Elbogen Noah A. 4

What Happened Noah A. Elbogen, a director of BJ's Restaurants, exercised options on June 18, 2026 and immediately sold the resulting 4,652 shares. The options were exercised at $37.70 per share (cost $175,380) and the shares were sold the same day in the open market at $54.00 per share for gross proceeds of $251,208 — a pre-tax spread of $75,828. On the same date he was also granted 2,955 Restricted Stock Units (RSUs) (no cash paid).

Key Details

• Transaction date: June 18, 2026; Form filed June 22, 2026 (appears timely within 2 business days).
• Option exercise (code M): 4,652 shares exercised at $37.70 (total exercise cost $175,380).
• Sale (code S): 4,652 shares sold on open market at $54.00 (gross proceeds $251,208).
• Award (code A): 2,955 RSUs awarded at $0.00 (unvested as noted).
• Derivative disposition entry shows the conversion of the derivative instrument into shares.
• Shares owned after the transaction: not specified in the information provided.
• Footnotes: F1 — RSUs vest in one installment on June 18, 2027; F2 — the reported amounts include 2,955 unvested RSUs.

Context This was a common cashless-style exercise and immediate sale: the options were exercised and the shares were sold the same day, realizing a pre-tax gain equal to the sale proceeds minus the exercise cost. The RSU grant is unvested and will convert to shares only if/when it vests (June 18, 2027). As a director (not a 10% owner), these filings are routine insider activity and are factual records of the transactions, not statements of intent or market predictions.