Document:

EXHIBIT 10.10

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between EBS Enterprises, LLC (“EBS Enterprises”),
a Delaware limited liability company and Mr. Ron Zelhof (“Executive”), and shall be effective immediately following
the time, and subject to, AirSculpt Technologies, Inc.’s (“AirSculpt” and together with EBS Enterprises,
 “Company”) registration statement on Form S-1 related to its initial public offering being declared effective
(the “IPO”) by the Securities and Exchange Commission (the “Effective Date”).

 

WITNESSETH:

 

WHEREAS,
Executive and EBS Enterprises previously entered into an Employment Agreement effective as of December 1, 2018 (the “Prior
Agreement”);

 

WHEREAS,
in connection with AirSculpt’s IPO it is anticipated that EBS Enterprises will become a wholly-owned subsidiary of AirSculpt;

 

WHEREAS,
in connection with, and subject to the occurrence of, the IPO, Executive and Company desire to amend and restate the Prior
Agreement;

 

WHEREAS,
Company desires to continue to employ Executive as Chief Operating Officer of Company in accordance with the terms and conditions
of this Agreement; and

 

WHEREAS,
Executive desires to continue to serve as Chief Operating Officer of Company in accordance with the terms and conditions of
this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations hereinafter set forth, the parties
hereto, intending to be legally bound, hereby agree as follows:

 

1.          Employment
and Acceptance. During the Term (as defined in Section 3 below), Company shall employ Executive, and Executive shall continue
to serve Company, subject to the terms of this Agreement. If, for any reason, an IPO does not occur prior to January 1, 2022, then
this Agreement will not be effective and will be null and void, and the Prior Agreement will be reinstated with full force and effect.

 

2.            Title;
Duties and Obligations; Location.

 

2.1            Title.
Company shall employ Executive to render services to Company. Executive shall serve in the capacity of Chief Operating Officer of Company.

 

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2.2            Best
Efforts/Duties. The duties and responsibilities of Executive shall include such duties and responsibilities as assigned by the Chief
Executive Officer and Company’s Board of Directors (the “Board”) from time to time consistent with the position
of Chief Operating Officer. Executive shall perform faithfully and diligently all such duties assigned to Executive. Company reserves
the right to modify Executive’s position and duties at any time in its sole and absolute discretion; provided, that such
position and the duties assigned are consistent with the position of a Chief Operating Officer or higher level of authority or prestige.
In Executive’s capacity as Chief Operating Officer of Company, Executive shall report to, and be subject to the lawful direction
of, the Chief Executive Officer. Executive will expend Executive’s best efforts on behalf of Company, and will abide by all policies
of Company applicable to Company’s executives generally and all decisions made by the Board, all in accordance with applicable federal,
state and local laws, regulations or ordinances. Executive will act in the best interest of Company at all times in carrying out his duties
and responsibilities under this Agreement. Except as permitted under subsections 2.5 (i) and (ii) below, Executive shall devote
Executive’s full business efforts to the performance, to the best of his ability, experience and talent, of Executive’s assigned
duties for Company.

 

2.3            Other
Positions. In addition to serving in the capacity of Chief Operating Officer of Company, Executive also may serve in such other executive-level
positions or capacities as may, from time to time, be reasonably requested by the Board, including, without limitation (subject to election,
appointment, re-election or re-appointment, as applicable) as an officer of any of Company’s subsidiaries and/or affiliates, in
each case, for no additional compensation.

 

2.4            Compliance
with Company Policies. Subject to Section 6 hereof, during the Term, Executive shall be in conformance and comply with
all Company written or established policies, rules and regulations governing the conduct of its employees, now in effect, or as subsequently
adopted or amended to the extent such policies are in accordance with applicable federal, state and local laws, regulations and ordinances.

 

2.5            Time
Commitment. During the Term, Executive shall use his best efforts to promote the interests of Company (and, to the extent he serves
one or more subsidiaries and/or affiliates pursuant to Section 2.3 hereof, its applicable subsidiaries or affiliates) and,
except as provided in subsections (i) and (ii) below, shall devote all of his business time to the performance of his duties
for Company (and, to the extent he serves one or more subsidiaries or affiliates pursuant to Section 2.3 hereof, its applicable
subsidiaries or affiliates) and, shall not, directly or indirectly, render any services to any other person or organization, whether for
compensation or otherwise, except with the Board’s prior written consent (which shall not be unreasonably withheld): provided,
that nothing in this Agreement shall prevent Executive from (i) participating in charitable, civic, educational, professional, community
or industry non-profit associations and organizations and (ii) managing Executive’s passive personal investments, so long as
such activities described in clauses (i) and (ii) do not, individually or in the aggregate, materially interfere or conflict
with Executive’s duties hereunder, create a business or fiduciary conflict or violate the Employee Covenants Agreement by and between
Executive and EBS Enterprises, LLC dated of December 1, 2018 (the “Covenant Agreement”) (in each case, as determined
by the Board). Notwithstanding the foregoing, the Board will review the activities in clauses (i) and (ii) of the preceding
sentence on an ongoing basis and reserves the right to prohibit any such activities that it determines in good faith materially interfere
with performance of Executive’s duties hereunder, and will provide Executive with written notice of such determination. If the Board
so prohibits such activities, Executive will be given a commercially reasonable period of time to extract himself from such activities,
during which time he will not be considered in breach of this Agreement.

 

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2.6            Location.
Executive’s services shall be performed principally at Company’s principal office located in Miami, Florida. However, from
time to time, Executive may be required by his job responsibilities to travel on Company business, and Executive agrees to do so. Executive’s
work schedule shall be determined and managed by Executive in his sole discretion, provided, however, Executive performs all duties
necessary in his capacity as the Company’s Chief Operating Officer.

 

3.           Term.
The employment relationship pursuant to this Agreement shall commence on the Effective Date and continue until terminated in accordance
with Section 7 below (such period of the employment relationship shall be referred to herein as the “Term”).
For avoidance of doubt, Executive’s employment shall be “at-will” and may be terminated by either party at any time
in accordance with the terms of this Agreement.

 

4.            Compensation.
For the services rendered by Executive in any capacity under this Agreement during the Term (including, without limitation, serving as
an officer, director or member of any committee of the Board), Executive shall be compensated as follows (subject, in each case, to the
provisions of Section 4 below):

 

4.1            Base
Salary. As compensation for Executive’s performance of Executive’s duties hereunder, beginning as of the Effective Date,
Company shall pay to Executive a salary at the annualized rate of $575,000, payable in substantially equal installments in accordance
with Company’s normal payroll practices as in effect from time to time. The salary may be reviewed annually by the Board or a committee
thereof and may be increased, but not decreased, unless such decrease is agreed to by Executive. As used herein Executive’s “Salary”
shall be his salary as in effect from time to time after any such adjustments. Company shall deduct from each such installment all amounts
required to be deducted or withheld under applicable law or under any employee benefit plan or program in which Executive participates.

