Document:

EX-10.9

 Exhibit 10.9 

EXCHANGE AGREEMENT 
 This
EXCHANGE AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, the “Agreement”), dated as of [            ], 2015, is made by and among
Planet Fitness, Inc., a Delaware corporation (the “Corporation”), Pla-Fit Holdings, LLC, a Delaware limited liability company (“Pla-Fit LLC”), and the holders of Holdings Units (as defined herein) and shares of
Class B Common Stock (as defined herein) from time to time party hereto (each, a “Holder”). 
 WHEREAS, the parties hereto
desire to provide for the exchange of Holdings Units together with shares of Class B Common Stock for shares of Class A Common Stock (as defined herein), on the terms and subject to the conditions set forth herein; 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

SECTION 1.1. Definitions 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this
Agreement. 
 “Affiliate” means, with respect to any specified Person, (a) any other Person (other than Pla-Fit LLC)
that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such specified Person, (b) a Member of the Immediate Family of such specified Person, and (c) any investment fund
advised or managed by, or under common control or management with, such specified Person. 
 “Agreement” has the meaning
set forth in the preamble. 
 “Cash Exchange Payment” means an amount in cash equal to the product of (x) the number
of Holdings Units exchanged, (y) the then-applicable Exchange Rate, and (z) the average of the daily volume weighted average price (“VWAP”) of a share of Class A Common Stock for the five (5) Trading Days immediately
prior to the date of delivery of the relevant Election of Exchange (the “Exchange Date”) in connection with a Voluntary Exchange; provided that in calculating such average, (i) the VWAP shall be determined by calculating
the arithmetic average price of a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which Class A Common Stock trades, as reported by Bloomberg, L.P., or its successor,
for each of the five (5) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the Exchange Date, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock
dividends or similar events affecting the Class A Common Stock; and (ii) if the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, then a majority of the independent members of
the board of directors of the Corporation shall determine the fair market value of a share of Class A Common Stock in good faith. 

 A “Change in Control” shall be deemed to have occurred upon: 

(i) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the
Corporation’s assets (determined on a consolidated basis) to any person or group (as such term is used in Section 13(d)(3) of the Exchange Act) other than to any subsidiary of the Corporation; provided, that, for clarity and
notwithstanding anything to the contrary, neither the approval of nor consummation of a transaction treated for U.S. federal income tax purposes as a liquidation into the Corporation of its wholly-owned Subsidiaries or merger of such entities into
one another or the Corporation will constitute a Change in Control; 
 (ii) a merger or consolidation of the Corporation with
any other person, other than a merger or consolidation which would result in the Voting Securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting
Securities of the surviving entity) at least 50.1% of the total voting power represented by the Voting Securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation; 

(iii) the liquidation or dissolution of the Corporation; or 

(iv) the acquisition, directly or indirectly, by any person or group (as such term is used in Section 13(d)(3) of the
Exchange Act) (other than (a) a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation; (b) a corporation or other entity owned, directly or indirectly, by the stockholders of the Corporation in
substantially the same proportions as their ownership of stock of the Corporation; or (c) TSG Consumer Partners LLC and its Affiliates) of beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of more than 50.1% of the
aggregate voting power of the Voting Securities of the Corporation. 
 “Class A Common Stock” means the Class A common
stock, par value $0.0001 per share, of the Corporation. 
 “Class B Common Stock” means the Class B common stock, par value
$0.0001 per share, of the Corporation. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Corporation” has the meaning set forth in the preamble. 

“Election of Exchange” has the meaning set forth in Section 2.1(b) of this Agreement. 

“Exchange” has the meaning set forth in Section 2.1(a) of this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  
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 “Exchange Rate” means the number of shares of Class A Common Stock for
which one Paired Interest is entitled to be Exchanged. On the date of this Agreement, the Exchange Rate shall be 1, subject to adjustment pursuant to Section 2.2 of this Agreement. 

“First Exchange Time” means (a) in the case of Managers, the later of (x) one year from the date hereof and
(y) the first time a registration statement under the Securities Act is available for an Exchange or for the resale of shares of Class A Common Stock received in an Exchange; and (b) otherwise, the expiration or earlier waiver of any
lock-up agreement relating to the Corporation’s initial public offering. 
 “Governmental Entity” means the United
States of America or any other nation, any state or other political subdivision thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government, including any court, in each case, having
jurisdiction over Pla-Fit LLC or any of its Subsidiaries or any of the property or other assets of Pla-Fit LLC or any of its Subsidiaries. 

“Holder” has the meaning set forth in the preamble. 

“Holdings Units” means the Common Units (as such term is defined in the LLC Agreement). 

“LLC Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Pla-Fit, dated as of the date
hereof. 
 “Managers” has the meaning given to it in the Registration Rights Agreement. 

“Mandatory Exchange” has the meaning given to such term in Section 2.1(e) of this Agreement. 

“Member of the Immediate Family” means, with respect to any Person who is an individual, (a) each parent, spouse (but
not including a former spouse or a spouse from whom such Person is legally separated) or child (including those adopted) of such individual and (b) each trust naming only one or more of the Persons listed in sub-clause (a) as
beneficiaries. 
 “Paired Interest” means one Holdings Unit together with one share of Class B Common Stock. 

“Permitted Transferee” has the meaning given to such term in Section 4.1 of this Agreement. 

“Person” means an individual, a partnership (including a limited partnership), a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity. 

“Pla-Fit LLC” has the meaning set forth in the preamble. 

“Planet Fitness Group” means the Corporation and any Subsidiary of the Corporation (other than, for clarity, Pla-Fit LLC).

  
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 “Registration Rights Agreement” means the registration rights agreement by and
among the Corporation and the stockholders party thereto, dated as of the date hereof. 
 “Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations thereunder. 
 “Stockholders Agreement” means the
stockholders agreement by and among the Corporation and the stockholders party thereto, dated as of the date hereof. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or
business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity (other
than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For
purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a
majority of limited liability company, partnership, association or other business entity gains or losses or shall control the management of any such limited liability company, partnership, association or other business entity. For purposes
hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary
of Pla-Fit LLC. 
 “Tax Receivable Agreement” means the Tax Receivable Agreement, dated on or about the date hereof, among
the Corporation, Pla-Fit LLC and the other unitholders of Pla-Fit LLC party thereto; as such agreement may be amended or supplemented from time to time. 

“Trading Day” means a day on which the New York Stock Exchange or such other principal United States securities exchange on
which the shares of Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day), or if the shares of Class A Common Stock are not listed
or admitted to trading on such an exchange, on the automated quotation system on which the shares of Class A Common Stock are then authorized for quotation. 

“Voluntary Exchange” means an Exchange that is not a Mandatory Exchange. 

“Voting Securities” mean any securities of the Corporation which are entitled to vote generally in matters submitted for a
vote of the Corporation’s stockholders or generally in the election of the Corporation’s board of directors. 

  
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 ARTICLE II 

SECTION 2.1. Exchange of Paired Interests for Class A Common Stock. 

