Document:

EX-4.1(b)

 Exhibit 4.1(b) 

 
 AMENDED AND RESTATED STOCKHOLDERS AGREEMENT 

BY AND AMONG 
 BJ’S
WHOLESALE CLUB HOLDINGS, INC., 
 GREEN EQUITY INVESTORS V, L.P., 

GREEN EQUITY INVESTORS SIDE V, L.P., 

BEACON COINVEST LLC AND 

CVC BEACON LP 
 JULY 2,
2018 
  
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 ARTICLE I. REGISTRATION RIGHTS.
	  	 	1	 
	 Section 1.01
	  	Requested Registration	  	 	1	 
	 Section 1.02
	  	Company Registration.	  	 	4	 
	 Section 1.03
	  	Company Control	  	 	5	 
	 Section 1.04
	  	Expenses of Registration; Cooperation.	  	 	6	 
	 Section 1.05
	  	Registration Procedures	  	 	6	 
	 Section 1.06
	  	Indemnification.	  	 	8	 
	 Section 1.07
	  	Information by the Stockholders	  	 	10	 
	 Section 1.08
	  	“Market Stand-off” Agreement	  	 	10	 
	 Section 1.09
	  	Transfer of Registration Rights	  	 	10	 
	 Section 1.10
	  	Access	  	 	10	 
	 Section 1.11
	  	Termination.	  	 	11	 
		
	 ARTICLE II. REPRESENTATIONS; WARRANTIES AND COVENANTS
	  	 	11	 
	 Section 2.01
	  	Representations and Warranties of the Stockholders.	  	 	11	 
	 Section 2.02
	  	Representations and Warranties of the Company.	  	 	12	 
	 Section 2.03
	  	Entitlement of the Company and the Stockholders to Rely on Representations and Warranties.	  	 	12	 
		
	 ARTICLE III. INTERPRETATION OF THIS AGREEMENT.
	  	 	13	 
	 Section 3.01
	  	Defined Terms	  	 	13	 
	 Section 3.02
	  	Directly or Indirectly	  	 	16	 
	 Section 3.03
	  	Governing Law	  	 	16	 
	 Section 3.04
	  	Section Headings	  	 	16	 
		
	 ARTICLE IV. MISCELLANEOUS
	  	 	16	 
	 Section 4.01
	  	Notices.	  	 	16	 
	 Section 4.02
	  	Successors and Assigns	  	 	18	 
	 Section 4.03
	  	Entire Agreement	  	 	18	 

  
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	 Section 4.04
	  	Amendment and Waiver.	  	 	18	 
	 Section 4.05
	  	Business Opportunities; No Recourse.	  	 	18	 
	 Section 4.06
	  	Severability	  	 	19	 
	 Section 4.07
	  	Counterparts	  	 	19	 
	 Section 4.08
	  	Submission to Jurisdiction; Waiver of Jury Trial	  	 	19	 
	 Section 4.09
	  	Specific Performance	  	 	19	 
	 Section 4.10
	  	Conflict with Organizational Documents	  	 	20	 
	 Section 4.11
	  	No Third Party Liability	  	 	20	 
	 Section 4.12
	  	Stockholder Acting as Creditor	  	 	20	 
	 Section 4.13
	  	Indemnification	  	 	20	 
		
	 Schedule A - LGP Investors
	  			
	 Schedule B - CVC Investors
	  			

  
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 STOCKHOLDERS AGREEMENT 

This AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (the “Agreement”), dated as of July 2, 2018, by and among BJ’S
WHOLESALE CLUB HOLDINGS, INC., a Delaware corporation (the “Company”), the investment funds listed on Schedule A hereto (collectively, “LGP”) and the entity listed on Schedule B hereto
(“CVC” and CVC, together with LGP, the “Stockholders”). 
 RECITALS 

WHEREAS, the Company (in the name of its predecessor company, Beacon Holding Inc.) entered into that certain Merger Agreement, dated as of
June 28, 2011, by and among BJ’s Wholesale Club, Inc., a Delaware corporation (“BJs”), the Company and Beacon Merger Sub Inc., a Delaware corporation (the “Transitory Subsidiary”), pursuant to which the
Transitory Subsidiary merged with and into BJs (the “Merger”), with BJs being the surviving entity of the Merger and a wholly-owned subsidiary of the Company; 

WHEREAS, the closing of the Merger took place on September 30, 2011 and the original Stockholders Agreement of the Company (in the name
of its predecessor company, Beacon Holding Inc.) was dated as of such date (the “Original Agreement”); 
 WHEREAS, on the
date hereof immediately following the execution of this Agreement, the Company will price an initial public offering of shares of its common stock (such shares of common stock, the “Common Stock”, and such initial public offering,
the “IPO”) pursuant to an Underwriting Agreement dated as of the date hereof; 
 WHEREAS, in connection with the IPO, the
parties hereto desire to provide for certain registration rights and other matters for the period on and after the date hereof and to amend and restate the Original Agreement in its entirety pursuant to this Agreement; and 

WHEREAS, if the IPO is not promptly consummated, the parties hereto will amend and restate this Agreement to the form of the Original
Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE I. 
 REGISTRATION
RIGHTS. 
 Section 1.01 Requested Registration; Covered Sales; Access. 

(a) Request for Registration. 

(i) Following the occurrence of the IPO, subject to Section 1.08, a Stockholder (in such capacity, an
“Initiating Investor”) may elect to cause the Company to effect a Registration with respect to all or a part of the Registrable Securities held by such Initiating Investor on Form S-1 (or any successor form) in an amount greater
than $25 million dollars (an “S-1 Demand”). In the event such Initiating Investor provides 

 
notice to the Company of its election to cause an S-1 Demand, the Company will (A) promptly give written notice of the proposed Registration to the other Stockholder; and (B) as soon as
practicable, use its commercially reasonable efforts to effect such Registration (including, without limitation, filing post-effective amendments, appropriate qualification under applicable blue sky or other state securities laws and appropriate
compliance with applicable regulations issued under the Securities Act) as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities of the Initiating Investor as are
specified in such request, together with all or such portion of the Registrable Securities of the other Stockholder joining in such request as are specified in a written request of such other Stockholder received by the Company within fifteen
(15) Business Days after written notice from the Company is given under Section 1.01(a)(i)(A) above. 
 (ii)
If the Company shall receive from an Initiating Investor, at any time after the Company is eligible to register Registrable Securities on Form S-3, a written request that the Company effect a Registration with respect to all or a part of the
Registrable Securities held by such Initiating Investor on Form S-3 in an amount greater than five million dollars ($5,000,000), the Company will (A) promptly give written notice of the proposed Registration to the other Stockholder, and
(B) as soon as practicable, use its commercially reasonable efforts to effect such Registration (including, without limitation, filing post-effective amendments, appropriate qualification under applicable blue sky or other state securities laws
and appropriate compliance with applicable regulations issued under the Securities Act) as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities of the Initiating
Investor as are specified in such request, together with all or such portion of the Registrable Securities of the other Stockholder joining in such request as are specified in a written request of the other Stockholder received by the Company within
fifteen (15) Business Days after written notice from the Company is given under Section 1.01(a)(ii)(A) above; provided that the Company shall not be obligated to effect, or take any action to effect, any such Registration pursuant
to this Section 1.01(a)(ii) after the Company has effected three (3) such Registrations requested by such Initiating Investor pursuant to this Section 1.01(a)(ii) during the previous twelve (12) month period. 

(iii) If the Registration pursuant to Section 1.01(a)(ii) is for an offering to be made on a continuous basis
pursuant to Rule 415 under the Securities Act (or any successor provisions) (a “Shelf Registration”), the Company shall use reasonable best efforts to maintain continuously in effect, supplement and amend, if necessary, the Shelf
Registration, as required by the instructions applicable to such registration form or by the Securities Act, until there are no remaining Registrable Securities. 

(iv) If at any time, the Shelf Registration ceases to be effective, the Company shall file, not later than 30 days after such
prior Shelf Registration ceased to be effective, and use its reasonable best efforts to cause to become effective a new Shelf Registration as soon as practicable. If, after any Shelf Registration has become effective, it is interfered with by any
stop order, injunction or other order or requirement 

  
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of the SEC or other governmental agency or authority, the Company shall use its reasonable best efforts to prevent the issuance of any stop order suspending the effectiveness of the Shelf
Registration or of any order preventing or suspending the use of any prospectus and, if any such order is issued, to obtain the withdrawal of any such order at the earliest possible moment. 

(b) Underwriting. 

(i) If an Initiating Investor intends to distribute the Registrable Securities covered by its request by means of an
underwriting, it shall so advise the Company as a part of its request made pursuant to Section 1.01(a) or prior to the takedown of any Registrable Securities registered pursuant to Section 1.01(a)(ii) and in each case the
Initiating Investor shall have the right to select the managing underwriter or underwriters to administer the Registration; provided that such managing underwriter or underwriters shall be acceptable to each Stockholder participating in such
Registration (in each such Stockholder’s sole discretion) if both Stockholders are participating in such Registration, or solely to the Initiating Investor if the other Stockholder is not participating in such Registration. 

(ii) If the Stockholder that is not an Initiating Investor requests inclusion of Registrable Securities in any Registration or
underwriting contemplated by Section 1.01(a), the Initiating Investor may condition such offer on such other Stockholder’s acceptance of the further applicable provisions of this Article I. The Initiating Investor whose
Registrable Securities are to be included in such Registration shall (together with the other Stockholder proposing to distribute its Registrable Securities through such underwriting) complete and execute all questionnaires, indemnities, powers of
attorney and other documents required for such underwriting and enter into an underwriting agreement in customary form, with the representative of the underwriter or underwriters selected for such underwriting. 

(iii) Notwithstanding any other provision of this Section 1.01, if, in any Registration contemplated by
Section 1.01(a), the managing underwriter advises the Company and the Stockholders in writing that marketing factors require a limitation on the number of Registrable Securities to be underwritten, the number of Registrable Securities
included in the Registration by the Initiating Investor and the other Stockholder shall in each case be reduced on a pro rata basis (based on the number of Registrable Securities proposed to be included in such Registration), by such minimum
number of Registrable Securities as is necessary to comply with such request. No Registrable Securities or any other securities excluded from the underwriting by reason of the underwriter’s marketing limitation shall be included in such
Registration. If the other Stockholder who has requested inclusion in such Registration as provided above disapproves of the terms of the underwriting (including the terms of any indemnification required of such other Stockholder in the underwriting
agreement related to such Registration), such Person may elect to withdraw therefrom by written notice to the Company, the underwriter and the Initiating Investor. The securities so withdrawn shall also be withdrawn from Registration. 

  
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 (c) Coordination of Covered Sales. Following the IPO, the
Stockholders will use commercially reasonable efforts to coordinate any Covered Sales (any such transfer, a “Coordination Transfer”) of Registrable Securities held by them in accordance with this Section 1.01(c). Prior
to any such Coordination Transfer, the applicable Stockholder (the “Notifying Investor”) shall provide the other Stockholder with at least five (5) days prior written notice (a “Coordination Notice”) of the
Notifying Investor’s intention to Transfer Registrable Securities held by it in a Covered Sale. The Coordination Notice is intended to permit all Stockholders electing to Transfer Registrable Securities held by them at such time to coordinate
the timing and process for Transferring such Registrable Securities in an orderly fashion. Subject to the foregoing provisions of this Section 1.01(c), the Stockholder receiving a Coordination Notice shall be entitled to effect
Coordination Transfers of a number of Registrable Securities held by it equal to such Stockholder’s Pro Rata Portion. Each Coordination Notice shall specify (i) the earliest time at which such Stockholder intends to commence a Covered Sale
pursuant to this Section 1.01(c), and (ii) to the extent the Covered Sale is a Rule 144 Transfer, (A) whether such a Covered Sale will commence a new measurement period for purposes of the Rule 144 group volume limit or is part
of a continuing measurement period previously commenced by another Coordination Notice related to a Rule 144 Transfer, and (B) the volume limit for each Stockholder for that measurement period, determined as of its commencement. In the event
that the Stockholder receiving a Coordination Notice agrees to forego its full Pro Rata Portion of any Covered Sale by written notice to the applicable Initiating Investor, the remainder shall be reallocated to the Notifying Investor in like manner.
The obligations with respect to Covered Sales set forth in this Section 1.01(c) shall no longer be applicable at such time as either CVC (and its Permitted Transferees) or LGP (and its Permitted Transferees) ceases to own at least ten
percent (10%) of the outstanding Shares. 
 Section 1.02 Company Registration. 

(a) Following the consummation of the IPO, if the Company shall determine to Register any of its Equity Securities either for its own account
(other than a Registration (x) relating solely to employee stock or benefit plans, (y) relating solely to a Commission Rule 145 transaction, or (z) on any registration form which does not permit secondary sales or does not include
substantially the same information as would be required to be included in a registration statement covering the sale of Registrable Securities) or for the account of other holders of Equity Securities of the Company or to sell registered securities
from a Shelf Registration in an underwritten offering, the Company will: 
 (i) promptly give to each Stockholder a written
notice thereof; 
 (ii) promptly give to each Stockholder a written notice of any underwriting of a shelf takedown; and 

(iii) include in such Registration (and any related qualification under blue sky laws or other compliance), and in any
underwriting involved therein, all the Registrable Securities specified in a written request or requests, made by the Stockholders within fifteen (15) days after receipt of the last written notice from the Company described in clause
(i) above; provided that in the case of a shelf takedown 

  
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such request shall be made in time to be included in the shelf takedown. Such written request may specify all or a part of the Stockholder’s Registrable Securities. 

(b) Underwriting. 

(i) If the Registration of which the Company gives notice is for a registered public offering involving an underwriting, the
Company shall so advise the Stockholders as a part of the written notice given pursuant to Section 1.02(a)(i). In such event, the right of each Stockholder to include its Registrable Securities in such Registration pursuant to this
Section 1.02 shall be conditioned upon such Stockholder’s participation in such underwriting and the inclusion of such Stockholder’s Registrable Securities in the underwriting to the extent provided herein. Each Stockholder
whose Registrable Securities are to be included in such Registration shall (together with the Company) agree to sell such Stockholder’s Registrable Securities on the basis provided in any customary underwriting arrangements approved by the
Company and complete and execute all customary questionnaires, power of attorney, indemnities and other documents, in each case in customary form, required for such underwriting arrangements and enter into an underwriting agreement in customary form
with the representative of the underwriter or underwriters selected for underwriting by the Company. 
 (ii) Notwithstanding
any other provision of this Section 1.02, if the representative of the underwriter or underwriters determines that marketing factors require a limitation on the number of Registrable Securities to be underwritten, the representative may
(subject to the allocation priority set forth below) exclude from such Registration and underwriting some or all of the Registrable Securities which would otherwise be underwritten pursuant hereto. The Company shall so advise all Stockholders
requesting Registration, and the number of Registrable Securities that may be included in the Registration and underwriting by each of the Stockholders shall be reduced, on a pro rata basis (based on the number of Registrable Securities
proposed to be in included in such Registration), by such minimum number of shares as is necessary to comply with such limitation. For the avoidance of doubt, none of the Equity Securities being Registered by the Company for its own account shall be
excluded. If any of the Stockholders disapproves of the terms of any such underwriting, it may elect to withdraw therefrom by written notice to the Company and the underwriter. Any Registrable Securities or other securities excluded or withdrawn
from such underwriting shall be withdrawn from such registration. 
 Section 1.03 Company Control. The Stockholders shall not be
permitted to sell any securities pursuant to Section 1.01 or Section 1.02 at any time that the board of directors of the Company determines in good faith that it would be materially detrimental to the Company or its
stockholders for sales of securities to be made; provided that all Stockholders shall be treated consistently in connection with each such determination; and provided further, that the Company shall promptly notify each
Stockholder in writing of any such action and provided further, that any such delay may not last more than sixty (60) days and such delays may not be in effect more than one hundred and twenty (120) days during any three
hundred and sixty-five (365) day period. 

