# EDGAR Filing Document

**Accession Number:** 0001846510
**File Stem:** 0001193125-25-272387
**Filing Date:** 2025-11
**Character Count:** 498016
**Document Hash:** 18ba836788b5ae037738052d8e2a5d1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-272387.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-272387

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 94

**CONFORMED PERIOD OF REPORT**: 20250928

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Soho House & Co Inc.
- **CENTRAL INDEX KEY:** 0001846510
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0102

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40605
- **FILM NUMBER:** 251462877

**BUSINESS ADDRESS:**
- **STREET 1:** 515 W. 20TH STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011
- **BUSINESS PHONE:** (212) 627-9800

**MAIL ADDRESS:**
- **STREET 1:** 515 W. 20TH STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Membership Collective Group Inc.
- **DATE OF NAME CHANGE:** 20210217

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

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**FORM** 10-Q

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**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **September 28,** 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

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| | |
|:---|:---|
| **For the transition period from** | **to** |

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**Commission File Number:** 001-40605

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Soho House & Co Inc.

**(Exact Name of Registrant as Specified in its Charter)**

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---

| | |
|:---|:---|
| Delaware | 86-3664553 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 180 Strand<br>London**, WC2R 1EA**<br>United Kingdom | WC2R 1EA |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: +44 (0)** 207 8512 300

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**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| Class A Common Stock, par value $0.01 per share | SHCO | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☒ |  |  |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 4, 2025, the registrant had 195,567,724 shares outstanding, comprised of 54,067,339 Class A common stock, $0.01 par value per share, outstanding and 141,500,385 shares of Class B common stock, $0.01 par value per share, outstanding.

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**Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I.** | [<u>FINANCIAL INFORMATION</u>](#part_i) | 2 |
| Item 1. | [<u>Financial Statements</u>](#financial_statements) | 2 |
|  | [<u>Unaudited Condensed Consolidated Balance Sheets as of September 28, 2025 and December 29, 2024</u>](#condensed_consolidated_balance_sheets) | 2 |
|  | [<u>Unaudited Condensed Consolidated Statements of Operations for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024</u>](#condensed_consolidated_state_operations) | 4 |
|  | [<u>Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024</u>](#condensed_consolidated_statements_comp) | 5 |
|  | [<u>Unaudited Condensed Consolidated Statements of Changes in Shareholders' Deficit for the 13 weeks and 39 weeks ended September 29, 2024</u>](#shareholder_deficit) | 6 |
|  | [<u>Unaudited Condensed Consolidated Statements of Changes in Shareholders' Deficit for the 13 weeks and 39 weeks ended September 28, 2025</u>](#shareholder_equity) | 7 |
|  | [<u>Unaudited Condensed Statements of Cash Flows for the 39 weeks ended September 28, 2025 and September 29, 2024</u>](#condensed_consolidated_cash_flow) | 8 |
|  | [<u>Notes to Condensed Consolidated Financial Statements</u>](#notes_financials) | 10 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#mda) | 35 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item3_quantitative_qualitative) | 63 |
| Item 4. | [<u>Controls and Procedures</u>](#item4_controls_procedures) | 64 |
| **PART II.** | [<u>OTHER INFORMATION</u>](#part_ii_other_information) | 65 |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_preceding) | 65 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a) | 65 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_5) | 66 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3) | 66 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_3) | 66 |
| Item 5. | [<u>Other Information</u>](#item_3) | 66 |
| Item 6. | [<u>Exhibits</u>](#item_6) | 68 |
| [<u>Signatures</u>](#signature) |  | 69 |

---

i

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations and expenses, business strategies and plans, trends, market sizing, competitive position, industry environment, potential growth opportunities and product capabilities, among other things. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as "aim," "anticipates," "believes," "could," "estimates," "expects," "goal," "intends," "may," "plans," "potential," "predicts," "projects," "seeks," "should," "strive," "will," "would," or similar expressions and the negatives of those terms.

As used in this report, any reference to 'Soho House & Co Inc.', 'Soho House & Co', 'SHCO,' 'our company,' 'the Company,' 'us,' 'we' and 'our' refers to Soho House & Co Inc., together with its consolidated subsidiaries.

On August 15, 2025, the Company entered into the Agreement and Plan of Merger (as it may be amended, supplemented or modified from time to time, the "Merger Agreement"), dated as of August 15, 2025, by and among the Company, EH Parent LLC ("Parent"), a Delaware limited liability company and an affiliate of The Yucaipa Companies LLC, a Delaware limited liability company ("Yucaipa"), and EH MergerSub Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub" and, together with Parent, the "Buyer Parties"). Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation (the "Merger"). In connection with the announcement and pendency of the Merger, the Company has been, and we expect it to continue to be, affected by a number of factors that may cause actual results to differ from our historical results or current expectations. These factors include: uncertainties related to the consummation of the Merger; our ability to complete the Merger, if at all, on the anticipated terms and timing, including obtaining the Requisite Stockholder Approval (as defined below) and regulatory approvals, and the satisfaction of other conditions to the completion of the Merger; unanticipated difficulties or expenditures relating to the Merger; our obligation to pay the Termination Fee (as defined below) and reimburse certain expenses under certain circumstances if the Merger Agreement is terminated; the effect of the announcement or pendency of the Merger on our plans, business relationships, operating results and operations; uncertainties about the pendency of the Merger and the effect of the Merger on our relationships with members, potential members, vendors, business partners, employees, investors and other stakeholders; provisions in the Merger Agreement that limit our ability to pursue alternatives to the Merger, which might discourage a third party that has an interest in acquiring all or a significant part of the Company from considering or proposing that transaction; the fact that we and our non-employee directors and executive officers may be subject to lawsuits relating to the Merger; the outcome of any lawsuits, regulatory proceedings or enforcement matters that may be instituted against us or others relating to the Merger Agreement; the substantial transaction-related costs we will continue to incur in connection with the Merger, as well as the distraction of management personnel from day-to-day operations; the inability of the Unaffiliated Stockholders (as defined below) to participate in any further upside of our business if the Merger is completed; competitive responses to the Merger; risks regarding the failure to obtain the Equity Financing (as defined below) or the Debt Financing (as defined below) or to have a sufficient amount of cash on hand to complete the Merger (or the Company not being required to use such cash on hand to fund the Per Share Price (as defined below) pursuant to the terms of the Merger Agreement); risks regarding the ticking fee for the Debt Financing that may be payable, depending on when the closing of the Merger (the "Closing") occurs; legislative, regulatory and economic developments affecting our business; general economic and market developments and conditions; unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, pandemics, outbreaks of war or hostilities, as well as our response to any of the aforementioned factors; the fact that the all-cash Per Share Price will generally be taxable to our stockholders that are treated as U.S. Holders; and the risk that the trading price of our Class A common stock may fluctuate during the pendency of the Merger and may decline significantly if the Merger is not completed.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including those described in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this report and in the section entitled "Risk Factors" in our Annual Report on Form 10-K as of and for the fiscal year ended December 29, 2024. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

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**PART I-FIN** **ANCIAL INFORMATION**

**Item 1. Financial Statements.**

**Soho House & Co Inc.** 

**Condensed Consoli** **dated Balance Sheets**

**As of September 28, 2025 (Unaudited) and December 29, 2024**

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| ***(in thousands, except for par value and share data)*** | **September 28, 2025** | **December 29, 2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $142490 | $152716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 5764 | 3602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 68317 | 78890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 65268 | 54419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 123386 | 98774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 405225 | 388401 |
| Property and equipment, net | 724977 | 598270 |
| Operating lease assets | 1176597 | 1135810 |
| Goodwill | 208433 | 195295 |
| Other intangible assets, net | 107554 | 102610 |
| Equity method investments | 41277 | 13217 |
| Deferred tax assets | 14682 | 5306 |
| Other non-current assets | 5479 | 4603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 2278999 | 2055111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2684224 | $2443512 |
| **Liabilities and Shareholders' Deficit** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $90603 | $75987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 132755 | 98482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of deferred revenue | 136064 | 134360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indirect, employee and corporate income taxes payable | 48557 | 33889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of debt, net of debt issuance costs | 31797 | 34618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities - sites trading less than one year | 3092 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities - sites trading more than one year | 63435 | 57078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 58327 | 39377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 564630 | 474162 |
| Debt, net of current portion and debt issuance costs | 704032 | 656868 |
| Property mortgage loans, net of debt issuance costs | 137828 | 137385 |
| Operating lease liabilities, net of current portion - sites trading less than one year | 27820 | 90081 |
| Operating lease liabilities, net of current portion - sites trading more than one year | 1300749 | 1210637 |
| Finance lease liabilities | 162514 | 77255 |
| Financing obligation | 77024 | 76900 |
| Deferred revenue, net of current portion | 25603 | 23697 |
| Deferred tax liabilities | 2394 | 2286 |
| Other non-current liabilities | 30534 | 23699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 2468498 | 2298808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $3033128 | $2772970 |
| Commitments and contingencies (Note 13) |  |  |

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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**Soho House & Co Inc.**

**Condensed Consolidated Balance Sheets**

**As of September 28, 2025 (Unaudited) and December 29, 2024**

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| ***(in thousands, except for par value and share data)*** | **September 28, 2025** | **December 29, 2024** |
| Shareholders' deficit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, $0.01 par value, 1,000,000,000 shares authorized, 67,694,634 shares issued and 54,067,339 outstanding as of September 28, 2025 and 66,359,217 shares issued and 52,731,922 outstanding as of December 29, 2024; Class B common stock, $0.01 par value, 500,000,000 shares authorized, 141,500,385 shares issued and outstanding as of September 28, 2025 and December 29, 2024 | $2092 | $2079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1252038 | 1246584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1525155) | (1539500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (1207) | 35174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost; 13,627,295 shares as of September 28, 2025 and December 29, 2024 | (79396) | (79396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' deficit attributable to Soho House & Co Inc. | (351628) | (335059) |
| Non-controlling interest | 2724 | 5601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' deficit | (348904) | (329458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' deficit | $2684224 | $2443512 |

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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**Soho House & Co Inc.**

**Condensed** **Consolidated Statements of Operations (Unaudited)**

**For the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |
| ***(in thousands except for per share data)*** | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| **Revenues** |  |  |  |  |
| Membership revenues | $122702 | $107394 | $354239 | $308690 |
| In-House revenues | 126088 | 120658 | 371011 | 358213 |
| Other Revenues | 121960 | 105316 | 258168 | 231356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 370750 | 333368 | 983418 | 898259 |
| **Operating expenses** |  |  |  |  |
| In-House operating expenses (exclusive of depreciation and amortization of $15,586 and $14,635 for the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and of $43,747 and $44,474 for the 39 weeks ended September 28, 2025 and September 29, 2024, respectively) | (172211) | (158790) | (506701) | (474240) |
| Other operating expenses (exclusive of depreciation and amortization of $5,940 and $6,943 for the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and of $16,910 and $19,734 for the 39 weeks ended September 28, 2025 and September 29, 2024, respectively) | (95090) | (86679) | (226887) | (206015) |
| General and administrative expenses (exclusive of depreciation and amortization of $5,123 and $4,439 for the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and of $13,395 and $12,434 for the 39 weeks ended September 28, 2025 and September 29, 2024, respectively) | (48209) | (39672) | (124926) | (112770) |
| Pre-opening expenses | (3484) | (2561) | (8710) | (13958) |
| Depreciation and amortization | (26649) | (26017) | (74052) | (76642) |
| Share-based compensation | (3505) | (3513) | (8021) | (15150) |
| Foreign exchange gain (loss), net | (14048) | 39591 | 54878 | 28937 |
| Loss on impairment of long-lived assets and intangible assets | - | (14068) | (2102) | (18778) |
| Business interruption proceeds, net | - | - | 22899 | - |
| Other, net | (13558) | (3775) | (21185) | (9028) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | (376754) | (295484) | (894807) | (897644) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | (6004) | 37884 | 88611 | 615 |
| **Other (expense) income** |  |  |  |  |
| Interest expense, net | (22560) | (20658) | (65601) | (61846) |
| Gain (loss) on sale of property and other, net | 26 | (236) | 82 | (62) |
| Share of income (loss) of equity method investments | 637 | 1754 | 3253 | 3645 |
| Total other expense, net | (21897) | (19140) | (62266) | (58263) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income (loss) before income taxes** | (27901) | 18744 | 26345 | (57648) |
| Income tax (expense) benefit | 10891 | (18026) | (11714) | (13697) |
| **Net income (loss)** | **(17010)** | **718** | **14631** | **(71345)** |
| Net (income) loss attributable to non-controlling interests | (1698) | (543) | (286) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Soho House & Co Inc.** | $**(18708)** | $**175** | $**14345** | $**(71283)** |
| Net income (loss) per share attributable to Class A and Class B common stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.10) | $0.00 | $0.07 | $(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.10) | $0.00 | $0.07 | $(0.36) |
| Weighted-average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 195238 | 194515 | 194766 | 195503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 195238 | 195485 | 196101 | 195503 |

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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**Soho House & Co Inc.**

**Condensed Cons** **olidated Statements of Comprehensive Income (Loss) (Unaudited)**

**For the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |
| ***(in thousands)*** | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| Net income (loss) | $(17010) | $718 | $14631 | $(71345) |
| **Other comprehensive income (loss)** |  |  |  |  |
| Foreign currency translation adjustment | 14315 | (29785) | (35923) | (29425) |
| Comprehensive income (loss) | (2695) | (29067) | (21292) | (100770) |
| Net (income) loss attributable to non-controlling interest | (1698) | (543) | (286) | 62 |
| Foreign currency translation adjustment attributable to non-controlling interest | 93 | (396) | (458) | (349) |
| **Total comprehensive income (loss) attributable to Soho House & Co Inc.** | $(4300) | $(30006) | $(22036) | $(101057) |

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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**Soho House & Co Inc.**

**Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited)**

**For the 13 weeks and 39 weeks ended September 29, 2024**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Deficit** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Treasury Stock** | **Total Shareholders' Deficit Attributable to Soho House & Co Inc.** | **Non-controlling<br>Interest** | **Total<br>Shareholders'<br>Deficit** |
| **As of December 31, 2023** | $**2057** | $**1231941** | $**(1376532)** | $**29641** | $**(62000)** | $**(174893)** | $**7740** | $**(167153)** |
| Net income (loss) | - | - | (41559) | - | - | (41559) | (299) | (41858) |
| Non-cash share-based compensation (Note 11) | 11 | 7325 | - | - | - | 7336 | - | 7336 |
| Net change in cumulative translation adjustment | - | - | - | 4435 | - | 4435 | (57) | 4378 |
| **As of March 31, 2024** | $**2068** | $**1239266** | $**(1418091)** | $**34076** | $**(62000)** | $**(204681)** | $**7384** | $**(197297)** |
| Net income (loss) | - | - | (29899) | - | - | (29899) | (306) | (30205) |
| Distributions to non-controlling interests | - | - | - | - | - | - | (1454) | (1454) |
| Shares repurchased | - | - | - | - | (4708) | (4708) | - | (4708) |
| Non-cash share-based compensation (Note 11) | 3 | 3469 | - | - | - | 3472 | - | 3472 |
| Net change in cumulative translation adjustment | - | - | - | (4028) | - | (4028) | 10 | (4018) |
| **As of June 30, 2024** | $**2071** | $**1242735** | $**(1447990)** | $**30048** | $**(66708)** | $**(239844)** | $**5634** | $**(234210)** |
| Net income (loss) | - | - | 175 | - | - | 175 | 543 | 718 |
| Distributions to non-controlling interests | - | - | - | - | - | - | (2243) | (2243) |
| Shares repurchased | - | - | - | - | (12688) | (12688) | - | (12688) |
| Non-cash share-based compensation (Note 11) | 6 | 3109 | - | - | - | 3115 | - | 3115 |
| Net change in cumulative translation adjustment | - | - | - | (30181) | - | (30181) | 396 | (29785) |
| **As of September 29, 2024** | $**2077** | $**1245844** | $**(1447815)** | $**(133)** | $**(79396)** | $**(279423)** | $**4330** | $**(275093)** |

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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**Soho House & Co Inc.**

**Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited)**

**For the 13 weeks and 39 weeks ended September 28, 2025**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated<br>Deficit** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Treasury Stock** | **Total Shareholders' Deficit Attributable to Soho House & Co Inc.** | **Non-controlling<br>Interest** | **Total<br>Shareholders'<br>Deficit** |
| **As of December 29, 2024** | $**2079** | $**1246584** | $**(1539500)** | $**35174** | $**(79396)** | $**(335059)** | $**5601** | $**(329458)** |
| Net income (loss) | - | - | 8168 | - | - | 8168 | (655) | 7513 |
| Distributions to non-controlling interest | - | - | - | - | - | - | (2358) | (2358) |
| Non-cash share-based compensation (Note 11) | 3 | 2264 | - | - | - | 2267 | - | 2267 |
| Net change in cumulative translation adjustment | - | - | - | (15432) | - | (15432) | 181 | (15251) |
| **As of March 30, 2025** | $**2082** | $**1248848** | $**(1531332)** | $**19742** | $**(79396)** | $**(340056)** | $**2769** | $**(337287)** |
| Net income (loss) | - | - | 24885 | - | - | 24885 | (757) | 24128 |
| Non-cash share-based compensation (Note 11) | 1 | 1888 | - | - | - | 1889 | - | 1889 |
| Net change in cumulative translation adjustment | - | - | - | (35357) | - | (35357) | 370 | (34987) |
| **As of June 29, 2025** | $**2083** | $**1250736** | $**(1506447)** | $**(15615)** | $**(79396)** | $**(348639)** | $**2382** | $**(346257)** |
| Net income (loss) | - | - | (18708) | - | - | (18708) | 1698 | (17010) |
| Distributions to non-controlling interest | - | - | - | - | - | - | (1263) | (1263) |
| Non-cash share-based compensation (Note 11) | 9 | 1302 | - | - | - | 1311 | - | 1311 |
| Net change in cumulative translation adjustment | - | - | - | 14408 | - | 14408 | (93) | 14315 |
| **As of September 28, 2025** | $**2092** | $**1252038** | $**(1525155)** | $**(1207)** | $**(79396)** | $**(351628)** | $**2724** | $**(348904)** |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**Soho House & Co Inc.**

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

**For the 39 weeks ended September 28, 2025 and September 29, 2024**

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---

| | | |
|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |
| ***(in thousands)*** | **September 28, 2025** | **September 29, 2024** |
| **Cash flows from operating activities** |  |  |
| Net income (loss) | $14631 | $(71345) |
| Adjustments to reconcile net loss to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 74052 | 76642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash share-based compensation (Note 11) | 7046 | 13923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense (benefit) | (8679) | (1609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of property and other, net | (82) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of long-lived assets | 2102 | 14068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of intangible assets |  | 4710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of (income) loss of equity method investments | (3253) | (3645) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 2248 | 1897 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK interest | 31828 | 21683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from equity method investees | 575 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss, net | (54878) | (28937) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 4570 | (12553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (8392) | (3701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating leases, net | 421 | (4769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating assets | (12712) | (5299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (6053) | (2778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued and other liabilities | 55333 | 63649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 98757 | 62794 |
| **Cash flows from investing activities** |  |  |
| Purchase of property and equipment | (75343) | (55833) |
| Purchase of intangible assets | (18085) | (12237) |
| Investments in equity method investees | (16500) |  |
| Property and casualty insurance proceeds received | 8069 |  |
| Repayment of capital investment from equity method investee |  | 10695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (101859) | (57375) |
| **Cash flows from financing activities** |  |  |
| Repayment of borrowings (Note 9) | (7199) | (1226) |
| Proceeds from borrowings (Note 9) |  | 1105 |
| Principal payments on finance leases | (323) | (289) |
| Distributions to non-controlling interest | (3621) | (3697) |
| Purchase of treasury stock (Note 12) |  | (17396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (11143) | (21503) |
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash | 6181 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in cash and cash equivalents, and restricted cash | (8064) | (14485) |
| **Cash, cash equivalents and restricted cash** |  |  |
| Beginning of period | 156318 | 161106 |
| End of period | $**148254** | $**146621** |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

------

**Soho House & Co Inc.**

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

**For the 39 weeks ended September 28, 2025 and September 29, 2024**

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---

| | | |
|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |
| ***(in thousands)*** | **September 28, 2025** | **September 29, 2024** |
| Cash, cash equivalents and restricted cash are comprised of: |  |  |
| Cash and cash equivalents | $142490 | $142816 |
| Restricted cash | $5764 | $3805 |
| **Cash, cash equivalents and restricted cash as of September 28, 2025 and September 29, 2024** | $**148254** | $**146621** |
| **Supplemental disclosures:** |  |  |
| Cash paid for interest, net of capitalized interest | $25144 | $25034 |
| Cash paid for income taxes | 7268 | 3768 |
| **Supplemental disclosures of non-cash investing and financing activities:** |  |  |
| Operating lease assets obtained in exchange for new operating lease liabilities | 26999 | 71691 |
| Acquisitions of property and equipment under finance leases | 80245 | 179 |
| Prepaid capital expenditures | 6338 | 6338 |
| Accrued capital expenditures | 15976 | 10173 |
| Equity investment obtained in exchange for accounts receivable balance | 9019 |  |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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**1.** **Nature of the Business**

Soho House & Co Inc. is a global membership platform of physical and digital spaces that connects a vibrant, diverse group of members from across the world. Our members engage with us through our global portfolio of 46 Soho Houses, 8 Soho Works Clubs, The Ned hotel sites, The LINE and Saguaro hotels, Scorpios Beach Clubs, Soho Home and our digital channels.

On August 15, 2025, the Company entered into definitive agreements pursuant to which an investor group will acquire the outstanding shares of the Company not held by certain shareholders who agreed that their shares will remain outstanding (the "Merger"). The Merger is subject to shareholder approval. As of September 28, 2025, the Merger had not closed. For further information, please refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Part II, Item 1A. "Risk Factors" included in the Company's Form 10-Q for the 13-week period ended September 28, 2025.

The consolidated entity presented is referred to herein as "SHCO", "we", "us", "our", or the "Company", as the context requires and unless otherwise noted.

**2.** **Summary of Significant Accounting Policies**

**Basis of Presentation**

The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for reporting interim information on Form 10-Q. The preparation of the financial statements in conformity with US GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. The Company's significant estimates relate to the valuation of financial instruments, equity method investments, the measurement of goodwill and intangible assets, contingent liabilities, income taxes, leases, and long-lived assets. Although the estimates have been prepared using management's best judgment and management believes that the estimates used are reasonable, actual results could differ from those estimates and such differences could be material.

We operate on a fiscal year calendar consisting of a 52-or 53-week period ending on the last Sunday in December or the first Sunday in January of the next calendar year. In a 52-week fiscal year, each quarter contains 13 weeks of operations; in a 53-week fiscal year, each of the first, second and third quarters includes 13 weeks of operations and the fourth quarter includes 14 weeks of operations.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been omitted in accordance with the rules and regulations of the SEC. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by US GAAP. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto, included in the Company's Annual Report on Form 10-K as of and for the fiscal year ended December 29, 2024.

Management believes that the accompanying unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of the interim information included herein. The results of operations for the 13-week periods ended September 28, 2025 and September 29, 2024 are not necessarily indicative of the operating results for the full fiscal year or any future periods.

**Revision of Prior Period Financial Statements in Fiscal 2024**

As previously disclosed in Note 2, Summary of Significant Accounting Policies, in our consolidated financial statements included in the Company's Annual Report on Form 10-K, on November 6, 2024, the Company announced that it is replacing legacy systems with a new modernized finance Enterprise Resource Planning ("ERP") system to support its long-term success, controls, and strategic growth initiatives. In preparation for the systems upgrade, the Company has undertaken a number of initiatives including continuing to work with external consultants to support the review and assist in strengthening its internal controls and processes including reconciliations and completing the implementation of a new ERP system for its retail business in August 2024. Further, the Company is focused on continuing to bolster its Transformation and Finance teams including by hiring a Chief Transformation Officer (November 2024) to lead the ERP system implementation and hiring a number of personnel with a higher level of knowledge and experience with the application of US GAAP, internal audit and SOX compliance.

During the third quarter of Fiscal 2024, through the performance of these activities, management identified misstatements, as well as confirmed the financial statement impacts of previously identified uncorrected immaterial misstatements, in its previously issued consolidated financial statements as of and for the 52-week period ended December 31, 2023 ("Fiscal 2023") and January 1, 2023 ("Fiscal 2022"); the unaudited condensed consolidated financial statements as of and for the 13-week periods ended March 31, 2024 ("Q1 2024") and April 2, 2023 ("Q1 2023"); the unaudited condensed consolidated financial statements as of and for the 13-week and 26-week periods ended June 30, 2024 ("Q2 2024") and July 2, 2023 ("Q2 2023"); and the unaudited condensed consolidated financial statements as of and for the 13-week and 39-week periods ended October 1, 2023 ("Q3 2023"). The Company believes the misstatements identified through the performance of the activities above is related to manual processes and the existing material weaknesses in our control over financial reporting as described within this Annual Report on Form 10-K for the fiscal year ended December 29, 2024.

The Company assessed the materiality of the errors, both individually and in aggregate, including as out of period corrections in the third quarter of Fiscal 2024 as well as corrections to impacted prior period consolidated financial statements, on a qualitative and quantitative basis in accordance with SEC Staff Accounting Bulletins ("SAB") No. 99, *Materiality*, and No. 108, *Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements*, codified in Accounting Standards Codification ("ASC") Topic 250, *Accounting* 

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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*Changes and Error Corrections*. While correction of these adjustments as out of period corrections would be material in aggregate to the third quarter of Fiscal 2024, the Company determined the impacts of these misstatements were not material to the financial statements for all prior periods identified and has accordingly revised the comparative amounts presented.

Such historical adjustments described above were corrected and prior periods revised in our Annual Report on Form 10-K. Refer to Note 20, Revision of Prior Period Financial Statements, in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024 for additional information on the misstatements identified and quantification of the impact of correcting the misstatements. These prior period adjustments identified therein have been reflected in the comparative periods in these unaudited condensed consolidated financial statements.

**Going Concern**

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared assuming the Company will continue as a going concern. The going concern basis of presentation assumes that we will continue in operation for at least a period of 12 months after the date these financial statements are issued, and contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

We have experienced net losses and significant cash outflows over the past years as we develop our Houses. During the 13 weeks and 39 weeks ended September 28, 2025, the Company reported a consolidated net loss of $17 million and a consolidated net income of $15 million, respectively. During the 39 weeks ended September 28, 2025, the Company had net cash provided by operations of $99 million. As of September 28, 2025, the Company had an accumulated deficit balance of $1,525 million, cash and cash equivalents of $142 million, and a restricted cash balance of $6 million.

In assessing the going concern basis of preparation of the unaudited condensed consolidated financial statements for the 13 weeks and 39 weeks ended September 28, 2025, we have taken into consideration detailed cash flow forecasts for the Company, the Company's forecast compliance with bank covenants, the timing of debt commitments within 12 months of the approval of these financial statements, and the continued availability of committed and accessible working capital to the Company.

We have considered current global economic and political uncertainties, specifically including inflationary pressures on consumables purchased and wages, and the Company has factored these in when it undertook an assessment of the cash flow forecasts covering a period of at least 12 months from the date these financial statements are issued. Cash flow forecasts have been prepared based on a range of scenarios including, but not limited to, go private scenario, no further debt or equity funding, repayment of existing short-term debt, macro-economic dynamics, cost reductions, both limited and extensive, and a combination of these different scenarios.

We believe that the completed working capital events, our projected cash flows and the actions available to management to further control expenditure (particularly in respect of timing of capital works and labor costs), as necessary, provide the Company with sufficient working capital (including cash and cash equivalents) to mitigate the impact of inflationary pressures and consumer confidences subject to the following key factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the level of In-House sales activity (primarily sales of food and beverage) that, even after opening, may be subject to operational constraints connected with a re-emergence of any restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the continued high level of membership retention and renewals, together with members continuing their current spending patterns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the implementation, and timely deployment, of cost containment and reduction measures that are aligned with the anticipated levels of capacity.

Furthermore, the Company has access to an undrawn revolving credit facility of £75 million ($100 million), refer to Note 9, Debt, for additional information.

This, together with the Company's wider sufficient financial resources, an established business model, access to capital and the measures that have been put in place to control costs, mean that we believe that the Company is able to continue in operational existence, meet its liabilities as they fall due, operate within its existing facilities and meet all of its covenant requirements for a period of at least 12 months from the date these financial statements are issued.

Based on the above, the consolidated financial statements have been presented on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, we continue to adopt the going concern basis in preparing the unaudited condensed consolidated financial statements for the 13 weeks and 39 weeks ended September 28, 2025.

**Comprehensive Income / (Loss)**

The entire balance of accumulated other comprehensive income / loss, net of income taxes, is related to the cumulative translation adjustment in each of the periods presented. The changes in the balance of accumulated other comprehensive income / loss, net of income tax, are attributable solely to the net change in the cumulative translation adjustment in each of the periods presented.

**Impairment of Other Long-Lived Assets**

The primary assumptions, which require significant levels of judgment, that affect the undiscounted cash flows determination are management's estimate of future revenues, operating margins, economic conditions and changes in the operating environment. The forecasts used in the impairment assessments was developed by management based on projected revenues derived largely from forecasted member attendance. Management also makes estimates of the expected costs and the expected operating lease costs. Changes in these assumptions could have a significant impact on the recoverability of the assets and may result in additional impairment charges.

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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Changes in the membership, operating margins and economic growth and the contracted operating rental costs beyond what has already been assumed in the assessments could cause management to revise the forecast and assumptions. Unfavorable revisions to these assumptions or estimates could possibly result in further impairment of some or all of the assets.

The Company recognized $2 million of impairment losses on long-lived assets, comprised of $2 million in respect of Operating lease assets during the 39 weeks ended September 28, 2025. In the 39 weeks ended September 28, 2025, the Company identified a triggering impairment event in their legacy Chicken Shop Soho Restaurant sites in the UK and performed an impairment analysis on these sites. The Company has been working on reassigning or terminating these leases as the sites are no longer operational. However, the Company has been unable to do so to date which is the primary reason for the asset impairment. As a result of this analysis, a $2 million non-cash impairment charge was recorded for these UK Soho Restaurant sites.

The Company recognized $14 million of impairment losses on long-lived assets (comprised of $11 million in respect of Operating lease assets and $3 million of Property and equipment, net) during the 13 weeks and 39 weeks ended September 29, 2024. The Company recognized $5 million of impairment losses on intangible assets related to the termination of two hotel management contracts during the 39 weeks ended September 29, 2024.

**Business Interruption and Other Insurance Claims**

The Company maintains insurance policies to cover business interruption and property damage with terms that it believes to be adequate and appropriate. When the Company receives proceeds from an insurance claim in connection with property damage, which reimburses the replacement cost for repair or replacement of damaged assets, the proceeds are recognized as a reduction against the value of the assets written off. Business interruption proceeds which reimburse the time-element of actual costs and lost profits following damage to property are recognized as non-operating income (Other, net) or operating income to the extent attributable to a specific site. Business interruption proceeds related to the cost to expedite repairs, retention pay to workers temporarily displaced, and additional expenses to stay in business following damage to property are recognized as a reduction of the related expense line item. If there are any outstanding receivables in respect of insurance recoveries, they are recognized only when the Company deems collection to be probable, and only to the extent of the related loss. Claim proceeds that result in a gain should be recognized at the earlier when the proceeds are realized or realizable.

**Future Accounting Standards** 

In October 2023, the FASB issued ASU No. 2023-06, *Disclosure Agreements – Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative* ("ASU 2023-06"). ASU 2023-06 will align the disclosure and presentation requirements in the FASB Accounting Standards Codification with the SEC's regulations. The amendments in ASU 2023-06 will be applied prospectively and are effective when the SEC removes the related requirements from Regulations S-X or S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 expands disclosures in the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2025 or the interim period in which the Company loses its emerging growth company status. Early adoption is permitted. ASU 2023-09 should be applied prospectively; however, retrospective application is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU No. 2024-01, *Compensation - Stock Compensation (Topic 718): Scope application for profits interest and similar awards* ("ASU 2024-01"). This update adds an illustrative example to demonstrate how an entity should apply the scope guidance to determine whether profits interest and similar awards ("profits interest awards") should be accounted for in accordance with Topic 718. ASU 2024-01 is effective for fiscal years beginning after December 15, 2025 or the interim period in which the Company loses its emerging growth company status. Early adoption is permitted. ASU 2024-01 should be applied retrospectively to all prior periods presented in the financial statements or prospectively. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU No. 2024-02, *Codification Improvements - Amendments to Remove References to the Concepts Statements* ("ASU 2024-02"). ASU 2024-02 removes references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. ASU 2024-02 is effective for fiscal years beginning after December 15, 2025 or the interim period in which the Company loses emerging growth company status. ASU 2024-02 can be applied prospectively or retrospectively. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures* as amended by ASU No 2025-01, issued in January 2025 that clarified the effective date ("ASU 2024-03"). ASU 2024-03 requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. ASU 2024-03 should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its disclosures.

In May 2025, the FASB issued ASU No. 2025-03, *Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity* ("ASU 2025-03"). This update revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a VIE that meets the definition of a business. ASU 2025-03 is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.

In May 2025, the FASB issued ASU No. 2025-04, *Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers: Clarifications to Share-Based Consideration Payable to a Customer* ("ASU 2025-04"). This update revises the Master Glossary definition of the term performance condition for share-based consideration payable to a customer. ASU 2025-04 is effective for all entities for annual reporting

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU No. 2025-05, *Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets*, which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets under Accounting Standards Codification 606, Revenue from Contracts with Customers. For public entities, the standard is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, *Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software*, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The new standard is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The new standard may be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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**3.** **Consolidated Variable Interest Entities**

The Company determined that it is the primary beneficiary of the following material variable interest entities ("VIEs"):

*Ned-Soho House, LLP*

The Ned-Soho House, LLP joint venture maintains a management agreement to operate The Ned hotel in London, which is owned by unconsolidated related parties to the Company (refer to Note 16, Related Party Transactions and Balances for further information). Management fees are recognized in other revenues in the consolidated statements of operations. The Company has a greater economic interest in Ned-Soho House, LLP as compared to its related party venture partner and therefore the Company is determined to be the primary beneficiary.

*Soho Works Limited*

The Soho Works Limited ("SWL") joint venture develops and operates Soho-branded, membership-based co-working spaces, with four sites currently in operation in the UK. The joint venture agreement relates to the UK only. The joint venture was formed on September 29, 2017, when the Company granted two unrelated individuals an option to subscribe for 30% of the issued shares of SWL. The option has not yet been exercised and, consequently, the Company has a 100% economic interest in SWL. Upon exercise of the option, the Company would have a 70% economic interest in SWL. The options carry voting rights such that the Company and other joint venture partners each hold 50% of the voting rights in respect of shareholder resolutions and certain reserved matters as defined in the joint venture agreement. The Company is determined to be the primary beneficiary because it has the power to direct all significant activities of the joint venture.

The following table summarizes the carrying amounts and classification of the consolidated VIEs' assets and liabilities included in the consolidated balance sheets. The obligations of the consolidated VIEs are non-recourse to the Company, and the assets of the VIEs can be used only to settle those obligations.

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| ***(in thousands)*** | **September 28, 2025** | **December 29, 2024** |
| Cash and cash equivalents | $5136 | $2528 |
| Accounts receivable | 8108 | 12082 |
| Inventories | 21 | 4 |
| Prepaid expenses and other current assets | 8044 | 5380 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **21309** | **19994** |
| Property and equipment, net | 25804 | 25268 |
| Operating lease assets | 99711 | 95618 |
| Other intangible assets, net | 298 | 251 |
| Other non-current assets | 201 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **147323** | **141320** |
| Accounts payable | 2903 | 1899 |
| Accrued liabilities | 10809 | 7072 |
| Indirect and employee taxes payable |  | 1918 |
| Current portion of debt, net of debt issuance costs | 31212 | 28710 |
| Current portion of operating lease liabilities - sites trading more than one year | 6822 | 6689 |
| Other current liabilities | 193 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **51939** | **46498** |
| Operating lease liabilities, net of current portion - sites trading more than one year | 112284 | 107838 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **164223** | **154336** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets (liabilities)** | $**(16900)** | $**(13016)** |

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**4.** **Equity Method Investments**

The Company maintains a portfolio of equity method investments owned through non-controlling interests in investments with one or more partners. There have been no changes in the Company's equity method investment ownership interests in existing entities. During the 39 weeks ended September 28, 2025, the Company acquired a new equity method investment, the LINE LA Hotel Joint Venture, described further below.

Under applicable guidance for VIEs, the Company determined that its investments in the following entities are VIEs:

*Toronto Joint Venture*

On March 28, 2012, the Company and two unrelated investors ("Toronto Partners") formed Soho House Toronto to own and operate a House in Toronto, Canada. The Company is responsible for managing the development and operations of the property with key operating decisions requiring joint approval with the Toronto Partners.

*56-60 Redchurch Street, London Joint Venture*

On July 6, 2015, the Company and a related party investor ("Raycliff Partner") formed Raycliff Red LLP ("Club Row Rooms") to develop and operate a hotel at 58-60 Redchurch Street intended to provide additional members' accommodation to the nearby Shoreditch House in London. This was later extended to include 56 Redchurch Street under the same terms. The Company is responsible for managing the operations of the property

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

------

and the Raycliff Partner is responsible for managing the building.

The Company concluded that it is not the primary beneficiary of the Soho House Toronto or 56-60 Redchurch Street, London VIEs in any of the periods presented, as its joint venture partners have the power to participate in making decisions related to the majority of significant activities of each investee. Accordingly, the Company concluded that application of the equity method of accounting is appropriate for these investees.

*LINE LA Hotel Joint Venture*

During the 39 weeks ended September 28, 2025, the Company acquired a new equity method investment reflecting an ownership interest in the LINE LA Hotel, a property that it had previously managed pursuant to a hotel management agreement ("HMA").

On June 4, 2025, SAGL HoldCo LLC, a wholly owned subsidiary of the Company, entered into an operating agreement for Wilshire LA Hotel JV LLC with CREP LA Hotel Holdings LLC ("Corten") ("the LINE LA Hotel Joint Venture"). In exchange for their respective ownership interests in the LINE LA Hotel Joint Venture, Corten contributed 100% of the limited liability interests in CREP LA Hotel LLC ("CREP LA") for an initial capital of $37 million and the real and personal property interests in the LINE LA Hotel, while SAGL HoldCo LLC contributed initial capital of $15 million and its legacy outstanding $9 million accounts receivable (relating to hotel management services and shared services provided to the LINE LA Hotel in prior periods pursuant to the legacy HMA).

The Company has identified the party or parties that make decisions that most significantly impact the economic performance of the LINE LA Hotel Joint Venture and has concluded that the Company is not the primary beneficiary. The Company has the ability to exercise significant influence over the operating and financial policies of the LINE LA Hotel Joint Venture, however does not constitute power, and has applied the equity method of accounting for SAGL HoldCo LLC's ownership interest.

