real Estate, LLC, J. Alexander’s, LLC, Stoney River Legendary Management, LP, and Stoney River Management Company, LLC,
all as listed on Exhibit “A” attached hereto, upon which a J. Alexander’s Restaurant, Stoney River Restaurant, or a Redlands Grill Restaurant is located thereon (“Real Estate Collateral”). Except for Permitted Encumbrances
(as hereinafter defined), the Real Estate Collateral will be free and clear of other liens, claims and encumbrances. Any Master Lease shall be made subordinate to the Secured Obligations (as hereinafter defined) secured by the Real Estate
Collateral. As used herein “Permitted Encumbrances” shall mean (i) matters shown on the title insurance commitments delivered to Lender in connection herewith, (ii) subordinate judgment liens that are the subject of an ongoing
appeal, (iii) liens in favor of Lender, (iv) liens securing purchase money indebtedness or capital lease obligations, and (v) liens for taxes not yet delinquent or being contested in good faith, (vi) claims of materialmen,
mechanics, carriers, warehousemen, processors or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business to the extent limited to the property or assets relating to such contract, and (vii) liens in favor
of a landlord to secure Borrower’s or its subsidiaries’ obligations to pay rent. It is understood, however, that the Lender has an existing security interest in said properties as set forth in the Existing Loan Agreement, pursuant to which
the Lender obtained a first priority lien on the Real Estate Collateral to secure the Existing Notes. 
 (b) Assignment and Security
Agreement, assigning and granting a security interest to Lender in all items therein described and other rights and matters as provided therein arising from or with respect to the Collateral as defined therein, together with Financing Statements to
evidence and perfect such assignment and security interest, all of which shall be in form and substance reasonably satisfactory to Lender in all respects, and which shall be first priority encumbrances upon the property, rights and interests which
are the subject of such Assignment and Security Agreement and Financing Statements (subject to Permitted Encumbrances). 

  
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 (c) Guaranties of the Guarantors in form and substance reasonably satisfactory to Lender
executed by the Guarantors. 
 The foregoing instruments and documents, and any other instruments and documents now or hereafter securing
the Secured Obligations pursuant to this Loan Agreement, are herein 
 sometimes collectively called the “Security Instruments.” The Security
Instruments, together with the Notes, this Loan Agreement, and any other instruments and documents now or hereafter evidencing, securing or regulating the Loans or Secured Obligations, including all amendments, extensions, or modifications of any of
the foregoing, are herein sometimes collectively called the “Loan Documents.” 
 Without limiting any of the provisions thereof,
the Security Instruments shall secure the following (the “Secured Obligations”): 
 (a) The full and timely payment of the
indebtedness evidenced by the Notes, together with interest thereon, and all extensions, modifications and renewals thereof. 
 (b) The full
and prompt performance of all the obligations of Borrower to Lender under the Loan Documents. 
 (c) The full and prompt payment of all
costs and expenses of whatever kind or nature incident to the collection of any indebtedness evidenced by the Notes, the enforcement or protection of the Security Instruments, or the exercise by Lender or any rights or remedies of Lender with
respect to any indebtedness evidenced by the Notes, including but not limited to reasonable attorney fees incurred by Lender in connection therewith, all of which Borrower agrees to pay upon demand. 

(d) The full and prompt payment and performance of any and all other indebtedness and obligations of Borrower to Lender, whether direct,
indirect, contingent or matured, and whether incurred as endorser, guarantor, maker, surety or otherwise, whether now existing or hereafter arising. 

1.11 Collateral Substitution. Intentionally omitted. 

1.12 Further Documents and Actions. Borrower and Guarantors shall execute such instruments as Lender may reasonably require from
time to time (which shall be in such form and substance as Lender may reasonably require), and shall take such other actions as Lender may reasonably require from time to time, to assure the full realization by Lender of the security of all the
Collateral. 

  
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 II. REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants to Lender as follows: 

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

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

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

(h) Borrower is a Tennessee limited liability company, validly existing, and in good standing under the laws of the State of Tennessee and has
the power to own its properties, to carry on its business as now conducted, and to enter into and perform its obligations under this Loan Agreement and the other Loan Documents. Borrower is duly qualified to do business and in good standing in any
other state in which a failure to be so qualified could reasonably be expected to have a Material Adverse Effect. The parties executing the Loan Documents on behalf of Borrower are duly authorized to act on its behalf. 

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

III. COVENANTS OF BORROWER 

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

 3.2 Additional Documentation. Borrower shall deliver to Lender charters, bylaws, certifications, affidavits, good standing
certificates, resolutions, opinions of counsel, and such other documentation as may be reasonably necessary in Lender’s judgment, to authorize the execution and delivery of any of the Loan Documents or to carry out the provisions of this Loan
Agreement. 
 3.3 Liens. Borrower shall for the term of this Loan Agreement, and until payment of the Loan made hereunder,
keep the Collateral free and clear of any and all liens except Permitted Encumbrances and shall pay all taxes (if any) which may be charged against any part or all of the Collateral, prior to the time such become delinquent. However, Borrower shall
not be required to pay any such lien claim, tax or assessment deemed by Borrower to be excessive or invalid, or which may be otherwise contested by Borrower, for so long as Borrower shall in good faith object to or otherwise contest the validity of
the same by appropriate legal proceeding, and provided further that Borrower, upon demand by Lender, as protection and indemnity against loss or damage resulting therefrom, shall deposit, either in cash, bond, or other collateral acceptable to
Lender, an amount sufficient in Lender’s reasonable judgment to cover the claim for such unpaid amounts, together with any costs or penalties which may thereafter accrue. Borrower shall pay, in any event, any such items prior to any judicial or
nonjudicial sale to enforce any such lien. 
 3.4 Financial Statements and Other Information. Borrower shall provide Lender
with quarterly company prepared consolidating and consolidated financial statements and a quarterly loan covenant compliance report within 45 days after the end of the first three (3) fiscal quarters of each fiscal year. Borrower shall also
provide Lender with an annual audited consolidated financial statement and a loan covenant compliance report within 120 days of Borrower’s fiscal year-end. 