  
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 Section 1.04 Expenses of Registration; Cooperation. 

(a) All Registration Expenses incurred in connection with any Registration, qualification or compliance pursuant to this Article I
shall be borne by the Company, except that the costs and expenses of more than one special counsel to any Stockholder shall be borne by such Stockholder. 

(b) The Company and its Subsidiaries and their respective directors and officers shall cooperate with the Stockholders (including, but not
limited to, participation in any “road-show” or similar equity marketing meetings and the preparation of the materials related thereto) and use their commercially reasonable efforts to consummate such Registration in a timely manner. 

Section 1.05 Registration Procedures. In the case of each Registration effected by the Company pursuant to this Article I,
the Company will keep the Stockholders, as applicable, advised in writing as to the initiation of each Registration and as to the completion thereof. At its expense, the Company will, subject to the terms of this Article I: 

(a) keep such Registration that has become effective continuously current and effective, and not subject to any stop order, injunction or
other similar order or requirement of the Commission, until the earlier of (x) the expiration of the Required Period and (y) the date on which all Registrable Securities covered by such Registration (i) have been disposed of pursuant
to such Registration or (ii) cease to be Registrable Securities; provided that, notwithstanding the foregoing provisions of this Section 1.05(a), with respect to a Shelf Registration that has become effective, the Company
shall comply with Section 1.01(a)(iv) with respect to such Shelf Registration. In the event of any stop order, injunction or other similar order or requirement of the Commission or any other governmental or regulatory authority relating
to any Registration, the Required Period for such Registration will be extended by the number of days during which such stop order, injunction or similar order or requirement is in effect. No request for Registration for purposes of
Section 1.01(a) shall be deemed to have been effected while (x) such Registration is interfered with by any stop order, injunction or other order or requirement of the Commission or other governmental or regulatory authority or
(y) the conditions to closing specified in the underwriting agreement, if any, entered into in connection with such Registration are not satisfied other than by reason of a wrongful act, misrepresentation or breach of such applicable
underwriting agreement by the Initiating Investor; 
 (b) furnish such number of prospectuses, offer documents and other documents incident
thereto as each of the Stockholders, as applicable, from time to time may reasonably request; 
 (c) notify each Stockholder of Registrable
Securities covered by such Registration at any time when a prospectus relating thereto is required to be delivered under the Securities Act or other applicable law of the happening of any event as a result of which the

  
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prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary
to make the statements therein not misleading in the light of the circumstances then existing; 
 (d) furnish, on the date that such
Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to
such securities becomes effective, (i) an opinion and negative assurance letter, dated as of such date, of the counsel representing the Company for the purposes of such Registration, in form and substance as is customarily given to underwriters
in an underwritten public offering and reasonably satisfactory to a majority in interest of the Stockholders participating in such Registration, addressed to the underwriters, if any, and to the Stockholders participating in such Registration and
(ii) a letter, dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering
and reasonably satisfactory to a majority in interest of the Stockholders participating in such Registration, addressed to the underwriters, if any, and if permitted by applicable accounting standards, to the Stockholders participating in such
Registration; 
 (e) before filing any registration statement, prospectus, offer document and other documents incident or any amendments or
supplements thereto, the Company shall furnish to and afford each Stockholder covered by such document, and its advisors, and the managing underwriters, if any, a reasonable opportunity to review and comment on copies of all such documents
(including copies of all exhibits thereto) proposed to be filed; 
 (f) make available upon reasonable advance notice for inspection by any
Stockholder of such Registrable Securities, any underwriter participating in any such distribution and any attorney, accountant or other professional retained by any such Stockholder or underwriter, all financial and other records, pertinent
corporate documents and properties of the Company as shall be reasonably necessary to enable them to conduct a “reasonable” investigation for purposes of Section 11(a) of the Securities Act and other applicable antifraud and
securities laws and cause the Company’s officers, directors and employees to make available for inspection all information reasonably requested by such Stockholders in connection with such Offer Document; 

(g) use its commercially reasonable efforts to cause all Registrable Securities covered by a Registration to be listed or qualified for
trading on any stock exchange or quotation service on which the Company’s outstanding Shares are listed or qualified for trading; 

(h) cooperate with each Stockholder and the managing underwriter, if any, participating in the disposition of such Registrable Securities in
connection with any filings required to be made with the Financial Industry Regulatory Authority or any other analogous regulation; and 

(i) use its commercially reasonable efforts to take all other steps reasonably necessary to effect the Registration, qualification, offering
and sale of the Registrable 

  
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Securities covered by a Registration contemplated hereby and enter into any other customary agreements and take such other actions, including participation in “roadshows”, as are
reasonably required in order to expedite or facilitate the disposition of such Registrable Securities. 
 Section 1.06
Indemnification. 
 (a) To the extent permitted by law, the Company will indemnify each of the Stockholders, as applicable, each of
its officers, directors and partners, and each Person controlling each of the Stockholders, with respect to each Registration which has been effected pursuant to this Article I, and each underwriter for such Stockholders, if any, and each
person who controls any underwriter, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any of the following (each, a “Violation”): (x) any untrue statement (or
alleged untrue statement) of a material fact contained in any marketing materials, prospectus, offering circular or other document (including any related registration statement, notification or the like) incident to any such registration,
qualification or compliance, (y) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (z) any violation by the Company of the
Securities Act or the Exchange Act or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such Registration, qualification or compliance; and will reimburse
each of the Stockholders, each of its officers, directors and partners, and each Person controlling each of the Stockholders, each such underwriter and each Person who controls any such underwriter, for any legal and any other expenses reasonably
incurred in connection with investigating and defending any such claim, loss, damage, liability or action; provided that the Company will not be liable in any such case to any Stockholder, underwriter or controlling person to the extent that
any such claim, loss, damage, liability or expense arises out of or is based upon a Violation which occurs in reliance upon information furnished to the Company by the Stockholder, underwriter or controlling person seeking to be indemnified, where
such information is specifically provided in writing for use in such prospectus, offering circular or other document. 
 (b) Each of the
Stockholders will, if Registrable Securities held by it are included in the securities as to which such Registration, qualification or compliance is being effected, indemnify the Company, each of its directors and officers and each underwriter, if
any, of the Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter, each other Stockholder and each of their officers, directors, and partners, and each person controlling such
other Stockholder against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such registration statement,
prospectus, offering circular or other offering document made in writing by such Stockholder for the express purpose of inclusion in such registration statement, prospectus, offering circular or other document, or any omission (or alleged omission)
to state therein a material fact required to be stated therein or necessary to make the statements by such Stockholder therein not misleading, and will reimburse the Company and such other Stockholder, directors, officers, partners, persons,
underwriters or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any 

  
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such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is
made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by such Stockholder and stated to be specifically for use therein;
provided, however, that the obligations of each of the Stockholders hereunder shall be limited to an amount equal to the net proceeds to such Stockholder of securities sold in such offering as contemplated herein. 

(c) Each party entitled to indemnification under this Section 1.06 (the “Indemnified Party”) shall give notice to
the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume
the defense of any such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the Indemnified
Party (whose approval shall not unreasonably be withheld) and the Indemnified Party may participate in such defense at such party’s expense (unless the Indemnified Party shall have reasonably concluded that there may be a conflict of interest
between the Indemnifying Party and the Indemnified Party in such action, in which case the fees and expenses of counsel shall be at the expense of the Indemnifying Party); provided further that the failure of any Indemnified Party to
give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Article I except to the extent the Indemnifying Party is materially prejudiced thereby. No Indemnifying Party, in the defense of any such
claim or litigation shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and
as shall be reasonably required in connection with the defense of such claim and litigation resulting therefrom. 
 (d) If the
indemnification provided for in this Section 1.06 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage or expense referred to herein, then the
Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions which resulted in such loss, liability, claim, damage or expense, as well as any other
relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue (or alleged untrue) statement of a material fact or the omission
(or alleged omission) to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. 

  
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 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with any underwritten public offering contemplated by this Agreement are in conflict with the foregoing provisions, the provisions in such underwriting agreement shall
be controlling. 
 Section 1.07 Information by the Stockholders. Each of the Stockholders holding securities included in any
Registration shall furnish to the Company such information regarding such Stockholder and the distribution proposed by such Stockholder as the Company may reasonably request in writing and as shall be reasonably required in connection with any
Registration, qualification or compliance referred to in this Article I. 
 Section 1.08 “Market Stand-off”
Agreement. 
 (a) Each of the Stockholders agrees not to sell or otherwise Transfer or dispose of any Registrable Securities held by
such Stockholder, if requested by the Company and an underwriter of Equity Securities of the Company, for a period not longer than, (i) with respect to the IPO, the one hundred and eighty (180) day period following the consummation of the
IPO or (ii) following the IPO, the longer of (x) the ninety (90) day period following the consummation of the applicable Registration and (y) the period requested by an underwriter with respect to the applicable Registration
(which period shall in no event exceed one hundred and eighty (180) days following the consummation of such Registration); provided that if such offering includes a primary underwritten offering by the Company, all directors and
substantially all officers of the Company enter into similar agreements; and provided further that if such offering does not include a primary underwritten offering by the Company, the Stockholders shall only be required to enter into
such agreements if such Stockholder is selling shares in connection with such offering. Any waiver provided by the Company or an underwriter of Equity Securities of the Company with respect to the obligations set forth in the immediately preceding
sentence shall apply to the other Stockholder on a pro rata basis (based on the number of Registrable Securities proposed to be sold by the Stockholders in such Registration). 

(b) If requested by the underwriters, the Stockholders shall execute a separate agreement to the foregoing effect. The Company may impose stop-transfer instructions with respect to the shares (or securities) subject to the foregoing restriction until the end of said period. The provisions of this Section 1.08 shall be binding upon any
Transferee who acquires Registrable Securities. 
 Section 1.09 Transfer of Registration Rights. The registration rights set
forth in this Article I may be assigned, in whole or in part, to any Permitted Transferee (who shall be bound by all obligations of this Agreement), provided that such rights of assignment will in no event be deemed to enlarge, alter
or otherwise expand the rights of any Stockholder set forth in Section 1.01 or Section 1.02. 
 Section 1.10
Access. Upon the request of a Stockholder, so long as such Stockholder holds Registrable Securities, such Stockholder and any representatives of such Stockholder shall have (i) reasonable access (at reasonable times and upon reasonable
notice) to 

  
 10 

 
all executive officers and accountants of the Company and its Subsidiaries and (ii) reasonable access (at reasonable times and upon reasonable notice) to all premises, properties, books,
records (including tax records), contracts, financial and operating data and information and documents pertaining to the Company and its Subsidiaries and shall be entitled to make copies of such books, records, contracts, data, information and
documents as such Stockholder or its representatives may reasonably request. 
 Section 1.11 Termination. The registration
rights set forth in this Article I shall not be available to any Stockholder if all of the Registrable Securities held by such Stockholder have been sold in a registration pursuant to the Securities Act or pursuant to Rule 144. 

ARTICLE II. 

REPRESENTATIONS; WARRANTIES AND COVENANTS 

Section 2.01 Representations and Warranties of the Stockholders. Each Stockholder hereby represents and warrants, severally and
not jointly, and solely on its own behalf, to each other Stockholder and to the Company that on the date hereof: 
 (a) Existence;
Authority; Enforceability. Such Stockholder has the necessary power and authority to enter into this Agreement and to carry out its obligations hereunder. Such Stockholder is duly organized and validly existing under the laws of its
jurisdiction of organization, and the execution of this Agreement, and the consummation of the transactions contemplated herein, have been authorized by all necessary corporate or other action, and no other act or proceeding, corporate or otherwise,
on its part is necessary to authorize the execution of this Agreement or the consummation of any of the transactions contemplated hereby. This Agreement has been duly executed by such Stockholder and constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally,
general equitable principles (whether considered in a proceeding in equity or at law) and any implied covenant of good faith and fair dealing. 

(b) Absence of Conflicts. The execution and delivery by such Stockholder of this Agreement and the performance of its obligations
hereunder do not and will not (i) conflict with, or result in the breach of any provision of the constitutive documents of such Stockholder; (ii) result in any violation, breach, conflict, default or event of default (or an event which
with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional payment obligation, under the terms of any material contract, agreement or permit to
which such Stockholder is a party or by which such Stockholder’s assets or operations are bound or affected; or (iii) violate, in any material respect, any law applicable to such Stockholder. 

(c) Consents. Other than any consents that have already been obtained, no governmental consent, waiver, approval, authorization,
exemption, registration, license or declaration is required to be made or obtained by such Stockholder in connection with (a) the execution, delivery or performance of this Agreement or (b) the consummation of any of the transactions
contemplated herein. 

  
 11 

 Section 2.02 Representations and Warranties of the Company. The Company hereby
represents and warrants to each Stockholder that on the date hereof: 
 (a) Existence; Authority; Enforceability. The Company
has the necessary power and authority to enter into this Agreement and to carry out its obligations hereunder. The Company is duly organized and validly existing under the laws of its jurisdiction of organization, and the execution of this
Agreement, and the consummation of the transactions contemplated herein, have been authorized by all necessary corporate or other action, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the
consummation of any of the transactions contemplated hereby. This Agreement has been duly executed by the Company and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to the effects of
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and any
implied covenant of good faith and fair dealing. 
 (b) Absence of Conflicts. The execution and delivery by the Company of this
Agreement and the performance of its obligations hereunder do not and will not (i) conflict with, or result in the breach of any provision of the organizational documents of the Company or any of its Subsidiaries; (ii) result in any
violation, breach, conflict, default or event of default (or an event which with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional payment
obligation, under the terms of any material contract, agreement or permit to which the Company or any of its Subsidiaries is a party or by which the Company’s or any of its Subsidiaries’ assets or operations are bound or affected; or
(iii) violate, in any material respect, any law applicable to the Company or any of its Subsidiaries. 
 (c)
Consents. Other than any consents that have already been obtained, no governmental consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by the Company or any of its
Subsidiaries in connection with (a) the execution, delivery or performance of this Agreement and the issuance of the Shares issued on the date hereof or (b) the consummation of any of the transactions contemplated herein. 

Section 2.03 Entitlement of the Company and the Stockholders to Rely on Representations and Warranties. The foregoing
representations and warranties may be relied upon by the Company and by the Stockholders in connection with the entering into of this Agreement. 

  
 12 

 ARTICLE III. 

INTERPRETATION OF THIS AGREEMENT. 

Section 3.01 Defined Terms. As used in this Agreement, the following terms have the respective meaning set forth below: 

(a) “Affiliate” shall mean, with respect to any Person, any Person directly or indirectly controlling, controlled by or under
common control with such first Person. For these purposes, “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of
voting securities, by contract or otherwise. 
 (b) “Agreement” shall have the meaning set forth in the preamble. 

(c) “BJs” shall have the meaning set forth in the recitals. 