 

4.2           Annual
Bonus. In addition to the Salary, Executive shall be eligible for an annual target cash performance bonus of 75% of Executive’s
Salary (the “Bonus”) for each fiscal year during the Term (beginning in fiscal year 2019), based upon achievement of
individual and/or Company performance criteria, as determined annually by the Board in its sole and absolute discretion. Any Bonus for
a fiscal year to the extent earned, shall be paid in a lump sum at a time established by the Board but no later than March 15 of
the calendar year immediately following the last day of the fiscal year to which the Bonus relates. Executive must be actively employed
with Company at the time of such payment in order to receive the Bonus for that immediately preceding fiscal year.

 

4.3            IPO
Cash Bonus. In connection with, and subject to the occurrence of, the IPO, Executive shall be eligible to receive a one-time lump
sum cash payment in the amount of $4,750,000 upon the successful completion of the IPO (the “IPO Cash Bonus”). The
IPO cash bonus shall be paid as soon as reasonably practicable following the IPO and no later than March 15 of the calendar year
immediately following the last day of the calendar year in which the successful completion of the IPO occurs. Executive must be actively
employed with Company through the occurrence of the IPO in order to receive the IPO Cash Bonus.

 

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4.4            Initial
Equity Award. As soon as reasonably practicable after the Effective Date, Executive will be granted an equity award in respect of
the number of shares of common stock equal to 1.75% of the common stock of AirSculpt outstanding upon effectiveness of AirSculpt’s
registration statement on Form S-1 related to the IPO (the “Initial Equity Award”), excluding the underwriter’s
overallotment. The Initial Equity Award shall consist of 50% restricted stock units and 50% performance-based restricted stock units;
which awards shall be substantially consistent with the forms of award agreement attached as Exhibit B and Exhibit C
hereto. All equity grants are subject to the approval of the Board.

 

4.5            Annual
Equity Awards. Executive will be eligible to participate in the Company’s annual equity grant program. Executive’s first
annual equity grant will be awarded in the first quarter of calendar year 2022 (the “Annual Equity Award”). The Annual
Equity Award may be granted in any form allowed under the Company’s 2021 Equity Incentive Plan with vesting terms and conditions
as set forth by the Board in its sole and absolute discretion. Each Annual Equity Award shall be subject to the terms and conditions of
the applicable grant agreement. All equity grants are subject to the approval of the Board.

 

5.            Benefits.

 

5.1           Customary
Benefits. Executive will be eligible for all customary and usual retirement and welfare benefits (excluding, for the avoidance of
doubt, bonus plans not expressly referred to in this Agreement and severance plans/programs/policies, if any) generally available to executives
of Company, subject to the terms and conditions of such benefit plans. Company reserves the right to change or eliminate benefits on a
prospective basis, at any time and from time to time.

 

5.2            Paid
Time Off. Executive shall be entitled to paid vacation, holidays, personal days and sick leave in accordance with the policies, programs
and practices of Company in effect from time to time, but in no event less than four (4) weeks per calendar year (pro-rated for any
partial years). Such vacation shall be taken at such intervals as shall be appropriate and consistent with the proper performance of Executive’s
duties hereunder.

 

6.            Business
Expenses. Company shall reimburse Executive during the Term, for all reasonable out-of-pocket business expenses incurred by Executive
in the performance of his duties hereunder consistent with level and the manner Executive has historically received such reimbursement
and otherwise in accordance with the Company’s expense reimbursement policies as in effect from time to time, provided, that
in the event of a conflict between Executive’s historic business reimbursement practices and the Company’s reimbursement policies,
the historic business reimbursement practices shall govern. In order to receive such reimbursement, Executive shall furnish to Company
documentary evidence of each such expense in the form required to comply with Company’s policies.

 

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7.            Termination
of Executive’s Employment.

 

7.1           Termination
for Cause by Company. Although Company anticipates a mutually rewarding employment relationship with Executive, Company may terminate
Executive’s employment immediately at any time for Cause. For purposes of this Agreement, “Cause” is defined
as: (i) fraud, embezzlement or other misappropriation by Executive of funds or property of Company or any of its subsidiaries or
affiliates (collectively, the “Company Group”, and each, a “Company Group Member”) or any Persons
or professionals for which Company or its subsidiaries or affiliates provides business, management, administrative, marketing or other
support services, including but not limited to Elite Body Sculpture, P.C., Madison Avenue Medical PLLC, EBS Illinois, LLC, EBS - Texas,
LLC, EBS Georgia, LLC and any other corporation, limited liability company, partnership or association that is party to a management services
agreement or similar agreement with Company or any of Company’s subsidiaries or affiliates for the rendering of certain management
services and other related services by Company or any of Company’s subsidiaries or affiliates (each, a “Managed Practice”
and collectively, “Managed Practices”); (ii) any gross misconduct by Executive that is injurious, directly or
indirectly, in any material respect to any Company Group Member or any Managed Practice; (iii) Executive’s failure to perform,
or breach of, in any material respect, any of his obligations under this Agreement or the Covenant Agreement or any other agreement or
contract between Executive and any Company Group Member; (iv) Executive’s exclusion, debarment, termination or suspension under
any Medicare, Medicaid, TRICARE or other federal, state or government health care program, or commission or conviction of, indictment
for or plea of guilty or no-contest to, any felony or any crime involving moral turpitude, embezzlement, fraud or self-dealing or any
crime which could reasonably be expected to subject Executive, any Company Group Member, services or Managed Practices to exclusion, debarment,
termination or suspension under any Medicare, Medicaid, TRICARE or other federal, state or government health care program; (v) Executive’s
use of alcohol or controlled substances that significantly impairs his ability to perform his duties and responsibilities with respect
to any Company Group Member or Managed Practices in any material respect; (vi) Executive challenging the legality, validity or enforceability
of any of the Managed Practice documents; (vii) termination by a Managed Practice owned or controlled by Executive of a managed services
agreement with any Company Group Member for reasons other than a material breach of such agreement by the Company Group Member (viii) the
willful breach by a Managed Practice owned or controlled by Executive of a management services agreement with any Company Group Member;
or (ix) Executive’s failure to give timely notice of his resignation under Section 7.4.

 

In
the event Executive’s employment is terminated in accordance with this Section 7.1, Company shall pay the following
amounts to Executive within the time period required by applicable law:

 

(i)            any
accrued but unpaid Salary (as determined pursuant to Section 4.1 hereof) for services rendered prior to the date of Executive’s
termination of employment (the “Termination Date”), which accrued but unpaid Salary shall be paid on or before the
time required by law;

 

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(ii)            payment
for any accrued but unused paid time off;

 

(iii)          expenses
reimbursable under Section 6 hereof incurred prior to the Termination Date but not yet reimbursed, which reimbursable (but
not yet reimbursed) expenses, if any, shall (subject to Executive’s timely submission of invoices) be paid on or before the time
required by law; and

 

(iv)          vested
entitlements under any other Company benefit plan or program (with the exception of those, if any, relating to severance) that Executive
is otherwise entitled to receive under such plan, program, policy or practice on the Termination Date, in each case, in accordance with
(and subject to the terms, conditions and limitations set forth in) such plan, program, policy, or practice.

