EX-10.4





 Exhibit 10.4 

LOCK-UP AGREEMENT 

THIS LOCK-UP AGREEMENT (this “Agreement”) is made and entered into as of
March 19, 2019 by and between (i) OneSpaWorld Holdings Limited, an international business company incorporated under the laws of the Commonwealth of The Bahamas (including any successor entity thereto, the
“Company”), (ii) the undersigned directors and officers of the Company (collectively, the “OSW D&Os”), (iii) Haymaker Sponsor, LLC, a Delaware limited liability company (including any of its
successor or assigns, the “Sponsor”), (iv) Steiner Leisure Limited, an international business company incorporated under the laws of the Commonwealth of The Bahamas (“Steiner Leisure”), (v) the
undersigned directors and officers (collectively, the “Haymaker D&Os” and together with the OSW D&Os, the “D&Os”) of Haymaker Acquisition Corp. (“Haymaker”) and
(vi) solely for purposes of Section 2 of the Agreement, Haymaker. Each of the Sponsor, Steiner Leisure, the D&Os and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 1
are referred to herein, individually, as a “Holder” and, collectively, as the “Holders.” Capitalized terms used but not otherwise defined in this Agreement will have the meaning ascribed to such
term in the Business Combination Agreement, dated as of the date hereof, by and among the Company, Steiner Leisure, Haymaker and certain other parties thereto (as it may be amended or supplemented from time to time, the
“BCA”). 
 WHEREAS, pursuant to Section 7 of the letter agreement, dated October 24, 2017
(the “Original Letter Agreement”), by and among Haymaker, the Sponsor, and the officers and directors of Haymaker, certain restrictions on the transfer of securities apply after the completion of Haymaker’s initial
business combination. 
 WHEREAS, pursuant to the BCA, and in view of the valuable consideration to be received by the Holders
thereunder, the parties desire to enter into this Agreement, pursuant to which (i) their Dory Parent Common Shares (other than (x) any securities convertible or exercisable into Dory Parent Common Shares and (y) any Dory Parent Common
Shares issuable upon the conversion or exercise of the securities described in clause (x)) (the “Restricted Securities”) shall become subject to limitations on disposition as set forth herein and (ii) the restrictions
set forth herein shall be in addition to Section 7(a) of the Original Letter Agreement (as amended hereby). 
 NOW, THEREFORE,
in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending to be legally bound hereby, the parties hereby agree as follows: 

1. Lock-Up Provisions. 

(a) Each Holder hereby agrees not to, during the period commencing from the Closing and through the earlier of (x) the one hundred and eightieth
(180) day anniversary of the date of the Closing and (y) the date after the Closing on which the Company consummates a liquidation, merger, share exchange or other similar transaction with an unaffiliated third party that results in all of
the Company’s shareholders having the right to exchange their equity holdings in the Company for cash, securities or other property (“Change in Control Transaction”) (the “Lock-Up Period”): (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, or otherwise transfer or dispose of any Restricted Securities, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Restricted Securities, or (iii) publicly disclose the intention to do any of the foregoing (other than the filing of a registration statement with the Securities and Exchange Commission which contemplates such a transaction), whether any such
transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of Restricted Securities or other securities, in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited
Transfer”). The foregoing sentence shall not apply: 
  

	 	(A)	 to the transfer of any or all of the Restricted Securities owned by a Holder by a bona fide gift or
charitable contribution; 


  

	 	(B)	 to the transfer of any or all of the Restricted Securities owned by a Holder by will or intestate succession
upon the death of such Holder; 


  

	 	(C)	 to the transfer of any or all of the Restricted Securities owned by a Holder to any Permitted Transferee;




  
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	 	(D)	 to the transfer of any or all of the Restricted Securities owned by a Holder pursuant to a court order or
settlement agreement related to the distribution of assets in connection with the dissolution of marriage or civil union; 


  

	 	(E)	 to the transfer of any or all of the Restricted Securities owned by a Holder to the Company in connection with
the repurchase by the Company from the undersigned of any Restricted Securities pursuant to a repurchase right arising upon the termination of the undersigned’s employment or service with the Company or the Company; provided, that such
repurchase right is pursuant to contractual agreements with the Company or Haymaker; 


  

	 	(F)	 to the establishment of a trading plan pursuant to Rule 10b5-1 under
the Exchange Act for the transfer of Dory Parent Common Shares; provided, that such plan does not provide for the transfer of Dory Parent Common Shares during the Lock-Up Period; 



 

	 	(G)	 with respect to voting rights pursuant to the execution and delivery of a support, voting or similar agreement
in connection with a Change in Control Transaction that is approved by the Company’s board of directors; 


  

	 	(H)	 to the resale of securities by Steiner Leisure pursuant to the Secondary Purchase Agreements with the Secondary
Investors; or 


  

	 	(I)	 to sales of Restricted Securities by the Sponsor or its Permitted Transferees to generate proceeds to satisfy
tax obligations incurred as a result of the closing of the transactions contemplated under the BCA. 


