# EDGAR Filing Document

**Accession Number:** 0001788717
**File Stem:** 0001193125-23-088363
**Filing Date:** 2023-3
**Character Count:** 39699
**Document Hash:** 2e4b5d8dcc3f01d06ff233445b8fa638
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-088363.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001193125-23-088363

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230331

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** F45 Training Holdings Inc.
- **CENTRAL INDEX KEY:** 0001788717
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-PROFESSIONAL & COMMERCIAL EQUIPMENT & SUPPLIES [5040]
- **IRS NUMBER:** 383978689
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40590
- **FILM NUMBER:** 23789274

**BUSINESS ADDRESS:**
- **STREET 1:** 236 CALIFORNIA STREET
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** 8189628791

**MAIL ADDRESS:**
- **STREET 1:** 236 CALIFORNIA STREET
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): March 31, 2023

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## F45 Training Holdings Inc.

#### (Exact Name of Registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-40590** | **84-2529722** |
| **(State or Other Jurisdiction** | **(Commission** | **(IRS Employer** |
| **of Incorporation)** | **File Number)** | **Identification No.)** |

---

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| |
|:---|
| **3601 South Congress Avenue, Building E** |
| **Austin, Texas 78704** |
| **(Address of Principal Executive Offices)** |

---

(737) 787-1955

#### (Registrant's telephone number, including area code)

#### (Former Name or Former Address, if Changed Since Last Report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 210.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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** |
| Common stock, par value $0.00005 per share | FXLV | NYSE |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☒

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. ☐

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.**  |

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*Waiver Under Credit Agreements* 

On March 31, 2023, F45 Training Holdings Inc., a Delaware corporation (the "Company"), as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and Australian Security Trustee, entered into a Consent Under Amended and Restated Credit Agreement, dated March 31, 2023 (the "JPM Credit Agreement Consent") under the Amended and Restated Credit Agreement dated as of August 13, 2021, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of December 20, 2021, as amended by that certain Second Amendment to Amended and Restated Credit Agreement dated as of May 13, 2022 and as amended by that certain Third Amendment to Amended and Restated Credit Agreement dated as of February 14, 2023 (as the same may be amended, restated, supplemented, or otherwise modified from time to time, the "JPM Credit Agreement"). In addition, on March 31, 2023, the Company, as borrower, the lenders party thereto and Alter Domus (US) LLC, entered into a Consent Under Subordinated Credit Agreement, dated March 31, 2023 (collectively with the JPM Credit Agreement Consent, the "Credit Agreement Documents") under the Credit Agreement, dated as of February 14, 2023, by and among the Company, as borrower, the other loan parties party thereto, the lenders party thereto and Alter Domus (US) LLC, as administrative agent and as Australian security trustee (collectively with the JPM Credit Agreement, the "Credit Agreements"). Pursuant to the Credit Agreement Documents, the parties to the Credit Agreements have agreed to waive certain defaults under the Credit Agreements with respect to the Company's delayed audited financial statements for the year ended December 31, 2022 (the "2022 Financial Statements"), subject to the terms and conditions set forth in the Credit Agreement Documents.

As the Company reported in its Form 12b-25 filed with the Securities and Exchange Commission on March 16, 2023, the Company has been unable to complete its 2022 Financial Statements because the Company and its independent registered public accounting firm require time to complete certain items with respect to the Company's financial statement preparation and review processes, including management's assessment of the effectiveness of the Company's internal controls over financial reporting for the period covered by the 2022 Financial Statements. The Company is not currently in a position to complete the 2022 Financial Statements or file its Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Form 10-K"), but the Company continues to work expeditiously to conclude its review and will file the 2022 Form 10-K as soon as practicable.