(d) “Business Day” shall mean any day other than Saturday, Sunday or any other day on which banking institutions in New York
are required or authorized to be closed for the transaction of normal banking business 
 (e) “Commission” shall mean the
U.S. Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 (f) “Common
Stock” shall have the meaning set forth in the recitals. 
 (g) “Company” shall have the meaning set forth in the
preamble. 
 (h) “Coordination Notice” shall have the meaning set forth in Section 1.01(c). 

(i) “Covered Sale” means any Transfer of Registrable Securities, other than pursuant to Section 1.01(a),
Section 1.01(b) or Section 1.02 of this Agreement or to a Permitted Transferee. 
 (j) “CVC” shall
have the meaning set forth in the preamble. 
 (k) “CVC Fund Indemnitors” shall have the meaning set forth in
Section 4.13(b). 
 (l) “CVC Indemnitees” shall have the meaning set forth in Section 4.13(b). 

(m) “Equity Securities” shall mean (a) any Shares, preferred stock or other capital stock of the Company or any
Subsidiary, as the case may be, (b) any security convertible, or exchangeable, with or without consideration, into any Shares or other capital stock of the Company or any Subsidiary, as the case may be (including any option, warrant or other
right to subscribe for or purchase such a convertible security), (c) any security carrying or linked to any 

  
 13 

 
option, warrant or other right to subscribe for or purchase any Shares or other capital stock of the Company or any Subsidiary or (d) any such option, warrant or other right. All references
to Equity Securities held by any Stockholder includes Equity Securities now owned or hereafter acquired (whether or not now authorized, issued or outstanding). 

(n) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

(o) “Indemnified Party” shall have the meaning set forth in Section 1.06. 

(p) “Indemnifying Party” shall have the meaning set forth in Section 1.06. 

(q) “Initiating Investor” shall mean CVC or LGP, in its capacity as an initiator of a Registration of Registrable Securities
in accordance with Section 1.01(a). 
 (r) “IPO” shall have the meaning set forth in the recitals. 

(s) “LGP” shall have the meaning set forth in the preamble. 

(t) “LGP Fund Indemnitors” shall have the meaning set forth in Section 4.13(a). 

(u) “LGP Indemnitees” shall have the meaning set forth in Section 4.13(a). 

(v) “Merger” shall have the meaning set forth in the recitals. 

(w) “Notifying Investor” shall have the meaning set forth in Section 1.01(c). 

(x) “Organizational Documents” shall mean the certificate of incorporation and by-laws of the Company. 

(y) “Original Agreement” shall have the meaning set forth in the recitals. 

(z) “Permitted Transferee” shall mean any Affiliate of LGP or CVC, as the case may be; provided that (i) any
Permitted Transferee of LGP shall be treated as LGP for all purposes hereof, and (ii) any Permitted Transferee of CVC shall be treated as CVC for all purposes hereof 

(aa) “Person” shall mean an individual, partnership, joint-stock company, corporation, limited liability company, trust or
unincorporated organization, and a government or agency or political subdivision thereof. 
 (bb) “Pro Rata Portion” means,
with respect to any Stockholder, the aggregate number of Registrable Securities to be transferred, multiplied by such Stockholder’s 

  
 14 

 
percentage ownership of Registrable Securities held by all Stockholders; provided, however, that in any Rule 144 Transfer the Registrable Securities to be transferred shall be deemed to be the
maximum aggregate number of Registrable Securities held by the Stockholders that are then permitted to be sold by the Stockholders as a group in accordance with Rule 144. 

(cc) “Register”, “Registered” and “Registration” shall mean a registration effected by
preparing and filing a registration statement in compliance with the Securities Act (and any post-effective amendments filed or required to be filed) and the declaration or ordering of effectiveness of such registration statement. 

(dd) “Registrable Securities” shall mean all Shares and all Shares issued or issuable upon conversion of any warrants or
options held by any holder of Shares, provided, that, a Registrable Security shall cease to be a Registrable Security as such time as the holder thereof is entitled to sell such Registrable Security within six (6) months under Rule 144(k) or
Regulation S of the Securities Act or otherwise without restriction under the Securities Act. 
 (ee) “Registration
Expenses” shall mean all expenses incurred by the Company in compliance with Section 1.01 and Section 1.02 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and
disbursements of counsel for the Company, fees and expenses of counsel for the Stockholders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular
employees of the Company, which shall be paid in any event by the Company). 
 (ff) “Required Period” shall mean one
hundred and eighty (180) days following the first day of effectiveness of such Registration. 
 (gg) “Rule 144” means
Rule 144 under the Securities Act. 
 (hh) “Rule 144 Transfer” means any transfer conducted in accordance with Rule 144.

 (ii) “S-1 Demand” shall have the meaning set forth in Section 1.01(a). 

(jj) “Securities Act” shall mean the U.S. Securities Act of 1933, as amended. 

(kk) “Shares” shall mean all shares of Common Stock. 

(ll) “Stockholders” shall have the meaning set forth in the preamble. 

(mm) “Subsidiaries” shall mean when used with respect to any Person, means any other Person of which (a) in the case of
a corporation, at least (i) a majority of the equity and (ii) a majority of the voting interests are owned or controlled, directly or indirectly, by such first Person, by any one or more of such first Person’s Subsidiaries, or by such
first Person and one or more of such first Person’s Subsidiaries or (b) in the case of any Person other than a corporation, such first Person, one or more of such first Person’s Subsidiaries, or such first

  
 15 

 
Person and one or more of such first Person’s Subsidiaries (i) owns a majority of the equity interests thereof and (ii) has the power to elect or direct the election of a majority
of the members of the governing body thereof. 
 (nn) “Transfer” shall mean any sale, transfer, conveyance, assignment,
pledge, encumbrance, hypothecation or other disposition in one transaction or a series of related transactions (including by merger, consolidation, operation of law or otherwise); and “Transferred”, “Transferee”,
“Transferability”, and “Transferor” shall each have a correlative meaning. For the avoidance of doubt, a sale, transfer, conveyance, assignment, pledge, encumbrance, hypothecation or other disposition of a
controlling interest in any Stockholder, in each case directly or through the sale, transfer, conveyance, assignment, pledge, encumbrance, hypothecation or other disposition of a controlling interest, whether through a stock sale or otherwise, in
any ultimate or intermediate parent entity of such Stockholder, shall constitute a “Transfer” for purposes of this Agreement, as if such interest was a direct interest in the Company; provided, however that with respect to any Stockholder
organized for the business purpose of, or whose sole business purpose is, the holding of Equity Securities (a “Holding Company”), any sale, transfer, conveyance, assignment, pledge, encumbrance, hypothecation or other disposition of
any interest in any such Stockholder or any ultimate or intermediate parent entity of such Stockholder (solely to the extent that such entity is a is also a Holding Company), shall in each case constitute a “Transfer” for purposes of this
Agreement. 
 (oo) “Transitory Subsidiary” shall have the meaning set forth in the recitals. 

(pp) “Violation” shall have the meaning set forth in Section 1.06(a). 

(qq) “Voting Agreement” shall mean the Voting Agreement of even date hereof between CVC and LGP, as the same may be amended,
supplemented or otherwise modified. 
 Section 3.02 Directly or Indirectly. Where any provision in this Agreement refers to
action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

Section 3.03 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware
applicable to contracts made and to be performed entirely within such State. 
 Section 3.04 Section Headings. The headings of
the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof. 

ARTICLE IV. 

MISCELLANEOUS 

Section 4.01 Notices. 

  
 16 

 (a) All communications under this Agreement shall be in writing and shall be delivered by
hand or sent by electronic mail or facsimile, or mailed by overnight courier or by registered or certified mail, postage prepaid: 
  

			
	 To the

Company:
	  	 BJ’s Wholesale Club Holdings, Inc.
 c/o
Leonard Green & Partners, L.P.
 11111 Santa Monica Blvd., #2000

Los Angeles, CA 90025
 Attn: Jonathan A. Seiffer
(seiffer@leonardgreen.com)
           J. Kristofer Galashan (galashan@leonardgreen.com)

Facsimile: (310) 954-0404
  

and
  

c/o CVC Capital Partners Advisory (US), Inc.
 One Maritime Plaza,
Suite 1610
 San Francisco, CA 94111
 Attn: Cameron Breitner
(CBreitner@cvc.com)
           Nishad Chande (nchande@cvc.com)

Facsimile: (415) 520-2312

		
	 To CVC:
	  	 CVC Beacon LLC
 c/o CVC Capital Partners
Advisory (US), Inc.
 One Maritime Plaza, Suite 1610
 San
Francisco, CA 94111
 Attn: Cameron Breitner (CBreitner@cvc.com)

          Nishad Chande (nchande@cvc.com)

Facsimile: (212) 265-6375

		
	 with a copy to:
	  	 Latham & Watkins LLP
 885 Third Avenue

New York, New York 10022
 Attn: Howard A. Sobel
(Howard.Sobel@lw.com)
           Paul Kukish (Paul.Kukish@lw.com)

Facsimile: (212) 751-4864

		
	 To LGP:
	  	 c/o Leonard Green & Partners, L.P.
 11111
Santa Monica Blvd., #2000
 Los Angeles, CA 90025
 Attn:
Jonathan A. Seiffer (seiffer@leonardgreen.com)
           J. Kristofer Galashan
(galashan@leonardgreen.com)
 Facsimile: (310) 954-0404

  
 17 

			
	 with a copy to:
	  	 Latham & Watkins LLP
 885 Third Avenue

New York, New York 10022
 Attn: Howard A. Sobel
(Howard.Sobel@lw.com)
          Paul Kukish (Paul.Kukish@lw.com)

Facsimile: (212) 751-4864

 or at such other address and to the attention of such other person as the Stockholder may designate by written notice to the
Company. 
 (b) Any notice so addressed shall be deemed to be received: if delivered by hand or facsimile, on the date of such delivery; if
mailed by overnight courier, on the first Business Day following the date of such mailing; and if mailed by registered or certified mail, on the third Business Day after the date of such mailing. 

Section 4.02 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of each of the parties. 
 Section 4.03 Entire Agreement. This Agreement and the Voting Agreement constitute the entire
understanding of the parties hereto relating to the subject matter hereof and supersede all prior understandings among such parties. 

Section 4.04 Amendment and Waiver. This Agreement may be amended, and the observance of any term of this Agreement may be waived,
with (and only with) the written consent of the Company and each of the Stockholders. No waiver of any breach shall be deemed to be a further or continuing waiver of such breach or a waiver of any other or subsequent breach. Except as otherwise
expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, 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. 

Section 4.05 Business Opportunities; No Recourse. 

(a) None of the Stockholders nor any of their respective Affiliates shall have any obligation to present any business opportunity to the
Company or any of its subsidiaries, even if the opportunity is one that the Company or any of its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so, and no such Person
shall be liable to the Company or any of its subsidiaries or any Stockholder for breach of any fiduciary or other duty, as a Stockholder, by reason of the fact that such Person pursues or acquires such business opportunity, directs such business
opportunity to another Person or fails to present such business opportunity, or information regarding such business opportunity, to the Company or any of its subsidiaries. 

(b) Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the fact that certain of the parties may
be partnerships or limited 

  
 18 

 
liability companies, each party hereto covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall
be had against any former, current or future directors, officers, agents, Affiliates, employees, general or limited partners, members, managers or stockholders of any party hereto or any of their successors or permitted assignees or any former,
current or future directors, officers, agents, Affiliates, employees, general or limited partners, members, managers or stockholders of any of the foregoing, as such, whether by the enforcement of any assessment or by any legal or equitable
proceeding, or by virtue of any statute, regulation or other applicable law or otherwise, for any obligation of any party hereto under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on,
in respect of or by reason of such obligations or their creation. 
 Section 4.06 Severability. In the event that any part or
parts of this Agreement shall be held illegal or unenforceable by any court or administrative body of competent jurisdiction, such determination shall not affect the remaining provisions of this Agreement which shall remain in full force and effect.

 Section 4.07 Counterparts. This Agreement may be executed in two or more counterparts (including by facsimile or pdf format),
each of which shall be deemed an original and all of which together shall be considered one and the same agreement. 
 Section 4.08
Submission to Jurisdiction; Waiver of Jury Trial EACH PARTY HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE AND OF ANY DELAWARE STATE COURT FOR PURPOSES OF ALL LEGAL
PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE
VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS STOCKHOLDERS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 4.09
Specific Performance. The Company and the Stockholders hereby acknowledge and agree that it is impossible to measure in money the damages which will accrue to the parties hereto by reason of the failure of any party hereto to perform any of
its obligations set forth in this Agreement and that, in the event of any such failure, an aggrieved party will be irreparably damaged and will not have an adequate remedy at law. Any such party shall, therefore, be entitled (in addition to any
other remedy to which such party may be entitled at law or in equity) to injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond and if any action should be brought in equity to enforce any of
the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law. 

  
 19 

 Section 4.10 Conflict with Organizational Documents. In the event of any
conflict between the terms and conditions of this Agreement and the Organizational Documents, the terms and conditions of this Agreement shall control. The parties shall cooperate to take any actions necessary to ensure that the Organizational
Documents conform to the terms and conditions of this Agreement. 
 Section 4.11 No Third Party Liability. This Agreement may
only be enforced against the named parties hereto. All claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement
(including any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the entities that are expressly identified as parties hereto. 

Section 4.12 Stockholder Acting as Creditor. Nothing in this Agreement shall impair or otherwise affect any Stockholder’s
rights as a creditor of the Company or any of its Subsidiaries or in any other relationship with the Company, any of its Subsidiaries or any other Stockholder. 

Section 4.13 Indemnification. 

(a) Any director, officer, employee or agent of the Company entitled to indemnification, advancement of expenses and/or insurance, pursuant to
this Agreement or the Organizational Documents of the Company and that is an officer, employee, partner or advisor of LGP or any of their Affiliates (each such person, a “LGP Indemnitee”), may have certain rights to indemnification,
advancement of expenses and/or insurance provided by or on behalf of LGP and/or their Affiliates (collectively, the “LGP Fund Indemnitors”). Notwithstanding anything to the contrary in this Agreement, the Organizational Documents of
the Company or otherwise: (i) the Company is the indemnitor of first resort (i.e., the Company’s obligations to each LGP Indemnitee are primary and any obligation of the LGP Fund Indemnitors to advance expenses or to provide
indemnification for the same expenses or liabilities incurred by each LGP Indemnitee are secondary), (ii) the Company will be required to advance the full amount of expenses incurred by each LGP Indemnitee and will be liable for the full amount
of all liabilities, expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and required by this Agreement, without regard to any rights each LGP Indemnitee may have against the LGP Fund Indemnitors, and
(iii) the Company irrevocably waives, relinquishes and releases the LGP Fund Indemnitors from any and all claims against the LGP Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.
Notwithstanding anything to the contrary in this Agreement, the Organizational Documents of the Company or otherwise, no advancement or payment by the LGP Fund Indemnitors on behalf of a LGP Indemnitee with respect to any claim for which such LGP
Indemnitee has sought indemnification or advancement of expenses from the Company will affect the foregoing and the LGP Fund Indemnitors will have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of
the rights of recovery of such LGP Indemnitee against the Company. The LGP Fund Indemnitors are express third-party beneficiaries of the terms of this Section 4.13(a). 

