Document:

EX-10.27

 Exhibit 10.27 

AMENDED AND RESTATED 

PROMOTIONAL AND ADVISORY SERVICES AGREEMENT 

THIS AMENDED AND RESTATED PROMOTIONAL AND ADVISORY SERVICES AGREEMENT (“Agreement”) is entered as of 12th day of April, 2021 (the “Effective Date”) by and between F45 Training Holdings Inc., a Delaware corporation (“Company”) and Magic Johnson Entertainment d/b/a Magic
Johnson Enterprises (“MJE”) f/s/o Earvin Johnson, Jr. (“Provider”). Company and MJE are referred to herein collectively as the “Parties” and each as a “Party.” 

RECITALS 

A.    Provider is a renowned retired professional basketball player, executive and entrepreneur. 

B.    Company is an international franchisor of fitness/group training facilities. 

C.    Company wishes to engage MJE to cause Provider to provide promotional, advisory and related services to Company and
its affiliates. 
 D.    Whereas, the Parties are have agreed to amend and restate the Promotional and Advisory Services
Agreement dated as of January 24, 2020, as amended. 
 E.    In consideration of the compensation to be paid to MJE
(which MJE intends to promptly transfer to The June Bug Lifetime Trust, an affiliate of Provider and MJE), MJE is willing to accept such engagement and cause Provider to perform the promotional, advisory and related services. 

AGREEMENT 
 For good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, subject to Section 27, the Parties agree as follows (any capitalized terms not otherwise defined herein shall have the meanings set forth
in Section 7): 
  

	 	1.	 Services. 

(a)    During the Term (as defined below), MJE shall cause Provider to diligently promote and participate in marketing
opportunities for the Company, the F45 brand of franchised group fitness training facilities and all related entities and their respective equipment, products and/or services (collectively, the “Product” and the obligations of
Provider hereunder related thereto, the “Services”) including, without limitation, providing at a minimum the following Services to the Company in a professional manner: 

(i)    Appearance by Provider at not less than Six (6) mutually approved Company events which are critical to the
growth and expansion of the Company’s business during each year of the Term, including the Company’s annual international conference. The Parties acknowledge that Provider has already provided one appearance for the first year of this
Agreement. 

 (A)    Any such appearance other than attendance at the Company’s
annual international conference shall be subject to the prior professional obligations of Provider; provided, however, MJE shall use commercially reasonable efforts to ensure that Provider’s schedule provides appropriate availability for the
performance of MJE’s obligations hereunder. MJE agrees to respond timely to the Company’s inquiries regarding Provider’s availability. In the event that Provider’s Existing Obligations make Provider unavailable to render Services
on a particular date requested by the Company, Provider shall use commercially reasonable efforts to promptly provide the Company with alternate dates. 

(B)    All such appearances shall be scheduled on mutually approved dates and at mutually approved locations. Company and
MJE agree to use commercially reasonable efforts to coordinate and integrate the public appearances requested hereunder with Provider’s schedule. Each appearance shall have a duration not to exceed forty-five (45) minutes. No such
appearances will be promoted in any manner as autograph or sports card shows. The attendees at such meetings and the topics to be discussed shall be subject to the prior approval of MJE. 

(C)    Company shall be permitted to use one (1) such appearance (subject to the terms and conditions herein and at
all times subject to the prior written approval of MJE in each instance) to capture up to one (1) hour of video and still photographs of Provider. Company shall provide to MJE, for its review and approval in advance, storyboards and scripts for
the video and photograph session. The final cuts and exploitation of each video and still image shall be subject to the prior written approval of MJE. If such approval is not given by MJE, the Parties agree to work together expeditiously in order to
achieve such approval. The scheduling of the video/photograph session shall be mutually determined by MJE and Company and shall be subject to the reasonable availability of Provider. 

i.    Video and photographs of Provider may be used on Company’s website and social media accounts (e.g., Facebook,
Twitter, Instagram, etc.) as are approved by MJE in advance, and only in the manner and for the purposes as are pre-approved by MJE in writing; provided that all such video and photographs shall be made
available solely through online media in streaming format which is non-downloadable and requires the viewer to click to activate the video, except in each case to the extent the social media platform or user
settings require otherwise. No such distribution shall be subject to automatic play (either video or sound), except in each case to the extent the social media platform or user settings require otherwise. In no event shall any video or photograph be
posted to any website or media channel or network that airs adult content or content which MJE or Provider otherwise find objectionable. In the event that MJE reasonably deems the use of the photographs or video injurious to Provider’s
reputation, brand or place in the community, MJE shall have the right to cause any use of the photographs or video to be modified or removed immediately upon written notice to
Company.                 
 ii.    The
video/photograph session shall consist of a maximum of one (1) hour on a single day, inclusive of make-up and wardrobe, but exclusive of travel. The video/photograph session shall occur on location in Los
Angeles, California on a date and time mutually approved by Company and MJE, subject always to Provider’s reasonable availability. 

  
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 (ii)    Use of commercially reasonable efforts by Provider, when making
public appearances or participating in interviews, whether or not they have been arranged by Company, to promote Provider’s affiliation with the Company, make positive public comments about the Product, and convey certain key approved messages
as and to the extent requested by the Company (taking into consideration the nature of the appearance or interview); provided that Company shall be responsible for (1) any advertising claims or content provided by Company and (2) ensuring
that such key approved messages relating to the Product or Company contain true and accurate statements and, to the extent applicable, fully substantiated marketing claims. 

(iii)    Use of commercially reasonable efforts by Provider to promote the Product through Provider’s current and
future personal and professional relationships. 
 (iv)    Performance by Provider of the additional Services set forth
on Exhibit A hereto. 
 (b)    In connection with any appearances described herein, the Company shall provide for
and pay Provider’s reasonable and documented out-of-pocket expenses; provided that, except for the travel expenses described in this
Section 1(b), any such expense in excess of $15,000 shall require the prior approval of the Company. In addition, the Company shall pay directly, or at the request of MJE reimburse MJE, for Provider’s travel expenses
incurred by MJE or Provider in connection with any personal appearances by Provider as follows: 
 (i)    Air
transportation for Provider via private jet aircraft owned by MJE or an affiliate of MJE for any mutually agreed personal appearance occurring in a location other than (A) within fifty (50) miles of Los Angeles, California or
(B) another location at a time when Provider will otherwise be at such location, shall be reimbursed at the then-current dry lease rate. As of the date of this Agreement, the dry-lease rate is $6,000 per
hour. The applicable dry-lease rate is subject to adjustment at the beginning of each subsequent six (6) month period, and MJE will deliver to Company written notice of any proposed adjustments to the dry-lease rate. Such amounts shall be reimbursed to MJE (or its affiliate) within thirty (30) days after presentation by MJE to Company of an invoice for such amounts. 

(ii)    In connection with any mutually agreed appearance or event outside Los Angeles, California, one luxury suite,
plus two (2) single rooms at a 4 or 5-star hotel for overnight stays, together with portal-to-portal limousine (Black SUV-Cadillac Escalade) ground transportation to any and all locations, and expenses for meals (which expenses shall not exceed $500 per day) for Provider and up to two others, at a hotel or restaurant designated by
Provider. Such amounts shall be billed to, and paid directly by, Company. MJE shall not be obligated to fund, or otherwise pay any amounts out-of-pocket under this
Section 1(b)(ii). 
  

	 	2.	 Compensation. 

In consideration of the performance by Provider of the Services, Company shall provide to Provider the following consideration: 

  
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 (a)    Initial Compensation. The Company shall pay Provider
$5,000,000 as follows: 
  

	 	(i)	 $1,000,000 within 30 days of the date of this Agreement; 

 

	 	(ii)	 $1,000,000 on or before December 10, 2021; 

 

	 	(iii)	 $1,000,000 on or before June 30, 2022; 

 

	 	(iv)	 $1,000,000 on or before December 10, 2022; and 

 

	 	(v)	 $1,000,000 on or before June 30, 2023. 

 

	 	(vi)	 Prior to any payment dates set forth in items (i) through (v) above, should the Company complete an
initial public offering of its Common Stock registered under the Securities Act of 1933, as amended (“Securities Act”) (an “IPO”), the Company shall pay Promoter in either cash or Common Stock (at the IPO Price), at
Promoter’s option, any outstanding amounts above within 10 business days following the completion of the IPO. 

  

	 	(vii)	 To the extent that any payments in items (iii) through (v) above remain unpaid as of January 1, 2022,
the unpaid amounts will begin to accrue interest at an annual rate of 10%, compounded quarterly. Any accured interest will be payable by the Company to Provider upon the earlier of making the final payment in Item (v) above or the
Company’s completion of an IPO. All payments under Sections (i) thru (v) above shall be made by wire transfer of immediately available funds. 

(b)    Performance Stock Awards. 

(i)    In further consideration of the performance by Provider of the Services, in the event the Company consummates an
IPO prior to the expiration of the Term, in addition to the compensation set forth in Section 2(a), the Company shall grant to Provider upon each occurrence of a Vesting Event (as defined below), a number of shares of Common Stock equal to the
result of (x) $5,000,000 divided by (y) the Average Trading Price (“Performance Stock Awards”, and each group of Performance Stock Awards pursuant to this Section 2(b)(i), a
“Tranche”). The Performance Stock Awards shall be one hundred percent vested upon grant. 

(ii)    Notwithstanding anything in this Agreement to the contrary, in order for any Peformance Stock Awards in any
Tranche to be granted, this Agreement must remain in effect and Provider must continue to provide the Services described in Section 1 in accordance with the terms and subject to the conditions of this Agreement through and
including the date of the consummation of the relevant Vesting Event for such Tranche. In the event this Agreement is terminated or Provider ceases to perform the Services described in Section 1 in accordance with the terms
and subject to the conditions of this Agreement for any reason, all Performance Stock Awards that have not been granted at the time of such termination or cessation of Services will be forfeited for no consideration. 

  
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 (iii)    Subject to Section 2(b)(ii) above, a
Tranche of Performance Stock Awards shall occur only once upon the occurrence of a Vesting Event (it being understood that if the Company Equity Value subsequently declines below the threshold for a particular Vesting Event, no additional
Performance Stock Awards will be granted if the Company Equity Value later attains or exceeds that same threshold). Subject to Section 2(b)(i) and Section 2(b)(ii), Tranches that have not been
granted upon the occurrence of a Vesting Event shall remain available for grant upon the occurrence of a subsequent Vesting Event, if any. 

(iv)    The Parties agree that the purpose of the Performance Stock Awards is to reward Provider upon the Company and its
subsidiaries (and/or their successors) achieving certain valuation thresholds in connection with trading on the public markets, irrespective of changes to the Company’s legal or corporate structure. In the event of adjustments to the
Company’s legal or corporate structure (including reorganizations, conversions of corporate form, distributions, recapitalizations, etc.), the rights and benefits of Provider hereunder shall be equitably adjusted in good faith so as to
replicate as nearly as practicable the benefits granted to Provider hereunder (subject in each case to the terms and provisions of this Agreement). 

(c)    Any Performance Stock Awards to be issued in connection with any Tranche shall be issued and delivered to Provider
as soon as possible following the Vesting Event, but in no event later than March 15 of the calendar year following the calendar year in which the Vesting Event occurred. Lock-Up Agreement. Any
issuance of Equity Interests to Provider pursuant to this Section 2 shall be conditioned upon the entry by Provider into a lock-up agreement in substantially the same form executed by
the applicable members of the Board of Directors of the Company and for a period of time equal to or less than the shortest period applicable to any of the members of the Board of Directors, together with such other customary agreements or
instruments implementing such additional restrictions as may reasonably be requested by the Company or its underwriters on terms no less favorable than for other similarly situated individuals. 

 

	 	3.	 MJE’s Representations and Warranties. 

MJE represents and warrants to Company that: 

(a)    The execution and delivery of this Agreement by MJE and the performance by MJE and Provider of the covenants and
obligations contemplated hereunder are not in violation or breach of, do not and will not (with or without the passage of time or the giving of notice) conflict with or constitute a default under, and will not accelerate or permit the acceleration
of the performance required by, any material agreement to which MJE or Provider is a party or by which MJE, Provider or any of their respective assets is bound or under any law applicable to MJE or Provider. 

(b)    MJE is acquiring the Performance Stock Awards issuable to MJE pursuant to this Agreement (collectively, the
“Provider Interest”) for its own account for purposes of investment and not for the account of any other Person, not as a nominee or agent, not for resale 

  
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to any other Person, and not with a view to or in connection with a sale or distribution thereof within the meaning of Section 2(11) of the Securities Act. MJE has no present or contemplated
agreement, undertaking, arrangement, obligation, indebtedness or commitment for the disposition of the Provider Interest by MJE. MJE is an “accredited investor” as defined in Rule 501(a) of Regulation D. MJE understands that, as of the
date hereof, (i) the Provider Interest has not been registered under the Securities Act or the securities laws of any state or other jurisdiction, (ii) there is no established market for the Provider Interest, and (iii) the Provider
Interest may not be offered for sale, sold, delivered after sale, transferred, pledged, hypothecated or otherwise disposed of without registration under the Securities Act and under any applicable state or other jurisdiction’s respective
securities laws, or an exemption therefrom, and that without an effective registration statement covering the Provider Interests or an available exemption from registration under the aforementioned securities Laws (including, without limitation, the
Securities Act), the Provider Interest must be held indefinitely. 
 (c)    MJE expressly acknowledges and agrees that,
except as expressly set forth in this Agreement, no representations or warranties have been made to MJE or Provider by the Company or any of its officers, employees, agents, sub-agents, affiliates or
Subsidiaries. MJE further represents and warrants that MJE is not relying upon any representations or warranties other than those expressly set forth herein in connection with MJE’s entry into this Agreement or the consummation of any of the
transactions contemplated hereby. 
 (d)    MJE warrants and represents that Provider will provide the Services
diligently and in a professional, first class manner consistent with general industry standards and practices and will comply with all applicable laws, rules, regulations and standards in completing such Services. 

(e)    MJE warrants and represents that Provider shall refrain from using any material in any content provided to Company
that would cause Company to be required to pay any fee to a third party, incur any cost, obtain any consent or license or otherwise require the Company to take any action in respect of the permitted and lawful use by the Company thereof. 

 

	 	4.	 Company Representations and Warranties. 

Company represents and warrants to MJE and Provider that, as of the date hereof, The Company is a corporation, duly organized, validly existing
and in good standing under the laws of the State of Delaware with the power and authority to own its assets and operate its business.     
  