The foregoing summary of the Credit Agreement Documents does not purport to be a complete description of the Credit Agreement Documents and is qualified in its entirety by reference to the full text of the Credit Agreement Documents, copies of which are attached hereto as Exhibit 10.1 and Exhibit 10.2 and incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(d) Exhibits

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| | |
|:---|:---|
| **Exhibit**<br> **&nbsp;&nbsp;&nbsp;&nbsp;No.&nbsp;&nbsp;&nbsp;&nbsp;** | **Description** |
| 10.1 | [Consent Under Amended and Restated Credit Agreement, by and among F45 Training Holdings Inc., the other Loan Parties thereto, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent and Australian Security Trustee, dated March 31, 2023.](d428128dex101.htm) |
| 10.2 | [Consent Under Subordinated Credit Agreement, dated as of February 14, 2023, by and among F45 Training Holdings Inc., as borrower, the other loan parties party thereto, the lenders party thereto and Alter Domus (US) LLC, as administrative agent and as Australian security trustee., dated March 31, 2023.](d428128dex102.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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#### SIGNATURES
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 hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: March 31, 2023 | **F45 Training Holdings Inc.** | **F45 Training Holdings Inc.** |
|  | By: | /s/ Patrick Grosso |
|  |  | Patrick Grosso |
|  |  | Chief Legal Officer |

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## Exhibit 10.1

**Exhibit 10.1** 

**CONSENT UNDER AMENDED AND RESTATED CREDIT AGREEMENT** 

THIS CONSENT UNDER AMENDED AND RESTATED CREDIT AGREEMENT (this "<u>Agreement</u>") is made and entered into as of March 31, 2023, by and among F45 TRAINING HOLDINGS INC., a Delaware corporation (the "<u>Borrower</u>"), the Lenders party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent and Australian Security Trustee (the "<u>Administrative Agent</u>").

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u> :

WHEREAS, the Borrower, the other Loan Parties party thereto, the Lenders, and Administrative Agent have executed and delivered that certain Amended and Restated Credit Agreement dated as of August 13, 2021, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of December 20, 2021, as amended by that certain Second Amendment to Amended and Restated Credit Agreement dated as of May 13, 2022, and as amended by that certain Third Amendment to Amended and Restated Credit Agreement dated as of February 14, 2023 (as the same may be amended, restated, supplemented, or otherwise modified from time to time, the "<u>Credit Agreement</u>").

WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders consent to an extension of the delivery date for certain financial statements due under the Credit Agreement, and the Administrative Agent and the Lenders party hereto have agreed to such consent, subject to the terms and conditions hereof.

NOW, THEREFORE, for and in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, Borrower, the Administrative Agent, and the Lenders party hereto hereby covenant and agree as follows:

SECTION 1. <u>Definitions</u>. Unless otherwise specifically defined herein, each term used herein (and in the recitals above) which is defined in the Credit Agreement shall have the meaning assigned to such term in the Credit Agreement. Each reference to "hereof," "hereunder," "herein," and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Credit Agreement from and after the date hereof refer to the Credit Agreement as amended hereby.

SECTION 2. <u>Consent</u>. The due date for the audited consolidated balance sheet and related statements of operations, stockholders' equity, cash flows and other financial statements due March 31, 2023 as set forth in <u>Section</u> <u>5.01(a)</u> of the Credit Agreement is hereby extended to May 15, 2023

SECTION 3. <u>Notice</u>. Pursuant to <u>Section</u> <u>5.06(c)</u> of the Credit Agreement, the Administrative Agent hereby notifies the Borrower that the Administrative Agent intends to engage a Financial Advisor, which engagement shall be at the sole cost and expense of the Borrower.

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SECTION 4. <u>Conditions Precedent</u>. This Agreement shall become effective only upon satisfaction of the following conditions precedent on or before the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) execution and delivery of this Agreement by the Borrower, the Administrative Agent, and each of the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower shall have paid to the Administrative Agent, a consent fee in the amount of $70,000 payable to the Administrative Agent, for the benefit of the Lenders that execute the consent prior to March 31, 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower shall have paid the Administrative Agent's fees, outstanding legal fees, and costs in connection with the Loan Documents.