(a) Subject to Section 2.1(i), from and after the First Exchange Time, each Holder shall be entitled at any time and from time to time,
upon the terms and subject to the conditions hereof, to surrender Paired Interests (other than any Paired Interests consisting of unvested Holdings Units) free and clear of all liens, encumbrances, rights of first refusal, and the like, to the
Corporation. Each such Paired Interest will be exchangeable for, at the option of the Corporation (acting by a majority of the disinterested members of its board of directors), (i) a Cash Exchange Payment calculated with respect to such
surrendered Holdings Units, payable in accordance with the instructions provided in the Election of Exchange or (ii) a number of shares of Class A Common Stock that is equal to the product of the number of Paired Interests surrendered by
such Holder’s multiplied by the Exchange Rate (such exchange, an “Exchange”). As any such existing owner exchanges its Holdings Units, the Corporation’s interest in Pla-Fit LLC will increase. Each such exchange of Paired
Interests for Class A Common Stock shall to the extent permitted by law be treated for U.S. federal income tax reporting purposes as a taxable exchange of the Holder’s Holdings Units for Class A Common Stock and corresponding payments
under the Tax Receivable Agreement. Notwithstanding anything to the contrary in this Section 2.1(a) or otherwise, in connection with any Exchange that occurs at any time the Corporation has an effective registration statement under the
Securities Act available for the Exchange or resale of Class A Common Stock received upon Exchange, the Corporation shall not have the option to deliver a Cash Exchange Payment. 

(b) A Holder shall exercise its right to effect an Exchange as set forth in Section 2.1(a) above by delivering to the Corporation a
written election of exchange in respect of the Paired Interests to be Exchanged substantially in the form of Exhibit A hereto (the “Election of Exchange”), duly executed by such Holder or such Holder’s duly authorized
attorney, in each case delivered to the Corporation at its address set forth in Section 4.2(a). Each Exchange shall be deemed to be effective at the time the Election of Exchange is delivered to the Corporation, and, if the Corporation does not
elect a Cash Exchange Payment, the exchanging Holder shall be deemed to be a holder of Class A Common Stock from and after that time. As promptly as practicable following the delivery of the Election of Exchange, the Corporation shall deliver
or cause to be delivered to the exchanging Holder the number of shares of Class A Common Stock deliverable upon such Exchange, registered in the name of such Holder, or cash, as applicable. To the extent the Class A Common Stock is settled
through the facilities of The Depository Trust Company, the Corporation will, subject to Section 2.1(e) below, upon the written instruction of a Holder, deliver the shares of Class A Common Stock deliverable to such Holder, through the
facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such Holder. 

(c) An Election of Exchange from a Holder may specify that the Exchange is to be (x) contingent (including as to the timing) upon the
consummation of a purchase by another Person of shares of Class A Common Stock into which the Paired Interests are exchangeable and/or (y) effective upon a specified future date. 

(d) A Holder may withdraw or amend an Election of Exchange, in whole or in part, at any time prior to the effectiveness of the Exchange by
delivery of a written notice of withdrawal to the Corporation and Pla-Fit LLC specifying (1) the number of withdrawn Paired Interests, (2) if any, the number of Paired Interests as to which the Notice of Exchange remains in effect and
(3) if the Holder so determines, revised timing of the Exchange or any other new or revised information permitted in the Election of Exchange. 

  
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 (e) Notwithstanding any other provision of this Agreement, upon the occurrence of any Change in
Control, all Holdings Units held by Holders other than members of the Planet Fitness Group and all shares of Class B Common Stock held by such Holders shall be automatically surrendered to the Corporation. In consideration for such surrendered
Paired Interests, each Holder shall receive a number of shares of Class A Common Stock that is equal to the product of the number of Paired Interests surrendered by such Holder and the Exchange Rate, which such consideration shall be delivered
upon such Change in Control. An Exchange pursuant to this Section 2.1(e) is referred to herein as a “Mandatory Exchange.” For the avoidance of doubt, the Corporation shall not be entitled to make a Cash Exchange Payment in the
case of a Mandatory Exchange. 
 (f) Subject to Section 2.4(c), the shares of Class A Common Stock issued upon an Exchange shall
bear a legend in substantially the following form: 
 THE TRANSFER OF THESE SECURITIES HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN
EXEMPTION THEREFROM. 
 (g) If (i) any shares of Class A Common Stock may be sold pursuant to a registration statement that has
been declared effective by the Securities and Exchange Commission, (ii) all of the applicable conditions of Rule 144 are met, or (iii) if a Holder otherwise requests removal of the legend, the Corporation, upon the written request of the
Holder thereof and, in the case of clauses (ii) and (iii), receipt of an opinion of counsel to such Holder reasonably acceptable to the Corporation, shall take all necessary action promptly to remove such legend and, if the shares of
Class A Common Stock are certificated, issue to such Holder new certificates evidencing such shares of Class A Common Stock without the legend. 

(h) Subject to Section 2.2, the Corporation shall bear all expenses in connection with the consummation of any Exchange, whether or not
any such Exchange is ultimately consummated, including any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided, however, that, subject to Section 2.2,
if any shares of Class A Common Stock are to be delivered in a name other than that of the Holder that requested the Exchange (or The Depository Trust Company or its nominee for the account of a participant of The Depository Trust Company that
will hold the shares for the account of such Holder), then such Holder and/or the person in whose name such shares are to be delivered shall pay to the Corporation the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in
connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of the Corporation that such tax has been paid or is not payable. 

  
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 (i) Notwithstanding anything to the contrary in this Article II, a Holder shall not be
entitled to effect an Exchange (and, if attempted, any such Exchange shall be void ab initio), and the Corporation and Pla-Fit LLC shall have the right to refuse to honor any request to effect an Exchange, at any time or during any period, if
the Corporation or Pla-Fit LLC shall reasonably determine that such Exchange (i) would be prohibited by any applicable law (including the unavailability of any requisite registration statement filed under the Securities Act or any exemption
from the registration requirements thereunder), provided this subsection Section 2.1(i) shall not limit the Corporation’s or Pla-Fit LLC’s obligations under Section 2.4(c), or (ii) would not be permitted under (x) the
LLC Agreement, (y) other agreements with the Corporation, Pla-Fit LLC or any of their respective controlled Affiliates to which such Holder is party or (z) any written policies of the Corporation or Pla-Fit LLC or any of its Subsidiaries
related to unlawful or inappropriate trading applicable to its directors, officers or other personnel to which the Holder is subject. Upon such determination, the Corporation or Pla-Fit LLC (as applicable) shall notify the Holder requesting the
Exchange of such determination, which such notice shall include an explanation in reasonable detail as to the reason that the Exchange has not been effected. 

SECTION 2.2. Withholding. 