	 	5.	 Ownership of Intellectual Property and Grants of Rights. 

(a)    Provider acknowledges and agrees that Company will own all right, title, and interest in and to any and all
advertising, marketing, and promotional materials (excluding any and all Provider IP Rights incorporated or embodied therein) used in connection with Company’s manufacturing, distribution, and/or sale of any Product; provided that,
subject to Section 5(c), MJE and/or Provider shall retain ownership of the Provider IP Rights, Provider Materials and any other intellectual property owned by MJE and/or Provider and not subject to the provisions of

Section 5(d). 

  
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 (b)    Company acknowledges MJE’s and Provider’s proprietary
rights in and to the Provider IP Rights, including, without limitation, Provider’s name, nick name, voice, image and likeness. In that regard, MJE shall have the right to prohibit any use, display, performance, reproduction, broadcast,
amplification, whitelisting, transmission, exhibition, dissemination and distribution by Company utilizing Provider’s name, nick name, image or likeness, or any other Provider IP Rights, in each case which, in MJE’s reasonable discretion,
harms or impairs, or could reasonably be expected to harm or impair, the reputation or goodwill of MJE or Provider. Any use, display, performance, reproduction, broadcast, amplification, whitelisting, transmission, exhibition, dissemination or
distribution of any Provider IP Rights, including Provider’s name, nick name, image or likeness, in each case in connection with the promotion of the Company, its affiliates and/or the Products, including advertising of any public appearance by
Provider, shall be consistent with the terms of, and shall be governed by, this Agreement and subject to the prior written approval of MJE in each instance, which approval shall not be unreasonably withheld, conditioned or delayed. In the event that
Company utilizes the name, nick name, image and/or likeness of Provider or any other Provider IP Rights in violation of this paragraph or any other terms of this Agreement, then in addition to any other rights and remedies provided by this Agreement
and/or at law, MJE shall have the right to injunctive relief to cease such violation. 
 (c)    In addition to the
standards required above, Company acknowledges the great value of the goodwill associated with Provider and Provider’s name, nick name, image, likeness, initials, mark, appearance, signature (including reproduced signature), autograph,
endorsement, voice and biographical material (including history, video and motion picture film portrayals, and still photography) (hereinafter collectively referred to as the “Provider IP Rights”), and the worldwide recognition
thereof. Company agrees that it will not use the Provider IP Rights in any manner which, directly or indirectly, would reasonably be expected to degrade, tarnish or deprecate or disparage Provider’s public image and/or the Provider IP Rights.
Specifically, the Company shall not permit the publication, distribution, transmission, broadcast, exhibition and/or online posting of any Works incorporating the Provider IP Rights that represent, depict or promote (i) the glorification of
violence, including but not limited to any representations of gang- or terrorist-related imagery, firearms or explosive devices, (ii) sexual activities, including but not limited to any representations of body parts or sex toys,
(iii) religious beliefs, including but not limited to any religious iconography or any image commonly associated with any religious organization or cult, (iv) any political content or (v) tobacco, alcohol or drug use (collectively,
the “Prohibited Uses”). In the event that Company utilizes the Provider IP Rights in violation of this paragraph, then in addition to any other rights and remedies provided by this Agreement and/or at law, MJE shall have the right
to injunctive relief to cease such violation. Subject to Section 5(d), any and all goodwill arising from Company’s use of the Provider IP Rights pursuant to this Agreement is and will be owned by MJE, and/or
will inure to MJE’s sole benefit. Company acknowledges and agrees that MJE and/or Provider have sole and exclusive ownership of the Provider IP Rights and of the goodwill associated therewith, including any and all goodwill that arises during
or from the use thereof, and that nothing contained in this Agreement shall give Company any right, title or interest in the Provider IP Rights except for the limited rights expressly licensed to Company in, and subject to, this Agreement. Company
shall not file any intellectual property applications or seek registration thereof in the Provider IP Rights or any derivations, variations or modifications thereof, without Provider’s prior written approval in each instance. 

  
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 (d)    The ownership of all designs, products, intellectual property,
promotional and digital materials, and all any and all rights whether now known or hereafter devised in and to the results and proceeds of Provider’s Services hereunder (excluding the Provider IP Rights), including, without limitation, any
contributions Provider makes in connection with any of the foregoing, are the sole property of the Company. Except for the Provider IP Rights and Provider Materials, all results and proceeds of every kind of the Services heretofore and hereafter to
be rendered by Provider under this Agreement in connection with the Company, its affiliates and/or the Products, including without limitation, all ideas, suggestions, themes, titles and other material, whether in writing or not in writing, at any
time heretofore or hereafter created or contributed by Provider as part of the Services hereunder which in any way relate to the Company, its affiliates and/or the Products (collectively referred to as the “Work”) was or will be
created as a work-for-hire for Company. The Work was specifically commissioned by Company and, as such, is a “work-made-for-hire” as such term is used in the United States Copyright Act, and Company is and shall be deemed the author thereof. Provider acknowledges that Company, as the author of the work, is
the sole and exclusive owner of all rights in and to the Work and is entitled to the copyrights (and all extensions and renewals of copyrights) therein and thereto, with the right to make such changes therein and such uses thereof as Company may
determine. To the extent ownership of the Work as provided herein may, for any reason, not vest in Company, all rights of every kind, in all media whether now or hereafter known, in perpetuity throughout the universe, Provider hereby assigns the
same to Company, excluding all rights, title and interests in and to the Provider IP Rights and Provider Materials. Provider hereby waives all rights of droit moral or “moral rights of the author” or any similar rights or principles
at law which Provider may now or later have in the Work. 
 (e)    Subject to the terms and conditions herein, MJE
hereby grants to Company the worldwide, non-exclusive, royalty free, fully paid up, irrevocable (but terminable as provided herein), and non-transferable right and
license during the Term and Extension Period (as defined below) to use, publicly display, publicly perform, reproduce, broadcast, amplify, whitelist, transmit, exhibit, disseminate and distribute Provider’s approved name, nick name, image, and
likeness in connection with the promotion of the Company, its affiliates and/or the Products, in each case in accordance with the terms of this Agreement and solely in the manner and for the purposes as are
pre-approved by MJE in writing as specified herein. Company’s limited right to use Provider’s approved name, nick name, image, and likeness pursuant to the foregoing license shall conclude ninety
(90) days after the Term (the “Extension Period”), provided that Company shall be permitted to use the Work for archival or historical retrospective purposes (e.g., use in connection with a list of all sponsors of Company
products or services). Company acknowledges that a failure (except as otherwise expressly provided above) to cease all use of the Provider IP Rights upon termination or expiration of the Term will result in irreparable damage to MJE and/or Provider.
Company further acknowledges that there is no adequate remedy at law for such failure to cease such use, and in the event of such failure, MJE and/or Provider shall be entitled to equitable relief and such further relief as a court or agency with
jurisdiction may deem just and proper. 
 (f)    Company hereby grants to MJE and Provider the limited, non-exclusive right and license to use Company’s logo and trademarks solely in connection with the Products and solely for the purpose of promotional posts in connection with the Services as set forth in this
Agreement; provided that in no event shall MJE or Provider utilize the Company logo or its trademarks in connection with any Prohibited Uses. 

  
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 (g)    Company understands and agrees that MJE and Provider are not
responsible for running trademark and other intellectual property rights clearance searches with respect to the Provider IP Rights, and Company uses the Provider IP Rights at its own risk and liability, irrespective of MJE’s approval of such
use as required hereunder, except for Provider Materials furnished to the Company in Exhibit A. In addition, except for any Provider Materials furnished by MJE to Company as provided in Exhibit A, for any Services performed or delivered
hereunder, Company shall obtain all consents, clearances, releases and licenses required in connection with the Services and/or Work, including, without limitation: (i) all consents, clearances, releases and licenses to use any third-party
materials, content, information, goods or intellectual property (“Third-Party Materials”) used in connection with the Services and/or Work; and (ii) all trademark searches for Company’s logo and trademarks. Company’s
use of any Third-Party Materials is subject to the terms of the applicable third-party license agreement or other terms that may be imposed by the owner or licensor of such Third-Party Materials. Company shall operate its business (including the
marketing of the Products) in compliance with all applicable laws, and Company shall be responsible for any advertising claims or content provided by Company. Company shall be responsible for ensuring that any disclosure of Provider’s
affiliation with Company that is provided or approved by Company complies with the FTC Endorsement Guides, and that any materials, messaging and content (including any content of the Social Media Posts) provided or approved by Company relating to
the Product or Company contain true and accurate statements and, to the extent applicable, fully substantiated marketing claims. 
  

	 	6.	 Term and Termination. 

This Agreement shall become effective on the Effective Date and continue to January 23, 2026 unless earlier terminated pursuant to this
Section 6 (the “Term”). Notwithstanding the foregoing, the Term shall end prior to the expiration of such period, upon the occurrence of a Cause Event relating to Provider. MJE shall have the right
to terminate this Agreement and the Term shall expire (a) by delivery of written notice to the Company in the event of a material breach of any representation, warranty, covenant or agreement of Company (including the failure of Company to make
any payment of amounts due hereunder when due) which remains uncured for a period of thirty (30) days (or ten (10) Business Days in the event of a payment default) after written notice from MJE or (b) any Anti-Prestige Activity
relating to Company or any other public person directly associated or publicly affiliated with the Company. 
  

	 	7.	 Definitions. 

“Anti-Prestige Activity” means (a) performance in any pornographic media (including without limitation, pornographic
films), (b) take illegal drugs, (c) vulgar, criminal, indecent, profane, hateful, racially or ethnically offensive, obscene, lewd, lascivious, filthy, threatening, excessively violent, harassing or otherwise objectionable behavior, and
(d) any act or engagement which may incite, encourage or threaten immediate physical harm against another, including but not limited to acts or behavior that promotes racism, bigotry, sexism, religious intolerance or harm against any group or
individual. 
 “Average Trading Price” means, if the Common Stock is then Publicly Traded, on any date, the average of the
Closing Prices of the Common Stock over the twenty (20) Trading Day period ending prior to such date. 

  
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 “Cause Event” shall mean any of the following by Provider, whether
occurring before or during the Term: 
 (a)    any material breach of this Agreement, if such breach causes material
harm to the Company; 
 (b)    any material failure to comply with the Company’s written policies or rules
applicable to Provider in Provider’s capacity as a contractor of the Company, as they may be in effect from time to time during the Term and made available to Provider in writing, if such failure causes material harm to the Company; 

(c)    conviction of, or a plea of “guilty” or “no contest” to, a felony under the laws of the United
States or any State if such felony impairs Provider’s ability to perform services for the Company, or results in a material loss to the Company or material damage to the reputation of the Company; 

(d)    any gross or willful misconduct by Provider resulting in a material loss to the Company or material damage to the
reputation of the Company; or 
 (e)    engagement by Provider in any Anti-Prestige Activities. 

“Charter” means the Amended and Restated Certificate of Incorporation of the Company (as the same may be further modified,
amended or restated in accordance with the provisions thereof). 
 “Closing Price” means, when used with respect to the
Common Stock and for any date, the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case, as reported in the principal consolidated transaction
reporting system with respect to securities listed or admitted to trading on the NYSE or, if the Common Stock is not listed or admitted to trading on the NYSE, as reported in the principal consolidated transaction reporting system with respect to
securities listed on the principal national securities exchange on which the Common Stock is listed or admitted to trading. 

“Common Stock” has the meaning given to such term in the Charter; provided that, in the event the Common Stock is
converted or exchanged into Equity Securities of a Subsidiary of the Company in connection with any reorganization, recapitalization, reclassification, consolidation or merger in connection with the initial public offering of the Equity Securities
of such Subsidiary, the Equity Security into which such Common Stock is converted or exchanged. 
 “Company Equity Value”
means at any time when the Common Stock is Publicly Traded, the aggregate value of all of the Equity Interests of the Company and its Subsidiaries (assuming conversion or exercise of all Derivative Securities) based on the Average Trading Price of
the Common Stock. 
 “Derivative Securities” means any securities or rights convertible into, or exercisable or
exchangeable for (in each case, directly or indirectly), Equity Interests, including options and warrants. 

  
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 “Equity Interest” means, with respect to any Person, any share of capital
stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, any
security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other
interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other
interest is authorized or otherwise existing on any date of determination. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Existing Obligations” shall mean, as of any point-in-time, Provider’s bona fide, written and documented commercial obligations and activities owed to unaffiliated third parties as in existence at such time. 

“IPO Equity Value” means the aggregate value of all of the Equity Interests of the Company and its Subsidiaries (assuming
conversion or exercise of all Derivative Securities) based on the IPO Price. 
 “IPO Price” means the price per share of
Common Stock set forth in the registration statement covering the IPO. 
 “Person” means an individual or corporation,
partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Publicly Traded” means that the Common Stock is listed or traded on a national securities exchange or over the counter. 

“Subsidiary” of any Person shall mean any corporation or other entity of which a majority of the voting power of the voting
Equity Interests are owned, directly or indirectly, by such Person. 
 “Trading Day” means any day on which the Common
Stock is traded on the principal securities exchange or securities market on which it is then listed or traded. 
 “Vesting
Event” means, at any time that the Common Stock is Publicly Traded, the Company Equity Value first exceeds the IPO Equity Value by an incremental $1 billion in Company Equity Value (i.e., each $1 billion increase in Company
Equity Value in excess of the IPO Equity Value shall be a separate Vesting Event); provided that there shall be no Vesting Events after the Company Equity Value first equals or exceeds $10 billion. For the avoidance of doubt, there shall
be multiple, separate Vesting Events under this Agreement, each occurring upon a $1 billion incremental increase in Company Equity Value from the IPO Equity Value, until the Company Equity Value first equals or exceeds $10 billion. 

  
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	 	8.	 Confidentiality. 

(a)    Except as expressly set forth in this Section 8, each of MJE and the Company shall keep
confidential and not disclose to any Person any information concerning the other, their affiliates or its or their respective directors, officers, employees agents or other representatives disclosed to or otherwise received by MJE or the Company
orally, visually or in writing, including in connection with the negotiation of this Agreement or the provision by Provider of the Services (the “Confidential Information”). Each of the Company and MJE will protect the
confidentiality of the Confidential Information in the same manner that it protects the confidentiality of its own similar information, but in no event using less than a reasonable standard of care. Each of the Company and Provider may provide
access to the Confidential Information to those of its personnel or representatives who have a need to know such Confidential Information in connection with the performance by MJE or the Company of their obligations hereunder and who agree to be
bound by obligations of confidentiality no less restrictive than those set forth in this Agreement. Each Party shall be responsible to the other Party for any non-compliance by any such personnel and/or
representatives with the terms of this Agreement to the same extent such Party is responsible under applicable law and this Agreement for its own breach of the same obligations. 

