EX-10.26





 Exhibit 10.26 

FORM OF XPONENTIAL FITNESS, INC. 

DIRECTOR AND EXECUTIVE OFFICER 

INDEMNIFICATION AGREEMENT 
 This
Indemnification Agreement (this “Agreement”), made and entered into as of the [•] day of [ ], 2021, by and between Xponential Fitness, Inc., a Delaware corporation (the “Company”), Xponential Holdings, LLC, a
Delaware limited liability company (the “LLC” and, together with the Company, the “Xponential Parties”) and [    ] (“Indemnitee”). 

W I T N E S S E T H: 
 WHEREAS, highly competent
persons have become more reluctant to serve publicly held corporations as directors or executive officers unless they are provided with adequate protection through insurance or adequate indemnification against risks of claims and actions against
them arising out of their service to and activities on behalf of the corporation. 
 WHEREAS, the Board of Directors of the Company (the
“Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its
subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market
conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. 

WHEREAS, the Amended and Restated Certificate of Incorporation of the Company provides that the Company shall indemnify and advance expenses
to all directors and officers of the Company in the manner set forth therein and to the fullest extent permitted by applicable law, and the Company’s Amended and Restated Certificate of Incorporation provides for limitation of liability for
directors. In addition, Indemnitee may be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”). The Amended and Restated Certificate of Incorporation and the DGCL expressly provide
that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to
indemnification. 
 WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting
and retaining such persons. 
 WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is
detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future. 












 WHEREAS, the Board has determined that it is reasonable, prudent and necessary for the
Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they
will not be so indemnified. 
 WHEREAS, the board of directors of the LLC has determined that it is in the best interest of the LLC to
contractually obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be
so indemnified. 
 WHEREAS, this Agreement is a supplement to and in furtherance of the Amended and Restated Certificate of Incorporation
and Amended and Restated By-laws of the Company and any resolutions adopted pursuant thereto and any liability insurance procured by the Company and shall not be deemed a substitute therefor, nor to diminish
or abrogate any rights of Indemnitee thereunder. 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Xponential Parties and Indemnitee do hereby covenant and agree as follows: 
 ARTICLE 1 

CERTAIN DEFINITIONS 

(a) As used in this Agreement: 

“Beneficial Owner” has the meaning ascribed to such term in Rule 13d-3 under the
Exchange Act. 
 “Change of Control” means the occurrence of any one or more of the following circumstances occurring after
the date hereof: 
 (i) any Person (as defined below), other than (A) any employee plan established by the Company or
any subsidiary, (B) the Company or any of its affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) an entity owned, directly or indirectly, by stockholders of the Company in
substantially the same proportions as their ownership of the Company, is (or becomes, during any 12-month period) the Beneficial Owner, directly or indirectly, of securities of the Company (not including in
the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 50% or more of the total
voting power of the stock of the Company; provided that the provisions of this subsection (i) are not intended to apply to or include as a Change of Control any transaction that is specifically excepted from the definition of Change of Control
under subsection (iii) below; 

  
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 (ii) a change in the composition of the Board such that the Existing Board
(as defined below) ceases for any reason to constitute at least 50% of the Board; provided, however, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by the
Company’s stockholders, was approved by a vote of at least a majority of the directors immediately prior to the date of such appointment or election shall be considered as though such individual were a member of the Existing Board; provided
further, that, notwithstanding the foregoing, no individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 or
Regulation 14A promulgated under the Exchange Act or successor statutes or rules containing analogous concepts) or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group,
associate or other entity or Person other than the Board, shall in any event be considered to be a member of the Existing Board; 

(iii) the consummation of a merger, amalgamation or consolidation of the Company with any other corporation or other entity, or
the issuance of voting securities in connection with such a transaction pursuant to applicable stock exchange requirements; provided that immediately following such transaction the voting securities of the Company outstanding immediately prior
thereto do not continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity of such merger or consolidation or parent entity thereof) 50% or more of the total voting power of the
Company’s stock (or, if the Company is not the surviving entity of such transaction, 50% or more of the total voting power of the stock of such surviving entity or parent entity thereof); and provided, further, that such a transaction effected
to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person
any securities acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 50% or more of either the then-outstanding Common Shares (as defined
below) or the combined voting power of the Company’s then-outstanding voting securities shall not be considered a Change of Control; or 

(iv) the sale or disposition by the Company of the Company’s assets in which any Person acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such Person) assets from the Company that have a total gross fair market value equal to more than 50% of the total gross fair market
value of all of the assets of the Company immediately prior to such acquisition or acquisitions. 
 Notwithstanding the foregoing, (A) no Change of
Control shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record holders of the Common Shares immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns substantially all of the assets of the Company immediately prior to such transaction or series of transactions, and (B) no Change of Control shall be deemed
to have occurred upon the acquisition of additional control of the Company by any Person that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company. 