(a) Notwithstanding anything to the contrary contained in this Agreement, (i) in connection with a Cash Exchange Payment related to an
Exchange, Pla-Fit LLC and any other applicable withholding agent on behalf of Pla-Fit LLC shall be entitled to deduct and withhold from any Cash Exchange Payment payable pursuant to or contemplated by this Agreement, or (ii) in the case of an
Exchange for shares of Class A Common Stock, the Holder requesting the Exchange shall pay over to Pla-Fit LLC, in each case such amounts as Pla-Fit LLC reasonably determines are required under New Hampshire Rev. Stat. § 77-A:4(XIV) to be
paid in respect of such Exchange; provided, however, that such amounts will not exceed 3.5% of the Cash Exchange Payment (in the case of (i) above) or the fair market value of the Paired Interest in connection with an Exchange for
shares of Class A Common Stock (such amount withheld or paid over, the “Withheld Amount”). For the avoidance of doubt, the Holder shall be deemed to have received the entire value received on Exchange, including any
Withheld Amount. Any Withheld Amount shall be deemed to be contributed by the exchanging Holder to Pla-Fit LLC as a capital contribution for a capital interest and accordingly all of the tax credit shall be allocated to such Holder. Pla-Fit LLC
shall distribute to the exchanging Holder any cash tax savings (whether by actual receipt of a cash tax refund or an actual reduction of cash taxes due and owing), determined on a “with” and “without” basis, until such aggregate
distributions equal the Withheld Amount. All such cash tax savings payments will be made in the order of priority such that payments for each year are paid pro rata to Holders to whom tax benefit payments are owed pursuant to this Section 2.2,
but no cash payments shall be made for a particular year until all cash payments have been made for prior years. To the extent Pla-Fit LLC has received a Withheld Amount but does not use all of the proceeds thereof to pay amounts due under New
Hampshire Rev. Stat. § 77-A:4(XIV), such excess unused portion of the Withheld Amount shall be distributed back as a return of capital to such Holder. 

(b) The Corporation and Pla-Fit LLC will use commercially reasonable efforts to reduce or eliminate any tax under New Hampshire Rev. Stat.
§ 77-A:4(XIV), including, without limitation (i) taking appropriate action to effect a change in the applicable law, or (ii) relocating the corporate headquarters to state other than New Hampshire and (iii) franchising
corporate-owned 

  
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fitness centers located in New Hampshire; provided, however, that neither the Corporation nor Pla-Fit LLC shall have any obligation to take any action that could reasonably be
expected to materially and adversely affect its net income. 
 (c) The Corporation may elect at any time at its sole discretion, which
election shall be irrevocable, to terminate its ability to cause Holders to pay Withheld Amounts under Section 2.2(a), in which event the obligations of the Corporation and Pla-Fit LLC under Section 2.2(b) shall terminate immediately upon
such election. 
 SECTION 2.3. Adjustment. 

(a) The Exchange Rate and/or the components of a Paired Interest shall be adjusted accordingly if there is: (i) any subdivision (by any
stock or unit split, stock or unit distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization or otherwise) of the shares of Class
B Common Stock or Holdings Units that is not accompanied by a substantially equivalent subdivision or combination of the Class A Common Stock; or (ii) any subdivision (by any stock split, stock dividend or distribution, reclassification,
reorganization, recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization, recapitalization or otherwise) of the Class A Common Stock that is not accompanied by a substantially equivalent
subdivision or combination of the shares of Class B Common Stock and Holdings Units. If there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock are converted or changed into
another security, securities or other property, then upon any subsequent Exchange, an exchanging Holder shall be entitled to receive the amount of such security, securities or other property that such exchanging Holder would have received if such
Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any subdivision (by any split, distribution or
dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such
reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock are
converted or changed into another security, securities or other property, this Section 2.2 shall continue to be applicable, mutatis mutandis, with respect to such security or other property. This Agreement shall apply to the Paired
Interests held by the Holders and their Permitted Transferees as of the date hereof, as well as any Paired Interests hereafter acquired by a Holder and his or her or its Permitted Transferees. This Agreement shall apply to, mutatis mutandis,
and all references to “Paired Interests” shall be deemed to include, any security, securities or other property of the Corporation or Pla-Fit LLC which may be issued in respect of, in exchange for or in substitution of shares of Class B
Common Stock or Holdings Units, as applicable, by reason of any distribution or dividend, split, reverse split, combination, reclassification, reorganization, recapitalization, merger, exchange (other than an Exchange) or other transaction. 

  
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 SECTION 2.4. Class A Common Stock to be Issued; Class B Common Stock to be Cancelled.

 (a) The Corporation shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock, solely
for the purpose of issuance upon an Exchange, the maximum number of shares of Class A Common Stock as shall be deliverable upon Exchange of all then-outstanding Paired Interests; provided, that nothing contained herein shall be construed
to preclude the Corporation from satisfying its obligations in respect of an Exchange by delivery of shares of Class A Common Stock that are held in the treasury of the Corporation or any of its subsidiaries or by delivery of purchased shares
of Class A Common Stock (which may or may not be held in the treasury of the Corporation or any subsidiary thereof). The Corporation covenants that all shares of Class A Common Stock issued upon an Exchange will, upon issuance in
accordance with this Agreement, be validly issued, fully paid and non-assessable. 
 (b) When a Paired Interest has been exchanged in
accordance with this Agreement, the share of Class B Common Stock corresponding to such Paired Interest shall be cancelled by the Corporation. 

(c) Subject to the terms of the Registration Rights Agreement, the Corporation covenants and agrees to deliver shares of Class A Common
Stock, if requested, pursuant to an effective registration statement under the Securities Act with respect to any Exchange to the extent that a registration statement is effective and available for such shares. In the event that any Exchange in
accordance with this Agreement is to be effected at a time when any required registration has not become effective or otherwise is unavailable, upon the request and with the reasonable cooperation of the Holders requesting such Exchange, the
Corporation and Pla-Fit LLC shall use reasonable best efforts to promptly facilitate such Exchange pursuant to any reasonably available exemption from such registration requirements. The Corporation shall use reasonable best efforts to list the
Class A Common Stock required to be delivered upon Exchange prior to such delivery upon each national securities exchange or inter-dealer quotation system upon which the outstanding Class A Common Stock may be listed or traded at the time
of such delivery. 
 (d) The Corporation agrees that it has taken all or will take such steps as may be required to cause to qualify for
exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and to be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions from, or dispositions to, the Corporation of equity securities of the
Corporation (including derivative securities with respect thereto) and any securities that may be deemed to be equity securities or derivative securities of the Corporation for such purposes that result from the transactions contemplated by this
Agreement, by each officer or director of the Corporation, including any director by deputization. The authorizing resolutions shall be approved by either the Corporation’s board of directors or a committee composed solely of two or more
Non-Employee Directors (as defined in Rule 16b-3) of the Corporation. 
 ARTICLE III 

SECTION 3.1. Representations and Warranties of the Corporation and of Pla-Fit LLC. Each of the Corporation and Pla-Fit LLC represents
and warrants that (i) it is a corporation or limited liability company duly incorporated or formed and is existing in good standing under the laws of its jurisdiction of organization, (ii) it has all requisite corporate or limited
liability company power and authority to enter into and perform this Agreement and to consummate the 

  
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transactions contemplated hereby and, in the case of the Corporation, to issue the Class A Common Stock in accordance with the terms hereof, (iii) the execution and delivery of this
Agreement by it and the consummation by it of the transactions contemplated hereby (including without limitation, in the case of the Corporation, the issuance of the Class A Common Stock) have been duly authorized by all necessary corporate or
limited partnership action on its part and (iv) this Agreement constitutes a legal, valid and binding obligation of it enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by
bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 
 SECTION
3.2. Representations and Warranties of the Holders. Each Holder, severally and not jointly, represents and warrants that (i) if it is not a natural person, that it is duly incorporated or formed and, to the extent such concept exists in
its jurisdiction of organization, is in good standing under the laws of such jurisdiction, (ii) it has all requisite legal capacity and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby,
(iii) if it is not a natural person, the execution and delivery of this Agreement by it of the transactions contemplated hereby have been duly authorized by all necessary corporate or other entity action on the part of such Holder,
(iv) the Paired Interests being delivered pursuant to an Exchange are free and clear of all liens, encumbrances, rights of first refusal, and the like and (v) this Agreement constitutes a legal, valid and binding obligation of such Holder
enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally.

