Document:

EX-10.10

 Exhibit 10.10 

 
 

 
 3301 Exposition Blvd., Third Floor 

Santa Monica, California 90404 
 January 20,
2017 
 Robert Gifford 
 30956 La Mer Lane 

Laguna Niguel, California 92677 
 Re: Offer of
Employment with Beachbody, LLC (REVISED) Dear Robert: 
 On behalf of Beachbody, LLC (“Beachbody”), we are pleased to offer you the
position of President and Chief Operating Officer of Beachbody, reporting directly to the Chief Executive Officer. This letter highlights the essential terms of your employment, which will become effective once you have accepted this offer and begun
employment, in accordance with the terms herein. You will work from our Santa Monica and El Segundo offices, and it would be desirable for your start date to be March 2, 2017. Should you find this date inconvenient, please contact me so we can
arrange a mutually agreeable date. 
 Salary: Your annual base salary will be $550,000 per year, less deductions and withholdings required by law,
and will be paid on the same payroll schedule as Beachbody’s other employees are paid (currently biweekly). Your base salary will be prorated for any year in which you are employed for less than a full calendar year. This is an exempt position
under federal and state law. 
 Bonus: You will also be eligible for an annual performance bonus target of 50% of your above-stated base salary,
prorated for the period of time you work in 2017 (less deductions and withholdings required by law), with a maximum bonus of 75% with a minimum guaranteed 2017 bonus of $50,000. All aspects of any bonus shall be subject to the terms of
Beachbody’s annual incentive bonus plan. Specifically and without limitation, bonuses are only payable provided you are employed by Beachbody at the time it pays bonuses to its other C- level executives.
Within the first 30 days of employment, you will also receive a commencement sign-on bonus of $25,000 less all applicable taxes. You expressly understand and agree that if you separate from the Company either
through a voluntary resignation or are terminated “for cause” within the first 12 months of your employment, you will repay to company within thirty (30) days of your last day of employment a daily prorated portion of the commencement
of employment bonus. 
 Equity compensation: Upon commencement of your employment, you will be granted
non-qualified options to purchase 500,000 of Beachbody’s Common Units at Fair Market Value per Common Unit. The options will be granted pursuant to and will be subject to the terms of the Beachbody, LLC
2013 Equity Compensation Plan (the “Plan”), and to the terms of a non-qualified stock option agreement which is pursuant to and subject to the Plan. Options vest annually over five years (in equal
installments of 20% each over five years) on your anniversary date, with the first anniversary being 12 months after the actual date of the grant. All vesting ceases upon any termination of your employment. 

 

 Robert Gifford 

January 20, 2017 
  Page
 2
 
  

 Car allowance: You will receive an annual car allowance of $12,000, to be paid monthly as part of
payroll, which will be treated as wages subject to normal taxes and other withholdings. Our expectation is that this allowance is sufficient to cover both (a) the monthly costs of owning and maintaining a vehicle, and (b) any
business-related automobile travel expenses. Therefore, any other automobile-related expenditure, including but not limited to gas mileage, maintenance or insurance, whether for business travel or not, requires
pre- approval by me or by Beachbody’s Chief People Officer, Helene Klein. 
 Health Insurance and 401(k)
Benefits: You will be eligible for healthcare insurance (medical, dental, vision) subject to the terms of Beachbody’s benefits plans. Beachbody will pay 100% of the healthcare insurance costs for you and your family. The terms and
conditions of these benefits plans are set forth in the Beachbody Employee Guide and in the summary plan descriptions attached. You also will be eligible for retirement benefits comparable to other employees of Beachbody at your level, subject to
the terms of Beachbody’s benefits plans and programs relating to these benefits. Currently, Beachbody offers a 401(k) savings plan with a 50% match (up to 6% of eligible salary), subject to the terms and conditions of the plan. 

Severance: If your employment is terminated during the first two years following your employment start date by Beachbody without Cause, Beachbody will
continue to pay you for a period of twelve months following the termination of your employment, as severance pay, at the rate of your then-current base salary, and forthe same twelve-month period will continue to make its normal contribution to your
monthly health insurance premiums, through COBRA, provided you elect COBRA, at your then-current coverage levels. Any payments due to you as severance pay shall be paid to you in equal installments in accordance with Beachbody’s normal payroll
practices, and any such severance payments or COBRA payments will be conditioned upon your execution of Beachbody’s standard general release of all claims against Beachbody and related entities and persons. The first installment of the
severance and COBRA payments provided here will be made not later than the second regularly scheduled payroll date which follows the date on which the release has been signed and becomes irrevocable. 

