Document:

EX-4.1

 Exhibit 4.1 

WARRANT PURCHASE AGREEMENT 
 dated
as of May 13, 2022 
 by and among 

F45 TRAINING HOLDINGS INC. 
 and

 EACH PARTY NAMED AS AN INVESTOR HEREIN 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINED TERMS
	  	 	1	 
			
	 Section 1.1
	  	Definitions	  	 	1	 
		
	 ARTICLE II PURCHASE AND SALE
	  	 	5	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	5	 
			
	 Section 3.1
	  	Corporate Existence	  	 	5	 
	 Section 3.2
	  	Capital Stock and Ownership	  	 	6	 
	 Section 3.3
	  	Due Authorization	  	 	7	 
	 Section 3.4
	  	No Conflict	  	 	7	 
	 Section 3.5
	  	Government Approvals	  	 	7	 
	 Section 3.6
	  	Binding Obligation	  	 	8	 
	 Section 3.7
	  	Private Sale	  	 	8	 
	 Section 3.8
	  	Registration Rights	  	 	8	 
	 Section 3.9
	  	Securities Matters	  	 	8	 
		
	 ARTICLE IV COVENANTS OF THE COMPANY
	  	 	10	 
			
	 Section 4.1
	  	Indemnification	  	 	10	 
	 Section 4.2
	  	Further Assurances	  	 	10	 
	 Section 4.3
	  	Announcing Form 8-K	  	 	10	 
	 Section 4.4
	  	Disclosure Schedule Update	  	 	10	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE INVESTORS
	  	 	11	 
			
	 Section 5.1
	  	Power and Authority	  	 	11	 
	 Section 5.2
	  	Purchase for Investment	  	 	11	 
	 Section 5.3
	  	Financial Matters	  	 	11	 
		
	 ARTICLE VI THE CLOSINGS AND CLOSING CONDITIONS
	  	 	12	 
			
	 Section 6.1
	  	The Initial Closing	  	 	12	 
	 Section 6.2
	  	The Facility Increase Closing	  	 	12	 

  
 i 

							
	ARTICLE VII MISCELLANEOUS	  	 	14	 
			
	 Section 7.1
	  	Expenses	  	 	14	 
	 Section 7.2
	  	Severability	  	 	14	 
	 Section 7.3
	  	Notices	  	 	14	 
	 Section 7.4
	  	Amendment and Modification; Waiver	  	 	14	 
	 Section 7.5
	  	Survival of Agreement	  	 	15	 
	 Section 7.6
	  	Cumulative Remedies	  	 	15	 
	 Section 7.7
	  	Enforcement of Agreement	  	 	15	 
	 Section 7.8
	  	Entire Agreement	  	 	15	 
	 Section 7.9
	  	Governing Law	  	 	15	 
	 Section 7.10
	  	Submission to Jurisdiction; Consents to Service of Process	  	 	15	 
	 Section 7.11
	  	Waiver of Jury Trial	  	 	16	 
	 Section 7.12
	  	Counterparts	  	 	16	 
	 Section 7.13
	  	Titles and Subtitles	  	 	16	 
	 Section 7.14
	  	Successors and Assigns	  	 	16	 
	 Section 7.15
	  	No Strict Construction	  	 	16	 
	 Section 7.16
	  	Replacement of Warrant on Loss	  	 	16	 
	 Section 7.17
	  	No Third-party Beneficiaries	  	 	17	 
	 Section 7.18
	  	Interpretation	  	 	17	 

 EXHIBITS 
  

							
	 Exhibit A
	  	 Form of Immediately Exercisable Warrant
	  			
	 Exhibit B
	  	Form of 50% Utilization Warrant	  			

  
 ii 

 WARRANT PURCHASE AGREEMENT 

THIS WARRANT PURCHASE AGREEMENT is made as of May 13, 2022 (this “Agreement”) by and among F45 TRAINING HOLDINGS INC., a
Delaware corporation (the “Company”), DRAWBRIDGE DSO SECURITIES LLC, FORTRESS LENDING III HOLDINGS L.P., FORTRESS LENDING FUND II MA-CRPTF LP and FORTRESS LENDING II HOLDINGS, L.P. (together
with their respective successors and assigns, the “Investors”). 
 RECITALS 

WHEREAS, the Company has authorized the sale and issuance to the Investors of warrants to purchase shares of common stock of the Company in
order to induce each Investor to enter into the Credit Agreement (as defined below) and to provide its Percentage Share (as defined below) of the Delayed Draw Commitment (as defined below) thereunder. 

NOW, THEREFORE, the parties hereto agree as follows: 

ARTICLE I 
 DEFINED TERMS 

Section 1.1 Definitions. The following terms, when used in this Agreement, have the following meanings, unless the context
otherwise indicates: 
 “50% Utilization Warrant” means a warrant in substantially the form attached hereto
as Exhibit B. 
 “Affiliate” means, with respect to any Person, any other Person that directly or
indirectly controls, is controlled by, or is under common control with such Person. 
 “Announcing Form 8-K” has the meaning set forth in the Credit Agreement 
 “Applicable
Law” means any foreign, federal, state or local statute, law, rule or regulation or any judgment, decree, order, regulation or rule of any Governmental Authority or Principal Market. 

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

“Bylaws” means the bylaws of the Company, as amended. 

“Capital Stock” means, with respect to any Person, all common stock, preferred stock and any other capital
stock of such Person, and all shares, interests, participations and other ownership interest (however designated), of such Person, and all rights, warrants and options to purchase any of the foregoing, including each class of common stock and
preferred stock of such Person if such Person is a corporation, each general and limited partnership interest of such Person if such Person is a partnership and each membership interest in a limited liability company. 

 “Certificate of Incorporation” means the Amended Restated
Certificate of Incorporation of the Company, as the same is in effect on the date hereof. 
 “Commission”
means the United States Securities and Exchange Commission. 
 “Common Shares” means the common stock, par
value $0.00005 per share, of the Company. 
 “Company” has the meaning set forth in the preamble hereto.

 “Credit Agreement” means the Credit Agreement, dated as of May 13, 2022, among the Company, Fortress
Credit Corp. as Administrative Agent, Collateral Agent and a Lender, the Investors, and the other lenders from time to time party thereto as the same may be amended, modified, restated or supplemented from time to time in accordance with its terms.

 “Credit Documents” has the meaning set forth in the Credit Agreement, and for the avoidance of doubt, the
Transaction Agreements shall also constitute “Credit Documents.” 
 “Eligible Market” means the
New York Stock Exchange, Inc., the NYSE American, the NASDAQ Capital Market, the NASDAQ Global Market or the NASDAQ Global Select Market or, in each case, any successor thereto. 

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

“Delayed Draw Commitment” has the meaning set forth in the Credit Agreement. 

“Facility” has the meaning set forth in the Credit Agreement.  

“Facility Increase 50% Utilization Warrant” has the meaning set forth in
Section 2.2. 
 “Facility Increase Closing” has the meaning set forth in
Section 6.2. 
 “Facility Increase Closing Date” has the meaning set forth in
Section 6.2. 
 “Facility Increase Immediately Exercisable Warrant” has the
meaning set forth in Section 2.2. 
 “Facility Increase Warrants” has the meaning
set forth in Section 2.2. 
 “Fully Diluted Shares Outstanding” has the meaning
set forth in the 50% Utilization Warrant. 

  
 2 

 “Governmental Authority” means any Federal, state, local or
foreign court or governmental agency, authority, instrumentality, regulatory body, board or commission. 
 “Initial
50% Utilization Warrant” has the meaning set forth in Section 2.2. 
 “Initial
Closing” has the meaning set forth in Section 6.1. 
 “Initial Closing
Date” means the date on which the Initial Closing occurs. 
 “Initial Immediately Exercisable Warrant”
has the meaning set forth in Section 2.1. 
 “Initial Warrants” has the
meaning set forth in Section 2.1. 
 “Investors” has the meaning set forth in the
preamble hereto. 
 “Immediately Exercisable Warrant” means the Company’s warrant in substantially the
form attached hereto as Exhibit A. 
 “Lenders” mean the lenders party to the Credit Agreement. 

“Lien” means any security interest, mortgage, pledge, transfer restriction, defect, claim, lien, limitation on
voting rights, encumbrance, pre-emptive or similar right, equity or adverse interest of any nature. 

“Material Adverse Effect” has the meaning set forth in the Credit Agreement. 

“Maximum Committed Amount” has the meaning set forth in the Credit Agreement. 

“Percentage Share” means with respect to each Investor, the percentage share set forth opposite such
Investor’s name on Schedule I under the caption “Percentage Share.” 
 “Permits” means
all franchises, approvals, qualifications, authorizations, consents, Permits, licenses and other similar authority. 

“Person” means any natural person, corporation, business trust, joint venture, association, company, limited
liability company, partnership, Governmental Authority or other entity. 
 “Principal Market” means the New
York Stock Exchange (or any successor to the foregoing), or if after the Closing Date the Common Shares are listed on another Eligible Market, such other Eligible Market. 

“Proceeding” means any action, claim, suit or proceeding (including an investigation or partial proceeding,
such as a deposition, or any appeal of any proceeding). 

  
 3 

 “Put Settlement Shares” has the meaning set forth in the
50% Utilization Warrant. 
 “Registration Rights Agreement” means the registration rights agreement among
the Company and the Investors, dated May 13, 2022. 
 “Related Person” means, with respect to any
Person (i) any Affiliate of such Person, (ii) any investment manager, investment advisor, managing member or general partner of such Person, (iii) any investment fund, investment account or investment Person whose investment manager,
investment advisor, managing member or general partner is such Person or any Affiliate of such Person or any member, partner, officer or employee of such Person or any Affiliate of such Person, (iv) any member or partner of any Person specified
in clauses (i) through (iii) above, and (v) any officer or employee of any Person specified in clauses (i) through (iv) above. 

“Representative” means, with respect to any Person, any and all Affiliates, directors, officers, employees,
consultants, financial advisors, counsel, accountants and other agents of such Person. 
 “Securities Act”
means the Securities Act of 1933, as amended. 
 “Secretary of State” means the Secretary of State of the
State of Delaware. 
 “Subsidiary” means (a) a corporation more than 50% of the combined voting power
of the outstanding voting stock of which is owned, directly or indirectly, by the Company, or by one or more Subsidiaries, or by the Company and one or more Subsidiaries, (b) a partnership of which the Company, or one or more other
Subsidiaries, or the Company and one or more Subsidiaries, directly or indirectly, is the general partner and has the power to direct the policies, management and affairs or (c) any other Person (other than a corporation) in which the Company,
or one or more Subsidiaries, or the Company and one or more Subsidiaries, directly or indirectly, has at least a majority ownership interest and power to direct the policies, management and affairs thereof. 

“Transaction Agreements” means this Agreement, the Registration Rights Agreement, the Warrants and all
agreements and instruments contemplated hereby or thereby. 
 “Transactions” means, the transactions
contemplated by the Transaction Agreements, including the issuance, sale and delivery of the Warrants, the Warrant Shares and any Put Settlement Shares. 

“Vesting Date” has the meaning set forth in the 50% Utilization Warrant. 

“Warrant Shares” means Common Shares or such other securities issued or issuable upon exercise of the Warrants
in accordance with the terms of the Warrants. 
 “Warrants” means the Initial Warrants and the Facility
Increase Warrants. 

  
 4 

 ARTICLE II 

PURCHASE AND SALE 
 2.1 Initial
Warrants. Upon the terms set forth in this Agreement, and in consideration for each Investor’s willingness to enter into the Credit Agreement, at the Initial Closing (as defined below), the Company shall issue and deliver to each Investor
(i) a duly executed warrant to purchase such Investor’s Percentage Share of 1,211,210 fully paid and non-assessable Common Shares in substantially the form of the Immediately Exercisable Warrant
(each, an “Initial Immediately Exercisable Warrant”) and (ii) a duly executed warrant to purchase such Investor’s Percentage Shares of a number of fully paid and non-assessable
Common Shares that represents 1.25% of the Fully Diluted Shares Outstanding on the applicable Vesting Date in substantially the form of the 50% Utilization Warrant (each, an “Initial 50% Utilization Warrant” and, together with the
Initial Immediately Exercisable Warrants, the “Initial Warrants”). 
 2.2 Facility Increase Warrants. Upon the terms
set forth in this Agreement, and in consideration for each Investor’s willingness to enter into the Credit Agreement, at the Facility Increase Closing (as defined below), if any, the Company shall issue and deliver to each Investor (i) a
duly executed warrant to purchase such Investor’s Percentage Share of a number of fully paid and non-assessable Common Shares that represents 1.25 % of the Fully Diluted Shares Outstanding on the
Facility Increase Closing Date in substantially the form of the Immediately Exercisable Warrant (each, a “Facility Increase Immediately Exercisable Warrant”) and (ii) a duly executed warrant to purchase such Investor’s
Percentage Share of a number of fully paid and non-assessable Common Shares that represents 1.25% of the Fully Diluted Shares Outstanding on the applicable Vesting Date in substantially the form of the 50%
Utilization Warrant (each, a “Facility Increase 50% Utilization Warrant” and, together with the Facility Increase Immediately Exercisable Warrants, the “Facility Increase Warrants”)). 

ARTICLE III 
 REPRESENTATIONS AND
WARRANTIES OF THE COMPANY 
 The Company represents and warrants to each Investor that all of the statements contained in this Article III
are true and complete at and as of (i) the date hereof, (ii) the Initial Closing Date and (iii) the Facility Increase Closing Date. 

Section 3.1 Corporate Existence; Requisite Power and Authority; Qualification. The Company (a) is duly organized or
formed, validly existing and in good standing under the laws of its jurisdiction of organization or formation, (b) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as
proposed to be conducted, to enter into the Transaction Agreements to which it is a party and to carry out the transactions contemplated thereby and to perform its obligations thereunder, and (c) is qualified to do business and in good standing
in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except, in the case of clause (c) of this Section 3.1, to the extent failure to obtain such qualification would not
reasonably be expected to have, individually 

  
 5 

 
or in the aggregate, a Material Adverse Effect. Without limiting the foregoing, the execution and delivery of execution and delivery of this Agreement and the other Transaction Agreements, the
performance by the Company of its obligations hereunder and thereunder, and the issuance of the Warrant, the Warrant Shares and the Put Settlement Shares issuable thereunder complies and will comply in all material respects with the rules and
regulations of the Eligible Market. 
 Section 3.2 Capital Stock and Ownership. 

(a) The capitalization table set forth in Schedule 3.2 accurately reflects the Fully Diluted Shares Outstanding of the Company and all
convertible securities as of the applicable closing date. There are no outstanding shares of capital stock, convertible securities, subscriptions, options, warrants, rights or any other agreement or commitments to which the Company is a party
requiring, and there is no membership interest or other Capital Stock of the Company outstanding which upon conversion or exchange would require, the issuance by the Company of any additional membership interests or other Capital Stock of the
Company or other securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase, a membership interest or other Capital Stock of the Company, except the Warrants and as disclosed on Schedule 3.2. In
addition, Schedule 3.2 sets forth the maximum number of shares that may be issued, directly or indirectly, pursuant to promotional agreements with third-parties. The outstanding shares of Capital Stock of the Company has been duly authorized
and validly issued and is fully paid and non-assessable and issued in compliance with all Applicable Law. 

(b) The Warrants, upon issuance in accordance with the terms of this Agreement and the Warrant Shares and any Put Settlement Shares upon
issuance in accordance with the terms of the applicable Warrant, will be duly authorized, validly issued, fully paid and nonassessable. The Warrant Shares and the Put Settlement Shares have been duly and validly reserved exclusively for issuance on
the exercise of the Warrants. No Capital Stock of the Company is entitled to cumulative voting rights, anti-dilution rights or so-called registration rights under the Securities Act, and no Person is entitled
to preemptive rights, in each case except as set forth in the SEC Documents (other than any forward-looking statement or risk factor disclosures contained in the SEC Documents). The execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby and by the Warrants do not, and will not be, subject to, or trigger, any preemptive rights or any price reset or anti-dilution rights. 

(c) The Common Shares are eligible for clearing through The Depository Trust Company (“DTC”), through its Deposit/Withdrawal
at Custodian (DWAC) system, and the Company is eligible for and participating in the Direct Registration System (DRS) of DTC with respect to the Common Shares. The transfer agent for the Common Shares is a participant in, and the Common Shares are
eligible for transfer pursuant to, DTC’s Fast Automated Securities Transfer Program. The Common Shares are not, and has not at any time been, subject to any DTC “chill,” “freeze” or similar restriction with respect to any
DTC services, including the clearing of transactions in Common Shares through DTC. 

  
 6 

 Section 3.3 Due Authorization. The execution, delivery and performance of the
Transaction Agreements to which the Company is a party have been duly authorized by all necessary action of the Company. The Warrant Shares and any Put Settlement Shares, when issued in compliance with the provisions of the Warrants, will have the
rights, preferences, privileges and restrictions described in the Certificate of Incorporation; and will be free of any Liens other than restrictions on transfer under state and federal securities laws and as otherwise provided in the Transaction
Agreements. 
 Section 3.4 No Conflict. The execution, delivery and performance by the Company of the Transaction Agreements and
the consummation of the transactions contemplated by the Transaction Agreements do not and will not (a)(i) violate any provision of any law or any governmental rule or regulation applicable to the Company, (ii) violate any of the Certificate of
Incorporation or Bylaws of the Company, or (iii) violate any order, judgment or decree of any court or other Governmental Authority binding on the Company, except with respect to clauses (i) and (iii) to the extent that such violation
could not reasonably be expected to have a Material Adverse Effect; (b) conflict in any material respect with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation (as defined
in the Credit Agreement) of the Company, except to the extent that such conflict, breach or default could not reasonably be expected to have a Material Adverse Effect; (c) result in or require the creation or imposition of any Lien upon any of
the properties or assets of the Company (other than a Permitted Lien (as defined in the Credit Agreement)), except with respect to the creation or imposition of any Lien that could not reasonably be expected to have a Material Adverse Effect; or
(d) require any approval of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation of the Company, except for such approvals or consents which will be obtained on or before the Initial
Closing Date or Facility Increase Closing Date, as applicable. Without limiting the foregoing, the execution and delivery of this Agreement and the other Transaction Agreements, the performance by the Company of its obligations hereunder and
thereunder, and the issuance of the Warrants, the Warrant Shares and any Put Settlement Shares issuable thereunder complies and will comply in all material respects with the rules and regulations of the Principal Market. 