 ARTICLE IV 
 SECTION 4.1.
Additional Holders. To the extent a Holder validly transfers any or all of such Holder’s Paired Interests to another person in a transaction in accordance with, and not in contravention of, the LLC Agreement, the Stockholders Agreement
or the Registration Rights Agreement, then such transferee (each, a “Permitted Transferee”) shall have the right to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon
such Permitted Transferee shall become a Holder hereunder. To the extent Pla-Fit LLC issues Holdings Units in the future, then the holder of such Holdings Units shall have the right to execute and deliver a joinder to this Agreement, substantially
in the form of Exhibit B hereto, whereupon such holder shall become a Holder hereunder. 
 SECTION 4.2. Addresses and Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax (delivery receipt
requested), by electronic mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in
accordance with this Section 4.2): 
 (a) If to the Corporation, to: 

Planet Fitness, Inc. 
 26 Fox Run
Road 

			
	Newington, NH 03801
	Fax:		(603) 957-4626
	E-mail:		richard.moore@pfhq.com
	Attention:		Richard L. Moore

  
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 (b) If to Pla-Fit LLC, to: 

Pla-Fit Holdings, LLC 
 c/o Planet
Fitness, Inc. 
 26 Fox Run Road 

Newington, NH 03801 

			
	Fax:		(603) 957-4626
	E-mail:		richard.moore@pfhq.com
	Attention:		Richard L. Moore

 (c) If to any Holder, to the address and other contact information set forth in the records of the Corporation
or Pla-Fit LLC from time to time. 
 SECTION 4.3. Further Action. The parties shall execute and deliver all documents, provide all
information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 SECTION
4.4. Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns.

 SECTION 4.5. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being
enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner
materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

SECTION 4.6. Amendment. The provisions of this Agreement may be amended only by the affirmative vote or written consent of each of
(i) the Corporation, (ii) Pla-Fit LLC, (iii) the Holders of Holdings Units holding a majority of the then outstanding Common Units, and (iv) TSG6 Management L.L.C., to the extent investment funds affiliated therewith then hold
Paired Interests representing at least 5% of the outstanding voting power of the Corporation. 
 SECTION 4.7. Waiver. No failure by
any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant,
duty, agreement or condition. 

  
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 SECTION 4.8. Submission to Jurisdiction; Waiver of Jury Trial. 

(a) The parties irrevocably consent to the jurisdiction and venue of the state and federal courts located in Delaware in connection with any
action relating to this Agreement and agree that service of summons, complaint or other process in connection with any such action may be made as set forth in Section 4.2 and that service so made shall be as effective as if personally made in
the State of Delaware. To the extent not prohibited by applicable law, each party hereto waives and agrees not to assert, by way of motion, as a defense or otherwise, in any such proceeding brought in the above-named courts, any claim that such
party is not subject personally to the jurisdiction of such courts, that such party’s property is exempt or immune from attachment or execution, that such proceeding is brought in an inconvenient forum, that the venue of such proceeding is
improper, or that this Agreement or the subject matter thereof, may not be enforced in or by such courts. 
 (b) TO THE EXTENT NOT
PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION,
CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS
CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.8(b) CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING
AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.8(b) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

SECTION 4.9. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or by e-mail delivery of a
“.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file or other electronic transmission service shall be considered original executed counterparts for
purposes of this Section 4.9. 
 SECTION 4.10. Tax Treatment. This Agreement shall be treated as part of the LLC Agreement as
described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. As required by the Code and the Treasury Regulations, the parties shall report any Exchange consummated
hereunder as a taxable sale of the Holdings Units and shares of Class B Common Stock by a Holder to the Corporation, and no party shall take a contrary position on any income tax return or amendment thereof unless an alternate position is permitted
under the Code and Treasury Regulations and the Corporation consents in writing. 

  
 -12- 

 SECTION 4.11. Specific Performance. The parties hereto agree that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to specific performance of the terms
and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. 
 SECTION 4.12. Independent
Nature of Holders’ Rights and Obligations. The obligations of each Holder hereunder are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of
any other Holder under hereunder. The decision of each Holder to enter into to this Agreement has been made by such Holder independently of any other Holder. Nothing contained herein, and no action taken by any Holder pursuant hereto, shall be
deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the
transactions contemplated hereby. 
 SECTION 4.13. Applicable Law. This Agreement shall be governed by, and construed in accordance
with, the law of the State of Delaware, without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction. 

[Signature Pages Follow] 

  
 -13- 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date
first set forth above. 
  

			
	PLANET FITNESS, INC.
		
	By:		  

			Name:
			Title:

  
 [Signature Page to
Exchange Agreement] 

 
			
	PLA-FIT HOLDINGS, LLC
		
	By:		  

			Name:
			Title:

  
 [Signature Page to
Exchange Agreement] 

 
			
	TSG PF INVESTMENT L.L.C.
		
	By:		  

	Name:		
	Title:		
	
	TSG PF INVESTMENT II L.L.C.
		
	By:		  

	Name:		
	Title:		
	
	THE CHRISTOPHER J. RONDEAU IRREVOCABLE GST TRUST OF 2012
		
	By:		  

	Name:		
	Title:		
	
	THE CHRISTOPHER J. RONDEAU REVOCABLE TRUST OF 2006
		
	By:		  

	Name:		
	Title:		
	
	THE MARC GRONDAHL REVOCABLE TRUST OF 2006
		
	By:		  

	Name:		
	Title:		
	
	  

	Name:		Craig Benson

  
 [Signature Page to
Exchange Agreement] 

 
	
	
	  

	Name: Stephen Spinelli, Jr.
	
	  

	Name: Richard Moore
	
	  

	Name: Anna Arico
	
	  

	Name: Dorvin Lively
	
	  

	Name: Brian Belmont
	
	  

	Name: Bonnie Monahan
	
	  

	Name: Corey Benish
	
	  

	Name: Candace Couture
	
	  

	Name: Jamie Medeiros
	
	  

	Name: Dawn Sullivan
	
	  

	Name: Jessica Correa

  
 [Signature Page to
Exchange Agreement] 

 EXHIBIT A 

[FORM OF] 
 ELECTION OF EXCHANGE

 Planet Fitness, Inc. 
 26 Fox Run Road 

Newington, NH 03801 

Attention:        Richard L. Moore 

Pla-Fit Holdings, LLC 
 c/o Planet Fitness, Inc. 

26 Fox Run Road 
 Newington, NH 03801 

Attention:        Richard L. Moore 

Reference is hereby made to the Exchange Agreement, dated as of [            ],
2015 (the “Exchange Agreement”), among Planet Fitness, Inc., a Delaware corporation, Pla-Fit Holdings, LLC, a Delaware limited liability company, and the holders of Holdings Units (as defined therein) from time to time party
thereto. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement. 
 The undersigned
Holder hereby transfers to the Corporation the number of Paired Interests set forth below in Exchange for a Cash Exchange Payment to the account set forth below or for shares of Class A Common Stock to be issued in its name as set forth below,
in accordance with the terms of the Exchange Agreement. 
  