 provided, however,
that in any of cases (A), (B), (C) or (D), it shall be a condition to such transfer that the transferee executes and delivers to the Company an agreement stating that the transferee is receiving and holding the Restricted Securities subject to the
provisions of this Agreement applicable to such Holder, and there shall be no further transfer of such Restricted Securities except in accordance with this Agreement; and provided further, that in any of the of cases (A), (B) or
(C) such transfer or distribution shall not involve a disposition for value. 
 As used in this Agreement, the term “Permitted
Transferee” shall mean: 
  

	 	(i)	 the members of a Holder’s immediate family (for purposes of this Agreement, “immediate family”
shall mean with respect to any natural person, any of the following: such person’s spouse, the siblings of such person and his or her spouse, and the direct descendants and ascendants (including adopted and step children and parents) of such
person and his or her spouses and siblings); 


  

	 	(ii)	 any trust for the direct or indirect benefit of a Holder or the immediate family of a Holder;



  

	 	(iii)	 if a Holder is a trust, to the trustor or beneficiary of such trust or to the estate of a beneficiary of such
trust; 


  

	 	(iv)	 as a distribution to the direct or indirect: general partners, limited partners, shareholders, members of, or
owners of similar equity interests in a Holder; or 


  

	 	(v)	 to any affiliate of a Holder. 



Each Holder further agrees to execute such agreements as may be reasonably requested by the Company that are consistent with the foregoing or that are
necessary to give further effect thereto. 
 (b) If any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported
Prohibited Transfer shall be null and void ab initio, and the Company shall refuse to recognize any such purported transferee of the Restricted Securities as one of its equity holders for any purpose. In order to enforce this
Section 1, the Company may impose stop-transfer instructions with respect to the Restricted Securities of a Holder (and permitted transferees and assigns thereof) until the end of the
Lock-Up Period. 
 (c) During the Lock-Up Period, each certificate or
book-entry position evidencing any Restricted Securities shall be marked with a legend in substantially the following form, in addition to any other applicable legends: 

  
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 “THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF MARCH 19, 2019, BY AND AMONG THE ISSUER OF SUCH SECURITIES AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 (d)
For the avoidance of doubt, each Holder shall retain all of its rights as a shareholder of the Company with respect to the Restricted Securities during the Lock-Up Period, including the right to vote any
Restricted Securities that are entitled to vote. The Company agrees to (i) instruct its transfer agent to remove the legends in clause (c) immediately above upon the expiration of the Lock-Up Period
and (ii) cause its legal counsel to deliver the necessary legal opinions, if any, to the transfer agent in connection with the instruction under subclause (i). 

2. Original Letter Agreement. In light of the foregoing and pursuant to Section 12 of the Original Letter Agreement, Haymaker, the Sponsor and the
D&Os agree that Section 7 of the Original Letter Agreement is hereby amended and restated in its entirety as follows: 
 7. (a) The
Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants (or shares of Common Stock issued or issuable upon the conversion of the Private Placement Warrants), until 30 days after the completion of a
Business Combination (the “Lock-up Period”). 
 (b) Notwithstanding the
provisions set forth in paragraph 7(a), Transfers of the Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants that are held by the Sponsor, any Insider or any of
their permitted transferees (that have complied with this paragraph 7(b)), are permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the
Sponsor, or any affiliates of the Sponsor; (b) in the case of an individual, transfers by gift to a member of the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate family or
an affiliate of such person, or to a charitable organization; (c) in the case of an individual, transfers by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, transfers pursuant to a
qualified domestic relations order; (e) transfers by private sales or transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which the securities were originally purchased;
(f) transfers in the event of the Company’s liquidation prior to the completion of an initial Business Combination; (g) transfers by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement
upon dissolution of the Sponsor; (h) in the event of the Company’s liquidation, merger, capital stock exchange, reorganization or other similar transaction which results in all of the Company’s stockholders having the right to
exchange their shares of Common Stock for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination; and (i) transfers in connection with the Company’s initial Business Combination
with the Company’s consent to any third party; provided, however, that in the case of clauses (a) through (e), (h) and (i), these permitted transferees must enter into a written agreement agreeing to be bound by the restrictions herein.

 3. Miscellaneous. 
 (a) Termination of BCA.
Notwithstanding anything to the contrary contained herein, in the event that the BCA is terminated in accordance with its terms prior to the Closing, this Agreement and all rights and obligations of the parties hereunder shall automatically
terminate and be of no further force or effect. 
 (b) Binding Effect; Assignment. This Agreement and all of the provisions hereof shall be binding
upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns. This Agreement and all obligations of the Holders are personal to the Holders and may not be transferred or delegated by any of the Holders at
any time. 

  
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 (c) Third Parties. Nothing contained in this Agreement or in any instrument or document executed by
any party in connection with the transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person or entity that is not a party hereto or thereto or a successor or permitted assign of
such a party. 
 (d) Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES
EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO
THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THE AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK. 