  
 20 

 (b) Any director, officer, employee or agent of the Company entitled to indemnification,
advancement of expenses and/or insurance, pursuant to this Agreement or the Organizational Documents of the Company and that is an officer, employee, partner or advisor of CVC or any of their Affiliates (each such person, a “CVC
Indemnitee”), may have certain rights to indemnification, advancement of expenses and/or insurance provided by or on behalf of CVC and/or their Affiliates (collectively, the “CVC Fund Indemnitors”). Notwithstanding anything
to the contrary in this Agreement, the Organizational Documents of the Company or otherwise: (i) the Company is the indemnitor of first resort (i.e., the Company’s obligations to each CVC Indemnitee are primary and any obligation of the
CVC Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by each CVC Indemnitee are secondary), (ii) the Company will be required to advance the full amount of expenses incurred by
each CVC Indemnitee and will be liable for the full amount of all liabilities, expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and required by this Agreement, without regard to any rights each CVC
Indemnitee may have against the CVC Fund Indemnitors, and (iii) the Company irrevocably waives, relinquishes and releases the CVC Fund Indemnitors from any and all claims against the CVC Fund Indemnitors for contribution, subrogation or any
other recovery of any kind in respect thereof. Notwithstanding anything to the contrary in this Agreement, the Organizational Documents of the Company or otherwise, no advancement or payment by the CVC Fund Indemnitors on behalf of a CVC Indemnitee
with respect to any claim for which such CVC Indemnitee has sought indemnification or advancement of expenses from the Company will affect the foregoing and the CVC Fund Indemnitors will have a right of contribution and/or be subrogated to the
extent of such advancement or payment to all of the rights of recovery of such CVC Indemnitee against the Company. The CVC Fund Indemnitors are express third-party beneficiaries of the terms of this Section 4.13(b). 

[Remainder of page intentionally left blank] 

  
 21 

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

			
	BJ’S WHOLESALE CLUB HOLDINGS, INC.
		
	By:	 	 /s/ Graham N. Luce

		 	Name: Graham N. Luce
		 	Title: Senior Vice President, Secretary
	
	STOCKHOLDERS:
	
	GREEN EQUITY INVESTORS V, L.P.
		
	By:	 	GEI Capital V, LLC, its General Partner
		
	By:	 	 /s/ Jonathan A. Seiffer

		 	Name: Jonathan A. Seiffer
		 	Title:
	
	GREEN EQUITY INVESTORS SIDE V, L.P.
		
	By:	 	GEI Capital V, LLC, its General Partner
		
	By:	 	 /s/ Jonathan A. Seiffer

		 	Name: Jonathan A. Seiffer
		 	Title:
	
	BEACON COINVEST LLC
		
	By:	 	 /s/ Jonathan A. Seiffer

		 	Name: Jonathan A. Seiffer
		 	Title:

 [BJ’s Wholesale Club Holdings, Inc. – Signature Page to the Amended and Restated Stockholders
Agreement] 

  
 22 

 CVC BEACON LP 

 

			
	By:	 	CVC Beacon GP LLC, its general partner
		
	By:	 	 /s/ Cameron Breitner

		 	Name: Cameron Breitner
		 	Title: President and Assistant Secretary

 [BJ’s Wholesale Club Holdings, Inc. – Signature Page to the Amended and Restated Stockholders
Agreement] 

  
 23 

 SCHEDULE A 

LGP Investors 
  

					
	 Stockholder
	  	Common Stock	 
	 Green Equity Investors V, L.P.
	  	 	32,472,664	 
	 Green Equity Investors Side V, L.P.
	  	 	9,741,018	 
	 Beacon Coinvest LLC
	  	 	1,323,000	 
	 Total
	  	 	43,536,682	 

  
 24 

 SCHEDULE B 

CVC Investors 
  

					
	 Stockholder
	  	Common Stock	 
	 CVC Beacon LP
	  	 	43,536,682	 
	 Total
	  	 	43,536,682	 

  
 25EX-4.2

 Exhibit 4.2 

MANAGEMENT STOCKHOLDERS AGREEMENT 

OF 
 BEACON HOLDING INC.

 This Management Stockholders Agreement (“Agreement”) is entered into as of September 30, 2011, by and among
Beacon Holding Inc., a Delaware corporation (the “Company”), Green Equity Investors V, L.P., Green Equity Investors Side V, L.P., and Beacon Coinvest LLC (collectively, “LGP”), CVC Beacon LLC (“CVC” and,
together with LGP, the “Principal Stockholders”), and each of the individual stockholders who are set forth on the signature pages hereto or who otherwise become parties hereto from time to time in accordance with the terms hereof
(each individually, a “Management Stockholder,” and collectively, the “Management Stockholders”). These parties are sometimes referred to herein individually by name or as a “Party”, and
collectively as the “Parties.” 
 RECITALS: 

The Company has entered into that certain Merger Agreement, dated as of June 28, 2011, by and among BJ’s Wholesale Club, Inc., a
Delaware corporation (“BJs”), the Company and Beacon Merger Sub Inc., a Delaware corporation (the “Transitory Subsidiary”), pursuant to which the Transitory Subsidiary will be merged with and into BJs (the
“Merger”), with BJs being the surviving entity of the Merger and a wholly-owned subsidiary of the Company; 
 Each of the
Management Stockholders is or will be (after giving effect to the Merger) an employee, consultant or director of the Company or one or more subsidiaries of the Company; 

The Company, pursuant to that certain Option Rollover Agreement, dated as of September 30, 2011 (the “Rollover
Agreement”), between the Company and each of the investors party thereto, has agreed, subject to the terms and conditions set forth therein, to issue upon the effective time of the Merger (but subject to the consummation thereof) to certain
Management Stockholders, in substitution for certain options to purchase shares of common stock of BJs, options to purchases shares of the Company’s Common Stock (as defined below), as designated therein (the “Rollover
Options”), and as a result of the exercise by such Management Stockholder of any Rollover Options, has agreed to issue shares of the Common Stock subject thereto (such shares, “Rollover Shares”). For purposes of this
Agreement, one share of “Common Stock” shall consist of, (a) prior to the effectiveness of the actions set forth in Section 9.01 of that certain Stockholders Agreement by and among the Company, LGP and CVC, dated as of
September 30,2011, as may be amended from time to time (the “Stockholders Agreement”), (i) one share of the Company’s common stock designated as Class A Common Stock, par value $0.01 per share
(“Class A Stock”), and (ii) one share of the Company’s common stock designated as Class B Common Stock, par value $0.01 per share (“Class B Stock”) and
(b) following the effectiveness of the actions set forth in Section 9.01 of the Stockholders Agreement (the “Conversion”), one share of the common stock of the Company, par value $0.01 per share; 

 The Company, pursuant to those certain Subscription Agreements, dated as of
September 30, 2011 (the “Subscription Agreements”), between the Company and each of the Management Stockholders a party thereto, and any other similar agreements with Management Stockholders after the date hereof, has agreed
(or will agree), subject to the terms and conditions set forth in the Subscription Agreements (or such similar agreements), to sell, and each applicable Management Stockholder has agreed to subscribe for, shares of Common Stock (“Subscribed
Shares”); 
 The Company has agreed to issue (or may hereafter agree to issue) to each Management Stockholder shares of the
Company’s Common Stock as a result of the exercise by such Management Stockholder of vested options (other than Rollover Options) to purchase Common Stock (“Vested Options”), which Vested Options were issued (or may hereafter
be issued) to such Management Stockholder pursuant to the 2011 Stock Option Plan of Beacon Holding Inc. (the “Stock Option Plan”) or any other employee benefit plan hereafter adopted by the board of directors of the Company (the
“Board”) (such shares, “Option Shares”); and 
 The Parties now desire to enter into this Agreement to
provide for certain matters with respect to the ownership and transfer by the Management Stockholders of all shares of Common Stock (including Rollover Shares, Subscribed Shares and Option Shares) now or hereafter issued to or purchased or acquired
by the Management Stockholders as a result of the sale of Subscribed Shares, the exercise of Rollover Options or Vested Options, or otherwise (collectively, the “Restricted Shares”). 

AGREEMENT: 
 In
consideration of the foregoing and the mutual agreements set forth herein, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties hereto, intending to be legally bound, hereby agree as
follows, effective as of the effective time of the Merger: 
 Section 1. Sales to Third Parties. 

(a) Except as otherwise provided herein, each Management Stockholder hereby agrees that he or she shall not sell, assign, transfer, convey,
pledge or otherwise dispose of (collectively, “Transfer”) any Restricted Shares without the prior written consent of each of the Principal Stockholders, which consent may be (A) withheld in the sole discretion of each of the
Principal Stockholders, or (B) given subject to reasonable terms and conditions determined by the Principal Stockholders in their sole discretion. Each Management Stockholder further agrees that in connection with any Transfer consented to by
the Principal Stockholders, the Management Stockholder shall, if requested by the Company, deliver to the Company an opinion of counsel in form and substance reasonably satisfactory to the Company and counsel for the Company, to the effect that the
Transfer is not in violation of this Agreement, the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state. Any purported Transfer in violation of the provisions of this Section 1 shall
be null and void and shall have no force or effect. 
 (b) Notwithstanding the foregoing, nothing in this Section 1 shall prevent the

  
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 Transfer of any Restricted Shares by any Management Stockholder to (i) a wholly-owned affiliate (as
defined in Rule 405 of the Securities Act) of such Management Stockholder; (ii) in the case of a Transfer contemplated by Section 2, the Company or the Principal Stockholders; (iii) any member of a Management Stockholder’s
immediate family or trusts or other entity for the benefit of such immediate family member; provided that the Management Stockholder retains the sole and exclusive right to vote or dispose of any Restricted Shares transferred to the family
member or trust or other entity; and (iv) upon a Management Stockholder’s death, the Management Stockholder’s executors, administrators, testamentary trustees, legatees and beneficiaries (the transferee of Restricted Shares
transferred pursuant to clause (i), (iii) or (iv) being referred to as a “Permitted Transferee”). 
 (c) If the
Company proposes to register Registrable Securities under the Securities Act pursuant to an initial Underwritten Offering (an “Initial Public Offering”), each of the Management Stockholders agrees not to sell or otherwise Transfer
or dispose of any Registrable Securities held by such Management Stockholder, if requested by the Company and any representative of the underwriters (the “Managing Underwriter”), for a period not longer than the one hundred and
eighty (180) day period following the consummation of such Initial Public Offering; provided that the Management Stockholders shall only be bound by such restrictions to the extent that the Principal Stockholders are so bound. If
requested by the Managing Underwriter, the Managing Stockholders shall execute a separate agreement to the foregoing effect. The Company may impose stop-transfer instructions with respect to the shares (or securities) subject to the foregoing
restriction until the end of said period. 
 (d) Each Management Stockholder agrees that, as a condition precedent to any Transfer described
in this Section 1, each transferee described in this Section 1 (other than the Company or the Principal Stockholders) shall deliver to the Company a copy of this Agreement signed by such transferee and acknowledging that such transferee
agrees to be bound by the terms and conditions hereof as if such transferee was a Management Stockholder for all purposes of this Agreement, including the Drag-Along Rights set forth in Section 3. 

Section 2. Rights to Repurchase Shares. 

(a) Subject to Section 2(e), with respect to all Restricted Shares held by any Management Stockholder, during the period beginning on the
date of the Management Stockholder’s Termination of Employment (as defined below) and ending on the later of the nine-month anniversary of such Termination of Employment or the nine-month anniversary of the date of the exercise of any Rollover
Options or Vested Options held by any Management Stockholder as of the time of the Management Stockholder’s Termination of Employment, the Company shall have the option to repurchase Restricted Shares held by the Management Stockholder;
provided that such Restricted Shares have been held by the Management Stockholder for more than six months at the time of such repurchase (“Call Right”). The Call Right may be exercised more than once, but must be exercised
with respect to all (but not less than all) of a Management Stockholder’s Restricted Shares outstanding on the date of any Call Notice (as defined below), other than as contemplated by Section 2(e). The repurchase price payable by the
Company upon exercise of the Call Right (“Call Repurchase Price”) shall be: (i) with respect to Rollover Shares and Subscribed Shares (A) in the event the Termination of Employment is for Cause (as defined below), the
lesser of Fair Market Value (as defined below) 

  
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of such Rollover Shares or Subscribed Shares, as applicable, on the date of repurchase or Fair Market Value of such Rollover Shares or Subscribed Shares, as applicable, immediately following the
closing of the Merger and (B) in the case of a Termination of Employment for any other reason, the Fair Market Value of such Rollover Shares or Subscribed Shares, as applicable, on the date of repurchase; and (ii) with respect to Option
Shares (A) in the event the Termination of Employment is for Cause, the lesser of Fair Market Value of such Option Shares on the date of repurchase or the exercise price paid by the Management Stockholder in connection with the exercise of the
underlying Vested Option and (B) in the case of a Termination of Employment for any other reason, the Fair Market Value of such Option Shares on the date of repurchase. The Call Right shall be exercised by written notice (“Call
Notice”) to the Management Stockholder given in accordance with Section 11(e) of this Agreement on or prior to the last date on which the Call Right may be exercised by the Company. For purposes of this Agreement: (x)
“Termination of Employment” shall mean the time when the relationship between a Management Stockholder (in its capacity as an employee, consultant or director of the Company or one of its subsidiaries) and the Company or its
applicable subsidiary is terminated for any reason, with or without Cause, including, but not by way of limitation, a termination by resignation, discharge, death or retirement, but excluding a termination where there is a simultaneous reemployment
by the Company or one of its subsidiaries; and (y) “Cause” shall have the meaning provided in such Management Stockholder’s Change in Control Severance Agreement as in effect on the date hereof with the Company or a subsidiary
of the Company, as applicable, or if such Management Stockholder does not have such a Change in Control Severance Agreement, but is a participant in the Change of Control Severance Benefit Plan for Key Employees in effect as of the date hereof (the
“Severance Plan”), “Cause” shall have the meaning provided in the Severance Plan, or if “Cause” is not defined therein or the Management Stockholder is not a participant in the Severance Plan, then
“Cause” shall mean the Management Stockholder’s failure to substantially perform the Management Stockholder’s duties as reasonably determined by the Board (other than as a result of the Management Stockholder’s
permanent disability or incapacity as determined in accordance with the Company’s disability insurance policy or, if no such policy is then in effect, as determined by the Board in its good faith judgment); materially dishonest statements or
acts of the Management Stockholder with respect to the Company or any of its subsidiaries or affiliates; the commission by the Management Stockholder of an act constituting a felony under the laws of the United States or any state thereof; gross
negligence, willful misconduct or insubordination of the Management Stockholder with respect to the Company or any of its subsidiaries or affiliates; or any other act or omission which is materially injurious to the financial condition or business
reputation of the Company or any of its subsidiaries or affiliates. The Board shall determine the effect of all matters and questions relating to Termination of Employment, including, but not by way of limitation, all questions of whether a
particular leave of absence constitutes a Termination of Employment. 
 (b) For purposes of this Agreement, the “Fair Market
Value” of each share of Common Stock as of a given date shall mean the fair market value of such share as of such date (without regard to any minority or lack of marketability discount) as reasonably determined by the Board in the exercise
of its good faith discretion. For the avoidance of doubt, the Fair Market Value as of the Closing Date (as defined in the Merger Agreement) equals $100.00 (subject to adjustments to reflect stock splits etc. after the Closing Date). The Company
shall deliver a notice setting forth the determination of the Board as to Fair Market Value per share of 