(b)    The obligations of this Section 8 shall not apply to any of such information that
(i) is known to a Party, as evidenced by its written records, prior to receipt thereof under this Agreement and was not received, directly or indirectly, by such Party from a Person not subject to an obligation of confidence with respect
thereto; (ii) is disclosed to a Party by a Person other than the other Party after the Effective Date and such Person has a legal right to make such disclosure and is under no obligation to the Company or any of its affiliates or
representatives to maintain such Confidential Information in confidence; (iii) is or becomes part of the public domain other than through any act or omission by the other Party; or (iv) is independently developed by or for a Party as
evidenced by its written records, without reference to Confidential Information. 
 (c)     If, in the reasonable
opinion of a Party’s outside counsel, any Confidential Information is required to be disclosed pursuant to law, regulation or court order, such Party shall give the other Party prompt, written notice in order to allow the other Party to take
whatever action it deems necessary to protect such Confidential Information. In the event that no protective order or other remedy is obtained, or the disclosing Party waives compliance with the terms of this Agreement, such Party will furnish only
that portion of the Confidential Information which Provider is advised by outside counsel is legally required. 

(d)    Each Party will return or destroy the Confidential Information of the other Party upon the written request of the
Company. 
  

	 	9.	 Certain Restrictive Covenants. 

During the Term and for a period of six (6) months after the Term, Provider shall not, directly or indirectly: 

(a)    authorize (nor has Provider authorized, prior to the Term, which authority is still in effect) the use of
Provider’s name, picture, image, voice, likeness, signature and/or biographical information, nor will Provider render any services, formally promote, give any testimonials or endorsements in any advertising in any medium, nor engage in any
formal 

  
 - 12 - 

 
promotional, marketing, endorsement or activities, in connection with: (i) any competitor of the Company, its affiliates or the Products, including without limitation, a business which
offers exercise equipment, exercise classes, exercise facilities or physical training; Barry’s Bootcamp®, Orange Theory® or other class-focused fitness centers; professional training franchises; gym services; crossfit or resistance
training; fitness bootcamps; or (ii) any product or service that in its advertising or publicity denigrates Company, its affiliates and/or the Products; 

(b)    divert, or attempt to divert, any business or customer of the Company or its affiliates to any competitor, or
knowingly do or perform any other act injurious or prejudicial to the goodwill associated with the Products; 

(c)    except with respect to F45 Studios operated under valid agreements with the Company or its affiliates, own,
maintain, operate, engage in, or have any financial or beneficial interest in, advise, assist, or make loans to, any business that is the same as or similar to an F45 Studio (including, without limitation, a fitness business or a business which
offers exercise equipment, exercise classes, exercise facilities or physical training; Barry’s Bootcamp®, Orange Theory® or other class-focused fitness centers; personal training franchises, gym services; crossfit or resistance
training; yoga; pilates; cycling; Zumba® or other dance fitness classes; martial or mixed martial arts; boxing; fitness bootcamps); or 

(d)    unless released in writing by the Company or the applicable employer, employ or seek to employ any person who is at
that time employed by the Company, its affiliates and/or any F45 Studio franchisee or developer, or otherwise directly or indirectly induce such person to leave his or her employment. 

 

	 	10.	 Indemnification. 

(a)    MJE shall indemnify, defend and hold Company, its affiliates and their respective successors and assigns
(“Company Indemnified Parties”) harmless from any claim, damage, loss, liability, judgement, fine, amount paid in settlement, cost or expense (including reasonable third party counsel fees and disbursements of counsel) (each a
“Proceeding”) resulting or arising from any material breach by MJE of any of its representations, warranties or covenants set forth in this Agreement. The Company Indemnified Parties shall promptly notify MJE of any claim, and
reasonably cooperate with MJE in the defense or settlement of such claim; provided that, no delay in notification shall affect MJE’s indemnification obligations except to the extent such delay materially prejudices MJE’s ability to
defend such claim. MJE shall have the right to select counsel (reasonably acceptable to Company) and to defend any/or settle such claim, provided that any such settlement includes a full release for the Company Indemnified Parties. 

(b)    Company shall indemnify, and defend and hold MJE, Provider and their respective affiliates, shareholders,
directors, successors, assigns, representatives, employees, officers, and other agents (“Provider Indemnified Parties”) harmless from any Proceeding resulting or arising from (i) the sale, use, distribution or licensing of any
Product or the operation of Company’s business, (ii) any alleged defect in the Product or its implementation, (iii) any material breach by Company of the provisions of any of its representations, warranties or covenants set forth in
this Agreement, or (iv) the provision by Provider of the Services pursuant to and accordance with this Agreement, in each case except to the extent that Company is entitled to be indemnified in respect thereof pursuant to
Section 10(a) above. 

  
 - 13 - 

 (c)    All reasonable fees, costs and expenses incurred by a Company
Indemnified Party or Provider Indemnified Party (an “Indemnified Party”) in defense of any such Proceeding (including counsels’ fees, costs and expenses) shall be paid by MJE or the Company, respectively (in such capacity an
“Indemnifying Party”) in advance of the final disposition of such Proceeding upon receipt by the Indemnifying Party of: (i) a written request for payment; (ii) appropriate documentation evidencing the incurrence, amount
and nature of the fees, costs and expenses for which payment is being sought; and (iii) an undertaking adequate under applicable law made by or on behalf of the applicable Indemnified Party to repay the amounts so paid if it shall be ultimately
determined that the Indemnified Party is not entitled to be indemnified pursuant to this Section 10. An Indemnified Party shall promptly notify the Indemnifying Party of any such Proceeding, and reasonably cooperate with
the Indemnifying Party in the defense or settlement of such Proceeding; provided that, no delay in notification shall affect an Indemnifying Party’s indemnification obligations except to the extent such delay prejudices the Indemnifying
Party’s ability to defend such Proceeding. The Indemnifying Party shall have the right to select counsel (reasonably acceptable to the Indemnified Party) and to defend any/or settle such claim, provided that any such settlement includes a full
release for the Indemnified Parties. 
  

	 	11.	 Insurance. 

Company shall maintain in full force and effect during the Term, with a reputable insurance carrier, a general liability insurance policy with
a limit of liability of not less than US $2,000,000 and an umbrella policy with a limit of liability of not less than US $5,000,000. Provider will be named as an additional insured under these policies.    Nothing in this
Section 11 is intended to limit or affect the indemnification provisions of Section 10(a) above. 
  

	 	12.	 Benefit and Assignment. 

Except as otherwise provided in this Section 12, this Agreement shall be binding upon and inure to the benefit of the
Parties hereto and their respective successors and permitted assigns. Provider may assign all or any part of its rights or obligations under this Agreement to any Person without the prior written consent of the Company, which consent may be given or
withheld in the sole discretion of the Company. 
  

	 	13.	 No Third-Party Rights. 

This Agreement is entered into among the Parties for the exclusive benefit of the Parties and their successors and permitted assignees. Except
as provided herein, this Agreement is expressly not intended for the benefit of any creditor of the Parties or any other Person. 
  

	 	14.	 Force Majeure. 

(a)    All incidents of force majeure, being circumstances beyond the reasonable control of any Party and which have, or
may have, a material effect on the ability to perform under this Agreement, including, but not limited to, failure of power or other utility supplies; fire; flood; earthquake; other natural disaster; explosion; riot, strike or lock-out of that party’s work force; 

  
 - 14 - 

 
civil insurrection or unrest; terrorist activity; war (whether war be declared or not); and laws, regulations and acts of any governmental, transnational or local authority (“Force
Majeure”), shall for the duration and to the extent of the effects caused thereby release the Party affected thereby from the performance of their contractual obligations hereunder. A Party who has suffered a Force Majeure event shall
notify the other Party without delay of any such incident(s). 
 (b)    Each Party shall take all reasonable steps to
avoid or restrict Force Majeure events and to mitigate any loss therefrom. 
 (c)    In the event of an incident or
incidents of Force Majeure, the Party affected thereby shall as soon as reasonably possible resume performance of their obligations hereunder. 
  

	 	15.	 Notices. 

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile if sent during normal business hours of the recipient, (c) seven days after having been sent by registered or certified mail, return receipt
requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their
address as set forth below, or to such e-mail address, facsimile number or address as subsequently modified by written notice given in accordance with this Section 15. Notices shall
be sent as follows: 
 If to MJE or Provider: 

Magic Johnson Entertainment, Inc. 

9100 Wilshire Boulevard, Suite 700E 

Beverly Hills, California 90212 

Attention: President 
 Fax:
            [●] 
 with a copy (which shall not constitute notice) to:

 Grant Tani Barash & Altman, LLC 

9100 Wilshire Boulevard, Suite 1000W 

Beverly Hills, California 90212 

Attention: Corey Barash, CPA 

Fax: (310) 288-6336 

If to Company: 
 F45 Training Holdings Inc. 

236 California Street 
 El
Segundo, CA 90245 
 Attention:    Chief Legal Officer 

Email: Legal@f45hq.com 

  
 - 15 - 

 with a copy to: 

Baker & McKenzie LLP 

300 Randolph Street 
 Suite 5000

 Chicago, Illinois 60601 

Attention:     David Malliband 

                     Andrew J. Warmus

 Fax:              (312)
698-2264 
  

	 	16.	 Amendment; Waiver. 

No modification of or amendment to this Agreement shall be valid unless in a document signed by both Parties hereto and referring specifically
to this Agreement and stating the Parties’ intention to modify or amend the same. Any waiver of any term or condition of this Agreement must be in a document signed by the Parties sought to be charged with such waiver referring specifically to
the term or condition to be waived, and no such waiver shall be deemed to constitute the waiver of any other breach of the same or of any other term or condition of this Agreement. 

 

	 	17.	 Severability and Modification. 

Each provisions and term of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision or term of this Agreement shall be held to be prohibited by or invalid under such applicable law, then, such provision or term shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or affecting in
any manner whatsoever the remainder of such provisions or term or the remaining provisions or terms of this Agreement. 
  

	 	18.	 Governing Law and Dispute Resolution. 

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO AGREEMENTS MADE AND TO
BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THEREUNDER. EACH PARTY AGREES THAT, IN CONNECTION WITH ANY LEGAL SUIT OR PROCEEDING ARISING OUT OF OR WITH RESPECT TO THIS AGREEMENT, IT SHALL SUBMIT TO THE
EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS LOCATED IN LOS ANGELES COUNTY, CALIFORNIA AND BY EXECUTING THIS AGREEMENT AGREES TO VENUE IN SUCH COURTS AND CONSENTS TO SUCH COURTS’ JURISDICTION. PROCESS IN ANY SUIT OR PROCEEDING
REFERRED TO IN THE PRECEDING SENTENCE MAY BE SERVED ON ANY PARTY ANYWHERE IN THE WORLD. 
  

	 	19.	 Independent Contractor. 

In rendering the services to be rendered by MJE and Provider hereunder, MJE and Provider shall each be an independent contractor. Nothing
contained herein shall be deemed to 

  
 - 16 - 

 
constitute either MJE or Provider as the partner or agent of Company or Company as the partner or agent of MJE or Provider. Neither Company, on the one hand, nor MJE or Provider, on the other
hand, shall have the power or authority to bind the other with respect to third parties or to represent to third parties that they have such authority. The Parties acknowledge that nothing in this Agreement constitutes Provider as an employee of
Company. 
  

	 	20.	 Entire Agreement; Further Assurances. 

This Agreement, tether with the Exhibits attached hereto, constitutes the entire agreement and understanding between and among the Parties with
respect to the subject matter hereof, and supersedes any other prior written or oral agreement or understandings between and among the Parties with respect to the subject matter hereof. Each Party shall, at the other Party’s request, execute
and deliver such instruments or take such other actions as may be reasonably requested to effectively carry out the terms and provisions of this Agreement. 
  

	 	21.	 Counterparts. 

This Agreement may be executed in two or more counterparts (and may be executed and delivered via facsimile in two or more counterparts), each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

	 	22.	 Titles and Subtitles; Construction. 

The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this
Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms. 

 

	 	23.	 Joint Draft. 

The Parties have participated jointly in the drafting of this Agreement. If an ambiguity or question of intent or interpretation should arise,
this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or burdening any Party by virtue of the authorship of any of the provisions of this Agreement. 

 

	 	24.	 409A. 

The parties intend that this Agreement and the benefits provided hereunder be interpreted and construed to be exempt from or to otherwise
comply with Internal Revenue Code (the “Code”) Section 409A to the extent applicable thereto. Notwithstanding any provision of this Agreement to the contrary, this Agreement shall be interpreted and construed consistent with
this intent. The parties acknowledge and agree that Provider is an independent contractor for purposes of Code Section 409A and Treasury Regulation 1.490A-1(f)(2). Although the Company intends to
administer this Agreement so that it will be exempt from or otherwise comply with the requirements of Code Section 409A, the Company does not represent or warrant that this Agreement will be exempt form or otherwise comply with Code
Section 409A or any other provision of federal, state, local, or non-United States law. Neither the Company, its affiliates, nor their respective directors, officers, employees or advisers shall be liable
to Provider (or any other 

  
 - 17 - 

 
individual claiming a benefit through Provider) for any tax, interest, or penalties Provider may owe as a result of compensation or benefits paid under this Agreement, and the Company and its
affiliates shall have no obligation to indemnify or otherwise protect Provider from the obligation to pay any taxes pursuant to Code Section 409A or otherwise. 
  

	 	25.	 No Obligation to Use. 

Notwithstanding anything to the contrary set forth in this Agreement, Company will not be obligated to produce, release or otherwise use any
Works or materials produced hereunder, and Company’s only obligation to Provider hereunder shall be to pay Provider in accordance with the terms of this Agreement. 
  