  
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 “Common Shares” means shares of Class A common stock, par value
$0.0001 per share, of the Company and stock of any other class into which such shares may thereafter be changed. 
 “Corporate
Status” means the status of a person who is or was a director, officer, trustee, general partner, managing member, fiduciary, board of directors’ committee member, employee or agent of the Company or of any other Enterprise. 

“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which
indemnification is sought by Indemnitee. 
 “Enterprise” means the Company and any other corporation, limited liability
company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, board of
directors’ committee member, employee or agent. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Existing Board” means the individuals who, as of the beginning of any 12 month period, constitute the Board.

 “Expenses” means all direct and indirect costs (including attorneys’ fees, retainers, court costs, transcripts,
fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses) reasonably incurred in connection with (i) prosecuting,
defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding, including responding or objecting to a request to provide discovery in or related to any Proceeding, or
(ii) establishing or enforcing a right to indemnification or advancement under this Agreement, the Company’s Amended and Restated Certificate of Incorporation, applicable law or otherwise. Expenses also shall include Expenses incurred in
connection with any appeal resulting from any Proceeding, including the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. For the avoidance of doubt, Expenses, however, shall
not include any Liabilities. 
 “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in
matters of corporate law and neither currently is, nor in the five years previous to its selection or appointment has been, retained to represent (i) either or both of the Xponential Parties, or Indemnitee, in any matter material to any such
party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either or
both of the Xponential Parties, or Indemnitee, in an action to determine Indemnitee’s rights under this Agreement. 

“Liabilities” means any losses or liabilities, including any judgments, fines, excise taxes and penalties, penalties and
amounts paid in settlement, arising out of or in connection with any Proceeding (including all interest, assessments and other charges paid or payable in connection with or in respect of any such judgments, fines, excise taxes and penalties,
penalties or amounts paid in settlement). 

  
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 “Person” has the meaning ascribed to such term in Sections 13(d) and 14(d)
of the Exchange Act, including a “group” as defined in Section 13(d) thereof. 
 “Proceeding” means any
threatened, pending or completed action, derivative action, suit, claim, counterclaim, cross claim, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether civil (including intentional and unintentional tort claims), criminal, administrative or investigative, including any appeal therefrom, and whether instituted by or on behalf of the Company or any other party, or any inquiry or
investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit or other proceeding hereinabove listed in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of any Corporate Status of Indemnitee, or by reason of any action taken (or failure to act) by him or her or of any action (or failure to act) on his or her part while
serving in any Corporate Status. 
 (b) For the purposes of this Agreement: 

References to “Company” or the “Xponential Parties” shall include, in addition to the resulting or surviving corporation,
any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or
agents, so that if Indemnitee is or was a director, officer, employee, or agent of such constituent corporation or is or was serving at the request of such constituent corporation as a director, officer, employee, or agent of another corporation,
partnership, joint venture, trust or other Enterprise, then Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such
constituent corporation if its separate existence had continued. 
 Reference to “other Enterprise” shall include employee benefit
plans; references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or
agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or
she reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this
Agreement. 
 Reference to “including” shall mean “including, without limitation,” regardless of whether the words
“without limitation” actually appear, references to the words “herein,” “hereof” and “hereunder” and other words of similar import shall refer to this Agreement as a whole and not to any particular paragraph,
subparagraph, section, subsection or other subdivision. 