 

The
amounts described in clauses (i) through (iv) above shall be referred to herein as the “Accrued Obligations.”
All other Company obligations to Executive pursuant to this Agreement will become automatically terminated and completely extinguished.

 

7.2          Termination
Without Cause by Company/Termination by Executive For Good Reason. Company may terminate Executive’s employment under this Agreement
without Cause with ninety (90) days written notice to Executive, or Executive may resign with Good Reason subject to the notification
requirements and the Cure Period (as defined below), in each case as set forth below. In the event of such termination, Executive will
receive:

 

(i)            The
Accrued Obligations and any Bonus earned in respect of a prior completed year that has not yet been paid; and

 

(ii)           Subject
to Section 7.6, a payment in the aggregate amount equal to the sum of one-and-a-half (1.5) multiplied by the sum of
(x) Executive’s annual Salary (at the rate as of the Termination Date) plus (y) Executive’s target Bonus,
payable (less applicable withholdings and deductions) in a lump sum on the next regular pay date of Company following the date that the
Release becomes effective and is no longer subject to revocation, in accordance with Company’s then-current payroll practices, but
in no event later than March 15 of the calendar year immediately following the calendar year in which the Termination Date occurs.
The payment referred to in this clause (ii), is referred to as the “Severance Payment.”

 

For
purposes of this Agreement, “Good Reason” is defined as any one or more of the following without Executive’s
prior written consent:

 

(a)            a
material reduction of Executive’s title, authority, duties or responsibilities with Company;

 

(b)            a
material reduction in Executive’s Salary;

 

(c)            relocation
of Executive’s principal place of work to a place more than twenty-five (25) miles from the Company’s headquarters in Miami,
Florida as of the date hereof, unless such relocation is otherwise agreed to in writing by Executive; or

 

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(d)            a
material breach by the Company of this Agreement.

 

Notwithstanding
the foregoing, Good Reason shall not exist unless Executive notifies Company in writing of the existence of the applicable condition specified
above not later than thirty (30) days after the initial existence of the condition, and Company fails to remedy such condition
within fifteen (15) days after receipt of such notice (the “Cure Period”); provided, however, that if
Company cannot remedy such condition within such fifteen (15) day period for reasons outside of Company’s reasonable control, as
determined by the Board in its sole and absolute discretion, the Cure Period shall be extended to provide an additional period to remedy
such condition, which extension shall not in any case exceed fifteen (15) calendar days. In the event Company fails to remedy the condition
constituting Good Reason during the applicable Cure Period (after giving effect to any extension of the Cure Period), Executive’s
resignation for Good Reason must occur, if at all, within thirty (30) calendar days following the expiration of the Cure Period.

 

7.3            Termination
of Employment due to Executive’s death or Disability. Executive’s employment under this Agreement shall terminate automatically
upon Executive’s death. Company may terminate Executive’s employment under this Agreement due to Executive’s Disability
(as defined below). In the event of such termination, Executive (or Executive’s estate, as the case may be) will be entitled to
receive, the Accrued Obligations, and any Bonus earned in respect of a prior completed year that has not yet been paid, and no other amount,
except as required by applicable law.

 

All other
Company obligations to Executive pursuant to this Agreement will be automatically terminated and completely extinguished. For purposes
of this Agreement “Disability” means Executive’s physical or mental illness, injury or infirmity which
prevents Executive from performing Executive’s material duties for a period of (A) one-hundred and eighty (180) consecutive
calendar days or (B) an aggregate of ninety (90) calendar days out of any consecutive six (6) month period.

 

7.4            Voluntary
Resignation by Executive Without Good Reason. Executive may voluntarily resign Executive’s position with Company without Good
Reason at any time, upon sixty (60) days’ advance written notice. The effectiveness of any such voluntary resignation may be accelerated
by Company in its sole and absolute discretion. In the event of such termination or resignation, Executive will be entitled to the Accrued
Obligations and no other amount, except as required by applicable law.

 

7.5            Removal
from any Boards and Positions. If Executive’s employment is terminated for any reason, Executive shall automatically, without
further action, notice or deed, be deemed to resign from any position with any Company Group Member, including, but not limited to, as
an officer of any Company Group Member.

 

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7.6            Release.
In order to receive the Severance Payments, Executive must timely execute (and not revoke) a separation agreement and general release
(the “Release”) in substantially the form attached hereto as Exhibit A within sixty (60) days of the Termination
Date, and (ii) Executive’s non-revocation of such Release. Notwithstanding anything to the contrary contained in this Agreement,
(i) Company’s obligations to provide the Severance Payments will immediately cease if Executive is in breach of the Covenant
Agreement in any material respect and fails to cure such breach (if curable) within fifteen (15) days after receipt of notice of such
breach from the Company, and (ii) in the event that Executive fails to timely cure such breach of the Covenant Agreement, then upon
demand by Company, Executive shall immediately repay to Company the amount of any Severance Payments previously paid.

 

8.            Non-contravention.
Executive hereby represents to Company that the execution and delivery of this Agreement by Executive and Company and the performance
by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, or be prevented, interfered
with or hindered by, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound,
and further that Executive is not subject to any limitation on his activities on behalf of the Company Group Member as a result of agreements
into which Executive has entered.

 

9.            General
Provisions.

 

9.1            Successors
and Assigns. The rights and obligations of Company under this Agreement shall inure to the benefit of and shall be binding upon the
successors and assigns of Company. Executive shall not be entitled to assign any of Executive’s rights or obligations under this
Agreement.

 

9.2            Waiver.
Any provision of this Agreement may be waived if, and only if, such waiver is in writing and signed by the party against whom the waiver
is to be effective. No failure or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege, and no waiver in any one instance shall be effective with respect to any other instance or create a course of dealing.

 

9.3           Attorneys’
Fees. Company and Executive shall bear their own costs, fees and expenses in connection with the negotiation, preparation and execution
of this Agreement.

 

9.4           Key-Man
Insurance. Upon Company’s request, Executive shall cooperate (including, without limitation, taking any required physical examinations)
in all respects in obtaining a key-man life and/or long-term disability insurance policy with respect to Executive in which Company (or
any subsidiary or affiliate) is named as the beneficiary.

 

9.5            Legal
Counsel. Executive acknowledges and warrants that (i) he has been advised that Executive’s interests may be different from
Company’s interests, (ii) he has been afforded a reasonable opportunity to review this Agreement, to understand its terms and
to discuss it with an attorney and/or financial advisor of his choice and (iii) he knowingly and voluntarily entered into this Agreement.
Company and Executive shall each bear their own costs and expenses in connection with the negotiation and execution of this Agreement.