	 	26.	 Limitation of Liability 

IN NO EVENT SHALL ANY PARTY AND/OR ANY ITS SUBSIDIARIES OR AFFILIATES BE LIABLE TO PROVIDER FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL OR
PUNITIVE DAMAGES, INCLUDING LOSS OF PROFIT OR GOODWILL, FOR ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ITS SUBJECT MATTER (INCLUDING THE PROVISION BY PROVIDER OF THE SERVICES), WHETHER SUCH LIABILITY IS BASED IN CONTRACT, TORT OR
OTHERWISE, EVEN IF THAT PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN ADDITION, THE TOTAL AGGREGATE LIABILITY OF EITHER PARTY AND THEIR RESPECTIVE AFFILIATES AND SUBSIDIARIES FOR DAMAGES RELATING TO OR ARISING OUT OF THIS AGREEMENT
SHALL BE LIMITED TO THE FEES (INCLUDING THE PROVIDER INTEREST) ACTUALLY PAID TO PROVIDER UNDER THIS AGREEMENT. 
  

	 	27.	 Effectiveness of this Agreement. 

The entry by the Company into this Agreement and the performance by the Company of its obligations hereunder has not been duly authorized by
all requisite corporate action on the part of the Company. Specifically, this Agreement does not, and shall not be deemed to, constitute a binding or enforceable obligation of the Company or MJE and Provider unless and until the execution and
delivery hereof, and the performance by the Company of its obligations hereunder, is expressly approved by the Board of Directors and requisite stockholders of the Company in accordance with the Charter and the other applicable constituent documents
of the Company. In the event all corporate action necessary to duly authorize the execution and delivery of this Agreement by the Company, and the performance by the Company of its obligations hereunder, is undertaken and obtained in accordance with
the Charter and the other applicable constituent documents of the Company, the Company shall deliver to MJE written notice thereof, at which point, assuming due authorization, execution and delivery hereof by MJE, this Agreement will constitute the
binding and enforceable obligation of the Company in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting the enforcement of
creditors’ rights generally and general principles of equity. 
 [Signature Page Follows] 

  
 - 18 - 

 IN WITNESS WHEREOF, the Parties have executed this Agreement to be effective subject to
Section 27, as of the date first above written. 
 F45 TRAINING HOLDINGS INC. 

 

			
	By:	 	 /s/ Adam J. Gilchrist

	Name:	 	Adam J. Gilchrist
	Title:	 	Chief Executive Officer

 MAGIC JOHNSON ENTERTAINMENT 
  

			
	By:	 	 /s/ Earvin Johnson Jr.

	Name:	 	Earvin Johnson Jr.
	Title:	 	Chairman and CEO

 [Signature Page] 

 To induce the Company to enter into this Agreement and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, I hereby agree as follows: I confirm this Agreement insofar as I am concerned, and confirm all of the rights granted herein; I confirm the authority and right of Magic Johnson Entertainment,
Inc., d/b/a Magic Johnson Enterprises, to enter into this Agreement; I agree to perform all services, obligations, and undertakings required of me as specified in this Agreement in accordance with the terms and subject to the conditions thereof; I
agree that all payments to or on behalf of Magic Johnson Entertainment, Inc., d/b/a Magic Johnson Enterprises, shall discharge any obligations of the Company or its affiliates to me in connection with this Agreement; I agree that a breach by me, or
failure by me to perform in accordance with the terms hereof, the provisions of this Agreement shall constitute a breach or failure to perform by Magic Johnson Entertainment, Inc., d/b/a Magic Johnson Enterprises; and, without limiting any of the
foregoing, I confirm all terms of the Agreement and agree that I hereby waive any rights of droit moral or similar rights which I may have. 
  

	
	 /s/ Earvin Johnson, Jr.

	Earvin Johnson, Jr.

 EXHIBIT A 

Additional Services 

Provider shall provide the following additional Services to the Company: 

A.    Training and Specialized Promotion. During the Term, Provider shall from time to time attend,
train at and participate in training sessions conducted by the Company or by franchisees at franchised locations. Provider also shall, from time to time during the Term, participate in, and allow the use of his name and likeness in the promotion of,
specialized training or other fitness promotions or events conducted or sponsored by the Company, in including weight loss challenges and “boot camps”. Provider shall use commercial best efforts to cause other high-profile personalities to
attend and participate in such training sessions or promotional events and promote such attendance and participation via their respective social media presences and/or other entertainment content under their control. Company may shoot behind-the-scenes and footage and photography of Provider attending or participating in such training sessions or promotional events. Notwithstanding the foregoing, all such
activities must be authentic to MJE and natural and consistent with activities at Company’s facilities. 

B.    Publicity Interviews. Provider shall from time to time during the Term participate in
publicity interviews via phone or email in connection with the Company’s ongoing promotion of the Products at such times as shall be reasonably determined by the Company, subject to reasonable prior notice to Provide and Provider’s
Existing Obligations. 
 C.    Other Sales and Promotional Efforts. Provider shall use commercial
best efforts to facilitate introductions and meetings between the Company and representative of sporting organizations or high-profile individuals with whom Provider is affiliated or who are otherwise known by Provider. 

D.    Press Releases. Company shall provide a press release and a Q&A regarding Provider’s
affiliation with the Company and its affiliates and the Products that will be mutually approved by the parties, acting in good faith. 

E.    Bell Ceremony. Provider shall make best efforts to attend any “bell ringing”
ceremony or event in New York in connection with an initial public offering of the securities of the Company, together with related promotional events and activities. 

F.    Provider Materials. MJE or Provider shall provide the Company with a reasonable number of
photographs, images, recordings videos and/or other content of and/or concerning Provider (collectively “Provider Materials”) that are approved for use (subject to the provisions in Section 1(a)(i)(C)) in connection with the
appearance, promotions, publicity and other Services provided hereunder. All rights, title and interests in and to the Provider Materials are and shall remain the exclusive property of MJE and/or 

 
Provider (as applicable). Subject to the terms and conditions of this Agreement, MJE hereby grants to Company a limited, non-exclusive, non-sublicensable, non-transferable and terminable right and license during the Term to reproduce, distribute, exhibit, display, publish, exploit and otherwise use the
approved Provider Materials solely for advertising, publicity and promotional purposes across all facts of the business of the Company and/or its affiliates, including in connection with investor, lender and financial presentations, franchise
brochures and new product launches, in each case subject to MJE’s prior written approval of each item that incorporates such Provider Materials and the use thereof. MJE represents and warrants that the use by the Company of the approved
Provider Materials in accordance with this Agreement (and as such use is approved by MJE) shall not violate the proprietary rights of any third party or require the payment by Company of any third-party fees. 

G.    Public Relations Coordination. Provider shall direct Provider’s publicist and other
service providers to work with the Company in connection with coordinating public relations efforts relating to Provider. 

H.    Social Media Efforts.  

1.    During the Term, Provider shall produce not less than three (3) mutually approved social media
posts per quarter of any of the following: (a) in-feed Instagram Posts (still, video, boomerang), (b) Instagram stories, (c) Facebook posts or live videos, and (iv) and Twitter tweets, in each
case on Provider’s social media channels (the “Social Media Posts”). For avoidance of doubt, the Instagram Story frames shall include the swipe-up feature with a link provided by Company.
Provider shall consider guidelines for content and creative for the Social Media Posts as provided by the Company in writing and shall be permitted to create posts that are authentic to Provider’s brand in all events. 

2.    Provider shall share copy and any accompanying content (such as photos or video) for the Social
Media Post with Company for approval reasonably in advance of posting unless otherwise directed by Company. 

3.    Provider to post link to related Company product/program in swipe up feature of the Instagram Story
Posts (link selection to be selected by Company and mutually approved by MJE). Links must include tracking provided by Company. 

4.    Upon Company’s request, Provider may use the branded content tools. Provider may use current
paid partnership tools on Instagram, such as the paid partnership banner on the Instagram Posts and Instagram Story Posts. 

5.    Provider agrees to leave Social Media Posts on Provider’s social channels for the duration of
the Term. 
 6.    Each Social Media Post on Provider’s social media and video sharing accounts
must include proper FTC disclosure as well as the corresponding program hashtag (if applicable, as directed by Company and approved by MJE) and Company handles. 

 7.    Company may
re-tweet and/or re-post Provider’s Social Media Posts (and tag Provider in such posts) and said postings shall not count against the total number of Social Media
Posts as outlined above. 
 8.    Each Social Media Post shall at all times be consistent with
applicable laws and Company’s then-current privacy and social media policies. All posts must also include Company-approved FTC disclosure language (#sponsored, #ad, #paid); if, at any time, different disclosure language is preferred by
Provider, Provider must present that request to Company for approval prior to publishing. 
 9.    Upon
Company’s request, Provider shall promptly remove or revise any messaging or content that Provider has previously posted or distributed that relates to Provider, its affiliates and/or its Products; provided that any revised messaging and
content shall be consistent with Provider’s brand as reasonably determined by MJE. 
 10.    During
the Term, Provider shall provide the Company with data analytics and information relating to the Company on MJE’s social media outlets. 

I.    Advisory Board. The Company shall establish an advisory board comprised of influencers,
executives or other high-profile or credentialed individuals with whom members of the Board of Directors or executives of the Company may from time to time consult with respect to marketing initiatives, strategic transactions or such other matters
as may reasonably be brought before, or fall with the auspices of, such body (the “Advisory Board”). Provider shall serve as a member of the Advisory Board. The Advisory Board shall be a body separately constituted from the Board of
Directors of the Company and shall neither constitute a committee of the Board of Directors of the Company nor possess any of the power or authority of the Board of Directors of the Company. Absent a delegation of authority from the Board of
Directors of the Company for such purpose, neither Provider in his capacity as a member of the Advisory Board nor any other member of the Advisory Board shall have any authority to contractually or legally bind the Company or any of its subsidiaries
or affiliates. Provider agrees to devote time, skill, energy and commercially reasonable business efforts and exercise his independent business judgment in connection with his service on the Advisory Board.EX-10.28

 Exhibit 10.28 

PROMOTIONAL AGREEMENT 

THIS PROMOTIONAL AGREEMENT (“Agreement”) is entered into this 24th day
of November 2020 and shall be effective from Fifth December 2020 (the “Effective Date”) by and between F45 Training Holdings Inc., a Delaware corporation (“Company”) and DB Ventures Limited, a company incorporated
in England (“Provider”). Company and Provider are referred to herein collectively as the “Parties” and each as a “Party.” 

RECITALS 

A.    Provider holds the right to make the services of David Beckham (“DB”) (an internationally renowned
former athlete and also an executive producer and entrepreneur) available to provide the services envisaged under this Agreement. 

B.    Company is an international franchisor of fitness/group training facilities. 

C.    Company wishes to engage Provider to provide the services of DB to provide certain promotional and related services
to the Company and its subsidiaries in connection with the promotion of the F45 brand of franchised gyms. 
 AGREEMENT 

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows (any
capitalized terms not otherwise defined herein shall have the meanings set forth in Section 7): 
  

	 	1.	 Services. 

1.1    During the Term (as defined below), Provider shall devote a reasonable amount of his time necessary to comply with
the obligations under this Agreement to promote and participate in mutually approved marketing opportunities for the Company and its subsidiaries in connection with the promotion of the fitness and training sports activities and services offered to
consumers at the gyms operated under the “F45” brand name by the Company or its subsidiaries or their franchisees (collectively, the “Services”), which opportunities may include, but not be limited to, the following: 

(a)    Subject to Provider’s professional availability and approval of dates, times, locations and specific event
details, Provider shall make reasonable efforts to procure that DB shall be available for public and private appearances at a mutually agreed number of Company events in the United States, United Kingdom and any other mutually agreed to location
during each year of the Term, but in no event less than two (2), with each appearance lasting no more than two (2) hours, exclusive of travel time. Company events may include, but not be limited to, investor meetings, flagship gym openings and
special events, “draft days,” and franchise conferences. Upon request, Provider shall use reasonable good faith efforts to keep the Company informed with respect to any professional obligations or commitments that may impact
Provider’s obligations hereunder. The services to be provided pursuant to this Section 1.1(a) shall be referred to as the “PA Services”. 

 (b)    Provider shall procure that DB shall participate in a mutually
agreed upon number of photo/video shoots that shall be used to produce images of or other content featuring DB for use (subject to such images or content being approved by each of the Parties and the other terms and conditions of this Agreement)
during the Term by the Company and its subsidiaries in Promotional Materials (as defined below) (each a “Shoot”), but no less than two (2) Shoots per each year of the Term, with a desired four (4) Shoots per each year of
the Term, consistent with the marketing plan developed and agreed by the Parties (as amended from time to time by mutual agreement) (the services to be provided by the Provider pursuant to this Section 1.1(b) shall be referred to as the
“Production Services”) subject to the following: 
 (i)    All costs and expenses related to the
Shoots shall be borne by the Company. 
 (ii)    Provider’s participation in any Shoot shall be subject to
Provider’s professional availability and mutual agreement regarding the date, time and location of the Shoot (it being agreed that any Shoots shall take place in the United Kingdom unless otherwise agreed by Provider). 

(iii)    All aspects of any Shoot shall be subject to the mutual approval of Provider and the Company, including without
limitation general creative concepts, storyboards, scripts, directors, photographers, production company, hair/makeup/wardrobe personnel, “look”, stills (including retouching), edits, copy, layouts, others appearing with Provider and all
uses thereof; provided, however, that preference will be provided to Provider’s preferred vendors, suppliers and professionals. It is agreed that, subject only to agreeing any applicable budgets and fees, Studio 99 Limited shall be engaged by
the Company to provide any production services required in relation to any Shoot or other content producing activities envisaged under this Agreement. Any Shoot shall continue for a maximum duration of up to five (5) consecutive hours exclusive
of travel time. It is agreed that to the extent possible the Parties shall try and ensure that any Shoots and appearances of the nature referred to in Section 1.1(a) occur contemporaneously. 

(iv)    The Company shall be responsible for complying with all SAG and similar obligations and related union agreements
in connection with any Shoot and acknowledges that Provider is Golden 1 and that the production company must be aware of any Shoot (and without prejudice to the generality of the foregoing the Company shall pay to SAG or any applicable unions any
appropriate pension, health or welfare contributions and other fees or payments required under any SAG or related agreements including any residual payments). 

(c)    Use of reasonable efforts by Provider where appropriate and in context, when making public appearances or
participating in interviews during the Term, whether or not they have been arranged by Company, to promote Provider’s affiliation with the Company and make positive public comments about the Services (taking into consideration the nature of the
appearance or interview). Failure to so participate in any of the foregoing shall not be deemed a breach of this Agreement (the services to be provided by the Provider pursuant to this Section 1.1(c) and Sections 1.1(d) to (h) inclusive
shall be referred to collectively as the “Other Services” and such Other Services shall be provided by Provider from either the United Kingdom or such other location outside of the United States of America as the Provider may
approve). 