  
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 3.5 Additional Financial Covenants. Financial covenants will be calculated on
a trailing four quarters basis (and for J. Alexander’s Holdings, LLC, and its subsidiaries on a consolidated basis) and will consist of: 

(a) Revenue. Borrower shall attain at least $99,755,000.00 of revenue for Borrower’s fiscal year ending January 3, 2021, and
shall attain at least $118,350,000.00 of revenue on a four quarter trailing basis by April 4, 2021, and shall attain at least $166,812,000.00 of revenue on a four quarter trailing basis by July 4, 2021 and thereafter through the maturity
date. 
 (b) Adjusted Debt to Tangible Net Worth. Borrower shall maintain Maximum Adjusted Debt to Tangible Net Worth of 0.80 or less
and defined as the ratio of Total Funded Debt to Tangible Net Worth. This covenant will be measured quarterly beginning September 27, 2020. “Tangible Net Worth” shall mean (i) total assets less any intangible assets (including right-of-use lease assets) minus (ii) total liabilities less any lease liabilities or other such liabilities that would be determined to be of an intangible nature, all
determined in accordance with GAAP. “Total Funded Debt” shall mean the outstanding principal amount of all obligations for borrowed money. 

(c) Fixed Charge Coverage Ratio. Borrower shall maintain a Fixed Charge Coverage ratio of not less than (1) for the period
commencing July 5, 2021 through January 2, 2022, 1.00 to 1.00 and (2) for the period commencing January 3, 2022 through the remaining term of the Loans, 1.05 to 1.00. Fixed Charge Coverage Ratio shall be measured at the
Borrower’s quarter-end based on a four-quarter trailing basis. Fixed Charge Coverage Ratio shall be defined as the ratio of (A) the sum of Net Income (excluding the effect of any extraordinary or non-recurring gains or losses including any asset impairment charges, restaurant closing expenses (including lease buy-out expenses), changes in valuation allowance for
deferred tax assets and non-cash deferred income tax benefits and expenses and up to $1,000,000.00 (in the aggregate for the remaining term of the Development Loan) in uninsured losses) plus depreciation and
amortization plus interest expenses plus rent payments plus non-cash FASB Accounting Standard Codification Topic 718 items, i.e. stock based compensation and non-cash
expenses related to a profits interest plan, plus other non-cash expenses or charges, and plus expenses associated with the public offering, spin-off, strategic
evaluation, or acquisition/merger process, regardless of whether the public offering, spin-off, strategic evaluation, or acquisition/merger occurs or is delayed, minus the greater of i) actual total store
maintenance capital expenditures (excluding major remodeling or image enhancements), or ii) the total number of Borrower’s stores operating for at least 18 months multiplied by $40,000.00, to (B) the sum of interest expense plus rent
payments plus current maturities of long term debt and capital leases. 
 “GAAP” shall mean generally accepted accounting principles consistently
applied, provided that, notwithstanding any changes in such generally accepted accounting principles, any leases now existing or hereafter entered into that would have been treated as operating leases under generally accepted accounting principles
as of December 30, 2018, will continue to not be treated as indebtedness for all purposes under this Agreement, including this Section 3.5. 

3.6 Notice of Claims. Borrower shall promptly notify Lender of any litigation exceeding $500,000.00 by any third party which may
arise with respect to the Collateral, not covered by insurance subject to customary deductibles. 
 3.7 Insurance. If such
insurance is obtainable, Borrower shall furnish to Lender insurance policies with companies, and coverage and amounts, reasonably satisfactory to Lender insuring the Collateral against loss or damage by fire and other casualty, and such other risks
as may be reasonably requested by Lender, said policies to insure the full replacement cost of such Collateral. Each such policy shall be maintained in full force and effect until the Loans have been paid in full. 

  
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 3.8 Ownership of Collateral. Except as set forth herein and the other Loan
Documents, Borrower shall at all times until final payment of the Loans be the true and lawful owner of all the Collateral. 
 3.9
Assignments and Participations. Lender shall have the right at any time to sell and 
 assign interests and to sell participations in the Loans in
accordance with customary terms, including prior consent of the Borrower (not to be unreasonably withheld), which consent shall not be required if any Event of Default exists. 

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

	 	(a)	 Any direct or indirect subsidiary of Borrower may pay dividends to another direct or indirect subsidiary of
Borrower or to Borrower. 

  

	 	(b)	 Borrower shall be permitted to pay dividends to Holdings. 

 

	 	(c)	 Holdings shall be permitted to pay tax dividends to its members. 

(d) Borrower shall be prohibited from issuing or declaring cash dividends without Lender’s written permission until the Loans are fully
repaid or expired, except as otherwise noted in (a), (b) and (c) above. Amounts paid to an affiliate of Borrower pursuant to a management agreement or similar arrangement are not considered a dividend. 

3.12 Reimbursement. Intentionally omitted. 

IV. EVENTS OF DEFAULT 

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

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

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

(c) If Borrower or any of the Guarantors shall fail to keep and perform any other covenant or provision contained in this Loan Agreement, or
in any of the Loan Documents, or if at any time any representation or warranty made by Borrower or any of the Guarantors, herein or otherwise in connection with the Loans made hereunder, shall be materially incorrect, and such failure shall continue
unremedied for a period of thirty (30) days following the earlier of the date an executive 

  
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officer of Borrower first has actual knowledge of such breach or failure, or the date Borrower is given written notice from Lender to Borrower specifying such breach or failure. If such failure
cannot be cured by Borrower with reasonable diligence within such thirty (30) day period, then such period shall be extended to a total of forty-five (45) days provided that within such thirty (30) day period Borrower shall commence
to cure such breach or failure and shall continue to proceed thereafter with reasonable diligence; or 
 (d) If Borrower or any of the
Guarantors (i) shall generally not pay or shall be unable to pay its or their debts as such debts become due; or (ii) shall make a general assignment for the benefit of creditors or petition or apply to any tribunal for the appointment of
a custodian, receiver or trustee for such party, the Collateral or a substantial part of such party’s assets; or (iii) shall commence any proceeding under bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or
liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or (iv) shall have had any petition or application filed or commenced against it or them in which an order for relief is entered or an adjudication or
appointment is made; or (v) shall indicate, by any act or omission, such party’s consent to, approval of or acquiescence in any such petition, application, proceeding, or order for relief or the appointment of a custodian, receiver or
trustee for such party, the Collateral or a substantial part of such party’s assets; or (vi) shall suffer any custodianship, receivership or trusteeship to continue undischarged for a period of thirty (30) days or more; or 

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

Borrower shall be liable to Lender for all sums paid or expended by Lender during the occurrence of an Event of Default in connection with the
Collateral or otherwise in connection with this Loan Agreement, and all such payments made or liabilities incurred by Lender hereunder, of any kind whatsoever, shall be payable upon demand, and all of the foregoing, shall be deemed to constitute
advances under this Loan Agreement, and the Notes, and shall be additional indebtedness secured by the Security Instruments. 