  
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Common Stock to the terminated Management Stockholder no later than the fifteenth (15) business day prior to the exercise of the Call Right. Upon delivery of notice of such Fair Market
Value, the Management Stockholder shall have ten (10) business days in which to notify the Company in writing of any disagreement, which notice shall state in reasonable detail the reasons for such disagreement. During such ten
(10) business day period, the Company shall provide the Management Stockholder with such financial data and information as the Management Stockholder shall reasonably request in order to evaluate the determination by the Board as to the Fair
Market Value per share of Common Stock; provided, however, that any such Management Stockholder shall agree to hold in confidence and trust all information so provided; and, provided, further, that the Company may
withhold any such financial data and information as may be reasonably necessary (in the Company’s sole discretion) to preserve the attorney-client privilege between the Company and its counsel or to protect confidential proprietary information
in respect of which such Management Stockholder is not otherwise aware. If no written notice of disagreement is given by the Management Stockholder, the Fair Market Value as determined by the Board shall be conclusive and binding on the Management
Stockholder and the Company. If written notice is given by the Management Stockholder of a disagreement, then, within ten (10) business days following receipt of such notice, the Company and the Management Stockholder shall engage an investment
banking firm or independent appraiser mutually acceptable to the Company and the Management Stockholder (such acceptance not unreasonably withheld by either Person) to determine the Fair Market Value of the Common Stock (which may be higher than,
lower than or equal to the Fair Market Value of the Common Stock as determined by the Board). The Company and the Management Stockholder shall instruct the firm or appraiser to complete the valuation within 30 days following such engagement. The
determination of such firm or appraiser shall be final and binding upon the Management Stockholder and the Company, and shall not be subject to appeal or arbitration. The costs and expenses incurred in connection with the determination made by the
investment banking firm or independent appraiser shall be borne by (i) the Company, in the event the Fair Market Value determined by the investment banking firm or independent appraiser is at least 110% of the Fair Market Value determined by
the Board and (ii) the Management Stockholder in the event the Fair Market Value determined by the investment banking firm or independent appraiser is less than 110% of the Fair Market Value determined by the Board. In the case of the
application of clause (ii) of the preceding sentence, in the event that the Company is the purchaser of shares of Common Stock pursuant to this Section 2, the Company shall be entitled to deduct and withhold the portion of such costs to be
borne by the Management Stockholder. 
 (c) If the Company does not elect to exercise its Call Right set forth in Section 2(a), the
Company shall give written notice that it is not so electing to each of the Principal Stockholders within the time periods specified in Section 2(a) for the giving of a Call Notice. Upon receipt of such notice from the Company (the
“Company Notice”), each Principal Stockholder shall have the option, exercisable by written notice (“Principal Stockholder Call Notice”) delivered to the Management Stockholder within thirty days after receipt of
the Company Notice, to purchase the Restricted Shares held by the Management Stockholder; provided that, if such Restricted Shares have not been held by the Management Stockholder for more than six months at the time that the Principal
Stockholders receive the Company Notice, each Principal Stockholder may exercise its option to purchase the Restricted Shares pursuant to this Section 2(c) by providing the Principal Stockholder Call Notice at any time during the
30-

  
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day period immediately following the six-month anniversary of the date the Management Stockholder first purchased Restricted Shares, and, upon the giving
of the Principal Stockholder Call Notice, such Principal Stockholder shall be obligated to purchase and each Management Stockholder shall be obligated to sell all (but not less than all) of the Restricted Shares held by such Management Stockholder
that are outstanding on the date of such Principal Stockholder Call Notice at the Call Repurchase Price set forth in Section 2(a); provided that, to the extent two or more of the Principal Stockholders elect to purchase the Restricted
Shares covered by the Company Notice, each electing Principal Stockholder shall be entitled to purchase a prorated portion of such Restricted Shares based on the number of shares of the Class A Stock held by such Principal Stockholder over the
number of shares of Class A Stock held by all electing Principal Stockholders. 
 (d) Subject to Section 2(h) below, the
repurchase of Restricted Shares pursuant to the exercise of a Call Right shall take place on a date specified by the Company or the Principal Stockholder(s), as applicable (the “Call Date”), which in no event shall be following the
60th day following the date of the Call Notice or the Principal Stockholder Call Notice, as applicable (or such later date on which the Company or the Principal Stockholder(s), as applicable, has
received all necessary governmental approvals). On the Call Date, the Management Stockholder shall transfer the Restricted Shares subject to the Call Notice to the Company or the Principal Stockholder(s), as applicable, free and clear of all liens
and encumbrances, by delivering to the Company or the Principal Stockholder(s), as applicable, the certificates representing the Restricted Shares to be purchased, duly endorsed for transfer to the Company or the Principal Stockholder(s), as
applicable, or accompanied by a stock power duly executed in blank, and the Company or the Principal Stockholder(s), as applicable, shall pay to the Management Stockholder the Call Repurchase Price in cash (subject to Section 2(h) below). The
Company or the Principal Stockholder(s), as applicable, on the one hand, and the Management Stockholder, on the other hand, each shall use his, her or its reasonable efforts to expedite all proceedings contemplated hereunder to obtain a
determination of the Call Repurchase Price of the Restricted Shares at the earliest practicable date. 
 (e) Notwithstanding
Section 2(a), subject to the Management Stockholder’s continued employment with the Company or any subsidiary of the Company, the Call Right shall cease to be applicable with respect to 20% of the Management Stockholder’s Rollover
Shares and Subscribed Shares on each of the first five anniversaries of the effective time of the Merger. Except as otherwise set forth in this Section 2(e), the Call Right shall apply with respect to all Restricted Shares in accordance with
Section 2(a). 
 (f) Notwithstanding the foregoing, if, during the period commencing on a Call Date (other than a Call Date following a
Management Stockholder’s Termination of Employment for Cause) occurring after the fifth anniversary of the Closing Date and ending on the six-month anniversary of such Call Date (the “True-Up Period”), either an Initial Public Offering or a Change in Control occurs, then upon the consummation of such Initial Public Offering or Change in Control, as the case may be, the Company shall pay
to the Management Stockholder whose Restricted Shares are repurchased on such Call Date, within thirty (30) days after the consummation of such Change in Control or Initial Public Offering, a payment in an amount equal to the excess, if any, of
(i) the Fair Market Value of the Restricted Shares repurchased on such Call Date, as of the date of the Change in Control or the Initial Public 

  
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Offering, as applicable, over (y) the aggregate Call Repurchase Price paid to such Management Stockholder for such Restricted Shares (such payment, the “True-Up Payment”); provided, however, that, in no event shall such a True-Up Payment be made if, in connection with the Company’s exercise of the
Call Right, the Management Stockholder provided notice of disagreement with the Board’s determination of Fair Market Value in order to obtain an independent appraisal of Fair Market Value, as described in Section 2(b) hereof. For the
avoidance of doubt, no Management Stockholder shall be entitled to a True-Up Payment in connection with the repurchase of Restricted Shares pursuant to the Call Right on a Call Date occurring on or prior to
the fifth anniversary of the Closing Date or following such Management Stockholder’s Termination of Employment for Cause. 
 (g) (i) In
the case of any transfer of title or beneficial ownership of Restricted Shares upon default, foreclosure, forfeit, divorce, court order or otherwise, other than by a voluntary decision on the part of a Management Stockholder (each, an
“Involuntary Transfer”), the Management Stockholder shall promptly (but in no event later than two days after the Involuntary Transfer) furnish written notice (the “Involuntary Transfer Notice”) to the Company and
each of the Principal Stockholders indicating that the Involuntary Transfer has occurred, specifying the name of the person to whom the shares were transferred (the “Involuntary Transferee”), giving a detailed description of the
circumstances giving rise to, and stating the legal basis for, the Involuntary Transfer. 
 (ii) Upon the receipt of the Involuntary
Transfer Notice, and for 60 days thereafter, the Company (or the Principal Stockholders if the Company does not accept the offer) shall have the right to repurchase, and the Involuntary Transferee shall have the obligation to sell, all (but not less
than all) of the Restricted Shares acquired by the Involuntary Transferee for a repurchase price equal to the Fair Market Value of such Restricted Shares as of the date of the Involuntary Transfer (the “Involuntary Transfer Repurchase
Price” and such right, the “Involuntary Transfer Repurchase Right”). The Involuntary Transfer Repurchase Right shall be exercised by written notice (the “Involuntary Transfer Repurchase Notice”) to the
Involuntary Transferee given in accordance with Section 11(e) of this Agreement on or prior to the last date on which the Involuntary Transfer Repurchase Right may be exercised by the Company. 

(iii) Subject to Section 2(h) below, the repurchase of Restricted Shares pursuant to the exercise of the Involuntary Transfer Repurchase
Right shall take place on a date specified by the Company or the Principal Stockholder(s), as applicable, but in no event following the 60th day following the date of the date of the Involuntary
Transfer Repurchase Notice (or such later date on which the Company or the Principal Stockholder(s), as applicable, has received all necessary governmental approvals). On such date, the Involuntary Transferee shall transfer the Restricted Shares
subject to the Involuntary Transfer Repurchase Notice to the Company or the Principal Stockholder(s), as applicable, free and clear of all liens and encumbrances, by delivering to the Company or the Principal Stockholder(s), as applicable, the
certificates representing the Restricted Shares to be purchased, duly endorsed for transfer to the Company or the Principal Stockholder(s), as applicable, or accompanied by a stock power duly executed in blank, and the Company or the Principal
Stockholder(s), as applicable, shall pay to the Involuntary Transferee the Involuntary Transfer Repurchase Price. The Company or the Principal Stockholder(s), as applicable, on the one hand, and the Involuntary Transferee, on the other hand, each
shall use his, her or its reasonable efforts to expedite all proceedings 

  
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contemplated hereunder to obtain a determination of the Involuntary Transfer Repurchase Price of the Restricted Shares at the earliest practicable date. If the Involuntary Transferee does not
transfer the Restricted Shares to the Company or the Principal Stockholder(s), as applicable, as required, the Company will cancel such Restricted Shares and deposit the funds in a non-interest bearing account
and make payment of such funds to the Involuntary Transferee upon delivery of the Restricted Shares. 
 (h) Notwithstanding anything to the
contrary herein, 
 (i) The Company shall not be permitted to purchase any Restricted Shares held by any Management Stockholder or
Involuntary Transferee upon exercise by the Company of the Call Right or the Involuntary Transfer Repurchase Right if the Board determines that (A) the Company is prohibited from purchasing the Restricted Shares by applicable law restricting
the purchase by a corporation of its own shares; or (B) the purchase of Restricted Shares would constitute a breach of, default, or event of default under, or is otherwise prohibited by, the terms of any loan agreement or other agreement or
instrument to which the Company or any of its subsidiaries is a party (the “Financing Documents”) or the Company is not able to obtain the requisite consent of any of its lenders to the purchase of the Restricted Shares. The events
described in (A) and (B) above each constitute a “Call Repurchase Disability.” 
 (ii) In the event of a Call
Repurchase Disability, the Company shall notify in writing the Management Stockholder or Involuntary Transferee with respect to whom the Call Right or the Involuntary Transfer Repurchase Right has been exercised (a “Call Disability
Notice”). The Call Disability Notice shall specify the nature of the Call Repurchase Disability. The Company shall thereafter repurchase the Restricted Shares described in the Call Notice or Inyoluntary Transfer Repurchase Notice as soon as
reasonably practicable after all Call Repurchase Disabilities cease to exist (or the Company may elect, but shall have no obligation, to cause its nominee to repurchase the Restricted Shares while any Call Repurchase Disabilities continue to exist).
In the event the Company suspends its obligations to repurchase the Restricted Shares pursuant to a Call Repurchase Disability, (A) the Company shall provide written notice to each applicable Management Stockholder or Involuntary Transferee as
soon as practicable after all Call Repurchase Disabilities cease to exist (the “Call Reinstatement Notice”); and (B) the Fair Market Value of the Restricted Shares subject to the Call Notice or Involuntary Transfer Repurchase
Notice shall be determined as of the date of repurchase following the date the Call Reinstatement Notice is delivered to the Management Stockholder or Involuntary Transferee, which Fair Market Value shall be used to determine the Call Repurchase
Price or Involuntary Transfer Repurchase Price in the manner described above. 
 Section 3. Drag-Along Rights. 

(a) If one or more of the Principal Stockholders at any time, or from time to time, in one transaction or a series of related transactions,
propose to Transfer shares of Common Stock (or rights to acquire Common Stock) in connection with any Change in Control (as defined below) to one or more Persons (as defined below) other than a Principal Stockholder (a “Third Party
Purchaser”), then such Principal Stockholders shall have the right (a “Drag-Along Right”), but not the obligation, to require each Management Stockholder to tender for purchase to the Third Party Purchaser, on the same
terms and conditions as apply to Such 

  
 8 

 
Principal Stockholders, a number of Restricted Shares of Common Stock and Rollover Options and Vested Options to purchase Common Stock (including any options that vest as a result of the
consummation of the Transfer to the Third Party Purchaser) that, in the aggregate, equal the number derived by multiplying (1) the total number of Restricted Shares of Common Stock owned by the Management Stockholder (including Restricted
Shares of Common Stock issuable in respect of all Rollover Options and Vested Options to purchase Common Stock held by the Management Stockholder whether or not exercised and including any options that vest as a result of the consummation of the
Transfer to the Third Party Purchaser) by (2) a fraction, the numerator of which is the total number of shares of Common Stock to be sold by such Principal Stockholders in connection with the transaction or series of related transactions and
the denominator of which is the total number of the then outstanding shares of Common Stock and shares of Common Stock issuable in respect of Rollover Options and Vested Options to purchase Common Stock held by the Principal Stockholders or the
Company; provided that, (i) the terms of such transaction are the same for all Management Stockholders (other than any Management Stockholder who elects to contribute its Restricted Shares to the acquiring or surviving company in such
transaction) and (ii) no Management Stockholder shall be required to agree to a non-compete or similar restriction that is more restrictive (in either scope or duration) than that contained in any
agreement to which such Management Stockholder is a party as of the date of such transaction. Subject to the foregoing conditions, each Management Stockholder shall vote all of his or her shares of Class A Stock in favor of, and waive all
dissenters and appraisal rights in connection with, such Change in Control transaction. In connection with the exercise of any Drag-Along Right, no Management Stockholder, without such Management Stockholder’s consent, shall be required to
(x) make representations and warranties, except as to title and related matters; which shall in no way relate to operational matters of the Company or its subsidiaries or (y) provide any indemnity in excess of the net proceeds received by
such Management Stockholder from such sale, or that applies on a non-prorata basis, or that applies on any basis other than a several and not joint basis. Notwithstanding the foregoing in this Section 3(a), if the Principal Stockholders do not
invoke their Drag-Along Right in connection with any Change in Control involving a sale of securities by the Principal Stockholders, then the Tag-Along Right described in Section 4 below shall apply to
such Change in Control. 
 (b) If one or more of the Principal Stockholders elect to exercise their Drag-Along Right under this
Section 3 with respect to the Restricted Shares of Common Stock held by the Management Stockholders, such Principal Stockholders shall notify each Management Stockholder in writing (collectively, the “Drag-Along Notices”). Each
Drag-Along Notice shall set forth: (i) the proposed amount and form of consideration and terms and conditions of payment offered by the Third Party Purchaser(s) and a summary of any other material terms pertaining to the Transfer
(“Third Party Terms”); and (ii) the number of Restricted Shares of Common Stock and Rollover Options and Vested Options to purchase Common Stock that such Principal Stockholders elects each Management Stockholder to sell in the
Transfer. The Drag-Along Notices shall be given at least five days before the closing of the proposed Transfer. 
 (c) Upon the giving of a
Drag-Along Notice, each Management Stockholder shall be obligated to sell the number of Restricted Shares of Common Stock and Rollover Options and Vested Options to purchase Common Stock set forth in such Management

  
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Stockholder’s Drag-Along Notice on the Third Party Terms. 
 (d) At the closing
of the Transfer to any Third Party Purchaser(s) pursuant to this Section 3, the Third Party Purchaser(s) shall remit to the Management Stockholder the consideration for the total sales price of the Common Stock and Rollover Options and Vested
Options to purchase Common Stock held by the Management Stockholder sold pursuant hereto minus any consideration to be escrowed or otherwise held back in accordance with the Third Party Terms, and minus the aggregate exercise price of
any Rollover Options and Vested Options to purchase Common Stock being Transferred by the Management Stockholder to the Third Party Purchaser(s), against delivery by the Management Stockholder of certificates for Common Stock, duly endorsed for
Transfer or with duly executed stock powers and an instrument evidencing the transfer or the cancellation of the Rollover Options and Vested Options to purchase Common Stock subject to the Drag-Along Right reasonably acceptable to the Company, and
the compliance by the Management Stockholder with any other conditions to closing generally applicable to the selling Principal Stockholder(s) and all other holders of Common Stock selling shares in the transaction. 