 (d)    Use of reasonable efforts by Provider to promote the Services
during the Term through Provider’s current and future personal and professional relationships; 
 (e)    Provider
shall participate in a mutually agreed upon number, but no less than one (1), of publicity interviews per year of the Term with mutually approved outlets via phone or email in connection with the Company’s ongoing promotion of the Services at
such times as shall be reasonably agreed by the Company and Provider, subject to Provider’s professional availability. In addition, Provider shall have the right to pre-approve the identity of the
interviewer, the interview questions and the length of the interviews and the final broadcast version of the interview. 

(f)    Provider and Company shall mutually approve a press release and a Q&A regarding Provider’s affiliation
with the Services. 
 (g)    Provider shall if requested by the Company and subject to Provider having the same
available, use its reasonable endeavours provide the Company with a reasonable number of photographs, images, recordings videos and/or other content of and/or concerning DB that are approved for use in connection with mutually approved services and
mutually approved promotion of the Services. All costs and expenses in connection with the foregoing photographs, images, recordings videos and/or other content shall be borne by the Company, including without limitation the costs and expenses of
any shoots to generate such materials, costs to clear any mutually approved pre-existing materials and the costs and expenses of complying with any SAG and similar obligations with respect to such materials.
Notwithstanding the foregoing it is agreed that any images or content featuring DB to be used in any Promotional Materials (as defined below) is intended to derive from the materials produced at the Shoots. 

(h)    Social Media Efforts. 

(i)    During the Term, Provider shall procure that no less than twelve (12)(or such other number as may be
agreed between the Parties from time to time in respect of any year of the Term) mutually approved social media posts per year of the Term are made by DB on any of the following channels maintained by DB or the Provider: (A) in-feed Instagram posts (still, video or boomerang); (B) Instagram stories; (C) Facebook posts and live videos; and/or (D) Weibo, (the “Social Media Posts”), it being understood
that each separate post on each separate channel listed in (A) to (D) above counts as a separate post (so that, by way of example, if the same post was made on both Instagram and Weibo then this would count as two posts). For avoidance of
doubt, the Instagram story frames shall include, if possible, the swipe-up feature with a link provided by Company. The Social Media Posts shall be posted on a date and time mutually agreed upon by both
Parties during the Term and the Parties shall also mutually agree the social media channel that each separate post is made on. For the avoidance of doubt, Provider shall follow guidelines for content and creative for the Social Media Posts as
provided by the Company provided these are consistent with any marketing plan from time to time agreed between the Parties. 

(ii)    Provider shall share copy and any accompanying content (such as photos or video) for the Social
Media Posts with Company for approval at a reasonable time prior to posting unless otherwise directed by Company (and Provider shall not post any content for the Social Media Posts without Company’s express prior written approval). 

 (iii)    Provider agrees to leave Social Media Posts on
Provider’s social channels during the Term, but may remove post-Term. 
 (iv)    In connection with
the Social Media Posts, Provider shall reasonably comply with the Company’s written instructions regarding FTC disclosure obligations as well as the corresponding program hashtag (if applicable, as directed by Company) and Company handles. 

(v)    Company may re-tweet and/or
re-post Provider’s Social Media Posts (and tag Provider in such posts) and said postings shall not count against the total number of Social Media Posts as outlined above; provided however any such re-tweet or re-post may only be made in connection with the Services; provided, further, no whitelisting or darklisting of such Social Media Posts shall be permitted. 

(vi)    Company shall deliver to Provider written guidance regarding the Company’s legal compliance
policies, privacy and social media policies for Social Media Posts, and Provider shall reasonably comply with such guidance. All posts must also include reasonable Company-approved disclosure language (#sponsored, #ad, #paid). 

(vii)    Upon Company’s request, Provider shall (to the extent permitted by the relevant social media
platform or channel) promptly remove or revise any messaging or content that Provider has previously posted or distributed that relates to the Services. 

In connection with any appearances, Shoots, interviews and other activities of Provider described herein, the Company shall provide for and
pay Provider’s out-of-pocket expenses of hair, stylist, makeup and security personnel as well as Provider’s publicist and manager and two additional management
team members. All such arrangements shall be negotiated in good faith, and shall reflect Provider’s and such personnel’s customary precedents. In addition, if Provider is required to perform services at a location that is more than 50
miles from Provider’s principal residence in London or Miami, the Company shall provide and pay for hotel and travel arrangements (including, without limitation, hotel in presidential suite or equivalent, cost of heavy private jet
transportation or first class airfare for Provider and business class airfare for the foregoing personnel) for Provider and the foregoing personnel. Such arrangements shall be negotiated in good faith taking into account Provider’s and such
personnel’s customary precedents. The Company shall provide not less than ninety (90) days’ notice of the dates Company shall request Provider’s services. Provider agrees to respond promptly to the Company’s inquiries
regarding Provider’s availability and if not available, provide the Company with alternate dates. 
 1.2    The
Parties agree that the services to be provided by DB and Provider pursuant to this Agreement (and any use of any Promotional materials featuring DB or any DB Image Rights) shall be focused solely on the promotion and marketing of the sporting
activities and services offered to consumers by the F45 brand of franchised gyms (such as the group workout and fitness training classes provided at F45 branded gyms) with a view to encouraging consumers to become members of or otherwise attend F45
branded gyms. Provider and DB shall not pursuant to the terms of this Agreement undertake (or be obliged to undertake) any activities relating to the marketing or promotion of any fitness or exercise equipment, sports equipment (including any sports
bags or sports equipment bags) or any sports or other clothing or apparel (whether produced by F45 or any third party) (each 

 
“Excluded Items”) and it is agreed that Provider may withhold its approval to any Promotional Materials which it (acting reasonably) considers suggests any endorsement or
promotion by DB of any such Excluded Items. If Company wishes DB to endorse or promote any Excluded Items then Company acknowledges and agrees that this would need to be the subject of a separate agreement. It is also agreed that neither the Company
nor its subsidiaries may use any of the rights granted under this Agreement in relation to the promotion or endorsement of any brands, businesses, products or services other than the Services. 

1.3    The Provider may sub-contract any of its obligations under this Agreement
to any Group Company provided that: (a) the Provider shall be responsible for any and all acts done or omissions made by any Group Company to whom any such obligations are subcontracted as if any such acts had been done or omissions had been
made by the Provider itself; and (b) the Provider shall be solely responsible for paying all fees, costs and expenses payable to any such Group Company to whom any such obligations are sub-contracted for
any activities undertaken by them in connection therewith. For the purposes of this Section, “Group Company” means the Provider and any other entity which is from time to time a direct or indirect: (i) holding company or
undertaking of the Provider; (ii) subsidiary company or undertaking of the Provider; or (iii) subsidiary company or undertaking of any holding company or undertaking of the Provider. For the purposes of this definition, the phrases
subsidiary or holding company or undertaking shall be construed in accordance with the definitions given to those phrases in the legislation applicable to companies incorporated in England known as the Companies Act 2006. 

 

	 	2.	 Promotional Materials. 

2.1    The Parties shall liaise with each other on a regular basis during the Term to discuss and seek to agree and co-ordinate in advance the strategies or plans to be applied in relation to any marketing or promotion of the Services which is intended to feature DB or include any Promotional Materials. The Parties shall then
discuss in good faith the development and creation of such Promotional Materials and the most effective way of using DBs time and services in relation thereto. 

2.2    Before commencing or authorizing third parties to commence the manufacture, production, distribution or publication
of any Promotional Materials, the Company must send such Promotional Materials to Provider for approval together with details of the channels such Promotional Materials will be used in or through. Any production or use of such Promotional Materials
shall be subject to the written approval (which may be provided via email) of Provider. Where Provider gives it written approval to any Promotional Materials in accordance with this Clause such Promotional Materials may be used by the Company during
the Term only. Any such Promotional Materials or other items that require the approval of Provider under this Agreement shall initially be submitted by the Company to Provider at the following email address (or such other email address as Provider
may from time to time specify for this purpose): ross@davidbeckham.com. 
 2.3    The Company acknowledges and agrees
that it shall procure that: (a) any Promotional Materials shall be of a high quality and produced to a first class standard consistent with the prestige and reputation of DB and shall comply with all applicable laws and shall not contain any
images, text or other materials that are indecent or are likely to offend public morals or otherwise damage the reputation or goodwill of Provider or DB; (b) it shall provide advice and guidance to Provider

 
regarding any applicable laws, regulations, industry standards or codes of practice (including any standards, codes of practice or regulations published by a relevant government authority in a
jurisdiction in the Company or any its subsidiaries operates) which may apply to any Social Media Posts or other public statements Provider or DB may make or be required to make pursuant to this Agreement and the Company agrees that it shall arrange
for any such posts or statements and all Promotional Materials to be checked before they are produced or made publicly available in order to ensure that they are compliant with any such applicable laws. 

2.4    Provider acknowledges and agrees that Company will own all right, title, and interest in and to any and all
advertising, marketing, and promotional materials or content relating to the Services which are produced pursuant to this Agreement (together, the “Promotional Materials”), except to the extent that any such materials contain any
intellectual property owned by DB, Provider or any entity affiliated with Provider (including, without limitation, any rights in respect of DB’s name, image, likeness or other personal attributes). Notwithstanding the forgoing, Company
acknowledges that it shall have no right, title or interest in or to any entertainment content into which Provider elects to include Company promotional material. 

2.5    Save for the mutually agreed press release referred to in Clause 1.1(g) and save to the extent required by any
applicable law, neither Party shall without the prior approval of the other Party directly or indirectly make or cause to be made any press release or public announcement relating to this Agreement or the relationship between the Parties or any
related matter. 
  

	 	3.	 Compensation. 

Compensation for the PA Services, Production Services and Other Services 

 

	 	3.1	 In consideration for the provision by the Provider of the PA Services the Company shall pay to the Provider in
cash a fixed fee of $500,000 per Year of the Term (such fee being the “PA Services Fee”). The PA Services Fee for the first Year of the Term shall be paid in full within 30-days of the
Effective Date. The PA Services Fee for each subsequent Year of the Term shall be paid in two equal instalments of $250,000 each with the first such instalment being paid on the first day of that Year and the second such instalment being paid on the
date falling six months after the commencement of that Year. 

  

	 	3.2	 In consideration for the provision by the Provider of the Production Services the Company shall pay to the
Provider in cash a fixed fee of $750,000 per Year of the Term (such fee being the “Production Services Fee”). The Production Services Fee for the first Year of the Term shall be paid in full within
30-days of the Effective Date. The Production Services Fee for each subsequent Year of the Term shall be paid in two equal instalments of $375,000 each with the first such instalment being paid on the first
day of that Year and the second such instalment being paid on the date falling six months after the commencement of that Year. 

  

	 	3.3	 In consideration for the provision by the Provider of the Other Services the Company shall pay to the Provider
in cash a fixed fee of $250,000 per Year of the Term (such fee being the “Other Services Fee”). The Other Services Fee for the first Year of the 

	 	
Term shall be paid in full within 30-days of the Effective Date. The Other Services Fee for each subsequent Year of the Term shall be paid in two equal
instalments of $125,000 each with the first such instalment being paid on the first day of that Year and the second such instalment being paid on the date falling six months after the commencement of that Year. 

 

	 	3.4	 It is acknowledged and agreed for the sake of clarity that the total amount payable by the Company to Provider
pursuant to Sections 3.1 to 3.3: 

  

	 	(a)	 in respect of the first Year of the Term is the sum of $1,500,000 and this sum is to be paid in one instalment
within 30 days of the Effective Date; 

  

	 	(b)	 in respect of the second and each subsequent Year of the Term is the sum of $1,500,000 per Year and this sum is
to be paid in two equal instalments of $750,000 each with the first such instalment being paid on the first day of the Year concerned and the second such instalment being paid on the date falling six months after the commencement of that Year;

  

	 	(c)	 during the entire 5 years the Term shall be $7,500,000 in aggregate. 

 

	 	3.5	 Notwithstanding anything in this Agreement to the contrary, if the Term ends following the occurrence of a
Cause Event relating to Provider or upon Provider’s election to terminate the Term other than in connection with the occurrence of a Cause Event relating to Company, all payments under Sections 3.1 to 3.3 payable on payment dates subsequent to
such termination will be forfeited for no consideration. 

 Compensation for the right to use the DB Image Rights

  

	 	3.6	 In consideration for the grant by the Provider to the Company of the rights set out in this Agreement to use
the DB Image Rights during the Term it is agreed that: 

  

	 	(a)	 In the event the Company becomes Publicly Traded within12-months of the
Effective Date, the Company shall issue to the Provider (credited as fully paid up) on the six-month anniversary of the date the Company becomes Publicly Traded (the “First Vesting Date”) such
number of shares of the Company’s Common Stock as is equal to the higher of: (I) the number of shares that would (immediately after the issue of those shares and taking those shares into account in the calculation) be equal to 1.0% of the
enlarged total number of shares of the Company’s issued and outstanding Common Stock at that time; and (II) $5,000,000 divided by the First Vesting Date Share Price (rounded up or down to the nearest whole number). Notwithstanding the
foregoing, if the issue by the Company of shares to Provider pursuant to this clause would create any obligation on the Provider to purchase or offer to purchase any other shares in the Company then (unless otherwise agreed in writing by the
Provider) no shares shall be allotted and issued to the Provider pursuant to this Section 3.6(a) and instead the Company shall make a cash payment to the Provider equal to $5,000,000 within 30 days of the First Vesting Date;

	 	(b)	 In the event the Company becomes Publicly Traded within12-months of the
Effective Date, the Company shall also issue to the Provider (credited as fully paid up) on the 12-month anniversary of the date the Company becomes Publicly Traded (the “Second Vesting Date”)
such number of shares of the Company’s Common Stock as is equal to the higher of: (I) the number of shares that would (immediately after the issue of those shares and taking those shares into account in the calculation) be equal to 1.0% of
the enlarged total number of shares of the Company’s issued and outstanding Common Stock at that time; and (II) $5,000,000 divided by the Second Vesting Date Share Price (rounded up or down to the nearest whole number). Notwithstanding the
foregoing, if the issue by the Company of shares to the Provider pursuant to this clause would create any obligation on the Provider to purchase or offer to purchase any other shares in the Company then (unless otherwise agreed in writing by the
Provider) no shares shall be allotted and issued to the Provider pursuant to this Section 3.6(b) and instead the Company shall make a cash payment to the Provider equal to $5,000,000 within 30 days of the Second Vesting Date.