  
 12 

 V. GENERAL PROVISIONS 

5.1 Setoff. In addition to all rights of setoff, Lender shall have upon the occurrence of an Event of Default hereunder the
right to appropriate and apply to the payment of the Loans outstanding hereunder, any and all balances, credits, deposits, accounts, money, or other property of Borrower or Guarantors then or thereafter held by or deposited with Lender. 

5.2 Attorney Fees and Costs. Borrower shall be liable to Lender for all sums reasonably paid or incurred by Lender in connection
with this Loan Agreement, the Loans made hereunder, the Collateral, whether paid or incurred by reason of any default hereunder, or in any of the Loan Documents, or otherwise, and such shall include, but shall not be limited to, the payment of all
reasonable attorneys’ fees so paid or incurred. All such sums shall be payable by Borrower to Lender upon demand, and all of the foregoing shall constitute advances under this Loan Agreement. Borrower shall further pay to Lender all costs and
expenses incurred by Lender, including, but not limited to, reasonable attorneys’ fees, in the preparation and consummation of this Loan Agreement, and the Loan made hereunder. 

Borrower will pay all reasonable outside legal fees and UCC recording cost and search expenses incurred by the Lender relative to negotiation
and document preparation (whether or not the contemplated transaction is closed and funded), and any and all reasonable legal fees and expenses incurred by Lender after the closing for any and all ongoing administrative, enforcement and collection
expenses related to the Loans. 
 5.3 Remedies Cumulative. All remedies provided for in this Loan Agreement, or in any of the
Loan Documents, shall be cumulative, and shall be in addition to all other remedies available to Lender by applicable law. 
 5.4
Inspection. Upon reasonable prior notice, Lender, its representatives and designees, shall have reasonable access to the books and records of Borrower with respect to the Collateral, and shall be entitled to copies of such records upon
request. Borrower shall make such books and records available to Lender upon reasonable request. Upon reasonable prior notice, Lender shall be entitled to access to the Collateral for the purpose of inspecting the same, and in order to otherwise
carry out the provisions of this Loan Agreement, or of any of the Loan Documents. 
 5.5 No Waiver. The failure of Lender to
exercise any right or remedy granted under this Loan Agreement, any of the Loan Documents, or by applicable law, shall not be a waiver of Lender’s right or rights to exercise any such right or remedy upon any subsequent default. 

5.6 Captions. Captions used herein are for convenience only, and shall not be construed as limiting the construction of the provisions
of this Loan Agreement. 

  
 13 

 5.7 Notice. Any and all notices permitted or required under this Loan
Agreement, or any of the Loan Documents, shall be deemed given if hand-delivered, or mailed by United States registered or certified mail, postage prepaid, return receipt requested, to the following addresses:

  

			
	If to Borrower, as follows:	  	 J. Alexander’s, LLC
 Attn: Mark Parkey, CFO
(or Jessica Hagler)
 3401 West End Avenue, Suite 260

Nashville, Tennessee 37203

		
	with a copy to:	  	 Bass, Berry & Sims PLC
 Attn: Felix R.
Dowsley, III
 150 Third Avenue S., Suite 2800
 Nashville, TN
37201

		
	and in the case of Lender:	  	 Pinnacle Bank
 Attn: William W. DeCamp, Senior
Vice President
 150 Third Avenue S., Suite 800
 Nashville,
Tennessee 37201

		
	with a copy to:	  	 Gullett, Sanford, Robinson & Martin PLLC

Attn: Catherine H. Gwyn
 150 Third Avenue S., Suite 1700

Nashville, Tennessee 37201

 or to such other address, or addresses, as either party may request in writing to the other from time to time. No notice to or
demand on Borrower hereunder, in itself shall entitle Borrower to any other or further notice or demand in similar or other circumstances, or shall constitute a waiver of the rights of Lender to any other or further action in any circumstances
without notice or demand. 
 5.8 Interest. Notwithstanding anything herein to the contrary, in no event shall interest charged
under the Loans hereunder exceed the maximum rate allowed by applicable law. Interest shall be calculated on the basis of a three hundred sixty (360) day year. 

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

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

  
 14 

 5.12 Entire Agreement, Amendment. This Loan Agreement, and the Loan Documents
executed pursuant hereto shall constitute the entire agreement of the parties. Any additional provisions contained in the Loan Documents not contained herein shall be supplemental and in addition to the provisions hereof. This Loan Agreement may be
modified or amended only by an instrument in writing executed by all parties hereto. 
 5.13 Applicable Law. The construction
and validity of this Loan Agreement, and the Loans made hereunder, shall be governed by the law of the State of Tennessee, except to the extent that such may be pre-empted by applicable law or regulation of
the United States of America governing the charging or receiving of interest. 
 5.14 Time of the Essence, Gender, Number.
Time is of the essence with respect to this Loan Agreement, and all provisions and obligations hereof. As used herein, the singular shall refer to the plural, the plural to the singular, and the use of any gender shall be applicable to all genders.

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

5.16 Counterparts. This Loan Agreement may be executed in one or more counterparts, each of which shall be deemed an original
and all of which, taken together, shall constitute one and the same instrument. 
 5.17 Guarantors. The Guarantors join in the
execution of this Agreement for the purpose of acknowledging Guarantors’ respective obligations with respect to this Agreement, the Notes, and in addition any other instrument or document evidencing or securing all or any part of the Loans, to
the extent applicable to each Guarantor. 
 5.18 Amendment and Restatement. This Fourth Amended and Restated Loan Agreement
constitutes an amendment and restatement of that certain Third Amended and Restated Loan Agreement, dated June 5, 2020, as subsequently modified, by and among the Borrower, the Lender, and the within-named Guarantors. 