(e) For purposes of this Agreement, “Change in Control” shall mean (i) the sale of all or substantially all of the
assets of the Company, BJs or any wholly-owned subsidiary interposed between the Company and BJs (an “Intermediate Subsidiary”) to any other Person (other than the Company, any of its subsidiaries, the Principal Stockholders or any
of their affiliates, or any employee benefit plan maintained by the Company or any of its subsidiaries), or (ii) a change in beneficial ownership or control of the Company, BJs or any Intermediate Subsidiary effected through a transaction or
series of transactions (other than an offering of Common Stock or other securities to the general public through a registration statement filed with the Securities and Exchange Commission) whereby (A) any “person” or related
“group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than the Company, any of its subsidiaries, the Principal
Stockholders or any of their affiliates, or any employee benefit plan maintained by the Company or any of its subsidiaries), directly or indirectly acquires beneficial ownership (within the meaning of Rule
13d-3 under the Exchange Act) of securities of the Company, BJs or any Intermediate Subsidiary possessing more than 50% of the total combined voting power of such entity’s securities outstanding
immediately after such acquisition or (B) following an Initial Public Offering, the Principal Stockholders and their respective affiliates directly or indirectly hold beneficial ownership of securities of each of the Company, BJs and any
Intermediate Subsidiary possessing less than 10% of the total combined voting power of such entity’s voting securities outstanding immediately after such transaction or series of transactions. 

Section 4. Tag-Along Rights. 

(a) Subject to the prior exercise of the Company’s or the Principal Stockholders’ Call Right pursuant to Sections 2(a) and 2(c), if
one or more of the Principal Stockholders at any time propose to Transfer shares of Common Stock (or rights to acquire Common Stock) to a Third Party Purchaser, in a single Transfer or a series of related Transfers (other than any Transfer which,
when aggregated with all prior sales, does not exceed 5% of the aggregate number of shares of Common Stock held by the Principal Stockholders as of the date 

  
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of this Agreement), then each Management Stockholder shall have the right (the “Tag-Along Right”) to require that the proposed Third Party
Purchaser purchase from such Management Stockholder up to the number of whole Restricted Shares of Common Stock (including any Restricted Shares of Common Stock issuable upon the exercise of Rollover Options and Vested Options, including any options
that vest as a result of the consummation of the Transfer to the Third Party Purchaser) equal to the number derived by multiplying (x) the total number of shares of Common Stock that the proposed Third Party Purchaser has agreed or committed to
purchase, by (y) a fraction, the numerator of which is the total number of Restricted Shares of Common Stock (including any Restricted Shares of Common Stock issuable upon the exercise of Rollover Options and Vested Options (including options
that vest as a result of the consummation of the Transfer to the Third Party Purchaser)) owned by the Management Stockholder as of the date of the proposed Transfer, and the denominator of which is the aggregate number of shares of Common Stock
owned, as of the date of the proposed Transfer, by the Principal Stockholders, the Company, the Management Stockholder and all other holders of Common Stock who have exercised a Tag-Along Right substantially
similar to the rights granted to the Management Stockholder in this Section 4 or any other form of tag-along right, whether granted pursuant to this Agreement or any other agreement to which the Company
is a party, (including any Restricted Shares of Common Stock issuable upon the exercise of all Rollover Options and Vested Options (including options that vest as a result of the consummation of the Transfer to the Third Party Purchaser)). The
intent of this computation is to accord to the Management Stockholder the right to sell the same percentage of its holdings of Common Stock as the Principal Stockholders is entitled to sell in such transaction. Any Restricted Shares purchased from
the Management Stockholder pursuant to this Section 4(a) shall be purchased upon the same terms and conditions (including without limitation for the same form and amount of consideration per share of Common Stock) as such proposed Transfer by
the selling Principal Stockholder(s). In connection with the exercise of any Tag-Along Right, no Management Stockholder, without such Management Stockholder’s consent, shall be required to (x) make
representations and warranties, except as to title and related matters, which shall in no way relate to operational matters of the Company or its subsidiaries, (y) provide any indemnity in excess of the net proceeds received by such Management
Stockholder from such sale, or that applies on a non-prorata basis, or that applies on any basis other than a several and not joint basis or (z) be required to agree to a
non-compete or similar restriction that is more restrictive (in either scope or duration) than that contained in any agreement to which such Management Stockholder is party, provided that,
notwithstanding the foregoing, in connection with the exercise of any Tag Along Right, the Management Stockholder may be required to agree to a non-compete or similar restriction for a period of not longer
than two years following the date of closing of the Transfer pursuant to this Section 4. 
 (b) Each Principal Stockholder shall notify
each Management Stockholder in writing in the event it proposes to make a Transfer or series of Transfers giving rise to a Tag-Along Right at least fourteen (14) business days prior to the date on which
such Principal Stockholder expects to consummate such Transfer (the “Sale Notice”) which notice shall specify the price, number of shares of Common Stock and other material terms on which the Third Party Purchaser intends to
purchase in such Transfer. The Tag-Along Right may be exercised by any Management Stockholder by delivery of a written notice to the Principal Stockholder proposing to sell Restricted Shares of Common Stock
(the “Tag-Along Notice”) within five (5) business days following receipt of the Sale Notice from the selling Principal 

  
 11 

 
Stockholder(s). The Tag-Along Notice shall state the number of Restricted Shares of Common Stock (including shares subject to Rollover Options and Vested
Options (including options that vest as a result of the consummation of the Transfer to the Third Party Purchaser)) that the Management Stockholder proposes to include in such Transfer to the proposed Third Party Purchaser (not to exceed the number
as determined above). In the event that the proposed Third Party Purchaser does not purchase the specified number of Restricted Shares of Common Stock from the Management Stockholder on the same terms and conditions as specified in the Sale Notice,
then the selling Principal Stockholder(s) shall not be permitted to sell any shares of Common Stock to the proposed Third Party Purchaser unless such Principal Stockholder(s) purchase from the Management Stockholder such specified number of
Restricted Shares of Common Stock on the same terms and conditions as specified in such Sale Notice. 
 (c) At the closing of the Transfer
to any Third Party Purchaser pursuant to this Section 4, the Third Party Purchaser shall remit to each Management Stockholder who exercised its Tag-Along Right the consideration for the total sales price
of the Common Stock held by such Management Stockholder sold pursuant hereto minus any such consideration to be escrowed or otherwise held back in accordance with the Third Party Terms, which such escrow or hold back shall apply to the
Principal Stockholders and all other Management Stockholders participating in such Transfer on a pro rata basis and minus the aggregate exercise price of any Rollover Options and Vested Options to purchase Common Stock being Transferred by
the Management Stockholder to the Third Party Purchaser, against delivery by the Management Stockholder of certificates for Common Stock duly endorsed for Transfer or with duly executed stock powers and an instrument evidencing the transfer or the
cancellation of the Rollover Options and Vested Options to purchase Common Stock subject to the Tag-Along Right reasonably acceptable to the Company, add the compliance by the Management Stockholder with any
other conditions to closing generally applicable to the selling Principal Stockholders and all other holders of Common Stock selling shares in the transaction. 

Section 5. Piggy-Back Registration Rights. 

(a) Participation. If in connection with or at any time after the Initial Public Offering the Company files a registration statement (a
“Registration Statement”) pursuant to the Securities Act (other than a registration on Form S-4 or S-8 or any successor form to such Forms or any
registration of securities as it relates to an offering and sale to management of the Company pursuant to any employee stock plan or other employee benefit plan arrangement) with respect to an offering that includes Common Stock owned by a Principal
Stockholder, then, subject to Section 5(b), each Management Stockholder shall be provided with an opportunity to include in such Registration Statement a number of shares of Common Stock equal to the product of (x) the aggregate number of
shares of Common Stock owned by such Management Stockholder as of the date such Registration Statement is filed (which, for the avoidance of doubt, excludes Restricted Shares of Common Stock issuable in respect of unexercised Rollover Options and
Vested Options held by the Management Stockholder) and (y) the ratio of (i) the number of shares of Common Stock proposed to be included in such Registration Statement which are owned by the Principal Stockholders or the Company to
(ii) the aggregate number of shares of Common Stock owned by the Principal Stockholders or the Company which are outstanding as of the date such Registration Statement is filed. The Company shall notify each Management Stockholder in writing of
any opportunity to register 

  
 12 

 
shares pursuant to this Section 5, and the Company’s written offer notice may contain such other reasonable terms and conditions as the Company may determine in good faith are necessary
or appropriate to effectuate this Section 5. Subject to the limitations of this Section 5(a) and Section 5(b), the Company shall include in such registration statement all of a Management Stockholder’s Registrable Securities
specified in a written request received by the Company within fifteen days after the distribution of the written notice from the Company described in this Section 5(a). 

(b) Underwriter’s Cutback. Notwithstanding the foregoing, if a registration pursuant to this Section 5 involves an
Underwritten Offering (as defined in Section 5(f)) of Common Stock and the Managing Underwriter (or Managing Underwriters) of such proposed Underwritten Offering determines that marketing factors require a limitation on the number or kind of
Registrable Securities to be underwritten, the Managing Underwriter (or Managing Underwriters) may (subject to the allocation priority set forth below) exclude from such registration and underwriting some or all of the Registrable Securities which
would otherwise be underwritten pursuant hereto. The Company shall so advise all Management Stockholders requesting registration, and, notwithstanding anything to the contrary in the Stockholders Agreement, the number of Registrable Securities that
may be included in the registration and underwriting by each of the holders of Common Stock shall be (i) first, 100% of the securities the Company proposes to sell, and (ii) second, the amount of securities which all other holders of
Common Stock (including LGP, CVC and the Management Stockholders) have requested to be included in such registration that the Managing Underwriter (or Managing Underwriters) believes can be sold without such adverse effect referred to above, such
amount to, except as provided in the proviso below, be allocated pro rata among all such holders of Common Stock that have requested to have Common Stock included in such Underwritten Offering based upon the number of issued and
outstanding shares of Common Stock to be underwritten that are owned by each applicable holder; provided that if the Managing Underwriter (or Managing Underwriters) in its good faith discretion is of the view that such pro rata
portion Management Stockholders’ securities would be reasonably likely to adversely affect the price, timing or distribution of the securities offered in such offering, then the number of shares of Common Stock held by the Management
Stockholders to be included in such Underwritten Offering may be reduced (on a non-pro rata basis) to the amount, if any, that the Managing Underwriter (or Managing Underwriters) believes can be sold without
such adverse effect; provided, however, that the Company and the Principal Stockholders shall use commercially reasonable efforts to cause the Managing Underwriter (or Managing Underwriters) to eliminate any non pro-rata reduction described in the preceding proviso. 
 (c) Company Control. Notwithstanding any
provision of this Section 5, the Company may decline to file a Registration Statement at any time, or withdraw a Registration Statement after filing but prior to the effectiveness of the Registration Statement; provided that the Company
shall promptly notify each Management Stockholder in writing of any such action; and provided, further, that the Company shall bear all reasonable, documented, out of pocket expenses incurred by such Management Stockholder or otherwise
in connection with such withdrawn registration statement. Notwithstanding any other provision herein, the Company shall have sole discretion to select any and all underwriters that may participate in any Underwritten Offering. 

  
 13 

 (d) Participation in Underwritten Offerings. Notwithstanding anything to the contrary
in this Section 5, no Management Stockholder shall have the right to participate in an Underwritten Offering of securities from a “shelf” registration statement. No Management Stockholder may participate in any Underwritten Offering
hereunder unless such Management Stockholder (i) agrees to sell such Management Stockholder’s securities pursuant to customary underwriting arrangements reasonably requested by the underwriters participating in such Underwritten Offering,
and which contain terms and conditions materially consistent with those applicable to the Principal Stockholders and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, underwriting agreements, lock-ups and other documents related thereto. Nothing in this Section 5(d) shall be construed to create any additional rights regarding the piggyback registration of Registrable Securities in any Management
Stockholder otherwise than as set forth herein. 
 (e) Expenses. The Company or the Principal Stockholders will pay all registration
expenses in connection with each registration of Registrable Securities requested pursuant to this Section 5; provided, that each holder of Common Stock shall pay all applicable underwriting fees, discounts and similar charges with
respect to the Common Stock sold by such holder in pursuant to such Registration Statement. 
 (f) Certain Definitions. For purposes
of Section 1(c) and this Section 5: 
 (i) “Registrable Securities” shall mean all shares of Common Stock and
all shares of Common Stock issued or issuable upon conversion of any warrants or options held by any holder of shares of Common Stock; provided that a Registrable Security shall cease to be a Registrable Security as such time as the holder
thereof is entitled to sell such Registrable Security within six (6) months under Rule 144(k) or Regulation S of the Securities Act or otherwise without restriction under the Securities Act; provided, further, that any securities
that have ceased to be Registrable Securities shall not thereafter become Registrable Securities and any security that is issued or distributed in respect of securities that have ceased to be Registrable Securities is not a Registrable Security.

 (ii) “Underwritten Offering” means a sale of shares of Common Stock to an underwriter for reoffering to the public.

 Section 6. Cooperation. 

(a) In the event that one or more of the Principal Stockholders exercise their rights pursuant to Section 3, each Management Stockholder
shall consent to and raise no objections against the transaction, and if the transaction is structured as a sale of stock, each Management Stockholder shall take all actions that the Board reasonably deems necessary or desirable in connection with
the consummation of the transaction. Without limiting the generality of the foregoing, each Management Stockholder agrees to (i) consent to and raise no objections against any such transaction; (ii) execute any stock purchase agreement,
merger agreement or other agreement entered into with any Third Party Purchaser with respect to any such transaction setting forth the Third Party Terms and any ancillary agreement with respect thereto which shall be materially consistent with those
executed by the Principal Stockholders; (iii) shall vote the Common Stock held by the Management Stockholder in favor of the 

  
 14 

 
transaction; and (iv) shall refrain from the exercise of dissenters’ appraisal rights (or any similar such rights) with respect to the transaction. 