Section 3.5 Government Approvals. The execution, delivery and performance by the Company of the Transaction Agreements to which
the Company is a party and the consummation of the transactions contemplated by the Transaction Agreements do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental
Authority, other than filings that have been made, or will be made, or consents that have been obtained, or will be obtained, pursuant to the rules and regulations of the Eligible Market, including a supplemental listing application, applicable
state securities laws and post-sale filings pursuant to applicable state and federal securities laws which the Company undertakes to file or obtain within the applicable time periods and the filings required to be made pursuant to the Registration
Rights Agreement. 

  
 7 

 Section 3.6 Binding Obligation. Each Transaction Agreement to which the Company
is a party has been duly executed and delivered by the Company and is the legally valid and binding obligation of each of the Company, enforceable against the Company in accordance with its respective terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. 

Section 3.7 Private Sale. The Company has not, either directly or through any agent, offered any securities to or solicited any
offers to acquire any securities from, or otherwise approached, negotiated, or communicated in respect of any securities with, any Person in such a manner as to require that the offer or sale of the Warrants, Warrant Shares or Put Settlement Shares
be registered pursuant to the provisions of Section 5 of the Securities Act and the rules and regulations of the Commission thereunder or the securities laws of any other jurisdiction. Neither the Company nor anyone acting on its behalf will
take any action prior to the Initial Closing or the Facility Increase Closing, as applicable, that would cause any such registration to be required (including any offer, issuance or sale of any security of the Company under circumstances that might
require the integration of such security with the Warrants, Warrant Shares or Put Settlement Shares under the Securities Act or the rules and regulations of the Commission thereunder) that might subject the offering, issuance or sale of the
Warrants, Warrant Shares or Put Settlement Shares to the registration provisions of the Securities Act. Assuming the representations and warranties of the Investors contained in Article V are true and correct, the issuance of the Warrants,
the Warrant Shares and any Put Settlement Shares is exempt from registration under the Securities Act. Any notices required to be filed under Applicable Laws in connection with the offer and sale of the Warrants, the Warrant Shares and the Put
Settlement Shares prior to or subsequent to the Initial Closing or the Facility Increase Closing, as applicable, shall be filed on a timely basis as so required. Neither the Company nor any person acting on its behalf has engaged or will engage in
any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with the offer or sale of the Warrants, Warrant Shares or Put Settlement Shares. None of the Warrants, Warrant Shares
nor Put Settlement Shares are being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any state securities laws. 

Section 3.8 Registration Rights. Following the Initial Closing and the Facility Increase Closing, the Company and its Subsidiaries
will not have any obligations with respect to registration rights, including piggyback rights, to any Person, except as set forth in the SEC Documents and the Registration Rights Agreement. The Company is not, and never has been, a “shell
company” (as defined in Rule 12b-2 under the Exchange Act). 
 Section 3.9 Securities
Matters. 
 (a) The Common Shares are registered pursuant to Section 12(b) of the Exchange Act, and neither the Company nor any of
its Subsidiaries has taken, or will take, any action designed to terminate, or which to the knowledge of the Company and its Subsidiaries is likely to have the effect of terminating, the registration of the Common Shares under the Exchange Act, nor
has the Company or any of its Subsidiaries received any notification that the Commission is contemplating terminating such registration. Neither the Company nor any of its Subsidiaries 

  
 8 

 
is in violation of any of the rules, regulations or requirements of the Principal Market, and, to the knowledge of the Company and its Subsidiaries, there are no facts or circumstances that would
reasonably be expected to lead to suspension or termination of trading of the Common Shares on the Principal Market. Since July 14, 2021, (i) the Common Shares have been listed or designated for quotation, as applicable, on the Principal
Market, (ii) trading in the Common Shares has not been suspended or deregistered by the Commission or the Principal Market, and (iii) except as set forth in Schedule 3.9, neither the Company nor any of its Subsidiaries has received
any communication, written or oral, from the Commission or the Principal Market regarding the suspension or termination of trading of the Common Shares on the Principal Market. 

(b) The Company has filed all required reports, schedules, forms, statements and other documents with the Commission pursuant to the
Securities Act and the Exchange Act (in each case including all financial statements and schedules and pro forma financial information included therein, all exhibits thereto and all documents incorporated by reference therein, the “SEC
Documents”), within the time frames prescribed by the Commission (including any available grace periods and extensions authorized by the SEC) for the filing of such SEC Documents such that each filing was timely filed with the SEC. The
Company filed and made publicly available on the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (EDGAR) on or prior to the date this representation is made, true, correct and complete copies of the SEC Documents to the extent
required by the Securities Act and/or the Exchange Act (as applicable). As of their respective dates, each of the SEC Documents complied in all material respects with the requirements of the Securities Act and/or the Exchange Act (as applicable)
applicable thereto. None of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. Since the filing of the SEC Documents, no event has occurred that would require an amendment or supplement to any of the SEC Documents and as to which such an
amendment or a supplement has not been filed and made publicly available on EDGAR prior to the date this representation is made. 
 (c) It
is understood and acknowledged by the Company that no Investor has been asked to agree, nor has any Investor agreed, to desist from purchasing or selling, long and/or short, Common Shares or other securities of the Company, or “derivative”
securities or securities based on Common Shares or other securities issued by the Company or to hold any securities for any specified term; and the Investors shall not be deemed to have any affiliation with or control over any arm’s length
counterparty in any “derivative” transaction. The Company further understands and acknowledges that (i) each Investor may engage in hedging and/or trading activities at various times during the period that the Warrants, Warrant Shares
and/or Put Settlement Shares are outstanding, and (ii) such hedging and/or trading activities, if any, can reduce the value of the Common Shares held by the existing holders of Common Shares of the Company, both at and after the time the
hedging and/or trading activities are being conducted. The Company acknowledges that any such hedging and/or trading activities do not constitute a breach of any Credit Document or affect the rights of each Investor under any Credit Document. The
Company acknowledges that the issuance of any Warrant Shares and any Put Settlement Shares may result in dilution of the outstanding Common Shares, which dilution may be substantial under 

  
 9 

 
certain market conditions. The Company further acknowledges that its obligations under the Credit Documents, including its obligation to issue the Warrant Shares upon exercise of the Warrants and
its obligation to issue the Put Settlement Shares pursuant to the Warrants, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the
Company or any of its Subsidiaries may have against each Investor and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company. 

ARTICLE IV 
 COVENANTS OF THE
COMPANY 
 Section 4.1 Indemnification. The Company shall (i) indemnify, to the maximum extent permitted by law, each
Investor, each Related Person of each Investor and the Representatives of each of them, from and against all expenses, claims, losses, damages and liabilities (or Proceedings in respect thereof), including any of the foregoing incurred in settlement
of any Proceeding made with the Company’s prior written consent (such consent not to be unreasonably withheld, conditioned or delayed), directly or indirectly arising out of, relating to or based upon any Investor’s exercise of its rights
or performance of its obligations under any of the Transaction Agreements, or the consummation of any of the Transactions; and (ii) reimburse each such indemnified Person for all legal and other expenses incurred in connection with
investigating, preparing or defending any such claims, losses, damages, liabilities or Proceedings. 
 Section 4.2 Further
Assurances. The Company will, at its expense, promptly (a) cure any defects in the creation and issuance of the Warrants, Warrant Shares and the Put Settlement Shares, or in the execution and delivery of the Transaction Agreements,
(b) execute and deliver to each Investor, upon request, all such other and further documents, agreements and instruments in compliance with or pursuant to its covenants and agreements herein, and (c) make any recordings, file any notices,
and obtain any Permits as may be necessary or appropriate in connection therewith, and (d) will procure, subject to issuance or notice of issuance, the listing of any Warrant Shares issuable upon exercise of the Warrants and any Put Settlement
Shares issuable pursuant to the Warrants on the Principal Market on which the Common Shares are then listed or traded. 
 Section 4.3
Announcing Form 8-K. The Company hereby acknowledges and agrees that the Transaction Documents constitute “material agreements or instruments” for purposes of Section 9.18 of the Credit
Agreement and will be filed as exhibits to the Announcing Form 8-K filed pursuant to the Credit Agreement. 

Section 4.4 Disclosure Schedule Update. The Company shall notify the Investors in writing on or prior to the Facility Increase
Closing of any events occurring after the date of this Agreement which require changes or additions to any disclosure schedule previously delivered by the Company in order to make the representations and warranties qualified by such schedule true
and correct as of the Facility Increase Closing and shall deliver to the Investors a new schedule reflecting such changes or additions (each, an “Updated Disclosure Schedule”). Each Updated Disclosure Schedule shall
(i) expressly state that it is being made pursuant to this Section 4.4, (ii) specify the representations and warranties to which it applies and (iii) describe in reasonable detail the changes, additions or events to which it
relates. Each Updated Disclosure Schedule shall qualify the applicable representations and warranties made as of the Facility Increase Closing for all purposes under this Agreement. 

  
 10 

 ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF THE INVESTORS 

Each Investor represents and warrants to the Company, severally and not jointly, that all of the statements contained in this Article III are
true and complete at and as of (i) the date hereof, (ii) the Initial Closing and (iii) the Facility Increase Closing. 

Section 5.1 Power and Authority. Such Investor has all requisite power and authority and has taken all required corporate (or
trust, limited liability company or partnership, as the case may be) and other action necessary to permit it to execute and deliver the Transaction Agreements, if applicable and all other documents or instruments required by the Transaction
Agreements, and to carry out the terms of the Transaction Agreements and of all such other documents or instruments. Each of the Transaction Agreements has been duly executed and delivered by such Investor and (assuming the due authorization,
execution and delivery hereof and thereof by the other signatories thereto) and is a valid and binding obligation of such Investor, enforceable against such Investor in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, or (ii) as limited by laws relating to the availability of
specific performance, injunctive relief, or other equitable remedies. 
 Section 5.2 Purchase for Investment. Such Investor is
acquiring its Warrants, its Warrant Shares and any of their respective Put Settlement Shares for investment, for its own account and not with a view to distribution thereof in violation of federal securities laws of the United States. Such Investor
understands that its Warrants, its Warrant Shares and any of their respective Put Settlement Shares must be held indefinitely unless registered under the Securities Act or an exemption from such registration becomes available. Such Investor
understands that the Warrants it is purchasing are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that
under such laws and applicable regulations such securities may be resold without registration under the Act only in certain limited circumstances. Such Investor understands that no public market presently exists for its Warrants, and there can be no
assurance that any such market will be created. 
 Section 5.3 Financial Matters. Such Investor represents and warrants to the
Company that it understands that the acquisition of its Warrants involves substantial risk and that its financial condition and investments are such that it is in a financial position to hold its Warrants for an indefinite period of time and to bear
the economic risk of, and withstand a complete loss of, such Warrants. In addition, by virtue of its expertise, the advice available to it and previous investment 

  
 11 

 
experience, such Investor has extensive knowledge and experience in financial and business matters, investments, securities and private placements and the capability to evaluate the merits and
risks of the transactions contemplated by this Agreement. Such Investor represents that it is an “accredited investor” as that term is defined in Regulation D promulgated under the Securities Act. 

ARTICLE VI 
 THE CLOSINGS AND
CLOSING CONDITIONS 
 Section 6.1 The Initial Closing. 

(a) The Initial Closing. The purchase and sale of the Initial Warrants shall take place at a closing (the “Initial
Closing”) to be held remotely, via electronic mail on the date hereof. 
 (b) Deliveries. At the Initial Closing,
the Company will deliver to each Investor (i) its Initial Warrants, (ii) the executed Registration Rights Agreement, (iii) a written opinion of King & Spalding, LLP, counsel to the Company, in form and substance reasonably
acceptable to the Investors and (iv) a certificate of the Secretary or an Assistant Secretary of the Company, dated the Initial Closing Date and certifying: (1) that attached thereto is a true and complete copy of the Bylaws as in effect
on the date of such certification; (2) that attached thereto is a true and complete copy of the Certificate of Incorporation as in effect on the date of such certification; (3) that attached thereto is a certificate of the Secretary of
State dated as of a recent date as to the due incorporation and good standing of the Company and listing all documents of the Company on file with the Secretary of State; and (4) that attached thereto is a true and complete copy of resolutions
adopted by the Board authorizing the execution, delivery and performance of the Transaction Agreements, the issuance, sale, and delivery of the Initial Warrants, and that all such resolutions are still in full force and effect and are all the
resolutions adopted in connection with the transactions contemplated by this Agreement. 
 Section 6.2 The Facility Increase Closing.

 (a) The Facility Increase Closing. The purchase and sale of the Facility Increase Warrants shall take place at a closing (the
“Facility Increase Closing”) to be held remotely, via electronic mail on the first date on or following the date the Maximum Committed Amount under the Credit Agreement is increased to $300,000,000 or such other date as the Company
and the Investors may mutually agree (the “Facility Increase Closing Date”). 
 (b) Deliveries. At the
Facility Increase Closing, the Company will deliver to each Investor (i) duly executed Facility Increase Warrants in accordance with Section 2.2, (ii) a written opinion of King & Spalding, LLP, counsel to the
Company, in form and substance reasonably acceptable to the Investors, (iii) a certificate of the Secretary or an Assistant Secretary of the Company, dated the Initial Closing Date and certifying: (1) that attached thereto is a true and
complete copy of the Bylaws as in effect on the date of such certification; (2) that attached thereto is a true and complete copy of the Certificate of Incorporation as in effect on the date of such

  
 12 

 
certification; (3) that attached thereto is a certificate of the Secretary of State dated as of a recent date as to the due incorporation and good standing of the Company and listing all
documents of the Company on file with the Secretary of State; and (4) that attached thereto is a true and complete copy of resolutions adopted by the Board authorizing the execution, delivery and performance of the Transaction Agreements, the
issuance, sale, and delivery of the Facility Increase Warrants, and that all such resolutions are still in full force and effect and are all the resolutions adopted in connection with the transactions contemplated by this Agreement, and (iv) a
certificate of a duly authorized officer, dated the Facility Increase Closing Date, to the effect that (1) the representations and warranties of the Company contained in Article III are true and correct in all material respects at and as of the
Facility Increase Closing Date as if made at and as of the Facility Increase Closing Date (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct
in all material respects only as of such specified date); provided that, if a representation or warranty is qualified as to materiality or Material Adverse Effect, for purposes of this clause (iv), such representation or warranty shall
be true and correct in all respects), and (2) each of the conditions in Section 6.2(c) has been satisfied. 
 (c)
Conditions. The obligation of each Investor to purchase or otherwise acquire its Facility Increase Warrants at the Facility Increase Closing shall be subject to satisfaction or waiver of the following conditions at and as of the Facility
Increase Closing: 
 (i) The Credit Agreement shall be in full force and effect, the Company shall have satisfied all
conditions precedent to the effectiveness of the Credit Agreement and the obligation of the Lenders to make a Credit Extension set forth in Section 3 of the Credit Agreement, and no Default or Event of Default under the Credit Agreement shall
have occurred and be continuing. 
 (ii) The New York Stock Exchange shall have approved the listing of the Warrant Shares
and the Put Settlement Shares, subject to notice of official issuance. 
 (iii) Trading in the Common Shares shall not have
been suspended by the Commission or the Company’s principal Trading Market, and, at any time prior to the Facility Increase Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or
minimum prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall
there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable
judgment of the Investors, makes it impracticable or inadvisable to purchase the Initial Warrants at the Facility Increase Closing. 

(iv) The Maximum Committed Amount under the Credit Agreement has been increased to $300,000,000. 

  
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 ARTICLE VII 

MISCELLANEOUS 
 Section 7.1
Expenses. 
 (a) The Company shall pay all reasonable
out-of-pocket costs and expenses, including reasonable attorneys’ fees and fees, costs and expenses of accountants, advisors and consultants, incurred by the
Investors and their counsel in connection with (i) the investigation of the Company and the negotiation, preparation and administration of the Transaction Agreements, (ii) any amendments, modifications or waivers of the provisions hereof
or thereof (whether or not the transactions contemplated thereby shall be consummated), or (iii) any dispute or Proceeding in respect to the enforcement of the Investors’ rights under or related to any of the Transaction Agreements in
which any Investor is the prevailing party. 
 (b) The provisions of this Section 7.1 shall remain operative and in full force and
effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the invalidity or unenforceability of any term or provision of this Agreement, or any investigation made by or on behalf of
the Investors. All amounts due under this Section 7.1 shall be payable on written demand therefor. 
 Section 7.2
Severability. In the event any one or more of the provisions contained in this Agreement be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall
not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties
shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

Section 7.3 Notices. Notices and other communications provided for herein shall be in writing and shall be delivered in the manner
set forth in the Warrants. 
 Section 7.4 Amendment and Modification; Waiver. This Agreement may only be amended, modified or
supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall
operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise,
or delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege. Any amendment or waiver effected in accordance with this Section 7.4 shall be binding on all parties hereto and each of their respective
successors and assigns. 

  
 14 

 Section 7.5 Survival of Agreement. All covenants, agreements, representations
and warranties made by the Company herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the Investors and shall survive the
execution and delivery of this Agreement and the Closing, regardless of any investigation made by any Investor or on its behalf. 

Section 7.6 Cumulative Remedies. The rights and remedies provided in this Agreement are cumulative and are not exclusive of, and
are in addition to and not in substitution for, any other rights or remedies available at law, in equity or otherwise. 
 Section 7.7
Enforcement of Agreement. Each party hereby acknowledges that the rights of each party to consummate the transactions contemplated hereby are special, unique and of extraordinary character and that, in the event that any party violates or
fails or refuses to perform any covenant or agreement made by it herein, the non-breaching party could (i) be without an adequate remedy at law and (ii) suffer irreparable damage. In the event that
any party violates or fails or refuses to perform any covenant or agreement made by such party herein, the non-breaching party or parties may, subject to the terms hereof and in addition to any remedy at law
for damages or other relief to which such party may be entitled, seek to institute and prosecute an action in any court of competent jurisdiction to enforce specific performance of such covenant or agreement or seek any other injunctive or equitable
relief, without posting any bond or other undertaking. 
 Section 7.8 Entire Agreement. The Transaction Agreements, the Credit
Agreement, the First Amendment and all agreements and instruments contemplated thereby constitute the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein and therein, and supersedes all
prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. 
 Section 7.9
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any
other jurisdiction) that would cause the application of laws of any jurisdiction other than of the State of New York. 
 Section 7.10
Submission to Jurisdiction; Consents to Service of Process. 
 (a) Any Proceeding arising out of or based upon this Agreement or the
transactions contemplated hereby shall be instituted in the federal courts of the United States of America or the courts of the State of New York in each case located in New York City, Borough of Manhattan, and each party irrevocably submits to the
exclusive jurisdiction of such courts in any such suit, action or proceeding. The parties irrevocably and unconditionally waive any objection to the laying of venue of any Proceeding in such courts and irrevocably waive and agree not to plead or
claim in any such court that any Proceeding brought in any such court has been brought in an inconvenient forum. 