5.19 Jury Waiver. BORROWER AND GUARANTORS HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVE, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION, WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY, BASED HEREON OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT, OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER ENTERING INTO OR ACCEPTING THIS AGREEMENT. FURTHER, BORROWER AN GUARANTORS HEREBY
CERTIFY THAT NO REPRESENTATIVE OR AGENT OF LENDER, OR LENDER’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT LENDER WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS 

  
 15 

 
WAIVER OF RIGHT TO JURY TRIAL PROVISION. ANY ACTION BROUGHT HEREUNDER OR WITH RESPECT TO THE SUBJECT MATTER HEREOF MUST BE BROUGHT IN THE STATE COURTS SITTING IN DAVIDSON COUNTY, TENNESSEE OR IN
THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF TENNESSEE WHICH SHALL HAVE EXCLUSIVE JURISDICTION AND VENUE OF ANY SUCH MATTERS. PROVIDED THAT FOR ANY ACTION FOR WHICH IN REM JURISDICTION IS REQUIRED, ANY SUCH ACTION MAY BE
BROUGHT IN THE STATE COURTS SITTING IN COUNTY AND STATE IN WHICH THE ACTION ARISES, OR IN THE FEDERAL DISTRICT COURT, AS MAY BE NECESSARY. 

The remainder of this page is left intentionally blank. 

  
 16 

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

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

	 Title: Executive Vice President, Chief Financial Officer and Treasurer

	
	 LENDER:

	
	 PINNACLE BANK

		
	By:	 	 /s/ William W. DeCamp

		 	 William W. DeCamp, Senior Vice President

  

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

  
 17 

			
	J. ALEXANDER’S RESTAURANTS OF
	KANSAS, LLC, a Kansas limited liability company
		
	By:	 	/s/ Mark A. Parkey
	Name: Mark A. Parkey
	Title: Executive Vice President, Chief Financial Officer and Treasurer
	
	J. ALEXANDER’S OF TEXAS, LLC,
	a Texas limited liability company
		
	By:	 	/s/ Mark A. Parkey
	Name: Mark A. Parkey
	Title: Executive Vice President, Chief Financial Officer and Treasurer
	
	JAX REAL ESTATE, LLC,
	a Delaware limited liability company
		
	By:	 	/s/ Mark A. Parkey
	Name: Mark A. Parkey
	 Title: Executive Vice President, Chief Financial Officer and Treasurer

	
	 JAX RE HOLDINGS, LLC,

	 a Delaware limited liability company

		
	By:	 	/s/ Mark A. Parkey
	Name: Mark A. Parkey
	Title: Executive Vice President, Chief Financial Officer and Treasurer
	
	 JAX REAL ESTATE MANAGEMENT, LLC,

	 a Delaware limited liability company

		
	By:	 	/s/ Mark A. Parkey
	 Name: Mark A. Parkey

	 Title: Executive Vice President, Chief Financial Officer and Treasurer

  
 18 

			
	STONEY RIVER MANAGEMENT COMPANY, LLC,
	a Delaware limited liability company
		
	By:	 	/s/ Mark A. Parkey
	 Name: Mark A. Parkey

	 Title: Executive Vice President, Chief Financial Officer and Treasurer

	
	SRLS LLC,
	a Delaware limited liability company
		
	By:	 	/s/ Mark A. Parkey
	Name: Mark A. Parkey
	Title: Executive Vice President, Chief Financial Officer and Treasurer
	
	STONEY RIVER LEGENDARY MANAGEMENT, L.P., a Georgia limited partnership
		
	 By:
	 	/s/ Mark A. Parkey
	Name: Mark A. Parkey
	Title: Executive Vice President, Chief Financial Officer and Treasurer
	
	STONEY RIVER, LLC,
	a Delaware limited liability company
		
	By:	 	/s/ Mark A. Parkey
	 Name: Mark A. Parkey

	 Title: Executive Vice President, Chief Financial Officer and Treasurer

  
 19Exhibit
10.1

 

310
Hunt Club Road, Ottawa, Ontario

 

Lease

 

THIS
LEASE made as of the 4th day of September, 2020.

 

BETWEEN:

 

310
Hunt club limited partnership,

by
its general partner 310 hunt club gp

inc.

(hereinafter
called the “Landlord”),

 

-
and -

 

Variation
biotechnologies Inc.

(hereinafter
called the “Tenant”).

 

WHEREAS
pursuant to a ground lease (the “Ground Lease”) made as of January 31, 1997 between Her Majesty the Queen in
Right of Canada, as landlord, and the Ottawa Macdonald-Cartier International Airport Authority (“OMCIAA”),
as tenant, the OMCIAA has leased, among other things, that certain parcel of land (the “Land”) more particularly
described in Schedule A hereto and situated at the Ottawa Macdonald-Cartier International Airport, Gloucester, Ontario (the “Airport”),
all upon the terms and conditions set forth in the Ground Lease;

 

AND
WHEREAS pursuant to a lease (the “Head Lease”) dated July 22, 2005 between OMCIAA, as landlord, and Aeroterm
Ottawa Corporate Centre Corporation (“Aeroterm”), as tenant, the OMCIAA leased to Aeroterm the Land and all
the Leasehold Improvements (as defined therein) thereon, including the building located on the Land and municipally known as 310
Hunt Club Road, Ottawa, Ontario (the “Building”), all as more particularly described in the Ground Lease and
all upon the terms and conditions set forth in the Ground Lease;

 

AND
WHEREAS the Landlord has taken an assignment of the Head Lease effective August 2019;

 

AND
WHEREAS the Landlord has agreed to lease to the Tenant office space on the second floor of the Building having a total current
area of approximately 2,688 square feet (the “Rentable Area”), as more particularly described and identified
on the plan attached hereto as Schedule B (the “Premises”), all on the terms contained in this Lease;

 

NOW
THEREFORE in consideration of the mutual covenants contained herein, the sum of $2.00 now paid by each party to the other and
other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by the parties), the Landlord
and the Tenant agree as follows:

 

    	 

    	-2-

    

 

Article
1 

INTERPRETATION

 

	1.1	Number,
    Gender, Liability

 

The
grammatical changes required to make the provisions of this Lease apply in the plural sense where the Tenant comprises more than
one person and to corporations, firms, partnerships or individuals, male or female, will be assumed as though in each case fully
expressed.

