EX-10.4





 Exhibit 10.4 

ICON Health & Fitness, Inc. 

2014 Stock Option Plan 

NONQUALIFIED STOCK OPTION AWARD AGREEMENT 

THIS AGREEMENT (this “Award Agreement”) is made effective as of April __, 2014, (the “Date of Grant”), by
and between ICON Health & Fitness, Inc., a Delaware corporation (the “Company”), and             (the “Participant”). Capitalized terms not
otherwise defined herein shall have the meanings set forth in the ICON Health & Fitness, Inc. 2014 Stock Option Plan (the “Plan”). 

R E C I T A L S: 

WHEREAS, the Committee has determined that it would be in the best interests of the Company and its stockholders to grant the option
provided for herein to the Participant pursuant to the Plan and the terms set forth herein. 
 NOW THEREFORE, in consideration of the
mutual covenants hereinafter set forth, the parties agree as follows: 
 1. Grant of the Option. The Company hereby grants to the
Participant the right and option to purchase, on the terms and conditions set forth in the Plan and this Award Agreement, all or any part of an aggregate of             Shares (the
“Option”) at an Option Price of $0.01 per Share. The Option is intended to be a Nonqualified Stock Option. 
 2.
Vesting. The Option shall be fully vested as of the Date of Grant. 
 3. Forfeiture; Expiration. 

a. Termination of Employment for Cause. In the event the Participant’s employment is terminated for Cause or the Board determines
that the Participant’s acts or omissions constitute Cause, the Option shall be forfeited without consideration upon such determination. 

b. Expiration of Option Term. Any unexercised portion of the Option shall expire upon the tenth (10th) anniversary of the Date of
Grant. 
 4. Period of Exercise. Subject to the provisions of the Plan and this Award Agreement, the Participant may exercise all or
any part of the Option only at the time of a Liquidity Event, as defined in Section 1.1.22 of the Company’s Amended and Restated Stockholders’ Agreement as in effect at the date of this Award Agreement. 

5. Exercise Procedures. 

a. Notice of Exercise. Subject to Section 4 hereof, the Option may be exercised by delivering to the Company at its
principal office written notice of intent to so exercise in the form attached hereto as Exhibit A (such notice, a “Notice of Exercise”). Such Notice of Exercise shall be accompanied by payment in full of the aggregate Option
Price for the Shares to be exercised. In the event the Option is being exercised by the Participant’s representative, the Notice of Exercise shall be accompanied by proof (satisfactory to the Committee) of the representative’s right to
exercise the Option. The aggregate Option Price for the Shares to be exercised may be paid in cash or its equivalent (e.g., by cashiers check) or any other form of payment permitted by the Committee in accordance with Section 6.5 of the
Plan. 












 b. Method of Exercise. Neither the Participant nor the Participant’s
representative shall have any rights to dividends, voting rights or other rights of a stockholder with respect to Shares subject to the Option until the Participant has (i) given a Notice of Exercise of the Option, (ii) paid in full for
such Shares, (iii) such Shares have been issued, (iv) the Participant has executed a joinder to or has otherwise become a party to the Stockholders Agreement and (v) if applicable, satisfied any other conditions imposed by the
Committee pursuant to the Plan. In the event of the Participant’s death, the Option shall be exercisable by the executor or administrator of the Participant’s estate, or the person or persons to whom the Participant’s rights under
this Award Agreement shall pass by will or by the laws of descent and distribution, as the case may be. Any heir or legatee of the Participant shall take rights herein granted subject to the terms and conditions of this Award Agreement and the Plan.

 6. No Right to Continued Service. The granting of the Option shall impose no obligation on the Company or any Subsidiary to continue the
employment of the Participant and shall not lessen or affect any right that the Company or any Subsidiary may have to terminate the employment of the Participant. 

7. Withholding. The Company shall have the power and the right to deduct or withhold automatically from any payment or Shares
deliverable under this Award Agreement, or require the Participant to remit to the Company, the minimum statutory amount to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to
any taxable event arising as a result of this Award Agreement. The Participant may elect, subject to the approval of the Committee, in its sole discretion, to satisfy the withholding requirement, in whole or in part, by having the Company withhold
Shares having a Fair Market Value equal to the minimum statutory total tax that could be imposed in connection with any such taxable event. 