  
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 ARTICLE 2 

SERVICES BY INDEMNITEE 

Section 2.01. Services By Indemnitee. Indemnitee hereby agrees to serve or continue to serve as a director or executive officer of
the Company, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed. 
 ARTICLE 3 

INDEMNIFICATION 

Section 3.01. General. (a) The Xponential Parties hereby agree, jointly and severally, to and shall indemnify
Indemnitee and hold Indemnitee harmless from and against any and all Expenses and Liabilities, in either case, actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate Status, to the
fullest extent permitted by applicable law. The Xponential Parties’ indemnification obligations set forth in this Section 3.01 shall apply (i) in respect of Indemnitee’s past, present and future service in any Corporate Status,
(ii) regardless of whether Indemnitee is serving in any Corporate Status at the time any such Expense or Liability is incurred and (iii) with respect to any claims of contribution against Indemnitee which may be brought by any officer,
director, or employee of the Xponential Parties. Notwithstanding anything to the contrary in the foregoing, it is the intent that with respect to all indemnification obligations under this Article 3, the Xponential Parties shall be the primary
source of reimbursement and indemnification relative to any direct or indirect shareholder of the Xponential Parties (or any affiliate of such shareholder, other than the Xponential Parties or any of their respective direct or indirect
subsidiaries). The Xponential Parties shall have no right to seek contribution, indemnity or other reimbursement for any of their obligations under this Article 3 from any such direct or indirect shareholder of the Xponential Parties (or any
affiliate of such shareholder, other than the Xponential Parties or any of their respective direct or indirect subsidiaries). 
 (b) For
purposes of this Agreement, the meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to: 

(i) to the fullest extent permitted by any provision of the DGCL, or the corresponding provision of any successor statute, and

 (ii) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date
of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 
 (c) Witness Expenses.
Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness, or is made or requested to respond to discovery requests, in or related to any Proceeding to which
Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection therewith. 

  
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 (d) Expenses as a Party Where Wholly or Partly Successful. Notwithstanding any other
provisions of this Agreement, to the fullest extent permitted by applicable law, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or
matter therein, in whole or in part, the Xponential Parties shall, jointly and severally, indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in
such Proceeding, but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Xponential Parties shall, jointly and severally and to the fullest extent permitted by applicable
law, indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

Section 3.02. Exclusions. Notwithstanding any provision of this Agreement and unless Indemnitee ultimately is successful on the
merits with respect to any such claim, the Xponential Parties shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee: 

(a) for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law or (ii) any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or
of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the
Sarbanes-Oxley Act); or 
 (b) except as otherwise provided in Sections 6.01(e), prior to a Change of Control, in connection with any
Proceeding (or any part of any Proceeding) initiated by Indemnitee (other than any cross claim or counterclaim asserted by the Indemnitee), including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Xponential
Parties or their directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) the Xponential Parties provide the indemnification, in their
sole discretion, pursuant to the powers vested in the Xponential Parties under applicable law or (iii) the Proceeding is a compulsory counterclaim brought by Indemnitee in response to a Proceeding otherwise indemnifiable under this Agreement.

 ARTICLE 4 
 ADVANCEMENT OF
EXPENSES; DEFENSE OF CLAIMS 
 Section 4.01. Advances.
Notwithstanding any provision of this Agreement to the contrary, the Xponential Parties shall advance any Expenses and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with any Proceeding, whether prior to
or after final disposition of any Proceeding, within twenty (20) days after the receipt by the Xponential Parties of each statement requesting such advance from time to time. Advances shall be unsecured and interest free. Advances shall be made
without regard to Indemnitee’s ability to repay such 

  
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amounts and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses
incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Xponential Parties to support the advances claimed. This Section 4.01 shall be subject to Section 4.03
and shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 3.02. 
 Section 4.02.
Repayment of Advances or Other Expenses. Indemnitee agrees that Indemnitee shall reimburse the Xponential Parties for all Expenses and amounts paid in settlement advanced by the Xponential Parties pursuant to Section 4.01, in the event and
only to the extent that it shall be determined by final judgment or other final adjudication under the provisions of any applicable law (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled to be
indemnified by the Xponential Parties for such Expenses or amounts paid in settlement. 
 Section 4.03. Defense of Claims. The
Xponential Parties shall be entitled to assume the defense of any Proceeding with counsel consented to by Indemnitee (such consent not to be unreasonably withheld) upon the delivery by the Xponential Parties to Indemnitee of written notice of the
Xponential Parties’ election to do so. After delivery of such notice, consent to such counsel by Indemnitee and the retention of such counsel by the Xponential Parties, Indemnitee shall have the right to employ separate counsel in respect of
any Proceeding at the Xponential Parties’ expense. 
 ARTICLE 5 