 

	1.2	Headings
    and Captions

 

The
Article numbers, Article headings, Section numbers and Section headings are inserted for convenience of reference only and are
not to be considered when interpreting this Lease.

 

	1.3	Obligations
    as Covenants

 

Each
obligation or agreement of the Landlord or the Tenant expressed in this Lease shall be a covenant for all purposes.

 

	1.4	Governing
    Law

 

This
Lease shall be interpreted under and is governed by the laws of the Province of Ontario and all federal laws of Canada applicable
therein.

 

	1.5	Currency

 

All
Rent and other amounts of money in this Lease are expressed in and refer to Canadian dollars and shall be paid in the lawful currency
of Canada.

 

	1.6	Severability

 

If
any provision of this Lease is illegal or unenforceable, it shall be considered severable from the remaining provisions of this
Lease, which shall remain in force.

 

	1.7	Successors
    and Assigns

 

This
Lease and everything herein contained shall benefit and bind the successors and assigns of the Landlord and the permitted successors
and assigns of the Tenant.

 

	1.8	Schedules

 

The
Schedules shall form part of this Lease and are as follows:

 

	Schedule
    A	-	Description
    of Land
	 	 	 
	Schedule
    B	-	Premises

 

    	 

    	-3-

    

 

	1.9	Time
    of the Essence

 

Time
is of the essence of this Lease and every part thereof.

 

	1.10	Statutory
    References

 

Any
reference in this Lease to any act, statute or any other applicable laws or any section thereof shall be deemed to be a reference
to such act, statute, other applicable laws or section as amended or re-enacted from time to time except as otherwise expressly
provided herein or therein.

 

Article
2 

GRANT
OF LEASE

 

	2.1	Demise

 

The
Landlord hereby Leases the Premises to the Tenant, upon and subject to the provisions of this Lease, to have and to hold during
the Term (as hereinafter defined). The Tenant hereby Leases the Premises from the Landlord for the Term and covenants to pay the
Rent and to observe and perform all the covenants and obligations to be observed and performed by the Tenant pursuant to this
Lease.

 

	2.2	Examination
    of Premises

 

The
Tenant acknowledges that: (i) it has examined the Premises and is accepting the Premises in their present condition on an “as
is” basis, without reservation or qualification; and (ii) the Landlord shall have no obligations, express or implied, to
perform any work in the Premises at any time before, during or after the term of the Lease. The Premises will be provided to the
Tenant with all existing furnishings and partitions included, with the exception of the boardroom chairs and table that will be
removed prior to the Commencement Date (as defined herein).

 

	2.3	End
    of Term Restoration

 

The
parties hereto agree that the Tenant shall not be required to restore the Premises to base building condition at the expiry or
early termination of the Term. For greater certainty, no improvements existing in the Premises as of the Commencement Date (as
hereinafter defined), will be required to be removed on expiration or early termination of the Term, as applicable, but any additional
improvements made during the Term, including, without limitation, any dividing walls erected by the Tenant within the Premises,
may be subject to removal on expiration or early termination of the Term, as applicable, on request by the Landlord.

 

    	 

    	-4-

    

 

Article
3 

TERM

 

	3.1	Lease
    Term

 

The
term of this Lease (the “Term”) shall commence on October 1, 2020 (the “Commencement Date”)
and, shall end on April 30, 2023. In no event shall the Term extend beyond the date of the termination of the Head Lease. If the
Head Lease is terminated in accordance with its terms (whether by expiry or other termination) this Lease shall be automatically
terminated at the same time as the Head Lease is terminated.

 

Article
4 

RENT

 

	4.1	Basic
    Rent

 

Subject
to Section 4.3 below, for the period beginning on the Commencement Date and ending on April 30, 2023, the Tenant shall pay to
the Landlord, without any deduction, set-off or abatement whatsoever, except as may be otherwise provided herein, a basic rent
(the “Basic Rent”) for the Premises in the following amounts

 

	Period	 	Basic Rent (psf)	 
	October 1, 2020 – December 31, 2020	 	$	14.22	 
	January 1, 2021 – December 31, 2021	 	$	14.50	 
	January 1, 2022 – December 31, 2022	 	$	14.79	 
	January 1, 2023 – April 30, 2023	 	$	15.09	 

 

The
Basic Rent shall be payable monthly in advance in equal, consecutive instalments, on the first day of each and every calendar
month, from and after the Commencement Date, the first such payment to be made on the Commencement Date, together with all HST
(as defined below) thereon. If any year of the Term commences on any day other than the first day, or ends on any day other than
the last day, of a calendar month, all Rent and other sums payable by the Tenant for the fractions of a month at the commencement
or expiration of the applicable year of the Term, as the case may be, shall be calculated on a per diem basis based on
a period of three hundred and sixty-five (365) days.

 

	4.2	Additional
    Rent

 

The
Tenant shall also pay on a monthly basis to the Landlord as additional rent in respect of the Premises (“Additional Rent”),
the Tenant’s share (the “Tenant’s Share”), based on the Rentable Area of the Premises as a proportion
of the total leaseable area of the Building, of those costs, taxes and expenses defined as Additional Rent in the Tenant’s
lease dated September 1, 2014, as amended and extended, for Suite 201 (the “Adjacent Lease”). The Additional
Rent Cap of $20.50 shall apply to the Additional Rent throughout the Term.

 

    	 

    	-5-

    

 

	4.3	Payments
    Generally

 

Payments
by the Tenant to the Landlord of whatsoever nature required or contemplated by this Lease shall:

 

	 	(a)	be
    made when due hereunder, without notice or demand therefor and without any abatement, set-off, compensation or deduction whatsoever
    except as may be otherwise provided herein at such place as the Landlord may designate from time to time to the Tenant; no
    event, act, circumstance, change of laws, political, constitutional or governmental change, or any other matter whatsoever,
    whether foreseen or unforeseen, ordinary or extraordinary, and whether or not within the contemplation of the parties at the
    commencement of the Term shall relieve the Tenant of the obligation to pay all Rent payable hereunder; without limiting the
    generality of the foregoing, the Tenant agrees that it shall not have any right of deduction, set-off or abatement whatsoever
    with respect to any claims that it may have against the Landlord pursuant to or in respect of any other agreement with the
    Landlord (unless Additional Rent has been overpaid in any calendar year, in which case the Landlord shall issue a credit note
    in favour of the Tenant to set-off the overpaid amount against the next Rent payment);
	 	 	 
	 	(b)	be
    applied towards amounts then outstanding hereunder in such manner as the Landlord reasonably determines; and
	 	 	 
	 	(c)	bear
    interest at the rate equal to that in the Adjacent Lease from the due date to the date of payment, calculated daily, before
    and after demand, default and judgment.