8. Transferability. Unless otherwise determined by the Committee, the Participant shall not be permitted to transfer or assign the
Option except in the event of death and in accordance with Section 14.5 of the Plan. 
 9. Adjustment of Option.
Adjustments to the Options (or any Shares underlying the Option) shall be made in accordance with the terms of the Plan. 
 10. Option
Subject to Plan. By entering into this Award Agreement the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The Option is subject to the terms and conditions of the Plan. In the event of a
conflict between any term hereof and a term of the Plan, the applicable term of the Plan shall govern and prevail. 
 11. Choice of
Law. This Award Agreement, and all claims or causes of action or other matters that may be based upon, arise out of or relate to this Award Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
excluding any conflict or choice of law rule or principle that might otherwise refer construction or interpretation thereof to the substantive laws of another jurisdiction. 

12. Consent to Jurisdiction. The Company and the Participant, by his or her execution hereof, (a) hereby irrevocably submit to the
exclusive jurisdiction of the state and federal courts in the State of Utah for the purposes of any claim or action arising out of or based upon this Award Agreement or relating to the subject matter hereof, (b) hereby waive, to the extent not
prohibited by applicable law, and agree not to assert by way of motion, as a defense or otherwise, in any such claim or action, any claim that it or he is not subject personally to the jurisdiction of the above-named courts, that its, his or her
property is exempt or immune from attachment or execution, that any such proceeding brought in the above-named court is improper or that this Award Agreement or the subject matter hereof may not be enforced in or by such court and (c) hereby
agree not to commence any claim or action arising out of or based upon this Award Agreement or relating to the subject matter hereof other than before the above-named courts nor to make any motion or take any other action 












 seeking or intending to cause the transfer or removal of any such claim or action to any court other than
the above-named courts whether on the grounds of inconvenient forum or otherwise. The Company and the Participant hereby consent to service of process in any such proceeding, and agree that service of process by registered or certified mail, return
receipt requested, at its address specified pursuant to Section 16 is reasonably calculated to give actual notice. 
 13.
WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT HE SHE OR IT SHALL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY
JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY
CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTY HERETO THAT THIS SECTION 14
CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND SHALL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 14 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF
EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 14. Shares Not Registered. Shares shall not be issued pursuant to this
Award Agreement unless the issuance and delivery of such Shares comply with (or are exempt from) all applicable requirements of law, including, without limitation, the Securities Act of 1933, as amended, the rules and regulations promulgated
thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. The Company shall not be obligated to file any registration statement
under any applicable securities laws to permit the purchase or issuance of any Shares, and accordingly any certificates for Shares may have an appropriate legend or statement of applicable restrictions endorsed thereon. If the Company deems it
necessary to ensure that the issuance of Shares under this Award Agreement is not required to be registered under any applicable securities laws, the Participant shall deliver to the Company an agreement containing such representations, warranties
and covenants as the Company may reasonably require. 
 15. Notices. Any notice or other communication provided for herein or given
hereunder to a party hereto must be in writing, and shall be deemed to have been given (a) when personally delivered or delivered by facsimile transmission with confirmation of delivery, (b) one (1) business day after deposit with
Federal Express or similar overnight courier service, or (c) three (3) business days after being mailed by first class mail, return receipt requested. A notice shall be addressed to the Company at its principal executive office, attention
Chief Executive Officer and to the Participant at the address that he or she most recently provided to the Company. 
 16. Entire
Agreement; Prior Option Grants. 
 a. This Award Agreement, including Exhibit A attached hereto and the Plan, constitute the
entire agreement and understanding among the parties hereto in respect of the subject matter hereof and supersede all prior and contemporaneous arrangements, agreements and understandings, whether oral or written and whether express or implied, and
whether in term sheets, presentations or otherwise, among the parties hereto, or between any of them, with respect to the subject matter hereof. 