PROCEDURES FOR NOTIFICATION OF AND DETERMINATION OF
ENTITLEMENT TO INDEMNIFICATION 
 Section 5.01. Notification; Request For
Indemnification. (a) As soon as reasonably practicable after receipt by Indemnitee of written notice that he or she is a party to or a participant (as a witness or otherwise) in any Proceeding or of any other matter in respect of which
Indemnitee intends to seek indemnification or advancement of Expenses hereunder, Indemnitee shall provide to the Xponential Parties written notice thereof, including the nature of the Proceeding. The omission by Indemnitee to so notify the
Xponential Parties will not relieve the Xponential Parties from any liability which they may have to Indemnitee hereunder or otherwise, except to the extent of any material and actual prejudice to the Xponential Parties caused by such omission. 

(b) To obtain indemnification under this Agreement, Indemnitee shall deliver to the Xponential Parties a written request for indemnification,
including therewith such information as is reasonably available to Indemnitee and reasonably necessary to determine Indemnitee’s entitlement to indemnification hereunder. Such request(s) may be delivered from time to time and at such time(s) as
Indemnitee deems appropriate in his or her sole discretion. Indemnitee’s entitlement to indemnification shall be determined according to Section 5.02 of this Agreement and applicable law. 

  
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 Section 5.02. Determination of Entitlement. (a) Where there has been a written
request by Indemnitee for indemnification pursuant to Section 5.01(b), then as soon as is reasonably practicable (but in any event not later than 60 days) after final disposition of the relevant Proceeding, a determination, if required by
applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change of Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a
quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such
Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Board, by the stockholders of the Company; or (ii) if a Change of
Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made
within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such
person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
Any costs or expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Xponential Parties
(irrespective of the determination as to Indemnitee’s entitlement to indemnification). 
 (b) If entitlement to indemnification is to be
determined by Independent Counsel pursuant to Section 5.02(a)(ii), such Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Xponential Parties advising it of the identity of the Independent
Counsel so selected. If entitlement to indemnification is to be determined by Independent Counsel pursuant to Section 5.02(a)(i)(C) (or if Indemnitee requests that such selection be made by the Board), such Independent Counsel shall be selected
by the Xponential Parties in which case the Xponential Parties shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Xponential Parties, as the case may
be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Xponential Parties or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such
objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth the factual
basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made, the Independent Counsel so selected may not serve as Independent Counsel unless and until
such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification pursuant to
Section 5.01(b) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, the Xponential Parties, on the one hand, or Indemnitee, on the other hand, may petition a court of
competent jurisdiction for resolution of any objection which shall have been made by the Xponential Parties, on the one hand, or Indemnitee, on the other hand, to the other’s selection of Independent Counsel and/or for the appointment as
Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under
Section 5.02(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 6.01(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such
capacity (subject to the applicable standards of professional conduct then prevailing). 

  
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 (c) The Xponential Parties jointly and severally agree to pay the reasonable fees and
expenses of any Independent Counsel serving under this Agreement. 
 Section 5.03. Presumptions and Burdens of Proof; Effect of
Certain Proceedings. (a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall, to the fullest extent not prohibited by law, presume that
Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 5.01(b) of this Agreement, and the Xponential Parties shall, to the fullest extent not
prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of any person, persons or entity empowered
or selected under Section 5.02 of this Agreement to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by any person, persons or entity empowered or selected under Section 5.02 of this Agreement that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or
create a presumption that Indemnitee has not met the applicable standard of conduct. 
 (b) If the person, persons or entity empowered or
selected under Section 5.02 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within the sixty (60) day period referred to in Section 5.02(a), the requisite
determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law;
provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with
respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto. 

(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a
manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful. 

(d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is in
good faith reliance on the records or books of account of any Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of such Enterprise in the course of their duties, or on the advice of legal counsel
for such Enterprise or on information or records given or reports made to such Enterprise by an independent certified public accountant or by an appraiser or other expert selected by such Enterprise. The provisions of this Section 5.03(d) shall
not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement. 