The Company's equity investment in the LINE LA Hotel Joint Venture is included in the following line-items on the consolidated balance sheet: $23 million included in "Equity method investments" relating to the carrying value of the Company's ownership interest, which includes an additional investment of $2 million during the 13 weeks ended September 28, 2025, and $1 million included in "Accounts receivable, net" relating to the accrued HMA fees receivable to MCGA Hotels LLC from the LINE LA Hotel Joint Venture, see Note 16, Related Party Transactions and Balances.

Refer to Note 13, Commitments and Contingencies for further information on the guarantees signed in connection with this transaction.

*Summarized Financial Information*

The following table presents summarized financial information for all of the Company's unconsolidated equity method investees. The Company's maximum exposure to losses related to its equity method investments is limited to its ownership interests.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |
| ***(in thousands)*** | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| Revenues | $24819 | $15031 | $52781 | $41367 |
| Operating income (loss) | 8486 | 4566 | 17626 | 12390 |
| Net income (loss)<sup>(1)</sup> | 1815 | 2940 | 9138 | 6816 |

---

<sup>(1)</sup> The net income (loss) shown above relates entirely to continuing operations.

**5.** **Leases**

The Company has entered into various lease agreements for its Houses, hotels, restaurants, spas and other properties across The Americas, Europe, and Asia, which includes 59 equipment leases. The Company's material leases have reasonably assured lease terms ranging from 1 year to 30 years for operating leases and from 5 years to 50 years for finance leases. Certain operating leases provide the Company with multiple renewal options that generally range from 5 years to 10 years, with rent payments on renewal based on a predetermined annual increase or market rates at the time of exercise of the renewal. The Company has four leases finance leases of which three are subject to 25 years renewal options, with rent payments on renewal based on upward changes in inflation rates. On July 28, 2025, the Company signed a material lease agreement to be the lessee of the LINE DC property. The lease agreement includes a payment prior to the commencement of the lease of $11 million and an option to purchase the property which the Company is reasonably certain to exercise and therefore the lease is classified as a finance lease. As at September 28, 2025, there was a $160 million finance lease asset recorded within property and equipment, net, of which $90 million relates to the LINE DC finance lease.

As of September 28, 2025, the Company recognized right-of-use assets and lease liabilities for 189 operating leases and 4 material finance leases. When recognizing right-of-use assets and lease liabilities, the Company includes certain renewal options where the Company is reasonably assured to exercise the renewal option.

In the 39 weeks ended September 28, 2025, the Company identified a triggering impairment event in their legacy Chicken Shop Soho Restaurant sites in the UK and performed an impairment analysis on these sites. The Company has been working on reassigning or terminating these leases as the sites are no longer operational. However, the Company has been unable to do so to date, which is the primary reason for the asset impairment. As a result of this analysis, a $2 million non-cash impairment charge was recorded for these UK Soho Restaurant sites. No impairment loss was recorded in the 13 weeks ended September 28, 2025. In the 13 weeks and 39 weeks ended September 29, 2024 an $11 million non-cash impairment charge was recorded in respect of operating lease assets, of which $10 million related to Soho Works North America sites and less than $1 million related to a UK restaurant site.

------

**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

------

The maturity of the Company's operating and finance lease liabilities as of September 28, 2025 is as follows:

---

| | | |
|:---|:---|:---|
| ***(in thousands)*<br>Fiscal year ended** | **Operating<br>Leases** | **Finance<br>Leases** |
| Undiscounted lease payments |  |  |
| Remainder of 2025 | $42375 | $2728 |
| 2026 | 171749 | 11071 |
| 2027 | 163284 | 11426 |
| 2028 | 161828 | 11757 |
| 2029 | 163155 | 12135 |
| Thereafter | 1711796 | 306726 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total undiscounted lease payments** | **2414187** | **355843** |
| Present value adjustment | (1019091) | (193329) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net lease liabilities** | $**1395096** | $**162514** |

---

Certain lease agreements include variable lease payments that, in the future, will vary based on changes in the local inflation rates, market rate rents, or business revenues of the leased premises.

Gross straight-line rent expense recognized as part of In-House operating expenses for operating leases was $42 million and $37 million for the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and $125 million and $110 million for the 39 weeks ended September 28, 2025 and September 29, 2024, respectively. Sublease income is netted against In-House operating expenses for operating leases of $2 million and $2 million for the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and $5 million and $5 million for the 39 weeks ended September 28, 2025 and September 29, 2024, respectively.

For the 13 weeks ended September 28, 2025 and September 29, 2024, the Company recognized amortization expense related to the right-of-use asset for finance leases of $1 million and $1 million, respectively, and interest expense related to finance leases of $3 million and $1 million, respectively. For the 39 weeks ended September 28, 2025 and September 29, 2024, the Company recognized amortization expense related to the right-of-use asset for finance leases of $2 million and $1 million, respectively, and interest expense related to finance leases of $5 million and $4 million, respectively. The Company recognized $1 million and $1 million of variable lease payments for finance leases for the 13 weeks ended September 28, 2025 and September 29, 2024 and $2 million and $2 million of variable lease payments for finance leases for the 39 weeks ended September 28, 2025 and September 29, 2024.

New Houses typically have a maturity profile that commences sometime after the lease commencement date used in the determination of the lease accounting in accordance with Topic 842. The unaudited condensed consolidated balance sheets set out the operating lease liabilities split between sites trading less than one year and sites trading more than one year. "Sites trading less than one year" and "sites trading more than one year" reference sites that have been open (as measured from the date the site first accepted a paying guest) for a period less than one year from the balance sheet date and those that have been open for a period longer than one year from the balance sheet date.

The Company currently leases four properties from related parties as described in Note 16, Related Party Transactions and Balances. The four properties have a combined right-of-use asset of $25 million and $26 million reported within "Operating lease assets" in the unaudited condensed consolidated balance sheets as of September 28, 2025 and December 29, 2024, respectively. The related combined short term lease liability amounts to $1 million and $3 million reported within "Current portion of operating lease liabilities - sites trading more than one year" as of September 28, 2025 and December 29, 2024. The related combined long term lease liability amounts to $34 million and $34 million reported in "Operating lease liabilities, net of current portion - sites trading more than one year" as of September 28, 2025 and December 29, 2024, respectively. The straight-line rent recorded within "In-House operating expenses" associated with the four, as September 28, 2025, and seven leases that were related parties as of September 29, 2024, amounted to $1 million and $3 million for the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and $4 million and $16 million for the 39 weeks ended September 28, 2025 and September 29, 2024, respectively.

------

**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

------

The following information represents supplemental disclosure for the statement of cash flows related to operating and finance leases:

---

| | | |
|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |
| ***(in thousands)*** | **September 28, 2025** | **September 29, 2024** |
| **Cash flows from operating activities:** |  |  |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| Operating cash flows from operating leases | $(127462) | $(115293) |
| Interest payments for finance leases | $(5524) | $(4196) |
| **Cash flows from financing activities:** |  |  |
| Principal payments for finance leases | $(323) | $(289) |
| **Supplemental disclosures of non-cash investing and financing activities:** |  |  |
| Operating lease assets obtained in exchange for new operating lease liabilities | $26999 | $71691 |
| Acquisitions of property and equipment under finance leases | $90745 | $179 |

---

The following summarizes additional information related to operating and finance leases:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 28, 2025** | **September 29, 2024** |
| **Weighted-average remaining lease term** |  |  |
| Finance leases | 23 years | 41 years |
| Operating leases | 15 years | 16 years |
| **Weighted-average discount rate** |  |  |
| Finance leases | 7.40% | 7.29% |
| Operating leases | 7.93% | 7.91% |

---

As of September 28, 2025, the Company has entered into 11 operating lease agreements that are signed but have not commenced. Of these, nine relate to Houses, hotels, restaurants, and other properties that are in various stages of construction by the landlord and for three of these, construction has not commenced. Refer to Note 16, Related Party Transactions and Balances for further information on the lease agreements, both active and not commenced, with related parties.

The Company will determine the classification as of the lease commencement date, but currently expects these under construction leases to be operating leases. Soho House Design ("SHD") is involved to varying degrees in the design of these leased properties under construction. For certain of these leases, the SHD team is acting as the construction manager on behalf of the landlord. The Company does not control the underlying assets under construction. Pending significant completion of all landlord improvements and final execution of the related lease, the Company expects these leases to commence in fiscal years ending 2025, 2026, 2027 and 2028. The Company estimates the total undiscounted lease payments for the leases commencing in fiscal years ended 2025, 2026, 2027 and 2028 will be $139 million, $238 million, $112 million and $587 million, respectively, with weighted-average expected lease terms of 23 years, 23 years, 16 years and 17 years for 2025, 2026, 2027 and 2028, respectively.

The following summarizes the Company's estimated future undiscounted lease payments, net of lease incentives, for current leases signed but not commenced, including properties where the SHD team is acting as the construction manager as of September 28, 2025:

---

| | |
|:---|:---|
| ***(in thousands)*** | **Operating<br>Leases Under** |
| **Fiscal year ended** | **Construction** |
| Estimated total undiscounted lease payments, net of lease incentives |  |
| Remainder of 2025 | $614 |
| 2026 | 4276 |
| 2027 | 10284 |
| 2028 | 38771 |
| 2029 | 49541 |
| Thereafter | 972420 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total undiscounted lease payments for leases signed but not commenced, net of lease incentives** | $**1075906** |

---

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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**6.** **Revenue Recognition**

Disaggregated revenue disclosures for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024 are included in Note 15, Segments. Revenue from membership fees, legacy one-time registration fees, House Introduction Credits, design & build-out contracts and exclusivity & incentive fee contracts are the primary arrangements for which revenue is recognized over time.

The following table includes estimated revenues expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) at the end of the reporting period ending September 28, 2025:

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| | | |
|:---|:---|:---|
| ***(in thousands)*** | **Next twelve<br>months from<br>September 28, 2025** | **Future periods** |
| Revenue recognized over time | $112881 | $25603 |
| &nbsp;&nbsp;**Total future revenues** | $**112881** | $**25603** |

---

All consideration from contracts with customers is included in the amounts presented above.

The following table provides information about contract receivables, contract assets and contract liabilities from contracts with customers:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| ***(in thousands)*** | **September 28, 2025** | **December 29, 2024** |
| Contract receivables | $68317 | $78890 |
| Contract assets | $6644 | $3257 |
| Contract liabilities | $181640 | $174697 |

---

Contract receivables consist solely of Accounts receivable, which is comprised of amounts due from customers and partners including amounts owed from sites operated under management contracts, amounts billed under design & build-out contracts and amounts due from retail wholesale partners.

Contract assets consist of accrued unbilled income related to design & build-out contracts and hotel management agreements. These amounts are recognized in prepaid expenses and other assets on the unaudited condensed consolidated balance sheets.

Contract liabilities include deferred membership revenue, hotel deposits and gift vouchers (which are presented in accrued liabilities on the unaudited condensed consolidated balance sheets). Revenue recognized that was included in the contract liabilities balance as of the beginning of the period was $35 million and $28 million during the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and $102 million and $85 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively.

The Company recognized revenue relating to transactions with related parties totaling $2 million and $5 million recorded within "Other revenues" in the unaudited condensed consolidated statements of operations during the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and $9 million and $15 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively. The Company recognized a receivable related to these transactions with related parties amounting to $20 million and $31 million recorded within "Accounts receivable, net" in the unaudited condensed consolidated balance sheets as of September 28, 2025 and December 29, 2024. The Company recognized accrued revenue relating to transactions with related parties amounting to $5 million and $1 million recorded within "Prepaid expenses and other current assets" in the unaudited condensed consolidated balance sheets as of September 28, 2025 and December 29, 2024. Refer to Note 16, Related Party Transactions and Balances and Note 17, Subsequent events for further information.

**7.** **Inventories, Prepaid Expenses and Other Current Assets**

Inventories consist of raw materials, service stock and supplies (primarily food and beverage) and finished goods (primarily for sale in our Retail business) which are externally sourced. Raw materials and service stock and supplies totaled $18 million and $23 million as of September 28, 2025 and December 29, 2024, respectively. Finished goods totaled $47 million and $31 million as of September 28, 2025 and December 29, 2024, respectively.

The Company recognized accrued revenue relating to transactions with related parties amounting to $5 million and $1 million recorded within "Prepaid expenses and other current assets" in the unaudited condensed consolidated balance sheets as of September 28, 2025 and December 29, 2024. Refer to Note 16, Related Party Transactions and Balances for further information.

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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The table below presents the components of prepaid expenses and other current assets:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| ***(in thousands)*** | **September 28, 2025** | **December 29, 2024** |
| Amounts owed by equity method investees<sup>(1)</sup> | $2917 | $2379 |
| Prepayments and accrued income | 67245 | 36350 |
| Contract assets | 6644 | 3257 |
| Inventory supplier advances | 12794 | 12139 |
| Other receivables | 33786 | 44649 |
| &nbsp;&nbsp;**Total prepaid expenses and other current assets** | $**123386** | $**98774** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Accounts receivable, net" includes $3 million and $1 million receivable from StoreBerlin Limited as of September 28, 2025 and December 29, 2024, respectively, and $1 million relating to accrued HMA fees receivable from the LINE LA Hotel Joint Venture as of September 28, 2025.

**8.** **Accrued Liabilities**

The table below presents the components of accrued liabilities.

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| ***(in thousands)*** | **September 28, 2025** | **December 29, 2024** |
| Accrued interest | $7373 | $7113 |
| Hotel deposits | 18669 | 12414 |
| Trade and other accruals | 106713 | 78955 |
| &nbsp;&nbsp;**Total accrued liabilities** | $**132755** | $**98482** |

---

**9.** **Debt**

Debt balances, net of debt issuance costs, are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| ***(in thousands)*** | **September 28, 2025** | **December 29, 2024** |
| Senior Secured Notes, interest at 8.1764% for the Initial Notes and 8.5% for the Additional Notes, maturing March 2027 (see additional description below) | $690310 | $644002 |
| Soho Works Limited loans, unsecured, 7% interest bearing, maturing September 2025 (see additional description below) | 31212 | 27369 |
| Other loans (see additional description below) | 14307 | 20115 |
|  | **735829** | **691486** |
| Less: Current portion of long-term debt | (31797) | (34618) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total long-term debt, net of current portion** | $**704032** | $**656868** |

---

Property mortgage loans, net of debt issuance costs, are as follows:

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| ***(in thousands)*** | **September 28, 2025** | **December 29, 2024** |
| Term Loan, interest at 6.99%, maturing June 1, 2033 | $137828 | $137385 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total property mortgage loans** | $**137828** | $**137385** |

---

The weighted-average interest rate on fixed rate borrowings was 8% as of September 28, 2025 and 8% as of December 29, 2024. There were no outstanding floating rate borrowings as of September 28, 2025 or December 29, 2024.

The descriptions below show the financial instrument amounts in the currency of denomination with USD equivalent in parentheses, where applicable, translated using the exchange rates in effect at the time of the respective transaction.

*Debt: Senior Secured Notes*

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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On March 31, 2021, Soho House Bond Limited issued senior secured notes pursuant to a Notes Purchase Agreement, which were subscribed to by certain funds managed, sponsored or advised by Goldman Sachs & Co. LLC or its affiliates, in aggregate amounts equal to $295 million, €62 million ($73 million) and £53 million ($73 million) (the "Initial Notes"). The Notes Purchase Agreement included an option to issue, and a commitment on the part of the purchasers to subscribe for an aggregate amount of up to $100 million which were issued for the full amount on March 9, 2022 (the "Additional Notes" and, together with the Initial Notes, the "Senior Secured Notes"). The Senior Secured Notes mature on March 31, 2027 and bear interest at a fixed rate equal to a cash margin of 2.0192% per annum for the Initial Notes or 2.125% per annum for any Additional Notes, plus a payment-in-kind (capitalized) margin of 6.1572% per annum for the Initial Notes or 6.375% per annum for any Additional Notes. The Senior Secured Notes issued pursuant to the Notes Purchase Agreement may be redeemed and prepaid for cash, in whole or in part, at any time in accordance with the terms thereof, subject to payment of redemption fees. The Senior Secured Notes are guaranteed and secured on substantially the same basis as our Revolving Credit Facility. The Company incurred interest expense of $15 million and $14 million during the 13 weeks ended September 28, 2025 and September 29, 2024, respectively and $44 million and $41 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively. As of September 28, 2025 and December 29, 2024, an accrual of $11 million and $8 million, respectively, was recognized in non-current liabilities on the consolidated balance sheet relating to payment-in-kind interest on the Senior Secured Notes.

*Debt: Soho Works Limited Loans*

In 2017, Soho Works Limited entered into a term loan facility agreement. The SWL loan bears interest at 7% and matures, following the extensions, at the earliest of: (a) September 29, 2025; (b) the date of disposal of the whole or substantial part of the Soho Works Limited; (c) the date of sale by the shareholders of the entire issued share capital of Soho Works Limited to a third party; (d) the date of the admission of Soho Works Limited to any recognized investment exchange or multi-lateral trading facility; and (e) any later date that the lenders may determine in their sole discretion. The carrying amount of the term loan was £23 million ($31 million) and £22 million ($27 million) as of September 28, 2025 and December 29, 2024, respectively. The Company incurred interest expense of less than $1 million and less than $1 million on this facility during the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and $2 million and $2 million on this facility during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively. The Company has determined a current classification of this loan is appropriate as it best reflects the substance of the agreement with the lenders given that the loan extension period is short-term in nature (12 months). Refer to Note 17, Subsequent Events for further information on the Soho Works loan extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Debt: Other Loans*

The other loans consist of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Currency** | **Maturity date** | **Principal<br>balance as of<br>September 28, 2025** | **Applicable<br>interest rate<br>as of September 28, 2025** |
| Dean Street Loan | Great Britain pound sterling | March 2040 | $9419 | 6.0% |
| Copenhagen Loan | Danish krone | November 2033 | 2034 | 8.0% |
| Copenhagen Loan | Danish krone | November 2038 | 1071 | 0.0% |
| Greek Street Loan | Great Britain pound sterling | January 2028 | $1781 | 7.5% |

---

On February 4, 2025, the Company repaid the outstanding balance of $5 million on the Compagnie de Phalsbourg credit facility.

*Property Mortgage Loans: Term Loan* 

In March 2014, the Company completed a freehold property acquisition of the Soho Beach House Miami property. In May 2023, the Company refinanced its existing term loan of $55 million (including accrued interest at 5.34%), and mezzanine loan of $62 million (including accrued interest at 7.25%) with a new $140 million loan agreement with JP Morgan Chase Bank, National Association and Citi Real Estate Funding Inc (the "Term Loan"). This Term Loan is secured with a recorded and insured first priority mortgage on Soho Beach House Miami property as well as first priority security interests in all collateral related to the property. The Term Loan matures in June 2033 and bears interest at 6.99%.

The Company incurred interest expense of $3 million and $8 million on the Term Loan during the 13 weeks and 39 weeks ended September 28, 2025, respectively, and $2 million and $7 million during the 13 weeks and 39 weeks ended September 29, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Revolving Credit Facility*

On November 10, 2022, Soho House Bond Limited, a wholly owned subsidiary of the Company entered into the Third Amended and Restated Revolving Facility Agreement (the "Third Amendment") which further amends and restates the Revolving Credit Facility, originally entered into by the Company on December 5, 2019 (the original and amended facility referred to as the "Revolving Credit Facility"). The Third Amendment amends the Revolving Credit Facility to extend the maturity date from January 25, 2024 to July 25, 2026. In addition, the Third Amendment provides that from March 2023 we are required to maintain certain leverage covenants (as defined in the Revolving Credit Facility) which are applicable when 40% or more of the facility is drawn. On February 21, 2025 the Agreement was amended to extend the maturity date from July 25, 2026 to December 31, 2026. All other material terms remain substantially unchanged. As of September 28, 2025, the facility remains undrawn with £75 million ($100 million) available to draw under this facility. The facility is secured on a fixed and floating charge basis over certain assets of the Company. The Company incurred interest expense of less than $1 million and less than $1 million in respect of the Revolving Credit Facility during

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and $1 million and $1 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively.

*Future Principal Payments*

The following table presents future principal payments for the Company's debt and property mortgage loans that are described in the preceding paragraphs as of September 28, 2025:

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| | |
|:---|:---|
| ***(in thousands)*** |  |
| Remainder of 2025 | $31859 |
| 2026 | 1631 |
| 2027 | 695277 |
| 2028 | 862 |
| 2029 | 902 |
| Thereafter | 148712 |
|  | $**879243** |

---

**10.** **Fair Value Measurements**

*Recurring and Non-recurring Fair Value Measurements*

There were no assets or liabilities measured at fair value on a recurring or non-recurring basis as of September 28, 2025 or December 29, 2024.

*Fair Value of Financial Instruments*

The Company believes the carrying values of its financial instruments related to current assets and liabilities approximate fair value due to short-term maturities.

The Company has estimated the fair value of the Senior Secured Notes and the property mortgage loans as of September 28, 2025 and December 29, 2024 using a discounted cash flow analysis. The fair value of the other non-current debt is estimated as of September 28, 2025 and December 29, 2024 using a discounted cash flow analysis, except for the Dean Street Loan and the Copenhagen Loan where fair value is estimated to be equal to the current carrying value of each instrument as of September 28, 2025 based on a comparison of each instrument's contractual terms to current market terms. The Company does not believe that the use of different market inputs would have resulted in a materially different fair value of debt as of September 28, 2025 and December 29, 2024.

The following table presents the estimated fair values (all of which are Level 3 fair value measurements) of the Company's debt instruments with maturity dates in 2025 and thereafter:

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| | | |
|:---|:---|:---|
| ***(in thousands)*** | **Carrying Value** | **Fair Value** |
| **September 28, 2025** |  |  |
| Senior Secured Notes | $690310 | $658093 |
| Term Loan | 137828 | 103187 |
| Other loans | 14307 | 6994 |
|  | $**842445** | $**768274** |

---

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| | | |
|:---|:---|:---|
| ***(in thousands)*** | **Carrying Value** | **Fair Value** |
| **December 29, 2024** |  |  |
| Senior Secured Notes | $644002 | $596976 |
| Term Loan | 137385 | 99283 |
| Other loans | 20115 | 19853 |
|  | $**801502** | $**716112** |

---

The carrying values of the Company's other non-current liabilities and non-current assets approximate their fair values.

**11.** **Share-Based Compensation**

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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*Equity and incentive plans*

The Company operates two equity and incentive plans for the benefit of its employees and directors. In August 2020, the Company established the 2020 Equity and Incentive Plan (the "2020 Plan") under which SHHL Share Appreciation Rights ("SARs") and SHHL Growth Shares were issued to certain employees.

In July 2021, the Company established its 2021 Equity and Incentive Plan (the "2021 Plan"). The 2021 Plan allows for grants of non-qualified stock options, SARs, Restricted Stock Units ("RSUs") and Performance Stock Units ("PSUs"). The PSUs generally vest (i) upon the completion of a minimum service period and (ii) the Company's achievement of certain performance goals established at grant. There were 12,107,333 shares initially available for all awards under the 2021 Plan and the shares available is permitted to increase annually on the first day of each calendar year, beginning with the calendar year ended December 31, 2022, subject to approval by the board of directors (the "board"). As of September 28, 2025, there were 3,601,931 shares available for future awards. The Company granted 306,146 new RSUs under the 2021 Plan during the 39 weeks ended September 28, 2025. There were 178,571 new RSUs granted under the 2021 Plan during the 13 weeks ended September 28, 2025.

In August 2025, in conjunction with the departure of an employee, the Company accelerated the vesting of certain outstanding RSUs, pursuant to the original terms of the award. The Company also granted 178,571 cash-settled RSUs that were fully vested as of the grant date with 50% of these vested awards due to be cash settled in Q4 2025 and the remaining 50% in Q1 2026. The related liability-classified share-based compensation expense of $2 million will be remeasured each reporting period until settlement.

*Awards outstanding under the plan*

As of September 28, 2025 and December 29, 2024, there were 479,620 and 1,238,630 RSUs outstanding under the 2021 Plan, respectively. As of September 28, 2025 and December 29, 2024, there were 5,108,472 and 5,839,704 SARs outstanding under the 2020 Plan and 2021 Plan, respectively. As of September 28, 2025 and December 29, 2024, there were zero and 600,749 PSUs outstanding under the 2021 Plan, respectively.

Share-based compensation during the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024 was recorded in the consolidated statements of operations within a separate line item as shown in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |
|  | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| SARs | $— | $619 | $323 | $1943 |
| RSUs | 2890 | 1969 | 6723 | 10439 |
| PSUs |  | 527 |  | 1541 |
| Employer-related payroll expense<sup>(1)</sup> | 615 | 398 | 975 | 1227 |
| &nbsp;&nbsp;**Total share-based compensation expense** | $**3505** | $**3513** | $**8021** | $**15150** |
| Tax benefit for share-based compensation expense |  |  |  |  |
| &nbsp;&nbsp;**Share-based compensation expense, net of tax** | $**3505** | $**3513** | $**8021** | $**15150** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Relates to employment related taxes, including employer national insurance tax in the UK. These amounts were settled in cash and are not included in additional paid-in capital or as an adjustment to reconcile net loss to net cash used in operating activities in the consolidated statements of cash flows.

The weighted-average assumptions used in valuing SARs granted or modified during each period are set forth in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended September 28, 2025** | **For the Fiscal Year Ended December 29, 2024** | **For the Fiscal Year Ended December 29, 2024** |
| Expected average life<sup>(1)</sup> | N/A | 3.21 - 4.81 years | 3.21 - 4.81 years |
| Expected volatility<sup>(2)</sup> | N/A |  | 76% |
| Risk-free interest rate<sup>(3)</sup> | N/A | 4.17 - 4.29 | 4.17 - 4.29% |
| Expected dividend yield<sup>(4)</sup> | N/A | 0 | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The expected life assumption is based on the Company's expectation for the period before exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The expected volatility assumption is developed using leverage-adjusted historical volatilities for public peer companies for the period equal to the expected life of the awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The risk-free rate is based on the bootstrap adjusted US Treasury Rate Yield Curve Rate as of the valuation date, term matched with expected life of the awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The expected dividend yield is 0.0% since the Company does not expect to pay dividends.

As of September 28, 2025, total compensation expense not yet recognized is as follows:

------

**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•With respect to the unvested SARs issued under the 2020 Plan and 2021 plans, the total compensation expense not yet recognized is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•With respect to the RSUs issued under the 2021 Plan, approximately $0.7 million, which is expected to be recognized over a weighted-average period of 0.78 years.

**12.** **Earnings Per Share and Shareholders' Equity**

Holders of Class A common stock and Class B common stock are entitled to receive dividends out of legally available funds on a pari passu basis. Holders of Class A common stock are entitled to one vote per share, while holders of Class B common stock are entitled to 10 votes per share. Each holder of Class B common stock has the right to convert its shares of Class B common stock into shares of Class A common stock, at any time, on a one-for-one basis. Additionally, shares of Class B common stock will automatically convert into shares of Class A common stock, on a one-for-one basis, upon transfer to any non-permitted holder of Class B common stock. Holders of Class A and Class B common stock are entitled to liquidation distributions on a pro rata basis, subject to prior satisfaction of all outstanding debt and liabilities and the payment of liquidation preferences, if any.

The tables below present changes in each class of the Company's common stock, as applicable:

---

| | | |
|:---|:---|:---|
|  | **SHCO Common Stock** | **SHCO Common Stock** |
|  | **Class A Common Stock** | **Class B Common Stock** |
| **As of December 31, 2023** | **53741731** | **141500385** |
| Shares issued related to share-based compensation | 1064054 | **—** |
| **As of March 31, 2024** | **54805785** | **141500385** |
| Shares issued related to share-based compensation | 282560 | **—** |
| Shares repurchased | (891045) | **—** |
| **As of June 30, 2024** | **54197300** | **141500385** |
| Shares issued related to share-based compensation | 631350 | **—** |
| **Shares repurchased** | (2269130) | **—** |
| **As of September 29, 2024** | **52559520** | **141500385** |

---

---

| | | |
|:---|:---|:---|
|  | **SHCO Common Stock** | **SHCO Common Stock** |
|  | **Class A Common Stock** | **Class B Common Stock** |
| **As of December 29, 2024** | **52731922** | **141500385** |
| Shares issued related to share-based compensation | 264579 |  |
| **As of March 30, 2025** | **52996501** | **141500385** |
| Shares issued related to share-based compensation | 206388 | **—** |
| **As of June 29, 2025** | **53202889** | **141500385** |
| Shares issued related to share-based compensation | 864450 | **—** |
| **As of September 28, 2025** | **54067339** | **141500385** |

---

*Share Repurchases* 

On February 9, 2024, the Company's board and a relevant sub-committee authorized and approved a new stock repurchase program for up to $50 million of the currently outstanding shares of the Company's Class A common stock.

Under the stock repurchase program, the Company was authorized to repurchase from time to time shares of its outstanding Class A common stock on the open market or in privately negotiated transactions in the United States. The timing and amount of stock repurchases depended on a variety of factors, including market conditions as well as corporate and regulatory considerations. The stock repurchase program could have been suspended, modified or discontinued at any time, in accordance with relevant and applicable regulatory requirements, and the Company has had no obligation to repurchase any amount of its common stock under the program. The Company intended to make all repurchases in accordance with applicable federal securities laws, including Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended. Under the program, the repurchased shares were returned to the status of authorized, but unissued shares of common stock held in treasury at average cost.

There were no repurchases during the 13 weeks and 39 weeks ended September 28, 2025. During the 13 weeks and 39 weeks ended September 29, 2024, the Company repurchased a total of 2,269,130 shares and 3,160,175 shares of Class A common stock for $13 million and $17 million, respectively, including commissions, under the new program. The repurchased shares are held as treasury shares by the Company.

*Earnings Per Share*

The Company computes earnings per share using the two-class method. As the liquidation and dividend rights are identical, the undistributed earnings or losses are allocated on a proportionate basis to each class of common stock, and the resulting basic and diluted profit per share attributable to common stockholders are therefore the same for Class A and Class B common stock.

The following table shows the reconciliation of the numerators and denominators used to compute earnings per share of Class A and Class B Common Stock:

------

**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |
| ***(in thousands except for per share data)*** | **September 28, 2025** | **September 29, 2024** | **September 28, 2025** | **September 29, 2024** |
| *Numerator (basic and diluted)* |  |  |  |  |
| **Profit (loss) attributable to Soho House & Co Inc** | $**(18708)** | $**175** | $**14345** | $**(71283)** |
| *Denominators (basic and diluted)* |  |  |  |  |
| **Weighted-average Class A and Class B shares - basic** | **195238** | **194515** | **194766** | **195503** |
| RSU share-based compensation awards | - | 244 | 322 | - |
| SAR share-based compensation awards | - | 726 | 1013 | - |
| **Weighted-average Class A and Class B shares - diluted** | **195238** | **195485** | **196101** | **195503** |
| **Basic earnings (loss) per share** | $**(0.10)** | $**0.00** | $**0.07** | $**(0.36)** |
| **Diluted earnings (loss) per share** | $**(0.10)** | $**0.00** | $**0.07** | $**(0.36)** |

---

**13.** **Commitments and Contingencies**

*Litigation Matters*

The Company is not a party to any litigation other than litigation in the ordinary course of business. The Company's management and legal counsel do not expect that the ultimate outcome of any of its currently ongoing legal proceedings, individually or collectively, will have a material adverse effect on the Company's unaudited condensed consolidated financial statements.

*Business Interruption and Property Insurance*

The Company maintains insurance policies to cover business interruption with terms that management believes to be adequate and appropriate. These policies may be subject to applicable deductible or retention amounts, coverage limitations and exclusions and may not be sufficient to cover all of the losses incurred.

In the fourth quarter of Fiscal 2024, one of our UK properties suffered damages due to flooding which caused significant damage to certain structures and facilities within the site. The Company is still evaluating the complete scope of property damage and business interruption loss. As of December 29, 2024, the Company reported an estimate of the book value of the property and equipment written off and remediation costs of $6 million. During the 39 weeks ended September 28, 2025 the Company incurred further costs of $1 million. The Company recorded a corresponding insurance receivable, included in prepaid expenses and other current assets on the consolidated balance sheets as of December 29, 2024. This receivable has been settled as of September 28, 2025. As of September 28, 2025 and December 29, 2024 the Company received cash proceeds of $8 million and $1 million, respectively. We believe our insurance coverage should be sufficient to cover substantially all of the property damage and the near-term loss of business in excess of our insurance deductibles; therefore, we have not recorded any loss on the consolidated statements of operations for the 39 weeks ended September 28, 2025.

As a result of the flood damage, the Company recorded business interruption insurance proceeds totaling less than $1 million related to the reimbursement of lost profits as a result of the closure. This amount is recorded as business interruption income in the In-House operating expenses in the unaudited condensed consolidated statement of operations for the 39 weeks ended September 28, 2025.

During the 39 weeks ended September 28, 2025, the Company's Los Angeles properties were impacted by the wildfires. The Company has filed a business interruption insurance claim of $5 million in connection to the loss of business incurred during this period which has not been fully settled and continues to be evaluated. As of September 28, 2025, the Company received cash proceeds of less than $1 million in connection with the ongoing business interruption insurance claim.

*COVID-19 Business Interruption Insurance Proceeds*

On February 19, 2025, the Company received $23 million (£18 million) of business interruption insurance proceeds, net of fees, from one of its insurers. The proceeds relate to the impacts of general business interruption (including lost revenues and additional costs incurred) in the United Kingdom due to the COVID-19 pandemic. The recovery is presented in "Business interruption proceeds, net" within the unaudited condensed consolidated statement of operations (would generally be presented in line-item 'Other, net' however separately presented due to magnitude of this amount during the 39 weeks ended September 28, 2025) and is included in net cash provided by operating activities in the unaudited condensed consolidated statement of cash flows for the 39 weeks ended September 28, 2025. This payment represents a full and final settlement of all claims the Company has or may have related to business interruption losses and associated costs and expenses arising from the COVID-19 pandemic in the UK.

*Lease Commitments*

See Note 5, Leases for information on estimated future undiscounted lease payments for current leases signed but not commenced as of September 28, 2025.

*ERP Program Commitments*

The Company has entered into contracts with third parties relating to its previously-announced ERP implementation program. As of September 28, 2025, the Company has remaining contractual commitments of £13 million ($17 million), which are expected to be settled over the course of the remainder of 2025 and during 2026.

------

**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

------

As of September 28, 2025, the Company capitalized $5 million of implementation costs related to the ERP system, included in balance sheet line-item 'Other intangible assets, net'.

*LINE LA Hotel Joint Venture Guarantees and Capital Contributions*

During the 39 weeks ended September 28, 2025, the Company acquired a new equity method investment reflecting an ownership interest in the LINE LA Hotel. Refer to Note 4, Equity Method Investments for further information on this acquisition.

On June 4, 2025, CREP LA Hotel LLC, a wholly owned subsidiary of the LINE LA Hotel Joint Venture ("CREP LA"), entered into a loan agreement ("LINE LA Loan Agreement") with a third party lender for $54.0 million which matures on January 31, 2027, and bears interest of SOFR plus 462 basis points per annum (subject to a floor of 4.75%), with interest payable throughout the term. The LINE LA Loan Agreement is secured by the land, building and improvements of the hotel, all fixtures attached thereto and all other real and personal property interests, including the assignment of leases and rents. The Company's wholly owned subsidiary, US AcquireCo, Inc., and affiliates of Corten ("Corten Guarantors") provided joint and several senior loan guarantees for the benefit of the lender for the term of the LINE LA Loan Agreement with respect to (i) CREP LA's payment of recourse obligations pursuant to the LINE LA Loan Agreement; ii) an indemnification against certain losses arising from non-compliance with environmental laws and similar events at the property, and iii) any failure by CREP LA to pay carry costs (including taxes, insurance premiums, operating expenses and debt service) as and when due. US AcquireCo, Inc. is required to comply with specified financial covenants under the LINE LA Loan Agreement at all times. The Company's wholly owned subsidiaries, US AcquireCo, Inc. and Soho House Limited, have entered into a reimbursement agreement with the Corten Guarantors to allocate liability under the senior loan guarantees, as well as liability arising under certain indemnification obligations under the LINE LA Hotel Joint Venture. Soho House Limited shall become liable for amounts payable by US AcquireCo, Inc. under the reimbursement agreement if US AcquireCo, Inc. fails to fund such amounts within 20 days after written demand. However, because the Company exercises joint control over the LINE LA Hotel Joint Venture, its obligations relate to its own performance. In accordance with the scope exception in ASC 460, the Company determined that this arrangement does not meet the definition of a guarantee under ASC 460. Accordingly, the Company has not recognized the fair value of a liability related to these obligations in its consolidated financial statements.

Pursuant to the operating agreement for the LINE LA Hotel Joint Venture, SAGL HoldCo LLC is contractually obligated to provide additional capital contributions to the extent the LINE LA Hotel Joint Venture experiences liquidity shortfalls. These capital contributions are capped at $37 million (inclusive of its initial capital contribution of $15 million), less six months of debt service on the LINE LA Loan Agreement. Additional funding of $2 million was provided for the period ended September 28, 2025 which has increased the equity investment accordingly.

**14.** **Income Taxes**

For the 13 weeks and 39 weeks ended September 28, 2025, there have been no material changes in the Company's estimates or provisions for income taxes recorded in the unaudited condensed consolidated balance sheet.

The effective tax rate for the 13 weeks ended September 28, 2025 was 39.0%, compared to an effective tax rate of 96.2% for the 13 weeks ended September 29, 2024. The effective tax rate for the 39 weeks ended September 28, 2025 was 44.5% compared to (23.8)% for the 39 weeks ended September 29, 2024. The effective tax rate for the 13 weeks and 39 weeks ended September 28, 2025 differs from the US statutory rate of 21% primarily due to the business interruption proceeds received in the 39 weeks ended September 28, 2025 taxed discretely at the UK rate, the significant foreign exchange gains which are taxable in the UK, the current mix of positive and negative earnings in the various jurisdictions the Company operates in and valuation allowances which reduce the amount of tax benefit recognized. Additionally, the Company is calculating current tax charges in certain U.S. and non-U.S. jurisdictions in respect of uncertain tax positions.

Valuation allowances have been recorded against the incremental deferred tax assets recognized for tax losses, share-based compensation, and excess interest primarily in the U.K., U.S. and Hong Kong. The Company continues to evaluate all positive and negative evidence to assess the realizability of its net deferred tax assets and it is reasonably possible that there may be a change in the valuation allowance within the next twelve months.

The gross unrecognized tax benefits have increased by $4 million in the 39 weeks ended September 28, 2025. There was no movement in the 13 weeks ended September 28, 2025.