 

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9.6            Severability.
In the event any provision of this Agreement is found to be unenforceable by a court of competent jurisdiction, such provision shall be
deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall
receive the benefits contemplated herein to the fullest extent permitted by law. If a deemed modification is not satisfactory in the judgment
of such court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall
not be affected thereby.

 

9.7          Interpretation;
Construction. The headings set forth in this Agreement and the division of this Agreement into sections and subsections are for convenience
only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel representing Company, but
Executive has participated in the negotiation of its terms. Furthermore, Executive acknowledges that Executive has reviewed and revised
this Agreement and had it reviewed by legal counsel and, therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

 

9.8           Governing
Law; Jurisdiction. Any and all actions or controversies arising out of this Agreement, Executive’s employment by Company or
the termination thereof, including, without limitation, breach of contract and tort claims, shall be construed and enforced in accordance
with the internal laws of the State of Florida, without regard to any choice of law or conflicting provision or rule (whether of
the State of Florida or any other jurisdiction) that would cause the laws of any jurisdiction other than the State of Florida to be applied.
Any and all actions arising out of this Agreement or Executive’s employment by Company or the termination thereof shall be brought
and heard in the state and federal courts located in the Florida, and the parties hereto hereby irrevocably submit to the exclusive jurisdiction
of any such courts. COMPANY AND EXECUTIVE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS AGREEMENT
OR ANY AND ALL MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF THEIR CHOICE SPECIFICALLY
WITH RESPECT TO THIS WAIVER.

 

9.9            Remedies
Cumulative. All remedies provided in this Agreement are cumulative and in addition to all other remedies which may be available at
law or in equity.

 

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9.10          Notices.
Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, faxed, or sent
by nationally recognized overnight courier service (with next business day delivery requested), or sent by electronic mail, provided,
that the submission by electronic mail is promptly confirmed by telephone confirmation thereof or followed by one of the other foregoing
permitted means of notice. Any such notice or communication shall be deemed given and effective, in the case of personal delivery, upon
receipt by the other party, in the case of faxed or notice by email, upon transmission of the fax or email, in the case of a courier service,
upon the next business day, after dispatch of the notice or communication. Any such notice or communication shall be addressed as follows:

 

If
to Company, to:

 

AirSculpt Technologies, Inc.

400 Alton Road, Unit TH-103M

Miami
Beach, FL 33129

		Email:	[__________]

		Attn:	Aaron Rollins, M.D.

 

with a copy to:

 

McDermott
Will & Emery LLP

500 North Capital Street, NW

Washington, DC 20001-1531

		Email:	tconaghan@mwe.com

		Attn:	Thomas Conaghan

 

If to Executive, to him at the offices
of Company with a copy to him at his home address as set forth in the records of Company.

 

9.11         Survival.
Notwithstanding anything herein to the contrary, each provision of this Agreement shall survive the termination of this Agreement for
any reason or Executive’s ceasing to provide services to Company to the extent necessary to give effect to its terms, including,
without limitation, Sections 8, 9, 10, 11, 12, and 13 of this Agreement.

 

9.12         Counterparts.
This Agreement may be executed in any number of counterparts and each such duplicate counterpart shall constitute an original, any one
of which may be introduced in evidence or used for any other purpose without the production of its duplicate counterpart. Moreover, notwithstanding
that any of the parties did not execute the same counterpart, each counterpart shall be deemed for all purposes to be an original, and
all such counterparts shall constitute one and the same instrument, binding on all of the parties hereto.

 

9.13        Defend
Trade Secrets Act. Executive acknowledges receipt of the following notice under the Defend Trade Secrets Act: An individual will not
be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret if he/she (i) makes
such disclosure in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and
such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) such disclosure
was made in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal.

 

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9.14         Preserved
Rights. This Agreement is not intended to, and shall not, in any way prohibit, limit or otherwise interfere with Executive’s
protected rights under federal, state or local law to, without notice to Company: (i) communicate or file a charge with a government
regulator, (ii) participate in an investigation or proceeding conducted by a government regulator, or (iii) receive an award
paid by a government regulator for providing information.

 

9.15            Cooperation.
Subject to Section 9.14, during the Term and thereafter, in the event that any proceeding is commenced by any governmental
authority or other person in connection with the business of Company, Executive agrees to cooperate with Company to defend against such
proceeding and, if an injunction or other order is issued in any such proceeding, to cooperate with Company in its efforts to have such
injunction or other order lifted. If such cooperation is following the end of the Term, then the Company shall reimburse Executive for
all reasonable documented out-of-pocket expenses incurred in connection with such cooperation and the Company agrees that such cooperation
will not unreasonably interfere with Executive’s duties to a subsequent employer.

 

10.         No
Other Contracts. Executive represents and warrants to the Company Group Members that neither the execution and delivery of this Agreement
by Executive nor the performance of Executive’s obligations hereunder, shall constitute a default under or a breach of any other
agreement or contract to which Executive is a party or by which Executive is bound, nor shall the execution and delivery of this Agreement
by Executive nor the performance of Executive’s duties and obligations hereunder give rise to any claim or charge against either
Executive or any Company Group Member based upon any other contract, or agreement to which Executive is a party or by which Executive
is bound. Executive shall indemnify and hold harmless each Company Group Member against any and all claims that execution and delivery
of this Agreement by Executive or Executive’s performance of his obligations hereunder constitutes a default under or a breach of
any other agreement or contract to which Executive is a party or by which Executive is bound.

 

11.           Code
Section 409A Compliance.

 

11.1        This
Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Internal Revenue Code of 1986 as amended,
and any regulations and Treasury guidance promulgated thereunder (collectively, “Section 409A of the Code”).

 

11.2         Company
and Executive agree that they will execute any and all amendments to this Agreement as they mutually agree in good faith may be necessary
to ensure compliance with the provisions of Section 409A of the Code.

 

11.3        The
preceding provisions, however, shall not be construed as a guarantee by Company of any particular tax effect to Executive under this Agreement.
No Company Group Member shall be liable to Executive for any payment made under this Agreement which is determined to result in an additional
tax, penalty or interest under Section 409A of the Code, nor for reporting in good faith any payment made under this Agreement as
an amount includible in gross income under Section 409A of the Code.

 

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11.4         For
purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right
to a series of separate payments.

 

11.5        With
respect to any reimbursement of expenses or any provision of in-kind benefits to Executive specified under this Agreement, such reimbursement
of expenses or provision of in-kind benefits shall be subject to the following conditions: (ii) the expenses eligible for reimbursement
or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount
of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangements providing for the reimbursement
of expenses referred to in Section 105(b) of the Code; (ii) the reimbursement of an eligible expense shall be made no later
than the end of the year following the year in which such expense was incurred; and (iii) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit.