  
 15 

 (b) Each party irrevocably consents to service of process in the manner provided for
notices in Section 7.3. Nothing in this Agreement will affect the right of any party to serve process in any other manner permitted by law. 

Section 7.11 Waiver of Jury Trial. Each party acknowledges and agrees that any controversy that may arise under this Agreement
is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any Proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby. 
 Section 7.12 Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. 
 Section 7.13
Titles and Subtitles. 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. 

Section 7.14 Successors and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be
deemed to include the permitted successors and permitted assigns of such party; and all covenants, promises and agreements by or on behalf of the parties hereto that are contained in this Agreement shall bind and inure to the benefit of their
respective successors and assigns. Other than in the case of any Change of Control (as defined in the Warrants), the Company shall not assign or delegate any of its rights or duties hereunder without the prior written consent of each Investor, and
any attempted assignment without such consent shall be null and void; provided that no assignment or delegation of the Company’s rights or duties hereunder shall relieve the Company from any of its obligations hereunder without the prior
written consent of each Investor. The Investors may assign their rights under this Agreement to any of its Affiliates or to any other Lender. 

Section 7.15 No Strict Construction. This Agreement shall be construed without regard to any presumption or rule requiring
construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. 
 Section 7.16
Replacement of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of a Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood
that a written indemnification agreement or affidavit of loss of an Investor shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute
and deliver to any Investor, in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed; provided, that, in the case of mutilation, no
indemnity shall be required if a Warrant in identifiable form is surrendered to the Company for cancellation. 

  
 16 

 Section 7.17 No Third-party Beneficiaries. This Agreement is for the sole
benefit of the parties hereto and their successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement. 
 Section 7.18 Interpretation. Any provision of this Agreement that refers to the words
“include,” “includes” or “including” shall be deemed to be followed by the words “without limitation.” All references to this Agreement or any other agreement include, whether or not expressly referenced, the
exhibits, annexes, and schedules attached hereto or thereto, and such exhibits, annexes and schedules shall be construed with, and as an integral part of, this Agreement or such other agreement to the same extent as if they were set forth verbatim
herein or therein. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The
word “or” when used in this Agreement is not exclusive. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms. Unless otherwise expressly indicated, any agreement, instrument,
law or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument, or statute as from time to time amended, modified or supplemented, including (in the case of agreements or
instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted
successors and assigns. All references to “dollars” or “$” in this Agreement shall mean United States Dollars. All accounting terms used and not defined herein have the respective meanings given to them under GAAP. The words
“asset” and “property” shall be construed as having the same meaning and effect and to refer to any and all assets, real and personal, tangible and intangible. The parties hereto have participated jointly in the negotiation and
drafting of this Agreement and the other agreements and documents contemplated herein. In the event that any claim is made by any Person relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or
persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular Person or its counsel. 

[Remainder of page intentionally blank] 

  
 17 

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

			
	COMPANY:
	
	F45 TRAINING HOLDINGS INC.
		
	By:	 	/s/ Adam Gilchrist
		 	Name: Adam Gilchrist
		 	Title: Chief Executive Officer

  

			
	INVESTORS:
	
	DRAWBRIDGE DSO SECURITIES LLC, a Delaware limited liability company
		
	By:	 	/s/ Avraham Dreyfuss
		 	Name: Avraham Dreyfuss
		 	Title: Chief Financial Officer
	
	FORTRESS LENDING III HOLDINGS L.P., a Cayman Islands exempted limited partnership
	
	By: Fortress Lending Advisors III LLC, its investment manager
		
	By:	 	/s/ Avraham Dreyfuss
		 	Name: Avraham Dreyfuss
		 	Title: Chief Financial Officer
	
	FORTRESS LENDING FUND II MA-CRPTF LP, a Delaware limited partnership
	
	FLF II MA-CRPTF Advisors LLC, its investment manager
		
	By:	 	/s/ Avraham Dreyfuss
		 	Name: Avraham Dreyfuss
		 	Title: Chief Financial Officer
	
	FORTRESS LENDING II HOLDINGS L.P., a Cayman Islands exempted limited partnership
	
	By: Fortress Lending Advisors II LLC, its investment manager
		
	By:	 	/s/ Avraham Dreyfuss
		 	Name: Avraham Dreyfuss
		 	Title: Chief Financial Officer

  
 [Signature Page to
Warrant Purchase Agreement (F45)] 

 EXHIBIT A 

Form of Immediately Exercisable Warrant 
 See
attached. 

 Final Form 

WARRANT 
 THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF, OR OTHERWISE PURSUANT TO, THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN
SECURITIES LAWS, AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE SECURITIES ACT AND IS QUALIFIED UNDER
APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE SECURITIES ACT, INCLUDING PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OR PURSUANT TO A PRIVATE SALE
EFFECTED UNDER SECTION 4(a)(7) OF THE SECURITIES ACT OR APPLICABLE FORMAL OR INFORMAL SEC INTERPRETATION OR GUIDANCE, SUCH AS A SO-CALLED “4[(a)](1) AND A HALF SALE.” NOTWITHSTANDING THE FOREGOING,
THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.” 

THE HOLDER AND ANY ASSIGNEE OF THE HOLDER, BY ACCEPTANCE OF THIS WARRANT, ACKNOWLEDGE AND AGREE THAT, BY REASON OF THE PROVISIONS OF THIS
WARRANT, THE NUMBER OF WARRANT SHARES AVAILABLE FOR PURCHASE HEREUNDER AT ANY GIVEN TIME MAY BE LESS THAN THE AMOUNT STATED HEREIN. 
 F45
TRAINING HOLDINGS INC. 
 WARRANT 
  

	
	Issue Date: [___], 202[__]

 This Warrant, dated as of [__], 202[    ], is between F45 Training Holdings Inc.
(the “Company”) and ________________ (together with its permitted successors or assigns, the “Holder”). 

FOR VALUE RECEIVED, the Company hereby certifies that the Holder, or its registered assigns, is entitled to purchase from the Company
______________(___) fully paid and non-assessable Common Shares (as defined herein) at a purchase price of $16.00 per Common Share (the “Exercise Price”), all subject to the terms,
conditions and adjustments set forth below in this Warrant. This Warrant is being issued (i) pursuant to the Warrant Purchase Agreement, dated as of May 13, 2022, between the Company and the Holder (the “Warrant Purchase
Agreement”) and (ii) in connection with a certain Credit Agreement, dated as of May 13, 2022, by and among the Company, F45 SPV Finance Company, LLC, a Delaware limited liability company, as borrower, F45 Intermediate Holdco, LLC,
a Delaware limited liability company, as originator, and Fortress Credit Corp., as administrative agent, as collateral agent, and a lender (as such agreement may be amended, supplemented or otherwise modified from time to time, the “SPV
Credit Agreement”). Capitalized terms not otherwise defined herein shall have the respective meanings set forth in the Warrant Purchase Agreement. 

 1. Definitions. As used in this Warrant, the following terms have the respective meanings set forth
below: 
 “Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or
is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Aggregate Exercise Price” means, with respect to each exercise of this Warrant, an amount equal to (a) the number of
Warrant Shares in respect of which this Warrant is then being exercised pursuant to Section 3 hereof, times (b) the Exercise Price. 

“Aggregate Put Price” means an amount equal to (a) the Put Option Percentage, times (b) the Put Option
Amount. 
 “Attribution Parties” has the meaning set forth in Section 12. 

“Average VWAP” for the Common Shares over a certain period means the arithmetic average of the VWAP per Common Share on each
Trading Day during such period (subject to appropriate adjustment to reflect any stock split, stock combination, reclassification, payment of stock dividend, recapitalization or other similar transaction of such character that the Common Shares
shall be changed into or become exchangeable for a larger or small number of shares that occurs during such period). 
 “Beneficial
Ownership Limitation” has the meaning set forth in Section 12. 
 “Business
Day” means any day, except a Saturday, Sunday or legal holiday, on which commercial banking institutions in the city of New York, New York are authorized or obligated by law or executive order to close; provided, however,
for clarification, bank institutions shall not be deemed to be authorized or obligated by law or executive order to remain closed due to “stay at home,”
“shelter-in-place,” “non-essential employee” or any other similar orders or restrictions or the closure of
any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in the City of New York generally are open for use by customers on such
day. 
 “Buy-In” has the meaning set forth in
Section 3(d). 
 “Cashless Exercise” has the meaning set forth in
Section 3(b). 
 “Change of Control” means any of the following: 

(a) the acquisition, in one transaction or series of related transactions, by any person (or group of persons acting in concert) of beneficial
ownership of (i) 50% or more of the voting equity securities of the Company or (ii) equity securities which otherwise entitle such person or group to elect a majority of the members of the Company’s board of directors; or 

  
 2 

 (b) the consummation by the Company of any consolidation, stock exchange or merger of the
Company with or into any other corporation or other entity or person, or any other corporate reorganization, other than any such consolidation, merger or reorganization after which the stockholders of the Company immediately prior to such
consolidation, merger or reorganization, continue to hold a majority of the voting power of the surviving entity in substantially the same proportions (or, if the surviving entity is a wholly-owned subsidiary, its parent) immediately after such
consolidation, merger or reorganization; or 
 (c) the consummation by the Company of the sale or other disposition of all or substantially
all of its assets to any entity or person that is not controlled by or under common control with the Company. 
 “Common
Shares” means the common stock, par value $0.00005 per share, of the Company, and any common stock into which such common stock shall have been converted, exchanged or reclassified following the date hereof. 

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

“Convertible Securities” means all warrants (including the Warrants), rights, options, evidence of indebtedness and
securities (other than Options) that are directly or indirectly convertible into or exchangeable or exercisable for Common Shares or any other common equity securities of, or similar rights in, the Company, either immediately or upon the arrival of
a specified date or the happening of a specified event. 
 “DTC” has the meaning set forth in
Section 3(c). 
 “DWAC” has the meaning set forth in Section 3(c).

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Exercise Date” means, except as provided for in Section 3(g), for any given
exercise of this Warrant, (i) the date on which the Exercise Notice in respect of such exercise is delivered to the Company, if delivered at or before 6:00 p.m. (New York City time) on a Trading Day and (ii) the first Trading Day after
such Exercise Notice is delivered, if delivered after 6:00 p.m. (New York City time) on a Trading Day or at any time on a day other than a Trading Day. 

“Exercise Period” has the meaning set forth in Section 2(a). 

“Exercise Price” has the meaning set forth in the preamble. 

“Fair Market Value” of the Common Shares means, as of any particular date: (a) if traded on a national securities
exchange, the Average VWAP for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately prior to such date of valuation; (b) if quoted on the OTC Bulletin Board or an over the counter
market operated by OTC Markets 

  
 3 

 
Group, Inc. or its successor, the Average VWAP for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately prior to such date of
valuation; and (c) if neither (a) nor (b) applies, the Fair Market Value shall be the value thereof, as agreed upon by the Company and the Holder; provided, however, that if the Company and the Holder cannot agree on such
value, such value shall be determined by an independent valuation firm experienced in valuing businesses such as the Company and jointly selected in good faith by the Company and the Holder. Fees and expenses of the valuation firm shall be paid for
by the Company. 
 “Fortress” means, collectively, Fortress Investment Corp. and its Affiliates, including the Holder. 

“Fully Diluted Shares Outstanding” means, as of any date of determination, all of the outstanding Common Shares on a
fully-diluted basis giving effect to the exercise, conversion or exchange of all Convertible Securities and Options, in each case, outstanding as of the such date; provided, that Common Shares or other Options or Convertible Securities that may be
issued in the future pursuant to promotional agreements with third-parties shall not be considered in calculating Fully Diluted Shares Outstanding until such time that such Common Shares, Options or other Convertible Securities are actually issued.

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

“IRS” means the United States Internal Revenue Service. 

“Loans” has the meaning set forth in the SPV Credit Agreement. 

“Maximum Committed Amount” has the meaning set forth in the SPV Credit Agreement. 

“Options” means any rights, warrants or options to subscribe for or purchase Common Shares, other common equity securities
of, or similar rights in, the Company, or Convertible Securities. 
 “Organizational Documents” means the certificate or
articles of incorporation, bylaws or other organizational or charter documents of the Company. 
 “Person” means any
individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated organization or government or department or agency thereof. 

  
 4 

 “Pro Rata Repurchase” means any purchase of Common Shares by the Company or
any subsidiary thereof pursuant to (A) any tender offer or exchange offer subject to Section 13(e) of the Exchange Act, or (B) any other offer made to substantially all holders of Common Shares, in each case whether for cash, shares
of capital stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other Person or any other property, or any combination thereof, effected while this Warrant is outstanding; provided,
however, that, for the avoidance of doubt, “Pro Rata Repurchase” shall not include any open market repurchase, including any purchase of shares by the Company or any subsidiary thereof made in accordance with the requirements of
Rule 10b-18 as in effect under the Exchange Act. The “Effective Date” of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or exchange under any tender or exchange
offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Repurchase that is not a tender or exchange offer. 

“Put Notice” has the meaning set forth in Section 5(b). 

“Put Option” has the meaning set forth in Section 5(a). 

“Put Option Amount” means an amount that represents the original Holder’s Percentage Share (as defined in the Warrant
Purchase Agreement) of $2,500,000. 
 “Put Option Closing Date” has the meaning set forth
in Section 5(c). 
 “Put Option Exercise Date” has the meaning set forth in Section 5(b).

 “Put Option Percentage” means a fraction, expressed as a percentage, (x) the numerator of which shall be the number of
Warrant Shares issuable upon exercise of this Warrant on the Put Exercise Date and (y) the denominator of which shall be the number of Warrant Shares issuable upon exercise of this Warrant on the date of issuance of this Warrant. 

“Put Option Settlement Deadline” has the meaning set forth in Section 5(c). 

“Put Settlement Shares” shall have the meaning set forth in Section 11(a). 

“Reduction Shares” has the meaning set forth in Section 12. 

“Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of May 13, 2022, by and among
the Company and the other Persons party thereto, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

“Share Delivery Failure” has the meaning set forth in Section 3(d). 

“Standard Settlement Period” means, as of any date of determination, the standard settlement period for equity trades
effected by U.S. broker-dealers, expressed in a number of Trading Days, as in effect on the applicable date. 
 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 “Share Delivery
Failure” has the meaning set forth in Section 3(d). 
 “Share Issuance Cap” has the
meaning set forth in Section 6. 
 “Share Issuance Cap Excess Amount” has the meaning set forth
in Section 5(c). 
 “Share Settlement Amount” means a number of Common Shares equal to the
quotient of (x) the dollar amount of the Aggregate Put Price divided by (y) the Fair Market Value of the Common Shares as of the Put Option Exercise Date. 

“SPV Credit Agreement” has the meaning set forth in the preamble. 

  
 5 

 “Successor Entity” has the meaning set forth in
Section 4(a). 
 “Trading Day” means a day during which trading in securities generally occurs on
the principal other national or regional securities exchange on which the Common Shares are then listed or, if the Common Shares are not listed on a national or regional securities exchange, on the principal other market on which the Common Shares
are then traded. If the Common Shares are not so listed or traded, “Trading Day” means a Business Day. 
 “Transfer
Agent” has the meaning set forth in Section 3(c). 
 “Unrestricted Conditions” has
the meaning set forth in Section 11(b). 
 “VWAP” means, for any date, the price determined by
the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a national securities exchange, the daily volume weighted average price per Common Share for such date (or the nearest preceding date) on the
principal trading market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. New York City time to 4:02 p.m. New York City time); or (b) if the Common Shares are quoted on
any one or more of the OTC Bulletin Board, or the other OTC markets, including the OTCQX, OTCQB and OTC Pink markets, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the OTC Bulletin Board;
provided that in each case where Bloomberg L.P. data is being relied upon, the Holder shall provide to the Company a copy of such information for the Company’s records. 

“Warrant” means this Warrant and all warrants issued in substitution for this Warrant. 

“Warrant Exercise Notice” has the meaning set forth in Section 3(a). 

“Warrant Purchase Agreement” has the meaning set forth in the preamble. 

“Warrant Shares” means the Common Shares issued or issuable upon exercise of this Warrant. 

2. Term of Warrant. Subject to the terms and conditions hereof, at any time, or from time to time, after the date hereof and until 6:00 p.m. (New York
City time) on [__], 202[_]1 (the “Exercise Period”), the Holder of this Warrant may exercise this Warrant for all or any part of the Warrant Shares purchasable hereunder (subject
to adjustment as provided herein). 
 3. Exercise of Warrant. 

(a) Exercise Procedure. Subject to the Share Issuance Cap, this Warrant may be exercised in whole or in part at any time and from time
to time during the Exercise Period by delivering to the Company (by electronic mail or otherwise in accordance with Section 15) written notice of such exercise in the form attached hereto as Exhibit A (the
“Warrant Exercise Notice”). Payment of the Aggregate Exercise Price will be made by a Cashless Exercise in accordance with Section 3(b). In the event that this Warrant has not been exercised in full and the
Holder shall not 
  
  

	1 	 To be the date that is seventh anniversary of the Issue Date.

  
 6 

 
have delivered a Warrant Exercise Notice by 6:00 p.m. (New York City Time) on the last day of the Exercise Period, the Holder shall be deemed to have exercised the purchase rights represented by
this Warrant in full as a Cashless Exercise as of 5:59 p.m. (New York City time) on such last day (regardless of whether such day is a Trading Day or a Business Day). 