			
	Legal Name of Holder:		  

			
		
	Address:		  

			
		
	Number of Paired Interests to be Exchanged:		  

			
		
	Cash Exchange Payment Instructions:		  

 The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to
execute and deliver this Election of Exchange and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed and delivered by the undersigned and is the legal, valid and binding obligation of
the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability of equitable
remedies; (iii) the shares of Class B Common Stock and Holdings Units subject to this Election of Exchange are being transferred to the Corporation free and clear of any pledge, lien, security interest, encumbrance, equities or claim; and
(iv) no consent, approval, authorization, order, registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the shares of Class B Common Stock or the Holdings
Units subject to this Election of Exchange is required to be obtained by the undersigned for the transfer of such shares of Class B Common Stock or Holdings Units to the Corporation. 

 The undersigned hereby irrevocably constitutes and appoints any officer of the Corporation as the
attorney of the undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to transfer to the Corporation the shares of Class B Common Stock and
Holdings Units subject to this Election of Exchange and to deliver to the undersigned the shares of Class A Common Stock or cash to be delivered in Exchange therefor. 

IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Election of Exchange to be executed and delivered by the
undersigned or by its duly authorized attorney. 
  

			
	  

	Name:		
		
	Dated:		  

 EXHIBIT B 

[FORM OF] 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of
[            ], 2015 (the “Agreement”), among Planet Fitness, Inc., a Delaware corporation (the “Corporation”), Pla-Fit Holdings, LLC, a Delaware limited
liability company (“Pla-Fit LLC”), and each of the Holders from time to time party thereto. Capitalized terms used but not defined in this Joinder Agreement shall have their meanings given to them in the Agreement. This Joinder
Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction. In
the event of any conflict between this Joinder Agreement and the Agreement, the terms of this Joinder Agreement shall control. 
 The
undersigned, having acquired shares of Class B Common Stock and Holdings Units, hereby joins and enters into the Agreement. By signing and returning this Joinder Agreement to the Corporation, the undersigned (i) accepts and agrees to be bound
by and subject to all of the terms and conditions of and agreements of a Holder contained in the Agreement, with all attendant rights, duties and obligations of a Holder thereunder and (ii) makes each of the representations and warranties of a
Holder set forth in Section 3.2 of the Agreement as fully as if such representations and warranties were set forth herein. The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as the execution and
delivery of the Agreement by the undersigned and, upon receipt of this Joinder Agreement by the Corporation and by Pla-Fit LLC, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the
Agreement. 
  

					
	Name:		  
		

  

					
	Address for Notices:				With copies to:EX-10.10

 Exhibit 10.10 

July 2, 2015 
 By Hand 

Christopher Rondeau 
 Dear Chris: 

This letter (the “Agreement”) confirms the terms and conditions of your continued employment with Planet Fitness, Inc.
(“Parent”) and Planet Fitness Holdings, LLC (“Holdings”, and together with Parent, the “Company”), and amends and restates in its entirety the employment agreement between you and Holdings dated as
of November 8, 2012, as subsequently amended on January 21, 2013. This Agreement shall be effective as of the date prior to the date of the initial public offering of Parent’s common stock. 

1. Position and Duties. 

(a) You will continue to be employed by the Company, on a full-time basis, as the Chief Executive Officer of Holdings and of Parent. In
addition, you may be asked from time to time to serve as a manager, director or officer of one or more of the Company’s Affiliates, without further compensation. 

(b) You agree to perform the duties of your position and such other duties as may reasonably be assigned to you from time to time. You also
agree that, while employed by the Company, you will devote your full business time and your best efforts, business judgment, skill and knowledge exclusively to the advancement of the business interests of the Company and its Affiliates and to the
discharge of your duties and responsibilities for them. 
 (c) You agree to comply with all Company policies, practices and procedures and
all codes of ethics or business conduct applicable to your position, as in effect from time to time. 
 2. Compensation and
Benefits. During your employment, as compensation for all services performed by you for the Company and its Affiliates and subject to your full performance of your obligations hereunder, you will be provided with the following pay and
benefits: 
 (a) Base Salary. Holdings will pay you a base salary at the rate of $500,000 per year, payable in accordance with
the regular payroll practices of Holdings and subject to upward adjustment from time to time by the Board of Directors of Parent (the “Board”) or the Compensation Committee thereof (the “Committee”), in either case,
in its discretion (as adjusted from time to time, the “Base Salary”). 
 (b) Bonus Compensation. For each fiscal
year completed during your employment under this Agreement, you will be eligible to earn an annual bonus. Your target 

 
Christopher Rondeau 
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bonus will be 100% of your Base Salary, with the actual amount of any such bonus being determined by the Board or the Committee, in either case, in its
discretion, based on the achievement of performance goals established annually by the Board or the Committee, as applicable. Any annual bonus payable under this Section 2(b) will be paid no later than March 15th following the close of the year for which the bonus is earned. 
 (c) Equity
Compensation. You will be eligible for equity award grants under the Company’s equity incentive plan, as in effect from time to time, at such times and in such forms as determined by the Board or the Committee in its respective discretion.

 (d) Participation in Employee Benefit Plans. You will be entitled to participate in all employee benefit plans from time to time
in effect for employees of the Company generally, except to the extent such plans are duplicative of benefits otherwise provided you under this Agreement (e.g., a severance pay plan). Your participation in any such employee benefit plans will be
subject to the terms of the applicable plan documents, generally applicable Company policies, and any other restrictions or limitations imposed by law. 

(e) Vacations. You will be entitled to earn up to four (4) weeks of vacation per year, in addition to holidays observed by the
Company. Vacation may be taken at such times and intervals as you shall determine, subject to the business needs of the Company. Vacation shall otherwise be subject to the policies of the Company, as in effect from time to time. 

(f) Business Expenses. Holdings will pay or reimburse you for all reasonable business expenses incurred or paid by you in the
performance of your duties and responsibilities for the Company, subject to any maximum annual limit and other restrictions on such expenses set by the Company and to such reasonable substantiation and documentation as may be specified from time to
time. Your right to payment or reimbursement for business expenses hereunder shall be subject to the following additional rules: (i) the amount of expenses eligible for payment or reimbursement during any calendar year shall not affect the
expenses eligible for payment or reimbursement in any other taxable year, (ii) payment or reimbursement shall be made not later than December 31 of the calendar year following the calendar year in which the expense was incurred, and
(iii) the right to payment or reimbursement shall not be subject to liquidation or exchange for any other benefit. 
 3.
Confidential Information and Restricted Activities. 
 (a) Confidential Information. During the course of your employment with
the Company, you have and will learn of Confidential Information, as defined below, and you have and may develop Confidential Information on behalf of the Company and its Affiliates. You agree that you will not use or disclose to any Person (except
as required by applicable law or for the proper performance of your regular duties and responsibilities for the Company) any Confidential Information obtained by you incident to your employment or any other association with the Company or any of its
Affiliates. You agree that this restriction shall continue to apply after your employment terminates, regardless of the reason for such termination. For the avoidance of doubt, nothing in this Agreement limits, restricts or in any other way affects
your 