 

11.6         Notwithstanding
anything in this Agreement to the contrary, if a payment obligation arises on account of Executive’s separation from service while
Executive is a “specified employee” as described in Section 409A of the Code and the Treasury Regulations thereunder
and as determined by Company in accordance with its procedures, by which determination Executive is bound, any payment of “deferred
compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury
Regulation Sections 1.409A- 1(b)(3) through (b)(12)) shall be made on the first (1st) business day of the seventh (7th)
month following the date of Executive’s separation from service, or, if earlier, within fifteen (15) days after the appointment
of the personal representative or executor of Executive’s estate following Executive’s death.

 

12.           Section 280G
of the Code. In the event that it is determined that any payments or benefits provided under this Agreement, together with any payments
or benefits to be provided under any other plan, program, arrangement or agreement, would constitute parachute payments within the meaning
of Section 280G of the Internal Revenue Code of 1986 as amended, and any regulations and Treasury guidance promulgated thereunder
(collectively, “Section 280G of the Code”) and would, but for this Section 12 be subject to the excise
tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law
or any interest or penalties with respect to such taxes (the “Excise Tax”), then the amounts of any such payments or
benefits under this Agreement and such other arrangements shall be either (a) paid in full or (b) reduced to the minimum extent
necessary to ensure that no portion of the payments or benefits is subject to the Excise Tax, whichever of the foregoing (a) or (b) results
in the Executive’s receipt on an after-tax basis of the greatest amount of payments and benefits after taking into account the applicable
federal, state, local and foreign income, employment and excise taxes (including the Excise Tax). Company shall cooperate in good faith
with the Executive in making such determination, including but not limited to providing the Executive with an estimate of any parachute
payments as soon as reasonably practicable prior to an event constituting a change in the ownership or effective control of Company or
in the ownership of a substantial portion of the assets of Company (within the meaning of Section 280G(b)(2)(A) of the Code).
Any such reduction pursuant to this Section 12 shall be made in a manner that results in the greatest economic benefit for
the Executive and is consistent with the requirements of Section 409A of the Code. Any determination required under this Section 12
shall be made in writing in good faith by a nationally recognized public accounting firm selected by Company and paid for by Company.
Company and the Executive shall provide the accounting firm with such information and documents as the accounting firm may reasonably
request in order to make a determination under this Section 12.

 

    -12- 

     

    

 

13.            Entire
Agreement; Modification. This Agreement and the Covenants Agreement constitute the entire agreement between the parties relating to
Executive’s employment by (or service to) Company or any of its subsidiaries and/or affiliates and supersede all prior or simultaneous
representations, discussions, negotiations, and agreements, whether written or oral, including, without limitation, illustrative terms
of employment and that certain term sheet previously provided to Executive dated September 4, 2018. This Agreement may be amended
or modified only with the written consent of Executive and Company. No oral amendment or modification will be effective under any circumstances
whatsoever.

 

THE PARTIES TO
THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES
HAVE EXECUTED THIS AGREEMENT ON THE DATES FIRST ABOVE WRITTEN.

 

[The remainder of this page is intentionally
left blank.]

 

    -13- 

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of October 5, 2021.

 

	 	 
	 	COMPANY
	 	 
	 	EBS Enterprises, LLC
	 	 
	 	 
	 	By:/s/ Daniel Sollof
	 	Name: Daniel Sollof
	 	Title: Authorized Signatory
	 	 
	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	/s/ Ron Zelhof
	 	Mr. Ron ZelhofExhibit 10.11

 

 

STOCKHOLDERS AGREEMENT

 

of

 

AIRSCULPT TECHNOLOGIES, INC.

 

dated as of [•], 2021

 

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	RECITALS	1
	 	 	 
	Article I DEFINITIONS	1
	Section 1.1.	Effective Date	1
	Section 1.2.	Certain Defined Terms	1
	Section 1.3.	Other Interpretive Provisions.	3
	 	 	 
	Article II CORPORATE GOVERNANCE	3
	Section 2.1.	The Board.	3
	Section 2.2.	Other Rights of Principal Investor Designees	5
	Section 2.3.	Corporate Opportunity	5
	 	 	 
	Article III INFORMATION	5
	Section 3.1.	Books and Records; Access.	5
	Section 3.2.	Tax Information	5
	Section 3.3.	Confidentiality	5
	Section 3.4.	Sharing of Information	5
	 	 	 
	Article IV MISCELLANEOUS	5
	Section 4.1.	Cooperation	5
	Section 4.2.	Termination	5
	Section 4.3.	Amendments and Waivers.	6
	Section 4.4.	Assignment	6
	Section 4.5.	Third Parties.	6
	Section 4.6.	Notices	7
	Section 4.7.	Further Assurances	7
	Section 4.8.	Entire Agreement	8
	Section 4.9.	Governing Law; Jurisdiction; Waiver of Jury Trial	8
	Section 4.10.	Severability	8
	Section 4.11.	Enforcement	8
	Section 4.12.	Liability of Parties	8
	Section 4.13.	Counterparts	8

 

    -i-

     

    

 

THIS STOCKHOLDERS AGREEMENT
(this “Agreement”) is entered as of [•], 2021, among AirSculpt Technologies, Inc., a Delaware corporation
(the “Company”), and each of the other parties identified on the signature pages hereto (the “Holders”).

 

RECITALS

 

WHEREAS, in connection with
the Company’s initial public offering of its shares of Common Stock (the “IPO”), the Company and the Holders
desire to set forth their agreement regarding certain governance matters.

 

NOW, THEREFORE, in consideration
of the foregoing recitals and of the mutual promises hereinafter set forth, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Company and the Holders hereby agree as follows:

 

Article I

 

DEFINITIONS

 

Section 1.1.     Effective
Date. This Agreement shall become effective upon the closing of the IPO (the “Effective Date”).

 

Section 1.2.     Certain
Defined Terms. As used herein, the following terms shall have the following meanings:

 

“Affiliate”
has the meaning set forth in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date hereof; provided that the Company
and its Subsidiaries shall not be deemed to be Affiliates of the VSCP Investor for purposes of this Agreement.

 

“Agreement”
has the meaning assigned to such term in the preamble.

 

“beneficially own”
has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act.

 

“Board”
means the Board of Directors of the Company.

 

“Business Day”
means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in the New
York City.

 

“Common Stock”
means collectively the common stock, par value $0.001 per share, of the Company and any securities issued in respect thereof, or in substitution
therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation,
exchange or other similar reorganization.

 

“Company”
has the meaning assigned to such term in the preamble.

 

“Company Charter”
means the certificate of incorporation of the Company in effect on the date hereof, as may be amended from time to time.

  

“Control”
(including its correlative meanings, “Controlled by” and “under common Control with”) means possession,
directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities
or partnership or other ownership interests, by contract or otherwise) of a Person.

  

“Director”
means any member of the Board.

 

“Effective Date”
has the meaning set forth in Section 1.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder,
all as the same shall be in effect from time to time.

 

    

     

    

 

“Governmental Authority”
means any nation or government, any state or other political subdivision thereof, and any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government.

