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Exhibit 10.27
 Life Time Fitness, Inc.
2004 Long-Term Incentive Plan
 Restricted Stock Agreement (Non-Employee Director)
  Name of Non-Employee Director:No. of Shares Covered:
    
    
    Date of Issuance:Vesting Schedule pursuant to Section 2 (Cumulative):No. of Shares WhichVesting Date(s)
    
    
    Become Vested as of Such Date
 Agreement Company Director
 Recitals
 Plan
 Committee Board
   Terms and Conditions *
 Grant of Restricted Stock
  
 *
    
    Unless the context indicates otherwise, terms
that are not defined in this Agreement shall have the meaning set forth in the
Plan as it currently exists or as it is amended in the future.




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Restricted Shares Restricted Share
 (b) The Restricted Shares will be evidenced by a book entry made in the records of the
Companys transfer agent in the name of the Director (unless the Director requests a
certificate evidencing the Restricted Shares). All restrictions provided for in this
Agreement will apply to each Restricted Share and to any other securities distributed with
respect to that Restricted Share. Each Restricted Share will remain restricted and subject
to forfeiture to the Company unless and until that Restricted Share has vested in the
Director in accordance with all of the terms and conditions of this Agreement. If a
certificate evidencing any Restricted Share is requested by the Director, the Company shall
retain custody of any such certificate throughout the period during which any restrictions
are in effect and require, as a condition to issuing any such certificate, that the Director
tender to the Company a stock power duly executed in blank relating to such custody.
 2.
    
    Vesting. The Restricted Shares that have not previously been forfeited will vest in
the numbers and on the dates specified in the Vesting Schedule at the beginning of this
Agreement. In addition, the Restricted Shares that have not previously vested or been
forfeited will vest immediately upon the first to occur of the following events: (i) death of
the Director; (ii) Total Disability of the Director; (iii) Retirement of the Director; and
(iv) a Change of Control as defined in the Plan.
 3.
    
    Lapse of Restrictions; Issuance of Unrestricted Shares. Upon the vesting of any
Restricted Shares, such vested Restricted Shares will no longer be subject to forfeiture as
provided in Section 4 of this Agreement. Upon the vesting of any Restricted Shares, all
restrictions on such Restricted Shares will lapse, and the Company will, subject to the
provisions of the Plan, issue to the Director a certificate evidencing the Restricted Shares
that is free of any transfer or other restrictions arising under this Agreement.
 4.
    
    Forfeiture. If (i) the Directors service as a member of the Board is terminated for
any reason, whether by the Company, by the Director or otherwise, voluntarily or
involuntarily, other than in the circumstances described in Section 2 of this Agreement, or
(ii) the Director attempts to sell, assign, transfer or otherwise dispose of, or mortgage,
pledge or otherwise encumber any of the Restricted Shares or the Restricted Shares become
subject to attachment or any similar involuntary process, then any Restricted Shares that have
not previously vested shall be forfeited by the Director to the Company, the Director shall
thereafter have no right, title or interest whatever in such Restricted Shares, and, if the
Company does not have custody of any and all certificates representing Restricted Shares so
forfeited, the Director shall immediately return to the Company any and all certificates
representing Restricted Shares so forfeited. Additionally, the Director will deliver to the
Company a stock power duly executed in blank relating to any and all certificates representing
Restricted Shares forfeited to the Company in accordance with the previous sentence or, if
such stock power has previously been tendered to the Company, the Company will be authorized
to deem such previously tendered stock power delivered, and the Company will be authorized to
cancel any and all certificates representing Restricted Shares so forfeited and to cause a
book entry to be made in the records of the Companys transfer agent in
the name of the Director (or a new stock certificate to be issued, if requested by the
Director) evidencing any Shares that vested prior to forfeiture. If the Restricted Shares
are evidenced by a book entry made in the records of the Companys transfer agent, then the
Company will be authorized to cause such book entry to be adjusted to reflect the number of
Restricted Shares so forfeited.
 5.
    
    Shareholder Rights.As of the date of issuance specified at the beginning of this
Agreement, the Director shall have all of the rights of a shareholder of the Company with
respect to the Restricted




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Restrictive Legends and Stop-Transfer Orders .
 (a) The book entry or certificate representing the Restricted Shares shall contain a
notation or bear the following legend (as well as any notations or legends required by
applicable state and federal corporate and securities laws) noting the existence of the
restrictions and the Companys rights to reacquire the Restricted Shares set forth in this
Agreement:THE SHARES REPRESENTED BY THIS [BOOK ENTRY] [CERTIFICATE] MAY BE TRANSFERRED ONLY
IN ACCORDANCE WITH THE TERMS OF A RESTRICTED STOCK AGREEMENT BETWEEN THE COMPANY AND
THE SHAREHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.(b) The Director agrees that, in order to ensure compliance with the restrictions referred
to herein, the Company may issue appropriate stop transfer instructions to its transfer
agent, if any, and that, if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records.(c) The Company shall not be required (i) to transfer on its books any Restricted Shares
that have been sold or otherwise transferred in violation of any of the provisions of this
Agreement, or (ii) to treat as owner of the Restricted Shares or to accord the right to vote
or pay dividends to any purchaser or other transferee to whom the Restricted Shares shall
have been so transferred.
 7.
    
    Tax Consequences. The Director understands that unless a proper and timely Section
83(b) election has been made as further described below, generally under Section 83 of the
Code, at the time the Restricted Shares vest, the Director will recognize ordinary income
equal to the Fair Market Value of the Restricted Shares then vesting. The Director shall be
solely responsible for tax obligations that arise as a result of the vesting or sale of the
Restricted Shares.
 8.
    
    Section83(b)Election. The Director has been informed that, with respect to the
grant of Restricted Shares, an election may be filed by the Director with the Internal Revenue
Service, within 30 days of the date of issuance, electing pursuant to Section 83(b) of the
Code to be taxed upon making such election on the Fair Market Value of the Restricted Shares
on the date of issuance. The Director acknowledges that it is the Directors sole
responsibility to timely file the election under Section 83(b) of the Code if the Director
chooses to make such an election. The Director has been advised that he or she should consult
his or her personal tax or financial advisor
with any questions regarding whether to make a Section 83(b) election. If the Director
makes such election, the Director shall promptly provide the Company a copy of the election
form.
 9.
    
    Interpretation of This Agreement. All decisions and interpretations made by the
Committee with regard to any question arising hereunder or under the Plan shall be binding and
conclusive upon the Company and the Director. If there is any inconsistency between the
provisions of this Agreement and the Plan, the provisions of the Plan shall govern.
 10.
    
    Award Subject to Plan, Articles of Incorporation and By-Laws. The Director
acknowledges that the Restricted Shares are subject to the Plan, the Articles of
Incorporation, as amended from




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time to time, and the By-Laws, as amended from time to time, of
the Company, and any applicable federal or state laws, rules or regulations.
 11.
    
    Binding Effect. This Agreement shall be binding in all respects on the heirs,
representatives, successors and assigns of the Director.
 12.
    
    Choice of Law. This Agreement is entered into under the laws of the State of
Minnesota and shall be construed and interpreted thereunder (without regard to its conflict of
law principles).
  DIRECTORLIFE TIME FITNESS, INC.ByIts