The Company has carried out an assessment of the impact of the BEPS Pillar Two Minimum Tax legislation and has concluded that these new rules will not have a material impact on the Company's effective tax rate or tax payments for this period. The Company will undertake this assessment for subsequent reporting periods to monitor its compliance with the Global Anti-Base Erosion (GloBE) rules for Fiscal 2025.

**15.** **Segments**

The Company's core operations comprise of Houses, hotels and restaurants across a number of territories, which are managed on a geographical basis. There is a segment managing director for each of the UK, The Americas, Europe and Rest of the World ("RoW") who is responsible for Houses, hotels and restaurants in that region. Each operating segment manager reports directly to the Company's Chief Operating Decision Maker ("CODM"), the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer combined. In addition to Houses, hotels and restaurants, the Company offers other products and services, such as retail, home & beauty products and services, which comprise its Retail operating segment; access to Soho Works collaboration spaces across the UK and North America, which comprise its Soho Works operating segment; and memberships for people who live in cities where physical Houses do not exist, which comprise its Cities Without Houses operating segment. The Retail, Soho Works, and Cities Without Houses operating segments also have segment managers which report directly to the CODM and are managed separately from the Houses, hotels and restaurants in each region.

The Company has identified the following three reportable segments:

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•UK,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Americas, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Europe and RoW.

The Company analyzed the results of the Retail, Soho Works, Soho Restaurants, and Cities Without Houses operating segments and concluded that they did not warrant separate presentation as reportable segments as they do not provide additional useful information to the readers of the financial statements. Therefore, these segments are included as part of an "All Other" category. The historical North America reportable segment has been renamed to The Americas; however, there is no change to the manner in which the segment was previously presented.

Intercompany revenues and costs among the reportable segments are not material and are accounted for as if the sales were to third parties because these items are based on negotiated fees between the segments involved. All intercompany transactions and balances are eliminated in consolidation. Intercompany revenues and costs between entities within a reportable segment are eliminated to arrive at segment totals. Segment revenue includes revenue of certain equity method investments, which are considered stand-alone operating segments, which are therefore not included in revenues as part of these unaudited condensed consolidated financial statements. Eliminations between segments are separately presented. Corporate results include amounts related to corporate functions such as administrative costs and professional fees. Income tax expense is managed by Corporate on a consolidated basis and is not allocated to the reportable segments.

The Company manages and assesses the performance of the reportable segments by Reportable segments EBITDA, which is defined as net income (loss) before depreciation and amortization, interest expense, net, provision (benefit) for income taxes, adjusted to take account of the impact of certain non-cash and other items that the Company does not consider in its evaluation of ongoing operating performance. These other items include, but are not limited to, loss (gain) on sale of property and other, net, share of loss (profit) of equity method investments, foreign exchange, pre-opening expenses, non-cash rent, deferred registration fees, net, share of equity method investments EBITDA, share-based compensation expense, and certain other expenses.

The following tables present disaggregated revenue for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024 and the key financial metrics reviewed by the CODM for the Company's reportable segments:

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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The following tables present the reconciliation of reportable segment EBITDA to total consolidated net income:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended September 28, 2025** | **For the 13 Weeks Ended September 28, 2025** | **For the 13 Weeks Ended September 28, 2025** | **For the 13 Weeks Ended September 28, 2025** | **For the 13 Weeks Ended September 28, 2025** | **For the 13 Weeks Ended September 28, 2025** |
| ***(in thousands)*** | **The Americas** | **UK** | **Europe &<br>RoW** | **Reportable<br>Segment<br>Total** | **All<br>Other** | **Total** |
| Membership Revenues | $58450 | $36364 | $16601 | $111415 | $15216 | $126631 |
| In-House Revenues | 45961 | 50261 | 37637 | 133859 | - | 133859 |
| Other Revenues | 28476 | 24602 | 52173 | 105251 | 29828 | 135079 |
| Elimination of equity accounted revenue | (13434) | (2164) | (9221) | (24819) | - | (24819) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consolidated segment revenue** | $**119453** | $**109063** | $**97190** | $**325706** | $**45044** | $**370750** |
| In-House Operating Expenses | (70180) | (62362) | (39213) | (171755) | (456) | (172211) |
| Other Operating Expenses | (14475) | (14540) | (32372) | (61387) | (33703) | (95090) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total segment operating expenses** | $**(84655)** | $**(76902)** | $**(71585)** | $**(233142)** | $**(34159)** | $**(267301)** |
| Other segment items | (15736) | (640) | (6837) | (23213) | (12557) | (35770) |
| Share of equity method investments adjusted EBITDA | 749 | 333 | 1697 | 2779 | - | 2779 |
| **Reportable segments EBITDA** | $**19811** | $**31854** | $**20465** | $**72130** | $**(1672)** | $**70458** |
| Unallocated corporate overhead |  |  |  |  |  | (12576) |
| **Consolidated segmental EBITDA** |  |  |  |  |  | $**57882** |
| Depreciation and amortization |  |  |  |  |  | (26649) |
| Interest expense, net |  |  |  |  |  | (22560) |
| Income tax benefit |  |  |  |  |  | 10891 |
| Gain (loss) on sale of property and other, net |  |  |  |  |  | 26 |
| Share of income of equity method investments |  |  |  |  |  | 637 |
| Foreign exchange |  |  |  |  |  | (14048) |
| Pre-opening expenses |  |  |  |  |  | (3484) |
| Non-cash rent |  |  |  |  |  | (227) |
| Deferred registration fees, net |  |  |  |  |  | 417 |
| Share of equity method investments adjusted EBITDA |  |  |  |  |  | (2779) |
| Share-based compensation expense |  |  |  |  |  | (3505) |
| Other expenses, net <sup>(1)</sup> |  |  |  |  |  | (13611) |
| **Net income (loss)** |  |  |  |  |  | $**(17010)** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Other expenses, net includes a $7 million expense related to third party advisory expenses incurred by the Company and its independent special committee in regard to the evaluation of certain strategic transactions, $4 million expense related to the planned ERP systems implementation and $2 million related to operational reorganization and severance expense.

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For 13 Weeks Ended September 29, 2024** | **For 13 Weeks Ended September 29, 2024** | **For 13 Weeks Ended September 29, 2024** | **For 13 Weeks Ended September 29, 2024** | **For 13 Weeks Ended September 29, 2024** | **For 13 Weeks Ended September 29, 2024** |
| ***(in thousands)*** | **The Americas** | **UK** | **Europe &<br>RoW** | **Reportable<br>Segment<br>Total** | **All<br>Other** | **Total** |
| Membership revenues | $52664 | $31822 | $13747 | $98233 | $12724 | $110957 |
| In-House revenues | 47576 | 48287 | 32959 | 128822 |  | 128822 |
| Other revenues | 16949 | 22445 | 43677 | 83071 | 25549 | 108620 |
| Elimination of equity accounted revenue | (3521) | (2288) | (9222) | (15031) |  | (15031) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consolidated segment revenue** | $**113668** | $**100266** | $**81161** | $**295095** | $**38273** | $**333368** |
| In-House Operating Expenses | (68466) | (57182) | (32610) | (158258) | (532) | (158790) |
| Other Operating Expenses | (11944) | (13081) | (27897) | (52922) | (33757) | (86679) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total segment operating expenses** | $**(80410)** | $**(70263)** | $**(60507)** | $**(211180)** | $**(34289)** | $**(245469)** |
| Other segment items | (18372) | 2375 | (5918) | (21915) | (8465) | (30380) |
| Share of equity method investments adjusted EBITDA | 723 | 415 | 1229 | 2367 |  | 2367 |
| **Reportable segments EBITDA** | $**15609** | $**32793** | $**15965** | $**64367** | $**(4481)** | $**59886** |
| Unallocated corporate overhead |  |  |  |  |  | $(13704) |
| **Consolidated segmental EBITDA** |  |  |  |  |  | $**46182** |
| Depreciation and amortization |  |  |  |  |  | (26017) |
| Interest expense, net |  |  |  |  |  | (20658) |
| Income tax expense |  |  |  |  |  | (18026) |
| Gain on sale of property and other, net |  |  |  |  |  | (236) |
| Share of income of equity method investments |  |  |  |  |  | 1754 |
| Foreign exchange |  |  |  |  |  | 39591 |
| Pre-opening expenses |  |  |  |  |  | (2561) |
| Non-cash rent |  |  |  |  |  | 3261 |
| Deferred registration fees, net |  |  |  |  |  | 467 |
| Share of equity method investments EBITDA |  |  |  |  |  | (2367) |
| Share-based compensation expense |  |  |  |  |  | (3513) |
| Loss on impairment of long-lived assets and intangible assets <sup>(1)</sup> |  |  |  |  |  | (14068) |
| Other expenses, net <sup>(2)</sup> |  |  |  |  |  | (3091) |
| **Net income (loss)** |  |  |  |  |  | $**718** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Following the Company's impairment review, the Company recognized $14 million of impairment losses on long-lived assets (comprised of $11 million in respect of Operating lease assets and $3 million of Property and equipment, net), of which $13 million is in respect of Soho Works North America and less than $1 million relates to a UK restaurant site.

------

**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended September 28, 2025** | **For the 39 Weeks Ended September 28, 2025** | **For the 39 Weeks Ended September 28, 2025** | **For the 39 Weeks Ended September 28, 2025** | **For the 39 Weeks Ended September 28, 2025** | **For the 39 Weeks Ended September 28, 2025** |
| ***(in thousands)*** | **The Americas** | **UK** | **Europe &<br>RoW** | **Reportable<br>Segment<br>Total** | **All<br>Other** | **Total** |
| Membership Revenues | $171822 | $103856 | $45964 | $321642 | $43784 | $365426 |
| In-House Revenues | 151656 | 143884 | 96339 | 391879 |  | 391879 |
| Other Revenues | 66370 | 56607 | 69727 | 192704 | 86190 | 278894 |
| Elimination of equity accounted revenue | (21668) | (5790) | (25323) | (52781) |  | (52781) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consolidated segment revenue** | $**368180** | $**298557** | $**186707** | $**853444** | $**129974** | $**983418** |
| In-House Operating Expenses | (216274) | (181045) | (106217) | (503536) | (3165) | (506701) |
| Other Operating Expenses | (41993) | (32355) | (50784) | (125132) | (101755) | (226887) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total segment operating expenses** | $**(258267)** | $**(213400)** | $**(157001)** | $**(628668)** | $**(104920)** | $**(733588)** |
| Other segment items | (42500) | 4031 | (19496) | (57965) | (30839) | (88804) |
| Share of equity method investments adjusted EBITDA | 2479 | 742 | 4709 | 7930 |  | 7930 |
| **Reportable segments EBITDA** | $**69892** | $**89930** | $**14919** | $**174741** | $**(5785)** | $**168956** |
| Unallocated corporate overhead |  |  |  |  |  | (34824) |
| **Consolidated segmental EBITDA** |  |  |  |  |  | $**134132** |
| Depreciation and amortization |  |  |  |  |  | (74052) |
| Interest expense, net |  |  |  |  |  | (65601) |
| Income tax expense |  |  |  |  |  | (11714) |
| Gain (loss) on sale of property and other, net |  |  |  |  |  | 82 |
| Share of income of equity method investments |  |  |  |  |  | 3253 |
| Foreign exchange |  |  |  |  |  | 54878 |
| Pre-opening expenses |  |  |  |  |  | (8710) |
| Non-cash rent |  |  |  |  |  | (2321) |
| Deferred registration fees, net |  |  |  |  |  | 1269 |
| Share of equity method investments adjusted EBITDA |  |  |  |  |  | (7930) |
| Share-based compensation expense |  |  |  |  |  | (8021) |
| Loss on impairment of long-lived assets and intangible assets <sup>(1)</sup> |  |  |  |  |  | (2102) |
| Business interruption proceeds, net <sup>(2)</sup> |  |  |  |  |  | 22899 |
| Other expenses, net <sup>(3)</sup> |  |  |  |  |  | (21431) |
| **Net income (loss)** |  |  |  |  |  | $**14631** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Following the Company's impairment review, the Company recognized $2 million of impairment losses on long-lived assets (operating lease assets) which relates to the legacy Chicken Shop restaurant sites in the UK. This impairment loss is reported within 'Loss on impairment of long-lived assets' in the unaudited condensed consolidated statement of operations for the 39 weeks ended September 28, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) $23 million of business interruption proceeds received and recognized during the 39 weeks ended September 28, 2025 related to the impacts of general business interruption (including lost revenues and additional costs incurred) in the UK due to the COVID-19 pandemic. Refer to Note 13, Commitments and Contingencies, for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Other expenses, net includes a $12 million expense related to third party advisory expenses incurred by the Company and its independent special committee in regard to the evaluation of certain strategic transactions, $7 million expense related to the planned ERP systems implementation and $2 million related to operational reorganization and severance expense.

------

**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For 39 Weeks Ended September 29, 2024** | **For 39 Weeks Ended September 29, 2024** | **For 39 Weeks Ended September 29, 2024** | **For 39 Weeks Ended September 29, 2024** | **For 39 Weeks Ended September 29, 2024** | **For 39 Weeks Ended September 29, 2024** |
| ***(in thousands)*** | **The Americas** | **UK** | **Europe &<br>RoW** | **Reportable<br>Segment<br>Total** | **All<br>Other** | **Total** |
| Membership revenues | $151280 | $90843 | $39725 | $281848 | $37163 | $319011 |
| In-House revenues | 152264 | 136649 | 90064 | 378977 |  | 378977 |
| Other revenues | 55086 | 52608 | 58927 | 166621 | 75017 | 241638 |
| Elimination of equity accounted revenue | (11242) | (5838) | (24287) | (41367) |  | (41367) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consolidated segment revenue** | $**347388** | $**274262** | $**164429** | $**786079** | $**112180** | $**898259** |
| In House Operating Expenses | (206941) | (165276) | (99622) | (471839) | (2401) | (474240) |
| Other Operating Expenses | (38841) | (30970) | (42257) | (112068) | (93947) | (206015) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total segment operating expenses** | $**(245782)** | $**(196246)** | $**(141879)** | $**(583907)** | $**(96348)** | $**(680255)** |
| Other segment items | (45078) | 4966 | (12541) | (52653) | (28313) | (80966) |
| Share of equity method investments adjusted EBITDA | 2115 | 833 | 3970 | 6918 |  | 6918 |
| **Reportable segments EBITDA** | $**58643** | $**83815** | $**13979** | $**156437** | $**(12481)** | $**143956** |
| Unallocated corporate overhead |  |  |  |  |  | (34384) |
| **Consolidated segmental EBITDA** |  |  |  |  |  | $**109572** |
| Depreciation and amortization |  |  |  |  |  | (76642) |
| Interest expense, net |  |  |  |  |  | (61846) |
| Income tax charge |  |  |  |  |  | (13697) |
| Gain on sale of property and other, net |  |  |  |  |  | (62) |
| Share of income of equity method investments |  |  |  |  |  | 3645 |
| Foreign exchange |  |  |  |  |  | 28937 |
| Pre-opening expenses |  |  |  |  |  | (13958) |
| Non-cash rent |  |  |  |  |  | 1376 |
| Deferred registration fees, net |  |  |  |  |  | 1399 |
| Share of equity method investments EBITDA |  |  |  |  |  | (6918) |
| Share-based compensation expense |  |  |  |  |  | (15150) |
| Loss on impairment of long-lived assets and intangible assets <sup>(1)</sup> |  |  |  |  |  | (18778) |
| Other expenses, net <sup>(2)</sup> |  |  |  |  |  | (9223) |
| **Net income (loss)** |  |  |  |  |  | $**(71345)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Following the Company's impairment review, the Company recognized $14 million of impairment losses on long-lived assets (comprised of $11 million in respect of Operating lease assets and $3 million of Property and equipment, net), of which $13 million is in respect of Soho Works North America and less than $1 million related to a UK restaurant site. Further, the Company recognized $5 million of impairment losses on intangible assets related to the termination of two hotel management contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Other expenses, net include a $2 million expense related to professional service fees associated with the Company's shareholder activism response, a $2 million expense related to third party advisory expenses incurred by the Company's independent special committee in request of the evaluation of certain strategic transactions and a $6 million expense incurred with respect to a strategic reorganization program of the Company's operations and support teams.

The following table presents long-lived asset information (which includes property and equipment, net, operating lease right-of-use assets and equity method investments) by geographic area as of September 28, 2025 and December 29, 2024. Asset information by segment is not reported internally or otherwise regularly reviewed by the CODM. Further, Management concluded it was impractical to report revenues from external customers attributed to the Company's country of domicile and all material foreign countries.

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| ***(in thousands)*** | **September 28, 2025** | **December 29, 2024** |
| **Long-lived assets by geography** |  |  |
| The Americas | $979564 | $868883 |
| United Kingdom | 598011 | 548996 |
| Europe | 336535 | 294394 |
| Asia | 28741 | 35024 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total long-lived assets** | $**1942851** | $**1747297** |

---

------

**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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**16.** **Related Party Transactions and Balances**

The amounts owed by (to) equity method investees due within one year are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| ***(in thousands)*** | **September 28, 2025** | **December 29, 2024** |
| Soho House Toronto Partnership | $1187 | $745 |
| Raycliff Red LLP | (7548) | (6957) |
| Mirador Barcel S.L. | (1379) | (1081) |
| Little Beach House Barcelona S.L. | (433) | (355) |
| Mimea XXI S.L. | 1079 | 961 |
| Soho Beach House Canouan Limited | 651 | 673 |
| StoreBerlin Limited | 3426 | 1470 |
| CREP LA Hotel LLC | 503 |  |
| &nbsp;&nbsp;**Total** | $**(2514)** | $**(4544)** |

---

Amounts owed by equity method investees due within one year are included in prepaid expenses and other current assets on the consolidated balance sheets. Amounts owed to equity method investees due within one year are included in other current liabilities on the consolidated balance sheets.

*Lease contracts with Related Parties*

Through Soho Works 875 Washington, LLC, the Company is a party to a property lease agreement dated April 19, 2019, for 875 Washington Street, New York with 875 Washington Street Owner, LLC, an affiliate of Raycliff Capital, LLC. Raycliff Capital, LLC is controlled by a director of the board of the Company who resigned from the board on June 20, 2024. The handover of five floors of the leased property occurred on a floor-by-floor basis resulting in multiple lease commencement dates in 2019 and 2020. The various lease contracts run for a term of 15 years and 8 months until March 31, 2036, with further options to extend. The rent expense associated with this lease was $5 million during the 39 weeks ended September 29, 2024.

The Company is party to a property lease arrangement with Yucaipa for 9100-9110 West Sunset Boulevard, Los Angeles, California. This lease runs for a term of 15 years until March 31, 2030. The operating right-of-use asset and liability associated with this lease are $6 million and $7 million as of September 28, 2025, respectively, and $6 million and $8 million as of December 29, 2024, respectively. The rent expense associated with this lease was less than $1 million and $1 million for the 13 weeks ended September 28, 2025 and September 29, 2024, respectively and $1 million and $2 million for the 39 weeks ended September 28, 2025 and September 29, 2024.

Through Soho-Ludlow Tenant LLC, the Company is a party to a property lease agreement dated May 3, 2019, for 137 Ludlow Street, New York with 137 Ludlow Gardens LLC, an affiliate of Yucaipa. This lease runs for a term of 27 years until May 31, 2046, with options to extend for two additional five-year terms. The operating lease right-of-use asset and liability associated with this lease were $8 million and $15 million, respectively, as of September 28, 2025 and $8 million and $15 million, respectively, as of December 29, 2024. The rent expense associated with this lease was less than $1 million and less than $1 million for the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and $1 million and $1 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively.

The Company leased the Little House West Hollywood, 8465 Hollywood Drive, West Hollywood, California, from GHWHI, LLC, an affiliate of Yucaipa, until August 2024 when ownership was transferred to a third party. This lease commenced on October 16, 2021 and runs for a term of 25 years (15-year base lease term, including two 5-year renewal options). The rent expense associated with this lease was $1 million for the 13 weeks ended September 29, 2024, and $4 million during the 39 weeks ended September 29, 2024.

The Company leases the Tel Aviv House, 27 Yefet Street, Tel Aviv, Israel, from an affiliate of Raycliff Capital, LLC. Raycliff Capital, LLC is controlled by a director of the board of the Company who resigned from the board on June 20, 2024. This lease commenced on June 1, 2021 and runs for a term of 19 years until December 15, 2039. The rent expense associated with this lease was $1 million during the 39 weeks ended September 29, 2024.

The Company leases a property from GHPSI, LLC, an affiliate of Yucaipa, in order to operate the Le Vallauris restaurant, 385 West Tahquitz Canyon Way, Palm Springs, California. This lease runs for a term of 15 years until March 16, 2037, with options to extend for two additional five-year terms. The operating lease right-of-use asset and liability associated with this lease were $4 million and $4 million, respectively, as of September 28, 2025 and $4 million and $4 million, respectively as of December 29, 2024. The rent expense associated with this lease was less than $1 million and less than $1 million for the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and less than $1 million and $1 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively.

The Company leases a property located at 27984 Highway 189, Lake Arrowhead, California from RLAHI, LLC, an affiliate of Yucaipa. This lease runs for a term of 15 years, with options to extend for two additional five-year terms. The lease term, and rent payments under the lease, have not yet

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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commenced as the property is not yet operational. This has a receivable balance of less than $1 million and less than $1 million as of September 28, 2025 and December 29, 2024, respectively.

The Company leases a property from GHPSI, LLC, an affiliate of Yucaipa, in order to operate the Willows Historic Palm Springs Inn, 412 West Tahquitz Canyon Way, Palm Springs, California. This lease commenced on September 15, 2022. This lease runs for a term of 15 years until September 14, 2037, with options to extend for two additional five-year terms. The operating lease right-of-use asset and liability associated with this lease were $8 million and $9 million, respectively, as of September 28, 2025 and $8 million and $8 million, respectively, as of December 29, 2024. The receivable due to the Company associated with this lease was less than $1 million and less than $1 million as of September 28, 2025 and December 29, 2024 respectively. The rent expense associated with this lease was less than $1 million and less than $1 million for the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and $1 million and $1 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively.

*Hotel Management agreements with Related Parties*

The Company recognized management fees, development fees and cost reimbursements from the Ned-Soho House, LLP, a joint venture between the Company and an affiliate of Yucaipa, related to the operations of the Ned London. The Company recognized a receivable of $6 million and $10 million reported within "Accounts receivable, net" in the unaudited condensed consolidated balance sheet as of September 28, 2025 and December 29, 2024. The Company also recorded a payable of less than $1 million and $3 million reported within "Accounts payable" in the unaudited condensed consolidated balance sheet as of September 28, 2025 and December 29, 2024. The accrued revenue balance for Ned-Soho House LLP associated with the fees was $5 million and $1 million recorded within "Prepaid expenses and other current assets" in the unaudited condensed consolidated balance sheet as of September 28, 2025 and December 29, 2024. Ned-Soho House, LLP also recognized a receivable relating to Retail related revenue from Soho House brands for $3 million and $2 million reported within "Accounts receivable, net" in the unaudited condensed consolidated balance sheet as of September 28, 2025 and December 29, 2024 and a payable for less than $1 million and less than $1 million reported within "Accounts payable" in the unaudited condensed consolidated balance sheet as of September 28, 2025 and December 29, 2024. The revenue recognized from the management fees, development fees and cost reimbursements was $1 million and $1 million during 13 weeks ended September 28, 2025 and September 29, 2024, and $3 million and $3 million during 39 weeks ended September 28, 2025 and September 29, 2024 respectively and they are reported within "Other Revenues" in the unaudited condensed consolidated statement of operations. The revenue recognized from the Retail related services was less than $1 million and less than $1 million during the 13 weeks ended September 28, 2025 and September 29, 2024 and less than $1 million and less than $1 million during the 39 weeks ended September 28, 2025 and September 29, 2024 and they are reported within "Other Revenues" in the unaudited condensed consolidated statement of operations.

The Company recognized management fee income from the Ned NY 28th, LLC, an affiliate of Yucaipa, related to the operations of The Ned New York, which opened in June 2022, leading to a receivable of $6 million and $6 million reported within "Accounts receivable, net" in the unaudited condensed consolidated balance sheet as of September 28, 2025 and December 29, 2024. The fees totaled less than $1 million and less than $1 million during the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and $1 million and $1 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively, and they are reported within "Other Revenues" in the unaudited condensed consolidated statement of operations. The Ned New York also recognized a receivable, reported within "Accounts receivable, net" in the unaudited condensed consolidated balance sheet, relating to Retail related revenue from Soho House brands for less than $1 million and less than $1 million as of September 28, 2025 and December 29, 2024, respectively. The revenue recognized from the Retail related services was less than $1 million and less than $1 million for the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and less than $1 million and less than $1 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively, reported within "Other Revenues" in the unaudited condensed consolidated statement of operations.

The Company recognized management fees and cost reimbursements from Oryx Corniche Developments QPSC (an affiliate of The Yucaipa Companies, LLC, until April 2024 when ownership was transferred to a third party) related to the operations of The Ned Doha, which opened in November 2022. The management fees totaled $2 million during the 39 weeks ended September 29, 2024 and they are reported within "Other Revenues" in the unaudited condensed consolidated statement of operations.

The Company received management fees under our hotel management contract for the operation of The LINE and Saguaro hotels from LA Wilshire Hotel LLC (the legacy hotel management contract for the LINE LA property was amended and restated on June 4, 2025 contemporaneously with entry into a new equity method investment, as further described in Note 4, Equity Method Investments), Adams Morgan Hotel Owner LLC (the legacy hotel management contract for the LINE DC property which The Company signed a lease with an external third party in July 2025 when the ownership interest transferred to a third party), Downtown Austin Lakeside Hotel LLC and Palm Canyon Hotel LLC as the owners of the LINE and Saguaro hotels, which are affiliates of Yucaipa. These fees led to a receivable of $4 million and $12 million reported within "Accounts receivable, net" in the unaudited condensed consolidated balance sheet as of September 28, 2025 and December 29, 2024. The fees, recorded under Other Revenue, amounted to $1 million and $3 million during the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and $4 million and $8 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively. As further described in Note 4, Equity Method Investments, certain of the Company's wholly owned subsidiaries entered into a series of agreements on June 4, 2025 to acquire a new equity method investment, the LINE LA Hotel Joint Venture with CREP LA Hotel Holdings LLC ("Corten") representing an ownership interest in the LINE LA Hotel, a property that the Company previously managed pursuant to a hotel management agreement. Under the terms of the agreements, SAGL HoldCo LLC, a wholly owned subsidiary of the Company, contributed initial capital of $15 million and its legacy outstanding $9 million accounts receivable (relating to the hotel management services and shared services provided to the LINE LA Hotel in prior periods pursuant to the legacy hotel management agreement).

The Company recognized management fees under our studio, hotel and restaurant management contract for the operation of Redchurch Street studio space, hotel and Cecconi's from an affiliate of Raycliff Capital, LLC which was controlled by a former director of the board of the Company who

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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resigned from the board on June 20, 2024. The fees totaled less than $1 million during the 39 weeks ended September 29, 2024 and they are reported within "Other Revenues" in the unaudited condensed consolidated statement of operations.

*Design Service Management Agreements with Related Parties*

Fees received from the provision of Soho House Design services to affiliates, Oryx Corniche Developments QPSC (which was an affiliate of The Yucaipa Companies, LLC, until April 2024 when ownership was transferred to a third party) and GH123GREENWICH LLC, have led to a receivable totaling less than $1 million and less than $1 million reported within "Accounts receivable, net" in the unaudited condensed consolidated balance sheet as of September 28, 2025 and December 29, 2024, respectively. The fees received from affiliates totaled less than $1 million and less than $1 million during the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and less than $1 million and $1 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively, and they are reported within "Other Revenues" in the unaudited condensed consolidated statement of operations. Costs incurred on behalf of GH123Greenwich LLC, GH 1170 Broadway and 730 15th Street Club LLC in connection with the provision of Soho House Design services led to a receivable for $1 million and less than $1 million, which is reported within "Accounts receivable, net" as of September 28, 2025 and December 29, 2024. The Soho House Design services led to a payable of less than $1 million and less than $1 million as of September 28, 2025 and December 29, 2024 which is reported within "Accounts payable" in the unaudited condensed consolidated balance sheet. The fees recognized relating to Soho House Design services on behalf of associates totaled less than $1 million and less than $1 million for the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and less than $1 million and less than $1 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively, and they are reported within "Other Revenues" in the unaudited condensed consolidated statement of operations.

The Company reported a combined total amount related to the transactions listed above of $25 million and $33 million in current assets as of September 28, 2025 and December 29, 2024 in the unaudited condensed consolidated balance sheet. The Company reported a combined related party receivable of $20 million and $31 million as of September 28, 2025 and December 29, 2024, respectively, reported within "Accounts receivable, net". Further, included within "Accounts receivable, net" are non-secured and non-interest bearing advances in the amount of $5 million as of December 29, 2024, held with The LINE and Saguaro hotel entities. Of the outstanding accounts receivable balances, $9 million was derecognized in full on June 4, 2025 upon entry into a new equity method investment, the LINE LA Hotel Joint Venture, as further described in Note 4, Equity Method Investments. The Company reported a combined accrued revenue of $5 million and $1 million as of September 28, 2025 and December 29, 2024, respectively, reported within "Prepaid expenses and other current assets." The Company reported a combined right-of-use asset of $25 million and $26 million as of September 28, 2025 and December 29, 2024, respectively, reported within "Operating lease assets" in the unaudited condensed consolidated balance sheet.

Included in current liabilities in the unaudited condensed consolidated balance sheet are amounts due to related parties listed above of $1 million and $1 million reported within "Current portion of operating lease liabilities - sites trading more than one year" as of September 28, 2025 and December 29, 2024, respectively. The related combined long term lease liability amounts to $34 million and $34 million reported in "Operating lease liabilities, net of current portion - sites trading more than one year" as of September 28, 2025 and December 29, 2024, respectively. Further, the Company recognized a payable, recorded within "Accounts payable", of less than $1 million and $3 million as of September 28, 2025 and December 29, 2024, respectively, related to transactions listed above.

The Company reported in the unaudited condensed consolidated statement of operations a combined amount of revenue generated from related party transactions listed above of $2 million and $5 million during the 13 weeks ended September 28, 2025 and September 29, 2024, respectively, and $9 million and $15 million during the 39 weeks ended September 28, 2025 and September 29, 2024, respectively, reported in "Other revenue". The straight-line rent recorded within "In-House operating expenses" associated with the related party leases listed above amounts to $1 million and $3 million for the 13 weeks ended September 28, 2025 and September 29, 2024, and $4 million and $14 million for the 39 weeks ended September 28, 2025 and September 29, 2024 respectively.

The Company is party to various transactions with affiliates of Yucaipa, as identified above. Yucaipa, through its participation in the Voting Group, has significant influence over us, including control over decisions that require the approval of stockholders. The Voting Group constitutes our Founder and director Nick Jones, Richard Caring a director, and certain affiliates of Yucaipa and its Founder and our executive chairman and a director, Ron Burkle, together with their respective family members and certain affiliates.

**17. Subsequent Events**

*Soho Works Limited Loan* In 2017, Soho Works Limited ("SWL") entered into a term loan facility agreement for a £40 million term loan facility. The SWL loan bears interest at 7% and originally matured on September 29, 2022. On November 5, 2025 this loan was extended and the maturity date is now September 29, 2026 after having previously been extended to September 29, 2025 by an amendment entered into on March 15, 2024. Per the amended loan agreement signed on November 5, 2025, interest is payable on a calendar quarterly basis, SWL is not entitled to draw down any additional amount on the loan, and SWL is required to repay £3 million ($3 million) of the loan balance within 30 days of the amended agreement.

*The Ned, The LINE and Saguaro JV*

On November 6, 2025, Soho House U.S Corp., a Delaware corporation, ("SHUS"), a wholly owned subsidiary of the Company, entered into a contribution and transfer agreement (the "Contribution Agreement") with OA3 LLC, a California limited liability company and an affiliate of the Yucaipa Companies LLC ("Yucaipa") and Claremont Collection LLC, a newly formed Delaware limited liability company, (the "JV") pursuant to

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**Soho House & Co Inc.**

**Notes to Condensed Consolidated Financial Statements (Unaudited)**

**As of September 28, 2025 and December 29, 2024 and for the 13 weeks and 39 weeks ended September 28, 2025 and September 29, 2024**

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which SHUS acquired a 49% equity interest in the JV in exchange for contributing to the JV (i) approximately $22 million of outstanding receivables related to services provided under various legacy hotel management agreements with certain affiliates of Yucaipa, (ii) the Company's full equity interests in four hotel operating entities that manage and operate The Ned hotel sites and The LINE and Saguaro hotels together with the trademarks and other operating assets of The LINE and Saguaro brands, and (iii) less than $1 million of working capital funding (the "Transaction"). Pursuant to the terms of the Contribution Agreement, Yucaipa acquired a 51% controlling interest in the JV. The Contribution Agreement includes a customary working capital adjustment mechanism.

Pursuant to the terms of the Contribution Agreement, SHUS and Yucaipa have agreed to a full release and discharge for each party and their respective affiliates, stockholders, officers, employees, members, and directors from any and all claims which either party may have arising on or prior to the date of the Contribution Agreement arising out of any matter, cause or event relating to the assets contributed to the JV by either party and/or the management services previously provided by the affiliates of SHUS to the relevant hotels.

In connection with the Transaction, SHUS and Yucaipa also entered into a limited liability agreement governing the rights and obligations of each of SHUS and Yucaipa in relation to the operation of the JV, including that Yucaipa would act as sole managing member of the JV with customary minority rights for SHUS.

SHUS, Yucaipa and the JV have entered into a shared services agreement that governs SHUS and its affiliates' provision of certain services to the JV to support the management agreements for the hotels to be operated by the JV. In connection with the Contribution Agreement, the JV also entered into a management agreement with an affiliate of SHUS for the management of the LINE DC and a management agreement with an affiliate of Yucaipa for the management of The Ned DC.

Yucaipa, through its participation in the Voting Group (as defined in Note 16 Related Party Transactions and Balances), has significant influence over the Company, including control over decisions that require the approval of stockholders. As a result, this transaction will be accounted for by the Company as an equity accounting transaction under common control.

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| | |
|:---|:---|
| **Item 2.** | **Management's Discussion and Analysis of Financial Condition and Results of Operations.** |

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*Management's discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and notes thereto and the related Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024.*

*In addition to historical financial information, this discussion and other parts of this report contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, based upon current expectations that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the "Risk Factors" section in this Quarterly Report on Form 10-Q, and under Part II, Item 1A below. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ from those anticipated. These statements are based upon information currently available to us, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements, like all statements in this report, speak only as of their date, and we undertake no obligation to update or revise these statements in light of future developments. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.*

**Overview**

SHCO is a global membership platform that connects a vibrant, diverse group of members from across the world. These members use the platform to both work and socialize, to connect, create, have fun and drive a positive change. The central pillar of SHCO is Soho House, which drives the majority of our membership and revenue today. A Soho House membership offers access to a network of distinctive and carefully curated Houses, across The Americas, the United Kingdom, Europe and Asia, which serve as the cornerstone of our member experience. We enhance our member experience through our digital channels, including the Soho House App and our website.

Over the last 30 years, we have expanded our membership expertise and diversified our offerings—both physically and digitally. As of September 28, 2025, we had approximately 269,600 members (including approximately 213,800 Soho House Members) who engage with SHCO through our global portfolio of 46 Soho Houses, 8 Soho Works, Scorpios Beach Clubs in Mykonos and Bodrum, Soho Home, our interiors and lifestyle retail brand, and our digital channels. The Ned hotels in London, New York and Doha and The LINE and Saguaro hotels in The Americas also form part of SHCO's wider portfolio via management and finance lease agreements to operate the properties.

Our membership expertise, honed through the growth of Soho House, has led to our evolution into Soho House & Co, a home to numerous memberships including Cities Without Houses, Soho Works, Soho Friends, and Ned's Club. By designing, curating and growing our membership offering, our membership platform can quickly and easily respond to shifting lifestyle trends and the evolution of our members' needs. Our memberships work together, allowing us to reach new audiences with a set of interconnected offerings.

Our membership has remained resilient through multiple economic cycles and other macroeconomic dislocations, including the recent COVID-19 pandemic. The power of our model is driven by the important role we believe that we play in our members' lives and the value we consistently provide them for their membership fees. We believe our retention compares favorably to leading consumer subscriptions or memberships—across music, media, fitness, entertainment and commerce—despite, in many cases, their significantly lower price points.

The demand for our membership is also demonstrated by our large and growing SHCO global waitlist, which as of September 28, 2025 stands at over 111,000 applicants. Awareness of our distinct membership offerings and their scarcity is spread by our members organically through word of mouth, social media and press coverage.

Further, we have observed a secular shift in the ways that people live and work with less time spent in traditional corporate offices and more time in social spaces that encourage creativity and mutual engagement. We believe that these trends will only accelerate, and that the freedom to be able to choose where to live and work will likely have a significant impact on our target market. We believe this will create even greater demand for curated communities that can grow and thrive in thoughtfully designed, purpose-driven spaces.

Membership Revenues are comprised of annual membership fees and one-time initial registration fees paid by members. In-House Revenues include all revenues realized within our Houses, including food and beverage, accommodation, and spa products and treatments. We view Membership Revenues and In-House revenues as interrelated, although there is no minimum spend for any member on our In-House offerings that generate In-House Revenues. In practice the significant majority of In-House Revenues are generated by our members, and the pricing of our In-House offerings reflects that accordingly, with pricing of such In-House offerings being identical for both members and non-members.

Other revenues include all revenues not realized within our Houses, including Scorpios, Soho Works, stand-alone restaurants, design and procurement fees from Soho House Design, Soho Home and Cowshed retail products and other revenues from products and services that we provide outside of our Houses, as well as management fees from hotel management contracts for The Ned Sites and The LINE and Saguaro hotels.

*Our Membership Platform*

All of our memberships have been built to enrich the lives of their members, as well as expand our membership offering to a broader audience.

*Soho House*

Soho House remains at the core of our membership platform by creating a foundation upon which additional membership businesses can be built and scaled.

Every House annual membership fee is approximately $5,400, excluding local sales taxes, which provides access to all of our Houses globally. Our Houses attract members from every demographic, with members from "Generation Z" (27 years old and younger) and "Millennials" (28 to 43 year-olds)

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constituting the fastest-growing cohorts. We believe the pricing of our In-House offerings represents great value to our members because of the level of quality provided, reinforcing the overall membership experience, rewarding their brand loyalty and creating opportunities for future and recurring revenues.