(b) Payment of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made by the Company withholding a number
of Warrant Shares then issuable upon exercise of this Warrant with an aggregate Fair Market Value as of the Exercise Date equal to such Aggregate Exercise Price (a “Cashless Exercise”). In the event of any withholding
of Warrant Shares where the number of Warrant Shares whose value is equal to the Aggregate Exercise Price is not a whole number, the number of Warrant Shares withheld by or surrendered to the Company shall be rounded up to the nearest
whole Common Share and the Company shall make a cash payment to the Holder (by delivery of a certified or official bank check or by wire transfer of immediately available funds) based on the incremental fraction of a Common
Share being so withheld by or surrendered to the Company in an amount equal to (x) such incremental fraction of a Common Share being so withheld or surrendered times (y) the Fair Market Value per Common Share as of
the Exercise Date. 
 (c) Delivery of Warrant Shares. In the event of any exercise of the purchase rights
represented by this Warrant in accordance with the terms hereof, the Company shall deliver the Warrant Shares (x) in the case of an exercise at a time when any of the Unrestricted Conditions is met as of the Exercise Date, by causing the
Company’s designated transfer agent (“Transfer Agent”) to electronically transmit the Warrant Shares issuable upon such exercise to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust
Company (“DTC”), through its Deposit/Withdrawal at Custodian (“DWAC”) system, as specified in the relevant Warrant Exercise Notice no later than two (2) Trading Days (or, if less, the number of Trading Days
comprising the Standard Settlement Period) after the relevant Exercise Date, or (y) in the case of an exercise at a time when the Warrant Shares issuable upon such exercise are required to bear a restrictive legend pursuant to
Section 11(b) because none of the Unrestricted Conditions is met in respect thereof, no later than five (5) Trading Days after the relevant Exercise Date, by providing evidence of the entry into the books and records
(in book-entry format) of the Transfer Agent the number of Warrant Shares so purchased, in the name of the Holder. Upon the exercise of this Warrant or any part hereof, the Company shall, at its own cost and expense, take all necessary action,
including obtaining and delivering an opinion of counsel, if applicable, to assure that the Transfer Agent shall transmit to the Holder in accordance with this Section 3(c) the number of Warrant Shares issuable upon such
exercise. The Company warrants that no instructions other than these instructions have been or will be given to the Transfer Agent and that the Warrant Shares will be free-trading and freely transferable if any of the Unrestricted Conditions is met.
Upon the delivery of a Warrant Exercise Notice in accordance with Section 3(a), the Holder shall be deemed for all purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has
been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s or its designee’s DTC account or the date that the Company has provided evidence of the entry into the books and records (in book-entry format) of
the Transfer Agent the number of Warrant Shares so purchased, in the name of the Holder, as the case may be. The Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant
Shares available hereunder and this Warrant has been exercised in full, in which case the Holder shall surrender this Warrant to the Company for cancellation within three (3) 

  
 7 

 
Trading Days following the date the final Warrant Exercise Notice is delivered to the Company. Execution and delivery of a Warrant Exercise Notice with respect to a partial exercise shall have
the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. The Holder and the Company shall maintain records showing the number of Warrant Shares
purchased and the remaining number of Warrant Shares. The Holder and any assignee of the Holder, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, the number of Warrant Shares available
for purchase hereunder at any given time may be less than the amount stated herein. 
 (d) Compensation for Failure to Timely
Deliver Warrant Shares Upon Exercise. Except as set forth in this Section 3(d), if the Company shall fail for any reason or for no reason to, prior to 5:00 p.m. (New York City time) on the applicable Warrant Share
delivery date, issue and deliver to the Holder the number of Warrant Shares to which the Holder is entitled upon the exercise of this Warrant in the manner specified in the applicable Warrant Exercise Notice (a “Share Delivery
Failure”), then the Company shall, in addition to any other remedies under this Warrant or otherwise available to the Holder, including any indemnification under the Warrant Purchase Agreement, pay as partial liquidated damages (but not as
a penalty) in cash to the Holder on each day after the expiration of such Standard Settlement Period that such Warrant Shares are not issued and delivered to the Holder an amount equal to the 1.0% of the product of (A) the number of Common
Shares not issued to the Holder on or prior to the applicable Warrant Share delivery date and (B) the VWAP of the Common Shares on applicable Warrant Share delivery date. Notwithstanding the foregoing, if solely as a result of the actions, or
inaction, by the Transfer Agent, as certified by the Company to the Holder in good faith, the Company shall fail to issue and deliver to the holder any applicable Warrant Shares prior to 5:00 p.m. (New York City time) on an applicable Warrant Share
delivery date, then no Share Delivery Failure shall be deemed to have occurred as long as the Company continues to use reasonable best efforts to cause the Transfer Agent to promptly issue and deliver any such Warrant Shares. 

(e) Buy-In. In addition to any other rights available to the Holder (except as set forth below
in this Section 3(e)), if there is a Share Delivery Failure, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall
(A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and
(B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the
number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence
the Company shall be required to pay the Holder $1,000. The 

  
 8 

 
Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company,
evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Company’s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof. 

(f) Fractional Warrant Shares. The Company shall not be required to issue fractional Warrant Shares upon exercise of any Warrant.
As to any fraction of a Common Share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay to the Holder an amount in cash (by delivery of a certified or official bank check or by wire
transfer of immediately available funds) equal to (i) such fraction times (ii) the Fair Market Value of one Common Share on the Exercise Date. 

(g) Conditional Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made
in connection with a public offering or a sale of the Company (pursuant to a merger, sale of Common Shares, or otherwise), such exercise may at the election of the Holder be conditioned upon the consummation of such transaction, in which case
such exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction and the Exercise Date shall be deemed to be the date of consummation of such transaction. 

(h) Reservation of Common Shares. The Company shall at all times reserve and keep available Common Shares or other securities
constituting Common Shares, solely for the purpose of issuance pursuant to this Warrant, the maximum number of Warrant Shares issuable from time to time pursuant to this Warrant (whether upon the exercise of the purchase right hereunder, exercise of
the Holder’s rights under Section 5 or otherwise). The Company shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Common
Shares upon the exercise of this Warrant or the exercise of the Holder’s rights under Section 5. 
 4. Effect of Certain
Events on Common Shares. 
 (a) Adjustment to Common Shares Upon a Change of Control. In the event of
any Change of Control, the holder of this Warrant will be entitled to receive in regards to any Warrant Shares not yet purchased pursuant to each Warrant, an amount, in cash, securities or other assets (as applicable) equal to the
difference between the exercise price for such Common Share and the amount, in cash, securities or other assets (as applicable) per Common Share that the holder would have received upon consummation of the Change of
Control if the Holder were the record owner of all of the Warrant Shares then issuable upon exercise of the Warrant (assuming the Exercise Price had been satisfied in cash, without the need to withhold Common Shares in a Cashless Exercise and
without regard to the Beneficial Ownership Limitation or any other limitations on exercise herein or elsewhere and without regard to whether or not a sufficient number of shares are authorized, reserved and available to effect any such exercise and
issuance) immediately prior to such event or the record date for determining stockholders entitled to receive proceeds thereof, if applicable. The Company shall cause any successor entity in a Change of Control in which the Company is not the
survivor as the parent entity (the “Successor Entity”) to assume in writing all 

  
 9 

 
of the obligations of the Company under this Warrant and the Registration Rights Agreement in accordance with the provisions hereof and thereof pursuant to written agreements in form and
substance reasonably satisfactory to the board of directors of the Company at or prior to such Change of Control. Upon the occurrence of any such Change of Control, the Successor Entity shall succeed to, and be substituted for (so that from and
after the date of such Change of Control, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant and the Registration Rights Agreement with the same effect as if such Successor Entity had been named as the Company herein and therein. 

(b) Adjustment to Common Shares Upon a Subdivision or Reclassification. If the Company subdivides the outstanding Common
Shares by reclassification, capital reorganization or otherwise into a greater number of shares or other assets or securities, each Warrant shall remain outstanding and thereafter, in lieu of or in addition to (as the case may be),
the number of Warrant Shares purchasable hereunder shall be proportionately increased and adjusted (and the Exercise Price shall be proportionately decreased) such that each Warrant shall be exercisable for the kind and number of Common
Shares or other securities or assets resulting from such transaction to which the Holder would have been entitled upon such transaction if the Holder had exercised such Warrant in full immediately prior to the consummation of such
transaction and acquired the applicable number of Warrant Shares then issuable hereunder as a result of such exercise (without taking into account any limitations or restrictions on the exercisability of this Warrant); and, in such
case, appropriate adjustment (in form and substance satisfactory to the Holder) shall be made with respect to the Holder’s rights under this Warrant to ensure that the provisions of this Warrant shall
thereafter be applicable, as nearly as possible, to any Common Shares, securities or assets thereafter acquirable upon exercise of this Warrant. If the outstanding Common Shares are combined or consolidated, by reclassification,
capital reorganization or otherwise, into a lesser number of shares, the number of Warrant Shares purchasable hereunder shall be proportionately decreased (and the Exercise Price shall be proportionately increased). Any adjustment
under this Section 4(b) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date
is fixed, upon the making of such dividend or distribution. The provisions of this Section 4(b) shall similarly apply to successive reorganizations, reclassifications, consolidations, mergers, sales or similar
transactions. 
 (c) Distributions. Subject to the provisions of Section 4(a) and Section
4(b), as applicable, if the Company, at any time or from time to time, makes or declares, or fixes a record date for the determination of holders of Common Shares entitled to receive, a distribution payable in securities of the Company, cash or
other property, then, and in each such event, the Holder, as the holder of this Warrant, shall be entitled to receive any such dividend or distribution, other than a dividend or distribution resulting in an adjustment pursuant to
Section 4(b), to the same extent as if the Holder had exercised this Warrant in full (assuming the Exercise Price had been satisfied in cash, without the need to withhold Common Shares in a Cashless Exercise and without
regard to the Beneficial Ownership Limitation or any other limitations on exercise herein or elsewhere and without regard to whether or not a sufficient number of shares are authorized, reserved and available to effect any such exercise and
issuance) and had held such Warrant Shares on the record date for such dividend or distribution (or, if there is no record date therefor, on the date of such dividend or distribution). Payments or distributions under this
Section 4(b) shall be made concurrently with the dividend or distribution to holders of the Common Shares. 

  
 10 

 (d) Certain Repurchases of Common Shares. In case the Company effects a Pro Rata
Repurchase of Common Shares, then the Exercise Price shall be reduced to the price determined by multiplying the Exercise Price in effect immediately prior to the Effective Date of such Pro Rata Repurchase by a fraction of which the numerator shall
be (i) the product of (x) the number of Common Shares outstanding immediately prior to such Pro Rata Repurchase and (y) the Fair Market Value of a Common Share on the Trading Day immediately preceding the first public announcement by
the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase, minus (ii) the aggregate value of all cash and any other consideration (as determined by the Company in good faith) paid or payable for shares purchased in
such Pro Rata Repurchase, and of which the denominator shall be the product of (x) the number of Common Shares outstanding immediately prior to such Pro Rata Repurchase minus the number of Common Shares so repurchased and (y) the Fair
Market Value per Common Share on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase. In such event, the number of Warrant Shares available for
purchase hereunder shall be increased to the number obtained by dividing (i) the product of (x) the number of Warrant Shares available for purchase hereunder before such adjustment, and (y) the Exercise Price in effect immediately
prior to the Pro Rata Repurchase giving rise to this adjustment by (ii) the new Exercise Price determined in accordance with the immediately preceding sentence. 

(e) Certificate as to Adjustment. As promptly as reasonably practicable following any adjustment pursuant to the provisions
of Section 4, but in any event not later than two (2) Business Days thereafter, the Company shall furnish to the Holders a certificate of an executive officer setting forth in reasonable detail such
adjustment and the facts upon which it is based and certifying the calculation thereof. As promptly as reasonably practicable following the receipt by the Company of a written request by the Holder, but in any event not later than ten
(10) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer certifying the amount of other Warrant Shares, securities or assets then issuable upon exercise of the Warrant. 

(f) Notices. In the event: 

(i) that the Company shall take a record of the holders of its Common Shares (or other securities at the time
issuable upon exercise of the Warrant) for the purpose of entitling or enabling them to receive any extraordinary distribution described under Section 4(c); 

(ii) of any Change of Control; 

(iii) of any subdivision or reclassification as described in Section 4(b); or 

(iv) of the voluntary or involuntary dissolution, liquidation or winding-up of the
Company; 

  
 11 

 then, and in each such case, the Company shall send or cause to be sent to the Holder at least ten
(10) calendar days prior to the applicable record date or the applicable expected effective date, as the case may be, for the event, a written notice specifying, as the case may be, (A) the record date for such distribution, and a
description of such distribution, or (B) to the extent known, the effective date on which such Change of Control, subdivision, reclassification, dissolution, liquidation or winding-up is proposed to take
place, and the date, if any is to be fixed, as of which the books of the Company shall close or a record shall be taken with respect to which the holders of record of Common Shares (or such other securities at the time issuable upon
exercise of the Warrant) shall be entitled to exchange their Common Shares (or such other securities) for securities or other property deliverable upon such Change of Control, subdivision, reclassification, dissolution, liquidation or winding-up , and the amount per Common Share and character of such exchange applicable to the Warrant and the Warrant Shares. 

5. Put Option 
 (a) Subject to the
limitations provided in this Section 5, the Holder shall have the right (the “Put Option”), but not the obligation, to sell to the Company, all, but not less than all, of the remaining purchase rights then
represented by this Warrant for a price equal to the Aggregate Put Price. The Put Option may be exercised at any time during the Exercise Period. For the avoidance of doubt, the Put Option shall be forfeited upon the exercise of this Warrant in full
pursuant to Section 3. 
 (b) The Put Option may be exercised only by the Holder delivering written notice of
exercise to the Company in the form attached as Exhibit C hereto (the “Put Notice”). Upon delivery of the Put Notice (the date of such delivery, the “Put Option Exercise Date”), the Company shall be obligated
to purchase from the Holder and cancel, and the Holder shall be obligated to sell to the Company, this Warrant by the Put Option Settlement Deadline (as defined below). For the avoidance of doubt, the Put Option Closing Date may occur after the
Exercise Period (and the purchase and sale of this Warrant in accordance with a Put Notice may be consummated following the Exercise Period), provided that the Put Notice is delivered prior to 6:00 p.m. (New York City time) on the last date of the
Exercise Period. 
 (c) If the Put Option is exercised, the closing of the required purchase and sale of this Warrant shall occur
(x) if the Put Option is settled in cash, on the tenth (10th) Business Day following the delivery of the Put Notice or on such other date as may be mutually agreed between the Company and the
Holder and (y) if the Put Option is settled by delivery of Common Shares, no later than two (2) Trading Days (or, if less, the number of Trading Days comprising the Standard Settlement Period) after the relevant Put Option Exercise Date
(the “Put Option Settlement Deadline” and the date settlement of the Put Option occurs, the “Put Option Closing Date”). The Aggregate Put Price shall be payable on the Put Option Closing Date, as follows: 

 

	 	i.	 if the Put Notice is delivered within twelve (12) months after the date hereof, subject to the Share
Issuance Cap and the Beneficial Ownership Limitation, by delivery of a number of Common Shares equal to the Share Settlement Amount and, if required pursuant to this Section 5(c), payment, in cash, of the Share Issuance Cap
Excess Amount; or 

  

	 	ii.	 if the Put Notice is delivered at any time following the date that is twelve (12) months following the
date hereof, (y) in cash or (z) at the Holder’s election, subject to the Share Issuance Cap and the Beneficial Ownership Limitation, by delivery of a number of Common Shares equal to the Share Settlement Amount and, if required
pursuant to this Section 5(c), payment, in cash, of the Share Issuance Cap Excess Amount. 

  
 12 

 Upon any exercise of the Put Option during the twelve month period immediately following the date of
issuance or otherwise in connection with the Holder’s election of a settlement in Common Shares, the Company shall issue the maximum number of Common Shares that may be issued without exceeding either of the Share Issuance Cap or the Beneficial
Ownership Limitation, and the portion of the Aggregate Put Price in excess of the Fair Market Value of the Common Shares so delivered (such excess, the “Share Issuance Cap Excess Amount”) shall be satisfied in cash. 

6. Share Issuance Cap. Notwithstanding anything to the contrary contained herein, the Company shall not, and shall not be required to, issue any Common
Shares pursuant to this Warrant (whether upon the exercise of the purchase right hereunder, exercise of the Holder’s rights under Section 5 or otherwise) if the issuance of such Common Shares together with any previous
issuances of Common Shares pursuant to this Warrant and each other warrant issued pursuant to the Warrant Purchase Agreement would cause the aggregate number of Common Shares issued or issuable pursuant to this Warrant and all of the other Warrants
issued pursuant to the Warrant Purchase Agreement to exceed 18,857,319 Common Shares (subject to appropriate adjustment to reflect any stock split, stock combination, reclassification, payment of stock dividend, recapitalization or other similar
transaction of such character that the Common Shares shall be changed into or become exchangeable for a larger or small number of share that occurs following the date hereof) (the “Share Issuance Cap”). 

7. Transfer of Warrant. Subject to Section 11, this Warrant and all rights hereunder are transferable, in whole or in part,
by the Holder without charge to the Holder, upon surrender of this Warrant to the Company at its then principal executive offices with a properly completed and duly executed Assignment Form in the form attached hereto as Exhibit B.
Notwithstanding the foregoing, any such transferring Holder shall be liable for any and all taxes, fees and third party expenses incurred by the Company as a result of such transfer and the Holder shall pay the Company, in cash or by wire transfer
of immediately available funds any amounts necessary to pay any such taxes, fees and third party expenses incurred by the Company in connection with the making of such transfer. Within three (3) Trading Days of such compliance, surrender and
delivery and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a
new warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, this Warrant, if properly assigned in accordance herewith, may be exercised by
a new Holder for the purchase of Warrant Shares immediately upon such assignment without having a new Warrant issued. 
 8. Holder Not Deemed a
Stockholder; Limitations on Liability. Except as provided in Section 4(c), the holder of this Warrant, as a holder of the Warrant, will not have any voting rights or other rights of a stockholder of the
Company until exercise of this Warrant (at which time, the holder of this Warrant shall only have such rights as entitled to the Warrant Shares held thereby). Nothing contained in this Warrant shall be construed as
imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

  
 13 

 9. Replacement of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement or affidavit of loss of the Holder shall be
a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like tenor
and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed; provided, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable form
is surrendered to the Company for cancellation. 
 10. No Impairment. The Company shall not amend its Organizational Documents or effectuate a
reorganization or transfer of assets, in each case, with the sole intent to either impair the Holder’s rights hereunder or avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, and
will at all times in good faith carry out all the provisions of this Warrant. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any Warrant Shares receivable upon the exercise of this Warrant
above the Exercise Price then in effect, and (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this
Warrant. 
 11. Compliance with the Securities Act. 