(e) WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

(f) Interpretation. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting
this Agreement. In this Agreement, unless the context otherwise requires: (i) 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; (ii) “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each case to
be followed by the words “without limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a
whole and not to any particular section or other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The parties have participated jointly in the negotiation and drafting of this Agreement. Consequently, in
the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of
the authorship of any provision of this Agreement. 
 (g) Notices. All notices, consents, waivers and other communications hereunder shall be in
writing and shall be deemed to have been duly given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one Business Day after being sent, if sent by reputable,
nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the
applicable party at the following addresses (or at such other address for a party as shall be specified by like notice):  
 If to the Company,
Haymaker, the Sponsor or any of the D&Os: 
  

	
	 c/o Haymaker Acquisition Corp.

650 Fifth Avenue, Floor 10

	 New York, NY 10019

	 Attention: Christopher Bradley

	 E-mail: cbradley@mistralequity.com

	
	 with a copy (which shall not constitute notice) to:

	
	 DLA Piper LLP (US)

1251 Avenue of the Americas, 27th Floor




  
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		  	 New York, NY 10020

		  	 Attention:             Sidney
Burke

		  	                             Stephen Alicanti
		  	Facsimile: 212.335.4501
		  	 E-mail:
    sidney.burke@dlapiper.com

		  	                 stephen.alicanti@dlapiper.com
	 If to Steiner Leisure to:
	  	
		  	 c/o Catterton Management Company L.L.C.
 599
West Putnam Avenue

		  	Greenwich, CT 06830
		  	Attention:    J. Michael Chu
		  	                    Marc Magliacano
		  	                    David McPherson
		  	Facsimile:   (203) 629-4903
		  	
E-mail:        
Michael.Chu@lcatterton.com

		  	                    Marc.Magliacano@lcatterton.com
		  	                    DaveM@catterton.com
		
		  	with a copy (which shall not constitute notice) to:
		
		  	 Kirkland & Ellis LLP

601 Lexington Avenue

		  	 New York, NY 10022

		  	 Attention:             Joshua
Kogan, P.C.

		  	                             Ryan Brissette
		  	Facsimile: (212) 446-6460
		  	 E-mail:
    joshua.kogan@kirkland.com

		  	                 ryan.brissette@kirkland.com

 (h) Amendments and Waivers. Only upon the written consent of the Company, Steiner Leisure, and the Holders of at least a
majority in interest of the Restricted Securities at the time in question as determined in good faith by the Company, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such
provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of
Restricted Securities, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any
failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or
remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party. 

(i) Severability. In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be
modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or
impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable
provision. 
 (j) Specific Performance. Each Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in
the event of a breach of this Agreement by such Holder, money damages will be inadequate and the Company will have no adequate remedy at law, and agrees that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed by such Holder in accordance with 

  
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their specific terms or were otherwise breached. Accordingly, the Company shall be entitled to an injunction or restraining order to prevent breaches of this Agreement by a Holder and to enforce
specifically the terms and provisions hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which such party may be entitled
under this Agreement, at law or in equity. 
 (k) Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among
the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled; provided, that, for the avoidance of doubt, the foregoing
shall not affect the rights and obligations of the parties under the BCA or any Ancillary Documents. Notwithstanding the foregoing, nothing in this Agreement shall limit any of the rights or remedies of the Company or any of the obligations of any
of the Holders under any other agreement between any of the Holders and the Company or any certificate or instrument executed by any of the Holders in favor of the Company, and nothing in any other agreement, certificate or instrument shall limit
any of the rights or remedies of the Company or any of the obligations of any of the Holders under this Agreement. 
 (l) Further Assurances. From
time to time, at another party’s request and without further consideration (but at the requesting party’s reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further action as may
be reasonably necessary to consummate the transactions contemplated by this Agreement. 
 (m) Counterparts; Facsimile. This Agreement may also be
executed and delivered by facsimile signature or by other electronic means in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties have executed this
Lock-Up Agreement as of the date first written above. 
  

			
	ONESPAWORLD HOLDINGS LIMITED
		
	By:	 	 /s/ Stephen Lazarus

	Name:	 	Stephen Lazarus
	Title:	 	Chief Financial Officer
	
	 /s/ Steven J. Heyer

	Name: Steven J. Heyer
	
	 /s/ Glenn J. Fusfield

	Name: Glenn J. Fusfield
	
	 /s/ Marc Magliacano

	Name: Marc Magliacano
	
	 /s/ Andrew R. Heyer

	Name: Andrew R. Heyer
	
	 /s/ Walter F. McLallen

	Name: Walter F. McLallen
	
	 /s/ Jeffrey E. Stiefler

	Name: Jeffrey E. Stiefler
	
	 /s/ Michael J. Dolan

	Name: Michael J. Dolan
	
	 /s/ Stephen W. Powell

	Name: Stephen W. Powell
	
	 /s/ Leonard Fluxman

	Name: Leonard Fluxman
	
	HAYMAKER SPONSOR, LLC 
		
	By:	 	 /s/ Andrew R. Heyer

	Name:	 	Andrew R. Heyer
	Title:	 	Managing Member
	
	STEINER LEISURE LIMITED
		
	By:	 	 /s/ Stephen Lazarus

	Name:	 	Stephen Lazarus
	Title:	 	Chief Financial Officer
	
	HAYMAKER ACQUISITION CORP.
		
	By:	 	 /s/ Christopher Bradley

	Name:	 	Christopher Bradley
	Title:	 	Chief Financial Officer