We created the following types of membership under Soho House to reach a broader audience and enhance the experience of our existing members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Cities Without Houses*

This membership allows us to welcome members to our global community in new geographies where we do not have a physical House. Through this membership we are able to generate additional revenues on our existing base of Houses and gather intelligence for future growth, which we have leveraged to open new Houses in certain locations, including Mexico City, Mexico (September 2023), Portland, USA (March 2024), Sao Paulo, Brazil (June 2024) and planned future openings in places such as Manchester, United Kingdom and Milan, Italy. As of September 28, 2025, we had 14,116 CWH members across 85 cities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Soho Friends*

Through this membership we offer access to some physical House spaces, including Soho House bedrooms, and screenings, with additional benefits from our restaurants, spas and online retail brands to an audience who enjoy the Soho House offerings but do not have a Soho House Membership. Soho Friends annual membership is approximately $130 and does not provide full access to our Houses. As of September 28, 2025, we had 49,845 Soho Friends members. We intend to grow this membership brand in a measured way so that our Soho House Members continue to account for the majority of visitors to our Houses and restaurants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Soho Works*

Soho Works provides its members with the space and resources to work alongside other like-minded individuals and businesses—facilitating connections and providing the tools to flourish. Aimed primarily at existing Soho House and Soho Friends members, with locations in LA, New York and London, Soho Works draws on the same design principles and membership ethos as Soho House, but is a space purposed entirely for work and creative collaboration. As of September 28, 2025, we had 5,931 Soho Works members. Soho Works membership rates vary by location and Soho House membership status. For Adult Paying Members, a US Soho Works membership ranges from $200 to $1,000 per month, depending on membership type.

*Scorpios Beach Club*

Scorpios is a well-established globally recognized brand, focused on enriching the lives of its guests who are looking to escape from their daily lives, with two locations currently open. The original Scorpios, set in a cove on the southern tip of Mykonos, offers a one of a kind beach experience with a restaurant, terraces and daybeds, and a distinctive wellness offering. The second location, which opened in Bodrum, Turkey, in June 2024, offers similar seaside restaurant and terrace experiences, and also includes 12 bungalows equipped with private pools. We believe the Scorpios concept has significant potential to expand further, with the expectation to open a third site in Tulum, Mexico.

*The Ned*

The Ned brand seeks to embody a "city within a city" full-service destination, by playing host to multiple restaurants, bedrooms, a range of grooming services, spa, gym and a full-service members' club. The membership offered by The Ned ("Ned's Club") including Ned's Friends is aimed at a broader group of professional people. As of September 28, 2025, Ned's Club London, New York, and Doha had approximately 4,900 members. The Ned offers its members The Ned's Club app, which allows members to make bookings, publish benefits, events and club related information. We receive management fees under hotel management contracts for The Ned's Club London, New York and Doha.

*The LINE*

On June 22, 2021, we acquired the operating agreements relating to the 'The LINE' and 'Saguaro' hotels. The transaction broadened our geographic reach in North America. The hotels that are currently operational are located in Los Angeles, Washington D.C., Austin and Palm Springs, and among them offer a variety of food and beverage offerings together with approximately 1,300 hotel rooms. We receive management fees under hotel management contracts for the operation of these hotels, except for The LINE DC hotel which is operated under a finance lease agreement and The LINE LA property for which the Company holds an ownership interest. Refer to Note 5, Leases and Note 4, Equity Method Investments, respectively, of the condensed consolidated financial statements for further information.

On November 6, 2025, Soho House U.S. Corp. ("SHUS"), a wholly owned subsidiary of the Company, entered into an agreement to transfer the Ned and the LINE and Saguaro hotel management agreements into a joint venture entity formed with OA 3 LLC, an affiliate of Yucaipa. Following this transaction, the Company will no longer hold hotel management agreements for these properties but an equity interest in the new joint venture entity. Refer to Note 17, Subsequent Events of the condensed consolidated financial statements for further information.

*The Merger*

On August 15, 2025, the Company entered into the Merger Agreement, pursuant to which, subject to the satisfaction or waiver of certain conditions, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation. If the Merger is completed, each outstanding share of Class A common stock (other than the Rollover Shares (as defined below) held by the Reinvestment Stockholders (as defined below), which will remain outstanding and be unaffected by the Merger, and certain other excluded shares) will be cancelled and extinguished and automatically converted into the right to receive $9.00 in cash, without interest thereon and subject to applicable withholding taxes (the "Per Share Price"). Certain of the Company's existing stockholders, including affiliates of Yucaipa and its founder and our Executive Chairman and a member of the Company's board of directors (the "Board"), Ron Burkle; Nick Jones, our founder and a member of the Board; Richard Caring and Mark Ein, members of the Board; Andrew Carnie, our Chief Executive Officer; Tom Collins, our Chief Operating Officer; and certain affiliates of Goldman, Sachs & Co. LLC (collectively, the "Reinvestment Stockholders") have agreed that certain of the shares of the Company's common stock held by them (the "Rollover Shares") will remain outstanding and be unaffected by the Merger. Following the Merger, our Class A common stock will be delisted from The New York Stock Exchange and the Company will become a privately held company.

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It is presently anticipated that the cash necessary to complete the Merger will be funded by the Debt Financing, the Equity Financing and any Subscription Agreements (as defined below) (or otherwise funded with the Company's cash on hand), as such sources are described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Debt Financing:** In connection with the execution of the Merger Agreement, Soho House Holdings Limited ("Soho House HoldCo") entered into a subordinated debt commitment letter (the "HoldCo Debt Commitment Letter") with Apollo Capital Management, L.P. ("ACM"), AGS and one or more investment funds, separate accounts and other entities owned (in whole or in part), controlled, managed and/or advised by ACM or its affiliates ("Apollo") and certain advised funds and managed accounts of Goldman Sachs Asset Management, L.P. and BSCH III Designated Activity Company and any affiliate investment entity and/or other affiliate of Goldman Sachs Asset Management, L.P. or any fund, investor, entity or account that is managed, sponsored or advised by Goldman Sachs Asset Management, L.P. or its affiliates (the "GS Principal Investors" and, together with Apollo, the "HoldCo Financing Sources"). Pursuant to the HoldCo Debt Commitment Letter, and subject to the terms and conditions set forth therein, the HoldCo Financing Sources have committed to provide Soho House HoldCo with a senior unsecured notes facility in an aggregate principal amount of $150.0 million (the "HoldCo Notes Facility"). Also in connection with the execution of the Merger Agreement, Soho House Bond Limited ("Soho House OpCo") entered into a debt commitment letter with Apollo (the "OpCo Financing Sources"), pursuant to which, subject to the terms and conditions set forth therein, the OpCo Financing Sources have committed to provide Soho House OpCo with a senior secured first lien notes facility in an aggregate principal amount of $695.0 million (the "Senior Secured Facility" and, together with the HoldCo Notes Facility, the "Debt Financing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Equity Financing:** Certain equity investors, including ACM, certain affiliates of MCR Investors LLC and a group of investors led by Ashton Kutcher and Daniel Rosensweig (collectively, the "Equity Investors") have delivered commitment letters pursuant to which they have committed, subject to the terms and conditions thereof, to purchase shares of Merger Sub's common stock, par value $0.01 per share, at or prior to the effective time of the Merger to fund a portion of the consideration to be paid to the Company's stockholders in connection with the Merger (the "Equity Financing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Subscription Agreements or Cash on Hand:** The Merger Agreement provides that the Company may raise incremental equity financing of up to $67.0 million pursuant to subscription agreements (any such agreements, the "Subscription Agreements" and any such investors, "Subscription Investors"), in order to contribute to the Closing Cash Funding Amount (as defined in the Merger Agreement). Any of the portion of the Closing Cash Funding Amount that is not obtained through Subscription Agreements will instead be funded by the Company's cash on hand.

The foregoing description of the agreements described above and the transactions contemplated thereby is subject to, and qualified in its entirety by reference to, the full text of such agreements, which are included as annexes to the Company's preliminary proxy statement with respect to the Merger (the "Proxy Statement").

**Factors Affecting Our Business**

We believe the coveted lifestyle brand we have created has significant and proven growth potential. This potential, combined with the stability of our membership base, we believe will enable us to maintain our position as an industry leader in the future. We expect to grow our member base by growing the number of Soho Houses, continuing to scale our existing membership brands and launching and growing new membership brands. We believe our track record in expanding and growing our platform will position us to achieve significant and sustained growth.

A significant portion of our revenues is derived from House Revenues which consist of Membership Revenues and In-House Revenues. Our Membership Revenues, which are reflective of our steady and growing global brand, help to provide us with a recurring revenue base that limits the impact of fluctuations in regional economic conditions.

Our business and future performance is also affected by a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*The ability to grow our member base.* Long-term member growth is a direct driver of Membership Revenue growth and an important factor in driving In-House Revenue growth. The impact of long-term member growth on Membership Revenues can be particularly impactful to our earnings given the lower direct expenses associated with incremental Membership Revenues relative to our other revenue streams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Our ability to grow In-House Revenues*. In addition to their annual membership fee, our members pay for goods and services that they consume, which we refer to as In-House Revenues. We continue to actively develop the offerings in our Soho Houses and our other membership brands to improve overall experience and capture greater spend on food and beverage, accommodation, spa services, private events and our other goods and services. We believe that the pricing of our In-House offerings, which is reflective of the membership fees we receive from members who consume most of our In-House offerings, represents great value to our members for the level of quality provided, reinforcing the overall membership experience, rewarding brand loyalty and creating the opportunity for future revenue enhancement. Our proven ability to drive long-term member growth at existing Houses is also an important contributing factor in sustaining In-House Revenue growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Our ability to adjust membership pricing*. As we expand our number of Soho Houses globally and continue to invest in maintaining the quality of our existing Soho Houses, we are able to grow Membership Revenues by periodically reviewing our membership fee rates, as well as migrating members from Local House to Every House membership, which also has the effect of increasing Membership Revenues. Contrary to traditional hospitality companies which may experience brand dilution as they expand, the value of our membership and brand strengthens as we expand into new cities and properties. As we expand globally, the value of an Every House membership becomes more compelling to both new and existing members, enhancing our revenue potential. Historically, our membership price increases have not had a material impact on our retention rates and we believe this provides a strong indication of demand and price inelasticity for our memberships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Our ability to grow our membership brands and products*. We believe the strength of our brand and our culture of creativity and innovation will allow us to continue to capitalize on opportunities in complementary concepts and product lines and that our adjacent lines of business can achieve substantial stand-alone scale. Our expansion into new products and businesses can contribute meaningfully to our revenue in the future as we tap into our existing and growing membership base.

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**Reportable Segments**

Our operations consist of three reportable segments (United Kingdom, The Americas, Europe and Rest of the World ("RoW")) and one non-reportable segment that we present as "All Other". Each of our segments includes all operations in that region including our Houses and all associated facilities, spas and stand-alone restaurants. The historical North America reportable segment has been renamed to The Americas; however, there is no change to the manner in which the segment was previously presented. Refer to Note 15, Segments in this Quarterly Report on Form 10-Q for more information on reportable segments.

**Key Performance, Operating Metrics and Additional Financial Measures and Other Data Evaluated by Management**

In assessing the performance of our business, we consider a variety of operating and financial measures and metrics. These measures and metrics include:

***NUMBER OF SOHO HOUSES***. The number of Soho Houses reflects the total number of Soho Houses in operation in any period, irrespective of whether each House is (i) controlled by us, (ii) operated through a non-controlling interest in a joint venture or (iii) operated under a management contract.

We review the number of members from all Houses to assess new member growth, total House Revenues, and House-Level Contribution.

***NUMBER OF SOHO HOUSE MEMBERS***. Our Soho House membership model is an integral part of our business and has a significant impact on our profitability and financial performance. Typically, members hold an Every House membership or a Local House membership. Member count is the primary driver of Membership Revenues and is also a critical factor in driving In-House Revenues as members utilize the offerings that are provided within the Houses. Soho House members include all active, frozen and non-paying members.

The extent to which we achieve growth in our membership base, retain existing members and periodically increase our membership fee rates will impact our profitability. We have historically enjoyed strong member loyalty, reflected by very high retention rates. Robust demand for our memberships is also evidenced by considerable wait lists for our Houses.

The year-over-year increase in our total number of Soho House Members is driven by a combination of increases in membership at existing Houses and members from new Houses.

***SOHO HOUSE MEMBER RETENTION.*** Soho House Member Retention is defined as the number of Adult Paying Members (being all Soho House members excluding child members and complimentary members) at the beginning of a period less the number of Adult Paying Members who canceled their membership during that same period (without giving any effect to Adult Paying Members who froze their memberships during such period), as a proportion of total Adult Paying Members at the beginning of such period.

***NUMBER OF OTHER MEMBERS***. Other members include members of Soho Works and Soho Friends are key to our growth strategy and enhancing our Soho House member experience. Like Adult Paying members, other memberships are an integral part of our business and we believe will have a significant impact on our profitability and financial performance in the future.

***FROZEN MEMBERS***. Frozen Members refers to Adult Paying Members who have elected to suspend their membership payments on a six, nine- or twelve-month basis during which period the member is not able to gain access to a Soho House site as a member, access our membership Apps, or book bedrooms or Cowshed treatments or products on discounted member rates. Frozen Members are not included in Adult Paying Members, but are included in the total number of Soho House members.

***MEMBERSHIP REVENUES***. Membership Revenues are comprised of House Membership Revenues (as defined below) and Non-House Membership Revenues (as defined below). House Membership Revenues and Non-House Membership Revenues are each comprised primarily of annual membership fees and one-time registration fees which are amortized over 20 years. The one-time registration fee is no longer applicable to new members admitted from April 4, 2022; see "House Introduction Credits" below. Membership Revenues are a function of the number of members, membership mix, and membership pricing. For GAAP, we report Membership Revenues only from Houses and sites in which we own a controlling interest. Our membership pricing varies by geographic segment and membership offering and, as such, our mix of House and Soho Works club openings can affect our revenue growth and profitability over time. Prices are generally higher in The Americas and the RoW compared with the UK and Europe. Membership Revenues provide a stable and recurring source of revenues which have few direct costs and, as such, is a reliable and predictable source of cash flow.

***HOUSE INTRODUCTION CREDITS.*** New members admitted from April 4, 2022 have been required to purchase House Introduction Credits as part of their membership, per the House rules. House Introduction Credits are credits of an equivalent value to cash within Houses and are redeemable to purchase food and beverage items, and bedroom stays, at the Houses. House Introduction Credits expire after the first three months from the date of issuance, where legally permitted in the regions we operate, if not utilized or if the Company terminates a member's House membership. House Introduction Credits are recognized upon issuance as deferred revenue on our consolidated balance sheets. Revenue from House Introduction Credits are recognized as In-House revenues when redeemed by members, and as breakage revenue within Membership revenues upon expiration or in the period that we are able to reliably estimate expected breakage to the extent that they are unredeemed, are recognized.

***HOUSE MEMBERSHIP REVENUES***. House Membership Revenues are comprised primarily of annual membership fees and one-time legacy registration fees from Adult Paying Members which are amortized over 20 years. The one-time registration fee is no longer applicable to new members admitted from April 4, 2022; see "House Introduction Credits" above.

***IN-HOUSE REVENUES***. In-House Revenues refer to all revenues realized within our Houses, and primarily includes revenues from food and beverage, accommodation, and spa products and treatments.

***HOUSE REVENUES***. House Revenues are defined as Membership revenues plus In-House revenues, less Non-House Membership Revenues. Our management views House Membership Revenues and In-House Revenues as interrelated and their aggregation as important in tracking House performance. Although there is no minimum spend for any member on In-House offerings, in practice most members consume food and beverage,

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accommodations and other offerings at our Houses. The pricing of our In-House offerings is reflective of the fact that the significant majority of In-House offerings that generate In-House revenues are consumed by members who also pay a membership fee in relation to that House, with pricing of such In-House offerings being identical for both members and non-members.

***OTHER REVENUES***. Other revenues are defined as total revenues that are not realized within our Houses, including revenues from Scorpios, Soho Works and our stand-alone restaurants, procurement fees from SHD, Soho Home retail products and Cowshed services and brand license fees and other revenues from products and services that we provide outside of our Houses. Additionally, this category also includes management fees from hotel management contracts for The Ned Sites and the LINE and Saguaro hotels.

***ADJUSTED OTHER REVENUES***. Adjusted Other Revenues is defined as Other Revenues plus non-House Membership Revenues.

***NON-HOUSE MEMBERSHIP REVENUES***. Non-House Membership Revenues are comprised of Soho Works membership revenues and Soho Friends membership revenue.

***ACTIVE APP USERS***. Active App Users is defined as unique users who have logged into any of our membership Apps within the previous three months.

***AVERAGE DAILY RATE ("ADR").*** Average Daily Rate represents the average rental income per paid occupied room. We believe this is a meaningful indicator of our performance.

***REVENUE PER AVAILABLE ROOM ("RevPAR").*** The key industry standard for measuring hotel-operating performance is RevPAR, which is calculated by multiplying the percentage of occupied rooms to available rooms by the ADR realized. We believe RevPAR is a meaningful indicator of our performance because it measures the period-over-period change in room revenues for comparable properties. RevPAR may not be comparable to similarly titled measures, such as revenues, and should not be viewed as necessarily correlating with our revenue. We also believe occupancy and ADR, which are components of calculating RevPAR, are meaningful indicators of our performance. Where this is presented on a like-for like basis, RevPAR is adjusted for new or divested sites, for example Houses that were not open in the comparison period.

**Non-GAAP Financial Measures**

We refer to Adjusted EBITDA, House-Level Contribution, House-Level Contribution Margin, Other Contribution and Other Contribution Margin throughout this Quarterly Report on Form 10-Q, as we use these measures to evaluate our operating performance and each of these measures is defined in "Non-GAAP Financial Measures." We believe these measures are useful to investors in evaluating our operating performance. Adjusted EBITDA, House-Level Contribution, House-Level Contribution Margin, Other Contribution and Other Contribution Margin are all supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP. Adjusted EBITDA, House-Level Contribution, House-Level Contribution Margin, Other Contribution and Other Contribution Margin should not be considered as substitutes for GAAP metrics such as Operating Income (Loss) and Net Income (Loss) or any other performance measure derived in accordance with GAAP. Some of our financial and operational data that we disclose in this Quarterly Report on Form 10-Q are presented on a 'constant currency' basis to isolate the effect of currency changes during the period. Where we refer to a measure being calculated in 'constant currency', we are calculating the USD change and the percent change as if the exchange rate that is being used in the current period was in effect for the prior period presented. We believe that this calculation provides a more meaningful indication of actual year-over-year performance and eliminates the fluctuations from currency exchange rates.

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**KEY PERFORMANCE AND OPERATING METRICS**

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 28,<br>2025** | **September 29,<br>2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| **Number of Soho Houses** | **46** | **45** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Americas | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe/RoW | 15 | 14 |
| **Number of Soho House Members** | **213830** | **208078** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Americas | 79901 | 79020 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 72921 | 72777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe/RoW | 46892 | 44402 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other | 14116 | 11879 |
| **Number of Other Members** | **55776** | **59416** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Americas | 15573 | 16081 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 33072 | 35630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe/RoW | 7131 | 7705 |
| **Number of Total Members** | **269606** | **267494** |
| **Number of Active App Users** | **217106** | **212993** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **September 28,<br>2025** | **September 29,<br>2024** | **September 28,<br>2025** | **September 29,<br>2024** | **September 28,<br>2025** | **September 29,<br>2024** |
|  | **Actuals** | **Actuals** | **Constant Currency**<sup>(1)</sup> | **Constant Currency**<sup>(1)</sup> | **Actuals** | **Actuals** | **Constant Currency**<sup>(1)</sup> | **Constant Currency**<sup>(1)</sup> |
|  | **(Unaudited, dollar amounts in thousands, except percentages)** | **(Unaudited, dollar amounts in thousands, except percentages)** | **(Unaudited, dollar amounts in thousands, except percentages)** | **(Unaudited, dollar amounts in thousands, except percentages)** | **(Unaudited, dollar amounts in thousands, except percentages)** | **(Unaudited, dollar amounts in thousands, except percentages)** | **(Unaudited, dollar amounts in thousands, except percentages)** | **(Unaudited, dollar amounts in thousands, except percentages)** |
| **Operating income (loss)** | $**(6004)** | $**37884** | $**(6004)** | $**36127** | $**88611** | $**615** | $**88611** | $**(10176)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss margin | (2)% | 11% | (2)% | 11% | 9% | 0% | 9% | 0% |
| **House-Level Contribution** | $**67428** | $**60835** | $**67428** | $**61576** | $**191631** | $**167717** | $**191631** | $**170173** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;House-Level Contribution Margin | 28% | 28% | 28% | 28% | 27% | 26% | 27% | 26% |
| **Other Contribution** | $**36021** | $**27064** | $**36021** | $**27592** | $**58199** | $**50287** | $**58199** | $**51455** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Contribution Margin | 27% | 24% | 27% | 24% | 20% | 20% | 20% | 20% |
| **Adjusted EBITDA** | $**53774** | $**48281** | $**53774** | $**49400** | $**146866** | $**99612** | $**146866** | $**102712** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 15% | 14% | 15% | 14% | 15% | 11% | 15% | 11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

------

**Results of Operations**

***Comparison of the 13 weeks ended September 28, 2025 and September 29, 2024*** 

The following table summarizes our results of operations for the 13 weeks ended September 28, 2025 and September 29, 2024 (in thousands, except percentages):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** |  |  |  |
|  | **September 28,<br>2025** | **September 29,<br>2024** |  | **September 29,<br>2024<br>Constant** |  |
|  | **Actuals** | **Actuals** |  | **Currency**<sup>(1)</sup> |  |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **Change %** | **(Dollar amounts in thousands)** | **Constant<br>Currency<br>Change %**<sup>(1)</sup> |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Membership revenues | $122702 | $107394 | 14% | $108700 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;In-House revenues | 126088 | 120658 | 5% | 122375 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | 121960 | 105316 | 16% | 107387 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 370750 | 333368 | 11% | 338462 | 10% |
| **Operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In-House operating expenses (exclusive of depreciation and amortization) | (172211) | (158790) | 8% | (162472) | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses (exclusive of depreciation and amortization) | (95090) | (86679) | 10% | (88689) | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses (exclusive of depreciation and amortization) | (48209) | (39672) | 22% | (40592) | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-opening expenses | (3484) | (2561) | 36% | (2620) | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (26649) | (26017) | 2% | (26620) | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | (3505) | (3513) | (0)% | (3594) | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain (loss), net | (14048) | 39591 | n/m | 40509 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of long-lived assets and intangible assets |  | (14068) | (100)% | (14394) | (100)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (13558) | (3775) | n/m | (3863) | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | (376754) | (295484) | 28% | (302335) | 25% |
| **Operating income (loss)** | (6004) | 37884 | n/m | 36127 | n/m |
| **Other (expense) income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (22560) | (20658) | 9% | (21137) | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on sale of property and other, net | 26 | (236) | n/m | (241) | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of income of equity method investments | 637 | 1754 | (64)% | 1795 | (65)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (21897) | (19140) | 14% | (19583) | 12% |
| **Income (loss) before income taxes** | (27901) | 18744 | n/m | 16544 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit | 10891 | (18026) | n/m | (18444) | n/m |
| **Net income (loss)** | **(17010)** | **718** | **n/m** | **(1900)** | **n/m** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests | (1698) | (543) | n/m | (556) | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Soho House & Co Inc.** | $**(18708)** | $**175** | n/m | $**(2456)** | n/m |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

------

**Components of Operating Results**

***Revenues***

*Total Revenue* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Total revenues** | $370750 | $333368 | 11% | 10% |
| &nbsp;&nbsp;The Americas | 119453 | 113668 | 5% | 5% |
| &nbsp;&nbsp;United Kingdom | 109063 | 100266 | 9% | 6% |
| &nbsp;&nbsp;Europe/RoW | 97190 | 81161 | 20% | 17% |
| &nbsp;&nbsp;All Other | 45044 | 38273 | 18% | 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

*Membership Revenue*s

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Membership revenues** | $122702 | $107394 | 14% | 13% |
| &nbsp;&nbsp;The Americas | 56894 | 51089 | 11% | 11% |
| &nbsp;&nbsp;United Kingdom | 36364 | 31822 | 14% | 12% |
| &nbsp;&nbsp;Europe/RoW | 14228 | 11758 | 21% | 18% |
| &nbsp;&nbsp;All Other | 15216 | 12725 | 20% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Membership revenues increased by 14% to $122,702 for the 13 weeks ended September 28, 2025 driven by an increase in Adult Paying Members of approximately 3%, or 4,300, who joined after the end of the third quarter of Fiscal 2024. Additionally, all Soho House Adult paying fees were increased at the start of Fiscal 2024, impacting members on their renewal date throughout Fiscal 2024.

All Soho House Adult paying fees increased in January 2025, with in general a high single-digit percentage price rise for existing members and a low double-digit percentage increase in price for new members. This increase will impact new members on the date they join and existing members on their renewal date.

There was also an increase in Non-House Membership revenues of $724. This was driven by Soho Works as a result of increased membership fees in Fiscal 2024, partially offset by a reduction in the number of Soho Friends members in comparison to the 13 weeks ended September 29, 2024.

The Americas segment saw an increase in membership revenues of $5,805, or 11%, due to approximately 88, or 0% increase in Adult Paying Soho House members year-on-year, driven by the opening of Soho House Sao Paulo (June 2024), offset by reductions in our mature Houses in NY and LA. The impact of the membership fee increases noted also contributed to the increase in Membership revenues.

Our United Kingdom segment saw an increase in Membership revenues of $4,542, or 14%, due to approximately 9, or 0% increase in Adult Paying Soho House members, with the opening of Soho Mews House (September 2024) and impact of the House membership fee increases as noted above, offset by declines in our mature London Houses. In constant currency, Membership revenues in the United Kingdom segment increased by $3,804, or 12%.

The Europe/RoW segment saw an increase in Membership revenues of $2,470, or 21%, due to approximately 2,032, or 8% increase in Adult paying members driven by the opening of Soho Farmhouse Ibiza (June 2025) and growth in existing Houses, alongside the revenue impact of the House membership fee increases as noted above. In constant currency, Membership revenues in the Europe/RoW segment increased by $2,197, or 18%.

All Other saw an increase in Membership revenues of $2,491, or 20%, predominantly driven by approximately 2,125, or 21% more CWH Adult Paying Members, partially offset by a decline of approximately 3,700 Non-House members in comparison to the third quarter of Fiscal 2024. In constant currency, All Other Membership revenues increased by $2,196, or 17%.

In constant currency, Membership revenues saw an increase of $14,002, or 13%.

*In-House Revenue*s

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **In-House revenues** | $126088 | $120658 | 5% | 3% |
| &nbsp;&nbsp;The Americas | 45040 | 46646 | (3)% | (3)% |
| &nbsp;&nbsp;United Kingdom | 50261 | 48287 | 4% | 2% |
| &nbsp;&nbsp;Europe/RoW | 30787 | 25725 | 20% | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

In-House revenues were $126,088 for the 13 weeks ended September 28, 2025, an increase of $5,430 versus the comparative period in 2024. Revenue increase was driven by two new Houses that have opened since the beginning of the 13 weeks ended September 29, 2024

The Americas In-House revenues were $45,040 for the 13 weeks ended September 28, 2025, a decrease of $1,606 versus the 13 weeks ended September 29, 2024. The region was impacted by the wildfires in Los Angeles which took place at the start of Fiscal 2025 impacting In-House revenues in our LA properties, alongside reduced footfall into our Miami properties due to weather, offset by Miami Pool House being fully operational versus the comparative period.

In-House revenues in our United Kingdom segment saw an increase of $1,974 versus the 13 weeks ended September 29, 2024, supported by the opening of Soho Mews House (September 2024) and strong performance in our countryside properties. In constant currency, In-House Revenues in the United Kingdom segment saw an increase of $854, or 2%.

The Europe/RoW segment increased In-House revenues by $5,062 year-on-year, driven by the opening of Soho Farmhouse Ibiza (June 2025) alongside a strong event calendar in Asia versus the comparative period. In constant currency, In-House Revenues in the Europe/RoW segment saw an increase of $4,465 or 17%.

In constant currency, In-House Revenues saw an increase of $3,713, or 3%.

*Other Revenues*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Other revenues** | $121960 | $105316 | 16% | 14% |
| &nbsp;&nbsp;The Americas | 17520 | 15933 | 10% | 10% |
| &nbsp;&nbsp;United Kingdom | 22438 | 20157 | 11% | 9% |
| &nbsp;&nbsp;Europe/RoW | 52173 | 43678 | 19% | 17% |
| &nbsp;&nbsp;All Other | 29829 | 25548 | 17% | 14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Other revenues were $121,960 for the 13 weeks ended September 28, 2025, compared to $105,316 for the 13 weeks ended September 29, 2024, an increase of $16,644, or 16%. The increase was predominantly driven by strong performance from our Scorpios business alongside Soho Home.

Other revenues in The Americas segment saw an increase of $1,587, or 10%, versus the 13 weeks ended September 29, 2024, driven by an increase in our stand-alone restaurants and the transition of the LINE DC operational structure from a management contract to a finance lease structure, under which we now recognize 100% of the property's revenue. This increase was offset by the absence of management fees from The LINE San Francisco, versus the comparative period, following termination of the management contract at the end of Fiscal 2024.

The United Kingdom segment saw an increase in Other revenues of $2,281, or 11%, versus the 13 weeks ended September 29, 2024 driven by year-over-year growth in our Partnership business alongside strong growth in our stand-alone restaurants. In constant currency, Other Revenues in the United Kingdom segment increased by $1,814, or 9%.

Other revenues in the Europe/RoW segment saw an increase of $8,495, or 19%, compared to the 13 weeks ended September 29, 2024 driven by growth across both Scorpios sites. In constant currency, Other Revenues in the Europe/RoW segment saw an increase of $7,482, or 17%.

Other revenues in All Other saw an increase of $4,281 or 17% period-over-period driven by growth in demand for Soho Home, offset by a reduction in revenue relating to our In-House design and build business. In constant currency, Other Revenues in All Other increased by $3,689, or 14%.

In constant currency, Other Revenues saw an increase of $14,572, or 14%.

***In-House Operating Expenses and House-Level Contribution***

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **In-House operating expenses** | $(172211) | $(158790) | 8% | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total House revenues | 72% | 72% |  |  |
| **Operating income (loss)** | $(6004) | $37884 | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating margin | (2)% | 11% |  |  |
| **House-Level Contribution** | $67428 | $60835 | 11% | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;House-Level Contribution Margin | 28% | 28% |  |  |
| **House-Level Contribution by segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Americas | $31428 | $28895 | 9% | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 23620 | 22243 | 6% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe/RoW | 5661 | 4713 | 20% | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other | 6719 | 4984 | 35% | 32% |
| **House-Level Contribution Margin by segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Americas | 31% | 30% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 27% | 28% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe/RoW | 13% | 13% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other | 94% | 90% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

In-House Operating Expenses were $172,211 for the 13 weeks ended September 28, 2025, an increase of $13,421. The increase is a result of the two new Houses that opened since the beginning of the 13 weeks ended September 29, 2024 , alongside period-over-period wage and rent (including non-cash rent) increases partially offset by continued cost discipline and savings from the operational reorganization initiatives last year. In constant currency, In-House Operating Expenses increased by $9,739.

House-Level Contribution, which is defined as House Revenues less In-House Operating Expenses, was $67,428 for the 13 weeks ended September 28, 2025, compared to $60,835 for the 13 weeks ended September 29, 2024, an increase of $6,593. The increase in House-Level Contribution predominantly relates to increased Soho House membership and In-House revenues period-over-period, offset by higher In-House operating expenses.

House-Level Contribution Margin was 28% for the 13 weeks ended September 28, 2025, increased by 0% from the comparative period due to increased revenues, especially membership, offset by the drag of new Houses and inflation in In-House operating expenses.

***Other Operating Expenses and Other Contribution***

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Other operating expenses** | $(95090) | $(86679) | 10% | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total adjusted other revenue | 73% | 76% |  |  |
| **Operating income (loss)** | $(6004) | $37884 | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating margin | (2)% | 11% |  |  |
| **Other Contribution** | $36021 | $27064 | 33% | 31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Contribution Margin | 27% | 24% | 3% |  |
| **Other Contribution by segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Americas | $3372 | $4297 | (22)% | (22)% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 8540 | 7760 | 10% | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe/RoW | 19943 | 15934 | 25% | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other | 4166 | (927) | n/m | n/m |
| **Other Contribution Margin by segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Americas | 19% | 26% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 37% | 37% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe/RoW | 38% | 36% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other | 11% | (3)% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Other Operating Expenses were $95,090 for the 13 weeks ended September 28, 2025, compared to $86,679 for the 13 weeks ended September 29, 2024, an increase of $8,411, or 10%. This increased spend is predominantly driven by higher costs in relation to increased trade volume in Soho Home, expenses related to Scorpios and a larger House Festival within the UK versus comparative period. In constant currency, Other Operating Expenses increased by $6,401, or 7%.

Other Contribution, which we define as Other Revenues plus Non-House Membership Revenues less Other Operating Expenses, was $36,021 for the 13 weeks ended September 28, 2025, compared to $27,064 for the 13 weeks ended September 29, 2024, an increase of $8,957 driven by strong performance in Scorpios alongside increased partnership revenue offset by the removal of The LINE San Francisco management fees as mentioned above. Other Contribution Margin was 27% for the 13 weeks ended September 28, 2025, an increase of 3% compared to the 13 weeks ended September 29, 2024.

***General and Administrative Expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actual** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| General and Administrative Expenses | $48209 | $39672 | 22% | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 13% | 12% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

General and Administrative Expenses were $48,209 for the 13 weeks ended September 28, 2025, compared with $39,672 for the 13 weeks ended September 29, 2024, an increase of $8,537, or 22%. The increase was driven by costs relating to finance, the global expansion of partnership arrangements and the two new Houses that opened since the beginning of the 13 weeks ended September 28, 2024 offset by savings from the operational reorganization initiatives including streamlining of operations and support teams since the comparative period.

In constant currency, General and Administrative Expenses increased by $7,617, or 19%.

------

***Pre-opening Expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actual** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Pre-opening expenses | $3484 | $2561 | 36% | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 1% | 1% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Pre-opening expenses were $3,484 for the 13 weeks ended September 28, 2025 compared to $2,561 in the 13 weeks ended September 29, 2024. The increase was driven by timing of the development pipeline, with investment in Soho Farmhouse Ibiza and Barcelona Pool House in the third quarter of Fiscal 2025 versus Soho Mews House in the third quarter of Fiscal 2024. In constant currency pre-opening expenses increased by 33%.

***Depreciation and Amortization***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actual** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Depreciation and amortization | $26649 | $26017 | 2% | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 7% | 8% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Depreciation and amortization were $26,649 for the 13 weeks ended September 28, 2025, an increase of $632, or 2%, from the 13 weeks ended September 29, 2024. The period-over-period increase is primarily driven by depreciation costs relating to our newer Houses Soho Farmhouse Ibiza (June 2025) and Soho Mews House (September 2024). In constant currency, depreciation and amortization expenses increased by $29, or n/m.

***Share-based Compensation, Foreign Exchange (Gain) Loss, Loss on Impairment of Long-Lived Assets, Business Interruption Proceeds, net and Other (net)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actual** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Share-based compensation | $3505 | $3513 | (0)% | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 1% | 1% |  |  |
| Foreign exchange (gain) loss, net | $14048 | $(39591) | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 4% | 12% |  |  |
| Loss on impairment of long-lived assets and intangible assets | $- | $14068 | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 0% | 4% |  |  |
| Other, net | $13558 | $3775 | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 4% | 1% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Share-based compensation expense decreased by $8 to $3,505 for the 13 weeks ended September 28, 2025, due to the vesting of grants made under the Company's 2020 and 2021 equity and incentive plans in the 13 weeks ended September 29, 2024 and subsequent quarters, a decline in new grants issued since, and the related amortization impact.

Foreign exchange (gain) loss, net which is non-cash in nature, moved from a gain of $39,591 to a loss of $14,048 for the 13 weeks ended September 28, 2025, primarily driven by foreign exchange revaluation of our non-USD debt.

During the 13 weeks ended September 29, 2024, the Company recognized $14,068 of impairment losses on long-lived assets (comprised of $11 million in respect of Operating lease assets and $3 million of Property and equipment, net), of which $13 million is in respect of Soho Works North America.

Other, net increased by $9,783 to $13,558 for the 13 weeks ended September 28, 2025 with the Company incurring costs related to third party advisory expenses incurred by the Company and its Special Committee in the evaluation of certain strategic transactions and ERP costs in the third quarter of Fiscal

------

2025. In the 13 weeks ended September 29, 2024 the Company incurred severance costs as part of a reorganization program of our operations and support teams.

***Interest Expense, Net***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actual** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Interest expense, net | $22560 | $20658 | 9% | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 6% | 6% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Interest expense, net was $22,560 for the 13 weeks ended September 28, 2025, an increase of $1,902, or 9%, to the 13 weeks ended September 29, 2024. This increase is primarily driven by the higher principal amount on our Senior Secured Notes due to the compounding of this debt. In constant currency, net interest increased by $1,423, or 7%.