  

	 	(c)	 In the event the Company does not become Publicly Traded within
12-months of the Effective Date then no shares shall be allotted and issued to the Provider pursuant to Sections 3.6(a) or (b) but instead the Company shall make a cash payment to the Provider equal to
$10,000,000 within 60 days of the 12-month anniversary of the Effective Date. 

  

	 	(d)	 Notwithstanding anything in this Agreement to the contrary, in order for the Provider to receive any shares
pursuant to Sections 3.6(a) or 3.6(b) (any such shares being the “Stock Units”), the Term must not have been terminated by the Company as a consequence of the occurrence of a Cause Event relating to Provider prior to: (a) the
First Vesting Date in the case of the Stock Units referred to in Section 3.6(a); or (b) the Second Vesting Date in the case of the Stock Units referred to in Section 3.6(b). In the event the Term is terminated by the Company as a
consequence of the occurrence of a Cause Event relating to the Provider: (i) prior to the First Vesting Date then the Provider shall not be entitled to receive any of the Stock Units referred to in Sections 3.6(a) or (b); (ii) after the First
Vesting Date but prior to the Second Vesting Date then the Provider shall be entitled to receive the Stock Units referred to in Section 3.6(a) but shall not be entitled to receive any of the Stock Units referred to in Section 3.6(b).

  

	 	(e)	 The Parties agree that the purpose of the Stock Units is to reward Provider upon the Company becoming Publicly
Traded irrespective of changes to the Company’s legal or corporate structure. In the event of adjustments to the Company’s legal or corporate structure (including reorganizations, conversions

	 	
of corporate form, distributions, recapitalizations, etc.), the rights and benefits of Provider hereunder shall be adjusted appropriately so as to replicate as nearly as practicable the benefits
granted to Provider hereunder (subject in each case to the terms and provisions of this Agreement) and where any reorganisation results in any parent company of the Company becoming Publicly Traded the provisions of this Section 3 relating to
the issue of shares shall apply to any such parent company as if it was the Company and the Company shall procure that such parent company shall comply with such provisions of this Section 3. 

 

	 	(f)	 The Company shall procure that any shares of Common Stock issued to Provider pursuant this Agreement are
admitted to trading on any relevant securities exchange from the time of their issue to the Provider and shall be freely transferable by the Provider without the approval of the Company or any other person from the time of their issue.

  

	 	(g)	 Any Common Stock to be issued pursuant to this Section 3 shall be issued and delivered to Provider
(together with share certificates or other proof of ownership) on the First Vesting Date (in the case of the shares referred to in Section 3.6(a)) or the Second Vesting Date (in the case of the shares referred to in Section 3.6(b)).

 DB Studios 
  

	 	3.7	 The Company and Provider shall liaise with each other in good faith as soon as possible after the Effective
Date (with the intent that agreement on such matters shall be reached within six months of the Effective Date) to select suitable locations at which the Company shall construct and open an F45 branded studio in both Miami, Florida and in London,
England which shall be made available for use during the Term free of charge by DB. The location and design of these studios (the “DB Studios”) must be mutually agreed between the parties and, once agreed upon, the Company shall use
all reasonable efforts to acquire, develop and open the DB Studios to public use as soon as possible. The Company shall acquire the right to use the agreed location of each DB Studio for the duration of the Term and shall own, manage and be
responsible for all costs, expenses and liabilities of such DB Studios and shall manage and operate the business of each DB Studio acting in good faith, in accordance with all applicable laws and on arms’ length terms and shall apply the same
standards of quality and care to the construction, management and operation of the DB Studios as it applies to any other studios owned and operated by the Company or its subsidiaries (or that it would apply to any franchisees). Subject to the
approval of the Provider (which must approve in advance in writing, which such approval shall not be unreasonably withheld, any references in any publicly available materials or posts to DB being involved with the DB Studios), the Company may
present the DB Studios as being DB’s studios (provided that the DB Studios shall continue to be operated under the F45 name and neither the name of the DB Studios nor any signage at the DB Studios shall include DB’s name or any of the
other DB Image Rights) and the parties shall co-operate with each other in good faith to develop a mutually acceptable strategy for promoting the

	 	
DB Studios and for including within the interior of the DB Studios mutually agreed images or other materials featuring DB. The Company shall not do or omit to do any act or thing in relation to
the DB Studios that would detract from DB’s professional reputation or bring DB into disrepute or that could reasonably be considered to be derogatory or demeaning or embarrassing to DB or materially damaging or defamatory to the name or
reputation of DB. 

  

	 	3.8	 The Company shall consult with the Provider regarding the way in which the DB Studios are operated during the
Term and make information relating to the DB Studios available to Provider promptly following any request to do so (including where Provider requests such information in order to assess whether it wishes to exercise the Option (as defined below))
provided that nothing in this clause shall make the Provider liable for any liabilities relating to the DB Studios. 

  

	 	3.9	 Within three months of the end of each calendar year falling wholly or partly within the Term the Company shall
deliver to Provider a separate set of accounts relating to each DB Studio (as if that DB Studio was a stand-alone business) for that calendar year (the DB Studio Accounts) which shall be prepared in accordance with the same accounting
principles that are applied to the preparation of the annual accounts of the Company and which shall show: (I) all income derived by the Company or its subsidiaries from the operation of such DB Studio during the calendar year concerned (the
Studio Income); and (II) all operating costs and expenses incurred by the Company or its subsidiaries in connection with the operation of such DB Studio during the calendar year to which such accounts relate (the Studio Costs)
(provided that it is agreed that there shall not be included within or taken into account in the calculation of the Studio Costs for either DB Studio: (A) the cost of any fees payable under this Agreement; (B) any franchise or similar fees
payable in relation to the use of the F45 name in connection with the relevant DB Studio). If the DB Studio Accounts for a DB Studio in respect of any calendar year show that the Studio Income exceeded the Studio Costs for that calendar year then
the Company shall pay a sum equal to such excess to Provider as additional consideration for the grant by the Provider to the Company of the rights set out in this Agreement to use the DB Image Rights during the Term. If the DB Studio Accounts for a
DB Studio in respect of any calendar year show that the Studio Income was equal to or less than the Studio Costs for that calendar year then the Company shall not be required to pay any sum to Provider pursuant to this Section 3.9 in respect of
that DB Studio in respect of that calendar year. 

  

	 	3.10	 The Company agrees that it shall maintain accurate and up to date accounts, books and records for each of the
DB Studios as if they were stand-alone businesses throughout the Term and up to the end of the calendar year in which the Term ends and shall on request send Provider copies of such accounts, books and records and any related information so that the
Provider may check the accuracy of the same and of any DB Studio Accounts received by it pursuant to this Section 3. 

  

	 	3.11	 If the Provider considers that any DB Studio Accounts received by it pursuant to this Section 3 are
inaccurate in any way then it may inform the Company of that fact and 

	 	
in such circumstances the parties shall liaise with each other in good faith with a view to amicably resolving any disputed items relating to such DB Studio Accounts as soon as possible. If it is
not possible for the parties to resolve any such disputed items within one month of the date on which such disputed items were first raised then either party may require, by serving written notice on the other, that such disputed items be considered
and resolved by the Independent Accountant (as defined below). Once any disputed items relating to any DB Studio Accounts have been agreed between the parties or determined by the Independent Accountant the parties shall promptly (and in any event
within one month) make such payments to each other as may be necessary to take account of the agreed or resolved matters. 

  

	 	3.12	 As additional consideration for the grant by the Provider to the Company of the rights set out in this
Agreement to use the DB Image Rights during the Term, the Company hereby grants to the Provider the option (the Option), exercisable by serving written notice (an Option Notice) on the Company at any time during the period commencing
on the date falling four years and six months after the Effective Date and ending on the date falling three months prior to the fifth anniversary of the Effective Date (the Option Period), to require the Company to transfer for nil
consideration to the Provider (or such other DB Company as the Provider may nominate) as a going concern (and with full title guarantee and free from all charges, security interests or other third party interests) the business of owning and
operating either or both of the DB Studios (together with all assets owned by the Company or its subsidiaries in connection therewith) (as applicable the “Transferring Business”) with effect from the fifth anniversary of the
Effective Date. If any such Option Notice is served in accordance with this clause then: 

  

	 	(I)	 the parties agree that they shall liaise with each other in good faith to procure that the Transferring
Business and related assets used in the Transferring Business (including any interest held by the Company or its subsidiaries in any premises at which the Transferring Business is operated from) shall be transferred to Provider (or its nominee) in
an orderly way with effect from the final day of the Term such that from such date the Provider (or its nominee) may take over the full ownership, management and operation of the Transferring Business and related assets; 

 

	 	(II)	 the Company shall retain responsibility for performing or discharging when due any and all obligations and
liabilities (and shall continue to be liable for any claims) arising in respect of the Transferring Business (including any liabilities under any leases or other agreements under which the DB Studio(s) are used) insofar and to the extent they arise
or are payable in respect of the time up to completion of such transfer and in the event that the Company fails to perform or discharge any such obligations or liabilities when due (or any such claims shall exist or arise) the Company shall fully
and effectively indemnify Provider and any nominee and keep them indemnified on demand from and against any and all claims, demands, losses, expenses, costs or other liabilities that they may suffer or incur as a consequence; 

	 	(III)	 the Provider or its nominee shall be responsible for performing or discharging when due any and all obligations
and liabilities (and shall be liable for any claims) arising in respect of the Transferring Business (including any liabilities under any leases or other agreements under which the DB Studio(s) are used) insofar and to the extent they arise after
the time of completion of such transfer and in the event that the Provider or its nominee fails to perform or discharge any such obligations or liabilities when due (or any such claims arise) then the Provider shall fully and effectively indemnify
Company and its subsidiaries and keep Company and its subsidiaries indemnified on demand from and against any and all claims, demands, losses, expenses, costs or other liabilities that they may suffer or incur as a consequence;

  

	 	(IV)	 the Company shall enter into a franchise agreement with Provider or its nominee on the date of transfer of the
Transferring Business (on the Company’s standard terms provided that such terms shall be no less favourable than those granted to any other franchisee of the Company or any of its subsidiaries) under which Provider or its nominee will be
granted the right to operate the Transferring Business using the F45 name and any related materials made available to other franchisees for a period of not less than 5 years (provided that no up-front fees,
franchise fees or other fees will be payable in respect of such agreement). 

  

	 	3.13	 If no Option Notice is served by the Provider during the Option Period (or if the Company fails to transfer the
Transferring Business to the Provider in accordance with Section 3.12 and the Provider elects to withdraw such Option Notice (which it is agreed the Provider may do if the Company fails to so comply) then the Company shall pay to the Provider
as additional consideration for the grant by the Provider to the Company of the rights set out in this Agreement to use the DB Image Rights during the Term a sum equal to 75% of the Studio Value (as defined below) on the six-month anniversary of the date on which the amount of such Studio Value is agreed or otherwise determined in accordance with the remaining provisions of this clause. The “Studio Value” shall be a sum
equal to the market value of the business of owning and operating the DB Studios as at the final day of the Term as agreed in writing between the parties provided that if the parties have been unable to agree the Studio Value in writing within one
month of the end of the Term then either party may require, by serving written notice on the other. that the Studio Value be determined by the Independent Accountant. If the Independent Accountant is appointed to determine the Studio Value then in
making such determination the Independent Accountant must assume that: (i) the business of owning and operating the DB Studios is being and will continue to be carried on as a going concern; (ii) the business is being transferred on the
basis of a sale between a willing buyer and a willing seller and that the business is capable of being transferred without restriction; and (iii) the purchaser would have the full right and authority to continue operating the business under the
F45 name and using any materials provided to franchisees of the Company or its subsidiaries. Notwithstanding anything in this Agreement to the contrary, if the Term is terminated by the Company following the occurrence of a Cause Event prior to the
end of the Term then Provider shall not be entitled to exercise the Option or receive the sum referred to in this Section 3.13. 

  

	 	3.14	 Where any provision of this Section 3 provides for any matter to be resolved or determined by the
Independent Accountant: (A) the “Independent Accountant” shall be an independent firm of accountants with relevant expertise and experience whose identity shall be agreed upon in writing between the parties or failing such
agreement within one week of the date on which either party may propose the name of a firm to act then whose identity shall be determined on the application of either party by the President for the time being of the Institute of Chartered
Accountants in England and Wales; (B) each of the parties shall promptly on request supply such Independent Accountant with all such assistance, documents and information as it may require for the purpose of making its determination and the
parties shall use all reasonable endeavours to procure the due and prompt determination of any relevant items or matters by the Independent Accountant as soon as reasonably practicable; (C) in determining any matter, the Independent Accountant
shall act as an expert and not as an arbitrator and the decision of the Independent Accountant shall be final and binding on the parties; (D) the terms of engagement and fees, costs and expenses of the Independent Accountant (which, in the
absence of any other agreement between the parties and the Independent Accountant, shall be based on the Independent Accountant’s standard charging rates and terms) shall be borne as the Independent Accountant may determine or failing any such
determination by the parties in equal shares. 

  

	 	3.15	 DB and four members from his senior team designated by DB can train for free at the F45 Oxford Circus studio
and the DB Studios provided under this Section. 

  

	 	4.	 Payments 

All sums payable to the Provider under this Agreement shall be paid in full on the due date by means of electronic transfer of cleared funds
into such bank account as the Provider may from time to time request without any set off or counterclaim whatsoever and free and clear from all deductions or withholdings of any kind (save for any withholding on account of tax required by any
applicable law). If the Company is required by any applicable laws to withhold or deduct any amount on account of tax from any sums payable under this Agreement then: (a) the deduction or withholding shall not exceed the minimum amount legally
required and the Company shall send Provider, within the period for payment permitted by the relevant law, either (i) an official receipt of the relevant taxation authorities concerned on payments to them of amounts so deducted or withheld; or
(ii) if such receipts are not issued by the taxation authorities concerned on payment to them of amounts so deducted or withheld, a certificate of deduction or equivalent evidence of the relevant deduction or withholding; and (b) the
Company shall pay to the relevant taxation, or other authorities, as appropriate, the full amount of the relevant deduction or withholding. The Parties shall from time to time co-operate to seek to minimize
any withholding or other tax payable in respect of any sums payable under this Agreement. To the extent that a double tax treaty is available to reduce or revoke any applicable withholding or other tax, the Parties shall liaise with each other to
provide each other with any documentation reasonably required for the purposes of applying for the reduction or revocation of such taxes. 