(b) In connection with a Transfer that results in a Change in Control, each Management Stockholder shall be deemed to have granted the Company
a proxy to vote such Management Stockholder’s Restricted Shares in favor of the Change in Control. Each Management Stockholder acknowledges that each such proxy granted hereby, including any successive proxy, if necessary, is being given to
secure the performance of an obligation hereunder, is coupled with an interest, and shall be irrevocable until such obligation is performed. 

(c) If the Company or the holders of the Company’s securities enter into any negotiation or transaction for which Rule 506 (or any
similar rule then in effect) promulgated under the Securities Act, may be available with respect to the negotiation or transaction (including a merger, consolidation, or other reorganization), each Management Stockholder shall, if requested by the
Company, appoint a purchaser representative (as defined in Rule 501 of the Securities Act) reasonably acceptable to the Company. If the purchaser representative is designated by the Company, the Company shall pay the fees of the purchaser
representative, but if any Management Stockholder appoints another purchaser representative, the Management Stockholder shall be responsible for the fees of the purchaser representative so appointed. 

(d) Each Management Stockholder shall bear its pro-rata share of the costs of any transaction in which
it sells Restricted Shares, Rollover Options or Vested Options (based upon the number of Restricted Shares, Rollover Options and Vested Options held by the Management Stockholder that are sold in such transaction), which shall only be paid out of
the proceeds to be received by each such Management Stockholder in any such transaction, to the extent such costs are incurred for the benefit of all holders of Common Stock, Rollover Options or Vested Options, as applicable, and are not otherwise
paid by the Company or the acquiring party. 
 Section 7. Preemptive Rights. 

(a) Prior to the Initial Public Offering, and subject to the terms and conditions specified in this Section 7, the Company hereby grants
to each Management Stockholder a right to participate in future sales by the Company of its Offered Securities (as defined below) in accordance with this Section 7. 

(b) Except for Excluded Issuances, prior to the Initial Public Offering, each time the Company proposes to offer for sale (i) any shares
of, or securities convertible into or exercisable for, its Common Stock or any other class of equity to any Person (“Offered Shares”), or (ii) any debt securities, to one or more of the Principal Stockholders and their
respective affiliates, partners or subsidiaries (together with the Principal Stockholders, the “Principal Stockholder Group”) (such debt securities, together with the Offered Shares, the “Offered Securities”), the
Company shall first make an offering of a pro-rata portion of such Offered Securities to each Management Stockholder in accordance with the following provisions: 

(i) The Company shall deliver a notice (“First Offer Notice”) to the 

  
 15 

 
Management Stockholder stating (A) its bona fide intention to offer such Offered Securities, (B) the number of such Offered Securities to be offered, and (C) the price and terms,
if any, upon which it proposes to offer such Offered Securities. 
 (ii) Within 10 business days after receipt of the First Offer Notice,
the Management Stockholder may elect to purchase or obtain, at the price and on the terms specified in the First Offer Notice, up to that portion of such Offered Securities (such portion, the “Management Stockholder Offeree
Securities”) which equals the proportion that (A) the total number of Restricted Shares of Class A Stock, or vested and exercisable options to purchase Restricted Shares of Class A Stock with an exercise price less than the
Fair Market Value per share of Common Stock, issued and held by the Management Stockholder (as of immediately prior to the contemplated offer for sale) bears to (B) the total number of shares of Class A Stock outstanding (as of immediately
prior to the contemplated offer for sale and as determined on a fully-diluted basis). The Management Stockholders shall be entitled to purchase the Management Stockholder Offeree Securities on the same terms and conditions as are applicable to other
participants in the issuance of Offered Securities, and shall not, as a condition to participation, be obligated to agree to any terms, conditions or restrictions not applicable to all other purchasers of such Offered Securities. 

(iii) The Company may, during the 90-day period following the expiration of the period provided in
Section 7(b)(ii) hereof, offer the remaining unsubscribed portion of the Management Stockholder Offeree Securities to the Principal Stockholders Group at a price not less than that, and upon terms no more favorable to the Principal Stockholders
Group than those, specified in the First Offer Notice. 
 (iv) Notwithstanding the foregoing, the Company may issue and sell Offered
Securities to the Principal Stockholders Group without first complying with the terms of Section 7(b); provided that within ten business days following such sale the purchasers of such Offered Securities shall offer to sell the portion
of such securities that would have constituted “Management Stockholder Offeree Securities” had the Company complied with Section 7(b) to each Management Stockholder on terms no less favorable to the Management Stockholder than those
applicable to the Principal Stockholders Group, using a process substantially similar to that set forth in Section 7(b). 
 (v)
“Excluded Issuances” means any issuance of Offered Shares (i) to an employee, officer, director, consultant, agent, customer or vendor of the Company or any of its subsidiaries pursuant to a stock option plan, employee benefit
plan or other compensation arrangement approved by the Board, (ii) pursuant to a stock split, subdivision or similar transaction or dividend applicable to all of the Company common stock or preferred stock, as applicable, (iii) as payment-in-kind interest; (iv) pursuant to a public offering of securities, (v) pursuant to a reclassification, (vi) pursuant to the conversion of preferred
stock, debt securities or any other convertible instruments approved by the Board, (vii) pursuant to exercise of any option, warrant or other derivative securities outstanding on the date hereof or issued pursuant to clause (i) above,
(Viii) as consideration for an acquisition, merger or reorganization approved by the Board or (ix) to any lender on terms approved by the Board in connection with any debt financing by the Company or its subsidiaries; provided that any
issuance included in this clause (ix) shall not be permitted to exceed more than ten percent (10%) of the Common Stock of the 

  
 16 

 
Company calculated on a fully diluted basis; and provided further that any issuance contemplated by clauses (i), (viii) and (ix) to the Principal Stockholders or their
respective affiliates shall not be deemed an Excluded Issuance unless such issuance has been negotiated on arms’ length terms and approved by all members of the Board unaffiliated with the Principal Stockholders. 

Section 8. Put Rights. 

(a) Upon Termination of Employment of a Management Stockholder (other than by the Company for Cause or due to death or Disability) within the two-year period immediately following the Closing Date, such Management Stockholder shall be entitled to sell, and the Company shall be obligated to purchase from such Management Stockholder, during the thirty-day period beginning on the later of (i) the date of Termination of Employment and (ii) the six month anniversary of the Closing Date (or, if later, the six month anniversary of the latest date of
sale of the Subscribed Shares or potential issuance of Rollover Shares (i.e., the last day of the exercise period of any Rollover Options not exercised on or prior to the date of Termination of Employment or the date following the date of
Termination of Employment on which the last such Rollover Option is exercised and no shares remain subject to any Rollover Options) to such Management Stockholder), all or a portion of the Subscribed Shares and/or Rollover Shares held by such
Management Stockholder with an aggregate Fair Market Value as of the date of repurchase equal to or less than 150% of the aggregate Fair Market Value of all such Subscribed Shares and/or all Rollover Shares subject to Rollover Options held by such
Management Stockholder as of the Closing Date (or, with respect to the Subscribed Shares, the date of sale thereof to such Management Stockholder, if different) (such repurchase, the “Investor Put Right”). The repurchase price
payable by the Company to repurchase Subscribed Shares and/or Rollover Shares upon exercise of the Investor Put Right (“Investor Put Repurchase Price”) shall be (A) upon Termination of Employment (x) by the Company without
Cause or (y) by such Management Stockholder for Good Reason or due to Retirement, the Fair Market Value of such shares as of the repurchase date and (B) upon Termination of Employment for any other reason (other than by the Company for
Cause or due to death or Disability), the lesser of (x) the Fair Market Value of such shares as of the repurchase date and (y) the Fair Market Value of such shares as of the Closing Date (or, with respect to the Subscribed Shares, the date
of sale thereof to the Management Stockholder, if different). Each Management Stockholder shall only be entitled to exercise the Investor Put Right once and exercise of the Investor Put Right shall be by written notice (“Investor Put
Notice”) to the Company on or prior to the last date on which the Investor Put Right may be exercised by such Management Stockholder. For the avoidance of doubt, the Investor Put Right shall not apply (x) in connection with Termination
of Employment of a Management Stockholder by the Company for Cause or due to death or Disability or (y) in any event with respect to Option Shares. 

(b) Notwithstanding anything to the contrary in this Section 8, in the event a Management Stockholder exercises the Investor Put Right
following Termination of Employment by such Management Stockholder due to Retirement and, thereafter, commences employment (or other service relationship) with any Person (as defined below) within the two-year
period immediately following such Termination of Employment, (a) the Management Stockholder shall pay the Company an amount equal to any excess of the Investor Put 

  
 17 

 
Repurchase Price paid upon exercise of the Investor Put Right over the Fair Market Value, as of the Closing Date (or, with respect to the Subscribed Shares, the date of sale thereof to the
Management Stockholder, if different), of the Subscribed Shares and/or Rollover Shares sold in connection with the exercise of the Investor Put Right and (b) to the maximum extent permitted by applicable law, the Company shall be entitled to
offset such payment against any other payments to which the Management Stockholder is entitled from the Company or any of its affiliates. Each Management Stockholder who exercises the Investor Put Right following Termination of Employment by such
Management Stockholder due to Retirement shall notify the Company as soon as practicable following his or her employment by any other Person within the two-year period immediately following such Termination of
Employment. 
 (c) Upon Termination of Employment of a Management Stockholder due to death or Disability following the Closing Date, such
Management Stockholder shall be entitled to sell, and the Company shall be obligated to purchase from such Management Stockholder, during the 365-day period beginning on the later of (i) the date of
Termination of Employment and (ii) the six month anniversary of the Closing Date (or, if later, the latest date of sale of the Subscribed Shares or potential issuance of Rollover Shares or Vested Shares (i.e., the last day of the exercise
period of any Rollover Options or Vested Options not exercised on or prior to the date of Termination of Employment or the date following the date of Termination of Employment on which the last such Rollover Option or Vested Option is exercised and
no shares remain subject to any Rollover Options or Vested Options) to such Management Stockholder), all or a portion of the Restricted Shares held by such Management Stockholder (such repurchase, the “Disability Put Right” and each
of the Investor Put Right and the Disability Put Right, a “Put Right”); provided that such Management Stockholder cannot exercise the Disability Put Right at anytime before the later of (A) the six month anniversary of
the Closing Date and (B) the six month anniversary of the latest date of sale of the Subscribed Shares or potential issuance of Rollover Shares or Vested Shares (i.e., the last day of the exercise period of any Rollover Options or Vested
Options not exercised on or prior to the date of Termination of Employment or the date following the date of Termination of Employment on which the last such Rollover Option or Vested Option is exercised and no shares remain subject to any Rollover
Options or Vested Options) to such Management Stockholder. The repurchase price payable by the Company to repurchase Restricted Shares upon exercise of the Disability Put Right (“Disability Put Repurchase Price”) shall be the Fair
Market Value of such shares as of the repurchase date. Each Management Stockholder shall only be entitled to exercise the Disability Put Right once and exercise of the Disability Put Right shall be by written notice (“Disability Put
Notice” and, any Investor Put Notice or Disability Put Notice, a “Put Notice”) to the Company on or prior to the last date on which the Disability Put Right may be exercised by such Management Stockholder. 

(d) Subject to Section 8(f), the repurchase of Restricted Shares pursuant to the exercise of a Investor Put Right or the Disability Put
Right shall take place on a date specified by the Company, but in no event following the later of the 60th day following the date of the applicable Put Notice or the 10th day following the receipt by the Company of all necessary governmental approvals. On such date, the applicable Management Stockholder shall transfer the applicable Restricted Shares subject to the
applicable Put Notice to the Company, free and clear of all liens and encumbrances, by delivering to the Company the certificates representing such shares, if any, duly endorsed for transfer to the Company or accompanied by

  
 18 

 
a stock power duly executed in blank, and the Company shall pay to such Management Stockholder the Investor Put Repurchase Price or Disability Put Repurchase Price, as applicable, in cash. Such
Management Stockholder shall use all commercially reasonable efforts to assist the Company in order to expedite all proceedings described in this Section 8. 

(e) Subject to compliance with Section 1(d), each Permitted Transferee shall be bound by the terms and conditions of this Section 8
as if such Permitted Transferee was a Management Stockholder. 
 (f) Notwithstanding anything to the contrary herein, 

(i) The Company shall not be permitted to purchase any Restricted Shares held by any Management Stockholder upon exercise by such Management
Stockholder of a Put Right if the Board determines that (A) the Company is prohibited from purchasing the Subscribed Shares and/or Rollover Shares by applicable law restricting the purchase by a corporation of its own shares; (B) the
purchase of the Subscribed Shares and/or Rollover Shares would constitute a breach of, default, or event of default under, or is otherwise prohibited by, the terms of the Financing Documents or the Company is not able to obtain the requisite consent
of any of its lenders to the purchase of the Subscribed and/or Rollover Shares or (C) with respect solely to repurchase pursuant to the Disability Put Right of (x) Option Shares or (y) Restricted Shares (other than Option Shares)
after the two-year period immediately following the Closing Date, the purchase of the Restricted Shares would render the Company or its subsidiaries unable to meet their obligations in the ordinary course of
business taking into account any pending or proposed transactions, capital expenditures or other budgeted cash outlays by the Company, including, without limitation, any proposed acquisition of any other entity by the Company or any of its
subsidiaries. The events described in (A) and (B) above each constitute a “Put Repurchase Disability” with respect to the Investor Put Right and the events described in (A) through (C) above each constitute a “Put Repurchase
Disability” with respect to an applicable Disability Put Right. 
 (ii) In the event of a Put Repurchase Disability, the Company shall
notify in writing the Management Stockholder who exercised the applicable Put Right (a “Put Disability Notice”). The Put Disability Notice shall specify the nature of the Put Repurchase Disability. The Company shall thereafter
repurchase the Restricted Shares described in the applicable Put Notice as soon as reasonably practicable after all Put Repurchase Disabilities cease to exist (or the Company may elect, but shall have no obligation, to cause its nominee to
repurchase the Restricted Shares while any Put Repurchase Disabilities continue to exist); provided that, to the extent the repurchases of Restricted Shares subject to a Call Notice and a Put Notice are both delayed pursuant to a Call
Repurchase Disability and a Put Repurchase Disability, respectively, and such Call Repurchase Disability and Put Repurchase Disability both cease prior to repurchase of any Restricted Shares subject to such Call Notice or Put Notice, the Company
shall first repurchase Restricted Shares subject to the Put Notice and, thereafter, repurchase Restricted Shares subject to the Call Notice, in each case, to the extent such repurchases do not trigger a Put Repurchase Disability or Call Repurchase
Disability, as applicable. In the event the Company suspends its obligations to repurchase Restricted Shares pursuant to a Put Repurchase Disability, (A) the Company shall provide written notice to each applicable Management Stockholder as soon
as practicable after all Put Repurchase Disabilities 

  
 19 

 
cease to exist (the “Put Reinstatement Notice”); and (B) the Fair Market Value of the Restricted Shares subject to the applicable Put Notice shall be determined as of the
date of repurchase following the date the Put Reinstatement Notice is delivered to the Management Stockholder, which Fair Market Value shall be used to determine the Investor Put Repurchase Price or Disability Put Repurchase Price, as applicable, in
the manner described above. 
 (g) For the purposes of this Section 8: 