 

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

  

“IPO”
has the meaning set forth in the Recitals.

 

“Law”
means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive, requirement, or other
governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the
foregoing by, any Governmental Authority.

 

“Necessary Action”
means, with respect to a specified result, all actions necessary to cause such result, including (i) voting or providing a written
consent or proxy with respect to the Common Stock, (ii) causing the adoption of stockholders’ resolutions and amendments to
the organizational documents of the Company, (iii) executing agreements and instruments, and (iv) making, or causing to be
made, with Governmental Authorities, all filings, registrations or similar actions that are required to achieve such result.

 

“Person”
means an individual, corporation, association, partnership, joint venture, limited liability company, estate, trust, or any other legal
entity.

 

“Principal Investor”
has the meaning set forth in Section 2.1(a)(iv).

 

“Principal Investor
Designee” means any VSCP Designee or Rollins Designee.

 

“Rollins Designee”
has the meaning assigned to such term in Section 2.1(a)(ii).

 

“Rollins”
means Aaron Rollins, M.D. and his spouse, issue (including adopted children and their issue) and trusts, estates or custodianships (x) for
the primary benefit of one or more of Aaron Rollins, M.D. or any spouse or issue (including adopted children and their issue) or (y) created
by Aaron Rollins, M.D. for bona fide estate planning or similar purposes..

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, association or other business entity of which:
(i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, representatives or trustees thereof is at the time owned or Controlled, directly or
indirectly, by that Person or one or more of the other Subsidiaries of that Person or any combination thereof; or (ii) if a limited
liability company, partnership, association or other business entity, a majority of the total voting power of stock (or equivalent ownership
interest) of the limited liability company, partnership, association or other business entity is at the time owned or Controlled, directly
or indirectly, by that Person or one or more Subsidiaries of that Person or any combination thereof. For purposes hereof, a Person or
Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business
entity if such Person or Persons shall (a) be allocated a majority of limited liability company, partnership, association or other
business entity gains or losses or shall be or (b) Control the managing member, managing director or other governing body or general
partner of such limited liability company, partnership, association or other business entity.

 

“VSCP”
means Vesey Street Capital Partners, L.L.C., a Delaware limited liability company.

 

“VSCP Designee”
has the meaning assigned to such term in Section 2.1(a)(i).

 

“VSCP Investor”
means, collectively, VSCP EBS Aggregator, LP, VSCP EBS Blocker, Inc., EBS Aggregator, LLC, EBS Aggregator Blocker, Inc., EBS
Aggregator Blocker Holdings, LLC, Vesey Street Capital Partners Healthcare Fund, LP, Vesey Street Capital Partners Healthcare Fund-A,
LP or any Affiliate of VSCP.

 

    	 	-2-	 

     

    

 

Section 1.3.     Other
Interpretive Provisions.

 

(a)   The meanings of defined terms
are equally applicable to the singular and plural forms of the defined terms. 

 

(b)   The words “hereof,”
 “herein,” “hereunder” and similar words refer to this Agreement as a whole and not to any particular
provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified.

 

(c)   The term “including”
is not limiting and means “including without limitation.”

 

(d)   The captions and headings
of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.

 

(e)   Whenever the context requires,
any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

 

Article II

 

CORPORATE
GOVERNANCE

 

Section 2.1.     The
Board.

 

(a)   Election of Directors.

 

(i)       Following
the Effective Date, the VSCP Investor shall have the right, but not the obligation, to designate, and the individuals nominated for election
as Directors by or at the direction of the Board or a duly-authorized committee thereof shall include, a number of individuals such that,
upon the election of each such individual, and each other individual nominated by or at the direction of the Board or a duly authorized
committee of the Board, as a Director and taking into account any Director continuing to serve without the need for re-election, the
number of VSCP Designees serving as Directors of the Company will be equal to at least: (A) if the VSCP Investor beneficially owns,
directly or indirectly, 25% or more of the shares of the Company’s issued and outstanding Common Stock, two Directors; and (B) if
the VSCP Investor beneficially owns, directly or indirectly, 10% or more, but less than 25%, of the shares of the Company’s issued
and outstanding Common Stock, one Director (in each case, each such person, a “VSCP Designee”).

 

(ii)      Following
the Effective Date, Rollins shall have the right, but not the obligation, to designate, and the individuals nominated for election as
Directors by or at the direction of the Board or a duly-authorized committee thereof shall include, a number of individuals such that,
upon the election of each such individual, and each other individual nominated by or at the direction of the Board or a duly authorized
committee of the Board, as a Director and taking into account any Director continuing to serve without the need for re-election, the
number of Rollins Designees serving as Directors of the Company will be equal to one Director if Rollins beneficially owns, directly
or indirectly, 10% or more of the shares of the Company’s issued and outstanding Common Stock (such person, the “Rollins
Designee”).

 

(iii)    Directors
are subject to removal pursuant to the applicable provisions of the Company Charter; provided, however, (A) the
VSCP Designees may only be removed with the prior written consent of VSCP and the Rollins Designees may only be removed with the prior
written consent of Rollins and (B) VSCP shall have the right to request the removal of any VSCP Designee (with or without cause)
nominated by the VSCP Investor, from time to time and at any time, from the Board, and Rollins shall have the right to request the removal
of any Rollins Designee (with or without cause) nominated by Rollins, from time to time and at any time, from the Board, in each case,
exercisable upon written notice to the Company, and the Company shall take all Necessary Action to cause such removal.

 

(iv)    In
the event that a vacancy is created at any time by death, disability, retirement, removal (with or without cause), disqualification,
resignation or otherwise with respect to the VSCP Investor or Rollins (collectively, the “Principal Investors”, and
each a “Principal Investor”), any individual nominated by or at the direction of the Board or any duly-authorized
committee thereof to fill such vacancy shall be filled, and the Company shall take all Necessary Action to cause such vacancy to be filled,
as promptly as reasonably practicable, by a new designee of such Principal Investor, subject to the restrictions set forth in Section 2.1(a)(i) and
Section 2.1(a)(ii).

 

    	 	-3-	 

     

    

 

(v)     In
the absence of any designation from any Principal Investor as specified in Section 2.1(a)(i) or Section 2.1(a)(ii) hereof,
the Director(s) previously designated by such Principal Investor and then serving shall be reelected if willing to serve unless
such individual has been removed as provided herein, and otherwise such Board seat(s) shall remain vacant until otherwise filled
as provided above.

 

(vi)    The
Company shall take all Necessary Action to include in the slate of nominees recommended by the Board or any duly-authorized committee
thereof for election at any meeting of stockholders called for the purpose of electing directors the persons designated pursuant to this Section 2.1 and
to nominate and recommend each such individual to be elected as a Director as provided herein, and to solicit proxies or consents in
favor thereof. The Company is entitled, solely for the purposes set forth in this Section 2.1(a)(vi), to identify such
individual as a VSCP Designee or a Rollins Designee pursuant to this Agreement.

