EXHIBIT 10.9.1
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RECITALS AGREEMENT Annex A

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     AMENDMENT NO. 2 TO REGISTRATION RIGHTS AGREEMENT dated as of May 30, 2006
(this “Amendment”), among Town Sports International Holdings, Inc., a Delaware
corporation (the “Company”), Town Sports International, Inc., a New York
corporation (“TSI”), and those of the Stockholders (as defined in the
Registration Rights Agreement referred to below) that are signatory hereto (the
Company, TSI and such Stockholders are herein referred to collectively as the
“Parties”).

RECITALS
     A. The Parties and certain other Stockholders have entered into that
certain Registration Rights Agreement dated as of February 4, 2004, as amended
by Amendment No. 1 to the Registration Rights Agreement dated as of March 23,
2006 (the “Registration Rights Agreement”).
     B. Each of the persons listed on Annex A to this Amendment have either
(i) entered into an Executive Stock Agreement with the Company and certain other
parties or a joinder agreement with the Company, and pursuant to such Executive
Stock Agreements or joinder agreements, the Company has agreed to provide such
persons with certain registration rights under the Registration Rights
Agreement, or (ii) the Company has otherwise agreed to provide such persons with
registration rights under the Registration Rights Agreement.
     C. The Company has agreed to register the Canterbury Registrable Securities
in connection with the Company’s planned IPO.
     D. The Farallon Investors have agreed to purchase 1,300,000 Canterbury
Registrable Securities from the Canterbury Investors immediately after the
consummation of the Company’s planned IPO.
     E. The Company desires to provide the Farallon Investors with registration
rights for such Canterbury Registrable Securities.
     F. The Parties desire to amend the Registration Rights Agreement in
accordance with Section 11(c) of the Registration Rights Agreement.

AGREEMENT
     NOW, THEREFORE, on the basis of the preceding facts, and in consideration
of the mutual agreements and covenants set forth below and other good and
valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, the Parties agree as follows:
     1. Definitions. Unless the context otherwise requires, all capitalized and
other defined terms not defined in this Amendment shall have the respective
meanings accorded to them in the Registration Rights Agreement.

 

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     2. Amendments.
     (a) The Registration Rights Agreement hereby is amended to provide that,
for all purposes of the Registration Rights Agreement (including the Company’s
planned IPO), each of the persons listed on Annex A shall be deemed an
“Executive”, as such term is defined in the Registration Rights Agreement, in
addition to those stockholders of the Company listed on the Executive Signature
Pages to the Registration Rights Agreement as originally entered into.
     (b) The definition of “Farallon Registrable Securities” in Section 1 of the
Registration Rights Agreement is hereby amended in its entirety to read as
follows following the consummation of the Company’s IPO:
     “ “Farallon Registrable Securities” means (i) any shares of Common Stock
held by the Farallon Investors or issued or issuable to the Farallon Investors
or their respective affiliates or partners on or after December 10, 1996,
(ii) the Purchased Canterbury Registrable Securities, (iii) the 250,000 shares
of Common Stock purchased by the Farallon Investors in the Company’s IPO and
(iv) any shares of capital stock of the Company issued or issuable with respect
to the securities referred to in clause (i), (ii) and (iii) by way of a stock
dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization. For purposes of
this Agreement, a Person will be deemed to be a holder of Farallon Registrable
Securities whenever such Person has the right to acquire directly or indirectly
such Farallon Registrable Securities (upon conversion or exercise in connection
with a transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), whether or not such acquisition
has actually been effected. Such securities will cease to be Farallon
Registrable Securities when sold pursuant to Rule 144 or any offering registered
under the Securities Act. For avoidance of doubt, the immediately preceding
sentence shall not apply to the sale of the Purchased Canterbury Registrable
Securities by the Canterbury Investors to the Farallon Investors pursuant to the
transactions contemplated in the Securities Purchase Agreement.”
     (c) Section 1 of the Registration Rights Agreement is hereby amended to add
the following defined term following the consummation of the Company’s IPO:
     “ “Purchased Canterbury Registrable Securities” means the 1,300,000
Canterbury Registrable Securities that FCP, FCIP, Farallon Capital Institutional
Partners II, L.P. (“FII”) and RRC purchased from Canterbury Detroit and
Canterbury Mezzanine pursuant to the securities purchase agreement (the
“Securities Purchase Agreement”) by and among FCP, FCIP, FII, RRC, Canterbury
Detroit and Canterbury Mezzanine.”
     (d) A new paragraph (c) is hereby added to the end of Section 4 of the
Registration Rights Agreement as follows:

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     “(c) Notwithstanding anything to the contrary in this Section 4, the
provisions of Section 4(a) and Section 4(b) shall not apply in the case of the
Company’s IPO, and shall otherwise be waivable at the discretion of the
underwriters managing any registered public offering.”
     (e) A new Section 12 of the Registration Rights Agreement hereby is added
immediately following Section 11 to read in its entirety as follows:
     “12. Termination of Registration Rights. Notwithstanding anything to the
contrary in this Agreement, at the time at which all Executive Registrable
Securities held by a holder (and any affiliate of the holder with whom such
holder must aggregate its sales under Rule 144) are (a) included for resale in,
or otherwise covered by, an effective registration statement under the
Securities Act, (b) saleable in any three (3)-month period without registration
under the Securities Act in compliance with Rule 144, including Rule 144(k), or
(c) saleable under Rule 701 under the Securities Act, such securities will cease
to be Executive Registrable Securities, and thereafter such holder shall not be
entitled to exercise any right provided for in Section 2 or Section 3 hereunder,
nor be entitled to receive any notice thereunder, in each case with respect to
the Executive Registrable Securities.”
     3. Governing Law. This Amendment shall be governed by, construed and
enforced in accordance with, the laws of the State of New York.
     4. Counterparts. This Amendment may be executed (including by facsimile
transmission) with counterpart signature pages or in any number of counterparts,
each of which when executed shall be deemed to be an original, but all of which
taken together shall constitute one and the same agreement.
     5. Bound Parties. The Registration Rights Agreement is being amended by
this Amendment pursuant to Section 11(c) of the Registration Rights Agreement
and this Amendment shall be effective upon the execution and delivery hereof by
the requisite approval of the Company and those Stockholders specified in
Section 11 of the Registration Rights Agreement.
     6. No Other Amendment; Etc. Except as expressly amended by this Amendment,
the Registration Rights Agreement otherwise shall remain unaffected and shall be
in full force and effect. For the avoidance of doubt, no other agreement now
existing or hereafter entered into that provides for, or otherwise contains, any
restriction on the sale, disposal or other transfer of Registrable Securities
shall be deemed to be limited, modified, amended or waived as a result of the
execution and delivery of the Registration Rights Agreement or this Amendment.

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     IN WITNESS WHEREOF, the Parties hereto have executed and delivered this
Amendment as of the date first above written.

            TOWN SPORTS INTERNATIONAL HOLDINGS, INC.
      By:   /s/ Richard Pyle         Name:   Richard Pyle        Title:   Chief
Financial Officer        TOWN SPORTS INTERNATIONAL, INC.
      By:   /s/ Richard Pyle         Name:   Richard Pyle        Title:   Chief
Financial Officer     

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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            BRUCKMANN, ROSSER, SHERRILL & CO., LP
      By:   /s/ Paul Kaminski         Name:   Paul Kaminski        Title:  
Authorized signer for BRSE Associates, Inc., the General Partner of BRS
Partners, LP, the General Partner of Bruckmann, Rosser, Sherrill & Co., LP     

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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            FARALLON CAPITAL PARTNERS, L.P.

BY: FARALLON PARTNERS, L.L.C.
ITS: GENERAL PARTNER
      By:   /s/ Mark C. Wehrly         Name:   Mark C. Wehrly        Title:  
Managing Member        FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.

BY: FARALLON PARTNERS, L.L.C.
ITS: GENERAL PARTNER
      By:   /s/ Mark C. Wehrly         Name:   Mark C. Wehrly        Title:  
Managing Member        RR CAPITAL PARTNERS, L.P.

BY: FARALLON PARTNERS, L.L.C.
ITS: GENERAL PARTNER
      By:   /s/ Mark C. Wehrly         Name:   Mark C. Wehrly        Title:  
Managing Member        FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.