 

For
purposes of this Lease, “Rent” means Basic Rent, Additional Rent, and all other monies (save and except goods
and services taxes) payable by the Tenant hereunder, whether to the Landlord or otherwise.

 

	4.4	Harmonized
    Sales Tax

 

In
addition to all amounts payable by the Tenant under this Lease as Rent, the Tenant shall pay, at the same time as the Basic Rent
is payable hereunder, all harmonized sales taxes (“HST”) exigible under the Excise Tax Act (Canada)
and any similar legislation calculated on or in respect of amounts payable by the Tenant as Rent under this Lease or otherwise
payable as a result of this Lease or services or supplies provided hereunder. Notwithstanding any other provision of this Lease,
any amounts payable by the Tenant in respect of HST shall not be deemed to be consideration for the supply of space under this
Lease or for the provision of any other service by the Landlord. Notwithstanding that HST is not Rent under this Lease, the Landlord
shall have the same rights and remedies for the recovery of such amounts payable as HST as it has for other amounts payable as
Basic Rent under this Lease.

 

    	 

    	-6-

    

 

	4.5	Net
    Lease

 

The
Tenant acknowledges and agrees that it is intended that this Lease shall be a completely carefree and absolutely net lease for
the Landlord, except as is otherwise expressly provided in this Lease, and that the Landlord shall not be responsible during the
Term for any costs, charges, taxes (other than Landlord’s income taxes), levies, impositions, expenses or outlays of any
nature whatsoever arising from or relating to the Premises, this Lease, the use of the Premises or any services or supplies provided
by the Landlord hereunder, whether foreseen or unforeseen, ordinary or extraordinary and whether or not within the contemplation
of the parties at the commencement of the Term, except as is otherwise expressly provided in this Lease. Any amount and any obligation
relating to the Premises or this Lease which is not expressly declared in this Lease to be the responsibility of the Landlord
shall be the responsibility of the Tenant to be paid or performed by or at the Tenant’s expense.

 

	4.6	Unavoidable
    Delay

 

Whenever
and to the extent that the Landlord or the Tenant shall be unable to fulfill or shall be delayed or restricted in the fulfilment
of any obligation hereunder during the period of such unavoidable delay hereunder in respect of the supply or provision of any
service or utility or the doing of any work or the making of any repairs by reason of being unable to obtain the material, goods,
equipment, service or labour required to enable it to fulfil such obligation, or by reason of any statute or order-in-council
or regulation or order passed or made pursuant thereto or by reason of the order or direction of any administrator, controller,
board, governmental department or officer or other authority or by reason of not being able to obtain any permission or authority
required thereby or by reason of any other cause beyond its control whether of the foregoing character or not, then either the
Landlord or the Tenant, as the case may be, shall be deemed not to be in default in the performance of such covenant or obligation
and any period for the performance of such obligation shall be extended accordingly and the other party to this Lease shall not
be entitled to compensation for any loss, inconvenience, nuisance or discomfort thereby occasioned, provided that the foregoing
shall in no event be construed so as to relieve the Tenant of its obligation to pay Rent as it becomes due.

 

Article
5 

common
areas, utilities and services

 

	5.1	Use
    of Common Areas and Facilities

 

In
connection with this Lease and the ongoing and continuous use and occupation by the Tenant of the Premises, but subject to the
terms and conditions of the Head Lease and this Lease, the Tenant shall also be entitled to (and, accordingly, the Landlord shall
provide and deliver to the Tenant) the non-exclusive access to and benefit and use of the Common Areas and Facilities, as such
term is defined and conditioned in the Adjacent Lease.

 

	5.2	Parking

 

Subject
to the same obligations as set forth in the Adjacent Lease, the Tenant shall have the exclusive right at all times during the
Term to use for itself and its officers, agents, employees, servants, contractors, customers, clients and invitees, any 11 additional
parking spaces (i.e. in addition to the 36 parking spaces provided pursuant to the Adjacent Lease), determined on a first-come,
first-served basis, in the parking area located on the Land outside of the Building, the whole free of any additional rent or
charge. The Landlord agrees to be responsible for the maintenance of the Parking Spaces.

 

    	 

    	-7-

    

 

	5.3	Utilities

 

The
Tenant hereby acknowledges and agrees that, if a significant increase in electricity consumption is identified as a result of
the Tenant’s use of the Premises, the Landlord shall have the option, exercisable in its sole and absolute discretion by
written notice to the Tenant, to install, at the Tenant’s sole cost and expense, separate meters or other measuring devices
in the Premises or elsewhere to measure the Tenants electricity consumption (the “Electricity Consumption Measuring Work”).
The Tenant agrees to use commercially reasonable efforts to cooperate with the Landlord to facilitate the Electricity Consumption
Measuring Work and not interfere with such Electricity Consumption Measuring Work. The parties agree that, upon notice from the
Landlord to the Tenant of the completion of the Electricity Consumption Measuring Work, the Additional Rent payable by the Tenant
pursuant to Section 4.2 shall include the full cost of the electricity consumption measured by the meters or other measuring devices
installed pursuant to the Electricity Consumption Measuring Work and shall exclude the Tenant’s Share of the general electricity
cost for the Building.

 

	5.4	Hazardous
    Substances

 

(a)
The Tenant agrees to comply with the Head Lease, the Landlord’s protocols and procedures as the same may be amended from
time to time, and all the applicable laws and regulatory requirements relating to fisheries, the preservation or protection of
the environment and the manufacture, processing, distribution, use, treatment, storage, disposal, discharge, transport or handling
of any substances, materials or waste regulated or prohibited by such laws or regulatory requirements, including pollutants, contaminants,
deleterious substances, dangerous goods or hazardous wastes (collectively, “Hazardous Substances”) through,
in or on the Land.