(a) Agreement to Comply with the Securities Act; Legend. The Holder, by acceptance of this Warrant, agrees that until such time as any
of the Unrestricted Conditions is met, this Warrant, the Warrant Shares and Common Shares issued in accordance with Section 5 (“Put Settlement Shares”), as applicable, may bear a restrictive legend in
substantially the following form (and a stop-transfer order consistent therewith may be placed against transfer of such securities) (the “Securities Law Legend”): 

“THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF, OR OTHERWISE PURSUANT TO, THIS WARRANT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS, AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR
ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE SECURITIES ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS
DELIVERY REQUIREMENTS UNDER THE SECURITIES ACT, INCLUDING PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OR PURSUANT TO A PRIVATE SALE EFFECTED UNDER SECTION 4(a)(7) OF THE SECURITIES ACT OR APPLICABLE FORMAL OR INFORMAL SEC INTERPRETATION OR
GUIDANCE, SUCH AS A SO-CALLED “4[(a)](1) AND A HALF SALE.” NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING
ARRANGEMENT SECURED BY THE SECURITIES.” 

  
 14 

 (b) The Warrant Shares and any Put Settlement Shares (and any certificates or electronic
book entries evidencing the Warrant Shares or Put Settlement Shares) shall not contain or be subject to (and Holder shall be entitled to removal of) any legend restricting the transfer thereof (including the Securities Law Legend) and shall not be
subject to any stop-transfer (or any similar) instructions: (A) while a registration statement (including a Registration Statement, as defined in the Registration Rights Agreement) covering the sale or resale of such Warrant Shares or Put
Settlement Shares is effective under the Securities Act, and the prospectus contained in such registration statement is current, and the Holder has provided customary paperwork in a form reasonably acceptable to the Company certifies (including by
delivery of an Exercise Notice that includes such affirmation in substantially the form of the certification included in Exhibit A) to the effect that it has sold such Warrant Shares or Put Settlement Shares pursuant to such registration
statement, (B) if the Holder provides customary paperwork in a form reasonably acceptable to the Company to the effect that it has sold such Warrant Shares or Put Settlement Shares pursuant to Rule 144 under the Securities Act, (C) if at
any time on or after the date hereof that the Holder certifies (including by delivery of an Exercise Notice that includes such affirmation in substantially the form of the certification included in Exhibit A) that it is not an
“affiliate” of the Company (as such term is used in Rule 144 under the Securities Act) and the Holder’s holding period for purposes of Rule 144 and subsection (d)(3)(iii) thereof with respect to such Warrant Shares or Put Settlement
Shares is at least one year, or (D) if such Warrant Shares or Put Settlement Shares are otherwise expressly permitted to be sold to the public without registration under the Securities Act (including judicial interpretations and pronouncements
issued by the staff of the SEC) (collectively, the “Unrestricted Conditions”). The Company shall cause its counsel to issue a legal opinion to the Transfer Agent promptly after any of the Unrestricted Conditions has been met with
respect to all or a portion of the Warrant Shares or Put Settlement Shares, as applicable, if required by the Transfer Agent to effect the issuance of the applicable Warrant Shares without a restrictive legend or removal of the legend hereunder to
the extent required or requested as set forth in the immediately following two sentences. If any of the Unrestricted Conditions is met at the time of issuance of the Warrant Shares or Put Settlement Shares, as applicable, then such Warrant Shares or
Put Settlement Shares shall be issued free of all legends and stop-transfer instructions. The Company agrees that at such time as any of the Unrestricted Conditions is met or such legend is otherwise no longer required under this
Section 10(b), it will, no later than the earlier of (x) two (2) Trading Days and (y) the number of Trading Days comprising the Standard 

  
 15 

 
Settlement Period following the delivery by the Holder to the Company or the Transfer Agent of the Warrant Shares issued with a restrictive legend, deliver or cause to be delivered to the Holder
or its designee this Warrant and/or the Warrant Shares or the Put Settlement Shares free from all restrictive and other legends (or similar notations) (in the case of the Warrant Shares, unless otherwise requested by the Holder, by crediting the
account of the Holder’s prime broker with DTC, through its DWAC system). For purposes of Rule 144 under the Securities Act and subsection (d)(3)(ii) thereof, it is intended, understood and acknowledged that the Warrant Shares issuable upon any
exercise of this Warrant pursuant to a Cashless Exercise shall be deemed to have been acquired, and the holding period thereof shall be deemed to have commenced, on the date of original issuance of this Warrant and, accordingly, provided the time of
such exercise is on or after [________]2, unless the Holder advises the Company that it is an affiliate of the Company at the time of such exercise, an Unrestricted Condition shall have been met
at the time of such exercise pursuant to a Cashless Exercise and such Warrant Shares shall be issued without bearing or being subject to any restrictive legend. The Holder, by acceptance hereof, acknowledges and agrees that the removal of any
restrictive legends from any securities as set forth in this Section 10(b) is predicated upon the Company’s reliance that the Holder will sell such securities pursuant to either the registration requirements of the
Securities Act or an exemption therefrom, and that if such securities are sold pursuant to a registration statement, they will be sold while such registration statement is effective and available for resales of such securities (provided the Holder
has not been informed by the Company that the prospectus that forms a part of the registration statement is not current), and in compliance with the plan of distribution set forth therein. 

12. Holder’s Exercise Limitations. Notwithstanding anything to the contrary contained herein, the Company shall not effect any
exercise of this Warrant or exercise of the Put Option that is to be settled through the issuance of Put Settlement Shares (a “Share Settled Put Exercise”) (or issue any Warrant Shares or Put Settlement Shares thereupon), and the
Holder shall not have the right to exercise any portion of this Warrant or acquire Warrant Shares or effect a Share Settled Put Exercise or acquire Put Settlement Shares pursuant to Section 3,
Section 5 or otherwise, to the extent that after giving effect to such exercise as contemplated by the applicable Warrant Exercise Notice or Put Notice, the Holder (together with the Holder’s Affiliates, and any other
Persons whose beneficial ownership of Common Shares would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (including shares beneficially owned by any “group” of which the Holder is a member)
(such Persons, “Attribution Parties”)), would beneficially own in excess of 9.9% of the total number of shares of Common Shares issued and outstanding (the “Beneficial Ownership Limitation”); provided,
however, that the Beneficial Ownership Limitation shall only apply to the extent that the Common Shares are deemed to constitute an “equity security” pursuant to Rule 13d-1(i) promulgated
under the Exchange Act. For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Warrant Shares issuable upon exercise of this Warrant
or Share Settled Put Exercise with respect to which such determination is being made, but shall exclude the number of Warrant Shares or Put Settled Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this
Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties, (ii) exercise of the Put Option, and (iii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company
subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Attribution Parties. Except as set forth in the preceding sentence, for purposes of this
Section 12, beneficial ownership (including as a percentage of the issued and outstanding shares of Common Shares) shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. To the extent that the limitation contained in this Section 12 applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Warrant Exercise Notice or Put Notice shall be deemed to be the Holder’s determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder together with any Attribution Parties) and of 
  

 

	2 	 Insert the date that is one year after the original issuance date.

  
 16 

 
which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such
determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this
Section 12, in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company’s most recent periodic or annual report filed with
the SEC, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Company’s Transfer Agent setting forth the number of Common Shares outstanding. Upon the
written request of a Holder, the Company shall within one (1) Business Day confirm in writing to the Holder the number of Common Shares then outstanding. If the Company receives a Warrant Exercise Notice or Put Notice from the Holder at a time
when the actual number of outstanding Common Shares is less than the number of outstanding Common Shares reported by the Company in its then-most recent periodic report filed with the SEC, the Company shall (i) notify the Holder in writing of
the number of Common Shares then outstanding and, to the extent that the issuance of Warrant Shares in accordance with such Warrant Exercise Notice or Put Settlement Shares in accordance with such Put Notice would otherwise cause the Holder’s
and its Attribution Parties’ beneficial ownership, as determined in accordance with this Section 12 to exceed the Beneficial Ownership Limitation, the Holder shall notify the Company of a reduced number of Warrant
Shares or Put Settlement Shares to be purchased or delivered pursuant to such Warrant Exercise Notice or Put Notice (the number of shares by which such purchase is reduced, the “Reduction Shares”) and (ii) (x) in the case of
Warrant Shares, as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares and (y) in the case of Put Settlement Shares, satisfy the delivery of such Reduction Shares
in cash pursuant to the provisions of Section 5(c). In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this
Warrant, by the Holder or its Attribution Parties since the date as of which such number of outstanding Common Shares was reported. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 12 to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant. 

13. Certain Representations and Agreements. The Company represents, covenants and agrees: 

(a) This Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and validly issued.

 (b) All Warrant Shares issuable upon the exercise of this Warrant and all Put Settlement Shares issuable pursuant to the terms hereof shall be, upon
issuance, and the Company shall take all such actions as may be necessary or appropriate in order that such Warrant Shares or Put Settlement Shares, as applicable, are, validly issued, fully paid and
non-assessable, issued without violation of any preemptive or similar rights of any stockholder of the Company, and free from all taxes, liens and charges. As of the date of issuance of this Warrant, the
Company has reserved from its authorized and unissued Common Shares, exclusively for issuance pursuant to the terms of this 

  
 17 

 
Warrant, and from and after the date of Issuance of this Warrant the Company shall at all times reserve and keep available out of its authorized but unissued Common Shares solely for the purpose
of issuance pursuant to the terms of this Warrant (whether upon the exercise of the purchase right hereunder, exercise of the Holder’s rights under Section 5 or otherwise), such number of Common Shares as shall from
time to time be sufficient to effect the exercise of the purchase right or Put Option with respect to this Warrant in full (after giving effect to the Share Issuance Cap, but without giving effect to the Beneficial Ownership Limitation); and if at
any time the number of authorized but unissued Common Shares shall not be sufficient to effect the exercise of the purchase right or Put Option with respect to this Warrant in full, the Company will use reasonable best efforts to take such corporate
action as may necessary to increase its authorized but unissued Common Shares to such number of shares as shall be sufficient for such purpose. 
 (c) The
Company shall take all such actions as may be necessary to ensure that all Warrant Shares and Put Settlement Shares are issued without violation of any applicable law or governmental regulation or any requirements of any securities exchange upon
which shares of the Company’s capital stock may be listed at the time of such exercise. 
 (d) The Company will procure, subject to issuance or notice
of issuance, the listing of any Warrant Shares issuable upon exercise of this Warrant and any Put Settlement Shares issued hereunder on the principal stock exchange on which the Common Shares are then listed or traded. 

14. Warrant Register. The Company shall keep and properly maintain at its principal executive offices books for the registration of the
Warrant and any transfers thereof. The Company may deem and treat the Person in whose name the Warrant is registered on such register as the Holder thereof for all purposes, and the Company shall not be affected by any
notice to the contrary, except any assignment or other transfer of the Warrant effected in accordance with the provisions of this Warrant. 
 15.
Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt);
(b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail (upon the sender’s receipt of an
acknowledgement from the intended recipient such as by the “return receipt requested” function, if available, return electronic mail or other written acknowledgement) if sent during normal business hours of the recipient, and on the next
Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective
parties at the addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 15). 

 

			
	If to the Company:	  	F45 Training Holdings Inc.
		  	C/o F45 Training Incorporated
		  	3601 S. Congress Ave., Building E
		  	Austin, TX 78704
		  	Attention: Legal Department
		  	E-mail: 

  
 18 

			
	with a copy to:	 	King & Spalding LLP
		 	1185 Avenue of the Americas
		 	34th Floor
		 	New York, NY 10036
		 	Attention: W. Todd Holleman
		 	Facsimile: (212) 556-2222
		 	Telephone: (212) 556-2258
		 	E-mail: tholleman@kslaw.com
		
	If to the Holder:	 	Fortress Credit Co LLC
		 	c/o Fortress Investment Group
		 	1345 Avenue of the Americas, 46th Floor
		 	New York, New York 10105
		 	Attention: David Sharpe, Credit Operations
		 	Facsimile: 
		 	Telephone: 
		 	Email: 
		
	with a copy to:	 	Fortress Credit Corp.
		 	c/o Fortress Investment Group
		 	1345 Avenue of the Americas, 46th Floor
		 	New York, New York 10105
		 	Attention: David Brooks, General Counsel
		 	Facsimile: 
		 	Telephone: 
		 	E-mail: 

 16. Cumulative Remedies. Except to the extent expressly provided in Section 8 to
the contrary, the rights and remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights or remedies available at law, in equity or otherwise. 

17. Equitable Relief. Each of the Company and the Holder acknowledge that a breach or threatened breach by such party of any of its obligations
under this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations,
the other party hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled to equitable relief, including a restraining order, an injunction, specific performance and any
other relief that may be available from a court of competent jurisdiction. 

  
 19 

 18. Tax Treatment. 

(a)The Company shall pay all reasonable and documented
out-of-pocket expenses in connection with, and all issuance, stamp and similar transfer taxes and other governmental charges that may be imposed with respect to, the
issuance or delivery of any Warrant Shares or Put Settlement Shares; provided, however, that the Company shall not be required to pay any tax or governmental charge that may be imposed with respect to (i) the income, franchise or capital gain
of the Holder, (ii) the issuance or delivery of the Warrant Shares or Put Settlement Shares to any Person other than the Holder, or (iii) the sale or transfer of the Warrant or Common Shares. 

(b) The payment of any other amounts to the Holder pursuant to this Warrant shall be made without any deduction or withholding for any taxes,
except as required by applicable law. To the extent that the Company is required to deduct or withhold any taxes pursuant to the previous sentence other than as a result of the Holder’s failure to provide the Company with an IRS Form W-9 or W-8 pursuant to the last sentence of this Section 18(b), the Company shall provide advance written notice of the Company’s intent to
deduct and withhold and provide the Holder with an opportunity to establish an exemption or reduction in withholding to the extent permitted by applicable law, including through the provision of duly executed tax forms. To the extent that amounts
are so withheld and paid over to the applicable Governmental Authority, such withheld amounts shall be treated for all purposes of this Warrant as having been paid to the person in respect of whom such deduction and withholding was made. The Holder
of the Warrant, to the extent legally entitled to do so, shall deliver such documentation prescribed by applicable law or reasonably requested by the Company as will enable the Company to determine whether or not the Holder is subject to withholding
or information reporting requirements; provided that the Holder shall provide the Company with a properly completed and executed IRS Form W-9 or W-8, as
applicable, at the time of (or prior to) the issuance of this Warrant. 
 (c) The Company and the Holder acknowledge and agree that this
Warrant and the Loan with respect to which this Warrant is issued are part of an “investment unit” within the meaning of Section 1273(c)(2) of the Internal Revenue Code of 1986, as amended (the “Code”). The Company and the
Holder will agree for income tax purposes upon the allocation of the issue price of such investment unit (determined in accordance with Section 1273(c)(2) of the Code) between such Loan and this Warrant. The Company and the Holder agree to file
all applicable tax returns in a manner consistent with such allocation and not to take any position on any tax return or in any tax proceeding that is inconsistent with such allocation, unless otherwise required by a contrary
“determination” within the meaning of Section 1313 of the Code. 
 19. Entire Agreement. This Warrant, together with
the Warrant Purchase Agreement, the Registration Rights Agreement and the SPV Credit Agreement, constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject matter contained herein, and supersedes all prior
and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body of this Warrant and the Warrant Purchase Agreement, the
Registration Rights Agreement or the SPV Credit Agreement, the statements in the body of this Warrant shall control. 
 20. Successor and Assigns.
This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties hereto and the successors of the Company and the successors and permitted assigns of the Holder. Such successors and/or
permitted assigns of the Holder shall be deemed to be a Holder for all purposes hereunder. 
 21. No
Third-Party Beneficiaries. This Warrant is for the sole benefit of the Company and the Holder and their respective successors and, in the case of the Holder, permitted
assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant. 

  
 20 

 22. Headings and Interpretation. The headings in this Warrant are for reference only and shall not
affect the interpretation of this Warrant. Unless the context otherwise requires, any reference in this Agreement to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Agreement, and the words
“herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision. Unless the context otherwise requires, any reference to a
statute, rule or regulation refers to the same (including any successor statute, rule or regulation thereto) as it may be amended from time to time, and the word “including” shall be deemed to be followed by the words “without
limitation.” 
 23. Amendment and Modification; Waiver. Except as otherwise provided herein, this Warrant may only be amended, modified or
supplemented by an agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver
by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No
failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 
 24. Severability. If any
term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such
term or provision in any other jurisdiction. 
 25. Governing Law. This Warrant shall be governed by and construed in accordance with the
laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the
State of New York. 
 26. Submission to Jurisdiction. Any legal suit, action or proceeding arising out of or based upon this Warrant or the
transactions contemplated hereby may be instituted in the state or federal courts located in New York, New York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of
process, summons, notice or other document by certified or registered mail to such party’s address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties
irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum. 

  
 21 

 27. Waiver of Jury Trial. Each party acknowledges and agrees that any controversy which may arise
under this Warrant is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating
to this Warrant or the transactions contemplated hereby. 
 28. Counterparts. This Warrant may be executed in counterparts, each of which shall be
deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or other means of electronic transmission shall be
deemed to have the same legal effect as delivery of an original signed copy of this Warrant. 
 29. No Strict Construction. This Warrant shall
be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. 

[Signature pages follow.] 

  
 22 

 IN WITNESS WHEREOF, the Company has duly executed this Warrant on the date first written above. 

 

			
	COMPANY:
	
	F45 TRAINING HOLDINGS INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page for F45
Warrant] 

 Accepted and agreed, 
  

			
	HOLDER:
	
	[_________________________]
		
	By:	 	
	Name:	 	
	Title:	 	Authorized Signatory

  
 [Signature Page for F45
Warrant] 

 EXHIBIT A 

WARRANT EXERCISE NOTICE 
 [Holder Name]

 The undersigned, [_____], pursuant to the provisions of the Warrant, hereby elects to purchase [_____] Warrant Shares covered by the Warrant. 

The Warrant is exercised by means of the exercise provisions of Section 3(b) of the Warrant. 

In connection with such exercise, the undersigned certifies that it [is][is not] an “affiliate” of the Company (as such term is used under Rule 144
of the Securities Act) as of the date of this Warrant Exercise Notice and [has][has not] been an “affiliate” of the Company at any point during the immediately preceding three months. 

[In connection with such exercise, the undersigned certifies that it has sold such Warrant Shares pursuant to, and in compliance with the plan of distribution
set forth in, the Registration Statement on Form S-[__], dated [__], registering the offer and sale of such Warrant Shares.] 

