THIRD AMENDMENT TO LIMITED LIABILITY COMPANY OPERATING AGREEMENT BJ CHICAGO, L.L.C.
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THIRD AMENDMENT TO
LIMITED LIABILITY COMPANY OPERATING AGREEMENT
BJ CHICAGO, L.L.C.
THIS THIRD AMENDMENT TO LIMITED LIABILITY COMPANY OPERATING AGREEMENT (this "Amendment") is made this 6th day of December, 2002, by and among the Members of BJ Chicago, L.L.C.
Recitals
1. On December 20, 2000, The Jacmar Companies and Golden Resorts, Inc. entered into a Limited Liability Company Operating Agreement (the "Operating Agreement") for BJ Chicago, L.L.C., a Delaware limited liability company, in which they are Members.
2. On July 31, 2001, the Members entered into a First Amendment to Limited Liability Company Operating Agreement in connection with the purchase of additional Shares and the addition of new Members.
3. On December 5, 2002 the Members entered into a Second Amendment to Limited Liability Company Operating Agreement to permit Members to use their Allocable Share of the Shares held by the Company as collateral for third-party loans and to clarify certain other provisions of the Operating Agreement.
4. On December 6, 2002 the Members of BJ Chicago, LLC desire to make additional investments in shares of stock of Chicago Pizza & Brewery, Inc and revise the ownership and the allocation of profits and losses among the Members.
Agreement
NOW, THEREFORE, it is agreed that the Operating Agreement is amended as follows:
FIRST: Sections 3.1 and 3.2.1 of Article 3 of the Operating Agreement are amended to read as follows:
"3.1 Capital contributions of Members. The Members have made or will shortly make the Capital contributions set forth opposite their names on Exhibit "A" attached hereto. The additional capital will be used to purchase additional shares of common stock of Chicago Pizza & Brewery, Inc. Upon completion of the pending purchase of 13,800 shares of common stock of Chicago Pizza & Brewery, Inc. the Company will own 6,081,385 shares of such stock (the "Shares").
"3.2.1 Additional Capital Contributions by Members. Each Member shall be allocated an interest in the 6,081,385 shares of Chicago Pizza & Brewery, Inc. as set forth in Exhibit "A" (with a Member's allocable interest in the Shares referred to as an "Allocable share")."
SECOND: Terms used in this Amendment and not otherwise defined shall have the meanings given such terms in the Operating Agreement, as amended to date. The amendments to the Operating Agreement contemplated hereby shall be effective retroactively to the original date of the Operating Agreement. In all other respects, the terms and provisions of the Operating Agreement are restated and confirmed.
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IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and year first above written.
THE JACMAR COMPANIES | GOLDEN RESORTS, INC. | |||
By: |
/s/ XXXXX X. XXX XXXXX Xxxxx X. Xxx Xxxxx, President |
By: |
/s/ XXXXX X. XXXXXXXXXX Xxxxx X. Xxxxxxxxxx, President |
|
/s/ XXXXX X. XXX XXXXX Xxxxx X. Xxx Xxxxx |
/s/ XXXXXXX X. XXXXXX Xxxxxxx X. Xxxxxx |
|||
XXXXX X. XXXXXXXXXX REVOCABLE TRUST |
XXXXX X. XXXXXXXXXX REVOCABLE TRUST |
|||
By: |
/s/ XXXXX X. XXXXXXXXXX Xxxxx X. Xxxxxxxxxx, Trustee |
By: |
/s/ XXXXX X. XXXXXXXXXX Xxxxx X. Xxxxxxxxxx, Trustee |
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EXHIBIT "A"
BJ Chicago, LLC
Capitalization Schedule
As of December 6, 2002
|
Jacmar |
GRI |
Xxxxxx |
Xxx Pozzo |
S.M.B. RT |
J.G.B. RT |
Total |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Purchase of Xxxxxx Shares | $ | 4,413,000 | 641,280 | 0 | 0 | 0 | 3,771,720 | 8,826,000 | |||||||
Purchase of CEO Shares | 909,367 | 132,143 | 0 | 0 | 0 | 777,225 | 1,818,735 | ||||||||
Formation expense through 6/30/01 | 15,000 | 15,000 | 0 | 0 | 0 | 0 | 30,000 | ||||||||
Private Placement—Tranche 2 | 0 | 726,577 | 2,750,000 | 250,000 | 250,000 | 4,023,423 | 8,000,000 | ||||||||
Purchase of Puchner Shares | 0 | 0 | 0 | 16,100 | 16,100 | 64,400 | 96,600 | ||||||||
$ | 5,337,367 | 1,515,000 | 2,750,000 | 266,100 | 266,100 | 8,636,768 | 18,771,335 | ||||||||
Pro Forma Share Acquisition
|
Jacmar |
GRI |
Xxxxxx |
Xxx Pozzo |
Xxxxx |
Xxxxx |
Total |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Purchase of Xxxxxx Shares | 1,103,250 | 160,320 | 0 | 0 | 0 | 942,930 | 2,206,500 | ||||||||
Purchase of CEO Shares | 330,679 | 48,052 | 0 | 0 | 0 | 282,627 | 561,358 | ||||||||
Private Placement—Tranche 2 | 0 | 290,631 | 1,100,000 | 100,000 | 100,000 | 1,609,359 | 3,200,000 | ||||||||
Purchase of Puchner Shares | 0 | 0 | 0 | 2,300 | 2,300 | 9,200 | 13,800 | ||||||||
1,433,929 | 499,003 | 1,100,000 | 102,300 | 102,300 | 2,844,126 | 6,081,658 | |||||||||
LLC Percentage Interest | 23.58 | % | 8.21 | % | 18.09 | % | 1.68 | % | 1.68 | % | 46.77 | % | 100.00 | % | |
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