SECTION 5. <u>Conduct of Administrative Agent and Lenders; Release of Claims</u>. The Loan Parties and their Affiliates, successors, assigns, and legal representatives (collectively, the "<u>Releasors</u>"), acknowledge and agree that through the date hereof, each Secured Party has acted in good faith and has conducted itself in a commercially reasonable manner in its relationships with the Releasors in connection with this Agreement and in connection with the Secured Obligations, the Credit Agreement, and the other Loan Documents, and the obligations and liabilities of the Releasors existing thereunder or arising in connection therewith, and the Releasors hereby waive and release any claims to the contrary. The Releasors hereby release, acquit, and forever discharge each Secured Party and its Affiliates (including, without limitation, its parent and its subsidiaries) and their respective officers, directors, employees, agents, attorneys, advisors, successors and assigns, both present and former (collectively, the "<u>Secured Party Affiliates</u>") from any and all manner of losses, costs, defenses, damages, liabilities, deficiencies, actions, causes of action, suits, debts, controversies, damages, judgments, executions, claims, demands, and expenses whatsoever, asserted or unasserted, known or unknown, foreseen or unforeseen, in contract, tort, law or equity (generically, "<u>Claims</u>"), that any Releasor has or may have against any Secured Party and/or any Secured Party Affiliate by reason of any action, failure to act, event, statement, accusation, assertion, matter, or thing whatsoever arising from or based on facts occurring prior to the effectiveness of this Agreement that arises out of or is connected to the Loan Documents or the Secured Obligations. Each of the Releasors hereby unconditionally and irrevocably agrees that it will not sue any Secured Party or any Secured Party Affiliate on the basis of any Claim released, remised, and discharged by such Releasor pursuant to this paragraph. If any Releasor or any of their respective successors, assigns or other legal representatives violates the foregoing covenant, each Releasor, for itself and its successors, assigns, and legal representatives, agrees to pay, in addition to such other damages as any Secured Party or any Secured Party Affiliate may sustain as a result of such violation, all reasonable and documented attorneys' fees and costs incurred by any Secured Party or any Secured Party Affiliate as a result of such violation.

SECTION 6. <u>Miscellaneous Terms.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Loan Document</u>. For avoidance of doubt, the Borrower, the Administrative Agent, and the Lenders party hereto hereby acknowledge and agree that this Agreement is a Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Effect of Agreement</u>. Except as set forth expressly hereinabove, all terms of the Credit Agreement and the other Loan Documents shall be and remain in full force and effect, and shall constitute the legal, valid, binding, and enforceable obligations of the Loan Parties. Except to the extent otherwise expressly set forth herein, the amendments and waiver set forth herein shall have prospective application only from and after the date of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Novation or Mutual Departure</u>. The Borrower expressly acknowledges and agrees that (i) there has not been, and this Agreement does not constitute or establish, a novation with respect to the Credit Agreement or any of the other Loan Documents, or a mutual departure from the strict terms, provisions, and conditions thereof, other than with respect to the consent contained in <u>Section</u> <u>2</u> above, and (ii) nothing in this Agreement shall affect or limit the Administrative Agent or any Lender's right to demand payment of liabilities owing from any Loan Party to Administrative Agent or the Lenders under, or to demand strict performance of the terms, provisions and conditions of, the Credit Agreement and the other Loan Documents, to exercise any and all rights, powers, and remedies under the Credit Agreement or the other Loan Documents or at law or in equity, or to do any and all of the foregoing, immediately at any time after the occurrence of a Default or an Event of Default under the Credit Agreement or the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Ratification</u>. The Borrower (i) hereby restates, ratifies, and reaffirms each and every term, covenant, and condition set forth in the Credit Agreement and the other Loan Documents to which it is a party effective as of the date hereof and (ii) restates and renews each and every representation and warranty heretofore made by it in the Credit Agreement and the other Loan Documents as fully as if made on the date hereof and with specific reference to this Agreement and any other Loan Documents executed or delivered in connection herewith (except with respect to representations and warranties made as of an expressed date, in which case such representations and warranties shall be true and correct in all material respects as of such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Default</u>. To induce the Administrative Agent and the Lenders to enter into this Agreement and to continue to make advances pursuant to the Credit Agreement (subject to the terms and conditions thereof), the Borrower hereby acknowledges and agrees that, as of the date hereof, and after giving effect to the terms hereof (including the waiver herein), there exists (i) no Default or Event of Default, and (ii) no right of offset, defense, counterclaim, claim, or objection in favor of the Borrower or any other Loan Party or arising out of or with respect to any of the Loans or other obligations of any Borrower or any other Loan Party owed to the Administrative Agent or the Lenders under the Credit Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument. This Agreement may be executed by each party on separate copies, which copies, when combined so as to include the signatures of all parties, shall constitute a single counterpart of the Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Fax or Other Transmission</u>. Delivery by one or more parties hereto of an executed counterpart of this Agreement via facsimile, telecopy or other electronic method of transmission pursuant to which the signature of such party can be seen (including Adobe Corporation's Portable Document Format or PDF) shall have the same force and effect as the delivery of an original manually executed counterpart of this Agreement or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Any party delivering an executed counterpart of this Agreement by facsimile or other electronic method of transmission shall also deliver an original executed counterpart thereof, but the failure to do so shall not affect the validity, enforceability, or binding effect of this Agreement. The words "execution," "signed," "signature," and words of like import in this Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Recitals Incorporated Herein</u>. The preamble and the recitals to this Agreement are hereby incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section References</u>. Section titles and references used in this Agreement shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto evidenced hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Further Assurances</u>. The Borrower agrees to take, at the Borrower's expense, such further actions as Administrative Agent and Australian Security Trustee shall reasonably request from time to time to evidence the amendments and waiver set forth herein and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Governing Law</u>. This Agreement shall be governed by and construed and interpreted in accordance with the internal laws of the State of New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Severability</u>. Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.