The undersigned hereby directs that the Common Shares be registered as follows: 

Please issue the Common Shares representing the applicable number of Warrant Shares issuable pursuant to the Warrant in the name of the undersigned and to the
following address: 
 Issue to: ____________________________ 

Address: ____________________________ 
 Email
Address: ____________________________ 
 DTC Details (if applicable): ____________________________ 

 

	
	  

	(Signature)
	(Name)
	(Title)
	(Date)

 EXHIBIT B 

FORM OF TRANSFER 
 (To be
signed only upon transfer of Warrant) 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto [_____] the right represented
by the attached Warrant to purchase [_____] Common Shares of F45 Training Holdings Inc. to which the attached Warrant relates, and appoints [_____] Attorney to transfer such right on the books of [_____], with
full power of substitution in the premises. 
 Dated: [_____] 

3                 
                                         
                                         
  Address: 
 Signed in the presence of: 

 

	3 	 (Signature must conform in all respects to name of Holder as specified on the face of the Warrant)

 EXHIBIT C 

WARRANT PUT NOTICE 
 The undersigned,
______, pursuant to the provisions of the Warrant, hereby elects to exercise its Put Option with respect to [____] Warrant Shares covered by the Warrant. 

The Put Option is exercised by means of the exercise provisions of Section 5(b) of the Warrant. 

[The undersigned hereby elects to settle the Put Option exercise [in cash][in Put Settlement Shares]].4

 [In connection with such exercise, the undersigned certifies that it [is][is not] an “affiliate” of the Company (as such term is used under
Rule 144 of the Securities Act) as of the date of this Warrant Exercise Notice and [has][has not] been an “affiliate” of the Company at any point during the immediately preceding three months. 

[In connection with such exercise, the undersigned certifies that it has sold such Warrant Shares pursuant to, and in compliance with the plan of distribution
set forth in, the Registration Statement on Form S-[__], dated [__], registering the offer and sale of such Warrant Shares.] 

The undersigned hereby directs that [__]5 Put Settlement Shares be registered as follows: 

Please issue the Common Shares representing the applicable number of Put Settlement Shares issuable pursuant to the Put Option in the Warrant in the name of
the undersigned and to the following address: 
 Issue to: _________________ 

Address: _________________ 
 Email
Address:_________________ 
 DTC Details (if applicable):_______________]6 

The undersigned hereby [further] directs the Company to wire $[__], representing the [Aggregate Put Price][the Share Issuance Cap Excess Amount] to the
following: 
 Bank: [__] 
  

	4 	 Include only if Put Option is exercised after twelve (12) months of the date of the Warrant or the Vesting
Date, as applicable 

	5 	 To equal the number of Common Shares equal to the quotient of (x) the Aggregate Put Price divided by
(y) the Fair Market Value of the Common Shares as of date of the Put Notice (subject to the Share Issuance Cap and the Beneficial Ownership Limitation) 

	6 	 To be used if Put Option is exercised within twelve (12) months after the date of the Warrant or the
Vesting Date, as applicable, or if the holder has elected settlement in Put Settlement Shares pursuant to the above 

  
 27 

 Routing number: [__] 

FBO: [__] 
 Account number: [__] 

Bank address: [__] 
 For further credit to: [__]]7 
  

			
	[_________________]

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	
	Date:	 	

  

	7 	 To be used if (x) holder elects to settle the Put Option in cash above or (y) due to the Share
Issuance Cap or the Beneficial Ownership Limitation, the Company must pay the Share Issuance Cap Excess Amount in cash 

  
 28 

 EXHIBIT B 

Form of 50% Utilization Warrant 
 See attached.

 Final Form 

WARRANT 
 THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF, OR OTHERWISE PURSUANT TO, THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN
SECURITIES LAWS, AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE SECURITIES ACT AND IS QUALIFIED UNDER
APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE SECURITIES ACT, INCLUDING PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OR PURSUANT TO A PRIVATE SALE
EFFECTED UNDER SECTION 4(a)(7) OF THE SECURITIES ACT OR APPLICABLE FORMAL OR INFORMAL SEC INTERPRETATION OR GUIDANCE, SUCH AS A SO-CALLED “4[(a)](1) AND A HALF SALE.” NOTWITHSTANDING THE FOREGOING,
THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.” 

THE HOLDER AND ANY ASSIGNEE OF THE HOLDER, BY ACCEPTANCE OF THIS WARRANT, ACKNOWLEDGE AND AGREE THAT, BY REASON OF THE PROVISIONS OF THIS
WARRANT, THE NUMBER OF WARRANT SHARES AVAILABLE FOR PURCHASE HEREUNDER AT ANY GIVEN TIME MAY BE LESS THAN THE AMOUNT STATED HEREIN. 
 F45
TRAINING HOLDINGS INC. 
 WARRANT 
  

	
	Issue Date: [    ], 202[    ]

 This Warrant, dated as of [__], 202[    ], is between F45 Training Holdings Inc.
(the “Company”) and                         (together with its permitted successors or
assigns, the “Holder”). 
 FOR VALUE RECEIVED, the Company hereby certifies that the Holder, or its registered
assigns, is entitled to purchase from the Company a number of fully paid and non-assessable Common Shares that represents the original Holder’s Percentage Share (as defined in the Warrant Purchase
Agreement (as defined below)) of 1.25% of the Fully Diluted Shares Outstanding on the Vesting Date (as defined below) at a purchase price of $16.00 per Common Share (the “Exercise Price”), all subject to the terms, conditions and
adjustments set forth below in this Warrant. This Warrant is being issued (i) pursuant to the Warrant Purchase Agreement, dated as of May 13, 2022, between the Company and the Holder (the “Warrant Purchase Agreement”) and (ii) in
connection with a certain Credit Agreement, dated as of May 13, 2022, by and among the Company, F45 SPV Finance Company, LLC, a Delaware limited liability company, as borrower, F45 Intermediate Holdco, LLC, a Delaware limited liability company, as
originator, and Fortress 

 
Credit Corp., as administrative agent, as collateral agent, and a lender (as such agreement may be amended, supplemented or otherwise modified from time to time, the “SPV Credit
Agreement”). Capitalized terms not otherwise defined herein shall have the respective meanings set forth in the Warrant Purchase Agreement. 
 1.
Definitions. As used in this Warrant, the following terms have the respective meanings set forth below: 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled
by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Aggregate Exercise Price” means, with respect to each exercise of this Warrant, an amount equal to (a) the number of
Warrant Shares in respect of which this Warrant is then being exercised pursuant to Section 3 hereof, times (b) the Exercise Price. 

“Aggregate Put Price” means an amount equal to (a) the Put Option Percentage, times (b) the Put Option
Amount. 
 “Attribution Parties” has the meaning set forth in Section 12. 

“Average VWAP” for the Common Shares over a certain period means the arithmetic average of the VWAP per Common Share on each
Trading Day during such period (subject to appropriate adjustment to reflect any stock split, stock combination, reclassification, payment of stock dividend, recapitalization or other similar transaction of such character that the Common Shares
shall be changed into or become exchangeable for a larger or small number of shares that occurs during such period). 
 “Beneficial
Ownership Limitation” has the meaning set forth in Section 12. 
 “Business
Day” means any day, except a Saturday, Sunday or legal holiday, on which commercial banking institutions in the city of New York, New York are authorized or obligated by law or executive order to close; provided, however,
for clarification, bank institutions shall not be deemed to be authorized or obligated by law or executive order to remain closed due to “stay at home,”
“shelter-in-place,” “non-essential employee” or any other similar orders or restrictions or the closure of
any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in the City of New York generally are open for use by customers on such
day. 
 “Buy-In” has the meaning set forth in
Section 3(d). 
 “Cashless Exercise” has the meaning set forth in
Section 3(b). 
 “Change of Control” means any of the following: 

(a) the acquisition, in one transaction or series of related transactions, by any person (or group of persons acting in concert) of beneficial
ownership of (i) 50% or more of the voting equity securities of the Company or (ii) equity securities which otherwise entitle such person or group to elect a majority of the members of the Company’s board of directors; or 

  
 2 

 (b) the consummation by the Company of any consolidation, stock exchange or merger of the
Company with or into any other corporation or other entity or person, or any other corporate reorganization, other than any such consolidation, merger or reorganization after which the stockholders of the Company immediately prior to such
consolidation, merger or reorganization, continue to hold a majority of the voting power of the surviving entity in substantially the same proportions (or, if the surviving entity is a wholly-owned subsidiary, its parent) immediately after such
consolidation, merger or reorganization; or 
 (c) the consummation by the Company of the sale or other disposition of all or substantially
all of its assets to any entity or person that is not controlled by or under common control with the Company. 
 “Common
Shares” means the common stock, par value $0.00005 per share, of the Company, and any common stock into which such common stock shall have been converted, exchanged or reclassified following the date hereof. 

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

“Convertible Securities” means all warrants (including the Warrants), rights, options, evidence of indebtedness and
securities (other than Options) that are directly or indirectly convertible into or exchangeable or exercisable for Common Shares or any other common equity securities of, or similar rights in, the Company, either immediately or upon the arrival of
a specified date or the happening of a specified event. 
 “DTC” has the meaning set forth
in Section 3(c). 
 “DWAC” has the meaning set forth
in Section 3(c). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder. 
 “Exercise Date” means, except as provided for in
Section 3(g), for any given exercise of this Warrant, (i) the date on which the Exercise Notice in respect of such exercise is delivered to the Company, if delivered at or before 6:00 p.m. (New York City time) on a
Trading Day and (ii) the first Trading Day after such Exercise Notice is delivered, if delivered after 6:00 p.m. (New York City time) on a Trading Day or at any time on a day other than a Trading Day. 

“Exercise Period” has the meaning set forth in Section 2(a). 

“Exercise Price” has the meaning set forth in the preamble. 

“Fair Market Value” of the Common Shares means, as of any particular date: (a) if traded on a national securities
exchange, the Average VWAP for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately prior to such date of valuation; (b) if quoted on the OTC Bulletin Board or an over the counter
market operated by OTC Markets 

  
 3 

 
Group, Inc. or its successor, the Average VWAP for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately prior to such date of
valuation; and (c) if neither (a) nor (b) applies, the Fair Market Value shall be the value thereof, as agreed upon by the Company and the Holder; provided, however, that if the Company and the Holder cannot agree on such
value, such value shall be determined by an independent valuation firm experienced in valuing businesses such as the Company and jointly selected in good faith by the Company and the Holder. Fees and expenses of the valuation firm shall be paid for
by the Company. 
 “Fortress” means, collectively, Fortress Investment Corp. and its Affiliates, including the Holder. 

“Fully Diluted Shares Outstanding” means, as of any date of determination, all of the outstanding Common Shares on a
fully-diluted basis giving effect to the exercise, conversion or exchange of all Convertible Securities and Options, in each case, outstanding as of the such date; provided, that Common Shares or other Options or Convertible Securities that may be
issued in the future pursuant to promotional agreements with third-parties shall not be considered in calculating Fully Diluted Shares Outstanding until such time that such Common Shares, Options or other Convertible Securities are actually issued.

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

“IRS” means the United States Internal Revenue Service. 

“Loans” has the meaning set forth in the SPV Credit Agreement. 

“Maximum Committed Amount” has the meaning set forth in the SPV Credit Agreement. 

“Options” means any rights, warrants or options to subscribe for or purchase Common Shares, other common equity securities
of, or similar rights in, the Company, or Convertible Securities. 
 “Organizational Documents” means the certificate or
articles of incorporation, bylaws or other organizational or charter documents of the Company. 
 “Person” means any
individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated organization or government or department or agency thereof. 

  
 4 

 “Pro Rata Repurchase” means any purchase of Common Shares by the Company or
any subsidiary thereof pursuant to (A) any tender offer or exchange offer subject to Section 13(e) of the Exchange Act, or (B) any other offer made to substantially all holders of Common Shares, in each case whether for cash, shares
of capital stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other Person or any other property, or any combination thereof, effected while this Warrant is outstanding; provided,
however, that, for the avoidance of doubt, “Pro Rata Repurchase” shall not include any open market repurchase, including any purchase of shares by the Company or any subsidiary thereof made in accordance with the requirements of
Rule 10b-18 as in effect under the Exchange Act. The “Effective Date” of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or exchange under any tender or exchange
offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Repurchase that is not a tender or exchange offer. 

“Put Notice” has the meaning set forth in Section 5(b). 

“Put Option” has the meaning set forth in Section 5(a). 

“Put Option Amount” means an amount that represents the original Holder’s Percentage Share of $2,500,000. 

“Put Option Closing Date” has the meaning set forth in Section 5(c). 

“Put Option Exercise Date” has the meaning set forth in Section 5(b). 

“Put Option Percentage” means a fraction, expressed as a percentage, (x) the numerator of which shall be the number of
Warrant Shares issuable upon exercise of this Warrant on the Put Exercise Date and (y) the denominator of which shall be the number of Warrant Shares issuable upon exercise of this Warrant on the Vesting Date (for the avoidance of doubt, prior to
the exercise of the Put Option, if the Put Option Exercise Date occurs on the Vesting Date). 
 “Put Option Settlement
Deadline” has the meaning set forth in Section 5(c). 
 “Put Settlement Shares” shall
have the meaning set forth in Section 11(a). 
 “Reduction Shares” has the meaning set forth in
Section 12. 
 “Registration Rights Agreement” means that certain Registration Rights Agreement,
dated as of May 13, 2022, by and among the Company and the other Persons party thereto, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

“Share Delivery Failure” has the meaning set forth in Section 3(d). 

“Standard Settlement Period” means, as of any date of determination, the standard settlement period for equity trades
effected by U.S. broker-dealers, expressed in a number of Trading Days, as in effect on the applicable date. 
 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 “Share Delivery
Failure” has the meaning set forth in Section 3(d). 
 “Share Issuance Cap” has the
meaning set forth in Section 6. 
 “Share Issuance Cap Excess Amount” has the meaning set forth
in Section 5(c). 
 “Share Settlement Amount” means a number of Common Shares equal to the
quotient of (x) the dollar amount of the Aggregate Put Price divided by (y) the Fair Market Value of the Common Shares as of the Put Option Exercise Date. 

  
 5 

 “SPV Credit Agreement” has the meaning set forth in the preamble.

 “Successor Entity” has the meaning set forth in Section 4(a). 

“Trading Day” means a day during which trading in securities generally occurs on the principal other national or regional
securities exchange on which the Common Shares are then listed or, if the Common Shares are not listed on a national or regional securities exchange, on the principal other market on which the Common Shares are then traded. If the Common Shares are
not so listed or traded, “Trading Day” means a Business Day. 
 “Transfer Agent” has the meaning set forth
in Section 3(c). 
 “Unrestricted Conditions” has the meaning set forth in
Section 11(b). 
 “Vesting Date” has the meaning set forth in
Section 2(a). 
 “VWAP” means, for any date, the price determined by the first of the following
clauses that applies: (a) if the Common Shares are then listed or quoted on a national securities exchange, the daily volume weighted average price per Common Share for such date (or the nearest preceding date) on the principal trading market
on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. New York City time to 4:02 p.m. New York City time); or (b) if the Common Shares are quoted on any one or more of the OTC
Bulletin Board, or the other OTC markets, including the OTCQX, OTCQB and OTC Pink markets, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the OTC Bulletin Board; provided that in each
case where Bloomberg L.P. data is being relied upon, the Holder shall provide to the Company a copy of such information for the Company’s records. 

“Warrant” means this Warrant and all warrants issued in substitution for this Warrant. 

“Warrant Exercise Notice” has the meaning set forth in Section 3(a). 

“Warrant Purchase Agreement” has the meaning set forth in the preamble. 

“Warrant Shares” means the Common Shares issued or issuable upon exercise of this Warrant. 

2. Term of Warrant. Subject to the terms and conditions hereof, at any time, or from time to time, after the date on which Loans in an amount equal to
50% of the Maximum Committed Amount (as in effect on the Issue Date) under the SPV Credit Agreement have been drawn under the SPV Credit Agreement (the “Vesting Date”) and until 6:00 p.m. (New York City time) on [__], 202[_]1 (the “Exercise Period”), the Holder of this Warrant may exercise this Warrant for all or any part of the Warrant Shares purchasable hereunder (subject to adjustment as provided
herein). 
  

	1 	 To be the date that is seventh anniversary of the Issue Date. 

  
 6 

 3. Exercise of Warrant. 

(a) Exercise Procedure. Subject to the Share Issuance Cap, this Warrant may be exercised in whole or in part at any time and from time
to time during the Exercise Period by delivering to the Company (by electronic mail or otherwise in accordance with Section 15) written notice of such exercise in the form attached hereto as Exhibit A (the
“Warrant Exercise Notice”). Payment of the Aggregate Exercise Price will be made by a Cashless Exercise in accordance with Section 3(b). In the event that this Warrant has not been exercised in full and the
Holder shall not have delivered a Warrant Exercise Notice by 6:00 p.m. (New York City Time) on the last day of the Exercise Period, the Holder shall be deemed to have exercised the purchase rights represented by this Warrant in full as a Cashless
Exercise as of 5:59 p.m. (New York City time) on such last day (regardless of whether such day is a Trading Day or a Business Day). 
 (b)
Payment of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made by the Company withholding a number of Warrant Shares then issuable upon exercise of this Warrant with an aggregate Fair Market
Value as of the Exercise Date equal to such Aggregate Exercise Price (a “Cashless Exercise”). In the event of any withholding of Warrant Shares where the number of Warrant Shares whose value is equal to the Aggregate
Exercise Price is not a whole number, the number of Warrant Shares withheld by or surrendered to the Company shall be rounded up to the nearest whole Common Share and the Company shall make a cash payment to the Holder (by
delivery of a certified or official bank check or by wire transfer of immediately available funds) based on the incremental fraction of a Common Share being so withheld by or surrendered to the Company in an amount equal to
(x) such incremental fraction of a Common Share being so withheld or surrendered times (y) the Fair Market Value per Common Share as of the Exercise Date. 