  
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 (e) The knowledge and/or actions, or failure to act, of any other director, trustee,
partner, managing member, fiduciary, officer, agent or employee of any Enterprise shall not be imputed to Indemnitee for purposes of determining any right to indemnification under this Agreement. 

ARTICLE 6 
 REMEDIES OF
INDEMNITEE 
 Section 6.01. Adjudication or Arbitration. (a) In the event of any dispute between Indemnitee
and the Xponential Parties hereunder as to entitlement to indemnification or advancement of Expenses (including where (i) a determination is made pursuant to Section 5.02 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 4.01 of this Agreement, (iii) payment of indemnification pursuant to Section 3.01 of this Agreement is not made within ten (10) days
after a determination has been made that Indemnitee is entitled to indemnification, (iv) no determination as to entitlement to indemnification is timely made pursuant to Section 5.02 of this Agreement and no payment of indemnification is
made within ten (10) days after entitlement is deemed to have been determined pursuant to Section 5.03(b) or (v) a contribution payment is not made in a timely manner pursuant to Section 8.04 of this Agreement), Indemnitee shall
be entitled to an adjudication by a court of his or her entitlement to such indemnification, contribution or advancement. 
 (b) In the event
that a determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 6.01 shall be conducted
in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 6.01, the
Xponential Parties shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and the Xponential Parties may not refer to or introduce into evidence any determination pursuant to
Section 5.02(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 6.01, Indemnitee shall not be required to reimburse the Xponential Parties for
any advances pursuant to Section 4.02 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). 

(c) If a determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is entitled to indemnification,
the Xponential Parties shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 6.01, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact
necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

  
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 (d) The Xponential Parties shall be precluded from asserting in any judicial proceeding or
arbitration commenced pursuant to this Section 6.01 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Xponential Parties
are bound by all the provisions of this Agreement. 
 (e) The Xponential Parties shall, jointly and severally, indemnify Indemnitee to the
fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the Xponential Parties’ receipt of such written request) advance such Expenses to Indemnitee, which are reasonably
incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee for (i) indemnification or advances of Expenses by the Xponential Parties (or otherwise for the enforcement, interpretation or defense of his
or her rights) under this Agreement or any other agreement, including any other indemnification, contribution or advancement agreement, or any provision of the Company’s Amended and Restated Certificate of Incorporation or Amended and Restated By-laws now or hereafter in effect or (ii) recovery or advances under any directors’ and officers’ liability insurance policy maintained by the Company, regardless of whether Indemnitee ultimately is
determined to be entitled to such indemnification, contribution, advancement or insurance recovery, as the case may be. 
 ARTICLE 7 

DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE 

Section 7.01. D&O Liability Insurance. The Company shall obtain and maintain a policy or policies of insurance
(“D&O Liability Insurance”) with reputable insurance companies providing liability insurance for directors and executive officers of the Company in their capacities as such (and for any capacity in which any director or
executive officer of the Company serves any other Enterprise at the request of the Company), in respect of acts or omissions occurring while serving in such capacity. 

Section 7.02. Evidence of Coverage. Upon request by Indemnitee, the Company shall provide copies of all policies of D&O
Liability Insurance obtained and maintained in accordance with Section 7.01 of this Agreement. 
 ARTICLE 8 

MISCELLANEOUS 

Section 8.01. Nonexclusivity of Rights. The rights of indemnification, contribution and advancement of Expenses as provided by this
Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled to under applicable law, the Company’s Amended and Restated Certificate of Incorporation, the Company’s Amended and Restated
Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other right or remedy. 

  
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 Section 8.02. Insurance and Subrogation. (a) Indemnitee shall be covered by the
Xponential Parties’ D&O Liability Insurance in accordance with its or their terms to the maximum extent of the coverage available for any director or executive officer under such policy or policies. If, at the time the Xponential Parties
receive notice of a claim hereunder, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.
The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. The failure or refusal of
any such insurer to pay any such amount shall not affect or impair the obligations of the Xponential Parties under this Agreement. 
 (b) In
the event of any payment under this Agreement, the Xponential Parties shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure
such rights, including execution of such documents as are necessary to enable the Xponential Parties to bring suit to enforce such rights. 

(c) The Xponential Parties shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which
advancement is provided) hereunder if and to the extent that Indemnitee has actually received such payment under any insurance policy or other indemnity provision. 