[SIGNATURES ON FOLLOWING PAGES.]

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IN WITNESS WHEREOF, the Borrower, the Administrative Agent, and the Lenders party hereto have caused this Agreement to be duly executed under seal by its duly authorized officer as of the day and year first above written.

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| | |
|:---|:---|
| <u>BORROWER</u>: | <u>BORROWER</u>: |
| **F45 TRAINING HOLDINGS INC.**, a Delaware corporation | **F45 TRAINING HOLDINGS INC.**, a Delaware corporation |
| By: | /s/ Eugene Davis |
| Name: Eugene Davis | Name: Eugene Davis |
| Title: Chairman of the Board | Title: Chairman of the Board |

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[JPMORGAN/F45 – CONSENT UNDER A&R CREDIT AGREEMENT]

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| | |
|:---|:---|
| <u>ADMINISTRATIVE AGENT AND LENDERS:</u> | <u>ADMINISTRATIVE AGENT AND LENDERS:</u> |
| **JPMORGAN CHASE BANK, N.A.**, individually, and as Administrative Agent, Australian Security Trustee, Lender, Swingline Lender and Issuing Bank | **JPMORGAN CHASE BANK, N.A.**, individually, and as Administrative Agent, Australian Security Trustee, Lender, Swingline Lender and Issuing Bank |
| By: | /s/ Eleftherios Karsos |
| Name: Eleftherios Karsos | Name: Eleftherios Karsos |
| Title: Authorized Officer | Title: Authorized Officer |

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[JPMORGAN/F45 – CONSENT UNDER A&R CREDIT AGREEMENT]

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**MUFG UNION BANK, N.A.,** as a Lender<br>

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| | |
|:---|:---|
| By: | /s/ John E. Klinge |
| Name: | John E. Klinge |
| Title: | Director |

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[JPMORGAN/F45 – CONSENT UNDER A&R CREDIT AGREEMENT]

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| | |
|:---|:---|
| **GOLDMAN SACHS BANK USA,** as a Lender | **GOLDMAN SACHS BANK USA,** as a Lender |
| By: | /s/ Keshia Leday |
| Name: | Keshia Leday |
| Title: | Authorized Signatory |