For purposes hereof, the term “Cause” shall mean: (i) your misconduct or intentional actions that adversely affects or threatens to adversely
affect Beachbody or its reputation in any material respect as determined in good faith by the CEO or Chairman of the Board of Beachbody; (ii) breach of your duty of loyalty to Beachbody; (iii) acts or threats of violence in any manner
affecting Beachbody’s reputation or otherwise connected to your employment in any way; (iv) alcohol or substance abuse; (v) wrongful destruction of Beachbody property; (vi) theft, bribery or other illegal acts, or your indictment
for the same, other than for minor traffic offenses; (vii) any act of fraud or personal dishonesty which relates to or involves Beachbody in any material way, including misrepresentation on your employment application or other materials
provided in the course of seeking employment at Beachbody; (viii) unauthorized disclosure of confidential information of Beachbody; or (ix) material violation of any written policy of Beachbody; or (x) gross negligence of, or gross
incompetence in, the performance of your duties for Beachbody as determined by a majority of votes from the Beachbody, LLC Board of Directors. 

Notwithstanding any other provision of this letter, including the compensation and severance payment provision set forth above, your employment with
Beachbody, as with that of our other employees, will be “at- will,” permitting you or Beachbody to terminate the employment relationship at any time, for any lawful reason, with or without cause or
prior notice. Your at-will status can only be modified in an express writing signed by both you and our CEO. By your signature on this letter, you acknowledge, understand and agree that the employment
relationship is at-will. 

 Robert Gifford 

January 20, 2017 
  Page
 3
 
  

 Expense Reimbursement: Beachbody shall reimburse you for all reasonable business expenses upon the
presentation of properly itemized charges together with appropriate documentation in accordance with Beachbody’s policies and procedures now in force or as such policies and procedures may be modified with respect to all senior executive
officers. 
 Other: Beachbody shall maintain (i) a directors’ and officers’ liability insurance policy, or an equivalent errors and
omissions liability insurance policy, and (ii) an employment practices liability insurance policy. Each such policy shall cover you with scope, exclusions, amounts and deductibles no less favorable to you than those applicable to
Beachbody’s other executive officers and directors employed on your start date. 
 If any amounts payable hereunder are subject to Section 409A of
the Internal Revenue Code of 1986, as amended, (“Section 409A), the provisions of Schedule A hereto shall apply to such amounts. 
 The
Immigration Reform and Control Act of 1986, as amended, makes it unlawful for an employer to hire an individual who is not authorized to work in the United States. Therefore, on your first day of employment, you will be required to present
documentation to verify your employment eligibility and identity. 
 You have represented to us that you are not subject to a
non-compete or other restriction that would prevent you from joining Beachbody or which would limit your ability to work for Beachbody in any way. This offer of employment, and your continued employment at
Beachbody, is contingent upon the satisfactory completion of reference/background/credit checks. In addition, as a condition of employment, you will be required to execute a Confidentiality Agreement and an Arbitration Agreement. 

This letter and your relationship with Beachbody shall be governed by and construed in accordance with the laws of the State of California without reference
to its principles of conflicts of law. This letter may be amended only by an instrument in writing signed by the parties hereto, and any provision hereof may be waived only by an instrument in writing signed by the party or parties against whom or
which enforcement of such waiver is sought. 
 I am very excited about the contribution you will make to Beachbody. If you share my enthusiasm and these
terms and conditions are satisfactory to you, please acknowledge and accept this offer by signing this letter and returning a copy to Helene Klein, Chief People Officer, at hklein@beachbody.com on or before January 31, 2017. Of course, should
you have any questions or concerns about anything in this offer letter, please call me directly at any time. 
  

	
	Very truly yours,
	
	 /s/ Carl Daikeler

	Carl Daikeler
	Chief Executive Officer

 I hereby accept the Beachbody employment offer on the terms provided in this letter. 