(c) Delivery of Warrant Shares. In the event of any exercise of the purchase rights represented by this Warrant in
accordance with the terms hereof, the Company shall deliver the Warrant Shares (x) in the case of an exercise at a time when any of the Unrestricted Conditions is met as of the Exercise Date, by causing the Company’s designated transfer
agent (“Transfer Agent”) to electronically transmit the Warrant Shares issuable upon such exercise to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company (“DTC”),
through its Deposit/Withdrawal at Custodian (“DWAC”) system, as specified in the relevant Warrant Exercise Notice no later than two (2) Trading Days (or, if less, the number of Trading Days comprising the Standard Settlement
Period) after the relevant Exercise Date, or (y) in the case of an exercise at a time when the Warrant Shares issuable upon such exercise are required to bear a restrictive legend pursuant to Section 11(b) because none
of the Unrestricted Conditions is met in respect thereof, no later than five (5) Trading Days after the relevant Exercise Date, by providing evidence of the entry into the books and records (in book-entry format) of the Transfer Agent the
number of Warrant Shares so purchased, in the name of the Holder. Upon the exercise of this Warrant or any part hereof, the Company shall, at its own cost and expense, take all necessary action, including obtaining and delivering an opinion of
counsel, if applicable, to assure that the Transfer Agent shall transmit to the Holder in accordance with this Section 3(c) the number of Warrant Shares issuable upon such exercise. The Company warrants that no instructions
other than these instructions have been or will be given to the Transfer Agent and that the Warrant Shares will be free-trading and freely transferable if any of the Unrestricted Conditions is met. Upon the delivery of a Warrant Exercise Notice in
accordance with Section 3(a), the Holder shall 

  
 7 

 
be deemed for all purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are
credited to the Holder’s or its designee’s DTC account or the date that the Company has provided evidence of the entry into the books and records (in book-entry format) of the Transfer Agent the number of Warrant Shares so purchased, in
the name of the Holder, as the case may be. The Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and this Warrant has been exercised in
full, in which case the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days following the date the final Warrant Exercise Notice is delivered to the Company. Execution and delivery of a Warrant
Exercise Notice with respect to a partial exercise shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. The Holder and the Company
shall maintain records showing the number of Warrant Shares purchased and the remaining number of Warrant Shares. The Holder and any assignee of the Holder, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated herein. 

(d) Compensation for Failure to Timely Deliver Warrant Shares Upon Exercise. Except as set forth in this
Section 3(d), if the Company shall fail for any reason or for no reason to, prior to 5:00 p.m. (New York City time) on the applicable Warrant Share delivery date, issue and deliver to the Holder the number of Warrant Shares
to which the Holder is entitled upon the exercise of this Warrant in the manner specified in the applicable Warrant Exercise Notice (a “Share Delivery Failure”), then the Company shall, in addition to any other remedies under this
Warrant or otherwise available to the Holder, including any indemnification under the Warrant Purchase Agreement, pay as partial liquidated damages (but not as a penalty) in cash to the Holder on each day after the expiration of such Standard
Settlement Period that such Warrant Shares are not issued and delivered to the Holder an amount equal to the 1.0% of the product of (A) the number of Common Shares not issued to the Holder on or prior to the applicable Warrant Share delivery
date and (B) the VWAP of the Common Shares on applicable Warrant Share delivery date. Notwithstanding the foregoing, if solely as a result of the actions, or inaction, by the Transfer Agent, as certified by the Company to the Holder in good
faith, the Company shall fail to issue and deliver to the holder any applicable Warrant Shares prior to 5:00 p.m. (New York City time) on an applicable Warrant Share delivery date, then no Share Delivery Failure shall be deemed to have occurred as
long as the Company continues to use reasonable best efforts to cause the Transfer Agent to promptly issue and deliver any such Warrant Shares. 

(e) Buy-In. In addition to any other rights available to the Holder (except as set forth below
in this Section 3(e)), if there is a Share Delivery Failure, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall
(A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and
(B) at 

  
 8 

 
the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed
rescinded) or deliver to the Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total
purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause
(A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the
Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof. 

(f) Fractional Warrant Shares. The Company shall not be required to issue fractional Warrant Shares upon exercise of any Warrant.
As to any fraction of a Common Share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay to the Holder an amount in cash (by delivery of a certified or official bank check or by wire
transfer of immediately available funds) equal to (i) such fraction times (ii) the Fair Market Value of one Common Share on the Exercise Date. 

(g) Conditional Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made
in connection with a public offering or a sale of the Company (pursuant to a merger, sale of Common Shares, or otherwise), such exercise may at the election of the Holder be conditioned upon the consummation of such transaction, in which case
such exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction and the Exercise Date shall be deemed to be the date of consummation of such transaction. 

(h) Reservation of Common Shares. The Company shall at all times reserve and keep available Common Shares or other securities
constituting Common Shares, solely for the purpose of issuance pursuant to this Warrant, the maximum number of Warrant Shares issuable from time to time pursuant to this Warrant (whether upon the exercise of the purchase right hereunder, exercise of
the Holder’s rights under Section 5 or otherwise). The Company shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Common
Shares upon the exercise of this Warrant or the exercise of the Holder’s rights under Section 5. 
 4. Effect of Certain
Events on Common Shares. 
 (a) Adjustment to Common Shares Upon a Change of Control. In the event of any
Change of Control, the holder of this Warrant will be entitled to receive in regards to any Warrant Shares not yet purchased pursuant to each Warrant, an amount, in cash, securities or other assets (as applicable) equal to the
difference between the exercise price for such Common Share and the amount, in cash, securities or other assets (as applicable) per Common Share that the holder would have received upon consummation of the Change of
Control if the Holder were the record owner 

  
 9 

 
of all of the Warrant Shares then issuable upon exercise of the Warrant (assuming the Exercise Price had been satisfied in cash, without the need to withhold Common Shares in a Cashless Exercise
and without regard to the Beneficial Ownership Limitation or any other limitations on exercise herein or elsewhere and without regard to whether or not a sufficient number of shares are authorized, reserved and available to effect any such exercise
and issuance) immediately prior to such event or the record date for determining stockholders entitled to receive proceeds thereof, if applicable. The Company shall cause any successor entity in a Change of Control in which the Company is not the
survivor as the parent entity (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the Registration Rights Agreement in accordance with the provisions hereof and thereof pursuant
to written agreements in form and substance reasonably satisfactory to the board of directors of the Company at or prior to such Change of Control. Upon the occurrence of any such Change of Control, the Successor Entity shall succeed to, and be
substituted for (so that from and after the date of such Change of Control, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and
shall assume all of the obligations of the Company under this Warrant and the Registration Rights Agreement with the same effect as if such Successor Entity had been named as the Company herein and therein. 

(b) Adjustment to Common Shares Upon a Subdivision or Reclassification. If the Company subdivides the outstanding Common
Shares by reclassification, capital reorganization or otherwise into a greater number of shares or other assets or securities, each Warrant shall remain outstanding and thereafter, in lieu of or in addition to (as the case may be),
the number of Warrant Shares purchasable hereunder shall be proportionately increased and adjusted (and the Exercise Price shall be proportionately decreased) such that each Warrant shall be exercisable for the kind and number of Common
Shares or other securities or assets resulting from such transaction to which the Holder would have been entitled upon such transaction if the Holder had exercised such Warrant in full immediately prior to the consummation of such
transaction and acquired the applicable number of Warrant Shares then issuable hereunder as a result of such exercise (without taking into account any limitations or restrictions on the exercisability of this Warrant); and, in such
case, appropriate adjustment (in form and substance satisfactory to the Holder) shall be made with respect to the Holder’s rights under this Warrant to ensure that the provisions of this Warrant shall
thereafter be applicable, as nearly as possible, to any Common Shares, securities or assets thereafter acquirable upon exercise of this Warrant. If the outstanding Common Shares are combined or consolidated, by reclassification,
capital reorganization or otherwise, into a lesser number of shares, the number of Warrant Shares purchasable hereunder shall be proportionately decreased (and the Exercise Price shall be proportionately increased). Any adjustment
under this Section 4(b) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date
is fixed, upon the making of such dividend or distribution. The provisions of this Section 4(b) shall similarly apply to successive reorganizations, reclassifications, consolidations, mergers, sales or similar
transactions. 
 (c) Distributions. Subject to the provisions of Section 4(a) and Section
4(b), as applicable, if the Company, at any time or from time to time, makes or declares, or fixes a record date for the determination of holders of Common Shares entitled to receive, a distribution payable in securities of the Company, cash or
other property, then, and in each such event, the Holder, as the holder of this Warrant, shall be entitled to receive any such dividend or distribution, other than a dividend 

  
 10 

 
or distribution resulting in an adjustment pursuant to Section 4(b), to the same extent as if the Holder had exercised this Warrant in full (assuming the Exercise Price
had been satisfied in cash, without the need to withhold Common Shares in a Cashless Exercise and without regard to the Beneficial Ownership Limitation or any other limitations on exercise herein or elsewhere and without regard to whether or not a
sufficient number of shares are authorized, reserved and available to effect any such exercise and issuance) and had held such Warrant Shares on the record date for such dividend or distribution (or, if there is no record date therefor, on the date
of such dividend or distribution). Payments or distributions under this Section 4(b) shall be made concurrently with the dividend or distribution to holders of the Common Shares. 

(d) Certain Repurchases of Common Shares. In case the Company effects a Pro Rata Repurchase of Common Shares, then the Exercise Price
shall be reduced to the price determined by multiplying the Exercise Price in effect immediately prior to the Effective Date of such Pro Rata Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number of
Common Shares outstanding immediately prior to such Pro Rata Repurchase and (y) the Fair Market Value of a Common Share on the Trading Day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent
to effect such Pro Rata Repurchase, minus (ii) the aggregate value of all cash and any other consideration (as determined by the Company in good faith) paid or payable for shares purchased in such Pro Rata Repurchase, and of which the
denominator shall be the product of (x) the number of Common Shares outstanding immediately prior to such Pro Rata Repurchase minus the number of Common Shares so repurchased and (y) the Fair Market Value per Common Share on the trading
day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase. In such event, the number of Warrant Shares available for purchase hereunder shall be increased to the
number obtained by dividing (i) the product of (x) the number of Warrant Shares available for purchase hereunder before such adjustment, and (y) the Exercise Price in effect immediately prior to the Pro Rata Repurchase giving rise to
this adjustment by (ii) the new Exercise Price determined in accordance with the immediately preceding sentence. 
 (e) Certificate
as to Adjustment. As promptly as reasonably practicable following any adjustment pursuant to the provisions of Section 4, but in any event not later than two (2) Business Days thereafter, the
Company shall furnish to the Holders a certificate of an executive officer setting forth in reasonable detail such adjustment and the facts upon which it is based and certifying the calculation thereof. As promptly as reasonably
practicable following the receipt by the Company of a written request by the Holder, but in any event not later than ten (10) Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive
officer certifying the amount of other Warrant Shares, securities or assets then issuable upon exercise of the Warrant. 
 (f)
Notices. In the event: 
 (i) that the Company shall take a record of the holders of its Common
Shares (or other securities at the time issuable upon exercise of the Warrant) for the purpose of entitling or enabling them to receive any extraordinary distribution described under Section 4(c); 

(ii) of any Change of Control; 

  
 11 

 (iii) of any subdivision or reclassification as described in Section
4(b); or 
 (iv) of the voluntary or involuntary dissolution, liquidation or
winding-up of the Company; 
 then, and in each such case, the Company shall send or cause to be sent to the
Holder at least ten (10) calendar days prior to the applicable record date or the applicable expected effective date, as the case may be, for the event, a written notice specifying, as the case may be, (A) the record date for such
distribution, and a description of such distribution, or (B) to the extent known, the effective date on which such Change of Control, subdivision, reclassification, dissolution, liquidation or winding-up
is proposed to take place, and the date, if any is to be fixed, as of which the books of the Company shall close or a record shall be taken with respect to which the holders of record of Common Shares (or such other securities at the time
issuable upon exercise of the Warrant) shall be entitled to exchange their Common Shares (or such other securities) for securities or other property deliverable upon such Change of Control, subdivision, reclassification, dissolution,
liquidation or winding-up , and the amount per Common Share and character of such exchange applicable to the Warrant and the Warrant Shares. 

5. Put Option 
 (a) Subject to the
limitations provided in this Section 5, the Holder shall have the right (the “Put Option”), but not the obligation, to sell to the Company, all, but not less than all, of the remaining purchase rights then
represented by this Warrant for a price equal to the Aggregate Put Price. The Put Option may be exercised at any time during the Exercise Period. For the avoidance of doubt, the Put Option shall be forfeited upon the exercise of this Warrant in full
pursuant to Section 3. 
 (b) The Put Option may be exercised only by the Holder delivering written notice of
exercise to the Company in the form attached as Exhibit C hereto (the “Put Notice”). Upon delivery of the Put Notice (the date of such delivery, the “Put Option Exercise Date”), the Company shall be obligated
to purchase from the Holder and cancel, and the Holder shall be obligated to sell to the Company, this Warrant by the Put Option Settlement Deadline (as defined below). For the avoidance of doubt, the Put Option Closing Date may occur after the
Exercise Period (and the purchase and sale of this Warrant in accordance with a Put Notice may be consummated following the Exercise Period), provided that the Put Notice is delivered prior to 6:00 p.m. (New York City time) on the last date of the
Exercise Period. 
 (c) If the Put Option is exercised, the closing of the required purchase and sale of this Warrant shall occur
(x) if the Put Option is settled in cash, on the tenth (10th) Business Day following the delivery of the Put Notice or on such other date as may be mutually agreed between the Company and the
Holder and (y) if the Put Option is settled by delivery of Common Shares, no later than two (2) Trading Days (or, if less, the number of Trading Days comprising the Standard Settlement Period) after the relevant Put Option Exercise Date
(the “Put Option Settlement Deadline” and the date settlement of the Put Option occurs, the “Put Option Closing Date”). The Aggregate Put Price shall be payable on the Put Option Closing Date, as follows: 

  
 12 

	 	i.	 if the Put Notice is delivered within twelve (12) months after the date hereof, subject to the Share
Issuance Cap and the Beneficial Ownership Limitation, by delivery of a number of Common Shares equal to the Share Settlement Amount and, if required pursuant to this Section 5(c), payment, in cash, of the Share Issuance Cap
Excess Amount; or 

  

	 	ii.	 if the Put Notice is delivered at any time following the date that is twelve (12) months following the
date hereof, (y) in cash or (z) at the Holder’s election, subject to the Share Issuance Cap and the Beneficial Ownership Limitation, by delivery of a number of Common Shares equal to the Share Settlement Amount and, if required
pursuant to this Section 5(c), payment, in cash, of the Share Issuance Cap Excess Amount. 

 Upon any exercise
of the Put Option during the twelve month period immediately following the date of issuance or otherwise in connection with the Holder’s election of a settlement in Common Shares, the Company shall issue the maximum number of Common Shares that
may be issued without exceeding either of the Share Issuance Cap or the Beneficial Ownership Limitation, and the portion of the Aggregate Put Price in excess of the Fair Market Value of the Common Shares so delivered (such excess, the “Share
Issuance Cap Excess Amount”) shall be satisfied in cash. 
 6. Share Issuance Cap. Notwithstanding anything to the contrary contained
herein, the Company shall not, and shall not be required to, issue any Common Shares pursuant to this Warrant (whether upon the exercise of the purchase right hereunder, exercise of the Holder’s rights under Section 5
or otherwise) if the issuance of such Common Shares together with any previous issuances of Common Shares pursuant to this Warrant and each other warrant issued pursuant to the Warrant Purchase Agreement would cause the aggregate number of Common
Shares issued or issuable pursuant to this Warrant and all of the other Warrants issued pursuant to the Warrant Purchase Agreement to exceed 18,857,319 Common Shares (subject to appropriate adjustment to reflect any stock split, stock combination,
reclassification, payment of stock dividend, recapitalization or other similar transaction of such character that the Common Shares shall be changed into or become exchangeable for a larger or small number of share that occurs following the date
hereof) (the “Share Issuance Cap”). 
 7. Transfer of Warrant. Subject to Section 11, this Warrant and all
rights hereunder are transferable, in whole or in part, by the Holder without charge to the Holder, upon surrender of this Warrant to the Company at its then principal executive offices with a properly completed and duly executed Assignment Form in
the form attached hereto as Exhibit B; provided, however, that prior to the Vesting Date, this Warrant may not be assigned (in whole or in part) to any Person other than an Affiliate of the Holder. Notwithstanding the foregoing, any such
transferring Holder shall be liable for any and all taxes, fees and third party expenses incurred by the Company as a result of such transfer and the Holder shall pay the Company, in cash or by wire transfer of immediately available funds any
amounts necessary to pay any such taxes, fees and third party expenses incurred by the Company in connection with the making of such transfer. Within three (3) Trading Days of such compliance, surrender and delivery and, if required, such
payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment, and shall issue to the assignor a new warrant evidencing the
portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, this Warrant, if properly assigned in accordance herewith, may be exercised by a new Holder for the
purchase of Warrant Shares immediately upon such assignment without having a new Warrant issued. 

  
 13 

 8. Holder Not Deemed a Stockholder; Limitations on Liability. Except as provided in
Section 4(c), the holder of this Warrant, as a holder of the Warrant, will not have any voting rights or other rights of a stockholder of the Company until exercise of this Warrant (at which time, the
holder of this Warrant shall only have such rights as entitled to the Warrant Shares held thereby). Nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 

9. Replacement of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon
surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number of Warrant
Shares as the Warrant so lost, stolen, mutilated or destroyed; provided, that, in the case of mutilation, no indemnity shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation. 

10. No Impairment. The Company shall not amend its Organizational Documents or effectuate a reorganization or transfer of assets, in each case, with
the sole intent to either impair the Holder’s rights hereunder or avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, and will at all times in good faith carry out all the
provisions of this Warrant. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any Warrant Shares receivable upon the exercise of this Warrant above the Exercise Price then in effect, and
(ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant. 