***Adjusted EBITDA***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actual** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Adjusted EBITDA | $53774 | $48281 | 11% | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 15% | 14% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Adjusted EBITDA was $53,774 for the 13 weeks ended September 28, 2025, in comparison to $48,281 for the 13 weeks ended September 29, 2024, an increase of $5,493. The increase is driven by higher membership revenues versus the comparative period, higher In-House and Other revenues. These were partially offset by an increase in Operating expenses, predominantly coming from new House openings. In constant currency, adjusted EBITDA increased by $4,374 or 9%

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***Comparison of the 39 weeks ended September 28, 2025 and September 29, 2024*** 

The following table summarizes our results of operations for the 39 weeks ended September 28, 2025 and September 29, 2024 (in thousands, except percentages):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |  |  |  |
|  | **September 28,<br>2025** | **September 29,<br>2024** |  | **September 29,<br>2024<br>Constant** |  |
|  | **Actuals** | **Actuals** |  | **Currency**<sup>(1)</sup> |  |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** | **Change %** | **(Dollar amounts in thousands)** | **Constant<br>Currency<br>Change %**<sup>(1)</sup> |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Membership revenues | $354239 | $308690 | 15% | $313736 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;In-House revenues | 371011 | 358213 | 4% | 364688 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | 258168 | 231356 | 12% | 236981 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 983418 | 898259 | 9% | 915405 | 7% |
| **Operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In-House operating expenses (exclusive of depreciation and amortization) | (506701) | (474240) | 7% | (489000) | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses (exclusive of depreciation and amortization) | (226887) | (206015) | 10% | (212427) | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | (124926) | (112770) | 11% | (116280) | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-opening expenses | (8710) | (13958) | (38)% | (14392) | (39)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (74052) | (76642) | (3)% | (79027) | (6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | (8021) | (15150) | (47)% | (15622) | (49)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain (loss), net | 54878 | 28937 | 90% | 29838 | 84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of long-lived assets and intangible assets | (2102) | (18778) | (89)% | (19362) | (89)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Business interruption proceeds, net | 22899 |  | n/m |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (21185) | (9028) | n/m | (9309) | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | (894807) | (897644) | (0)% | (925581) | (3)% |
| **Operating income (loss)** | 88611 | 615 | n/m | (10176) | n/m |
| **Other (expense) income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (65601) | (61846) | 6% | (63771) | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on sale of property and other, net | 82 | (62) | n/m | (64) | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of income of equity method investments | 3253 | 3645 | (11)% | 3758 | (13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (62266) | (58263) | 7% | (60077) | 4% |
| **Income (loss) before income taxes** | 26345 | (57648) | n/m | (70253) | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit | (11714) | (13697) | (14)% | (14123) | (17)% |
| **Net income (loss)** | **14631** | **(71345)** | **n/m** | **(84376)** | **n/m** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (income) loss attributable to Non-controlling interests | (286) | 62 | n/m | 64 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Soho House & Co Inc.** | $**14345** | $**(71283)** | n/m | $**(84312)** | n/m |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

------

**Components of Operating Results**

***Revenues***

*Total Revenue* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| **Total revenues** | $983418 | $898259 | 9% | 7% |
| &nbsp;&nbsp;The Americas | 368180 | 347388 | 6% | 6% |
| &nbsp;&nbsp;United Kingdom | 298557 | 274262 | 9% | 6% |
| &nbsp;&nbsp;Europe/RoW | 186707 | 164429 | 14% | 10% |
| &nbsp;&nbsp;All Other | 129974 | 112180 | 16% | 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

*Membership Revenue*s

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| **Membership revenues** | $354239 | $308690 | 15% | 13% |
| &nbsp;&nbsp;The Americas | 167166 | 146573 | 14% | 14% |
| &nbsp;&nbsp;United Kingdom | 103856 | 90843 | 14% | 11% |
| &nbsp;&nbsp;Europe/RoW | 39433 | 34110 | 16% | 12% |
| &nbsp;&nbsp;All Other | 43784 | 37164 | 18% | 14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Membership revenues saw an increase of 15% to $354,239 for the 39 weeks ended September 28, 2025 predominantly driven by an increase in Adult Paying Members of approximately 3%, or 4,300, who joined after the end of 39 weeks ended September 29, 2024. Additionally, all Soho House Adult paying fees were increased at the start of Fiscal 2024, impacting members on their renewal date throughout Fiscal 2024.

All Soho House Adult paying fees increased in January 2025, with a high single-digit percentage price rise for existing members and a low double-digit percentage increase in price for new members. This increase will impact new members on the date they join and existing members on their renewal date.

There was also an increase in Non-House Membership revenues of $1,972. This was driven by Soho Works as a result of increased membership fees in Fiscal 2024, partially offset by a reduction in the number of Soho Friends members in comparison to the 39 weeks ended September 29, 2024.

The Americas segment saw an increase in membership revenues of $20,593, or 14%, due to approximately 88, or 0% increase in Adult Paying Soho House members year-on-year, driven by the opening of Soho House Sao Paulo (June 2024), Soho House Portland (March 2024) offset by reductions in our mature Houses in NY and LA. The impact of the membership fee increases noted above also contributed to the increase in Membership revenues. In constant currency, Membership revenues in the Americas segment saw an increase of $20,593, or 14%.

Our United Kingdom segment saw an increase in Membership revenues of $13,013, or 14%, due to approximately 9, or 0% increase in Adult Paying Soho House members, with the opening of Soho Mews House (September 2024) and the impact of the House membership fee increases as noted above, offset by a decline in membership at our mature London Houses. In constant currency, Membership revenues in the United Kingdom segment saw an increase of $10,186, or 11%.

The Europe/RoW segment saw an increase in Membership revenues of $5,323, or 16%, due to approximately 2,032, or 8% increase in Adult paying members driven by the opening of Soho Farmhouse Ibiza (June 2025) and growth in existing Houses, alongside the revenue impact of the House membership fee increases as noted above. In constant currency, Membership revenues in the Europe/RoW segment saw an increase of $4,261, or 12%.

All Other saw an increase in Membership revenues of $6,620, or 18%, predominantly driven by approximately 2,125, or 21% more CWH Adult Paying Members, partially offset by a decline of approximately 3,700 Non-House members in comparison to the third quarter of Fiscal 2024. In constant currency, All Other Membership revenues in constant currency saw an increase of $5,463, or 14%.

In constant currency, Membership revenues saw an increase of $40,503, or 13%.

*In-House Revenue*s

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **In-House revenues** | $371011 | $358213 | 4% | 2% |
| &nbsp;&nbsp;The Americas | 149581 | 150173 | (0)% | (0)% |
| &nbsp;&nbsp;United Kingdom | 143884 | 136649 | 5% | 2% |
| &nbsp;&nbsp;Europe/RoW | 77546 | 71391 | 9% | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

In-House revenues were $371,011 for the 39 weeks ended September 28, 2025, an increase of $12,798 versus the comparative period in 2024. Revenues were supported by four new Houses that have opened since the beginning of the 39 weeks ended September 29, 2024. In addition, the first quarter of Fiscal 2025 benefited from New Year's Eve events versus the comparative period due to timing of the fiscal year-end.

The Americas In-House revenues were $149,581 for the 39 weeks ended September 28, 2025, a decrease of $592 versus the 39 weeks ended September 29, 2024. The region benefited from Miami Pool House which was fully operational versus the comparative period, alongside the opening of Soho House Portland (March 2024) and Soho House Sao Paulo (June 2024) however, the wildfires in Los Angeles at the start of Fiscal 2025 have significantly impacted In-House revenues as our LA properties were closed or partially closed for a number of days and subsequent trade was weaker.

In-House revenues in our United Kingdom segment saw an increase of $7,235 versus the 39 weeks ended September 29, 2024, supported by the opening of Soho Mews House (September 2024) and strong performance in our Countryside properties. In constant currency, In-House Revenues in the United Kingdom segment saw an increase of $2,982, or 2%.

The Europe/RoW segment saw an increase In-House revenues by $6,155 year-on-year supported by the opening of Soho Farmhouse Ibiza (June 2025). In constant currency, In-House Revenues in the Europe/RoW segment saw an increase of $3,933 or 5%.

In constant currency, In-House Revenues increased by $6,323, or 2%.

*Other Revenues*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Other revenues** | $258168 | $231356 | 12% | 9% |
| &nbsp;&nbsp;The Americas | 51434 | 50642 | 2% | 2% |
| &nbsp;&nbsp;United Kingdom | 50817 | 46770 | 9% | 5% |
| &nbsp;&nbsp;Europe/RoW | 69727 | 58928 | 18% | 15% |
| &nbsp;&nbsp;All Other | 86190 | 75016 | 15% | 11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Other revenues were $258,168 for the 39 weeks ended September 28, 2025, compared to $231,356 for the 39 weeks ended September 29, 2024, an increase of $26,812 or 12%.The increase was predominantly driven by strong growth in Soho Home and Scorpios.

Other revenues in The Americas segment saw an increase of $792, or 2% versus the 39 weeks ended September 29, 2024 due to the transition of the LINE DC operational structure from a management contract to a finance lease structure, under which we now recognize 100% of the property's revenue. This increase was offset by the absence of management fees from The LINE San Francisco following the termination of the management contract at the end of Fiscal 2024.

The United Kingdom segment saw an increase in Other revenues of $4,047, or 9% versus the 39 weeks ended September 29, 2024 driven by year-over-year growth in partnership revenue. In constant currency, Other Revenues in the United Kingdom segment saw an increase of $2,591, or 5%.

Other revenues in the Europe/RoW segment saw an increase of $10,799 or 18% compared to the 39 weeks ended September 29, 2024 driven by a strong season for Scorpios sites versus comparable period in 2024. In constant currency, Other Revenues in the Europe/RoW segment saw a an increase of $8,965, or 15%.

Other revenues in All Other saw an increase of $11,174 or 15% period-over-period driven by growth in Soho Home. In constant currency, Other Revenues in All Other saw an increase of $8,839, or 11%.

In constant currency, Other Revenues saw an increase of $21,187, or 9%.

***In-House Operating Expenses and House-Level Contribution***

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **In-House operating expenses** | $(506701) | $(474240) | 7% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total House revenues | 73% | 74% |  |  |
| **Operating income (loss)** | $88611 | $615 | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating margin | 9% | 0% |  |  |
| **House-Level Contribution** | $191631 | $167717 | 14% | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;House-Level Contribution Margin | 27% | 26% | 1% |  |
| **House-Level Contribution by segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Americas | $99659 | $88804 | 12% | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 64807 | 60203 | 8% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe/RoW | 10364 | 5378 | 93% | 87% |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other | 16801 | 13332 | 26% | 22% |
| **House-Level Contribution Margin by segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Americas | 32% | 30% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 26% | 27% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe/RoW | 9% | 5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other | 84% | 85% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

In-House Operating Expenses were $506,701 for the 39 weeks ended September 28, 2025, an increase of $32,461 or 7%. The increase is a result of the four new Houses opened since the beginning of the 39 weeks ended September 29, 2024 , alongside period-over-period wage and rent (including non-cash rent) increases partially offset by continued cost discipline and savings from the operational reorganization initiatives last year. In constant currency, In-House Operating Expenses saw an increase of $17,701 or 4%.

House-Level Contribution, which is defined as House Revenues less In-House Operating Expenses, was $191,631 for the 39 weeks ended September 28, 2025, compared to $167,717 for the 39 weeks ended September 29, 2024, an increase of $23,914. The increase in House-Level Contribution predominantly relates to increased Soho House membership and In-House revenues period-over-period, offset by higher In-House operating expenses.

House-Level Contribution Margin was 27% for the 39 weeks ended September 28, 2025, increased by 1% from the comparative period due to increased revenues, especially membership, being offset by inflation in In-House operating expenses.

------

***Other Operating Expenses and Other Contribution***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| **Other operating expenses** | $(226887) | $(206015) | 10% | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total adjusted other revenue | 80% | 80% |  |  |
| **Operating income (loss)** | $88611 | $615 | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating margin | 9% | 0% |  |  |
| **Other Contribution** | $58199 | $50287 | 16% | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Contribution Margin | 20% | 20% |  | 20% |
| **Other Contribution by segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Americas | $10254 | $12738 | (20)% | (20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 20350 | 17813 | 14% | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe/RoW | 19342 | 17164 | 13% | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other | 8253 | 2572 | n/m | n/m |
| **Other Contribution Margin by segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Americas | 20% | 25% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 39% | 37% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe/RoW | 28% | 29% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other | 8% | 3% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Other Operating Expenses were $226,887 for the 39 weeks ended September 28, 2025, compared to $206,015 for the 39 weeks ended September 29, 2024, an increase of $20,872, or 10%. This increased spend is predominantly driven by higher costs in relation to increased trade volume in Soho Home as well as expenses related to Scorpios Bodrum which opened during the 39 weeks ended September 29, 2024 and growth in Mykonos. In constant currency, Other Operating Expenses saw an increase of $14,460, or 7%.

Other Contribution, which we define as Other Revenues plus Non-House Membership Revenues less Other Operating Expenses, was $58,199 for the 39 weeks ended September 28, 2025, compared to $50,287 for the 39 weeks ended September 29, 2024, an increase of $7,912 driven by increased Soho Home volumes and margin alongside a strong season for Scorpios. Other Contribution Margin was 20% for the 39 weeks ended September 28, 2025, an increase of 0% compared to the 39 weeks ended September 29, 2024.

***General and Administrative Expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actual** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| General and Administrative Expenses | $124926 | $112770 | 11% | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 13% | 13% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

General and Administrative Expenses were $124,926 for the 39 weeks ended September 28, 2025, compared with $112,770 for the 39 weeks ended September 29, 2024, an increase of $12,156, or 11%. The increase was driven by the global expansion of partnership arrangements alongside costs related to the four new Houses that opened since the beginning of the 39 weeks ended September 29, 2024, offset by savings from the operational reorganization initiatives including streamlining of operations and support teams since the comparative period.

In constant currency, General and Administrative Expenses saw an increase of $8,646, or 7%.

------

***Pre-opening Expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actual** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Pre-opening expenses | $8710 | $13958 | (38)% | (39)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 1% | 2% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Pre-opening expenses were $8,710 for the 39 weeks ended September 28, 2025 compared to $13,958 in the 39 weeks ended September 29, 2024. The decrease was driven by the timing and location of the development pipeline, with one new House opening (Soho Farmhouse Ibiza) in 39 weeks ended September 28, 2025 versus the opening of Soho House Portland, Scorpios Bodrum, Soho House São Paulo and Soho Mews House, all of which incurred expenses during the 39 weeks ended September 29, 2024. In constant currency pre-opening expenses saw a decrease of $5,682, or 39%.

***Depreciation and Amortization***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actual** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Depreciation and amortization | $74052 | $76642 | (3)% | (6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 8% | 9% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Depreciation and amortization were $74,052 for the 39 weeks ended September 28, 2025, a decrease of $2,590, or 3%, from the 39 weeks ended September 29, 2024. The decrease period-over-period was driven by the impairment in Soho Works sites in Fiscal 2024 and certain Houses in The Americas and UK where their assets are now largely depreciated. In constant currency, depreciation and amortization expenses saw a decrease of $4,975, or 6%.

***Share-based Compensation, Foreign Exchange (Gain) Loss, Loss on Impairment of Long-Lived Assets and Intangible Assets, Business Interruption Proceeds, net and Other (net)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actual** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Share-based compensation | $8021 | $15150 | (47)% | (49)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 1% | 2% |  |  |
| Foreign exchange (gain) loss, net | $(54878) | $(28937) | 90% | 84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 6% | 3% |  |  |
| Loss on impairment of long-lived assets and intangible assets | $2102 | $18778 | (89)% | (89)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 0% | 2% |  |  |
| Business interruption proceeds, net | $(22899) | $- | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 2% | 0% |  |  |
| Other, net | $21185 | $9028 | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 2% | 1% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Share-based compensation expense saw a decrease of $7,129 to $8,021 for the 39 weeks ended September 28, 2025, due to a the vesting of grants made under the Company's 2020 and 2021 equity and incentive plans in the 39 weeks ended September 29, 2024 and subsequent quarters, a decline in new grants issued which have reduced the charge to the income statement.

Foreign exchange (gain) loss, net which is unrealized and non-cash in nature, increased from a gain of $(28,937) to $(54,878) for the 39 weeks ended September 28, 2025, primarily driven by foreign exchange revaluation of our non-USD debt.

------

During the 39 weeks ended September 28, 2025, the Company recognized $2,102 of impairment losses on long-lived assets, comprised wholly of Operating lease assets in respect of legacy Chicken Shop restaurants that were no longer operational. In the 39 weeks ended September 29, 2024 the Company incurred costs relating to the impairment of intangible assets from the termination of two hotel management contracts of $4,710 plus impairment losses on long-lived assets of $14,068 (comprised of $11 million in respect of Operating lease assets and $3 million of Property and equipment, net), of which $13 million is in respect of Soho Works North America.

Business interruption proceeds, net, consisted of $22,899 for the 39 weeks ended September 28, 2025. The proceeds relate to the impacts of general business interruption (including lost revenues and additional costs incurred) in the United Kingdom due to the COVID-19 pandemic.

Other, net saw an increase by $12,157 to $21,185 for the 39 weeks ended September 28, 2025 due to costs related to third party advisory expenses incurred by the Company and its Special Committee in the evaluation of certain strategic transactions, costs related to the strategic reorganization of the business and ERP costs. In the 39 weeks ended September 29, 2024 the Company incurred costs relating to professional fees associated with the Company's shareholder activism response, costs from the evaluation of strategic transactions, and costs incurred as part of a reorganization program of our operations and support teams.

***Interest Expense, Net***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actual** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Interest expense, net | $65601 | $61846 | 6% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 7% | 7% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Interest expense, net was $65,601 for the 39 weeks ended September 28, 2025, an increase of $3,755, or 6%, to the 39 weeks ended September 29, 2024. This increase is primarily driven by the higher principal amount on our Senior Secured Notes due to the compounding of this debt. In constant currency, interest expense, net saw an increase of $1,830 or 3%.

***Adjusted EBITDA***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Actual** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Dollar amounts in thousands)** | **(Dollar amounts in thousands)** |  |  |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| Adjusted EBITDA | $146866 | $99612 | 47% | 43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentage of total revenues | 15% | 11% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

Adjusted EBITDA was $146,866 for the 39 weeks ended September 28, 2025, in comparison to $99,612 for the 39 weeks ended September 29, 2024, an increase of $47,254 or 47%. The increase is driven by higher membership revenues versus the comparative period, higher In-House and Other revenues, alongside $22,899 of business interruption insurance proceeds, net of fees, related to the COVID-19 relief claim received in the first quarter of Fiscal 2025. There was partial offset from an increase in Operating expenses, predominantly coming from new House openings. In constant currency, adjusted EBITDA saw an increase of $44,154, or 43%.

------

***Non-GAAP Financial Measures***

***For the 13 weeks ended September 28, 2025 and September 29, 2024***

A reconciliation of Net Income (Loss) to Adjusted EBITDA is set forth below for the periods specified:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025<br>Actuals** | **September 29,<br>2024<br>Actuals** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** |
| **Net income (loss)** | $(17010) | $718 | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 26649 | 26017 | 2% | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 22560 | 20658 | 9% | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | (10891) | 18026 | n/m | n/m |
| **EBITDA** | 21308 | 65419 | (67)% | (68)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of property and other, net | (26) | 236 | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of income of equity method investments | (637) | (1754) | (64)% | (65)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss, net<sup>(2)</sup> | 14048 | (39591) | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of equity method investments adjusted EBITDA | 2779 | 2367 | 17% | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense<sup>(2)</sup> | 3505 | 3513 | (0)% | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operational reorganization and severance expense<sup>(3)</sup> | 1711 | 4023 | (57)% | (58)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to ERP implementation<sup>(4)</sup> | 4276 |  | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to the evaluation of certain strategic transactions<sup>(5)</sup> | 6810 |  | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of long-lived assets and intangible assets<sup>(6)</sup> |  | 14068 | n/m | n/m |
| **Adjusted EBITDA** | $**53774** | $**48281** | **11%** | **9%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)See "Comparison of the 13 weeks ended September 28, 2025 and September 29, 2024- Share-based Compensation, Foreign Exchange (Gain) Loss, Loss on Impairment of Long-Lived Assets, Business Interruption Proceeds, net and Other (net)" for information regarding the movements in foreign exchange and share-based compensation period-over-period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Expenses incurred with respect to a strategic reorganization program of the Company's operations and support teams

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)During the 13 weeks ended September 28, 2025, the Company incurred certain expenses related to the planned ERP system implementation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Primarily relating to third party advisory expenses incurred by the Company and its independent special committee in respect of the evaluation of certain strategic transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Following the Company's impairment review, the Company recognized $14 million of impairment losses on long-lived assets (comprised of $11 million in respect of Operating lease assets and $3 million of Property and equipment, net), of which $13 million is in respect of Soho Works North America and less than $1 million relates to a UK restaurant site.

The computation of House-Level Contribution and Other Contribution is set forth below:

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** |  |  |  |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Change %** | **September 29, 2024 Constant Currency**<sup>(1)</sup> | **Constant Currency<br>Change %**<sup>(1)</sup> |
|  | **Actuals** | **Actuals** | **Actuals** |  |  |
|  | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** |
| **Operating income (loss)** | $(6004) | $37884 | n/m | $36127 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 48209 | 39672 | 22% | 40592 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-opening expenses | 3484 | 2561 | 36% | 2620 | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 26649 | 26017 | 2% | 26620 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 3505 | 3513 | (0)% | 3594 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss, net | 14048 | (39591) | n/m | (40509) | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of long-lived assets and intangible assets |  | 14068 | n/m | 14394 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Business interruption proceeds, net |  |  | n/m |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 13558 | 3775 | n/m | 3863 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-House membership revenues | (9151) | (8427) | 9% | (8622) | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | (121960) | (105316) | 16% | (107387) | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 95090 | 86679 | 10% | 88689 | 7% |
| **House-Level Contribution** | $**67428** | $**60835** | **11%** | $**59981** | **12%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) margin | (2)% | 11% |  | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;House-Level Contribution Margin | 28% | 28% |  | 28% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** |  |  |  |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Change %** | **September 29, 2024<br>Constant Currency**<sup>(1)</sup> | **Constant Currency<br>Change %**<sup>(1)</sup> |
|  | **Actuals** | **Actuals** | **Actuals** |  |  |
|  | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** |
| **Membership revenues** | $122702 | $107394 | 14% | $108700 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Non-House membership revenues | (9151) | (8427) | 9% | (8622) | 6% |
| **House Membership revenues** | 113551 | 98967 | 15% | 100078 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: In-House revenues | 126088 | 120658 | 5% | 122375 | 3% |
| **Total House revenues** | 239639 | 219625 | 9% | 222453 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: In-House operating expenses | (172211) | (158790) | 8% | (162472) | 6% |
| **House-Level Contribution** | $**67428** | $**60835** | **11%** | $**59981** | **12%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** |  |  |  |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Change %** | **September 29, 2024<br>Constant Currency**<sup>(1)</sup> | **Constant Currency<br>Change %**<sup>(1)</sup> |
|  | **Actuals** | **Actuals** | **Actuals** |  |  |
|  | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** |
| **Operating income (loss)** | $(6004) | $37884 | n/m | $36127 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 48209 | 39672 | 22% | 40592 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-opening expenses | 3484 | 2561 | 36% | 2620 | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 26649 | 26017 | 2% | 26620 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 3505 | 3513 | (0)% | 3594 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss, net | 14048 | (39591) | n/m | (40509) | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of long-lived assets and intangible assets |  | 14068 | n/m | 14394 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 13558 | 3775 | n/m | 3863 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;House membership revenues | (113551) | (98967) | 15% | (100078) | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;In-House revenues | (126088) | (120658) | 5% | (122375) | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;In-House operating expenses | 172211 | 158790 | 8% | 162472 | 6% |
| **Total Other Contribution** | $**36021** | $**27064** | **33%** | $**27320** | **32%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) margin | (2)% | 11% |  | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Contribution Margin | 27% | 24% |  | 24% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the 13 Weeks Ended** | **For the 13 Weeks Ended** |  |  |  |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Change %** | **September 29, 2024<br>Constant Currency**<sup>(1)</sup> | **Constant Currency<br>Change %**<sup>(1)</sup> |
|  | **Actuals** | **Actuals** | **Actuals** |  |  |
|  | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** |
| **Other Revenues** | $121960 | $105316 | 16% | $107387 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: Non-House membership revenues | 9151 | 8427 | 9% | 8622 | 6% |
| **Adjusted Other Revenues** | 131111 | 113743 | 15% | 116009 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: other operating expenses | (95090) | (86679) | 10% | (88689) | 7% |
| **Other Contribution** | $**36021** | $**27064** | **33%** | $**27320** | 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

------

***For the 39 weeks ended September 28, 2025 and September 29, 2024***

A reconciliation of Net Income (Loss) to Adjusted EBITDA is set forth below for the periods specified:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** | **Percent Change** | **Percent Change** |
|  | **September 28,<br>2025<br>Actuals** | **September 29,<br>2024<br>Actuals** | **Actuals** | **Constant<br>Currency**<sup>(1)</sup> |
|  | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** |
| **Net income (loss)** | $14631 | $(71345) | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 74052 | 76642 | (3)% | (6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 65601 | 61846 | 6% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 11714 | 13697 | (14)% | (17)% |
| **EBITDA** | 165998 | 80840 | n/m | 99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of property and other, net | (82) | 62 | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of income of equity method investments | (3253) | (3645) | (11)% | (13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss, net<sup>(2)</sup> | (54878) | (28937) | 90% | 84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of equity method investments adjusted EBITDA | 7930 | 6918 | 15% | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense<sup>(2)</sup> | 8021 | 15150 | (47)% | (49)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operational reorganization and severance expense<sup>(3)</sup> | 1711 | 6137 | (72)% | (73)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to ERP implementation<sup>(4)</sup> | 7194 |  | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to the evaluation of certain strategic transactions<sup>(5)</sup> | 12123 | 2424 | n/m | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of long-lived assets and intangible assets<sup>(6)</sup> | 2102 | 18778 | (89)% | (89)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses related to shareholder activism<sup>(7)</sup> |  | 1885 | n/m | n/m |
| **Adjusted EBITDA** | $**146866** | $**99612** | **47%** | **43%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)See "Comparison of the 39 weeks ended September 28, 2025 and September 29, 2024- Share-based Compensation, Foreign Exchange (Gain) Loss, Loss on Impairment of Long-Lived Assets, Business Interruption Proceeds, net and Other (net)" for information regarding the movements in foreign exchange and share-based compensation period-over-period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Expenses incurred with respect to a strategic reorganization program of the Company's operations and support teams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)During the 39 weeks ended September 28, 2025, the Company incurred certain expenses related to the planned ERP system implementation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Primarily relating to third party advisory expenses incurred by the Company and its independent special committee in respect of the evaluation of certain strategic transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)During the 39 weeks ended September 28 2025 the Company recognized $2 million of impairment losses on long-lived assets (operating lease assets) which relates to the legacy Chicken Shop restaurant sites in the UK. During the 39 weeks ended Sept 29, 2024, the Company recognized impairment losses of $5 million on intangible assets related to the termination of two hotel management contracts alongside $14 million of impairment losses on long-lived assets (comprised of $11 million in respect of Operating lease assets and $3 million of Property and equipment, net), of which $13 million is in respect of Soho Works North America and less than $1 million relates to a UK restaurant site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Primarily relating to professional service fees related to the Company's shareholder activism response incurred during the 39 weeks ended September 29, 2024.

------

The computation of House-Level Contribution and Other Contribution is set forth below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |  |  |  |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Change %** | **September 29, 2024<br>Constant Currency**<sup>(1)</sup> | **Constant Currency<br>Change %**<sup>(1)</sup> |
|  | **Actuals** | **Actuals** | **Actuals** |  |  |
|  | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** |
| **Operating income (loss)** | $88611 | $615 | n/m | $(10176) | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 124926 | 112770 | 11% | 116280 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-opening expenses | 8710 | 13958 | (38)% | 14392 | (39)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 74052 | 76642 | (3)% | 79027 | (6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 8021 | 15150 | (47)% | 15622 | (49)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss, net | (54878) | (28937) | 90% | (29838) | 84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of long-lived assets and intangible assets | 2102 | 18778 | (89)% | 19362 | (89)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Business interruption proceeds, net | (22899) |  | n/m |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 21185 | 9028 | n/m | 9309 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-House membership revenues | (26918) | (24946) | 8% | (25722) | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | (258168) | (231356) | 12% | (236981) | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 226887 | 206015 | 10% | 212427 | 7% |
| **House-Level Contribution** | $**191631** | $**167717** | **14%** | $**163702** | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) margin | 9% | 0% |  | 0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;House-Level Contribution Margin | 27% | 26% |  | 26% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |  |  |  |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Change %** | **September 29, 2024<br>Constant Currency**<sup>(1)</sup> | **Constant Currency<br>Change %**<sup>(1)</sup> |
|  | **Actuals** | **Actuals** | **Actuals** |  |  |
|  | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** |
| **Membership revenues** | $354239 | $308690 | 15% | $313736 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Non-House membership revenues | (26918) | (24946) | 8% | (25722) | 5% |
| **House Membership revenues** | 327321 | 283744 | 15% | 288014 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: In-House revenues | 371011 | 358213 | 4% | 364688 | 2% |
| **Total House revenues** | 698332 | 641957 | 9% | 652702 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: In-House operating expenses | (506701) | (474240) | 7% | (489000) | 4% |
| **House-Level Contribution** | $**191631** | $**167717** | **14%** | $**163702** | 17% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |  |  |  |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Change %** | **September 29, 2024<br>Constant Currency**<sup>(1)</sup> | **Constant Currency<br>Change %**<sup>(1)</sup> |
|  | **Actuals** | **Actuals** | **Actuals** |  |  |
|  | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** |
| **Operating income (loss)** | $88611 | $615 | n/m | $(10176) | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 124926 | 112770 | 11% | 116280 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-opening expenses | 8710 | 13958 | (38)% | 14392 | (39)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 74052 | 76642 | (3)% | 79027 | (6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 8021 | 15150 | (47)% | 15622 | (49)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss, net | (54878) | (28937) | 90% | (29838) | 84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of long-lived assets and intangible assets | 2102 | 18778 | (89)% | 19362 | (89)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Business interruption proceeds, net | (22899) |  | n/m |  | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 21185 | 9028 | n/m | 9309 | n/m |
| &nbsp;&nbsp;&nbsp;&nbsp;House membership revenues | (327321) | (283744) | 15% | (288014) | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;In-House revenues | (371011) | (358213) | 4% | (364688) | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;In-House operating expenses | 506701 | 474240 | 7% | 489000 | 4% |
| **Total Other Contribution** | $**58199** | $**50287** | **16%** | $**50276** | **16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) margin | 9% | 0% |  | 0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Contribution Margin | 20% | 20% |  | 20% |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |  |  |  |
|  | **September 28,<br>2025** | **September 29,<br>2024** | **Change %** | **September 29, 2024<br>Constant Currency**<sup>(1)</sup> | **Constant Currency<br>Change %**<sup>(1)</sup> |
|  | **Actuals** | **Actuals** | **Actuals** |  |  |
|  | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** |
| **Other Revenues** | $258168 | $231356 | 12% | $236981 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-House membership revenues | 26918 | 24946 | 8% | 25722 | 5% |
| **Adjusted Other Revenues** | 285086 | 256302 | 11% | 262703 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: other operating expenses | (226887) | (206015) | 10% | (212427) | 7% |
| **Other Contribution** | $**58199** | $**50287** | **16%** | $**50276** | **16%** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)See "Non-GAAP Financial Measures" for an explanation of our constant currency results.

**Liquidity and Capital Resources**

Liquidity is the ability to generate sufficient cash flows to meet the cash requirements of our business operations. Our principal sources of liquidity are operating cash flows, holdings of cash and cash equivalents and availability under our Revolving Credit Facility. As of September 28, 2025, we maintained a cash and cash equivalents balance of $142 million and a restricted cash balance of $6 million.

Our primary requirements for liquidity are to fund our working capital needs, operating and finance lease obligations, capital expenditures and general corporate needs. Our ongoing capital expenditures are principally related to opening new Houses, refurbishing and maintaining the existing House portfolio as well as investments in our corporate technology infrastructure to support our digital strategy and technology infrastructure.

In a given year, our primary cash inflows and outflows relate to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)from operating activities, our cash inflows include Membership revenues, In-House revenues and Other revenues, such as the sale of retail products. The primary cash outflows from operating activities include general operating expenses and interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)from investing activities, our cash inflows include the proceeds from sale of property and equipment and distributions from equity method investments. The primary cash outflows from investing activities include the purchase of property and equipment as well as intangibles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)from financing activities, our cash inflows from financing activities include proceeds from borrowings and from the issuance of shares. The primary cash outflows from financing activities include repayments of borrowings and legal and professional fees from debt or equity related transactions, as well as, from time to time, the repurchase of shares under board authorized repurchase plans.

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On February 9, 2024, the Company's board and a relevant sub-committee authorized and approved a new stock repurchase program for up to $50 million of the currently outstanding shares of the Company's Class A common stock. During the 13 weeks and 39 weeks ended September 28, 2025, the Company did not repurchase any shares of its common stock. During the 13 weeks and 39 weeks ended September 29, 2024, the Company repurchased a total of 2,269,130 shares and 3,160,175 shares of Class A common stock for $13 million and $17 million, respectively, including commissions, under the new program. The repurchased shares are held as treasury shares by the Company.

We believe our existing cash and undrawn facilities balances will be sufficient to fund our operating and finance lease obligations, capital expenditures and working capital needs for at least the next 12 months and the foreseeable future.

***Cash Flows and Working Capital***

The following table provides a summary of cash flow data for the periods presented:

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| | | |
|:---|:---|:---|
|  | **For the 39 Weeks Ended** | **For the 39 Weeks Ended** |
|  | **September 28,<br>2025** | **September 29,<br>2024** |
|  | **(Unaudited, dollar amounts in thousands)** | **(Unaudited, dollar amounts in thousands)** |
| **Net cash generated by (used in)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | $98757 | $62794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (101859) | (57375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (11143) | (21503) |
| **Effect of exchange rates on cash and cash equivalents** | 6181 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in cash and cash equivalents | $(8064) | $(14485) |

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***Net Cash Provided by Operating Activities***

The primary cash inflows from operating activities include Membership Revenues, In-House Revenues and Other Revenues, such as the sale of retail products. The primary cash outflows from operating activities include general operating expenses and interest payments.

For the 39 weeks ended September 28, 2025, we had a $98,757 inflow of cash from operating activities, which includes net income of $14,631 inclusive of proceeds received of $22,899 for COVID business interruption insurance, depreciation and amortization of $74,052, and non-cash foreign exchange gain of $54,878, offset by a favorable net working capital change of $33,167.

For the 39 weeks ended September 29, 2024, we had a $62,794 inflow of cash from operating activities, which includes a net loss of $71,345, depreciation and amortization of $76,642 , and a favorable net working capital change of $34,549.

***Net Cash Used in Investing Activities***

The primary cash inflows from investing activities include the cash proceeds from the sale of assets. The primary cash outflows from investing activities include the purchase of property and equipment and intangibles.

For the 39 weeks ended September 28, 2025, we had a $101,859 outflow of cash from investing activities, primarily due to purchases of property and equipment of $75,343, purchases of intangible assets of $18,085, and $16,500 paid as our capital contributions for our ownership interest in the LINE LA Hotel Joint Venture, partially offset by $8,069 in property and casualty insurance proceeds received.

For the 39 weeks ended September 29, 2024, we had a $57,375 outflow of cash from investing activities, primarily due to purchases of property and equipment of $55,833 and purchases of intangible assets of $12,237, partially offset by a repayment from equity method investees of $10,695.

***Net Cash Used in Financing Activities***

The primary cash inflows from financing activities include proceeds from borrowings. The primary cash outflows from financing activities include principal payments on borrowings and purchase of treasury stock.

For the 39 weeks ended September 28, 2025, we had a $11,143 outflow of cash from financing activities, primarily due to the repayment of the outstanding balance of $5,416 on the Compagnie de Phalsbourg credit facility and distributions of $3,621 to non-controlling interests.

For the 39 weeks ended September 29, 2024, we had a $21,503 outflow of cash from financing activities, primarily due to purchases of treasury stock of $17,396 and distributions to noncontrolling interest of $3,697.

**Cash Requirements from Contractual and Other Obligations**

As of September 28, 2025, there have been no material changes outside the ordinary course of business to our contractual obligations from those disclosed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" as described in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024, except for those listed below.

*ERP Program Commitments*

We entered into contracts with third parties relating to our previously-announced ERP implementation program. As of September 28, 2025, we have remaining contractual commitments of £13 million ($17 million), which are expected to be settled over the course of the remainder of 2025 and during 2026.

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*LINE LA Hotel Joint Venture Guarantees and Capital Contributions*

With effect from June 4, 2025 we have an ownership interest in the LINE LA, as further described in Note 4, Equity Method Investments; Note 13, Commitments and Contingencies and Note 16, Related Party Transactions and Balances, of the condensed consolidated financial statements included herein. On June 4, 2025, CREP LA Hotel LLC, a wholly owned subsidiary of the LINE LA Hotel Joint Venture ("CREP LA"), entered into a loan agreement ("LINE LA Loan Agreement") with a third party lender for $54 million which matures on January 31, 2027 with interest payable throughout the term. Our wholly owned subsidiary, US AcquireCo, Inc., and affiliates of CREP LA Hotel Holdings LLC ("Corten Guarantors") provided joint and several senior loan guarantees for the benefit of the lender for the term of the LINE LA Loan Agreement with respect to (i) CREP LA's payment of recourse obligations pursuant to the LINE LA Loan Agreement; ii) an indemnification against certain losses arising from non-compliance with environmental laws and similar events at the property, and iii) any failure by CREP LA to pay carry costs (including taxes, insurance premiums, operating expenses and debt service) as and when due. US AcquireCo, Inc. is required to comply with specified financial covenants under the LINE LA Loan Agreement at all times. Our wholly owned subsidiaries, US AcquireCo, Inc. and Soho House Limited, have entered into a reimbursement agreement with the Corten Guarantors to allocate liability under the senior loan guarantees, as well as liability arising under certain indemnification obligations under the LINE LA Hotel Joint Venture. Soho House Limited, shall become liable for amounts payable by US AcquireCo, Inc. under the reimbursement agreement if US AcquireCo, Inc. fails to fund such amounts within 20 days after written demand therefor.

Pursuant to the operating agreement for the LINE LA Hotel Joint Venture, our wholly owned subsidiary, SAGL HoldCo LLC, is contractually obligated to provide additional capital contributions to the extent the LINE LA Hotel Joint Venture experiences liquidity shortfalls. These capital contributions are capped at $37 million (inclusive of its initial capital contribution of $15 million), less six months of debt service on the LINE LA Loan Agreement. Additional funding of $2 million was provided during the 13 weeks ended September 28, 2025 which has increased the equity investment accordingly.

**Critical Accounting Estimates and Judgments**

Management's discussion and analysis of the financial condition and results of operations is based on the financial statements, which have been prepared in accordance with US GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues and expenses incurred during the reporting periods. The estimates are based on historical experience and on various other factors that are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. There have been no significant changes in our critical accounting policies and estimates as compared to the critical accounting policies and estimates disclosed in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" included our Annual Report on Form 10-K for the fiscal year ended December 29, 2024.

**Emerging Growth Company Status**

We are an 'emerging growth company,' as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, and are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not 'emerging growth companies,' including, but not limited to: presenting only two years of audited financial statements in addition to any required unaudited interim financial statements with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, or Sarbanes-Oxley; having reduced disclosure obligations regarding executive compensation in our periodic reports and proxy or information statements; being exempt from the requirements to hold a non-binding advisory vote on executive compensation or seek stockholder approval of any golden parachute payments not previously approved; and not being required to adopt certain accounting standards until those standards would otherwise apply to private companies. As a result, our financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

Our exposure to market risk has not materially changed from what was previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024.

***Foreign Exchange Risk***

We principally operate in the UK and The Americas, although we have significant operations in Europe. Therefore, we are exposed to reporting foreign exchange risk in Pound sterling and Euros.

We have not, to date, used any material financial instruments to mitigate our foreign exchange risk. The directors and management will keep this situation under review. As income is received and suppliers paid in respect of the UK and European operation in Pound sterling or Euros, respectively, this acts as a natural hedge against foreign exchange risk.