 

(b)
The Landlord agrees to comply with the Head Lease, the Landlord’s protocols and procedures and all the applicable laws and
regulatory requirements relating to fisheries, the preservation or protection of the environment and the manufacture, processing,
distribution, use, treatment, storage, disposal, discharge, transport or handling of any Hazardous Substances through, in or on
the Land.

 

(c)
Without limiting Section 6.1(l) below, if the Tenant or those for whom it is at law responsible causes or permits a spill or other
release of a Hazardous Substance on, in or under the Land, the Tenant shall be responsible, at its sole cost and expense, for
the investigation and remediation of the affected area(s) and the Tenant agrees to indemnify and save harmless the Landlord, its
officers, directors, employees and those for whom it is at law responsible, from any and all damages, losses, costs, orders, fines,
charges, expenses, claims, demands, liabilities and obligations with respect to such spill or release of the Hazardous Substance,
except as may be caused by or incurred due to the gross negligence or willful misconduct of the Landlord.

 

    	 

    	-8-

    

 

Article
6 

TENANT’S
COVENANTS

 

	6.1	Tenant’s
    Covenants

 

The
Tenant covenants and agrees with the Landlord as follows:

 

	 	(a)	to
    pay the Rent hereby reserved including, without limitation, Basic Rent and Additional Rent, on the days and in the manner
    aforesaid, without deduction or set off, except as may be otherwise provided herein;
	 	 	 
	 	(b)	to
    insure in respect of the Premises in the same manner as required under the Adjacent Lease;
	 	 	 
	 	(c)	to
    observe and perform all of the covenants, provisos, conditions and agreements as required under the Adjacent Lease;
	 	 	 
	 	(d)	not
    to assign, sublet or part with possession of all or any part of the Premises, including, without the prior written consent
    of the Landlord, which consent (i) shall not be unreasonably withheld or delayed, (ii) may be subject to the Landlord’s
    reasonable conditions of compliance by the assignee, or other transferee, as applicable, with the Head Lease and this Lease,
    and (iii) shall be further subject to obtaining the prior written consent of the OMCIAA;
	 	 	 
	 	(e)	not
    to use the Premises for any purpose other than as laboratory and business offices and uses ancillary thereto permitted by
    Applicable Laws and the terms of the Head Lease;
	 	 	 
	 	(f)	that
    the Premises shall only be occupied by the Tenant, its employees and others engaged in carrying on the business of the Tenant,
    including, without limitation, affiliates, partners and others operating pursuant to contractual terms with the Tenant;
	 	 	 
	 	(g)	that
    all of the provisions of the Head Lease to the extent that they relate to the Premises are deemed to be incorporated into
    this Lease, mutatis mutandis, to the same extent as if all of the covenants to be observed and performed by the Landlord
    thereunder as they relate to the Premises (other than the covenants of the Landlord to pay Base Rent and Additional Rent),
    were contained in this Lease as covenants to be observed and performed by the Tenant for the benefit and advantage of the
    Landlord;
	 	 	 
	 	(h)	not
    to make any improvements or modifications to the Premises except in accordance with the obligations and conditions contained
    in the Adjacent Lease;
	 	 	 
	 	(i)	to
    leave the Premises at the end of the Term or the earlier expiry of this Lease in the condition required pursuant to the Adjacent
    Lease;

 

    	 

    	-9-

    

 

	 	(j)	that
    all of the remedies, rights and powers of the OMCIAA under the provisions of the Head Lease are deemed to be incorporated
    into this Lease, mutatis mutandis, and shall, for the purposes of this Lease, be the remedies, rights and powers of
    the Landlord in the event of any default or breach by the Tenant of its obligations under this Lease; and
	 	 	 
	 	(k)	except
    with respect to any fraudulent, negligent or unlawful act or omission or wilful misconduct of the Landlord or those for whom
    it is at law responsible, to indemnify and save harmless the Landlord, its officers, directors, employees and those for whom
    it is at law responsible, from any and all damages, losses, costs, charges, expenses, claims, demands, liabilities and obligations,
    whether under the Head Lease or otherwise, with respect to its use of the Premises and the Common Areas and Facilities including,
    without limitation, as a result of a failure by the Tenant to observe and perform its obligations under this Lease.

 

Article
7 

LANDLORD’S
COVENANTS

 

	7.1	Landlord’s
    Covenants

 

Subject
to the Tenant paying the Rent hereby reserved and observing and performing all of its obligations hereunder and subject to the
terms of the Head Lease, the Landlord hereby covenants and agrees with the Tenant as follows:

 

	 	(a)	to
    pay to the OMCIAA the rent and other monies reserved by and in the manner provided for under the Head Lease;
	 	 	 
	 	(b)	to
    observe and perform the obligations of the tenant under the Head Lease (except to the extent that the Tenant is required to
    observe and perform such obligations in respect of the Premises);
	 	 	 
	 	(c)	to
    enforce its rights as tenant under the Head Lease in respect of all of the covenants, provisos, conditions and agreements
    which are to be observed and performed by the OMCIAA pursuant to the provisions of the Head Lease if the Tenant provides its
    written approval to such enforcement as same relates to the Premises, provided that the Tenant will pay to the Landlord on
    demand all of the Landlord’s reasonable costs, expenses and disbursements incurred in doing so as same relate to the
    Premises only;
	 	 	 
	 	(d)	that
    upon the Tenant paying the Rent hereby reserved and observing and performing all of its obligations hereunder and subject
    to the terms of the Head Lease, the Tenant shall peacefully and quietly enjoy the Premises for the Term without any interruption,
    hindrance or disturbance by the Landlord or any other person or persons claiming under it;
	 	 	 
	 	(e)	except
    with respect to any fraudulent, negligent or unlawful act or omission or wilful misconduct of the Tenant or those for whom
    it is at law responsible, to indemnify and save harmless the Tenant from and against all actions, proceedings, damages, losses,
    costs, charges, expenses, claims, demands, liabilities and obligations arising from any omission by the Landlord to pay when
    due the Landlord’s rent reserved under the Head Lease (unless the Tenant has failed to pay the Rent then due to the
    Landlord under this Lease) or arising from a breach of any of the Landlord’s covenants as tenant under the Head Lease
    (other than those required to be performed and observed by the Tenant with respect to the Premises pursuant to the terms of
    this Lease); and
	 	 	 
	 	(f)	to
    promptly provide the Tenant with a copy of all notices received by the Landlord from the OMCIAAto the extent that such notices
    affect the Premises.