 

	
	 /s/ Robert Gifford

	 Robert Gifford

 Schedule A 

Compliance with Section 409A. Notwithstanding any other provision of this letter to the contrary, the provision, time and manner of
payment or distribution of all compensation and benefits provided by this Agreement that constitute nonqualified deferred compensation subject to and not exempted from the requirements of Code Section 409A (“Section 409A Deferred
Compensation”) shall be subject to, limited by and construed in accordance with the requirements of Code Section 409A and all regulations and other guidance promulgated by the Secretary of the Treasury pursuant to such Section (such
Section, regulations and other guidance being referred to herein as “Section 409A”), including the following: 
 (a)Separation from Service.
Payments and benefits constituting Section 409A Deferred Compensation otherwise payable or provided upon your termination of employment shall be paid or provided only at the time of a termination of your employment that constitutes a Separation
from Service. For the purposes of this letter, a “Separation from Service” is a separation from service within the meaning of Treasury Regulation Section 1.409A-1(h). For any payment described
in this paragraph which is contingent upon the execution of a release, the following shall apply: In the event the review and revocation period of such release could cause the payment to be made in either of two successive calendar years, then,
notwithstanding any provision in the letter to the contrary, the payment shall not be made prior to January 1 of the second such year. 
 (b)Six-Month Delay Applicable to Specified Employees. If, at the time of a Separation from Service, you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) (a “Specified
Employee”), then any payments and benefits constituting Section 409A Deferred Compensation to be paid or provided upon the Separation from Service shall be paid or provided commencing on the later of (i) the date that is six months
after the date of such Separation from Service or, if earlier, the date of your death (in either case, the “Delayed Payment Date”), or (ii) the date or dates on which such Section 409A Deferred Compensation would otherwise be
paid or provided. All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date shall be accumulated and paid on the Delayed Payment Date. 

(c)Installments. Your right to receive any installment payments payable hereunder shall be treated as a right to receive a series of separate payments and,
accordingly, each such installment payment shall at all times be considered a separate and distinct payment for purposes of Section 409A. 

(d)Reimbursements. To the extent that any reimbursements or in-kind benefits payable pursuant to this letter are
subject to the provisions of Section 409A of the Code, such reimbursements shall be paid no later than December 31 of the year following the year in which the cost was incurred; the amount of expenses reimbursed in one year shall not
affect the amount eligible for reimbursement in any subsequent year; and your right to reimbursement will not be subject to liquidation or exchange for another benefit. 

You acknowledge that (i) the provisions of this Section may result in a delay in the time which payments would otherwise be made pursuant to this
Agreement and (ii) Beachbody is authorized to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by Beachbody, in its discretion, to be necessary or appropriate to comply with Section 409A
(including any transition or grandfather rules thereunder) without prior notice or consent. You hereby release and hold harmless Beachbody, its directors, officers and stockholders from any and all claims that may arise from or relate to any tax
liability, penalties, interest, costs, fees or other liability incurred as a result of the application of Code Section 409A.EX-10.11

 Exhibit 10.11 

THE BEACHBODY COMPANY, INC. 

FORM OF NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM 

Eligible Directors (as defined below) on the board of directors (the “Board”) of The Beachbody Company, Inc. (the
“Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”). The cash
and equity compensation described in this Program shall be paid or be made, as applicable, automatically as set forth herein and without further action of the Board, to each member of the Board who is not an employee of the Company or any of its
parents, affiliates or subsidiaries (each, an “Eligible Director”), who may be eligible to receive such cash or equity compensation, unless such Eligible Director declines the receipt of such cash or equity compensation by
written notice to the Company. 
 This Program shall become effective upon the Effective Date (as defined below), and shall remain in effect
until it is revised or rescinded by further action of the Board. This Program may be amended, modified or terminated by the Board at any time in its sole discretion. No Eligible Director shall have any rights hereunder, except with respect to equity
awards granted pursuant to Section 2 of this Program. For purposes of this Program, the “Effective Date” shall mean the date on which the closing of the transactions contemplated by that certain Agreement and Plan of
Merger by and among Forest Road Acquisition Corp. and certain parties thereto, dated as of February 9, 2021 (the “SPAC Merger”) are consummated. 

1.Cash Compensation. 

a.Annual Retainers. Each Eligible Director shall be eligible to receive an annual cash retainer of $45,000 for service on the Board.

 b.Additional Annual Retainers. An Eligible Director shall be eligible to receive the following additional annual retainers, as
applicable: 
 (i)Audit Committee. An Eligible Director serving as Chairperson of the Audit Committee shall be eligible to receive an
additional annual retainer of $20,000 for such service. An Eligible Director serving as a member of the Audit Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $10,000 for such service. 