If the USD had strengthened/weakened by 10% versus the GBP, revenue would have been approximately $7 million lower and approximately $8 million higher, respectively, and Net Loss would have been approximately $1 million lower and approximately $1 million higher, respectively, for the 13 weeks ended September 28, 2025.

If the Euro had strengthened/weakened by 10% versus the GBP, revenue would have been approximately $2 million higher and approximately $2 million lower, respectively, and Net Loss would have been approximately less than $1 million lower and approximately less than $1 million higher, respectively, for the 13 weeks ended September 28, 2025.

If the USD had strengthened/weakened by 10% versus the GBP, revenue would have been approximately $53 million lower and approximately $58 million higher, respectively, and Net Profit would have been approximately $3 million lower and approximately $3 million higher, respectively, for the 39 weeks ended September 28, 2025.

If the Euro had strengthened/weakened by 10% versus the GBP, revenue would have been approximately $14 million higher and approximately $13 million lower, respectively, and Net Profit would have been approximately $1 million higher and approximately less than $1 million lower, respectively, for the 39 weeks ended September 28, 2025.

***Concentration of Credit Risk***

Credit risk is the risk of loss from amounts owed by financial counterparties. Credit risk can occur at multiple levels; as a result of broad economic conditions, challenges within specific sectors of the economy, or from issues affecting individual companies. Financial instruments that potentially subject us to credit risk consist of cash equivalents and accounts receivable.

We maintain cash and cash equivalents with major financial institutions. Our cash and cash equivalents consist of bank deposits held with banks, and money market funds that, at times, exceed federally or locally insured limits. We limit our credit risk by dealing with customers, counterparties and institutions that are considered to be of high credit quality and by performing periodic evaluations of accounts receivable and investments and of the relative credit standing of our customers, counterparties and financial institutions, as applicable.

***Liquidity Risk***

We seek to manage our financial risks to ensure that sufficient liquidity is available to meet our foreseeable needs. We believe we have significant flexibility to control our capital expenditure commitments in new House developments through different investment formats. As of September 28, 2025, we had $142 million in cash and cash equivalents on the balance sheet, $6 million of restricted cash and £75 million ($100 million) undrawn on the Revolving Credit Facility (subject to complying with our covenants) to meet our funding needs.

***Cash Flow and Fair Value Interest Rate Risk***

We have historically financed our operations through a mixture of bank borrowings and bond notes which are generally fixed, and expect to finance our operations through operating cash flows and availability under our Revolving Credit Facility. We seek to manage exposure to adverse interest rate changes through our normal operating and financing activities.

***Inflation Risk***

Inflation has an impact on food, utilities, labor, rent, and other costs which materially impact operations. Severe increases in inflation could have an adverse impact on our business, financial condition and results of operations. If several of the various costs in our business experience inflation at the same time, we may not be able to adjust prices to sufficiently offset the effect of the various cost increases without negatively impacting consumer demand.

***Commodity Price Risks***

We are exposed to commodity price risks on specialty foodstuffs, natural gas and oil, among other items. Many of the ingredients we use to prepare our food and beverages are commodities or are affected by the price of other commodities. Factors that affect the price of commodities are generally outside of our control and include foreign currency exchange rates, foreign and domestic supply and demand, inflation, weather, the geopolitical situation, and seasonality.

Tariff changes affecting trade with the United States could increase the cost of goods we import including food, beverage, general supplies, furniture and fittings, particularly from suppliers in China, Mexico, Italy and France. We are assessing ways to mitigate these potential cost increases, but these higher

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costs may not be fully recoverable through pricing or efficiency measures. Tariff-related disruptions could also affect product availability or require changes to our sourcing strategy. Ongoing trade policy uncertainty could also present additional demand risk.

**Item 4. Controls and Procedures.**

***Evaluation of Disclosure Controls and Procedures***

Management concluded that as of September 28, 2025 our disclosure controls and procedures were not effective at the reasonable assurance level, due to material weaknesses in our internal control over financial reporting, to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As described in Note 2, *Summary of Significant Accounting Policies*, included in this Form 10-Q and as previously disclosed in Note 2, *Summary of Significant Accounting Policies,* included in our consolidated financial statements included in our Annual Report on Form 10-K for Fiscal 2024, Management identified misstatements in its previously issued consolidated financial statements as of and for the 52-week period ended December 31, 2023 ("Fiscal 2023") and January 1, 2023 ("Fiscal 2022"); the unaudited condensed consolidated financial statements as of and for the 13-week periods ended March 31, 2024 ("Q1 2024") and April 2, 2023 ("Q1 2023"); the unaudited condensed consolidated financial statements as of and for the 13-week and 26-week periods ended June 30, 2024 ("Q2 2024") and July 2, 2023 ("Q2 2023"); and the unaudited condensed consolidated financial statements as of and for the 13-week and 39-week periods ended October 1, 2023 ("Q3 2023"). The Company assessed the materiality of the errors, including the presentation on prior period consolidated financial statements, on a qualitative and quantitative basis in accordance with SEC Staff Accounting Bulletins ("SAB") No. 99, Materiality, and No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements codified in Accounting Standards Codification ("ASC") Topic 250, Accounting Changes and Error Corrections. The Company determined the impacts of these misstatements were not material to the financial statements for all prior periods identified above. For comparative purposes, the Company has made corrections to the unaudited condensed consolidated financial statements and applicable notes for the prior periods presented in the 10-Q for the third quarter of Fiscal 2024.

Such historical adjustments described above were corrected and prior periods revised in our Annual Report on Form 10-K. Refer to Note 20, *Revision of Prior Period Financial Statements*, in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024 for additional information on the misstatements identified and quantification of the impact of correcting the misstatements. These prior period adjustments identified therein have been reflected in the comparative periods presented in this Form 10-Q.

As disclosed in our Annual Report in Form 10-K for the fiscal year ended December 29, 2024, based on management's assessment of the effectiveness of our internal controls over financial reporting, management concluded that our internal controls over financial reporting were not effective as of December 29, 2024, because of the identification of two material weaknesses identified in our internal control over financial reporting. The material weaknesses related to (i) our lack of a sufficient number of personnel with an appropriate level of knowledge and experience with the application of US generally accepted accounting principles ("GAAP") and with our financial reporting requirements; and (ii) the fact that policies and procedures with respect to the review, supervision and monitoring of our accounting and reporting functions, including IT general controls, were either not designed and in place, or not operating effectively. These material weaknesses resulted in adjustments and disclosure corrections to our financial statements during the course of the audit and included provisions for income taxes, inventory, impairment of goodwill and long-lived assets, related party transactions, preparation of the consolidation, preparation and presentation of the cash flow statement, fixed assets, lease accounting and balance sheet reclassifications, some of which resulted in revisions to prior periods.

***Changes in Internal Control over Financial Reporting***

There were no changes in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the 39 weeks ended September 28, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

***Limitations on the Effectiveness of Disclosure Controls and Procedures***

In designing and evaluating our disclosure controls and procedures and internal control over financial reporting, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and our management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs. The design of any disclosure controls and procedures and internal control over financial reporting also are based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

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**PART II—OTH** **ER INFORMATION**

**Item 1. Leg** **al Proceedings.**

From time to time, we are subject to legal proceedings and claims that arise in the ordinary course of business. At present, we are not a party to any litigation other than litigation in the ordinary course of business. We do not expect that the ultimate outcome of any of the currently ongoing legal proceedings, individually or collectively, will have a significant adverse effect on our business, financial condition, results of operations or cash flows.

However, the results of litigation and arbitration are inherently unpredictable and the possibility exists that the ultimate resolution of matters to which we are or could become subject could result in a material adverse effect on our business, financial condition, results of operations and cash flows.

**Item 1A. R** **isk Factors.**

You should carefully consider the risk factors discussed in section "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024, which could materially affect our business, financial position, or future results of operations. There have been no material changes to the risk factors described in our Annual Report on Form 10-K, except as described below. The risks described in our Annual Report Form 10-K are not the only risks that we face. Additional risks and uncertainties not precisely known to us, or that we currently deem to be immaterial, may also arise and materially impact our business. If any of these risks occur, our business, results of operations and financial condition could be materially and adversely affected and the trading price of our common stock could decline.

**Risks Related to the Merger**

***Failure to complete the Merger would negatively impact the Company.***

The Closing is subject to the satisfaction of certain conditions, including: (i) the adoption of the Merger Agreement by (1) the holders of shares of the Company's common stock representing a majority of the voting power of the outstanding common stock entitled to vote thereon (the "Majority Approval") and (2) the holders of shares of the Company's common stock representing a majority of the votes cast by the Unaffiliated Stockholders (as defined below) (the "Unaffiliated Approval" and, together with the Majority Approval, the "Requisite Stockholder Approval"); (ii) the prior or substantially concurrent funding of the Debt Financing; and (iii) other customary conditions for a transaction of this type, such as the absence of any legal restraint prohibiting the consummation of the transactions contemplated by the Merger Agreement and the absence of any Company Material Adverse Effect (as defined in the Merger Agreement). The "Unaffiliated Stockholders" means the stockholders of the Company other than (1) any of the Buyer Parties, the Equity Investors or any Subscription Investors; (2) any of the Reinvestment Stockholders; (3) any members of the Board; (4) any person that the Company has determined to be an "officer" of the Company within the meaning of Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and (5) any affiliates or associates (as defined pursuant to Section 12b-2 of the Exchange Act) of any of the persons described in subclauses (1) through (5). Many of the conditions to completion of the Merger are not within our control, and we cannot predict when or if these conditions will be satisfied (or waived, if permitted by the Merger Agreement (or any other applicable transaction agreement) and applicable law). If the Merger is not completed for any reason, there may be various adverse consequences and the Company may experience negative reactions from its members, potential members, vendors, business partners, employees, investors and other stakeholders.

Although we had anticipated that the Merger would be consummated in the fourth quarter of 2025, we cannot assure you that the conditions set forth in the Merger Agreement and related transaction agreements will be satisfied (or waived, if permitted by the Merger Agreement (or any other applicable transaction agreement) and applicable law) by that time or at all, or that an effect, event, development or change will not transpire that could delay or prevent these conditions from being satisfied (or waived, if permitted by the Merger Agreement (or any other applicable transaction agreement) and applicable law). Specifically, due to the federal government shutdown, the SEC has not completed its review of the Proxy Statement and, as a result, the special meeting of stockholders to adopt the Merger Agreement, and the Closing, may be delayed beyond the current calendar year.

Additionally, the Company has incurred and will continue to incur substantial expenses relating to the negotiation and completion of the transactions contemplated by the Merger Agreement and certain other agreements related to the go-private transaction. If the Merger is not completed or is substantially delayed, the Company would be required to recognize these expenses without realizing the expected benefits of the Merger and may incur expenses related to its status as a public company for longer than anticipated.

***Uncertainties associated with the Merger could adversely affect our business, results of operations, financial condition and stock price.***

The announcement and pendency of the Merger, as well as any delays in the expected timeframe for the Closing, could cause disruption and create uncertainties, which could have an adverse effect on our business, results of operations financial condition and stock price, regardless of whether the Merger is completed. These risks include, but are not limited to: unanticipated difficulties or expenditures relating to the Merger; our obligation to pay the Termination Fee and reimburse certain expenses under certain circumstances if the Merger Agreement is terminated; the effect of the announcement or pendency of the Merger on our plans, business relationships, operating results and operations; uncertainties about the pendency of the Merger and the effect of the Merger on our relationships with members, potential members, vendors, business partners, employees, investors and other stakeholders; provisions in the Merger Agreement that limit our ability to pursue alternatives to the Merger, which might discourage a third party that has an interest in acquiring all or a significant part of the Company from considering or proposing that transaction; the fact that we and our non-employee directors and executive officers may be subject to lawsuits relating to the Merger; the outcome of any lawsuits, regulatory proceedings or enforcement matters that may be instituted against us or others relating to the Merger Agreement; the substantial transaction-related costs we will continue to incur in connection with the Merger, as well as the distraction of management personnel from day-to-day operations; the inability of the Unaffiliated Stockholders to participate in any further upside of our business if the Merger is completed; competitive responses to the Merger; risks regarding the failure to obtain the Equity Financing or the Debt Financing or to have a sufficient amount of cash on hand to complete the Merger (or the Company not being required to use such cash on hand to fund the Per Share Price

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pursuant to the terms of the Merger Agreement); risks regarding the ticking fee for the Debt Financing that may be payable, depending on when the Closing occurs; legislative, regulatory and economic developments affecting our business; general economic and market developments and conditions; unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, pandemics, outbreaks of war or hostilities, as well as our response to any of the aforementioned factors; the fact that the all-cash Per Share Price will generally be taxable to our stockholders that are treated as U.S. Holders; and the risk that the trading price of our Class A common stock may fluctuate during the pendency of the Merger and may decline significantly if the Merger is not completed.

These uncertainties could cause members, potential members, vendors, business partners, employees, investors and other stakeholders to seek to change existing relationships with (or investments in) us or fail to extend an existing relationship with (or investment in) us, all of which could have a material adverse effect on our business, results of operations, financial condition and stock price.

***The Merger Agreement contains provisions that limit our ability to pursue alternatives to the Merger and may discourage other third parties from offering a favorable alternative transaction proposal.***

The Merger Agreement contains provisions that make it more difficult for us to pursue alternatives to the Merger. Until the earlier to occur of the valid termination of the Merger Agreement and the effective time of the Merger, the Company and its subsidiaries are subject to customary "no-shop" restrictions on their ability to (1) solicit, initiate, propose or knowingly induce the making, submission or announcement of, or knowingly encourage, facilitate or assist, any proposal or inquiry that constitutes, or would reasonably be expected to lead to, an Acquisition Proposal (as defined in the Merger Agreement) (other than an Acquisition Proposal from the Buyer Parties or any of the Consortium Members (as defined in the Merger Agreement) on behalf of the Buyer Parties), (2) provide non-public information to third parties in connection with an Acquisition Proposal (other than to the Buyer Parties, the Consortium Members or any of their respective designees), (3) participate or engage in discussions or negotiations with third parties with respect to any inquiry or proposal that constitutes or would reasonably be expected to lead to, an Acquisition Proposal (other than an Acquisition Proposal from the Buyer Parties or any of the Consortium Members), (4) approve, endorse or recommend any proposal that constitutes, or would reasonably be expected to lead to, an Acquisition Proposal (other than an Acquisition Proposal from the Buyer Parties or any of the Consortium Members) or (5) enter into any Alternative Acquisition Agreement (as defined in the Merger Agreement).

These "no-shop" restrictions are subject to a customary "fiduciary out" provision that allows the Board (acting on the recommendation of the Board's independent special committee (the "Special Committee")) or the Special Committee, prior to obtaining the Requisite Stockholder Approval and under certain other specified circumstances, to furnish non-public information to, and engage in negotiations or substantive discussions with, any person making an Acquisition Proposal if the Board (acting on the recommendation of the Special Committee) or the Special Committee determines in good faith (after consultation with its outside legal counsel and financial advisor) that such Acquisition Proposal either constitutes a Superior Proposal (as defined in the Merger Agreement) or is reasonably likely to lead to a Superior Proposal.

These restrictions, including the added cost of the Termination Fee and the reimbursable expenses of other parties to the go-private transaction that may become payable by us in certain circumstances, might discourage a third party that has an interest in an alternative transaction.

***If the Merger Agreement is terminated, we may, under certain circumstances, be obligated to pay the Termination Fee and reimburse certain other expenses of the parties to the go-private transaction. These costs could require us to use available cash that would have otherwise been available for other uses.***

If the Merger is not completed, in certain circumstances, we could be required to pay a termination fee to certain of the Equity Investors of $20.0 million in the aggregate (the "Termination Fee") and would be required to reimburse certain other expenses of the parties to the go-private transaction. If the Merger Agreement is terminated, we may be required to use available cash that would have otherwise been available for general corporate purposes and other uses to make those payments. For these and other reasons, termination of the Merger Agreement could materially and adversely affect our business, results of operations or financial condition, which in turn would materially and adversely affect our stock price.

***Lawsuits may be filed against us and the members of the Board arising out of the proposed Merger, which may delay or prevent the proposed Merger or otherwise adversely affect our business, results of operations and financial condition.***

Putative stockholder complaints, including stockholder class action complaints, and other complaints may be filed against us, the Board or others in connection with the transactions contemplated by the Merger Agreement. The outcome of litigation is uncertain, and we may not be successful in defending against any such future claims. Lawsuits that may be filed against us, the Board or others could delay or prevent the Merger, divert the attention of our management and employees from our day-to-day business operations, and otherwise adversely affect our business, results of operations and financial condition.

**Item 2. Unregis** **tered Sales of Equity Securities and Use of Proceeds.**

**(a) Sales of Unregistered Securities**

None.

**(b) Use of Proceeds from Public Offering of Common Stock**

None.

**(c) Issuer Purchases of Equity Securities**

------

The Company did not purchase any shares of its common stock during the 13-week period ended September 28, 2025.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

During the Company's 13 weeks ended September 28, 2025, none of the Company's directors or officers (as defined in Rule -1(f) under the Exchange Act) adopted, modified or terminated any "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408 of Regulation S-K.

------

**Item 6. E** **xhibits.**

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 2.1\*+ | [<u>Agreement and Plan of Merger, dated as of August 15, 2025, by and among EH Parent LLC, EH MergerSub Inc. and Soho House & Co Inc. (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the SEC on August 18, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1846510/000119312525182169/d921953dex21.htm) |
| 10.1\*\* | [<u>Transition and Separation Agreement of Thomas Allen</u>](shco-ex10_1.htm) |
| 10.2\*\* | [<u>Employment Agreement of Neil Thomson</u>](shco-ex10_2.htm) |
| 31.1\*\*<br>| [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](shco-ex31_1.htm) |
| 31.2\*\* | [<u>Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](shco-ex31_2.htm) |
| 32.1\*\* | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](shco-ex32_1.htm) |
| 32.2\*\* | [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](shco-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. |
| 104 | Cover page formatted as Inline XBRL and contained in Exhibit 101. |

---

\* Previously filed.

\*\* Filed herewith.

+ The schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally a copy of such schedules and exhibits, or any section thereof, to the SEC upon request.

------

**SIG** **NATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Soho House & Co Inc. | Soho House & Co Inc. |
| Date: November 7, 2025 | By: | /s/ Andrew Carnie |
|  |  | Andrew Carnie |
|  |  | Chief Executive Officer |
| Date: November 7, 2025 | By: | /s/ Neil Thomson |
|  |  | Neil Thomson |
|  |  | Chief Financial Officer |

---

------

## Exhibit 10.1

**EXHIBIT 10.1**

**EXECUTION VERSION**

**SOHO HOUSE BEACH HOUSE LLC**

**CONFIDENTIAL**

August 15, 2025

Thomas Allen

<br>**Re: Transition and Separation Agreement**

Dear Thomas:

This letter sets forth the terms of the transition and separation agreement (the "**Agreement**") between Thomas Allen ("**you**") and Soho House Beach House LLC (the "**Company**") in respect of your separation of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Effective Date of this Agreement**. This Agreement will be effective, and the parties hereto hereby consent to the terms and conditions herein, on the date you execute this Agreement (the "**Transition Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Separation Date/Transition Period**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** You and the Company agree and acknowledge that you will be terminated without Cause (as defined in your Employment Agreement) from your position as the Chief Financial Officer of Soho House & Co., Inc., effective August 18, 2025, and you will remain as a non-officer employee through August 29, 2025 and your employment with the Company will terminate on that date (the "**Separation Date**"). Between the Transition Date and the Separation Date (the "**Transition Period**"), (a) you agree that you will perform your role in a manner that is consistent with your duties and responsibilities as of immediately prior to the Transition Date, and the Company agrees that it will provide resources and support to you in such role in a manner and at a level that is consistent with those provided as of immediately prior to the Transition Date, provided that following August 18, 2025 your role and responsibilities will be limited to assisting with the transition of your duties to your successor, (b) the Company will continue to pay you your regular base salary and all other compensation and benefits, and (c) you will continue to be eligible to participate in the employee benefit plans in which you are currently enrolled (pursuant to the terms and conditions of those benefit plans). In addition, during the Transition Period, you agree to cooperate in good faith with the Company to transition your duties and responsibilities (including transitioning leadership duties) to such person(s) as are designated by the Company to be your successor and to assist the Company in undertaking and completing certain deliverables as agreed upon between you and the Company, as separately communicated to you. Notwithstanding the foregoing, the Company may elect to terminate your employment prior to the Separation Date; provided, however, that in the event of any such earlier termination, you will be entitled to the payments and benefits hereunder, including payment through the Separation Date and, subject to execution of the General Release (as defined below) in the form attached as <u>Exhibit A</u> and incorporated herein by reference, the Severance Benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Notwithstanding Section 2(a), if, in a final determination by a third-party adjudicator pursuant to the dispute resolution provisions applicable hereto, you are found to have

------

engaged in willful misconduct with regard to the performance of your duties, then the Company may terminate your employment prior to the Separation Date and payment of salary and benefits shall be paid for time worked through and including the date of your earlier termination rather than the Separation Date, and you will no longer remain eligible for the Severance Benefits pursuant to Section 3 of this Agreement. In the event of such termination for willful misconduct, as finally determined by a third-party adjudicator, the parties agree and acknowledge that neither party shall be bound by the obligations of Sections 8-11 of this Agreement (as applicable to such party), but you shall remain bound by the applicable surviving terms of the Executive Employment Agreement, dated June 23, 2022, by and between you and the Company (the "**Employment Agreement**"), including, for the avoidance of doubt, Section 6 of the Employment Agreement. In the event of a dispute in connection with the enforcement of this Section 2(b) in which you are the prevailing party, the Company shall promptly reimburse you for your reasonable legal costs properly incurred in connection with such dispute and, in addition, pay to you any compensation (including salary and reimbursement for any Severance Benefits lost), if any, not received but to which you would have otherwise received, during the remainder of such Transition Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**As of the close of business on and following the Separation Date, you will no longer be employed by the Company and you shall, as soon as reasonably practicable, resign from any positions (including but not limited to director, officer, secretary, authorized signatory, etc.) that you may hold with the Company or any of its subsidiaries and affiliates (together with the Company, the "**Company Group**") as of such date or as soon as reasonably practicable following the Separation Date. You agree further to execute any additional documents required to effectuate such resignations as may be requested by the Company. For the avoidance of doubt, it is acknowledged and agreed that (i) there may be certain subsidiaries and affiliates of the Company that it may take longer to replace you as a director, officer or authorized signatory given the jurisdictions in which such subsidiaries and affiliates of the Company are incorporated and (ii) for the avoidance of doubt, your cooperation to the Company to remove you as a director, officer or authorized signatory of such subsidiaries and affiliates shall not trigger any liability for the Company or result in any payments being due to you under Section 11 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**On the Separation Date, the Company will pay you all accrued salary, and all accrued and unused paid time off (if any) earned through the Separation Date, subject to required payroll deductions and withholdings, in the gross amount of $173,333.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**On or prior to the Separation Date, the Company Group shall promptly replace you on any licenses, permits or bank accounts of the Company Group on which you are listed in the name of any member of the Company Group, and you agree to reasonably and promptly cooperate to effectuate any such replacements, including but not limited to the execution of any further documents and providing such reasonable support as is required to effectuate such replacements as may be requested by any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Severance Benefits**. You are being provided at least twenty-one (21) days to consider the General Release of Claims attached hereto as <u>Exhibit A</u>***<u>.</u>*** If (i) on or within seven (7) calendar days following the Separation Date, you sign, date, and return to the Company, the General Release of Claims in substantially the form attached hereto as <u>Exhibit A</u> (the "**General Release**"); *<u>and</u>* (ii) you do not timely revoke and instead allow the General Release to become effective in accordance with its terms; *<u>and</u>* (iii) you comply with the terms of and your obligations

------

under this Agreement and your other continuing obligations owed to the Company Group, including Confidentiality in Section 8 below and Section 6 of the Employment Agreement (collectively, subclauses (i) through (iv), the "**Obligations**"), the Company will provide you with the following severance benefits ("**Severance Benefits**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Severance Pay.** Pursuant to the terms of Section 5(b) of the Employment Agreement, severance pay equal to fourteen (14) months of your current monthly base salary (total gross amount of $1,166,666.67), in a single lump sum, payable within thirty (30) days following the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Outstanding Restricted Stock Unit Awards.** Pursuant to the terms of the Membership Collective Group, Inc. 2021 Equity and Incentive Plan (the "Plan"), you have been awarded 452,247 restricted stock units (**"RSUs"**) with respect to shares of Class A common stock, par value $0.01 per share, of the Company ("**Stock**"). The Parties acknowledge and agree that 204,599 RSUs have fully vested as of the date hereof (of which you currently hold 118,261 shares, and 86,338 have been sold to cover taxes), 96,899 RSUs will vest and settle between now and the Separation Date and, upon the Separation Date (or, if earlier, your date of termination of employment by the Company other than for "Cause" (as defined in the Employment Agreement), the remaining 150,749 RSUs ("**Outstanding RSUs**") shall remain outstanding and, subject to your satisfaction of the Obligations set forth herein, shall vest immediately and be settled (at the Company's election, in cash or equity) within thirty (30) days following the Separation Date; provided, however, if you are terminated by the Company for Cause (as confirmed and determined by a third-party adjudicator) or resign prior to the Separation Date, the Outstanding RSUs shall be forfeited for no consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **2024 RSU Grant.** In recognition of your services rendered to date and to support the transition of your responsibilities through the Separation Date, within 15 days following the Transition Date, you shall be granted an RSU award with respect to 178,571 shares of Stock (the "**2024 RSU Grant**"). The Parties acknowledge and agree that, upon the Separation Date (or, if earlier, your date of termination of employment by the Company other than for "Cause" (as defined in the Employment Agreement), the 2024 RSU Grant shall remain outstanding and, subject to your satisfaction of the Obligations set forth herein, shall vest and be settled (at the Company's election, in cash or equity) on the following schedule: 50% within sixty (60) days following the Separation Date and 50% on or before February 13, 2026; provided, however, if you are terminated by the Company for Cause (as confirmed and determined by a third-party adjudicator) or resign prior to the Separation Date, the 2024 RSU Grant shall be forfeited for no consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **COBRA Continuation Coverage Payments**. If you timely elect continued coverage under COBRA, the Company will pay your COBRA premiums to continue your group health coverage (including ArmadaCare and coverage for your eligible dependents, if applicable) ("**COBRA Premiums**") for a 12-month period following the Separation Date (the "**COBRA Premium Period**"); <u>provided</u>, <u>however</u>, that the Company's provision of such COBRA Premium benefits will immediately cease if during the COBRA Premium Period you become eligible for group health insurance coverage through a new employer or you cease to be eligible for COBRA continuation coverage for any reason, including plan termination. In the event you become covered under another employer's group health plan or otherwise cease to be eligible for COBRA

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during the COBRA Premium Period, you must immediately notify the Company of such event. Notwithstanding the foregoing, if the Company reasonably determines, in its sole discretion, that it cannot pay the COBRA Premiums without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), regardless of whether you or your dependents elect or are eligible for COBRA coverage, the Company instead shall pay to you, on the first day of each calendar month following the Separation Date, a cash payment equal to the applicable COBRA Premiums for that month (including the amount of COBRA Premiums for your eligible dependents), structured to avoid adverse tax consequences to you to the maximum extent possible (such amount, the "**Special Cash Payment**"), for the remainder of the COBRA Premium Period. You may, but are not obligated to, use such Special Cash Payments toward the cost of COBRA premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Tax Equalization.** You shall remain eligible to receive your current tax equalization and tax support benefits, as in effect prior to the date of this Agreement, through to the Separation Date (including any post-Separation Date vesting and severance pay). In addition, the Company shall provide you with an additional severance payment in the gross amount of ten-thousand-seven-hundred forty-dollars ($10,740.00) relating to tax preparation assistance, payable in a single lump sum, within 30 days following the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **No Other Compensation or Benefits.** You acknowledge that, except as expressly provided in this Agreement, you have not earned (or may not be eligible to earn) and will not receive from the Company Group any additional compensation (including base salary, bonus, bonus advances, incentive compensation, commissions, or equity), severance, or benefits prior to, on, or after the Separation Date, with the exception of any vested right you may have under the express terms of a written ERISA-qualified benefit plan (e.g., 401(k) account), or any vested options, and except to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Expense Reimbursements.** On the Separation Date, you will submit your final documented expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement. The Company will promptly reimburse you for these expenses pursuant to its regular business practice, with payment made no later than thirty (30) days after submission of such supporting documentation. The Company shall pay directly or reimburse you for attorneys' fees incurred by you in connection with the negotiation, documentation, and implementation of this Agreement and any equity arrangements, in an aggregate amount of up to $20,000, payable in a single lump sum within 30 days following the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Indemnification.** The Company hereby agrees, to the fullest extent permitted under the Company's Certificate of Incorporation and Bylaws to indemnify and hold you harmless against any costs and expenses, including reasonable attorneys' fees, judgments, fines, settlements and other amounts incurred in connection with any proceeding arising out of, by reason of or relating to your performance of the Chief Financial Officer's duties and obligations with the Company Group. The Company shall also provide you with coverage as a named insured under a directors and officers liability insurance policy maintained for the Company's directors and officers. This obligation to provide insurance and to indemnify you shall survive expiration or termination of this Agreement with respect to proceedings or threatened proceedings based on acts

------

or omissions of yours occurring during your employment with the Company. This provision shall not be deemed to be exclusive of any rights to which you may have under law or any other agreement or arrangement with any member of the Company Group. This indemnification shall be void and without any effect, however, with respect to any criminal conduct relating to any action arising from or relating to your employment with the Company of which you are convicted, or to which you plead no contest or *nolo contendre.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Return of Company Property**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**You agree to return to the Company in reasonable working order, within 5 calendar days following the Separation Date, all originals and copies of the Company or any of its affiliates' property, documents and information in your possession, regardless of the form on which such information has been maintained or stored, including without limitation, computer disks, tapes or other forms of electronic storage, Company credit cards (including telephone credit cards), computer equipment or hardware, tools, equipment, keys, identification, software, computer access codes, disks and instructional manuals, Company-issued laptops and mobile phones, and all other property prepared by, or for, or belonging to the Company or any of its affiliates. You further agrees that, as of the fifth calendar day following the Separation Date, you will not retain any documents or other property belonging to Company or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Confidentiality.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**You will at all times maintain strict confidentiality of, and will not use or disclose, information or ideas of a confidential or proprietary nature which pertain to the Company Group's business, development, property, real estate, financial, legal, marketing, administrative, personnel, trade secrets (including, but not limited to, personal information, specifications, designs, plans, drawings, software, data, prototypes, the identity of sources and markets, marketing information and strategies, business and financial plans and strategies, methods of doing business, data processing, technical systems and practices, customers, sales history and financial health) and "material non-public information" as defined under federal securities law as well as such information of third parties which has been provided to any member of the Company Group in confidence (collectively "**Confidential Information**"). All such information is deemed "confidential" or "proprietary" whether or not it is so marked, provided that it is maintained as confidential by the Company. Nothing herein shall prohibit you from reporting possible violations of law to any governmental agency or entity in accordance with applicable whistleblower protection provisions including, without limitation, the rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or require you to notify the Company (or obtain its prior approval) of any such reporting. You specifically agree that, if you violate this confidentiality obligation, in addition to any other rights and remedies available under applicable law, the Company will have the contractual right to recover from you its actual damages including, without limitation, the amount of any payments made under this Agreement by recoupment, restitution, set-off, or otherwise as permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**You will treat the terms, conditions, amount, and circumstances relating to this Agreement as confidential, except as disclosure may be required by applicable law. You may disclose the terms of this Agreement to your tax advisor or counsel, provided that they agree to maintain the confidentiality of this Agreement. If you are required to make any disclosure required

------

by law, you agrees to inform the Company immediately and prior to any such disclosure. Obligations under this Section 8 shall terminate to the extent that information contained herein is made public, including by the Company in the course of its compliance with public disclosure obligations. For the avoidance of doubt, nothing in this Agreement shall be construed to prohibit you from engaging in protected concerted activity under the National Labor Relations Act for the purpose of collective bargaining or other mutual aid or protection, including, without limitation, (i) making disclosures concerning this Agreement in aid of such concerted activities, (ii) filing unfair labor practice charges, (iii) assisting others who are filing such charges, and (iv) cooperating with the investigative process of the National Labor Relations Board and other government agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**You represent that, to the best of your knowledge during your employment with the Company, you have not breached any confidentiality agreement to which you are a party. The Company represents, agrees and acknowledges that no basis, whether known or suspected, exists for any claim or action against you (on any legal basis, whether in tort, contract, or otherwise), that the Company is unaware of the existence of any circumstances that would constitute Cause pursuant to the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Restrictive Covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**You agree that, during the period beginning on the Separation Date and ending twenty-four (24) consecutive months following the Separation Date (the "**Restricted Period**"), you shall not, directly or indirectly, (i) solicit any business from any Business Relations (as defined in the Employment Agreement) of any Group Company for the purpose of selling or providing any products or services competitive with the Business (as defined in the Employment Agreement), or (ii) solicit, persuade or attempt to persuade, or induce or attempt to induce any Business Relation into any business relationship that terminates, diverts, or diminishes, or would reasonably be expected to terminate, divert, or diminish, such Business Relation's business, services or relationship with any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**During the Restricted Period, you shall not, directly or indirectly: (i) solicit, recruit or induce any Employee (as defined in the Employment Agreement) to (x) terminate his or her employment relationship with any group Company, or (y) work for any other person or entity engaged in the Business (as defined in the Employment Agreement), and/or (ii) hire any Employee. The no-hire provision in Section 9(b)(ii) shall not be enforced as to any Employee located in California. For sake of clarity, this restriction shall not apply to general employment postings or advertisements not specifically directed at Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**During the Restricted Period, you shall not, on your own behalf or on behalf of any person or entity, engage in the Business for or on behalf of the following private membership clubs: Casa Cipriani, San Vincente, Zero Bond and/or Estelle Maison/Estelle Manor. For purposes of this Section, the term "engage in" shall include: (i) performing or participating in any activities which are the same as, or substantially similar to, activities which you performed or in which you participated, in whole or in part, for or on behalf of the Company; (ii) performing activities or services about which you obtained Confidential Information or Trade Secrets (as defined in the Employment Agreement) as a result of your association with the Company or any other Group Company; and/or (iii) interfering with or negatively impacting the business

------

relationship between any Group Company and a Business Relation, or any other third party about whom you obtained Confidential Information or Trade Secrets as a result of your association with the Company or any other Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **No Disparagement.** You and agree not to make any false statements about or otherwise disparage the Company Group, and, as applicable, its respective officers, directors, employees, stockholders, partners, landlords, investors and agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation. The Company Group shall likewise instruct its directors and officers (1) not to make any false statements about or otherwise disparate you in a way likely to be harmful to your business, business reputation or personal reputation, or (2) not to make any public or private communication regarding this Agreement or your separation from employment that is inconsistent with this Agreement, including your employment in good standing through the time of your resignation on the Separation Date (or earlier termination by the Company). You and the Company will, in good faith, work together to draft and approve any public statement(s) concerning your separation from the Company. In case of a third-party inquiry regarding your employment, you must refer all such inquiries to the Chief Executive Officer or the Chief Legal Officer. In response to such properly directed inquiries, the Company shall confirm your dates of employment and position(s) held. Nothing in this Section, this Agreement, or any other agreement entered into with the Company Group: (a) will be interpreted or construed to prevent you or the Company Group from giving truthful information to any law enforcement officer, court, administrative proceeding or as part of an investigation by any government agency, (b) is intended to prohibit or restrain you or the Company Group in any manner from making disclosures that are protected under federal law or regulation or under other applicable law or regulation (including disclosures that are protected under the whistleblower provisions of any federal or state law), and/or (c) prevents you from discussing or disclosing employee wages, benefits or terms and conditions of employment or information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that you have reason to believe is unlawful. Additionally, you further acknowledge that the Company has advised you that you will not be held civilly or criminally liable under any federal or state trade secret law for the disclosure of a trade secret that: (z) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (y) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding; or (x) is made to an attorney or is used in a court proceeding in connection with a lawsuit alleging retaliation for reporting a suspected violation of law, provided that the trade secret is filed under seal and not disclosed except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Cooperation.** For thirty-six (36) months following the Separation Date (the "Cooperation Period"), upon reasonable notice from the Company, you shall reasonably cooperate with the Company in effecting a smooth transition, and shall provide such information as the Company or any of its affiliates may reasonably request regarding operations and information within your knowledge while you were employed by the Company (whether related to the Company or any other affiliate). You shall provide reasonable assistance and cooperation to the Company and its affiliates with respect to disputes, claims, and litigation that may have arisen or may arise regarding matters that were within your responsibilities during your employment. This reasonable assistance and cooperation includes but is not limited to the provision of complete and truthful information and documents in your possession and control regarding such matters,

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responding to inquiries, meeting with counsel, and cooperating in preparing for and providing truthful and accurate testimony in any proceedings. The Company shall pay you at the rate of $600.00 per hour for all requested services provided in connection with this Section. In addition any reasonable travel or other out of pocket costs associated with such cooperation, including reasonable attorneys' fees, shall be paid or promptly reimbursed by the Company. The Company shall provide you access to Soho Houses during the Cooperation Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **No Admissions.** You agree and understand that the promises and payments in consideration of this Agreement shall not be construed to be an admission of any liability or obligation by the Company Group to you or to any other person, and the Company Group makes no such admission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Severability.** In the event that any provision of this Agreement is found to be unenforceable for any reason whatsoever, the unenforceable provision shall be considered to be severable, and the remainder of this Agreement shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Compliance with Section 409A of the Internal Revenue Code**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Parties agree that this Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is exempt from, or, if that is not possible, then compliant with the requirements of Section 409A of the Internal Revenue Code (the "Code") and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder. Nevertheless, the tax treatment of the benefits provided under the Agreement is not warranted or guaranteed. Neither the Company nor its managers, members, officers, employees, or advisers shall be held liable for any taxes, interest, penalties, or other monetary amounts owed by you as a result of the application of Section 409A of the Code. Any right to a series of installment payments under this Agreement shall, for purposes of Section 409A of the Code, be treated as a right to a series of separate payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All reimbursements and in-kind benefits provided under this Agreement that are includible in your federal gross taxable income shall be made or provided in accordance with the requirements of Section 409A of the Code, including the requirement that (i) any reimbursement is for expenses incurred during your lifetime (or during a shorter period of time specified in this agreement), (ii) the amount of expenses eligible for reimbursement or in-kind benefit provided during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense was incurred, and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Additionally, notwithstanding anything in this Agreement to the contrary, any separation payments under this Agreement (to the extent that they constitute "deferred compensation" under Section 409A of the Code and applicable regulations), and any other amount or benefit that would constitute non-exempt "deferred compensation" for purposes of Section 409A of the Code and that would otherwise be payable or distributable hereunder by reason of your termination, will not be payable or distributable to you by reason of such circumstance unless the circumstances giving rise to such termination meet any description or

------

definition of "separation from service" in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition). If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution shall be made on the date, if any, on which an event occurs that constitutes a Section 409A-compliant "separation from service."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event that you are a "specified employee" (as described in Section 409A of the Code), and any payment or benefit payable pursuant to this Agreement constitutes deferred compensation under Section 409A of the Code and would otherwise be payable upon your "separation from service" (as described in Section 409A of the Code), then no such payment or benefit shall be made before the date that is six (6) months after your "separation from service" (or, if earlier, the date of your death). Any payment or benefit delayed by reason of the prior sentence (the "Delayed Payment") shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **General**. This Agreement, along with *Exhibit A* constitute the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to the subject matter hereof. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other agreements, promises, warranties or representations concerning its subject matter (including, but not limited to, any other agreement relating to your employment as between the Company and You). This Agreement may not be modified or amended except in writing signed by both you and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company (including any related entities or affiliates of the Company with respect to the payment obligations herein), and inure to the benefit of both you and the Company, their heirs, successors and assigns. You shall not assign this Agreement or your rights or obligations hereunder without the prior written consent of Company. The Company may assign this Agreement to any successor entity in connection with a merger, reorganization, acquisition, or sale of substantially all of its assets or equity upon written notice to you, subject to the successor entity's written assumption of the Company's obligations herein. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other provision of this Agreement and the provision in question shall be modified so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible under applicable law. This Agreement shall be construed and enforced in accordance with the laws of the State of Florida without regard to conflicts of law principles. Any ambiguity in this Agreement shall not be construed against either party as the drafter. Any waiver of a breach of this Agreement, or rights hereunder, shall be in writing and shall not be deemed to be a waiver of any successive breach or rights hereunder. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

------

Sincerely,

**SOHO HOUSE BEACH HOUSE LLC**

By: <u>/s/ Andrew Carnie________________</u>

Name: Andrew Carnie

Title: Authorized Signatory

Date: 15 August 2025

**Exhibit A – General Release** 

**Understood and Agreed:**

<u>/s/ Thomas Allen____________</u>

Thomas Allen

<u>August 15</u><sup>th</sup><u>, 2025___________</u>

Date

------

**EXHIBIT A<br>GENERAL RELEASE OF CLAIMS**

**(TO BE SIGNED ON OR WITHIN SEVEN CALENDAR DAYS OF THE<br>SEPARATION DATE)**

If I choose to sign and return this General Release of Claims (the "**General Release**"), and allow it to become effective by its terms, the Company will provide me with the Severance Benefits set forth in Section 3 of the Transition and Separation Agreement between me and the Company dated August 15, 2025 (the "**Agreement**"). I understand that I am not entitled to the Severance Benefits and other benefits of the Agreement including but not limited to the reimbursement of legal fees under Section 5 and the non-disparagement provisions under Section 10 unless I sign and return the General Release to the Company on or within seven (7) calendar days following the Separation Date, do not revoke and allow it to become effective by its terms. Capitalized terms used in the General Release that are not defined herein shall have the meaning as defined in the Agreement.