	 	5.	 Provider’s Representations and Warranties 

Provider represents and warrants to Company that, as of the date hereof: 

(a)    The execution and delivery of this Agreement by the Provider and the performance by Provider of the covenants and
obligations contemplated hereunder are not in violation or breach of, do not and will not (with or without the passage of time or the giving of notice) conflict with or constitute a default under, and will not accelerate or permit the acceleration
of the performance required by, any material agreement to which Provider is a party or by which Provider or any of its assets is bound or under any law applicable to Provider. 

(b)    Provider will perform the services hereunder diligently and in a professional, first class manner consistent with
general industry standards and practices and will comply with all applicable laws, rules, regulations and standards in completing such services. 

(c)    Subject to last paragraph of this Section 4, to the best of Provider’s knowledge, no
materials delivered or otherwise furnished by Provider hereunder, including without limitation, all graphics, music, sound, images, files, photos, animation, artwork, text, data, information, messages, hypertext links, scripts, and all other
dramatic, artistic, literary, and musical materials, ideas and other intellectual properties furnished or selected by Provider or any third party engaged by Provider, and contained in or used in connection with the transactions contemplated hereby
or Provider’s social media posts or the distribution, advertising, publicizing or other use or exploitation thereof, will infringe the rights of any third party. 

(d)    To the best of Provider’s knowledge (but save to the extent otherwise agreed with Company), Provider shall
refrain from using any material in any content provided to Company that would cause Company to be required to pay any fee to a third party or to incur any cost without the Company’s consent (including, without limitation, any union or guild
payments (other than SAG payments, which shall be the Company’s responsibility)). 
 Notwithstanding the foregoing, the Company shall
be responsible for paying or satisfying has obtained all third party rights, licenses, permissions and/or clearances required for the worldwide production, distribution, exhibition and exploitation of materials that the Company desires to use that
Provider notifies the Company he does not own. 

	 	6.	 Company Representations and Warranties. 

Company represents and warrants to Provider that, as of the date hereof: 

(a)    Organization and Capitalization. The Company is a corporation, duly organized, validly existing and in good
standing under the laws of the State of Delaware with the power and authority to own its assets and operate its business. The shares of Common Stock issuable by the Company hereunder have been duly authorized and, when issued and delivered in
accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable, and the issuance of such shares will not be subject to any preemptive or similar rights. 

(b)    Authority. The Company has full legal right, power and authority to enter into and perform its obligations
under this Agreement. This Agreement has been duly authorized by all necessary corporate action on the part of the Company and, assuming due authorization, execution and delivery hereof by Provider, constitutes the binding and enforceable obligation
of the Company in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting the enforcement of creditors’ rights generally and general
principles of equity. 
 (c)    No Conflict. The execution and delivery of this Agreement by the Company, the
performance by it of the covenants and obligations contemplated hereunder, and the consummation by it of the transactions described hereunder, are not in violation or breach of, do not and will not (with or without the passage of time or the giving
of notice) conflict with or constitute a default under, and will not accelerate or permit the acceleration of the performance required by, any of the terms or provisions of the Company’s organizational documents or any material contract to
which the Company or any Subsidiary is a party or by which the Company, any Subsidiary or any of its or their assets is bound, or under any law or governmental order applicable to the Company or any Subsidiary, and do not require consent or approval
from any Person. 
  

	 	7.	 Term and Termination. 

The term of this Agreement shall commence on the Effective Date and continue for a period of five (5) years (the “Term”).
Notwithstanding the foregoing, the Term may be terminated prior to the expiration of such period by: 
 (a)    the
Company serving written notice of such termination upon the Provider if a Cause Event shall occur; or 
 (b)    the
Provider serving written notice of such termination upon the Company if a Company Cause Event or Deemed Liquidation Event shall occur or if the Company otherwise enters into or suffers any form of formal or statutory bankruptcy or insolvency
reorganization, process or procedure under the laws of any jurisdiction or any steps are taken with a view to commencing any such process or procedure. 

Upon any termination of the Term all rights granted to the Company under this Agreement shall expire and thereafter the Company will not (and
shall procure that its subsidiaries will not) make any further use of any Promotional Materials or do any act or thing that would suggest 

 
any ongoing association with DB or any ongoing endorsement by DB of the Services without obtaining the prior written consent of the Provider. The Company shall procure that within three months of
the end of the Term any Promotional Materials featuring DB shall be removed from any Company website and from public display at any premises of the Company or its subsidiaries (and shall use all reasonable efforts to procure that any franchisees
shall remove from public display any such Promotional materials from their premises) and destroyed in an orderly and responsible way. 
 Any
termination of the Term shall be without prejudice to any other rights or remedies a Party may be entitled to at law or under this Agreement and shall not affect any accrued rights or liabilities of any Party. 

Any termination of the Term shall not affect the coming into force or the continuance in force of any provision of this Agreement which is
expressly or by implication intended to come into or continue in force on or after such termination. 
  

	 	8.	 Definitions. 

(a)    “Anti-Prestige Activity” means (a) performance in any pornographic media (including without
limitation, pornographic films), or (b) consumption of illegal drugs (provided this clause (b) shall not apply to activities in connection with Provider’s movie/TV roles and DB shall not be treated as have undertaken any activities
within (a) or (b) of this definition on the basis of only unsubstantiated press or media reports). 

(b)    “Cause Event” shall mean the occurrence of any of the following, whether such event occurs or is
first made public during the Term: 
 (i)    any material breach by Provider of this Agreement which is
not cured within thirty (30) days following written notice by Company to Provider of such breach; 

(ii)    conviction of DB, or a plea by DB of “guilty” or “no contest” to, a felony
under the laws of the United States, or any State, if such felony involves moral turpitude and materially impairs Provider’s ability to perform the services hereunder; or 

(iii)    DB engaging in any Anti-Prestige Activities. 

(c)    “Charter” means the Amended and Restated Certificate of Incorporation of the Company (as the same
may be further modified, amended or restated in accordance with the provisions thereof). 
 (d)    “Closing
Price” means, when used with respect to the Common Stock and for any date, the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case, as
reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the NASDAQ or, if the Common Stock is not listed or admitted to trading on the NASDAQ, as reported in the principal
consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Common Stock is listed or admitted to trading. 

 (e)    “Common Stock” has the meaning given to such
term in the Charter; provided that, in the event the Common Stock is converted or exchanged into Equity Securities of a Subsidiary or any holding company of the Company in connection with any reorganization, recapitalization,
reclassification, consolidation or merger in connection with the initial public offering of the Equity Securities of such Subsidiary, the Equity Security into which such Common Stock is converted or exchanged. 

(f)     “Company Cause Event” shall mean the occurrence of any of the following: 

(i)    any material breach by Company of this Agreement which is not capable of being cured or which, if capable of cure,
is not cured within thirty (30) days following written notice by Provider to Company of such breach; 

(ii)    Company or its subsidiaries engaging in or permitting to subsist in its business any activities or conduct which
have resulted, or are reasonably likely to result, in any material negative publicity for Provider or DB or damage to their goodwill or reputation as a consequence of their association with the Company pursuant to this Agreement (including where any
such activities would reasonably be construed by an appreciable segment of the public having regard to Western morals and generally accepted standards of behavior as bigoted, obscene, or intentionally prejudiced against any group or category of
persons or which would otherwise shock public morals or decency); 
 (g)    “DB Company” means any
company which DB and/or any of his family members directly or indirectly hold a majority of the issued shares in; 

(h)    “DB Image Rights” has the meaning given in Paragraph Bb of Exhibit A. 

(i)    “Deemed Liquidation Event” shall have the meaning given to that term in the Charter. 

(j)    “Equity Interest” means, with respect to any Person, any share of capital stock of (or other
ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, any security
convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests),
and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is
authorized or otherwise existing on any date of determination. 
 (k)    “First Vesting Date Share
Price” means the mean average daily Closing Price for shares of Common Stock of the Company for the last 20 Trading Days falling immediately prior to the First Vesting Date; 

(l)    “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

 (m)    “Publicly Traded” means that the Common Stock is
listed or traded on a national securities exchange (being any securities exchange that has registered with the SEC under section 6 of the Securities Exchange Act of 1934). 

(n)    “Second Vesting Date Share Price” means the mean average daily Closing Price for shares of Common
Stock of the Company for the last 20 Trading Days falling immediately prior to the Second Vesting Date; 

(o)    “Subsidiary” of any Person shall mean any corporation or other entity of which a majority of the
voting power of the voting Equity Interests are owned, directly or indirectly, by such Person. 

(p)    “Trading Days” means any day on which shares of the Company’s Common Stock are able to be
traded via the securities exchange on which they are listed. 
 (q)    “Year” means each of the five
successive years falling within the Term (for the sake of clarity the first Year shall commence on the Effective Date and end on 4 December 2021, the second Year shall commence on the 5 December 2021 and end on 4 December 2022 and so
on). 
  

	 	9.	 Indemnification. 

(a)    Provider shall indemnify, defend and hold Company (“Company Indemnified Parties”) harmless from any
claim, damage, loss, liability, cost or expense (including reasonable third party counsel fees and disbursements of counsel) resulting or arising from any material breach by Provider of any of his representations, warranties or covenants set forth
in this Agreement. The Company Indemnified Parties shall promptly notify Provider of any claim, and reasonably cooperate with Provider in the defense or settlement of such claim; provided that, no delay in notification shall affect Provider’s
indemnification obligations except to the extent such delay prejudices Provider’s ability to defend such claim. Provider shall have the right to select counsel (reasonably acceptable to Company) and to defend any/or settle such claim, provided
that any such settlement includes a full release for the Company Indemnified Parties. 
 (b)    Company shall indemnify,
and defend and hold Provider, Provider’s affiliates, Provider, and their respective successors, assigns, representatives, employees, officers, and other agents (“Provider Indemnified Parties”) harmless from any claim, damage,
loss, liability, cost or expense (including reasonable third party counsel fees and disbursements of counsel) resulting or arising from (i) the distribution or licensing of the Services, (ii) any alleged defect in the Services or their
implementation, (iii) any material breach by Company of the provisions of any of its representations, warranties or covenants set forth in this Agreement, or (iv) the provision of services pursuant to this Agreement except to the extent
that Company is entitled to be indemnified in respect thereof pursuant to Section 8(a) above. The Provider Indemnified Parties shall promptly notify Company of such claim, and reasonably cooperate with Company in the
defense or settlement of such claim; provided that, no delay in notification shall affect Company’s indemnification obligations except to the extent such delay prejudices Company’s ability to defend such claim. Company shall have the right
to select counsel (reasonably acceptable to Provider) and to defend any/or settle such claim, provided that any such settlement includes a full release for the Provider Indemnified Parties. 

 (c)    The maximum aggregate liability of Provider in contract, tort or
otherwise (including any liability for any negligent act or omission) for damages which are not otherwise limited or excluded under this Agreement howsoever arising out of or in connection with this Agreement shall be limited in respect of all
incidents or occurrences to an amount equal to the compensation actually paid by the Company to Provider during the Term. However, nothing in this Agreement shall exclude or restrict either party’s liability for fraud or fraudulent
misrepresentation, for death or personal injury resulting from the negligence of that party or of its employees while acting in the course of their employment or for any other liability which cannot be excluded by law. 

 

	 	10.	 Insurance 

Company shall maintain in full force and effect during the Term, with a reputable insurance carrier, a general liability insurance policy with
a limit of liability of not less than US $2,000,000 and an umbrella policy with a limit of liability of not less than US $5,000,000. Nothing in this Section 9 is intended to limit or affect the indemnification provisions of
Section 8(a) above. 
  

	 	11.	 Benefit and Assignment. 

Except as otherwise provided in this Section 10, this Agreement shall be binding upon and inure to the benefit of the
Parties hereto and their respective successors and permitted assigns. No Party may assign all or any part of its rights or obligations under this Agreement to any Person without the prior written consent of the other Party, which consent may be
given or withheld in the sole discretion of the other Party. Notwithstanding the foregoing, Provider may assign and transfer its rights under this Agreement to any entity which for the time being holds the right to provide the services of DB to
undertake activities of the nature envisaged under this Agreement by serving written notice of such assignment on the Company. 
  

	 	12.    No	 Third Party Rights. 

Save for DB (who shall be entitled to enforce any rights conferred upon him under this Agreement as if he were a party hereto pursuant to the
Contracts (Rights of Third Parties Act) 1999), this Agreement is entered into among the Parties for the exclusive benefit of the Parties and their successors and permitted assignees and no third party shall have any rights or be entitled to directly
enforce any rights under or pursuant to this Agreement pursuant to the Contracts (Rights of Third Parties Act) 1999 or otherwise. Except for DB or as provided herein, this Agreement is expressly not intended for the benefit of any creditor of the
Parties or any other Person. This Agreement may be amended, terminated or varied by written agreement between the Parties without the consent or approval of any person who is not a party to this Agreement. 

 

	 	13.	 Force Majeure. 

(a)    All incidents of force majeure, being circumstances beyond the reasonable control of any Party and which have, or
may have, a material effect on the ability to perform under this Agreement, including, but not limited to, failure of power or other utility supplies; fire; flood; earthquake; other natural disaster; explosion; riot, strike or lockout of that
party’s work force; civil insurrection or unrest; terrorist activity; war (whether war be declared or not); and laws, regulations and acts of any governmental, transnational or local authority, any cancellation of or delay to any

 
travel caused by circumstances outside of the reasonable control of a Party (“Force Majeure”), shall for the duration and to the extent of the effects caused thereby release the
Parties from the performance of their contractual obligations hereunder (provided that a Force Majeure event shall not be treated as having occurred as a consequence of a Party not having sufficient monies to pay the other Party any monies when due
under this Agreement). A Party who has suffered a Force Majeure event shall notify the other Party without delay of any such incident(s). 

(b)    Each Party shall take all reasonable steps to avoid or restrict Force Majeure events and to mitigate any loss
therefrom. 
 (c)    In the event of an incident or incidents of Force Majeure, the Parties shall as soon as reasonably
possible resume performance of their obligations hereunder. 
  