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[JPMORGAN/F45 – CONSENT UNDER A&R CREDIT AGREEMENT]

## Exhibit 10.2

**Exhibit 10.2** 

**CONSENT UNDER SUBORDINATED CREDIT AGREEMENT** 

THIS CONSENT UNDER SUBORDINATED CREDIT AGREEMENT (this "<u>Agreement</u>") is made and entered into as of March 31, 2023, by and among F45 TRAINING HOLDINGS INC., a Delaware corporation (the "<u>Borrower</u>"), the Lenders party hereto, and ALTER DOMUS (US) LLC, in its capacity as administrative agent for the Secured Parties (the "<u>Administrative Agent</u>").

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u> :

WHEREAS, the Borrower, the other Loan Parties party thereto, the Lenders, the Australian Security Trustee and the Administrative Agent have executed and delivered that certain Subordinated Credit Agreement, dated as of February 14, 2023 (as the same may be amended, restated, supplemented, or otherwise modified from time to time, the "<u>Credit Agreement</u>").

WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders consent to an extension of the delivery date for certain financial statements due under the Credit Agreement, and the Administrative Agent and the Lenders party hereto have agreed to such consent, subject to the terms and conditions hereof.

NOW, THEREFORE, for and in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, Borrower, the Administrative Agent, and the Lenders party hereto hereby covenant and agree as follows:

SECTION 1. <u>Definitions</u>. Unless otherwise specifically defined herein, each term used herein (and in the recitals above) which is defined in the Credit Agreement shall have the meaning assigned to such term in the Credit Agreement. Each reference to "hereof," "hereunder," "herein," and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Credit Agreement from and after the date hereof refer to the Credit Agreement as amended hereby.

SECTION 2. <u>Consent</u>. The due date for the audited consolidated balance sheet and related statements of operations, stockholders' equity, cash flows and other financial statements due March 31, 2023 as set forth in <u>Section</u> <u>5.01(a)</u> of the Credit Agreement is hereby extended to May 15, 2023.

SECTION 3. <u>Conditions Precedent</u>. This Agreement shall become effective only upon satisfaction of the following conditions precedent on or before the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) execution and delivery of this Agreement by the Borrower, the Administrative Agent, and each of the Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower shall have paid the Administrative Agent's fees, outstanding legal fees, and costs incurred in connection with this Agreement.

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SECTION 4. <u>Conduct of Administrative Agent and Lenders; Release of Claims</u>. The Loan Parties and their Affiliates, successors, assigns, and legal representatives (collectively, the "<u>Releasors</u>"), acknowledge and agree that through the date hereof, each Secured Party has acted in good faith and has conducted itself in a commercially reasonable manner in its relationships with the Releasors in connection with this Agreement and in connection with the Secured Obligations, the Credit Agreement, and the other Loan Documents, and the obligations and liabilities of the Releasors existing thereunder or arising in connection therewith, and the Releasors hereby waive and release any claims to the contrary. The Releasors hereby release, acquit, and forever discharge each Secured Party and its Affiliates (including, without limitation, its parent and its subsidiaries) and their respective officers, directors, employees, agents, attorneys, advisors, successors and assigns, both present and former (collectively, the "<u>Secured Party Affiliates</u>") from any and all manner of losses, costs, defenses, damages, liabilities, deficiencies, actions, causes of action, suits, debts, controversies, damages, judgments, executions, claims, demands, and expenses whatsoever, asserted or unasserted, known or unknown, foreseen or unforeseen, in contract, tort, law or equity (generically, "<u>Claims</u>"), that any Releasor has or may have against any Secured Party and/or any Secured Party Affiliate by reason of any action, failure to act, event, statement, accusation, assertion, matter, or thing whatsoever arising from or based on facts occurring prior to the effectiveness of this Agreement that arises out of or is connected to the Loan Documents or the Secured Obligations. Each of the Releasors hereby unconditionally and irrevocably agrees that it will not sue any Secured Party or any Secured Party Affiliate on the basis of any Claim released, remised, and discharged by such Releasor pursuant to this paragraph. If any Releasor or any of their respective successors, assigns or other legal representatives violates the foregoing covenant, each Releasor, for itself and its successors, assigns, and legal representatives, agrees to pay, in addition to such other damages as any Secured Party or any Secured Party Affiliate may sustain as a result of such violation, all reasonable and documented attorneys' fees and costs incurred by any Secured Party or any Secured Party Affiliate as a result of such violation.