**Review Period.** I acknowledge and agree that I was provided the General Release at least fourteen (14) calendar days prior to the Separation Date and have been given another seven (7) days to review, and therefore have been provided with at least twenty-one (21) days to consider the General Release before signing (the "**Review Period**"). I understand I may not sign this General Release before the Separation Date. I have been advised that I have the right to consult an attorney regarding the General Release, and that I may sign the General Release any time after my Separation Date and before the expiration of the Review Period, but should I do so, I waive any time remaining of the Review Period. The General Release shall become final and effective upon execution.

**Revocation Period.** I understand I have an additional seven (7) days after signing the General Release to revoke my acceptance (the "**Revocation Period**") by submitting a written statement of revocation by email to Ben Nwaeke, Chief Legal Officer, Soho House & Co. Inc., at ben.nwaeke@sohohouse.com. If I do not timely revoke my acceptance during the Revocation Period, the General Release will become final and effective.

**General Release**. In exchange for the consideration provided to me under the Agreement to which I would not otherwise be entitled, including but not limited to the Severance Benefits, I (for myself and for any person who may make a claim by or through me (including without limitation, any current or former spouse(s), dependents, heirs, assignees, executors, attorneys, or agents)) hereby generally and completely release the Company and its current and former predecessors, successors, direct and indirect parents, direct and indirect subsidiaries, affiliates, investors, and related entities (collectively, the "**Entities**") and each of the Entities' respective current and former owners, directors, officers, employees, shareholders, partners, members, agents, employees, attorneys, insurers, assigns, and employee benefit plans; and the predecessors, successors, and assigns of the above Entities and individuals, and the spouses, children and family members of the individuals (collectively with the Entities, the "**Released Parties**") of and from any and all claims, liabilities, and obligations, both known and unknown, that arise out of or are in any way related to events,

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acts, conduct, or omissions occurring prior to or on the date I sign this Agreement (collectively, the "**Released Claims**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Entities.** The Entities as defined above are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House New York LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House US Corp

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House New York LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House New York Inc (Non-Profit)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho-Ryder Acquisition LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House West Hollywood, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Little House West Hollywood, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House Beach House, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SHBH, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ryder Properties, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cowshed, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House Chicago LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House 139 HoldCo LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Ludlow Tenant, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho-Ludlow, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•LA 1000 Santa Fe, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•DTLA JV Tenant, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho-Cecconi's (Water Street), LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho-Dumbo, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House – Cipura (Miami) LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Home, LLC

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Little Beach House Malibu, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Beach House HoldCo, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Beach House JV, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Beach House Owner, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SHBH Holdco, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SHBH Owner, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho-Cipura Holdco, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•1100 Acquisition LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House Design LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho-Dumbo Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•DTLA JV Tenant LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SHBH LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House Austin, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SohoAus Services, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SohoAus Operations, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House CWH, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Grasmere House, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House Nashville, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House BHC, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House Portland, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works North America, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works LA, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works NY, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works 9000 Sunset, LLC

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works 9100 Sunset, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works 1026 South Santa Fe, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works 10 Jay, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works 10 Jay Dumbo Inc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works 55 Water LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works 55 Water Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works 875 Washington LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works 875 Washington Inc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works 415 West 13th, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho Works 415 West 13th Inc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•LPH Miami, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•LVPS, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House Charleston, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SHL Holdco 1, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SHL Holdco 2, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SHPS, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SHARH, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SHSO, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SHSTL, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SHSJ, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•US AcquireCo Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Soho House & Co Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All current affiliates of Soho House & Co Inc. not already listed above, including any corporation or other entity which is currently controlled by or under common control with Soho House & Co Inc., or which is presently in the same affiliated service group or otherwise required to

------

be aggregated with Soho House & Co Inc. under Sections 414 or 1563 of the Internal Revenue Code.

**Scope of Release.** The Released Claims include, but are not limited to: (i) all claims arising out of or in any way related to my employment with or services for any member of the Company Group, or the termination of that employment or those services; (ii) all claims related to unearned salary and incentive compensation and benefits, notice rights, retention benefits, fringe benefits, and all clams related to stock, stock options, restricted stock, units, or any other ownership interests in the Company or any other member of the Company Group; (iii) all claims for breach of contract (oral or written), wrongful termination, and breach of the implied covenant of good faith and fair dealing; (iv) all tort claims, including claims for fraud, inducement, misrepresentation, defamation, emotional distress, and discharge in violation of public policy; and (v) all constitutional, federal, state, and local statutory and common law claims, in each case, as amended, including, but not limited to, claims for discrimination, harassment, retaliation, interference, or attorneys' fees. The Released Claims include without limitation any and all claims arising under the following laws, as amended from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The federal Civil Rights Acts of 1866, 1871, 1964 and 1991 and all similar state civil rights statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Employee Retirement Income Security Act of 1974;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Rehabilitation Act of 1973;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Occupational Safety and Health Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Mine Safety and Health Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Health Insurance Portability and Accountability Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Americans with Disabilities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The National Labor Relations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Family and Medical Leave Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Equal Pay Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Worker Adjustment and Retraining Notification Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Lilly Ledbetter Fair Pay Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Age Discrimination in Employment Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Older Workers Benefit Protection Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The California Labor Code;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The California Business and Professions Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All California Wage Orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The California Fair Employment and Housing Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The California Family Rights Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The California Civil Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The California Government Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The New York State Human Rights Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The New York Labor Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The New York Equal Pay Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The New York Civil Rights Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The New York Rights of Persons with Disabilities Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The New York Equal Rights Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The New York City Administrative Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The New York City and New York State and City sick leave laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The New York Paid Family Leave Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•State wage payment statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•State wage and hour statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•State employment statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any statutes regarding the making and enforcing of contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any whistleblower statute; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All similar provisions under all other federal, state and local laws.

Without limiting the generality of this General Release I further acknowledge and agree that this General Release is intended to bar all equitable claims and all common law claims, including without limitation claims of or for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Breach of an express or an implied contract;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Breach of the covenant of good faith and fair dealing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unpaid wages, salary, bonuses, commissions, vacation or other employee benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unjust enrichment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Negligent or intentional interference with contractual relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Negligent or intentional interference with prospective economic relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Estoppel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Negligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Negligent or intentional misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Personal injury;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Slander;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Libel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Defamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•False light;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Injurious falsehood;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Invasion of privacy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Wrongful discharge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Failure to hire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Retaliatory discharge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Constructive discharge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Negligent or intentional infliction of emotional distress;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Negligent hiring, supervision or retention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Loss of consortium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any claims that may relate to drug and/or alcohol testing; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any claims for change in control payments or benefits under any agreement.

**Excluded Claims.** Notwithstanding the foregoing, the following are not included in the Released Claims (the "**Excluded Claims**"): (i) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with the Company Group to which I am a party, the charter, bylaws, or operating agreements of the Company Group, or under applicable law; (ii) any rights or claims which are not waivable as a matter of law; (iii) any rights I have to file or pursue a claim for workers' compensation or unemployment insurance; and (iv) any claims for breach of this Agreement. I represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the Released Claims. I further acknowledge and agree that the release of claims provided in this Section are not provided in exchange for a raise, bonus, or as a condition of continued employment, but rather in exchange for the materially modified terms and conditions of employment during the Transition Period and my eligibility for Severance Benefits that I was not otherwise eligible to receive.

**ADEA Acknowledgement.** I acknowledge and understand that the release of claims under the Age Discrimination in Employment Act ("<u>ADEA</u>"), 29 U.S.C. Section 621-634, is subject to special waiver protections under 29 U.S.C. Section 626(f). In accordance with that section, I specifically agree that I am knowingly and voluntarily releasing and waiving any rights or claims of discrimination under the ADEA. In particular I acknowledge that I understand that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)I am not waiving any claims for age discrimination under the ADEA that may arise after the date I sign the General Release and I am not waiving vested benefits, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)I am waiving rights or claims for age discrimination under the ADEA arising up to the effective date of the General Release in exchange for the Severance Benefits described in Section 3 of the Agreement, which is in addition to anything of value to which I am already entitled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)I have been advised to consult with and have had an opportunity to consult with an attorney before signing the General Release.

**Entities' Release of Claims.** The Entities hereby release and forever discharge you the undersigned from any and all claims, liabilities, demands, or causes of action, known or unknown, that the Entities may have against the undersigned arising out of or related to his employment, through and including the Separation Date. This release does not extend to any claims arising from or related to any acts of gross negligence, fraud, embezzlement, or other criminal conduct by him, nor does it release him from any obligations or liabilities arising under this Agreement.

**Protected Activity.** Nothing in this Agreement or the General Release shall prevent me from filing a charge or complaint with the Equal Employment Opportunity Commission, the Florida Commission on Human Rights, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (collectively, the "**Government Agencies**"). This

------

Agreement does not limit my ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agencies, including providing documents or other information, without notice to the Company. While this Agreement does not limit my right to receive an award for information provided to the Securities and Exchange Commission, I understand and agree that, to maximum extent permitted by law, I am otherwise waiving any and all rights I may have to individual relief based on any claims that I have released and any rights I have waived by signing this Agreement.

**Waiver of Unknown Claims. <u>I UNDERSTAND THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS, EXCEPT FOR THOSE CLAIMS THAT CANNOT BE WAIVED AS A MATTER OF LAW</u>.** In giving the releases set forth in this Agreement, which include claims which may be unknown to me at present, I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows:

**"A general release does not extend to claims which the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release, and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party."** 

I hereby expressly waive and relinquish all rights and benefits under that section and any law or legal principle of similar effect in any jurisdiction with respect to my release of claims herein, including but not limited to the release of unknown and unsuspected claims, except for those rights that cannot be waived as a matter of law.

**Representations**. I hereby represent that, as of the date hereof: except as otherwise to be paid hereunder, I have been paid all compensation owed and for all time worked; I have received all the leave and leave benefits and protections for which I am eligible pursuant to the FMLA or any applicable law or Company policy; I have not suffered any on-the-job injury or illness for which I have not already filed a workers' compensation claim; and I have no lawsuits, claims or actions pending in my name, or on behalf of any other person or entity, against the Company Group or any other person or entity subject to the release granted in the General Release.

I further affirm that to the best of my knowledge, I have no Company property remaining in my possession or control.

**Adequate Consideration**. I agree that payment of the Severance Benefits described in Section 3 of the Agreement is a benefit that the Company is not required to provide me apart from the provisions of that Agreement and that failure to execute this General Release will result in my non-receipt of the benefits set forth in the Agreement.

**Agreed and Acknowledged:**

------

/s/ Thomas Allen

Thomas Allen

Date: <u>August 15</u><sup>th</sup><u>, 2025</u> 

------

## Exhibit 10.2

**EXHIBIT 10.2**

**DATED 15 AUGUST 2025**

**SOHO HOUSE UK LIMITED**

and

**NEIL THOMSON**

**SERVICE AGREEMENT**

****

<br> ------

**EXHIBIT 10.2**

**CONTENTS**

**Clause Page**

****

<br> 1.DEFINITIONS AND INTERPRETATION1

2. APPOINTMENT5

3. TERM5

4. DUTIES5

5. CODE OF CONDUCT8

6. PLACE OF WORK8

7. HOURS OF WORK9

8. INSIDE INFORMATION9

9. REMUNERATION AND EXPENSES9

10. BONUS11

11. EQUITY INCENTIVE SCHEME12

12. CLAWBACK12

13. WITHHOLDING AND STATUTORY FILINGS12

14. PENSION12

15. BENEFITS12

16. HOLIDAYS AND HOLIDAY PAY13

17. SICKNESS AND ABSENCE14

18. ADDITIONAL PAID LEAVE15

19. TRAINING15

20. OUTSIDE INTERESTS15

21. CONFIDENTIAL INFORMATION16

22. INTELLECTUAL PROPERTYRIGHTS17

23. PROTECTED RIGHTS19

24. PAYMENT IN LIEU OFNOTICE20

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**EXHIBIT 10.2**

25. TERMINATION WITHOUTNOTICE20

26. GARDEN LEAVE22

27. OBLIGATIONS ON TERMINATION23

28. CEASING TO BE ADIRECTOR24

29. RESTRICTIVE COVENANTS24

30. NO CONFLICT26

31. DISCIPLINARY AND GRIEVANCE PROCEDURES26

32. DATA PROTECTION27

33. RECONSTRUCTION AND AMALGAMATION27

34. MISCELLANEOUS28

35. FURTHER ASSURANCE28

36. ENTIRE AGREEMENT29

37. VARIATION29

38. CONTRACTS (RIGHTSOF THIRD PARTIES) ACT 199929

39. COUNTERPARTS29

40. GOVERNING LAW29

41. JURISDICTION29

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**EXHIBIT 10.2**

**THIS SERVICE AGREEMENT** is made on 15 August 2025

**BETWEEN:**

**(1)** **SOHO HOUSE UK LIMITED** incorporated and registered in England and Wales with company number 02864389 whose registered office is at 180 The Strand, London,

United Kingdom, WC2R 1EA (the "**Company**"); and

**(2)** **NEIL THOMSON** of the address on record with the Company (the "**Executive**").

**IT IS AGREED:**

1. DEFINITIONS AND INTERPRETATION

1.1.In this agreement where it is appropriate in context singular words shall include the plural and vice versa. Words defined below shall have the following respective meanings:

"**Board**" means the board of directors of the Company from time to time or its duly authorised representative;

"**Commencement Date**" means 18 August 2025;

"**Company Sick Pay**" has the meaning given in clause 17.3;

"**Compensation Committee**" means the Compensation Committee of the ListCo Board.

"**Confidential Information**" means information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory) which is not in the public domain relating to any Group Company's business, products, affairs and finances for the time being confidential to any Group Company and trade secrets including, without limitation, technical data and know-how relating to any Group Company's business or any of their business contacts, including in particular (by way of illustration only and without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)lists and databases of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)details of any guests, customers and suppliers of the Company or any Group Company and any other third parties with whom the Company or any Group Company conducts business or with whom it works, including the terms of business with them and their requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any information relating to the services and products offered by the Company or any Group Company including but not limited to contract terms and processes and working methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any financial information, results and forecasts, expansion plans, business strategy, marketing plans and revenue forecasts of the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) details of the employees, officers and consultants of the Company or any Group Company and of the remuneration and other benefits paid to them or details relating to their personal affairs or

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**EXHIBIT 10.2**

those of their families;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) confidential reports or research commissioned by or provided to the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any trade secrets of the Company or any Group Company including know how and confidential transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any information which the Executive is told is confidential and any information which has been given to the Company or any Group Company in confidence by its agents, suppliers, customers, clients or other persons;

"**Cure Period**" has the meaning given in clause 25.1.1;

"**Customer**" shall mean any person, firm or company who at the date of termination of the Employment or at any time during the 12 months immediately prior to such termination was a Member or customer of the Company or any Group Company and from whom the Company or and Group Company had obtained business and for whom the Executive had provided or arranged the provision of goods or services on behalf of the Company or any Group Company or for whom the Executive had management responsibility, at any time during the 12 months immediately prior to such termination;

"**Database**" has the meaning given in clause 22.10;

"**Data Protection Policies**" has the meaning given in clause 32.2;

"**Employee Handbook**" means the Employee Handbook of the Company as amended from time to time;

"**Employment**" means the employment of the Executive under the terms of this agreement and the schedule;

"**Garden Leave**" means any period in respect of which the Company has exercised its rights under clause 26;

"**Group**" means <u>(i)</u>the Company, <u>(ii)</u> all bodies corporate or partnerships which are from time to time a Parent of the Company or a Subsidiary of the Company or any such Parent and (iii) all bodies corporate or partnerships in which the Company or a Parent of the Company or Subsidiary of the Company or any such Parent hold an equity interest of at least ten per cent (10%);

"**Group Company**" means any body corporate or partnership within the Group; "**Holiday Entitlement**" has the meaning given in clause 16.2;

"**Incapacitated**" means prevented by illness, injury, accident or other incapacity or circumstances beyond the Executive's control from properly fulfilling his duties under this agreement (and "**Incapacity**" shall be construed accordingly);

"**Insider Trading Policy**" means the Insider Trading Policy of any Group Company restricting transactions in the securities of any Group Company by directors, executives and certain employees of any Group Company during certain times (such as closed periods) and setting out the procedure for obtaining clearance to deal in the securities of any Group Company. A copy of the Insider Trading Policy is available from the Chief Legal Officer of the Company;

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**EXHIBIT 10.2**

"**Intellectual Property Rights**" means patents, Inventions, copyright and related rights, trademarks, trade names, service marks and domain names, rights in get-up, goodwill, rights to sue for passing off or unfair competition, design rights, semi-conductor topography rights, database rights, Confidential Information, moral rights, proprietary rights, rights in software, rights (so far as arising) in social media accounts and user names and any other intellectual property rights in each case whether registered or unregistered and including all applications or rights to apply for, and renewals or extensions of such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world;

"**Inventions**" means any invention, idea, discovery, development, improvement or innovation, processes, formulae, models or prototypes, whether or not patentable or capable of registration, and whether or not recorded in any medium;

"**Key Worker**" shall mean any employee, officer, director, agency worker or consultant of the Company or any Group Company employed or engaged at the date of termination of the Employment whom the Executive has managed or with whom he has worked or had material business dealings with at any time during the period of 12 months immediately prior to the termination of the Employment;

"**ListCo**" means Soho House & Co Inc., a corporation incorporated and organized in Delaware;

"**ListCo Board**" means the board of directors of ListCo from time to time or its duly authorised representative;

"**Market Abuse Regulation**" means the Market Abuse Regulation (EU) 596/2014 as applicable in the European Union, and as onshored into UK law on 31 December 2020 by the UK European Union (Withdrawal) Act 2018, and any similar regulations in the United States or any other applicable jurisdiction;

"**Member**" shall mean any person, firm or company who is a member of any private members' club or such other business or service owned, leased and/or operated by the Company or any Group Company from time to time;

"**Networking Site**" shall mean Facebook, LinkedIn, X (formerly known as Twitter), Instagram, Google+ or any similar social or professional networking online sites or applications;

"**Payment in Lieu**" has the meaning given in clause 24.1;

"**Potential Customer**" shall mean any person, firm or company or potential Member or customer with whom either the Executive or any other employee of the Company or any Group Company for whom the Executive had, at the date of the negotiations, management responsibility carried out negotiations on behalf of the Company or any Group Company at any time during the period of three months immediately prior either to the start of a period of Garden Leave or to the date of termination of the Employment where there is no period of Garden Leave with a view to such person, firm or company becoming a Member or customer of the Company or of any Group Company;

"**Probationary Period**" shall have the meaning given in clause 3.2; "**Relocation Costs**" shall have the meaning given in clause 9.6.2;

"**Restricted Business**" shall mean the provision of private members' clubs and services and any other

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**EXHIBIT 10.2**

part of the business of a Group Company which in either case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is carried on by the Company or any Group Company at the date of termination of the Employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)was carried on by the Company or by any Group Company at any time during the period of 12 months immediately prior either to the start of a period of Garden Leave or to the date of termination of the Employment where there is no period of Garden Leave; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is to the knowledge of the Executive to be carried out by the Company or by any Group Company at any time during the period of 12 months immediately following the date of termination of the Employment;

and which the Executive was materially concerned with or had management responsibility for or had substantial Confidential Information regarding in either case at any time during the period of 12 months immediately prior to the date of termination of the Employment;

"**Restricted Supplier**" means any supplier to the Company or to any Group Company with whom the Executive has had material personal contact or for whom the Executive has had managerial responsibility during the period of 12 months immediately prior to the termination of the Employment;

"**Salary**" means the basic salary payable to the Executive under this agreement from time to time and does not include any benefits (or the value of benefits, including pension benefits), bonus, commission or other remuneration payable to the Executive;

"**SEC**" means the U.S. Securities Exchange Commission; "**SSP**" means statutory sick pay; and

"**Subsidiary**" and "**Parent**" shall have the meanings ascribed to "subsidiary undertaking" and "parent undertaking" respectively by section 1162 of the Companies Act 2006 or any statutory modification or re-enactment thereof but for the purposes of section 1162(2) Companies Act 2006 an undertaking shall be treated as a member of another undertaking if any interests in that other undertaking are registered in the name of (i) a person by way of security (where the first undertaking has provided the security) or (ii) a person as nominee for the first undertaking.

1.2.The headings in this agreement are included for convenience only and shall not affect its interpretation or construction.

1.3.References to any legislation shall be construed as references to legislation as from time to time amended, re-enacted or consolidated.

1.4.References to clauses and the parties are respectively to clauses of and the parties to this agreement.

1.5.Save as otherwise defined words and expressions shall be construed in accordance with the Interpretation Act 1978.

1.6.The Company accepts the benefits in this agreement on its own behalf and on behalf of all Group Companies. The Company shall be entitled to assign its rights and those of other Group Companies in connection with this agreement to any other Group Company at any time with immediate effect on giving written notice to the Executive.

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**EXHIBIT 10.2**

2. APPOINTMENT

2.1.The Company shall employ the Executive and the Executive shall be employed by the Company in the capacity of Chief Financial Officer.

2.2.The Executive warrants that by entering into this agreement he will not be in breach of any express or implied terms of any contract or of any other obligation binding upon him.

2.3.The Executive warrants that he satisfies the necessary immigration requirements of and is entitled to work in the United Kingdom and will notify the Company immediately if he ceases to be so entitled during the Employment.

3. TERM

3.1.The Employment commenced on the Commencement Date and can, subject to the other terms of this agreement, including clause 3.2 and clause 25, be terminated at any time by either party giving six (6) months' notice in writing.

3.2.The first three (3) months of the Employment will be a probationary period (the "**Probationary Period**"). During the Probationary Period, and before the Commencement Date, the Employment may be terminated on one (1) week's notice by either party or, in the case of the Company, payment in lieu of notice. The Company may, at its discretion, extend the Probationary Period for up to a further three (3) months. During the Probationary Period the Executive's performance and suitability for continued employment will be monitored.

3.3.The Executive's period of continuous employment began on the Commencement Date.

4. DUTIES

4.1.During the Employment the Executive shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 be responsible directly to the Chief Executive Officer, the Board and the ListCo Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 serve the Company and any Group Company as Chief Financial Officer and shall additionally without further remuneration perform such duties and exercise such powers and functions as may from time to time be reasonably assigned to or vested in him by his manager or the Board and/or the ListCo Board, whether relating to the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 use his best endeavours to promote, protect, develop and extend the Company's business and the business of any other Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 unless prevented by Incapacity devote the whole of his time and attention, endeavours and abilities to promoting the interests of the Company and of the Group and shall not engage in any activity which it is reasonably foreseeable may be or may become harmful to or contrary to the interests of the Company or of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.5 observe and comply, as applicable, with the Market Abuse Regulation, all U.S. federal and state securities laws and all lawful and reasonable requests, instructions, resolutions and regulations of the Board and/or the ListCo Board and give to them such explanations information and assistance as they may reasonably require, including in relation to the dealing in the securities of any Group Company including the Insider Trading Policy;

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.6 be open, cooperative and comply with all applicable laws and regulations, including but not limited to, any compliance manual or code of ethics as may from time to time be adopted by the Company or any Group Company in respect of any dealings or proposed dealings on behalf of the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.7 report to the Board and/or the ListCo Board in writing any matter relating to the Company or any Group Company or any of its or their officers or employees which he becomes aware of and which could be the subject of a qualifying disclosure as defined by section 43B of the Employment Rights Act 1996;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.8 work such hours and travel within and outside the United Kingdom as may reasonably be required for the proper performance of his duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.9 comply with the Company's and the Group's anti-corruption and bribery policy and related procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.10 observe and comply with all Group policies applicable to Executive as they may exist from time-to-time, including policies with regard to stock ownership by senior executives and the Insider Trading Policy.

The Company shall ensure that all Company and Group policies, codes and procedures will be made readily available to the Executive.

4.2.If the Executive is appointed as a director of the Company or any Group Company from time to time, he shall, in addition to his obligations under clause 4.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 in the discharge of his duties and the exercise of his powers observe and comply with all lawful resolutions, regulations and directions from time to time made by, or under the authority of, the Board and/or the ListCo Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 observe and comply with the articles of association or bylaws, as applicable (as amended from time to time) of any Group Company of which he is a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 act in accordance with all statutory, fiduciary and common law duties that he owes to the Company and any Group Company (including those contained in the Companies Act 2006) in a proper, loyal and efficient manner to the best of his ability and use his best endeavours to maintain, develop and extend the business of the Company and of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 refrain from doing anything which would cause him to be disqualified from acting as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5 not without the prior written consent of the Board and/or the ListCo Board pledge the credit of the Company or any Group Company other than in accordance with the applicable Group policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6 report his own wrongdoing and any wrongdoing or proposed wrongdoing of any other employee or director of any Group Company to the Board and/or the ListCo Board immediately on becoming aware of it.

4.3 Subject to all applicable laws and, in the case of serving on the ListCo Board, election by ListCo's stockholders, the Executive shall accept (if offered) appointment as a director of the Company or any Group Company with or without such further remuneration and/or executive powers as the Board and/or

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**EXHIBIT 10.2**

the ListCo Board shall decide in their absolute discretion.

4.4 The Executive must not engage in any form of facilitating tax evasion, whether under UK law or under the law of any foreign country. The Executive must immediately report to the Board and the ListCo Board any request or demand from a third party to facilitate the evasion of tax or any concerns that such a request or demand may have been made.

4.5 The Executive shall comply with any rules, policies and procedures set out in the Employee Handbook, a copy of which has been given to the Executive. The Employee Handbook does not form part of this agreement and the Company may amend it at any time. To the extent that there is any conflict between the terms of this agreement and the Employee Handbook, this agreement shall prevail. The rules, policies and procedures contained in the Employee Handbook may be modified, replaced or withdrawn at any time in the Company's absolute discretion. For the avoidance of doubt, breach of any of the Company's rules, policies or procedures may result in disciplinary action, including in serious cases summary dismissal.

4.6 All documents, manuals, hardware and software provided for the Executive's use by the Company or any other Group Company, and any data or documents (including copies) produced, maintained or stored on any Group Company's computer systems or other electronic equipment (including mobile phones), remain the Company's (or the applicable Group Company's) property.

4.7 The Executive shall comply with any of the Company's and the Group's rules, policies and procedures relating to complimentary memberships, discounts, rebates, commissions and any other forms of gifts or gratuities contained in the Employee Handbook from time to time (including but not limited to the Company's gift policy and anti-corruption and bribery policies and related procedures) and the Company's related party policy in place from time to time.

5. CODE OF CONDUCT

5.1 The Executive must act professionally at all times when representing the Company or any Group Company whether during work, at work-related or work-sponsored events, or otherwise.

5.2 The Executive must comply in full at all times with the Company's Code of Conduct. The Code of Conduct, and further details of the Company's expectations of the Executive as a senior leader in the business, can be found in the Employee Handbook.

5.3 Failure by the Executive to comply in any way whatsoever with the Company's Code of Conduct will result in appropriate disciplinary action being taken against the Executive, which may result in the termination of the Employment. Examples of acts which violate the Company's Code of Conduct include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 any act of sexual misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 any act of incitement of discrimination, harassment, bullying;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 any act of theft or fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4 any act of retaliation against an employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.5 any failure by the Executive to disclose romantic or sexual relationships with another employee or

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**EXHIBIT 10.2**

any member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.6 any failure by the Executive to disclose any conflicts of interests with the business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.7 the Executive participating in any other behaviour that the Company considers inappropriate (including illegal drugs, abusive language, etc.) and that may cause harm to the Executive, his colleagues, or the Members, customers or business of any member of the Group.

5.4 The Executive further agrees not to make or publish, whether directly or indirectly, any written or oral statements which could endanger any Group Company. This includes anything critical, negative, disparaging, or damaging to the integrity, reputation or goodwill of any Group Company or the employees, Members, customers and external partners of any member of the Group.

6. PLACE OF WORK

6.1 The Executive's normal place of work shall be the Company's London Support Office located at 180 Strand, London WC2R 1EA or any other such place that the Board and/or

the ListCo Board may reasonably require for the proper performance and exercise of the Executive's duties.

4.3.The Executive agrees to travel on any Group Company's business (both within the United Kingdom or abroad) as may be required for the proper performance of the Executive's duties under the Employment.

4.4.During the Employment, the Executive shall not be required to work outside the UK for any continuous period of more than one (1) month.

5. HOURS OF WORK

5.1.The Executive's normal working hours shall be 9.00am to 6.00pm on Mondays to Fridays and such additional hours as are necessary for the proper performance of his duties. The Executive acknowledges that he shall not receive further remuneration in respect of such additional hours.

5.2.The Executive's normal working hours may be varied, from time to time, in writing to the Executive by the Company.

5.3.The parties each agree that the nature of the Executive's position is such that his working time cannot be measured and, accordingly, that the Employment falls within the scope of regulation 20 of the Working Time Regulations 1998 (*SI 1998/1833*).

6. INSIDE INFORMATION

6.1.During the Employment the Executive shall comply with the Group's code of practice on dealings in securities in place from time to time, and the provisions of the Securities Exchange Act of 1934, the Market Abuse Regulation, and any other applicable laws and regulations in any jurisdiction governing insider trading relating to any Group Company and any other applicable law or regulations applying to dealings in securities of the Company or of any Group Company, and will comply with the Insider Trading Policy.

6.2.The Executive shall not and shall procure that none of his closely associated persons (as defined in the Market Abuse Regulation) (including his spouse or civil partner and any children or step-children under

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**EXHIBIT 10.2**

the age of 18) shall deal in any way in any securities of the Company or of any Group Company except in accordance with the Group's code of practice from time to time in relation to such dealings.

7. REMUNERATION AND EXPENSES

7.1.The Company shall pay to the Executive a Salary at a rate of £413,000 (*four hundred and thirteen thousand British Pounds*) per annum (inclusive of any fees due to the Executive by any Group Company as an officer of any Group Company). The Salary shall be inclusive of any sums receivable as director's or other officer's fees from any Group Company. The Executive acknowledges that he shall not be entitled to receive further remuneration in respect of overtime.

7.2.The rate of Salary from time-to-time payable shall be reviewed by the Compensation Committee, which shall, in its absolute discretion, determine whether or not it shall be

increased and if so the amount of that increase. There is no obligation by the Compensation Committee or the Company to award an increase.

7.3.The Salary shall be deemed to accrue evenly from day to day at a rate of 1/260 of the Executive's annual salary and shall be payable in arrears by equal weekly instalments, two weeks retrospectively by BACS transfer (or other comparable transfer), in accordance with the Company's normal pay policy into a bank account nominated by the Executive.

7.4.The Company may deduct from the Salary, or any other terms owed to the Executive (including but not limited to sick pay, holiday, and any Payment in Lieu), and/or require repayment from the Executive any money owed to the Company or any Group Company by the Executive, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1.any deduction/repayment which may from time to time be required or authorised by law or to which the Executive has previously signified his consent in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2.any pension contributions, overpaid salary or other remuneration, sick pay, holiday pay or other debt or unpaid loan owed by the Executive to the Company or any employee National Insurance or other comparable social security contributions or income tax collected by the PAYE system or any other comparable deduction-at-source tax system in respect of the Executive.

7.5.The Company shall reimburse the Executive for all reasonable and authorised out of pocket expenses (including hotel and travelling expenses) wholly, necessarily and exclusively incurred by the Executive in the discharge of his duties subject to the production of appropriate receipts or such other evidence as the Company may reasonably require as proof of such expenses and in accordance with the Group's rules and policies relating to expenses as may be in force from time to time. If the Executive is provided with a credit or charge card by the Group this must only be used for expenses which he incurs solely in performing the duties of the Employment.

7.6.The Company shall procure payment or reimbursement to the Executive, subject to the production of appropriate receipts or such other evidence as the Company may reasonably require as proof of such expenses and in accordance with the Group's rules and policies relating to expenses as may be in force from time to time, for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.1.two roundtrip business class flights for the Executive between the United States and the United Kingdom in the first twelve months following the Commencement Date; and

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.2.up to no more than £20,000 (*twenty thousand British Pounds*) for the transportation of your personal goods from the United States to your home in the United Kingdom ("**Relocation Costs**").

7.7.The first £8,000 (*eight thousand British Pounds*) of the Relocation Costs reimbursement shall be paid without deduction of income tax and National Insurance contributions to the extent that the Relocation Costs qualify for the exemption set out in Chapter 7 of Part 4 of the Income Tax (Earnings and Pensions) Act 2003 and Part 8 of Schedule 3 of the Social Security (Contribution) Regulations 2001 (SI 2001/1004) respectively. For the avoidance of doubt, income tax and National Insurance

contributions shall be deducted from the remainder of the Relocation Costs reimbursement (if any) in the usual way.

8. BONUS

8.1.During the Employment, the Executive shall be eligible to receive an annual discretionary incentive payment under the Company's annual bonus scheme as may be in effect from time to time, based on an initial target bonus opportunity of at least 50% but no more than 100% of the Salary, upon the attainment of one or more pre- established performance goals established by the ListCo Board or the Compensation Committee in its sole discretion. Any bonus payments shall be paid to Executive no later than March 15th of the calendar year following the calendar year in which the bonus is earned, provided that the Executive remains employed with the Group as at the payment date of such bonus subject to the terms set out at clauses 10.4 and 10.5 below.

8.2.Any bonus payment to the Executive shall be purely discretionary and shall not form part of his contractual remuneration under this agreement. If the Company makes a bonus payment to the Executive in respect of a particular financial year of the Company, the Company shall not be obliged to make subsequent bonus payments in respect of subsequent financial years of the Company.

8.3.The Compensation Committee may alter the terms of any bonus targets or withdraw them altogether at any time without prior notice.

8.4.Notwithstanding clause 10.1, the Executive shall in any event have no right to a bonus or a time-apportioned bonus if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.1.he is not employed as at the payment date of the bonus as a result of (i) his resignation (save in circumstances where he has been constructively dismissed) or (ii) the Company terminating his employment on the grounds of his conduct, capability or breach of a material term of this agreement. For the avoidance of doubt this clause 10.4.1 shall not apply in circumstances where the Company has terminated for any other reason including redundancy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.2.he is under notice of termination as at the payment date of the bonus by reason of (i) his resignation (save in circumstances where he has been constructively dismissed) or (ii) the Company giving notice to terminate his employment on the grounds of his conduct, capability or breach of a material term of this agreement. For the avoidance of doubt this clause 10.4.2 shall not apply in circumstances where the Company has given notice to terminate for any other reason including redundancy.

8.5.If, at the date for payment of any bonus, the Executive is the subject of any disciplinary proceedings (which, for these purposes, includes but is not limited to any investigation that might lead to disciplinary

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**EXHIBIT 10.2**

proceedings) payment will be withheld pending the outcome of the proceedings and the Executive will not receive the bonus if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.1.before the conclusion of the proceedings, the Executive terminates or gives notice to terminate the Employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.2 the outcome of the proceedings is that the Company terminates, or gives notice to terminate, the Employment or gives the Executive a final written warning.

10.6 Any bonus payments shall not be pensionable.

11. EQUITY INCENTIVE SCHEME

With effect from the date that is one (1) year following the Commencement Date, provided the Executive is employed in good standing and not under notice of termination (whether given by the Employee or the Company) on such date, the Executive shall be eligible to participate in the Company's or ListCo's equity incentive scheme, subject to approval by the Compensation Committee and in accordance with the terms and conditions of such scheme.

9. CLAWBACK

With the exception of the Salary, the payments to Executive pursuant to this agreement are subject to forfeiture or recovery by the Company or other action pursuant to any clawback or recoupment policy which the Company or any relevant Group Company may adopt from time to time, including without limitation any such policy or provision that the Company or any relevant Group Company has included in any of its existing compensation programs or plans or that it may be required to adopt under the Dodd- Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law.

10. WITHHOLDING AND STATUTORY FILINGS

All payments and benefits under this agreement are subject to deductions for income tax and National Insurance contributions that the Company is required by law to make.

11. PENSION

11.1.The Company will comply with the employer pension duties in accordance with Part 1 of the Pensions Act 2008.