 

(vii)    In
addition to any vote or consent of the Board or the stockholders of the Company required by applicable Law or the Company Charter or
the bylaws of the Company, and notwithstanding anything to the contrary in this Agreement, for so long as the VSCP Investor
beneficially owns, directly or indirectly, at least 25% of the shares of the Company’s issued and outstanding Common Stock,
the Company shall take all Necessary Action to ensure that the number of Directors serving on the Board shall not exceed seven
without the prior written consent of the VSCP Investor.

 

(viii)    For
so long as the VSCP Investor is entitled to designate two Directors for election to the Board in accordance with the terms and conditions
of this Agreement, the Principal Investors and the Company shall take all Necessary Action to cause the Chairperson of the Board to be
an individual chosen by the VSCP Investor, who shall initially be Adam Feinstein. Except as otherwise set forth herein, the majority
of the Board shall determine the Chairperson of the Board.

 

(ix)     Once
any Principal Investor no longer has the right to designate a director for election to the Board as set forth in Section 2.1(a)(i) or
Section 2.1(a)(ii), such Principal Investor shall take all Necessary Action to cause the appropriate number of such Principal
Investor's designees to tender his or her resignation from the Board effective at the Company's next annual meeting of stockholders.
The Board (acting by majority vote of all directors excluding all the designees of the applicable Principal Investor) shall have the
option, but not the obligation, to accept or reject any such resignation.

 

(x)      Upon
completion of the IPO, each of the initial VSCP Designees and the Rollins Designee shall be assigned to one of the three (3) classes
of directors, each of whose members shall serve a staggered three-year term as follows:

 

(A)         The
class I directors (whose term expires at the first annual meeting of stockholders at which directors are elected following completion
of the IPO) shall include one (1) VSCP Designee;

 

(B)          The
class II directors (whose term expires at the second annual meeting of stockholders at which directors are elected following completion
of the IPO) shall include one (1) VSCP Designee; and

 

(C)          The
class III directors (whose term expires at the third annual meeting of stockholders at which directors are elected following completion
of the IPO) shall include the Rollins Designee.

 

(b)   Committees.
Subject to applicable Law and stock exchange regulations, the Company shall take all Necessary Action to have a Principal Investor Designee
then serving on the Board appointed to serve on each committee of the Board for so long as the applicable Principal Investor has the
right to at least one Principal Investor Designee. Each Principal Investor shall have the right to appoint a representative as an observer
to any committee of the Board to which the Principal Investor (i) does not elect to have a representative appointed or (ii) is
prohibited by applicable Law and stock exchange regulations from having a representative appointed, in each case for so long as such
Principal Investor has the right pursuant to this Article II to designate at least one Principal Investor Designee.

 

    	 	-4-	 

     

    

 

(c)   Compensation.
Except to the extent the VSCP Designee may otherwise notify the Company, any VSCP Designee shall be entitled to compensation consistent
with the compensation received by other non-employee Directors, including any fees and equity awards, provided, that
(i) to the extent any Director compensation is payable in the form of equity awards, at the election of a VSCP Designee, in lieu
of any equity award, such compensation shall be paid in an amount of cash equal to the value of the equity award as of the date of the
award, with any such cash subject to the same vesting terms, if any, as the equity awarded to other Directors and (ii) at the election
of a VSCP Designee, any Director compensation (whether cash, equity awards and/or cash in lieu of equity as may be designated by the
electing VSCP Designee) shall be paid to the VSCP Investor or an Affiliate thereof specified by such VSCP Designee rather than to such
VSCP Designee. If the Company adopts a policy that Directors own a minimum amount of equity in the Company, no VSCP Designee that is
an Affiliate or employee of the VSCP Investor shall be subject to such policy unless otherwise determined by the VSCP Investor in its
sole discretion. 

 

Section 2.2.       Other
Rights of Principal Investor Designees. Each Principal Investor Designee serving on the Board shall be entitled to rights and privileges
that are no less favorable than those applicable to all other Directors generally or to which all such Directors are entitled. In furtherance
of the foregoing, from and after the date hereof, the Company shall execute and deliver to each Principal Investor Designee, concurrently
with or prior to such Principal Investor Designee joining the Board, an indemnification agreement substantially in the form filed with
the U.S. Securities and Exchange Commission and shall otherwise indemnify, exculpate, and reimburse fees and expenses of such Principal
Investor Designee and provide each such Principal Investor Designee with customary director and officer insurance on terms that are no
less favorable than the Company indemnifies, exculpates, reimburses and provides insurance for any other Director pursuant to the Company
Charter, the bylaws of the Company, applicable Law or otherwise.

 

Section 2.3.      Corporate
Opportunity. The Company shall take all Necessary Action to ensure that no amendment to the provisions of the Company Charter pertaining
to the renouncement of corporate opportunity is effected without the consent of the VSCP Investor for so long as the VSCP Investor has
the right pursuant to this Article II to designate at least one (1) VSCP Designee.

 

Article III

 

INFORMATION

 

Section 3.1.       Sharing
of Information. Each party hereto acknowledges and agrees that any VSCP Designee may share any information concerning the Company
and its Subsidiaries received by such VSCP Designee from or on behalf of the Company or its designated representatives with the VSCP
Investor and its designated representatives, subject to execution of an agreement (in form and substance approved by the Company) by
each such recipient to maintain the confidentiality of such information. Notwithstanding the foregoing, the Company may designate that
certain information provided to a VSCP Designee may not be shared with the VSCP Investor and its designated representatives.

 

Article IV

 

MISCELLANEOUS

 

Section 4.1.      Termination.
This Agreement shall terminate automatically (without any action by any party hereto) as to each Principal Investor as of the latest
of (i) the time that such Principal Investor no longer has the right to nominate any directors to the Board pursuant to Article II
hereof, (ii) the date that is the second anniversary of the completion of the IPO and (iii) the time that the shares of the
Company’s outstanding Common Stock held by such Principal Stockholder constitute less than 3% of all of the shares of the Company's
outstanding Common Stock. Article IV will survive any termination of this Agreement.

 

Section 4.2.      Amendments
and Waivers.

 

(a)    The
terms and provisions of this Agreement may be modified or amended only with the written approval of the Company and the Holders holding
a majority of the shares of Common Stock then held by the Holders in the aggregate; provided, however, that any modification
or amendment (i) to Section 2.1, Section 2.3, Section 3.1, Section 4.1 or this Section
4.2, or any other provision of this Agreement that would have the effect of modifying or amending such sections, shall also require
the approval of the VSCP Investor and Rollins, as applicable, and (ii) that would adversely affect the rights of (A) the VSCP
Investor in a manner different from any other Holder, shall also require the approval of the VSCP Investor or (B)  Rollins in a
manner different from any other Holder, shall also require the approval of Rollins.