 
Christopher Rondeau 
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communicating with any governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning
matters relevant to the governmental agency or entity that do not constitute attorney-client privileged information of the Company. 
 (b)
Protection of Documents. All documents, records and files, in any media of whatever kind and description, relating to the business, present or otherwise, of the Company or any of its Affiliates, and any copies, in whole or in part, thereof
(the “Documents”), whether or not prepared by you, shall be the sole and exclusive property of the Company. You agree to safeguard all Documents and to surrender to the Company, at the time your employment terminates or at such
earlier time or times as the Board or its designee may specify, all Documents then in your possession or control. You also agree to disclose to the Company, at the time your employment terminates or at such earlier time or times as the Board or its
designee may specify, all passwords necessary or desirable to obtain access to, or that would assist in obtaining access to, any information that you have password protected on any computer equipment, network or system of the Company or any of its
Affiliates. 
 (c) Assignment of Rights to Intellectual Property. You shall promptly and fully disclose all Intellectual Property to
the Company. You hereby assign and agree to assign to the Company (or as otherwise directed by the Company) your full right, title and interest in and to all Intellectual Property. You agree to execute any and all applications for domestic and
foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the Company to assign the Intellectual
Property to the Company and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. You will not charge the Company for time spent in complying with these obligations. All copyrightable
works that you create during your employment shall be considered “work made for hire” and shall, upon creation, be owned exclusively by the Company. 

(d) Restricted Activities. You agree that the following restrictions on your activities during and after your employment are necessary
to protect the good will, Confidential Information, trade secrets and other legitimate interests of the Company and its Affiliates: 
 (i)
While you are employed by the Company and during the one (1)-year period immediately following termination of your employment, regardless of the reason therefor (in the aggregate, the “Restricted Period”), you shall not, directly or
indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, engage in the Business of the Company or undertake any planning to engage in the Business of the Company, in any geographic area anywhere in the
world. For purposes of this Agreement, the “Business of the Company” shall mean owning, franchising or operating low-price health and fitness clubs and “low-price health and fitness clubs” shall mean health and
fitness clubs that charge membership fees of thirty dollars ($30) or less per month. The foregoing, however, shall not prevent your passive ownership of five percent (5%) or less of the equity securities of any publicly traded company, or any
investment by you in any Planet Fitness franchisee that predates this Agreement. During the one-year period immediately following termination of your 

 
Christopher Rondeau 
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employment, regardless of the reason therefor, the Board shall determine whether or not to approve your ability to make new investments or acquisitions of
ownership interests, whether in the form of debt or equity financing or any other form, in any Planet Fitness franchisee during such period, which approval, if given, shall be a general approval for all such types of investments. For the avoidance
of doubt, your ownership of equity securities of Parent is in no way restricted by any of the foregoing. Further, for the avoidance of doubt, nothing in this Agreement shall require you to terminate any debt financings to any Planet Fitness
franchisee in effect at the time your employment with the Company terminates. 
 (ii) During the Restricted Period, you will not, directly
or indirectly, (A) solicit or encourage any customer or franchisee of the Company or any of its Affiliates to terminate or diminish his, her or its relationship with them; or (B) seek to persuade any such customer or prospective customer,
or franchisee or prospective franchisee, of the Company or any of its Affiliates to conduct with anyone else any business or activity which such customer or prospective customer, or franchisee or prospective franchisee, conducts or could conduct
with the Company or any of its Affiliates; provided, however, that these restrictions shall apply (y) only with respect to those Persons who are or have been a customer or franchisee of the Company or any of its Affiliates at any time within
the immediately preceding two (2)-year period or whose business has been solicited on behalf of the Company or any of its Affiliates by any of their officers, employees or agents within such two (2)-year period, other than by form letter, blanket
mailing or published advertisement, and (z) only if you have performed work for such Person during your employment with the Company or one of its Affiliates or been introduced to, or otherwise had contact with, such Person as a result of your
employment or other associations with the Company or one of its Affiliates or have had access to Confidential Information which would assist in your solicitation of such Person. 

(iii) During the Restricted Period, you will not, directly or indirectly, (a) hire or solicit for hiring any employee of the Company or
any of its Affiliates or seek to persuade any employee of the Company or any of its Affiliates to discontinue employment or (b) solicit or encourage any independent contractor providing services to the Company or any of its Affiliates to
terminate or diminish his, her or its relationship with them; provided, however, that these restrictions shall apply only to employees and independent contractors who have provided services to the Company at any time within the immediately preceding
two (2)-year period. 
 (iv) In signing this Agreement, you give the Company assurance that you have carefully read and considered all the
terms and conditions of this Agreement, including the restraints imposed on you under this Section 3. You agree without reservation that these restraints are necessary for the reasonable and proper protection of the Company and its Affiliates,
and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. You further agree that, were you to breach any of the covenants contained in this Section 3, the damage to the Company
and its Affiliates would be irreparable. You therefore agree that the Company, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by you of any
of those covenants, without having to post bond. You and the 

 
Christopher Rondeau 
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Company agree that, in the event of any dispute under this Agreement, the prevailing party shall be entitled to recover its reasonable attorney’s fees
and costs from the other party. You and the Company further agree that, in the event that any provision of this Section 3 is determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a
time, too large a geographic area or too great a range of activities, that provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. It is also agreed that each of the Company’s Affiliates shall
have the right to enforce all of your obligations to that Affiliate under this Agreement, including without limitation pursuant to this Section 3. Finally, no claimed breach of this Agreement or other violation of law attributed to the Company,
or change in the nature or scope of your employment relationship with the Company, shall operate to excuse you from the performance of your obligations under this Section 3. 

4. Termination of Employment. Your employment under this Agreement shall continue until terminated pursuant to this Section
4. 
 (a) By the Company for Cause. The Company may terminate your employment for Cause upon notice to you setting forth in
reasonable detail the nature of the cause. For the purposes of this Agreement, “Cause” is defined as any one of the following: (i) your intentional breach of this Agreement or of any fiduciary duty owed by you to the Company or any of
its Affiliates, (ii) your conviction of, or plea of nolo contendere to, a felony, (iii) your conviction of a crime of moral turpitude, (iv) your commission of a fraud, or engaging in embezzlement, theft or material dishonesty, with
respect to the Company or any of its Affiliates or (v) your failure to follow lawful directions of the Board or the Board of Directors of Holdings consistent with this Agreement, which failure remains uncured for a period of fifteen
(15) days following the Company’s written notice to you. Notwithstanding the foregoing, the Company will not have to provide more than one notice and opportunity to cure under Section 4(a)(v) hereof with respect to any multiple,
repeated, related or substantially similar events or circumstances. 
 (b) By the Company Without Cause. The Company may terminate
your employment hereunder at any time other than for Cause upon notice to you. 
 (c) Resignation by You for Good Reason. You may
terminate your employment for Good Reason upon notice to the Company setting forth in reasonable detail the nature of the good reason. For the purposes of this Agreement, “Good Reason” is defined as any one of the following
occurring without your written consent: (i) the Company’s relocation of you to an office located more than 35 miles from Newington, New Hampshire (other than the relocation of the Company’s headquarters to Maine), (ii) a material
diminution in Base Salary or (iii) a material breach by the Company of this Agreement; provided that, in the case of either (i), (ii) or (iii), notice of the claimed Good Reason is provided within sixty (60) days of the condition
being known to you and the applicable relocation, diminution or breach remains uncured for a period of thirty (30) days following your written notice to the Company. You must terminate your employment, if at all, not later than one hundred
twenty (120) days following the occurrence giving rise to Good Reason; provided, however, that in the event the Company 