11.2.Provided that the Executive qualifies as an "eligible jobholder", he will continue to be eligible to be enrolled into the Enhanced Soho House pension scheme.

12. BENEFITS

12.1.Following the completion of your Probationary Period, the Executive may be provided with the following discretionary benefits during the Employment under the Company's discretionary benefits plan, subject to any rules applicable to the relevant benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1.Every House Membership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2.Life assurance; and

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3.Private family healthcare and dentalcare.

12.2.Further details can be found in the Employee Handbook.

15.3 The Company may replace or withdraw such benefits, or amend the terms of such benefits, at any time on reasonable notice to the Executive.

16. HOLIDAYS AND HOLIDAY PAY

16.1 The Company's holiday year runs between 1 January and 31 December. If the Employment commences or terminates part way through a holiday year, the Executive's entitlement during that holiday year shall be calculated on a pro-rata basis.

16.2 In addition to the normal bank and public holidays applicable in England and Wales the Executive shall be entitled to 25 working days' paid holiday during each holiday year to be taken at such time as the Board or the ListCo Board may from time to time approve and paid at the rate of the Salary ("**Holiday Entitlement**"). Holiday Entitlement is inclusive of statutory holiday under the Working Time Regulations 1998.

16.3 Holidays shall be taken at such time or times as shall be approved in advance by the Board or the ListCo Board. Save as set out in clause 16.4, the Executive shall not without the consent of the Board or the ListCo Board carry forward any accrued but untaken Holiday Entitlement to a subsequent holiday year.

16.4 The Executive shall not carry forward any accrued but untaken Holiday Entitlement to a subsequent holiday year except as set out in the Company's holidays policy in place from time to time which is available in the Employee Handbook, or unless the Executive has been prevented from taking it in the relevant holiday year by one of the following: a period of sickness absence or statutory maternity, paternity, adoption, shared parental, parental or parental bereavement leave. In cases of sickness absence, carry-over is limited to four (4) weeks' holiday per year less any leave taken during the holiday year that has just ended. Any such carried over holiday which is not taken within eighteen (18) months of the end of the relevant holiday year will be lost.

16.5 The Soho House Support Office closes between Christmas and New Year. This period includes three days which would usually be working days, however the Executive will not be required to work on these days nor take annual leave in respect of these days. In the event that the Executive is required to work on these days, any entitlement to days in lieu will be determined by the Company in its absolute discretion.

16.6 The Executive shall have no entitlement to any payment in lieu of accrued but untaken holiday except on termination of the Employment.

16.7 Upon termination of the Employment the Executive shall, subject to clause 16.8 if appropriate, either be entitled to Salary in lieu of any outstanding Holiday Entitlement or be required to repay to the Company any Salary received in respect of Holiday Entitlement taken in excess of his proportionate Holiday Entitlement and any sums repayable by the Executive may be deducted from any outstanding Salary or other payments due to the Executive.

16.8 If on termination of the Employment the Executive has taken in excess of his accrued Holiday Entitlement, the Company shall be entitled to recover from the Executive by way of deduction from any payments due to him or otherwise one day's pay for each excess day.

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**EXHIBIT 10.2**

16.9 The Company reserves the right to require the Executive to take any accrued but unused Holiday Entitlement during any period of notice given to terminate the Employment or at any other time, or, if applicable, any such holiday shall be deemed to be taken during any period of Garden Leave.

17. SICKNESS AND ABSENCE

17.1 If the Executive is Incapacitated he shall immediately notify a member of the Board or the ListCo Board of the reason for his absence as soon as possible on the first day of absence.

17.2 The Executive shall provide self-certification of his illness or injury in accordance with the Company's sickness policy. If the Executive is absent for more than seven working days he shall send a medical practitioner's certificate to the Company to cover the period of absence.

17.3 The Executive may be entitled to SSP if he satisfies the relevant statutory requirements. Qualifying days for SSP are Monday to Friday. The rate of SSP is set by the government in April each year. No SSP is payable for the first three consecutive days of absence. It starts on the fourth day of absence and may be payable for up to 28 weeks.

17.4 Any payment over and above SSP made by the Company during any such absence ("**Company Sick Pay**") will be determined by the Company in its absolute discretion. The Executive shall have no contractual right to Company Sick Pay. Company Sick Pay (if paid) will include any SSP to which the Executive may be entitled and will be reduced by the amount of any social security benefits recoverable by the Executive (whether or not recovered) in respect of the Executive's illness or injury. The Executive is not eligible to be paid Company Sick Pay in respect of absence: (a) during any Probationary Period; (b) after the Executive has given or received notice to terminate the Employment, or (c) while the Executive is the subject of any disciplinary proceedings (including but not limited to during any investigation into any complaint or allegation against the Executive and through completion of any disciplinary hearings).

17.5 The Executive agrees that at any time during the Employment he will consent, if required by the Company, to a medical examination by a medical practitioner appointed by the Company at its expense. The Executive will be asked to agree that any medical report produced may be disclosed to the Company and that the Company may discuss the contents of the report with the specialist and with the Company's advisers. All medical reports will be kept confidential. The Company may discontinue payment of any Company Sick Pay if the Executive fails to return to work immediately after a GP or other medical practitioners who has examined him states that he is fit to return to work.

17.6 If the Incapacity is or appears to be occasioned by actionable negligence, nuisance or breach of any statutory duty on the part of a third party in respect of which damages are or may be recoverable, the Executive shall immediately notify the Board and/or the ListCo Board of that fact and of any claim, settlement or judgment made or awarded in connection with it and all relevant particulars that the Board and/or the ListCo Board may reasonably require. The Executive shall, if required by the Board and/or the ListCo

Board, co-operate in any related legal proceedings and refund to the Company that part of any damages or compensation recovered by the Executive relating to the loss of earnings for the period of the Incapacity as the Board and/or the ListCo Board may reasonably determine less any costs borne by the Executive in connection with the recovery of such damages or compensation, provided that the amount to be refunded

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**EXHIBIT 10.2**

shall not exceed the total amount paid to the Executive by the Company in respect of the period of Incapacity.

12.3.The Company's rights to terminate the Employment under the terms of this agreement apply even when such termination would or might cause the Executive to forfeit any entitlement to sick pay, permanent health insurance or other benefits.

13. ADDITIONAL PAID LEAVE

13.1.The Executive may be eligible to take the certain types of paid leave specified in the Employee Handbook, subject to any statutory eligibility requirements or conditions and the Company's rules applicable to each type of leave in force from time to time.

13.2.The Company may replace, amend or withdraw the Company's policy on any of the above types of leave at any time.

14. TRAINING

The Company may from time to time require the Executive to undertake certain internal product, policy and compliance training, the cost of which shall be met by the Company. The Company may also make additional internal and external training opportunities available to the Executive from time to time, where the cost may be met by the Company or payable by the Executive on a voluntary basis.

15. OUTSIDE INTERESTS

15.1.Subject to clause 20.2,during the Employment the Executive shall not, except as the Company's representative or with the ListCo Board's prior written approval or save as disclosed by the Executive under the Director's and Officer's Questionnaire which was completed in preparation, inter alia, for the appointment of the Executive under this agreement, whether paid or unpaid, be directly or indirectly engaged, concerned or have any financial interest as agent, consultant, director, employee, owner, partner, shareholder or in any other capacity in any other business, trade, profession or occupation (or the setting up of any business, trade, profession or occupation). For the avoidance of doubt, the Executive shall not become a director of any for profit entity without first receiving the approval of the ListCo Board.

15.2.Notwithstanding clause 20.1, the Executive may hold an investment (a) in any company currently disclosed to the Company as at the date of this agreement and (b) by way of shares or other securities of not more than 3% of the total issued share capital of any company outside the Group (whether or not it is listed or dealt in on a recognised stock exchange) where such company does not carry on a business similar to or competitive with any business for the time being carried on by any Group Company.

15.3.The Executive agrees to disclose to the Board and the ListCo Board any matters relating to his spouse or civil partner (or anyone living as such), children or parents which may,

in the reasonable opinion of the Board and/or the ListCo Board, be considered to interfere, conflict or compete with the proper performance of the Executive's obligations under this agreement.

16. CONFIDENTIAL INFORMATION

16.1.The Executive acknowledges that in the course of the Employment he will have access to Confidential Information which, if disclosed, may result in the Company and the Group incurring serious financial loss or some other detriment. The Executive therefore acknowledges that the restrictions in this clause

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**EXHIBIT 10.2**

21 are necessary for the reasonable protection of the Company, its business, the business of the Group, its and their Members, guests, customers and their respective affairs.

16.2.The Executive shall not (except in the proper course of his duties or as otherwise expressly permitted under this agreement), either during the Employment or at any time after its termination (however arising), use or disclose to any person, company or other organisation whatsoever (and shall use his best endeavours to prevent the publication or disclosure of) any Confidential Information. This shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.1.any use or disclosure authorised by the Board, ListCo Board or required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.2.any information which is already in, or comes into, the public domain other than through the Executive's unauthorised disclosure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.3.any protected disclosure within the meaning of section 43A of the Employment Rights Act 1996.

16.3.The Executive acknowledges and understands that his obligations in this clause 21 include an agreement on his part not to publish or procure or facilitate or encourage the publication of any Confidential Information in any book, newspaper, periodical or pamphlet or television broadcast, film or by way of any other medium (including any Networking Sites, blogs or the internet generally) now known or devised after the date of this agreement or by communication to any third party including a representative of the media.

16.4.Except so far as may be necessary for the purposes of his duties, the Executive will not, without the prior written consent of management, retain or make any originals or copies of any document or material (including letters, reports, agreements, programs, magnetic or other software storage media or other documents or data of whatever nature) containing any Confidential Information. If, on the termination of the Employment, or at any time whilst the Executive is employed, the Executive is in possession of any originals or copies of such documents, media or data, the Executive will deliver the same to the Company immediately on demand. If the Executive has stored or archived any Confidential Information with a cloud based third party backup providers (such as Dropbox, iCloud, etc.), the Executive warrants that he will not attempt to recover or download such documents and will give express instructions that such documents are irretrievably deleted.

16.5.A breach by the Executive of this clause 21 during the Employment will be regarded as gross misconduct which may result in disciplinary action up to and including summary dismissal. Further duties in respect of confidentiality are as set out in the Employee

Handbook. In signing this agreement the Executive acknowledges the importance of confidentiality to the Company and the Group, and agrees to observe his confidentiality obligations at all times.

16.6.The Executive's obligations contained in this clause 21 shall survive in full force and effect regardless of the termination or expiration of this agreement or the Executive's access to any confidential or proprietary information and/or trade secrets.

16.7.Discharge of the Executive's undertakings in this clause 21 shall be an obligation of executors, administrators or other legal representatives or assigns.

16.8.The Executive recognises and agrees that a breach of any or all of the provisions of clause 21 will constitute immediate and irreparable harm to the Group's business advantage, including but not limited

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**EXHIBIT 10.2**

to the Group's valuable business relations, for which damages cannot be readily calculated and for which damages are an inadequate remedy. Accordingly, the Executive acknowledges that the Company (or, if applicable any Group Company) shall therefore be entitled to equitable relief in the form of an order enjoining any further breaches by the Executive.

17. INTELLECTUAL PROPERTY RIGHTS

17.1.The parties acknowledge that the Executive may create Inventions (alone or jointly) in the course of the Employment and that the Executive has a special obligation to further the interests of the Company and the Group in relation to such Inventions. The Executive shall, promptly following creation, disclose to the Company all such Inventions and works embodying Company Intellectual Property.

17.2.The Executive acknowledges that (except to the extent prohibited by or ineffective in law) all Company Intellectual Property and materials embodying them shall automatically belong to the Company as from creation for the full term of those rights and (except to the extent prohibited by or ineffective in law), the Executive hereby assigns, by way of present and future assignment, any and all rights, title and interests therein to the Company.

17.3.To the extent that any Company Intellectual Property does not vest in the Company automatically pursuant to clause 22.2 (and except to the extent prohibited by or ineffective in law), the Executive holds such property on trust for the Company and hereby grants to the Company an exclusive, royalty free licence to use such property in its discretion until such Company Intellectual Property fully vests in the Company.

22.5 The Executive agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.1 to use best endeavours to execute all such documents, both during and after the Employment, as the Company may reasonably require to vest in the Company all rights, title and interests pursuant to this agreement at the reasonable expense of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.2 to use best endeavours to provide all such information and assistance and do all such further things as the Company may reasonably require to enable it to protect, maintain and exploit the Company Intellectual Property to the best advantage, at the reasonable expense of the Company, including (without limitation), at the Company's request, applying for the protection of Inventions throughout the world;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.3 to use best endeavours to assist the Company in applying for the registration of any registrable Company Intellectual Property, to enable it to enforce the Company Intellectual Property against third parties and to defend claims for infringement of third party Intellectual Property Rights at the reasonable expense of the Company;

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.4 not to apply for the registration of any Company Intellectual Property in the United Kingdom or any other part of the world without the prior written consent of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5.5 to keep confidential all Company Intellectual Property unless the Company has consented in writing to its disclosure by the Executive.

22.6 As against the Company, its successors and assignees and any licensee of any of the foregoing, the Executive hereby waives all of his present and future moral rights which arise under the Copyright Designs and Patents Act 1988 and all similar rights in other jurisdictions relating to the Company Intellectual Property.

22.7 The Executive acknowledges that, except as provided by law, no further remuneration or compensation, other than that provided for in this agreement, is or may become due to the Executive in respect of his compliance with this clause. This clause is without prejudice to the Executive's rights under the Patents Act 1977.

22.8 The Executive irrevocably appoints the Company as the Executive's attorney in the Executive's name to sign, execute, do or deliver on the Executive's behalf any deed, document or other instrument and to use the Executive's name for the purpose of giving full effect to this clause.

22.9 Rights and obligations under this agreement shall continue in force after termination of this agreement in respect of any Company Intellectual Property.

22.10 Information collated by past and current employees in the course of their employment and information purchased by the Company is stored in a database (the "**Database**"). The Database is the product of a significant investment in time, money and expertise. Relevant information on Members, clients, investors and other business contacts that the Executive brings to the business or acquires during the Employment will also be input into the Database. The data stored on the Database is proprietary business

information, some or all of which is also confidential, belonging to the Company in which it has a legitimate business interest and which it is entitled to protect. The Company's rights in the contents of the database and the database itself are protected by copyright, contract, common law and the Copyright and Rights in Databases Regulations 1997.

17.5.The contents of the Database may not be used for any purpose other than for the Company's proper business. The Executive is prohibited from making a copy of the database either in hard or soft copy form or to transfer any part of the database onto any other electronic media (for the avoidance of doubt, under no circumstances should the Executive transfer any part of the Database onto any social networking system without the Company's express written permission). No part of the Database should be removed from the Company's premises either in hard or soft copy form without the express written permission of the Board or the ListCo Board. Any breach of these prohibitions or any other form of misuse may result in disciplinary action up to and including dismissal. If the Executive needs to remove any details from the Database for use outside the Company's premises (save for names and a contact telephone number for a specific and legitimate business purpose), this should be approved by the Board or the ListCo Board. The Executive should direct any queries in relation to the use of the Database to the Board or the ListCo Board.

17.6.At the end of the Employment if for any reason whatsoever the Executive has any copies or extracts of the Database in either hard copy or soft copy form these should be returned immediately to the Company, along with all other confidential information (or deleted if in electronic form) and no copies

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**EXHIBIT 10.2**

shall be made or kept.

18. PROTECTED RIGHTS

Nothing in this agreement is intended to, or does, prohibit the Executive from (i) filing a charge or complaint with, providing truthful information to, or cooperating with an investigation being conducted by a governmental agency (such as the SEC));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) engaging in other legally-protected activities; (iii) giving truthful testimony or making statements under oath in response to a subpoena or other valid legal process or in any legal proceeding; (iv) otherwise making truthful statements as required by law or valid legal process; or (v) disclosing a trade secret in confidence to a governmental official, directly or indirectly, or to an attorney, if the disclosure is made solely for the purpose of reporting or investigating a suspected violation of law. Accordingly, the Executive understands that he shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. The Executive likewise understands that, in the event he files a lawsuit for retaliation by any member of the Group for reporting a suspected violation of law, he may disclose the trade secret(s) of such Group Company to his attorney and use the trade secret information in the court proceeding, if he (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order. In accordance with applicable law, and notwithstanding any other provision of this agreement, nothing in this agreement or any of any policies or agreements of the Group or its affiliates applicable

to the Executive (i) impedes his right to communicate with the SEC or any other governmental agency about possible violations of federal securities or other laws or regulations or (ii) requires him to provide any prior notice to the Group or its affiliates or obtain their prior approval before engaging in any such communications.

19. PAYMENT IN LIEU OFNOTICE

19.1.Notwithstanding clause 3, the Company may, in its sole and absolute discretion, terminate the Employment at any time and with immediate effect by notifying the Executive that the Company is exercising its right under this clause 24.1 and that the Company will make within 28 days a payment in lieu of notice ("**Payment in Lieu**") to the Executive,. This Payment in Lieu will be equal to the Salary (as at the date of termination) only which the Executive would have been entitled to receive under this agreement during the notice period referred to at clause 3 (or, if notice has already been given, during the remainder of the notice period) less income tax(es) and National Insurance. For the avoidance of doubt, the Payment in Lieu shall not include any element in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.1.any bonus or commission payments that might otherwise have been due during the period for which the Payment in Lieu is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.2.any payment in respect of benefits which the Executive would have been entitled to receive during the period for which the Payment in Lieu is made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.3.any payment in respect of any Holiday Entitlement that would have accrued during the period for which the Payment in Lieu is made.

19.2.The Executive shall have no right to receive a Payment in Lieu unless the Company has exercised its discretion in clause 24.1.Nothing in this clause 24 shall prevent the Company from terminating the

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**EXHIBIT 10.2**

Employment in breach of this agreement.

19.3.Notwithstanding clause 24.1 the Executive shall not be entitled to any Payment in Lieu if the Company would otherwise have been entitled to terminate the Employment without notice in accordance with clause 25. In that case the Company shall also be entitled to recover from the Executive any Payment in Lieu (or instalments thereof) already made.

20. TERMINATION WITHOUTNOTICE

20.1.The Company may also terminate the Employment with immediate effect without notice and with no liability to make any further payment to the Executive (other than in respect of amounts accrued due at the date of termination) if the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1.is in material breach of his obligations under clause 4 or 5 (save that the Company shall where reasonably possible provide the Executive with written notice of such breach, upon receipt of which the Executive shall have a period of ten (10) business days, or such other additional period as the Company shall agree, to cure such breach to the Company's satisfaction (the "**Cure Period**"));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.2 is guilty of any gross negligence or wilful misconduct in the performance of the material duties and services required for his position with the Company, or otherwise affecting the business of any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.3 is guilty of any sexual or other unlawful harassment or misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.4 is guilty of any fraud or dishonesty (whether relating to the Company or the Group) or otherwise or act in any manner which in the Board's or ListCo Board's opinion brings or is likely to bring the Executive or any Group Company into disrepute or is materially adverse to any Group Company's interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.5 commits any serious or repeated breach or non-observance of any of the provisions of this agreement, any Company or Group rules, policies or procedures (including the Company's Code of Conduct), or refuses or neglects to comply with any of the Board's or ListCo Board's reasonable and lawful directions (subject to the Cure Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.6 is, in the reasonable opinion of the Board or the ListCo Board, negligent and incompetent in the performance of his duties (subject to the Cure Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.7 is disqualified from acting as a company director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.8 fails or ceases to meet the requirements of any regulatory body whose consent is required to enable the Executive to undertake all or any of his duties under the Employment or is or is guilty of a serious breach of the rules, and regulations, code of practice or material instructions of such regulatory body or of any Group Company's compliance manual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.9 is declared bankrupt or makes any arrangement with or for the benefit of his creditors or has a county court administration order made against him under the County Court Act 1984;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.10 is convicted of, or enters a plea of guilty or *nolo contendere* to, any criminal offence, felony (other than an offence under any road traffic legislation in the United Kingdom or elsewhere for which a fine or non-custodial penalty is imposed) or any offence under any regulation or

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**EXHIBIT 10.2**

legislation relating to insider dealing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.11 ceases to be eligible to work in the United Kingdom [and/or such other territory as is reasonably required by the Company from time to time];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.12 gives any warranty given to the Company or any Group Company that is untrue or fails to satisfy any condition of the Employment (subject to the Cure Period); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.13 is guilty of a serious breach of any rules issued by the Company, ListCo or any Group Company from time to time regarding its electronic communications systems or violates any material Group policy applicable to the Executive, such as the Insider Trading Policy or the Code of Conduct (subject to the Cure Period).

25.2 The Company's rights under clause 25.1 are without prejudice to any other rights that it might have at law to terminate the Employment or to accept any breach of this agreement by the Executive as having brought the agreement to an end. Any delay by the Company in exercising its rights to terminate shall not constitute a waiver thereof.

26. GARDEN LEAVE

26.1 Following notice to terminate the Employment being given by the Company or the Executive or if the Executive purports to terminate the Employment in breach of contract the Company may by written notice require the Executive not to perform any services (or to perform only specified services) for the Company or for any Group Company for all or part of the applicable notice period required under clause 3.

26.2 During any period of Garden Leave the Executive shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.1 continue to receive the Salary and other contractual benefits under this agreement in the usual way and subject to the terms of any benefit arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.2 remain an employee of the Company and remain bound by his duties and obligations, whether under this agreement or otherwise (including but not limited to his implied duty of fidelity), which shall continue in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.3 not contact or deal with (or attempt to contact or deal with) save in a purely social capacity, any customer, client, Member, guest, supplier, agent, distributor, shareholder, employee, officer, professional adviser or other business contact of the Company or any Group Company without the prior written consent of the Board or the ListCo Board (except the Executive's manager and those individuals responsible for conducting any disciplinary proceedings relating to the Executive);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.4 not (unless otherwise requested) enter onto the premises of the Company or any Group Company without the prior written consent of the Board or the ListCo Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.5 if he wishes to take holiday, agree this in advance with the Board or the ListCo Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.6 not commence any other employment or engagement (including taking up any directorships or consultancy services);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.7 not access or procure others to access any Company or Group Company computer system or

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**EXHIBIT 10.2**

database;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.8 if he is aware of any work matter within his responsibility that needs to be dealt with, inform the Board or the ListCo Board or any individuals responsible for conducting any disciplinary proceedings relating to him immediately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2.9 provide such assistance as the Company or any Group Company may require to effect an orderly handover of his responsibilities to any individual or

individuals appointed by the Company or any Group Company to take over his role or responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.2.be available for work (whether of the nature normally performed by the Executive or of a different nature) and make himself available to deal with requests for information, to provide assistance, to attend meetings and to advise on matters relating to the Company or the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.3.if requested and without claim for compensation, resign immediately from any directorships or other offices he holds within the Group.

20.2.In the event that the Company exercises its rights under clause 26.1 of this agreement then any Garden Leave shall be set off against and therefore reduce the periods for which the restrictions in clauses 29.2 and 29.3 of this agreement apply.

21. OBLIGATIONS ONTERMINATION

21.1.On termination of the Employment (however arising) or, if earlier, at the start of a period of Garden Leave, the Executive shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1.1.resign immediately without compensation from any directorship, office, membership or trusteeship that he holds in or on any Group Company's behalf. For the avoidance of doubt, such resignations shall be without prejudice to any claims the Executive may have against the Company or any Group Company arising out of the termination of the Employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1.2.transfer without payment to the Company or as it may direct any shares or other securities held by the Executive in any Group Company as any Group Company's nominee or trustee and deliver to the Company the related certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1.3.subject to clause 27.2, immediately deliver to the Company all documents, books, materials, records, correspondence, papers and information (on whatever media and wherever located) relating to any Group Company's business or affairs or its business contacts, any keys, credit card and any other property of any Group Company including any car provided to the Executive, which is in his possession or under his control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1.4.irretrievably delete any information relating to any Group Company's business stored on any magnetic or optical disk or memory and all matter derived from such sources which is in the Executive's possession or under his control outside the Company's premises.

21.2.Where the Executive has been placed on Garden Leave, he shall not be required by clause 27.1 to return any property provided to him as a contractual benefit for use during the Employment until such time as the Company reasonably requests that he does so.

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**EXHIBIT 10.2**

21.3.The Executive hereby irrevocably appoints the Company to be his attorney to execute and do any such instrument or thing and generally to use his name for the purpose of giving the Company or its nominee the full benefit of clause 27.1.1 and clause 27.1.2.

27.4 On termination of the Employment or any office that the Executive holds with any Group Company howsoever arising the Executive shall not have any claim for breach of contract in respect of the loss of any rights or benefits under any share option, bonus, long-term incentive plan or other profit sharing scheme operated by the Company or by any Group Company in which he may participate which result from such termination and would otherwise have accrued during the period of notice to which the Executive is entitled under this agreement or otherwise.

27.5 With effect from the date of termination of the Employment the Executive must cease to represent himself as being in any way connected with the Company or the Group on an ongoing basis.

27.6 If the Executive fails to comply with this clause 27, the Company may withhold any or all sums payable to him until such time as he has complied with this clause 27 in full.

28. CEASING TO BE A DIRECTOR

28.1 Except with the prior approval of the Board or the ListCo Board, or as provided in the articles of association or bylaws (as applicable) of any Group Company of which the Executive is a director, the Executive shall not resign as a director of any Group Company.

28.2 If during the Employment the Executive ceases to be a director of any Group Company (otherwise than by reason of his death, resignation from employment or disqualification pursuant to the articles of association or bylaws of the relevant Group Company, as amended from time to time, or by statute or court order) the Employment shall continue with the Executive as an employee only and the terms of this agreement (other than those relating to the holding of the office of director) shall continue in full force and effect. The Executive shall have no claims in respect of such cessation of office.

29. RESTRICTIVE COVENANTS

29.1 The Executive acknowledges that following termination of the Employment he will be in a position to compete unfairly with the Company and the Group as a result of the Confidential Information, trade secrets and knowledge about the business, operations, customers (including Members), Employees and trade connections of the Company and the Group he has acquired or will acquire and through the connections that he has developed and will develop during the Employment. The Executive therefore agrees to enter into the restrictions in this clause 29 for the purpose of protecting the Company's and the Group's legitimate business interests and in particular the Confidential Information, goodwill and the stable trained workforce of the Company and the Group.

29.2 The Executive covenants with the Company and each other Group Company that he shall not without the prior written consent of the Board or the ListCo Board (such consent not to be unreasonably withheld, conditioned or delayed), directly or indirectly, on his own behalf, or on behalf of any person, firm, or company in connection with any business which is or is intended or about to be competitive with the Restricted Business or in relation to the provision of any goods or services similar to or competitive with those sold or provided by the Company or any Group Company in connection with the Restricted Business:

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.1 for a period of twelve months after the termination of the Employment solicit or canvass the custom of any Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.2 for a period of twelve months after the termination of the Employment solicit or canvass the custom of any Potential Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.3 for a period of twelve months after the termination of the Employment deal with any Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.4 for a period of twelve months after the termination of the Employment deal with any Potential Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.5 for a period of twelve months after the termination of the Employment solicit or entice away, or attempt to entice away from the Company or any Group Company any Key Worker; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2.6 for a period of twelve months after the termination of the Employment employ, offer to employ or enter into partnership with any Key Worker with a view to using the knowledge or skills of such person in connection with any business or activity which is or is intended to be competitive with the Restricted Business.

29.3 Subject at all times to clause 20.2, the Executive shall not without the prior written consent of the Board or the ListCo Board (such consent not to be unreasonably withheld, conditioned or delayed) for a period of twelve months after the termination of the Employment, directly or indirectly, on his own behalf, or on behalf of any person, firm or company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3.1 set up, carry on, be employed in, provide relevant services to, be associated with, or be engaged or interested in, whether as director, employee, principal, shareholder, partner or other owner, agent or otherwise, any business which is or is intended or about to be competitive with the Restricted Business save as a shareholder of not more than five per cent of any public company whose shares or stocks are quoted or dealt in on any Recognised Investment Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3.2 endeavour to cause any person, firm or company who is at the date of termination of the Employment or at any time during the twelve months immediately prior to such termination was a Restricted Supplier to the Company and/or any Group Company, to either cease to supply the Company or any Group Company or materially alter the terms of such supply in a manner detrimental to the Company or any Group Company.

29.4 The periods for which the restrictions in clauses 29.2 and 29.3 apply shall be reduced by any period that the Executive spends on Garden Leave immediately before the termination of the Employment.

29.5 The Executive shall not at any time during the Employment or after termination thereof use any name or trademark used by the Group at the date of termination of the Employment or any name likely to cause confusion with the Company or the Group in the minds of members of the public and shall not at any time after the date the Employment terminates represent himself as being employed or continuing to be

connected to (other than as a shareholder if applicable) by the Company or any other Group Company.

21.4.If, at any time during the Employment, two or more Key Workers have left their employment, appointment or engagement with the Company or any Group Company to carry out services for a business concern which competes with, or is intended to compete with any Restricted Business, the Executive will not at any time during the six months following the last date on which any of those Key

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**EXHIBIT 10.2**

Workers were employed or engaged by the Company or the applicable Group Company, be employed or engaged in any way with that business concern.

21.5.The Executive may be required to amend or remove any information posted on a Networking Site which is deemed to constitute a breach of this clause 29.

21.6.The Executive must disclose the restrictions set out in this clause 29 to a prospective employer. The Executive agrees that if any person approaches him in connection with offering him employment that is or potentially may be in competition with the Company or any Group Company, then the Executive will immediately inform the Company of that approach. In the event that the Executive receives an offer of employment or request to provide services either during the Employment or during the currency of the restrictive periods set out in clauses 29.2 and 29.3, the Executive shall notify the Company, and the Executive hereby agrees that the Company may provide to such person, company or other entity making such an offer or request a full and accurate copy of this clause 29.

21.7.The restrictions contained in this clause are considered by the parties to be reasonable in all the circumstances. Each sub-clause constitutes an entirely separate and independent restriction and the duration, extent and application of each of the restrictions are no greater than is necessary for the protection of the interests of the Company and any Group Company.

22. NO CONFLICT

Executive represents and warrants that the Executive is not bound by any employment contract, restrictive covenant, or other restriction preventing the Executive from carrying out his responsibilities for the Group, or which is in any way inconsistent with the terms of this agreement. The Executive further represents and warrants that he shall not disclose to the Group or induce the Group to use any confidential or proprietary information or material belonging to any previous employer or others.

23. DISCIPLINARY AND GRIEVANCE PROCEDURES

23.1.The Executive is subject to any disciplinary and grievance procedures which the Company or the Group puts in place from time to time. Further details of these procedures can be found in the Employee Handbook and will not form part of the Executive's service agreement.

23.2.The Board or the ListCo Board may suspend the Executive from any or all of his duties for no longer than is necessary to investigate any disciplinary matter involving the Executive or so long as is otherwise reasonable while any disciplinary procedure against the Executive is outstanding.

31.3 During any period of suspension:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3.1 the Executive shall continue to receive his basic salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement (save in circumstances where during any period of suspension the Executive is unable to participate in any part of the disciplinary proceedings by reason of Incapacity, during which time he shall receive SSP in accordance with clause 17);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3.2 the Executive shall remain the Company's employee and bound by the terms of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3.3 the Executive shall ensure that the Board or the ListCo Board knows where the Executive will be and how he can be contacted during each working day (except during any periods taken as holiday in the usual way);

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3.4 the Board or ListCo Board may exclude the Executive from his place of work or any of any Group Company's other premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3.5 the Board or ListCo Board may require the Executive not to contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of any Group Company.

32. DATA PROTECTION

32.1 The Company will collect and process information relating to the Executive in accordance with the data protection privacy notice which will be provided to him.

32.2 The Executive shall comply with any applicable policies and procedures pertaining to data protection and privacy as may be implemented by the Company or the Group and notified to the Executive from time to time, (collectively, the "**Data Protection Policies"**) and applicable data protection laws when handling personal data in the course of the Employment including personal data relating to any employee, worker, contractor, Customer, Potential Customer, client, supplier or agent of the Company or any Group Company.

32.3 Failure to comply with the Data Protection Policies may be dealt with under the Company's disciplinary procedure and, in serious cases, may be treated as gross misconduct leading to summary dismissal.

33. RECONSTRUCTION AND AMALGAMATION

33.1 If the Employment is terminated at any time by reason of the reconstruction or amalgamation of any Group Company, whether by winding up or otherwise, and the Executive is offered employment with any concern or undertaking involved in or resulting from the reconstruction or amalgamation on terms which (considered in their entirety) are no less favourable to any material extent than the terms of this agreement, the Executive shall have no claim against the Company, any Group Company or any such undertaking arising out of or connected with the termination.

33.2 The appointment of the Executive as a director of the Company or any Group Company does not amount to a term of employment and the Company reserves the right to remove the Executive from any such directorship at any time for any reason, provided that it exercises its right reasonably. Where the Company exercises this right reasonably, this shall not amount to a breach of this agreement and shall not give rise to a claim for damages or compensation.

34. MISCELLANEOUS

34.1 If the Executive is appointed as a director of the Company or any Group Company then, during the term of such appointment and for six years following its termination the Executive shall be entitled to be covered by a policy of directors' and officers' liability insurance on terms no less favourable than those in place from time to time for other members of the Board or ListCo Board. The Company shall grant the Executive a deed of indemnity against certain liabilities that may be incurred as a result of the Executive's office to the extent permitted by section 234 of the Companies Act 2006.

34.2 Notices may be given by either party by personal delivery or by letter or email message addressed to the other party at (in the case of the Company) its registered office for the time being and (in the case of the Executive) his last known address. Any such notice given by letter shall be deemed to have been given 48 hours after posting. Any notice given to the Company by email may be sent to the normal business

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**EXHIBIT 10.2**

email address of the General Counsel of the Company or such other address as shall be notified by the Company and any notice given to the Executive by email may be sent to the Executive's usual email address or such other email address as may be agreed between the Executive and the Company from time to time and any notice given by email shall be deemed to have been given one hour after it was sent, save that any such email shall not be deemed to have been so given in the event of receipt by the sender of an automatic "bounce- back" or "no-delivery" response from the recipient.

34.3 There are no collective agreements in force which affect the terms and conditions of the Employment.

34.4 If any provision of this agreement shall be found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions of this agreement which shall remain in full force and effect. If any provision of this agreement is so found to be invalid or unenforceable but would be valid or enforceable if some part of the provision were deleted, the provision in question shall apply with such modifications as may be necessary to make it valid.

34.5 If the Executive is appointed as a director of any Group Company, the Executive consents to such Group Company making his service contract with such Group Company (as defined in the Companies Act 2006) available for inspection in compliance with that Act.

35. FURTHER ASSURANCE

35.1 Both parties shall, and shall use all reasonable endeavours to procure that any necessary third party shall, execute and deliver such documents and perform such acts as may be required for the purpose of giving full effect to this agreement.

36. ENTIRE AGREEMENT

36.1 This agreement, together with the documents referred to in it constitutes the entire agreement and understanding between the parties in respect of the matters dealt with in it and supersedes cancels and nullifies any previous agreement between the parties relating to such matters notwithstanding the terms of any previous agreement or arrangement expressed to survive termination.

36.2 Each of the parties acknowledges and agrees that in entering into this agreement, and the documents referred to in it, it does not rely on, and shall have no remedy in respect of, any statement, representation, warranty or understanding (whether negligently or innocently made) other than as expressly set out in this agreement. The only remedy available to either party in respect of any such statement, representation, warranty or understanding shall be for breach of contract under the terms of this agreement.

36.3 Nothing in this clause 35 shall operate to exclude any liability for fraud.

37. VARIATION

No variation or agreed termination of this agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).

24. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

24.1.All Group Companies shall have the benefit of and the right to enforce all the provisions of this agreement (and, save in the case of the Company, without having the obligation to perform any of the obligations under this agreement).

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**EXHIBIT 10.2**

24.2.Subject to clause 38.1, a person who is not party to this agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement. This clause does not affect any right or remedy of any person which exists or is available otherwise than pursuant to that Act.

25. COUNTERPARTS

This agreement may be executed in any number of counterparts each of which when executed by one or more of the parties hereto shall constitute an original but all of which shall constitute one and the same instrument.

26. GOVERNING LAW

This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with English law.

27. JURISDICTION

Each party irrevocably agrees that the English courts shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims).

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**EXHIBIT 10.2**

*Signature page to follow*

**

<br> ------

**EXHIBIT 10.2**

**IN WITNESS** whereof the parties have executed this agreement as a deed on the date of this agreement.

Executed as a deed by)

SOHO HOUSE UK LIMITED)

acting by **ANDREWCARNIE**,)

a director)

in the presence of a witness;)

Signature: <u>/s/ Andrew Carnie_______</u> 

**Director On behalf of SOHO HOUSE UK LIMITED**

****

<br> Witness signature: <u>/s/ Ben Nwaeke</u>___________

Witness name: <u>Ben Nwaeke</u>____________

(block capitals)

Witness address: 180 The Strand, London, WC2R 1EA

Signed as a deed by **NEIL THOMSON**)

in the presence of a witness)

Signature: <u>/s/ Neil Thomson__________</u>

**NEIL THOMSON**

****

<br> Witness signature: <u>/s/ Greg Russell______________</u>

Witness name: <u>Greg Russell________________</u>

(block capitals)

Witnessaddress: ……………………………

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## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION PURSUANT TO** 

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,** 

**AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Andrew Carnie, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Soho House & Co Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 7, 2025 | By: | /s/ Andrew Carnie |
|  |  | Andrew Carnie |
|  |  | Chief Executive Officer |
|  |  | (*Principal Executive Officer*) |

---

------

## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION PURSUANT TO** 

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,** 

**AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Neil Thomson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Soho House & Co Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 7, 2025 | By: | /s/ Neil Thomson |
|  |  | Neil Thomson |
|  |  | Chief Financial Officer |
|  |  | (*Principal Financial Officer*) |

---

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## Exhibit 32.1

**Exhibit 32.1** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of Soho House & Co Inc. (the "Company") on Form 10-Q for the 13 weeks ended September 28, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| November 7, 2025 | By: | /s/ Andrew Carnie |
|  |  | Andrew Carnie |
|  |  | Chief Executive Officer |
|  |  | (*Principal Executive Officer*) |

---

The foregoing certification is being furnished to the Securities and Exchange Commission as an exhibit to the Report and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and it is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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## Exhibit 32.2

**Exhibit 32.2** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report of Soho House & Co Inc. (the "Company") on Form 10-Q for the 13 weeks ended September 28, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| November 7, 2025 | By: | /s/ Neil Thomson |
|  |  | Neil Thomson |
|  |  | Chief Financial Officer |
|  |  | (*Principal Financial Officer*) |

---

The foregoing certification is being furnished to the Securities and Exchange Commission as an exhibit to the Report and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and it is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

------