 

    	 	-5-	 

     

    

 

(b)   Except
as expressly set forth in this Agreement, neither the failure nor delay on the part of any party hereto to exercise any right, remedy,
power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy
power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any
waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power
or privilege with respect to any other occurrence.

 

(c)    No
party shall be deemed to have waived any claim arising out of this Agreement, or any right, remedy, power or privilege under this Agreement,
unless the waiver of such claim, right, remedy, power or privilege is expressly set forth in a written instrument duly executed and delivered
on behalf of such party; and any such waiver shall not be applicable or have any effect except in in the specific instance in which it
is given.

 

(d)   Each
Principal Investor, in such Principal Investor’s sole discretion, may withdraw from this Agreement at any time by written notice
to the Company. Thereafter, such Principal Investor shall cease to be a party to this Agreement, shall have no further rights or obligations
hereunder and none of the terms or provisions hereof shall have any continuing force and effect with respect to such Principal Investor.

 

(e)   Any
party hereto may unilaterally waive any of its rights hereunder in a signed writing delivered to the Company.

 

Section 4.3.      Assignment. This
Agreement and the rights and obligations hereunder may not be assigned without the express prior written consent of the other parties
hereto, and any attempted assignment, without such consents, will be null and void.

 

Section 4.4.       Third
Parties. Except as provided for in Article II and Article III with respect any Principal Investor Designees
and the VSCP Investor, this Agreement does not create any rights, claims or benefits inuring to any person that is not a party hereto
nor create or establish any third party beneficiary hereto.

 

Section 4.5.       Notices.
All notices and other communications required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon
personal delivery to the party to be notified; (b) when sent by e-mail or confirmed facsimile if sent during normal business hours
of the recipient, and, if not, then on the next Business Day; (c) five days after having been sent by registered or certified mail,
return receipt requested, postage prepaid; or (d) one Business Day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be sent to such party’s address as
set forth below or at such other address as the party shall have furnished to each other party in writing in accordance with this provision:

 

If to the Company, to:

 

AirSculpt Technologies, Inc.

400 Alton Road, Unit TH-103M

Miami Beach, FL 33129

Email:   ddean@elitebodysculpture.com

Attn:     Aaron Rollins, M.D.

 

with a copy to:

 

McDermott Will & Emery LLP

500 North Capital Street, NW

Washington, DC 20001-1531

Email:    tconaghan@mwe.com

Attn:     Thomas Conaghan

 

    	 	-6-	 

     

    

 

If to VSCP EBS Aggregator, L.P.:

 

c/o Vesey Street Capital Partners, LLC

428 Greenwich Street, Townhouse

New York, NY 10013

Email: dan@vscpllc.com

Attention: Daniel Sollof

 

with a copy to:

 

McDermott Will & Emery LLP

500 North Capital Street, NW

Washington, DC 20001-1531

Email:   tconaghan@mwe.com

Attn:     Thomas Conaghan

 

If to Rollins:

 

400 Alton Road, Unit TH-103M

Miami Beach, FL 33129

Email:   arollins@elitebodysculpture.com

Attn:     Aaron Rollins, M.D.

 

with a copy to:

 

Young & Company

21700 Oxnard Street, Suite 2030

Email:   melody@young-co.com

Attn:     Melody Young

 

If to JCBI II LLC:

 

840 First Avenue, Suite 200 

King of Prussia, PA 19406

Email:    bcarden@burchcreativecapital.com

Attention:   J. Brian Carden

 

Section 4.6.       Further
Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at the request
of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party
may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry
out the intent of the parties hereunder.

 

Section 4.7.       Entire
Agreement. Except as otherwise expressly set forth herein, this Agreement sets forth the complete agreement and understanding among
the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations
by or among the parties, written or oral, that may have related to the subject matter hereof in any way.

 

    	 	-7-	 

     

    

 

Section 4.8.      Governing
Law; Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE STATE
OF DELAWARE REGARDLESS OF THE LAW THAT MIGHT BE APPLIED UNDER PRINCIPLES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES WOULD REQUIRE
OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. NO SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE
BROUGHT IN ANY COURT OR BEFORE ANY SIMILAR AUTHORITY OTHER THAN IN A COURT OF COMPETENT JURISDICTION IN THE STATE OF DELAWARE, AND THE
PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF SUCH SUIT, PROCEEDING OR JUDGMENT. EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE HAD TO BRING SUCH AN ACTION IN ANY OTHER COURT, DOMESTIC OR FOREIGN,
OR BEFORE ANY SIMILAR DOMESTIC OR FOREIGN AUTHORITY. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY
JURY IN ANY LEGAL ACTION OR PROCEEDING IN RELATION TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

Section 4.9.      Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law in
any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but
this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision
had never been contained herein.

 

Section 4.10.     Enforcement.
Each party hereto acknowledges and agrees that the other parties hereto would be irreparably harmed and money damages would not be an
adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed by any of them in accordance
with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may have, the non-breaching
party will have the right to an injunction, temporary restraining order or other equitable relief (without the necessity of having to
prove actual damages therefrom or post a bond therefore) in any court of competent jurisdiction enjoining any such breach and enforcing
specifically the terms and provisions hereof.

 

Section 4.11.     Liability
of Parties. To the extent not inconsistent with applicable Law, neither any Principal Investor Designee nor any Holder, nor any of
their respective officers, directors, employees, partners, members, shareholders or Affiliates, nor any officer of the Company or any
Subsidiary thereof shall be liable, responsible or accountable in damages or otherwise to the Company or to any Holder for any action
taken or for any failure to act on behalf of the Company in connection with the business or operations of the Company, if the person
acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the Company, and,
with respect to any criminal action or proceeding, had no reasonable cause to believe the person’s conduct was unlawful.

 

Section 4.12.     Counterparts.
This Agreement may be executed in any number of separate counterparts each of which when so executed shall be deemed to be an original
and all of which together shall constitute one and the same agreement. Counterpart signature pages to this Agreement may be delivered
by facsimile or electronic delivery (i.e., by email of a PDF signature page) and each such counterpart signature page will
constitute an original for all purposes.

 

[Signature pages follow]

 

    	 	-8-	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Stockholders Agreement as of the date first set forth above.

 

 

	 	AIRSCULPT TECHNOLOGIES, INC.
	 	 	 
	 	By:	 
	 	 	 Name:
	 	 	Title:

 

Signature
Page to Stockholders Agreement

 

    

     

    

 

	 	VSCP EBS AGGREGATOR, LP
	 	 	 
	 	By:	Vesey Street Capital Partners Healthcare GP, L.P., its General Partner
	 	 	 
	 	By:	 Vesey Street Capital Partners Healthcare UGP, L.P., its General Partner
	 	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

Signature
Page to Stockholders Agreement

 

    

     

    

 

	 	 
	 	Name: Aaron Rollins, M.D.

 

Signature
Page to Stockholders Agreement

 

    

     

    

 

	 	JCBI II LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature
Page to Stockholders Agreement

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