 b. Notwithstanding the generality of Section 17(a), by entering into this Award
Agreement, the Participant hereby agrees and acknowledges that the Option granted pursuant to this Award Agreement is being granted in replacement of previously promised or granted options to purchase Shares from the Company, whether pursuant to the
May 2010 Stock Option Plan, the June 2010 Stock Option Plan or otherwise (“Prior Option Grants”). By entering into this Award Agreement, the Participant hereby agrees that any Prior Option Grants any and all other rights held by the
Participant to acquire Shares, whether vested or unvested, under any plan, award or agreement, are hereby cancelled and terminated and shall be of no further force or effect and the Participant shall have no rights thereunder. 

17. Amendment; Waiver. No amendment or modification of any term of this Award Agreement shall be effective unless signed in writing by
or on behalf of the Company and the Participant, except that the Company may amend or modify this Award Agreement without the Participant’s consent in accordance with the terms of the Plan or as otherwise set forth herein. No waiver of any
breach or condition of this Award Agreement shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature. 

18. Successors and Assigns; No Third Party Beneficiaries. The provisions of this Award Agreement shall inure to the benefit of, and be
binding upon, the Company and its successors and assigns and upon the Participant and the Participant’s heirs, successors, legal representatives and permitted assigns. Nothing in this Award Agreement, express or implied, is intended to confer
on any person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Award Agreement. 

19. Signature in Counterparts. This Award Agreement may be signed in counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. 

*            *           
 * 
 IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement. 

 

			
	ICON HEALTH & FITNESS, INC.
		
	By:	 	  

		 	Name:
		 	Title:


  

	
	Agreed and acknowledged as of the date first above written:
	
	  














 EXHIBIT A 

NOTICE OF EXERCISE 
 ICON
Health & Fitness, Inc. 
 1500 South 1000 West 
 Logan,
UT 84321 
  

			
	Attention: Everett Smith	  	Date of Exercise: _________________

 Ladies & Gentlemen: 

1. Exercise of Option. This constitutes notice to ICON Health & Fitness, Inc. (the “Company”) that pursuant to
my Nonqualified Stock Option Award Agreement, dated April 10, 2014 (the “Award Agreement”), I elect to purchase the number of Shares set forth below and for the price set forth below. Capitalized terms used and not otherwise
defined herein shall have the meaning ascribed to such term in the Award Agreement. By signing and delivering this notice to the Company, I hereby acknowledge that I am the holder of the Option exercised by this notice and have full power and
authority to exercise the same. 
  

					
	Number of Shares as to which the Option is exercised (“Optioned Shares”):	 	  
	 	
			
	Date of Grant:	 	  
	 	
			
	Shares to be issued in name of:	 	  
	 	
			
	Total exercise price:	 	 $ 0.01
	 	


 2. Form of Payment. Forms of payment other than cash or its equivalent (e.g. by cashier’s
check) are permissible only to the extent approved by the Company, in its discretion. 
 3. Delivery of Payment. With this notice, I
hereby deliver to the Company the full exercise price of the Optioned Shares and any and all withholding taxes due in connection with the exercise of my Option or have otherwise satisfied such requirements. 

4. Rights as Stockholder. While the Company shall endeavor to process this notice in a timely manner, I acknowledge that until the
issuance of the Optioned Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) and my satisfaction of any other conditions imposed by the Committee pursuant to the Plan or
set forth in the Award Agreement, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to such shares, notwithstanding the exercise of my Option. No adjustment shall be made for a dividend or other
right for which the record date is prior to the date of issuance of the Optioned Shares. 
 5. Interpretation. Any dispute regarding
the interpretation of this notice shall be submitted promptly by me or by the Company to the Committee. The resolution of such a dispute by the Committee shall be final and binding on all parties. 












 6. Entire Agreement. The Plan and the Award Agreement under which the Optioned Shares
were granted are incorporated herein by reference, and together with this notice constitute the entire agreement of the parties with respect to the subject matter hereof. 

 

	
	Very truly yours,
	
	  

	
	  

	(Social Security Number)