BY: FARALLON PARTNERS, L.L.C.
ITS: GENERAL PARTNER
      By:   /s/ Mark C. Wehrly         Name:   Mark C. Wehrly        Title:  
Managing Member     

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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            CANTERBURY DETROIT PARTNERS, L.P.
      By:   /s/ Patrick Turner         Name:   Patrick Turner        Title:  
Manager        CANTERBURY MEZZANINE CAPITAL, L.P.
      By:   /s/ Patrick Turner         Name:   Patrick Turner        Title:  
Manager     

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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            ROSEWOOD CAPITAL, L.P.
      By:   /s/ Kyle Anderson         Name:   Kyle Anderson        Title:  
Managing Director     

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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            CS EQUITY II LLC
      By:   /s/ Jason M. Fish         Name:   Jason M. Fish        Title:  
Chief Investment Officer     

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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            BCB PARTNERSHIP
      By:   /s/ S. Sherrill (Power of Attorney)         Name:           Title:  
     

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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            NAZ PARTNERSHIP
      By:   /s/ S. Sherrill (Power of Attorney)         Name:           Title:  
     

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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            IRA FBO PAUL KAMINSKI DB SECURITIES AS CUSTODIAN
      By:   /s/ S. Sherrill (Power of Attorney)         Name:           Title:  
     

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Keith Alessi       KEITH ALESSI           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Paul Arnold       PAUL ARNOLD           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Bruce C. Bruckmann       BRUCE BRUCKMANN           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ S. Sherrill (Power of Attorney)       ELIZABETH MCSHANE   
       

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ S. Sherrill (Power of Attorney)       BEVERLY PLACE       
   

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ S. Sherrill (Power of Attorney)       D. BRUCKMANN       
   

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ S. Sherrill (Power of Attorney)       HAROLD O. ROSSER   
       

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ S. Sherrill (Power of Attorney)       VIRGIL SHERRILL     
     

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Stephen Sherrill       STEPHEN SHERRILL           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ S. Sherrill (Power of Attorney)       NANCY ZWENG         
 

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ S. Sherrill (Power of Attorney)       PAUL D. KAMINSKI   
       

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Mark Smith       MARK SMITH           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Robert Giardina       ROBERT GIARDINA           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Richard Pyle       RICHARD PYLE           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Alexander Alimanestianu       ALEXANDER ALIMANESTIANU     
     

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Debbie Smith       DEBBIE SMITH           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Carol Cornbill       CAROL CORNBILL           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Edward Trainor       EDWARD TRAINOR           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Robert Calvo       ROBERT CALVO           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Maggie Stevens       MAGGIE STEVENS           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Ray Dewhirst       RAY DEWHIRST           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Nina Duchaine       NINA DUCHAINE           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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                  /s/ Felicia Bochicchio       FELICIA BOCHICCHIO           

[Signature page to Amendment No. 2 to the Registration Rights Agreement]

 

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Annex A
Bartlett, Dirk
Brinsmade, Alexandra
Brush, Vince
Bubolo, Kelley
Buckbee, Bruce
Buckley, Gerard
Calvo, Gerard
Choo, Jeanie
Corella, Jill
Dang, Long
Daniel, Matt
Derleth, Karl
DiMaggio, Anthony
Donnelly, Allyson
Duncan, Rob
Fifield, Robert
Gallagher, Dan
Gerson, Susan
Gurtcheff, Chris
Hartop, David
Hatten, Doug
Haughey, Ann
Hennigan, Kate
Herbst, Robert
Hickey, Judith
Houren, Peggy
Hufcut, Lisa
Jones, Cheryl
Keightley, Tim
Kendig, Gary
Khan, Asif
Kraemer, John
Liang, Chee
Lande, Jeff
Marotta, Paul
McGovern, Maureen
Meltzer, Jodie
Napolitano, Frank
O’Hearen, Sean
Oberg, Nancy
Onofrio, Dan
Priestly, Lisa
Prue, Jenny
Rasulo, Pam

 

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Richmond, Merrill
Rockett, Jo
Rockett, Kate
Ruta, Chris
Shane, Adam
Sherman, Seth
Sinert, Jenny
Smallwood, John
Stabile, Chris
Stephen, Randy
Sullivan, Barbara
Talty, Fred
Terlitsky, Mark
Verina, Daniel
Werner, Doug
[Signature page to Amendment No. 2 to the Registration Rights Agreement]