 

    	 

    	-10-

    

 

Article
8 

HEAD
Lease

 

The
Tenant acknowledges and agrees that the Lease, demise and use and occupancy of the Premises by the Tenant are subject, and at
all times subordinate, to the Head Lease between the Landlord, as tenant, and the OMCIAA, as landlord. The Tenant further acknowledges
and agrees that it has no greater interest in the Lands or Building than that of the Landlord pursuant to the Head Lease and as
such, if the Head Lease ends, so too will the Tenant’s rights, privileges and interest under this Lease. The Tenant shall
not have any rights at law or otherwise to claim against the OMCIAA or any other person with a reversionary interest in and to
the Lands or Building for occupancy of the Premises, nor any right to elect to stand in the same position as the Landlord vis-à-vis
the OMCIAA. Any rights or privileges afforded by this Lease to the Landlord may be exercised by the OMCIAA or such person from
which the OMCIAA derives its own rights and privileges. Further, the Tenant acknowledges that any consent or approval to be obtained
by the Tenant hereunder may be subject to consent, approval and authorization under the Head Lease. The Landlord hereby represents
and warrants to the Tenant that the Head Lease is in good standing and that, to its knowledge, it has not committed any default
or breach thereunder.

 

Without
limiting any other provision of this Lease, the Tenant acknowledges and agrees that the Lands are proximate to airports and as
such the Tenant will not do any act or thing, or omit to do any act or thing that would constitute a breach of any rules, regulations
and laws with respect to aviation or the operation of an airport.

 

Notwithstanding
any other provision of this Lease, or any other agreement of the parties, the maximum term of this Lease and all renewals and
extensions thereof, shall not exceed the maximum term of the Head Lease less one day.

 

    	 

    	-11-

    

 

Article
9 

NOTICES

 

	9.1	Notice

 

(a)
Any notice, demand, statement or request (in this Section referred to as “notice”) herein required or permitted
to be given under this Lease shall be in writing and shall be deemed to have been sufficiently and effectually given if signed
by or on behalf of the party giving the notice and delivered in person, transmitted by email or delivered by a major international
courier company, for next day delivery with charges prepaid, addressed as follows:

 

	 	(i)	if
    to the Landlord:
	 	 	 
	 	 	Suite
    380, 18 Louisa Street
	 	 	Ottawa,
    ON K1R 6Y6
	 	 	 
	 	 	Attention:
    Ken Jennings 
	 	 	Email:
    kjennings@jenningsdevelopments.com
	 	 	 
	 	(ii)	if
    to the Tenant:
	 	 	 
	 	 	at
    the Premises
	 	 	 
	 	 	Attention:
    Athena Kartsaklis
	 	 	Email:Akartsaklis@vbivaccines.com

 

(b)
Any such notice, if delivered: (i) by email, shall be deemed to have been given on the day on which it was transmitted if transmitted
on a business day prior to 5:00 p.m., Ottawa time, or, otherwise, on the next following business day; (ii) by personal delivery,
shall be deemed to have been given when delivered in fact; or (iii) by courier, shall be deemed to have been given on the next
business day following the date it was sent.

 

(c)
Any party hereto may at any time change its address for service from time to time by giving notice to the other party in accordance
with this Section 9.1.

 

Article
10 

miscellaneous

 

	10.1	Registration
    of Lease

 

Neither
the Tenant nor anyone on the Tenant’s behalf or claiming under the Tenant shall register this Lease or any other instrument
or notice pertaining to this Lease against the Land without the prior consent of the Landlord.

 

	10.2	Waiver

 

If
either the Landlord or Tenant excuses or condones any default of the other of any obligation under this Lease, no waiver of such
obligation shall be implied as a result of any continuing or subsequent default.

 

	10.3	Partial
    Payment of Rent

 

Acceptance
by the Landlord of a lesser amount than the monthly payment of Rent herein stipulated and any endorsement or statement on any
cheque or documentation accompanying any payment of Rent shall not be deemed an acknowledgement of full payment or an accord and
satisfaction, and the Landlord may accept such payment without prejudice to the Landlord’s right to recover the balance
of such Rent or to pursue any other remedy provided in this Lease.

 

    	 

    	-12-

    

 

	10.4	Brokers

 

Each
party shall be responsible for the payment of any and all brokerage fees, consulting fees, commissions or finder’s fees
due to any broker or agent that has been retained by it in connection with this Lease, each pursuant to such party’s agreement
with its respective broker or agent, and hereby agrees to save harmless the other party in connection therewith.

 

	10.5	Power
    and Authority

 

The
Landlord represents and warrants that the Landlord has full power and authority to enter into and grant this Lease.

 

	10.6	No
    Partnership

 

Notwithstanding
any provisions of this Lease, nothing in this Lease shall be construed as constituting any partnership, joint venture or any other
relationship other than the relationship of Landlord and Tenant.

 

	10.7	Entire
    Agreement

 

This
Lease, and the provisions of the Head Lease incorporated herein, contain all the terms and conditions of the agreement between
the Landlord and the Tenant relating to the matters herein provided and supersede all previous agreements or representations of
any kind made by either party in reference thereto.

 

	10.8	Counterparts

 

This
Lease may be executed in two counterparts and delivered by email transmission of a copy of an originally or electronically executed
document, each of which shall be deemed to be an original, and such counterparts shall together constitute one and the same instrument.

 

    	 

    	 

    

 

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

 

	 	310
                                         Hunt Club Limited

        Partnership,

        by
        its General Partner, 310

        Hunt
        Club GP Inc.

	 	 
	 	By	/s/
    Christian Jennings
	 	Name:	Christian
    Jennings
	 	Title:	Director
	 	 	 
	 	I
    have authority to bind the Corporation

 

	 	variation
    biotechnologies inc.
	 	 
	 	By	/s/
    Jeff Baxter
	 	Name:	Jeff
    Baxter 
	 	Title:	CEO
	 	 	                         
	 	I
    have authority to bind the Corporation

 

    	 

    	 

    

 

Schedule
A

 

DESCRIPTION
OF LAND

 

    	 

    	 

    

 

Schedule
B

 

PREMISES

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