 
Christopher Rondeau 
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provides you with the notice referred to in Section 4(a)(v) hereof, you may not seek to terminate your employment hereunder for Good Reason after receipt
of such notice and prior to the date that is two (2) days following the expiration of the fifteen (15) day cure period. 
 (d)
Resignation by You Without Good Reason. You may terminate your employment at any time upon thirty (30) days’ notice to the Company. The Board may elect to waive such notice period or any portion thereof; but in that event, Holdings
shall pay you your Base Salary for that portion of the notice period so waived. 
 (e) Death and Disability. Your employment
hereunder shall automatically terminate in the event of your death during employment. In the event you become disabled during employment and, as a result, are unable to continue to perform substantially all of your duties and responsibilities under
this Agreement, either with or without any reasonable accommodation that may be due, Holdings will continue to pay you your Base Salary, reduced by any disability income benefits to which you are entitled, and to provide you benefits in accordance
with Section 2(d) above, to the extent permitted by plan terms, for up to ninety (90) consecutive days or one hundred twenty (120) non-consecutive days of disability during any period of three hundred sixty-five (365) consecutive
calendar days. If you are unable to return to work after ninety (90) consecutive days or one hundred twenty (120) non-consecutive days of disability, the Company may terminate your employment, upon notice to you. If any question shall
arise as to whether you are disabled to the extent that you are unable to perform substantially all of your duties and responsibilities for the Company and its Affiliates, you shall, at the Company’s request, submit to a medical examination by
a physician selected by the Company to whom you or your guardian, if any, has no reasonable objection to determine whether you are so disabled, and such determination shall for purposes of this Agreement be conclusive of the issue. If such a
question arises and you fail to submit to the requested medical examination, the Company’s determination of the issue shall be binding on you. 

5. Other Matters Related to Termination. 

(a) Final Compensation. In the event of termination of your employment with the Company, howsoever occurring, Holdings shall pay you
(i) your Base Salary for the final payroll period of your employment, through the date your employment terminates, (ii) compensation at the rate of your Base Salary for any vacation time earned but not used as of the date your employment
terminates, (iii) any annual bonus awarded but not yet paid for the bonus year preceding the year in which termination occurs and (iv) reimbursement for business expenses incurred by you but not yet paid to you as of the date your
employment terminates; provided you submit all expenses and supporting documentation required within thirty (30) days of the date your employment terminates, and provided further that such expenses are reimbursable under Company policies as
then in effect (all of the foregoing, “Final Compensation”). All Final Compensation shall be paid to you at the time prescribed by law or applicable Company policy for such payment, but, other than any bonus described in
Section 5(a)(iii), in no event more than sixty (60) days following the termination of your employment. 

 
Christopher Rondeau 
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(b) Severance Payments. In the event of a termination of your employment pursuant to Section 4(b) or Section 4(c) hereof,
subject to Section 5(c) and 5(e) below, Holdings will pay you, in addition to any Final Compensation, twelve (12) months of your Base Salary (the “Severance”) plus a pro rata portion of the annual bonus you would have
earned for the fiscal year in which your employment terminates had your employment continued for the full year (based upon actual performance) (the “Target Bonus” and together with the Severance, the “Severance
Payments”). In addition, with respect to any options to purchase Parent common stock or other equity awards with respect to Parent common stock that you hold at the time of termination of your employment pursuant to Section 4(b) or
Section 4(c) hereof and that are then unvested, subject to Section 5(c) and 5(e) below, upon such termination you will vest in that portion of the stock option or other award, if any, that would have vested in the calendar year in which
your termination of employment occurs had you continued to remain employed by the Company, with any unvested portion of such awards (after giving effect to the accelerated vesting contemplated hereby) being terminated and forfeited upon such
termination. 
 (c) Conditions to and Timing of Severance Payments. Any obligation of the Company to provide you the Severance
Payments or the accelerated vesting of stock options and other equity awards contemplated by Section 5(b) above is conditioned on your signing and returning to the Company a timely and effective separation agreement containing a release of
claims and non-disparagement provision in the form appended hereto as Exhibit A (the “Release of Claims”). The Release of Claims must become effective, if at all, by the sixtieth
(60th) calendar day following the date your employment terminates. Any Severance to which you are entitled will be provided in the form of salary continuation, payable in accordance with the
normal payroll practices of the Company. Subject to Section 6(a), the first payment will be made on the next regularly scheduled payroll date that follows the expiration of sixty (60) days from the date your employment terminates (the
“Payment Date”), but that first payment shall be retroactive to the date immediately following the date your employment terminates. Any Target Bonus to which you are entitled will be payable at such time when bonuses are payable to
executives of the Company generally or, if later, on the Payment Date (and in all events in the fiscal year following the fiscal year for which it is earned). 

(d) Benefits Termination. Except for any right you may have under the federal law known as “COBRA” to continued participation
in the Company’s group health and dental plans at your cost, your participation in all employee benefit plans shall terminate in accordance with the terms of the applicable benefit plans based on the date of termination of your employment,
without regard to any payment of the Severance Payments or any other payment to you following termination and you shall not be eligible to earn vacation or other paid time off following the termination of your employment. 

(e) Survival. Provisions of this Agreement shall survive any termination of employment if so provided in this Agreement or if necessary
or desirable to accomplish the purposes of other surviving provisions, including without limitation your obligations under Section 3 of this Agreement. The obligation of the Company to make payments or provide benefits to you under
Section 5(b), and your right to retain the same, are expressly conditioned 

 
Christopher Rondeau 
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upon your continued full performance of your obligations under Section 3 hereof. Upon termination by either you or the Company, all rights, duties and
obligations of you and the Company to each other shall cease, except as otherwise expressly provided in this Agreement. 
 6. Timing of
Payments and Section 409A. 
 (a) Notwithstanding anything to the contrary in this Agreement, if at the time your employment
terminates, you are a “specified employee,” as defined below, any and all amounts payable under this Agreement on account of such separation from service that would (but for this provision) be payable within six (6) months following
the date of termination, shall instead be paid on the next business day following the expiration of such six (6) month period or, if earlier, upon your death; except (i) to the extent of amounts that do not constitute a deferral of
compensation within the meaning of Treasury regulation Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by the Company in its reasonable good faith
discretion); (ii) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (iii) other amounts or benefits that are not subject to the requirements of Section 409A of the
Internal Revenue Code of 1986, as amended. 
 (b) For purposes of this Agreement, all references to “termination of employment”
and correlative phrases shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term “specified
employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section 409A-1(i). 