SECTION 5. <u>Miscellaneous Terms.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Loan Document</u>. For avoidance of doubt, the Borrower, the Administrative Agent, and the Lenders party hereto hereby acknowledge and agree that this Agreement is a Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Effect of Agreement</u>. Except as set forth expressly hereinabove, all terms of the Credit Agreement and the other Loan Documents shall be and remain in full force and effect, and shall constitute the legal, valid, binding, and enforceable obligations of the Loan Parties. Except to the extent otherwise expressly set forth herein, the amendments and waiver set forth herein shall have prospective application only from and after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Novation or Mutual Departure</u>. The Borrower expressly acknowledges and agrees that (i) there has not been, and this Agreement does not constitute or establish, a novation with respect to the Credit Agreement or any of the other Loan Documents, or a mutual departure from the strict terms, provisions, and conditions thereof, other than with respect to the consent contained in <u>Section</u> <u>2</u> above, and (ii) nothing in this Agreement shall affect or limit the Administrative Agent or any Lender's right to demand payment of liabilities owing from any Loan Party to Administrative Agent or the Lenders under, or to demand strict performance of the terms, provisions and conditions of, the Credit

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Agreement and the other Loan Documents, to exercise any and all rights, powers, and remedies under the Credit Agreement or the other Loan Documents or at law or in equity, or to do any and all of the foregoing, immediately at any time after the occurrence of a Default or an Event of Default under the Credit Agreement or the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Ratification</u>. The Borrower (i) hereby restates, ratifies, and reaffirms each and every term, covenant, and condition set forth in the Credit Agreement and the other Loan Documents to which it is a party effective as of the date hereof and (ii) restates and renews each and every representation and warranty heretofore made by it in the Credit Agreement and the other Loan Documents as fully as if made on the date hereof and with specific reference to this Agreement and any other Loan Documents executed or delivered in connection herewith (except with respect to representations and warranties made as of an expressed date, in which case such representations and warranties shall be true and correct in all material respects as of such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Default</u>. To induce the Administrative Agent and the Lenders to enter into this Agreement and to continue to make advances pursuant to the Credit Agreement (subject to the terms and conditions thereof), the Borrower hereby acknowledges and agrees that, as of the date hereof, and after giving effect to the terms hereof (including the waiver herein), there exists (i) no Default or Event of Default, and (ii) no right of offset, defense, counterclaim, claim, or objection in favor of the Borrower or any other Loan Party or arising out of or with respect to any of the Loans or other obligations of any Borrower or any other Loan Party owed to the Administrative Agent or the Lenders under the Credit Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument. This Agreement may be executed by each party on separate copies, which copies, when combined so as to include the signatures of all parties, shall constitute a single counterpart of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Fax or Other Transmission</u>. Delivery by one or more parties hereto of an executed counterpart of this Agreement via facsimile, telecopy or other electronic method of transmission pursuant to which the signature of such party can be seen (including Adobe Corporation's Portable Document Format or PDF) shall have the same force and effect as the delivery of an original manually executed counterpart of this Agreement or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Any party delivering an executed counterpart of this Agreement by facsimile or other electronic method of transmission shall also deliver an original executed counterpart thereof, but the failure to do so shall not affect the validity, enforceability, or binding effect of this Agreement. The words "execution," "signed," "signature," and words of like import in this Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Recitals Incorporated Herein</u>. The preamble and the recitals to this Agreement are hereby incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section References</u>. Section titles and references used in this Agreement shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto evidenced hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Further Assurances</u>. The Borrower agrees to take, at the Borrower's expense, such further actions as Administrative Agent shall reasonably request from time to time to evidence the amendments and waiver set forth herein and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Governing Law</u>. This Agreement shall be governed by and construed and interpreted in accordance with the internal laws of the State of New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Severability</u>. Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.