	 	14.	 Notices. 

All notices and other communications given or made pursuant to this Agreement shall be in writing and must be served either by personally
delivering it to the recipient party or by sending it by a reputable international overnight courier service (such as Federal Express, DHL or similar) or by email to the address or email address of the recipient party as set out below. Any such
notice or communication shall be deemed effectively given: (a) upon personal delivery to the Party to be notified at the correct address, (b) if sent by a reputable international overnight courier service four days after the date of
delivery to the relevant courier service; or (c) if sent by email, at the time of sending to the recipient Party’s email address (provided that no bona fide automated message is received indicating a technical fault with delivery). In
proving the giving of notice, it shall be sufficient to prove that the envelope containing the notice was properly addressed to the relevant Party and delivered either to that address or sent by the relevant method or transmitted to the recipient
Party’s correct email address. All notices or communications shall be sent to the respective parties at their address or email address as set forth below, or to such other address or e-mail address as
subsequently modified by written notice given in accordance with this Section 13. Notices shall be sent as follows: 

If to Provider: 
  

	 	Address:	             DB Ventures Limited, c/o
Harbottle & Lewis LLP, 7 Savoy Court, London WC2R 0EX 

  

	 	Email:	                ross@davidbeckham.com

 with a copy to be sent via email to each of: gerrard.tyrrell@harbottle.com and rhys.llewellyn@harbottle.com 

If to Company: 
 Address:
            F45 
 236 California Street 

El Segundo, California 90245 

United States of America 

Attention: Chief Legal Officer 

 Email:
            legal@f45hq.com 
 with a copy to: 

Seyfarth Shaw LLP 
 560 Mission
Street 
 Suite 3100 
 San
Francisco, CA 94105-2930 
 Attention: Darren Gardner 
  

	 	15.	 Amendment; Waiver. 

No modification of or amendment to this Agreement shall be valid unless in a document signed by both Parties hereto and referring specifically
to this Agreement and stating the Parties’ intention to modify or amend the same. Any waiver of any term or condition of this Agreement must be in a document signed by the Parties sought to be charged with such waiver referring specifically to
the term or condition to be waived, and no such waiver shall be deemed to constitute the waiver of any other breach of the same or of any other term or condition of this Agreement. 

 

	 	16.	 Severability and Modification. 

Each provision and term of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision or term of this Agreement shall be held to be prohibited by or invalid under such applicable law, then, such provision or term shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or affecting in
any manner whatsoever the remainder of such provisions or term or the remaining provisions or terms of this Agreement. 
  

	 	17.	 Governing Law and Dispute Resolution. 

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO AGREEMENTS MADE AND TO
BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THEREUNDER. EACH PARTY AGREES THAT, IN CONNECTION WITH ANY LEGAL SUIT OR PROCEEDING ARISING OUT OF OR WITH RESPECT TO THIS AGREEMENT, IT SHALL SUBMIT TO THE
EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS LOCATED IN LOS ANGELES COUNTY, CALIFORNIA AND BY EXECUTING THIS AGREEMENT AGREES TO VENUE IN SUCH COURTS AND CONSENTS TO SUCH COURTS’ JURISDICTION. PROCESS IN ANY SUIT OR PROCEEDING
REFERRED TO IN THE PRECEDING SENTENCE MAY BE SERVED ON ANY PARTY ANYWHERE IN THE WORLD. 
  

	 	18.	 Independent Contractor. 

In rendering the services to be rendered by Provider hereunder, Provider shall be an independent contractor. Nothing contained herein shall be
deemed to constitute either Provider as the partner or agent of Company or Company as the partner or agent of Provider. Neither Company nor 

 
Provider shall have the power or authority to bind the other with respect to third parties or to represent to third parties that they have such authority. The Parties acknowledge that nothing in
this Agreement constitutes Provider or DB as an employee of Company. 
  

	 	19.	 Entire Agreement; Further Assurances. 

This Agreement together with Exhibit A attached hereto, constitutes the entire agreement and understanding between and among the Parties
with respect to the subject matter hereof, and supersedes any other prior written or oral agreement or understandings between and among the Parties with respect to the subject matter hereof. Each Party shall, at the other Party’s request,
execute and deliver such instruments or take such other actions as may be reasonably requested to effectively carry out the terms and provisions of this Agreement. 
  

	 	20.	 Counterparts. 

This Agreement may be executed in two or more counterparts (and may be executed and delivered via email in two or more counterparts), each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

	 	21.	 Titles and Subtitles; Construction. 

The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this
Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms. 

 

	 	22.	 Joint Draft. 

The Parties have participated jointly in the drafting of this Agreement. If an ambiguity or question of intent or interpretation should arise,
this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or burdening any Party by virtue of the authorship of any of the provisions of this Agreement. 

 

	 	23.	 409A 

The parties intend that this Agreement and the benefits provided hereunder be interpreted and construed to be exempt from or to otherwise
comply with Internal Revenue Code (the “Code”) Section 409A to the extent applicable thereto. Notwithstanding any provision of this Agreement to the contrary, this Agreement shall be interpreted and construed consistent with this
intent, provided that the Company shall not be required to assume any increased economic burden in connection therewith. Although the Company intends to administer this Agreement so that it will be exempt from or otherwise comply with the
requirements of Code Section 409A, the Company does not represent or warrant that this Agreement will be exempt form or otherwise comply with Code Section 409A or any other provision of federal, state, local, or non-United States law. Neither the Company, its affiliates, nor their respective directors, officers, employees or advisers shall be liable to Provider (or any other individual claiming a benefit through Provider)
for any tax, interest, or penalties Provider may owe as a result of compensation or benefits paid under this Agreement, and the Company and its affiliates 

 
shall have no obligation to indemnify or otherwise protect Provider from the obligation to pay any taxes pursuant to Code Section 409A or otherwise. 

[THE REMAINDER OF THIS PAGE IS BLANK] 

 [SIGNATURE PAGE TO PROMOTIONAL AGREEMENT] 

IN WITNESS WHEREOF, the Parties have executed this Agreement to be effective as of the date first above written. 

 

			
	F45 TRAINING HOLDINGS INC.
		
	By:	 	 /s/ Adam Gilchrist

	Name: Adam Gilchrist
	Its: CEO and authorized signatory
	
	DB VENTURES LIMITED
		
	By:	 	 /s/ David Beckham

	Name: David Beckham
	Its: Director and authorized signatory

 EXHIBIT A 

Standard Terms 

The following standard terms are hereby incorporated into the Agreement to which this Exhibit A is attached (the “Promotional
Agreement”): 
  

	 	A.	 Exclusivity. 

  

	 	a.	 Subject to clause c below, during the Term, Provider shall not, directly or indirectly, authorize (nor has
Provider authorized, prior to the Term, which authority is still in effect) the use of Provider’s name, picture, image, voice, likeness, signature and/or biographical information, nor will Provider render any services, post about, sponsor,
promote, give any testimonials or endorsements in any advertising in any medium, nor engage in any promotional, marketing, endorsement or activities, in connection with any product/service competitive with the Services (collectively,
“Competitive Services”), defined as follows: fitness training business (home or traditional); class-focused fitness centers; group fitness classes; personal fitness training franchises; gym services; resistance training; yoga;
pilates; group indoor cycling based fitness activities or classes; dance fitness classes; martial or mixed martial arts-based fitness training; boxing-based fitness training; fitness bootcamps. By way of example only, the following gym or fitness
service providers are considered Competitive Services: CrossFit, Orange Theory, Barry’s Bootcamp, Soul Cycle, Fly Wheel, Planet Fitness, Anytime Fitness, Equinox, Training Mate, Mirror, Jazzercise and Les Mills. 

 

	 	b.	 Subject to clause c below, during the Term, Provider shall not, directly or indirectly, do the following:

  

	 	i.	 Divert, or attempt to divert, any business or customer of the Company or its affiliates to any Competitive
Services; or 

  

	 	ii.	 Unless released in writing by the employer, employ or seek to employ any person who is at that time employed by
the Company or its subsidiaries, or otherwise directly or indirectly induce such person to leave his or her employment. 

  

	 	c.	 Notwithstanding anything to the contrary in these Standard Terms or in the Promotional Agreement:

  

	 	i.	 Nothing shall limit DB or Provider’s right to appear (i) in any of the entertainment fields or in the
entertainment, news or informational portion of any program, film, publication or other production or live event, regardless of the media through which such program, film, publication or other production or live event is exhibited, and/or
(ii) in connection with the advertising, promotion, merchandising and/or publicity materials therefor, regardless of sponsorship or products or services used therein. 

	 	ii.	 Nothing shall limit DB’s right to attend and/or use any facilities owned or operated by any Competitive
Services where this is undertaken in a personal capacity and neither DB nor any other person on his behalf has agreed to render any services to, post about, sponsor, promote, give any testimonials or endorsements in any advertising in any medium or
engage in any promotional, marketing, endorsement or activities, in connection with such facilities or Competitive Services; provided, however, that DB may not attend and/or use any facilities operated under any of the following brand names: Orange
Theory, Crossfit, Barry’s Bootcamp and/or Bodyfit. 

  

	 	iii.	 Nothing shall limit DB or Provider’s right to promote or endorse any sports clothing or apparel produced
by any person (including pursuant to the terms of any existing agreement relating to the promotion by DB of the adidas brand); 

  

	 	iv.	 For the avoidance of doubt, (i) Provider may appear as a participant or guest at events, regardless of
sponsorship or products used therein (e.g., Provider may participate in charity events and appear on a guest line or “red carpet” containing a backdrop with names of Competitive Services); (ii) Provider may appear in purely editorial
material (e.g., a magazine spread) which uses and/or credits Competitive Services; (iii) Provider may appear in advertising and/or promotional materials for other products, which materials contain the incidental appearance of Competitive
Services; and (iv) nothing herein or in the Promotional Agreement shall prevent Provider’s passive investment in any enterprise, product or service whatsoever. 

 

	 	v.	 For the further avoidance of doubt, paparazzi and other press footage and photographs containing Competitive
Services shall not be deemed a breach hereunder. 

  

	 	B.	 Grant of Rights. 

  

	 	a.	 Creative Ownership. Subject to clause c below, the ownership of all designs, products, intellectual
property, promotional and digital materials, and any and all rights whether now known or hereafter devised in and to the results and proceeds of Provider’s services hereunder, including, without limitation, any contributions Provider makes in
connection with any of the foregoing are the sole property of the Company. All results and proceeds of every kind of services heretofore and hereafter to be rendered by Provider in connection with the Services, including without limitation, all
ideas, suggestions, themes, titles and other material, whether in writing or not in writing, at any time heretofore or hereafter created or contributed by Provider as part of the provision of

	 	
services under the Promotional Agreement (collectively referred to as the “Work”) was or will be created as a
work-for-hire for Company. The Work was specifically commissioned by Company and, as such, is a
“work-made-for-hire” as such term is used in the United States Copyright Act, and Company is and shall be deemed the author thereof. Provider acknowledges that
Company, as the author of the work, is the sole and exclusive owner of all rights in and to the Work and is entitled to the copyrights (and all extensions and renewals of copyrights) therein and thereto, with the right to make such changes therein
and such uses thereof as Company may determine. To the extent the foregoing may, for any reason, not vest in Company, all rights of every kind, in all media whether now or hereafter known, in perpetuity throughout the universe, Provider hereby
assigns the same to Company. Provider hereby waives all rights of droit moral or “moral rights of the author” or any similar rights or principles at law which Provider may now or later have in the Work. 

 

	 	b.	 Use of Provider’s Name and Likeness. Subject to the Company’s compliance in each case with the
restrictions and requirements set forth in the Promotional Agreement (including Provider’s approval and consent rights), Provider grants to Company the worldwide, non-exclusive, royalty free, fully paid
up, irrevocable, right and license to use, publicly display, publicly perform, reproduce, broadcast, amplify, whitelist, transmit, exhibit, disseminate and distribute DB’s name, image, and likeness (the “DB Image Rights”) in
connection with the promotion of the Services during the Term in any Promotional Materials that have been approved by Provider. 

  

	 	c.	 Provider Retention of Rights. Except for the limited license expressly provided in the Promotional Agreement
and in these Standard Terms, Provider retains all worldwide rights in Provider’s name, likeness, voice, and image. 

C.    Approvals. Company shall approve all Social Media Posts prior to upload by Provider. Provider will submit all
promotional Social Media Posts to Company for approval a reasonable time before posting, and Company shall review such posts and provide feedback to Provider. Provider shall use reasonable efforts to incorporate such feedback into his posts.
Provider shall resubmit the content to Company for review, and Company shall be entitled to additional rounds of feedback until the content is approved by Company for posting. For the avoidance of doubt, Provider shall not post any content in
connection with this Agreement without the prior written approval of Company. Company shall not use Provider’s name and likeness on any assets or marketing materials related to the Services and/or Provider’s affiliation with the Services
(including use of previously approved items in connection with a new use or context) without Provider’s prior written approval. 
  

	 	D.	 Confidentiality. 

  

	 	i.	 Provider will not disclose any trade secrets or confidential information of Company or its affiliates obtained
by Provider hereunder to any third parties, Provider’s relationship with the Company (until publicly disclosed by the Company), and any of the terms of this Agreement. Nothing contained in this paragraph shall prevent Provider from

	 	
disclosing (i) any information, on a need-to-know and confidential basis, to Provider’s business and
legal representatives or (ii) any information required to be disclosed by law or legal process. 

  

	 	ii.	 The Company will not disclose (and shall cause its directors, officers, employees, contractors and affiliates
not to disclose) any Provider Confidential Information (as defined below). Nothing contained in this paragraph shall prevent Company from disclosing (i) any information, on a
need-to-know and confidential basis, to Company’s business and legal representatives or (ii) any information required to be disclosed by law or legal process.
“Provider Confidential Information” shall mean any information relating to Provider, DB, any entities in which DB holds any direct or indirect shares or other ownership interests and/or any family members of DB and shall include,
without limitation, (a) personal information or matters about DB, his family, friends, representatives and employees and any actual or alleged incidents involving DB or any of such persons; (b) business, financial, medical, legal or
contractual matters of or pertaining to DB or Provider and/or Provider’s business entities and their respective officers, directors, shareholders and employees (hereinafter, the foregoing referenced persons and entities are all collectively
referred to as “Provider Related Parties”); (c) any other private and confidential matters concerning Provider or any of the Provider Related Parties; and (d) information pertaining to the terms of this Agreement.

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