(c) Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this
Agreement is to be treated as a right to a series of separate payments. 
 7. Definitions. For purposes of this Agreement, the
following definitions apply: 
 (a) “Affiliates” means all persons and entities directly or indirectly controlling,
controlled by or under common control with the Company, where control may be by management authority, equity interest or otherwise. 
 (b)
“Confidential Information” means any and all information of the Company and its Affiliates that is not generally available to the public. Confidential Information also includes any information received by the Company or any of its
Affiliates from any Person with any understanding, express or implied, that it will not be disclosed. Confidential Information does not include information that enters the public domain, other than through your breach of your obligations under this
Agreement. 
 (c) “Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions,
works, concepts and ideas (whether or not patentable or 

 
Christopher Rondeau 
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copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by you (whether alone or with others, whether or not
during normal business hours or on or off Company premises) during your employment that relate either to the business of the Company or to any prospective activity of the Company or any of its Affiliates or that result from any work performed by you
for the Company or any of its Affiliates or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its Affiliates. 

(d) “Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a
trust or any other entity or organization, other than the Company or any of its Affiliates. 
 8. Conflicting Agreements. You
hereby represent and warrant that your signing of this Agreement and the performance of your obligations under it will not breach or be in conflict with any other agreement to which you are a party or are bound, and that you are not now subject to
any covenants against competition or similar covenants or any court order that could affect the performance of your obligations under this Agreement. You agree that you will not disclose to or use on behalf of the Company any confidential or
proprietary information of a third party without that party’s consent. 
 9. Withholding. All payments made under
this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law. 

10. Assignment. Neither you nor the Company may make any assignment of this Agreement or any interest in it, by operation of law
or otherwise, without the prior written consent of the other; provided, however, the Company may assign its rights and obligations under this Agreement without your consent to one of its Affiliates or to any Person with whom the Company shall
hereafter effect a reorganization, consolidate with, or merge into or to whom it transfers all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and be binding upon you and the Company, and each of our
respective successors, executors, administrators, heirs and permitted assigns. 
 11. Severability. If any portion or
provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to
which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

12. Miscellaneous. This Agreement sets forth the entire agreement between you and the Company, and replaces all prior and
contemporaneous communications, agreements and understandings, written or oral, with respect to the terms and conditions of your employment. This Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to
in writing by you and an expressly authorized representative of the Board. The headings and captions in this Agreement are for convenience only and in no way define or  

 
Christopher Rondeau 
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describe the scope or content of any provision of this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be an
original and all of which together shall constitute one and the same instrument. This is a New Hampshire contract and shall be governed and construed in accordance with the laws of the State of New Hampshire, without regard to the conflict of laws
principles thereof. In the event of any alleged breach or threatened breach of this Agreement, the parties agree to submit to the exclusive jurisdiction of the federal and state courts in and of the State of New Hampshire. Any obligations of
Holdings to make payments or to provide benefits to you under this Agreement may be satisfied, in whole or in part, by Parent, in the discretion of the Board. 

13. Notices. Any notices provided for in this Agreement shall be in writing and shall be effective when delivered in person or
deposited in the United States mail, postage prepaid, and addressed to you at your last known address on the books of the Company or, in the case of the Company, to it at its principal place of business, attention of the Chair of the Board, or to
such other address as either party may specify by notice to the other actually received. 
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blank] 

 
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If the foregoing is acceptable to you, please sign this letter in the space provided. At the time you sign it, this Agreement will take effect
as a binding agreement between you, Parent and Holdings on the basis and at the time set forth above. 
  

			
	 Sincerely yours,
 PLANET FITNESS,
INC.

		
	By:		/s/ Richard Moore
			 Richard Moore
 Chief Administrative Officer
and General Counsel

  

			
	PLANET FITNESS HOLDINGS, LLC
		
	By:		/s/ Richard Moore
			 Richard Moore
 Chief Administrative Officer
and General Counsel

  

	
	Accepted and Agreed:
	
	/s/ Christopher Rondeau
	 Christopher Rondeau
  

Date: July 2, 2015

 EXHIBIT A 

RELEASE OF CLAIMS 
 For and
in consideration of certain benefits to be provided me, which are conditioned on my signing and not revoking this Release of Claims and to which I am not otherwise entitled, and other good and valuable consideration, the receipt and sufficiency of
which I hereby acknowledge, on my own behalf and on behalf of my heirs, executors, administrators, beneficiaries, representatives and assigns, and all others connected with or claiming through me, I hereby release and forever discharge Planet
Fitness Holdings, LLC and Planet Fitness, Inc. (collectively, the “Company”), and all affiliated entities, and all of their respective present and former officers, directors, shareholders, employees, employee benefits plans,
administrators, trustees, agents, representatives, consultants, successors and assigns, and all those connected with any of them, in their official and individual capacities (collectively, the “Released Parties”), from any and all
suits, claims, demands, debts, sums of money, damages, interest, attorneys’ fees, expenses, actions, causes of action, judgments, accounts, promises, contracts, agreements, and any and all claims at law or in equity, whether now known or
unknown, which I now have or ever have had against the Released Parties, or any of them, including, but not limited to, any claims under Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act, the Family and Medical Leave
Act, the Age Discrimination in Employment Act, the Older Worker Benefits Protection Act, the Genetic Information Nondiscrimination Act of 2008, the fair employment practices laws of the state or states in which I have provided services to the
Company, and any other federal, state or local statute, regulation, ordinance or common law, and all claims related to or arising out of my employment or the termination of my employment with the Company (collectively, the
“Claims”). I also waive any right I may have to recover any compensation or damages in any action against any of the Released Parties brought by any governmental entity on my behalf or on behalf of any class of which I may be a
member. I hereby represent that I have not previously filed or joined in any complaints, charges or lawsuits against the Company pending before any governmental agency or court of law relating to my employment and/or the termination thereof. This
Release of Claims shall not apply to any Claim (a) that arises after I sign this Release of Claims; (b) that may not be waived pursuant to applicable law; or (c) by me to enforce the provisions of this Release of Claims. 

I further agree that I will not disparage or criticize the Released Parties, or the business, management or services of the Company or any of
its affiliates, and that I will not otherwise do or say anything that could disrupt the good morale of employees of the Company or any of its affiliates or harm the interests or reputation of the Company or any of its affiliates. 

Nothing herein shall be construed to prohibit me from filing a charge with or participating in any investigation or proceeding conducted by
the federal Equal Employment Opportunity Commission or a comparable state or local agency, except that I hereby agree to waive my right to recover monetary damages or other individual relief in any charge, complaint or lawsuit filed by me or by
anyone else on my behalf. 

 I acknowledge that I may consider the terms of this Release of Claims to decide whether to sign
it for up to twenty-one (21)/forty-five (45) days from my receipt of this Release of Claims. I acknowledge, however, that I may not sign this Release of Claims until after the date my employment with the Company terminates. I acknowledge that I will
have seven (7) days after signing this Release of Claims to revoke my signature, and that, if I intend to revoke my signature, I must do so in writing addressed and delivered to [Contact Name] prior to the end of the seven-day revocation
period. I understand that this Release of Claims shall become effective upon the eighth (8th) day following the day I sign it, provided I do not revoke my acceptance. 

I also acknowledge that I am advised by the Company to seek the advice of an attorney prior to signing this Release of Claims; that I have had
sufficient time to consider this Release of Claims and to consult with an attorney, if I wished to do so, or to consult with any other person of my choosing before signing; and that I am signing this Release of Claims voluntarily and with a full
understanding of its terms 
 Accepted and agreed: 

Signature:_____________________________ 

                          
  Christopher Rondeau 
 Date:_________________________________

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