(ii)Compensation Committee. An Eligible Director serving as Chairperson of the Compensation Committee shall be eligible to receive an
additional annual retainer of $15,000 for such service. An Eligible Director serving as a member of the Compensation Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $7,500 for such service. 

(iii) Nominating and Corporate Governance Committee. An Eligible Director serving as Chairperson of the Nominating and Corporate
Governance Committee shall be eligible to receive an additional annual retainer of $10,000 for such service. An Eligible Director serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall be eligible
to receive an additional annual retainer of $5,000 for such service. 
 c.Payment of Retainers. The annual cash retainers described in
Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than 30 days following the end of each calendar quarter. In the event an Eligible Director does not serve
as a director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, the retainer paid to such Eligible Director shall be prorated for the portion of such calendar quarter actually served as a director, or in
such position, as applicable. 

 2.Equity Compensation. 

a.General. Eligible Directors shall be granted the equity awards described below. The awards described below shall be granted under and
shall be subject to the terms and provisions of the Company’s 2021 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the “Equity
Plan”) and may be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms approved by the Board prior to or in connection with such grants. All applicable terms of the
Equity Plan apply to this Program as if fully set forth herein, and all grants of equity awards hereby are subject in all respects to the terms of the Equity Plan. Capitalized terms not otherwise defined herein shall have the meanings ascribed to
them in the Equity Plan. 
 b.SPAC Merger Awards. Each Eligible Director serving on the Board as of the closing of the SPAC Merger
automatically shall be granted a Restricted Stock Unit award (the “SPAC Merger Award”). The Existing Director Award shall be granted upon effectiveness of the Form S-8 with respect to
the Company’s Class A common stock issuable under the Plan, subject to continued service through the grant date, and shall cover a number of Restricted Stock Units equal to $200,000 divided by the closing price of the Company’s
Class A common stock on the grant date. The Existing Director Award shall vest in full on the date of the annual meeting of the Company’s stockholders (an “Annual Meeting”) in calendar year 2022, subject to
continued service through the applicable vesting date. 
 c.Initial Awards. Each Eligible Director who is initially elected or
appointed to serve on the Board after the Effective Date automatically shall be granted a Restricted Stock Unit award (the “Initial Equity Award”). The number of Restricted Stock Units subject to an Initial Equity Award will
be determined by dividing the Pro-Rated Value by the closing price for the Company’s Class A common stock on the applicable grant date. The Initial Equity Award shall be granted on the date on which
such Eligible Director is appointed or elected to serve on the Board, and shall vest in full on the earlier to occur of (i) the one-year anniversary of the applicable grant date and (ii) the date of
the next Annual Meeting following the grant date, subject to such Eligible Director’s continued service through the applicable vesting date. The “Pro-Rated Value” shall equal
$200,000, multiplied by a fraction, (i) the numerator of which is the difference between 365 and the number of days from the immediately preceding Annual Meeting date (or the Effective Date, if there is no preceding Annual Meeting date) through
the appointment or election date and (ii) the denominator of which is 365. 
 d.Annual Awards. An Eligible Director who is
serving on the Board as of the date of the Annual Meeting each calendar year beginning with calendar year 2022 shall be granted a Restricted Stock Unit award with a value of $200,000 (an “Annual Award” and together with the
SPAC Merger Awards and the Initial Equity Awards, the “Director Equity Awards”). The number of Restricted Stock Units subject to an Annual Award will be determined by dividing the value by the closing price for the
Company’s Class A common stock on the applicable grant date. Each Annual Award shall vest in full on the earlier to occur of (i) the one-year anniversary of the applicable grant date and
(ii) the date of the next Annual Meeting following the grant date, subject to continued service through the applicable vesting date. 

e.Accelerated Vesting Events. Notwithstanding the foregoing, an Eligible Director’s Director Equity Award(s) shall vest in full
immediately prior to the occurrence of a Change in Control to the extent outstanding at such time. 

 3.Compensation Limits. Notwithstanding anything to the contrary in this Program, all
compensation payable under this Program will be subject to any limits on the maximum amount of non-employee Director compensation set forth in the Equity Plan, as in effect from time to time. 

*****

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