[SIGNATURES ON FOLLOWING PAGES.]

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IN WITNESS WHEREOF, the Borrower, the Administrative Agent, and the Lenders party hereto have caused this Agreement to be duly executed under seal by its duly authorized officer as of the day and year first above written.

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| | |
|:---|:---|
| <u>BORROWER</u>: | <u>BORROWER</u>: |
| **F45 TRAINING HOLDINGS INC.**, a Delaware<br> corporation | **F45 TRAINING HOLDINGS INC.**, a Delaware<br> corporation |
| By: | /s/ Eugene Davis |

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 <br> Name:   <u>Eugene Davis</u>

 <br> Title:   <u>Chairman of the Board</u>

[F45 – CONSENT UNDER SUBORDINATED CREDIT AGREEMENT]

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| | |
|:---|:---|
| <u>ADMINISTRATIVE AGENT</u>: | <u>ADMINISTRATIVE AGENT</u>: |
| ALTER DOMUS (US) LLC, as Administrative Agent | ALTER DOMUS (US) LLC, as Administrative Agent |
| By: | /s/ Pinju Chiu |

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 <br> Name:   <u> Pinju Chiu</u>

 <br> Title:   <u> Associate Counsel</u>

[F45 – CONSENT UNDER SUBORDINATED CREDIT AGREEMENT]

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| | |
|:---|:---|
| **<u>LENDERS</u>:** | **<u>LENDERS</u>:** |
| **KENNEDY LEWIS CAPITAL PARTNERS MASTER FUND II LP** | **KENNEDY LEWIS CAPITAL PARTNERS MASTER FUND II LP** |
| By: Kennedy Lewis GP II LLC, its general partner | By: Kennedy Lewis GP II LLC, its general partner |
| By: | /s/ Anthony Pasqua |
| Name: Anthony Pasqua | Name: Anthony Pasqua |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **KENNEDY LEWIS CAPITAL PARTNERS MASTER FUND III LP** | **KENNEDY LEWIS CAPITAL PARTNERS MASTER FUND III LP** |
| By: Kennedy Lewis GP III LLC, its general partner | By: Kennedy Lewis GP III LLC, its general partner |
| By: | /s/ Anthony Pasqua |
| Name: Anthony Pasqua | Name: Anthony Pasqua |
| Title: Authorized Signatory | Title: Authorized Signatory |

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[F45 – CONSENT UNDER SUBORDINATED CREDIT AGREEMENT]

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| | |
|:---|:---|
| **BARDIN HILL OPPORTUNISTIC CREDIT MASTER (ECI) FUND LP** | **BARDIN HILL OPPORTUNISTIC CREDIT MASTER (ECI) FUND LP** |
| By: Bardin Hill Investment Partners LP, its manager | By: Bardin Hill Investment Partners LP, its manager |
| By: | /s/ Suzanne McDermott |
| Name: Suzanne McDermott | Name: Suzanne McDermott |
| Title: Authorized Signatory | Title: Authorized Signatory |
| By: | /s/ John Freese |
| Name: John Freese | Name: John Freese |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **BARDIN HILL NE FUND LP** | **BARDIN HILL NE FUND LP** |
| By: Bardin Hill Investment Partners LP, its manager | By: Bardin Hill Investment Partners LP, its manager |
| By: | /s/ Suzanne McDermott |
| Name: Suzanne McDermott | Name: Suzanne McDermott |
| Title: Authorized Signatory | Title: Authorized Signatory |
| By: | /s/ John Freese |
| Name: John Freese | Name: John Freese |
| Title: Authorized Signatory | Title: Authorized Signatory |

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[F45 – CONSENT UNDER SUBORDINATED CREDIT AGREEMENT]