(d) The Xponential Parties’ obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the
request of the Xponential Parties as a director, officer, trustee, partner, managing member, fiduciary, board of directors’ committee member, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually
received as indemnification or advancement of Expenses from such Enterprise. 
 Section 8.03. Contribution. To the fullest
extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Xponential Parties, in lieu of indemnifying Indemnitee, shall contribute to the amount
incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as
is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Xponential Parties, on the one hand, and Indemnitee, on the other hand, as a result of the
event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Xponential Parties, on the one hand (and their directors, officers, employees and agents), and Indemnitee, on the other hand, in connection
with such event(s) and/or transaction(s). 
 Section 8.04. Amendment; Further Assurances. This Agreement may not be modified or
amended except by a written instrument executed by or on behalf of each of the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit, restrict or reduce any right of Indemnitee under this
Agreement in respect of any act or omission, or any event occurring, prior to such amendment, alteration or repeal. For the avoidance of doubt, this Agreement may not be terminated, amended, altered or repealed by either of the Xponential Parties
without Indemnitee’s prior written consent. To the extent that a change in applicable law, whether 

  
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by statute or judicial decision, (i) permits greater indemnification, contribution or advancement of Expenses than would be afforded currently under the Company’s Amended and Restated
Certificate of Incorporation and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change or (ii) limits rights with respect to indemnification,
contribution or advancement of Expenses, it is the intent of the parties hereto that the rights with respect to indemnification, contribution and advancement of Expenses in effect prior to such change shall remain in full force and effect to the
greatest extent not prohibited by applicable law. 
 Section 8.05. Waivers. The observance of any term of this Agreement may be
waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly
provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder
operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or
privilege hereunder. 
 Section 8.06. Entire Agreement. This Agreement and the documents referred to herein constitute the
entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are superseded by this Agreement,
provided that this Agreement is a supplement to and in furtherance of the Amended and Restated Certificate of Incorporation and Amended and Restated By-laws of the Company and applicable law, and shall not be
deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
 Section 8.07. Severability. If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion
of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to
the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest
extent possible, the provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested thereby. 
 Section 8.08. Notices. All notices, requests, demands and
other communications under this Agreement shall be in writing (which may be by facsimile transmission or via email). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof. The
address for notice to a party is as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other party as provided above. 

  
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 Section 8.09. Binding Effect. (a) Each of the Xponential Parties expressly
confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or executive officer of the Company, and the Xponential Parties acknowledge that
Indemnitee is relying upon this Agreement in serving as a director or executive officer of the Company. 
 (b) This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business and/or assets of either or both of the Xponential Parties, spouses, heirs, and executors, administrators, personal and legal representatives. Each of the Xponential Parties shall require and cause any successor (whether direct or indirect
by purchase, merger, consolidation or otherwise) to all or substantially all, or a substantial part of the business or assets of such Signify Party by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree
to perform this Agreement in the manner and to the same extent that such Signify Party would be required to perform if no such succession had taken place. 

(c) The indemnification, contribution and advancement of Expenses provided by, or granted pursuant to this Agreement shall continue as to a
person who has ceased to be a director or executive officer and shall inure to the benefit of the heirs, executors, administrators, legatees and assigns of such a person. 

Section 8.10. Governing Law. This Agreement and the legal relations among the parties shall be governed by, and construed and
enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. 
 Section 8.11.
Consent To Jurisdiction. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 6.01(a) of this Agreement, the Xponential Parties and Indemnitee hereby irrevocably and unconditionally (i) agree that any
action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States
of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any
objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an
improper or inconvenient forum. 
 Section 8.12. Headings. The Article and Section headings in this Agreement are for
convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 

Section 8.13. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be
deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.


  
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 Section 8.14. Use of Certain Terms. As used in this Agreement, the words
“herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other subdivision. Whenever the context
may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the
date first above written. 
  

			
	XPONENTIAL FITNESS, INC.
		
	By:	 	  

		 	Name:
		 	Title:


  

			
	XPONENTIAL HOLDINGS, LLC
		
	By:	 	  

		 	Name:
		 	Title:


 [Signature Page to Indemnification Agreement] 







 
	
	INDEMNITEE
	
	  
 Name:

	 Title:



 [Signature Page to Indemnification Agreement]