(i) “Disability” shall mean permanent disability or incapacity as determined in accordance with the
Company’s or any subsidiary’s disability insurance policy, if such a policy is then in effect, or if no such policy is then in effect, such permanent disability or incapacity shall be determined by the Board in its good faith judgment
based upon inability to perform the essential functions of the Management Stockholder’s position, with reasonable accommodation by the Company and/or any subsidiary thereof, for a period in excess of 180 days during any period of 365 calendar
days. 
 (ii) “Good Reason” shall have the meaning provided in such Management Stockholder’s Change in
Control Severance Agreement as in effect on the date hereof with the Company or a subsidiary of the Company, as applicable, or if such Management Stockholder does not have such a Change in Control Severance Agreement, but is a participant in the
Severance Plan, “Good Reason” shall have the meaning provided in the Severance Plan, or if “Good Reason” is not defined therein or the Management Stockholder is not a participant in the Severance Plan, then “Good
Reason” shall mean any material adverse change by the Company in the Management Stockholder’s job title, duties, responsibility or authority; failure by the Company to pay to the Management Stockholder any material amount of base
salary or bonus when due; any material diminution of the Management Stockholder’s base salary (other than such a material diminution that is applied on a substantially comparable basis to similarly-situated employees of the Company or a
subsidiary of the Company); the termination or denial of the Management Stockholder’s right to participate in employment related benefits that are offered similarly-situated employees of the Company or a subsidiary of the Company; the movement
of the Management Stockholder’s principal location of work to a new location that is in excess of thirty-five (35) miles from the Management Stockholder’s principal location of work as of the date that the Management Stockholder
becomes a party to this Agreement without the Management Stockholder’s consent; provided that none of the events described in this definition of Good Reason shall constitute Good Reason unless the Management Stockholder notifies the
Company in writing of the event that is purported to constitute Good Reason (which notice is provided not later than the 30th day following the occurrence of the event purported to constitute Good Reason) and then only if the Company fails to cure
such event within 30 days after the Company’s receipt of such written notice. 
 (iii) “Retirement”
shall mean a Termination of Employment of a Management Stockholder on or after his or her sixty (60th) birthday (A) at a time in which such Management Stockholder has no intention to seek or obtain future employment in which he or she either
(x) directly or indirectly owns, manages, controls, 

  
 20 

 
participates in, consults with, or in any manner engages in any business that is engaged in, or plans to be engaged in any business that is competitive with the Company and its subsidiaries or
(y) is required or reasonably expects to work in excess of 16 hours per week on average, (B) in connection with which such Management Stockholder has provided written notice and agreement, in a form acceptable to the Company, that he or
she has no intention to seek or obtain future employment described in subsection (A) above, and will be remain subject to Section 8(c), and (C) that is deemed by the Board, in its sole discretion, as a “Retirement” for
purposes of this Agreement. 
 Section 9. Termination. 

(a) This Agreement shall terminate on the first to occur of: 

(i) A Change in Control; provided that Sections 4 and 8 shall survive termination of this Agreement pursuant to this
Section 9(a)(i); or 
 (ii) The date established by a resolution of the Board terminating this Agreement;
provided that Sections 2,4, 5, 6, 7, 8 and 10 shall survive the termination of this Agreement pursuant to this Section 9(a)(ii) and shall remain in effect until an event occurs which would constitute a termination of this Agreement
pursuant to Section 9(a)(i). 
 (b) Sections 1,2, 3,4, 6, 7 and 8 hereof shall terminate upon the consummation of the Initial Public
Offering. 
 Section 10. Affiliate Transactions. Any purchase or sale of goods or services (other than the investment of
capital) between the Company or any of its subsidiaries on the one hand and any of the Principal Stockholders or their affiliates (other the Company and its subsidiaries) on the other hand in the ordinary course of business shall be done on an
arms’ length basis. For the avoidance of doubt, no actions or events contemplated by (1) this Agreement, (2) any agreement related to management or directors fees or compensation, (3) any other agreement between the Company or
any of its subsidiaries on the one hand and any of the Principal Stockholders or their affiliates (other the Company and its subsidiaries) on the other hand existing as of the date hereof, as may be amended from time to time or (4) any issuance
after the date hereof of equity or debt instruments of the Company or its affiliates to any of the Principal Stockholders or their affiliates, shall constitute a purchase or sale of goods or services for purposes of the preceding sentence, subject
to, for purposes of subsection (4), compliance with any pre-emptive rights included in this Agreement. 

Section 11. Miscellaneous. 

(a) Legends. Each certificate representing the Restricted Shares shall bear the following legends: 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES
LAWS OF ANY OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED 

  
 21 

 
OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM.” 

“THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, ENCUMBERED, HYPOTHECATED OR OTHERWISE
DISPOSED OF OR EXCHANGED UNLESS SUCH TRANSFER, SALE, ASSIGNMENT, PLEDGE, ENCUMBRANCE, HYPOTHECATION OR OTHER DISPOSITION OR EXCHANGE COMPLIES WITH THE PROVISIONS OF THE MANAGEMENT STOCKHOLDERS AGREEMENT, DATED AS OF SEPTEMBER 30, 2011, AS
AMENDED FROM TIME TO TIME, AMONG THE COMPANY AND THE STOCKHOLDERS PARTY THERETO, A COPY OF WHICH SHALL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER UPON WRITTEN REQUEST, AND ANY TRANSFER IN VIOLATION OF SUCH MANAGEMENT STOCKHOLDERS
AGREEMENT SHALL BE NULL AND VOID.” 
 (b) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the Parties hereto and their respective legal representatives, heirs, legatees, successors and assigns and shall also apply to any Restricted Shares acquired by any Management Stockholder after the date hereof. 

(c) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 

(d) Interpretation. The headings of the Sections contained in this Agreement are solely for the purpose of reference, are not part of
the agreement of the Parties and shall not affect the meaning or interpretation of this Agreement. 
 (e) Notices. All notices and
other communications provided for or permitted hereunder shall be in writing and shall be deemed to have been duly given and received when delivered by overnight courier or hand delivery, when sent by telecopy, or five days after mailing if sent by
registered or certified mail (return receipt requested) postage prepaid, to the Parties at the following addresses (or at such other address for any Party as shall be specified by like notices, provided that notices of a change of address shall be
effective only upon receipt thereof). 
 (i) If to the Company at: 

Beacon Holding Inc. 
 c/o
BJ’s Wholesale Club, Inc. 
 25 Research Drive 

Westborough, MA 01581 

Attention: General Counsel 

  
 22 

 Facsimile: (774) 512-5552 

with copies to LGP and CVC at the addresses set forth below and: 

Latham & Watkins LLP 

885 Third Avenue 
 New York, New
York 
 Attention: Howard A. Sobel 

John Giouroukakis 
 Bradd
Williamson 
 Facsimile: (212) 751-4864 

(ii) If to CVC at: 
 CVC
Beacon LLC 
 c/o CVC Capital Partners Advisory (US), Inc. 

712 Fifth Avenue, 43rd Floor 

New York, NY 10019 
 Attention:
Cameron Breitner 
 Kenneth Hammond 

Facsimile: (212) 265-6375 

with a copy to: 
 Simpson
Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, New York 10017 

Attention: Gary I. Horowitz 

Facsimile: (212) 455-2502 

(iii) If to LGP at: 
 Leonard
Green & Partners, L.P. 
 11111 Santa Monica Boulevard 

Suite 2000 
 Los Angeles, CA
90025 
 Attention: Jonathan A. Seiffer 

J. Kristofer Galashan 

Facsimile: (310) 954-0404 

and 
 with a copy to
Latham & Watkins LLP, at the address set forth above.
 (iv) If to a Management Stockholder, to the address set forth on the
Management Stockholder’s signature page hereto. 

  
 23 

 (f) Recapitalization, Exchange, Etc. Affecting the Company’s Stock. Nothing in
this Agreement shall prevent the Company (subject to Board approval) from effecting the Conversion, any recapitalization, corporate reorganization, “corporate inversion” involving the creation of one or more holding companies and/or
holding company subsidiaries, or similar transaction. The provisions of this Agreement shall apply, to the full extent set forth herein, with respect to any and all shares of Common Stock, and all of the other shares of capital stock of the Company
or any successor or assign of the Company (whether by merger, consolidation, sale of assets, business combination or otherwise) that may be issued in respect of, in exchange for, or in substitution of such Common Stock and shall be appropriately
adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations, and the like occurring after the date hereof. 

(g) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all
of which together shall be deemed to constitute one and the same agreement. 
 (h) Severability. In the event that any one or more of
the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal, or unenforceable in any respect for any reason, the validity, legality, and enforceability of any such provision in every other respect and
of the remaining provisions contained herein shall not be in any way impaired thereby. 
 (i) Amendment. This Agreement may be
amended, modified or waived by resolution of the Board provided the amendment, modification or waiver has been approved by the Principal Stockholders, and, if such amendment, modification or waiver disproportionately and materially adversely affects
the Management Stockholders, has been approved by Restricted Shares representing a majority of the Restricted Shares on a fully diluted basis; provided that, notwithstanding the foregoing, such approval shall be required if the amendment,
modification or waiver (i) adversely affects the economic rights or interests of the Management Stockholders, or (ii) disproportionately adversely affects the non-economic rights or interests of the
Management Stockholders other than in a de minimis manner. At any time hereafter, additional Management Stockholders may be made parties hereto, subject to approval by the Board, by executing a signature page in the form attached as Exhibit A
hereto, which signature page shall be countersigned by the Company and shall be attached to this Agreement and become a part hereof without any further action of any other Party hereto. 

(j ) Tax Withholding. The Company shall be entitled to require payment in cash or deduction from other compensation payable to any
Management Stockholder of any sums required by federal, state, or local tax law to be withheld with respect to the issuance, vesting, exercise, repurchase, or cancellation of any Restricted Share or any option to purchase Restricted Shares. 

(k) No Employment Rights. Nothing contained in this Agreement (i) obligates the Company or any affiliate of the Company to employ
any Management Stockholder in any capacity whatsoever; or (ii) prohibits or restricts the Company or any affiliate of the Company from terminating the employment, if any, of any Management Stockholder at any time or for any reason whatsoever
and each Management Stockholder hereby acknowledges and 

  
 24 

 
agrees that, except as may otherwise be set forth in any written agreement between the Company and such Management Stockholder, neither the Company nor any other Person has made any
representations or promises whatsoever to such Management Stockholder concerning his or her employment or continued employment by the Company or any affiliate of the Company. 

(l) Offsets. The Company shall be permitted to offset and reduce from any amounts payable to a Management Stockholder the amount of any
indebtedness or other obligation or payment owing to the Company by the Management Stockholder. 
 (m) Submission of Jurisdiction; Waiver
of Jury Trial. EACH PARTY HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE AND OF ANY DELAWARE STATE COURT FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH
A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
STOCKHOLDERS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (n) Specific Performance. The Parties hereby acknowledge and agree
that it is impossible to measure in money the damages which will accrue to the Parties by reason of the failure of any Party to perform any of its obligations set forth in this Agreement and that, in the event of any such failure, an aggrieved Party
will be irreparably damaged and will not have an adequate remedy at law. Any such Party shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive relief, including specific
performance, to enforce such obligations, without the posting of any bond and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the Parties shall raise the defense that there is an adequate remedy
at law. 
 (o) Entire Agreement. This writing constitutes the entire agreement of the Parties with respect to the subject matter
hereof and supersedes all prior understandings among the Parties. 
 (p) Business Opportunities; No Recourse. 

(i) None of the Principal Stockholders nor any of their respective affiliates shall have any obligation to present any business opportunity
to the Company or any of its subsidiaries, even if the opportunity is one that the Company or any of its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so, and no
Principal Stockholder shall be liable to the Company or any of its subsidiaries or any other Person for breach of any fiduciary or other duty, as a holder of shares of 

  
 25 

 
Common Stock, by reason of the fact that such Principal Stockholder pursues or acquires such business opportunity, directs such business opportunity to another Person or fails to present such
business opportunity, or information regarding such business opportunity, to the Company or any of its subsidiaries. For the purposes of this Agreement, “Person” shall mean an individual, partnership, joint-stock company,
corporation, limited liability company, trust or unincorporated organization, and a government or agency or political subdivision thereof. 

(ii) Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the fact that certain of the Principal
Stockholders may be partnerships or limited liability companies, each party hereto covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had
against any former, current or future directors, officers, agents, affiliates, employees, general or limited partners, members, managers or stockholders of any Principal Stockholder or any of their successors or permitted assignees or any former,
current or future directors, officers, agents, affiliates, employees, general or limited partners, members, managers or stockholders of any of the foregoing, as such, whether by the enforcement of any assessment or by any legal or equitable
proceeding, or by virtue of any statute, regulation or other applicable law or otherwise, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current
or future directors, officers, agents, affiliates, employees, general or limited partners, members, managers or stockholders of any Principal Stockholder or any of its successors or permitted assignees or any former, current or future directors,
officers, agents, affiliates, employees, general or limited partners, members, managers or stockholders of any of the foregoing, as such, for any obligation of any party hereto under this Agreement or any documents or instruments delivered in
connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 
 [signature pages
follow] 

  
 26 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement on the date first written
above. 
  

			
	BEACON HOLDING INC.
		
	By:	 	 /s/ Jonathan A. Seiffer

	Name:	 	Jonathan A. Seiffer
	Its:	 	President
	
	GREEN EQUITY INVESTORS V, L.P.
		
	By:	 	GEI Capital V, LLC, its General Partner
		
	By:	 	 /s/ Jonathan A. Seiffer

	Name:	 	Jonathan A. Seiffer
	Title:	 	
	
	GREEN EQUITY INVESTORS SIDE V, L.P.
		
	By:	 	GEI Capital V, LLC, its General Partner
		
	By:	 	 /s/ Jonathan A. Seiffer

	Name:	 	Jonathan A. Seiffer
	Title:	 	
	
	BEACON COINVEST LLC
		
	By:	 	 /s/ Jonathan A. Seiffer

	Name:	 	Jonathan A. Seiffer
	Title:	 	

 Each Management Stockholder has agreed to be bound by the terms of this Agreement by execution and delivery of the signature page set forth as Exhibit A hereto. 

 
			
	CVC BEACON LLC
		
	By:	 	 /s/ Cameron Breitner

	Name:	 	Cameron Breitner
	Title:	 	President and Assistant Secretary

 Each Management Stockholder has agreed to be bound by the terms of this Agreement by execution and
delivery of the signature page set forth as Exhibit A hereto. 

 EXHIBIT A 

SIGNATURE PAGE 
 TO THE
MANAGEMENT STOCKHOLDERS AGREEMENT 
 OF BEACON HOLDING INC. 

By execution of this signature page, [            ] hereby agrees to become
a party to, be bound by the obligations of, and receive the benefits of, that certain Management Stockholders Agreement of Beacon Holding Inc. dated as of September 30, 2011 by and among Beacon Holding Inc., a Delaware company (the
“Company”), the stockholders of the Company signatory thereto and certain other parties named therein, as amended from time to time thereafter. 

 

	
	  

	[Name of Management Stockholder]
	
	Residence Address:
	  

	  

 Accepted: 
  

			
	BEACON HOLDING INC.
		
	 By:
	 	  

		 	 Name:

		 	 Title:

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