11. Compliance with the Securities Act. 

(a) Agreement to Comply with the Securities Act; Legend. The Holder, by acceptance of this Warrant, agrees that until such time as any
of the Unrestricted Conditions is met, this Warrant, the Warrant Shares and Common Shares issued in accordance with Section 5 (“Put Settlement Shares”), as applicable, may bear a restrictive legend in
substantially the following form (and a stop-transfer order consistent therewith may be placed against transfer of such securities) (the “Securities Law Legend”): 

“THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF, OR OTHERWISE PURSUANT TO, THIS WARRANT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS, AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED,

  
 14 

 
HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE SECURITIES ACT AND IS QUALIFIED UNDER APPLICABLE STATE
AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE SECURITIES ACT, INCLUDING PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OR PURSUANT TO A PRIVATE SALE EFFECTED UNDER SECTION
4(a)(7) OF THE SECURITIES ACT OR APPLICABLE FORMAL OR INFORMAL SEC INTERPRETATION OR GUIDANCE, SUCH AS A SO-CALLED “4[(a)](1) AND A HALF SALE.” NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.” 
 (b) The
Warrant Shares and any Put Settlement Shares (and any certificates or electronic book entries evidencing the Warrant Shares or Put Settlement Shares) shall not contain or be subject to (and Holder shall be entitled to removal of) any legend
restricting the transfer thereof (including the Securities Law Legend) and shall not be subject to any stop-transfer (or any similar) instructions: (A) while a registration statement (including a Registration Statement, as defined in the
Registration Rights Agreement) covering the sale or resale of such Warrant Shares or Put Settlement Shares is effective under the Securities Act, and the prospectus contained in such registration statement is current, and the Holder has provided
customary paperwork in a form reasonably acceptable to the Company certifies (including by delivery of an Exercise Notice that includes such affirmation in substantially the form of the certification included in Exhibit A) to the effect that
it has sold such Warrant Shares or Put Settlement Shares pursuant to such registration statement, (B) if the Holder provides customary paperwork in a form reasonably acceptable to the Company to the effect that it has sold such Warrant Shares
or Put Settlement Shares pursuant to Rule 144 under the Securities Act, (C) if at any time on or after the date hereof that the Holder certifies (including by delivery of an Exercise Notice that includes such affirmation in substantially the
form of the certification included in Exhibit A) that it is not an “affiliate” of the Company (as such term is used in Rule 144 under the Securities Act) and the Holder’s holding period for purposes of Rule 144 and subsection
(d)(3)(iii) thereof with respect to such Warrant Shares or Put Settlement Shares is at least one year, or (D) if such Warrant Shares or Put Settlement Shares are otherwise expressly permitted to be sold to the public without registration under
the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC) (collectively, the “Unrestricted Conditions”). The Company shall cause its counsel to issue a legal opinion to the Transfer
Agent promptly after any of the Unrestricted Conditions has been met with respect to all or a portion of the Warrant Shares or Put Settlement Shares, as applicable, if required by the Transfer Agent to effect the issuance of the applicable Warrant
Shares without a restrictive legend or removal of the legend hereunder to the extent required or requested as set forth in the immediately following two sentences. If any of the Unrestricted Conditions is met at the time of issuance of the Warrant
Shares or Put Settlement Shares, as applicable, then such Warrant Shares or Put Settlement Shares shall be issued free of all legends and stop-transfer instructions. The Company agrees that at such time as any of the Unrestricted Conditions is met
or such legend is otherwise no longer required under this Section 10(b), it will, no later than the earlier of (x) two (2) Trading Days and (y) the number of Trading Days comprising the Standard

  
 15 

 
Settlement Period following the delivery by the Holder to the Company or the Transfer Agent of the Warrant Shares issued with a restrictive legend, deliver or cause to be delivered to the Holder
or its designee this Warrant and/or the Warrant Shares or the Put Settlement Shares free from all restrictive and other legends (or similar notations) (in the case of the Warrant Shares, unless otherwise requested by the Holder, by crediting the
account of the Holder’s prime broker with DTC, through its DWAC system). For purposes of Rule 144 under the Securities Act and subsection (d)(3)(ii) thereof, it is intended, understood and acknowledged that the Warrant Shares issuable upon any
exercise of this Warrant pursuant to a Cashless Exercise shall be deemed to have been acquired, and the holding period thereof shall be deemed to have commenced, on the date of original issuance of this Warrant and, accordingly, provided the time of
such exercise is on or after [________]2, unless the Holder advises the Company that it is an affiliate of the Company at the time of such exercise, an Unrestricted Condition shall have been met
at the time of such exercise pursuant to a Cashless Exercise and such Warrant Shares shall be issued without bearing or being subject to any restrictive legend. The Holder, by acceptance hereof, acknowledges and agrees that the removal of any
restrictive legends from any securities as set forth in this Section 10(b) is predicated upon the Company’s reliance that the Holder will sell such securities pursuant to either the registration requirements of the
Securities Act or an exemption therefrom, and that if such securities are sold pursuant to a registration statement, they will be sold while such registration statement is effective and available for resales of such securities (provided the Holder
has not been informed by the Company that the prospectus that forms a part of the registration statement is not current), and in compliance with the plan of distribution set forth therein. 

12. Holder’s Exercise Limitations. Notwithstanding anything to the contrary contained herein, the Company shall not effect any
exercise of this Warrant or exercise of the Put Option that is to be settled through the issuance of Put Settlement Shares (a “Share Settled Put Exercise”) (or issue any Warrant Shares or Put Settlement Shares thereupon), and the
Holder shall not have the right to exercise any portion of this Warrant or acquire Warrant Shares or effect a Share Settled Put Exercise or acquire Put Settlement Shares pursuant to Section 3,
Section 5 or otherwise, to the extent that after giving effect to such exercise as contemplated by the applicable Warrant Exercise Notice or Put Notice, the Holder (together with the Holder’s Affiliates, and any other
Persons whose beneficial ownership of Common Shares would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (including shares beneficially owned by any “group” of which the Holder is a member)
(such Persons, “Attribution Parties”)), would beneficially own in excess of 9.9% of the total number of shares of Common Shares issued and outstanding (the “Beneficial Ownership Limitation”); provided,
however, that the Beneficial Ownership Limitation shall only apply to the extent that the Common Shares are deemed to constitute an “equity security” pursuant to Rule 13d-1(i) promulgated
under the Exchange Act. For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Warrant Shares issuable upon exercise of this Warrant
or Share Settled Put Exercise with respect to which such determination is being made, but shall exclude the number of Warrant Shares or Put Settled Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this
Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties, (ii) exercise of the Put Option, and (iii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company
subject to a limitation on conversion or exercise analogous to the 
  

 

	2 	 Insert the date that is one year after the original issuance date.

  
 16 

 
limitation contained herein beneficially owned by the Holder or any of its Attribution Parties. Except as set forth in the preceding sentence, for purposes of this
Section 12, beneficial ownership (including as a percentage of the issued and outstanding shares of Common Shares) shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. To the extent that the limitation contained in this Section 12 applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any
Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Warrant Exercise Notice or Put Notice shall be deemed to be the Holder’s determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder together with any Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder. For purposes of this Section 12, in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the
Company’s most recent periodic or annual report filed with the SEC, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Company’s Transfer Agent
setting forth the number of Common Shares outstanding. Upon the written request of a Holder, the Company shall within one (1) Business Day confirm in writing to the Holder the number of Common Shares then outstanding. If the Company receives a
Warrant Exercise Notice or Put Notice from the Holder at a time when the actual number of outstanding Common Shares is less than the number of outstanding Common Shares reported by the Company in its then-most recent periodic report filed with the
SEC, the Company shall (i) notify the Holder in writing of the number of Common Shares then outstanding and, to the extent that the issuance of Warrant Shares in accordance with such Warrant Exercise Notice or Put Settlement Shares in
accordance with such Put Notice would otherwise cause the Holder’s and its Attribution Parties’ beneficial ownership, as determined in accordance with this Section 12 to exceed the Beneficial Ownership Limitation,
the Holder shall notify the Company of a reduced number of Warrant Shares or Put Settlement Shares to be purchased or delivered pursuant to such Warrant Exercise Notice or Put Notice (the number of shares by which such purchase is reduced, the
“Reduction Shares”) and (ii) (x) in the case of Warrant Shares, as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares and (y) in the case
of Put Settlement Shares, satisfy the delivery of such Reduction Shares in cash pursuant to the provisions of Section 5(c). In any case, the number of outstanding Common Shares shall be determined after giving effect to the
conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Attribution Parties since the date as of which such number of outstanding Common Shares was reported. The provisions of this paragraph shall be
construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 12 to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph may not be waived and shall apply to a successor holder
of this Warrant. 

  
 17 

 13. Certain Representations and Agreements. The Company represents, covenants and agrees: 

(a) This Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and validly issued.

 (b) All Warrant Shares issuable upon the exercise of this Warrant and all Put Settlement Shares issuable pursuant to the terms hereof shall be, upon
issuance, and the Company shall take all such actions as may be necessary or appropriate in order that such Warrant Shares or Put Settlement Shares, as applicable, are, validly issued, fully paid and
non-assessable, issued without violation of any preemptive or similar rights of any stockholder of the Company, and free from all taxes, liens and charges. As of the date of issuance of this Warrant, the
Company has reserved from its authorized and unissued Common Shares, exclusively for issuance pursuant to the terms of this Warrant, and from and after the date of Issuance of this Warrant the Company shall at all times reserve and keep available
out of its authorized but unissued Common Shares solely for the purpose of issuance pursuant to the terms of this Warrant (whether upon the exercise of the purchase right hereunder, exercise of the Holder’s rights under
Section 5 or otherwise), such number of Common Shares as shall from time to time be sufficient to effect the exercise of the purchase right or Put Option with respect to this Warrant in full (after giving effect to the
Share Issuance Cap, but without giving effect to the Beneficial Ownership Limitation); and if at any time the number of authorized but unissued Common Shares shall not be sufficient to effect the exercise of the purchase right or Put Option with
respect to this Warrant in full, the Company will use reasonable best efforts to take such corporate action as may necessary to increase its authorized but unissued Common Shares to such number of shares as shall be sufficient for such purpose. 

(c) The Company shall take all such actions as may be necessary to ensure that all Warrant Shares and Put Settlement Shares are issued without violation of
any applicable law or governmental regulation or any requirements of any securities exchange upon which shares of the Company’s capital stock may be listed at the time of such exercise. 

(d) The Company will procure, subject to issuance or notice of issuance, the listing of any Warrant Shares issuable upon exercise of this Warrant and any Put
Settlement Shares issued hereunder on the principal stock exchange on which the Common Shares are then listed or traded. 
 14. Warrant Register. The
Company shall keep and properly maintain at its principal executive offices books for the registration of the Warrant and any transfers thereof. The Company may deem and treat the Person in whose name the Warrant is
registered on such register as the Holder thereof for all purposes, and the Company shall not be affected by any notice to the contrary, except any assignment or other transfer of the Warrant effected in accordance with the provisions of
this Warrant. 
 15. Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and
shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent
by facsimile or e-mail (upon the sender’s receipt of an acknowledgement from the intended recipient such as by the “return receipt requested” function, if available, return electronic mail or
other written acknowledgement) if sent during normal business hours of the recipient, and on the next 

  
 18 

 
Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.
Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 15). 

 

			
	If to the Company:	 	F45 Training Holdings Inc.
		 	C/o F45 Training Incorporated
		 	3601 S. Congress Ave., Building E
		 	Austin, TX 78704
		 	Attention: Legal Department
		 	E-mail: 
		
	with a copy to:	 	King & Spalding LLP
		 	1185 Avenue of the Americas
		 	34th Floor
		 	New York, NY 10036
		 	Attention: W. Todd Holleman
		 	Facsimile: (212) 556-2222
		 	Telephone: (212) 556-2258
		 	E-mail: tholleman@kslaw.com
		
	If to the Holder:	 	Fortress Credit Co LLC
		 	c/o Fortress Investment Group
		 	1345 Avenue of the Americas, 46th Floor
		 	New York, New York 10105
		 	Attention: David Sharpe, Credit Operations
		 	Facsimile: 
		 	Telephone: 
		 	Email: 
		
	with a copy to:	 	Fortress Credit Corp.
		 	c/o Fortress Investment Group
		 	1345 Avenue of the Americas, 46th Floor
		 	New York, New York 10105
		 	Attention: David Brooks, General Counsel
		 	Facsimile: 
		 	Telephone: 
		 	E-mail: 

 16. Cumulative Remedies. Except to the extent expressly provided in Section 8 to
the contrary, the rights and remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for, any other rights or remedies available at law, in equity or otherwise. 

  
 19 

 17. Equitable Relief. Each of the Company and the Holder acknowledge that a breach or threatened
breach by such party of any of its obligations under this Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate remedy and hereby agrees that in the event of a breach or a
threatened breach by such party of any such obligations, the other party hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled to equitable relief, including a
restraining order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction. 
 18. Tax
Treatment. 
 (a)The Company shall pay all reasonable and documented
out-of-pocket expenses in connection with, and all issuance, stamp and similar transfer taxes and other governmental charges that may be imposed with respect to, the
issuance or delivery of any Warrant Shares or Put Settlement Shares; provided, however, that the Company shall not be required to pay any tax or governmental charge that may be imposed with respect to (i) the income, franchise or capital gain
of the Holder, (ii) the issuance or delivery of the Warrant Shares or Put Settlement Shares to any Person other than the Holder, or (iii) the sale or transfer of the Warrant or Common Shares. 

(b) The payment of any other amounts to the Holder pursuant to this Warrant shall be made without any deduction or withholding for any taxes,
except as required by applicable law. To the extent that the Company is required to deduct or withhold any taxes pursuant to the previous sentence other than as a result of the Holder’s failure to provide the Company with an IRS Form W-9 or W-8 pursuant to the last sentence of this Section 18(b), the Company shall provide advance written notice of the Company’s intent to
deduct and withhold and provide the Holder with an opportunity to establish an exemption or reduction in withholding to the extent permitted by applicable law, including through the provision of duly executed tax forms. To the extent that amounts
are so withheld and paid over to the applicable Governmental Authority, such withheld amounts shall be treated for all purposes of this Warrant as having been paid to the person in respect of whom such deduction and withholding was made. The Holder
of the Warrant, to the extent legally entitled to do so, shall deliver such documentation prescribed by applicable law or reasonably requested by the Company as will enable the Company to determine whether or not the Holder is subject to withholding
or information reporting requirements; provided that the Holder shall provide the Company with a properly completed and executed IRS Form W-9 or W-8, as
applicable, at the time of (or prior to) the issuance of this Warrant. 
 (c) The Company and the Holder acknowledge and agree that this
Warrant and the Loan with respect to which this Warrant is issued are part of an “investment unit” within the meaning of Section 1273(c)(2) of the Internal Revenue Code of 1986, as amended (the “Code”). The Company and the
Holder will agree for income tax purposes upon the allocation of the issue price of such investment unit (determined in accordance with Section 1273(c)(2) of the Code) between such Loan and this Warrant. The Company and the Holder agree to file
all applicable tax returns in a manner consistent with such allocation and not to take any position on any tax return or in any tax proceeding that is inconsistent with such allocation, unless otherwise required by a contrary
“determination” within the meaning of Section 1313 of the Code. 

  
 20 

 19. Entire Agreement. This Warrant, together with the Warrant Purchase Agreement, the
Registration Rights Agreement and the SPV Credit Agreement, constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings
and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body of this Warrant and the Warrant Purchase Agreement, the Registration Rights Agreement or the
SPV Credit Agreement, the statements in the body of this Warrant shall control. 
 20. Successor and Assigns. This Warrant and the rights
evidenced hereby shall be binding upon and shall inure to the benefit of the parties hereto and the successors of the Company and the successors and permitted assigns of the Holder. Such successors and/or permitted assigns of the
Holder shall be deemed to be a Holder for all purposes hereunder. 
 21. No Third-Party
Beneficiaries. This Warrant is for the sole benefit of the Company and the Holder and their respective successors and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or
shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant. 
 22.
Headings and Interpretation. The headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant. Unless the context otherwise requires, any reference in this Agreement to a “Section” or
“clause” refers to a Section or clause, as the case may be, of this Agreement, and the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to
any particular Section or other subdivision. Unless the context otherwise requires, any reference to a statute, rule or regulation refers to the same (including any successor statute, rule or regulation thereto) as it may be amended from time to
time, and the word “including” shall be deemed to be followed by the words “without limitation.” 
 23. Amendment and Modification;
Waiver. Except as otherwise provided herein, this Warrant may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall be
effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver,
whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

24. Severability. If any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term or provision in any other jurisdiction. 

25. Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York without giving effect
to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of New York. 

  
 21 

 26. Submission to Jurisdiction. Any legal suit, action or proceeding arising out of or based upon
this Warrant or the transactions contemplated hereby may be instituted in the state or federal courts located in New York, New York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or
proceeding. Service of process, summons, notice or other document by certified or registered mail to such party’s address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court.
The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum. 
 27. Waiver of Jury Trial. Each party acknowledges and agrees that
any controversy which may arise under this Warrant is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal
action arising out of or relating to this Warrant or the transactions contemplated hereby. 
 28. Counterparts. This Warrant may be executed in
counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or other means
of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant. 
 29. No Strict
Construction. This Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. 

[Signature pages follow.] 

  
 22 

 IN WITNESS WHEREOF, the Company has duly executed this Warrant on the date first written above. 

 

			
	COMPANY:
	
	F45 TRAINING HOLDINGS INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 [Signature Page for F45
Warrant] 

 Accepted and agreed, 
  

			
	HOLDER:
	[_________________________]
		
	By:	 	
	Name:	 	
	Title:	 	Authorized Signatory

  
 [Signature Page for F45
Warrant] 

 EXHIBIT A 

WARRANT EXERCISE NOTICE 
 [Holder Name]

 The undersigned, [_____], pursuant to the provisions of the Warrant, hereby elects to purchase [_____] Warrant Shares covered by the Warrant. 

The Warrant is exercised by means of the exercise provisions of Section 3(b) of the Warrant. 

In connection with such exercise, the undersigned certifies that it [is][is not] an “affiliate” of the Company (as such term is used under Rule 144
of the Securities Act) as of the date of this Warrant Exercise Notice and [has][has not] been an “affiliate” of the Company at any point during the immediately preceding three months. 

[In connection with such exercise, the undersigned certifies that it has sold such Warrant Shares pursuant to, and in compliance with the plan of distribution
set forth in, the Registration Statement on Form S-[__], dated [__], registering the offer and sale of such Warrant Shares.] 

The undersigned hereby directs that the Common Shares be registered as follows: 

Please issue the Common Shares representing the applicable number of Warrant Shares issuable pursuant to the Warrant in the name of the undersigned and to the
following address: 
 Issue to: ____________________________ 

Address: ____________________________ 
 Email
Address: ____________________________ 
 DTC Details (if applicable): ____________________________ 

 

	
	  

	 (Signature)

	(Name)
	(Title)
	(Date)

 EXHIBIT B 

FORM OF TRANSFER 
 (To be
signed only upon transfer of Warrant) 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto [_____] the right represented
by the attached Warrant to purchase [_____] Common Shares of F45 Training Holdings Inc. to which the attached Warrant relates, and appoints [_____] Attorney to transfer such right on the books of [_____], with
full power of substitution in the premises. 
 Dated: [_____] 

3                 
           Address: 
 Signed in the presence of: 

 

	3 	 (Signature must conform in all respects to name of Holder as specified on the face of the Warrant)

 EXHIBIT C 

WARRANT PUT NOTICE 
 The undersigned,
______, pursuant to the provisions of the Warrant, hereby elects to exercise its Put Option with respect to [____] Warrant Shares covered by the Warrant. 

The Put Option is exercised by means of the exercise provisions of Section 5(b) of the Warrant. 

[The undersigned hereby elects to settle the Put Option exercise [in cash][in Put Settlement Shares]].4

 [In connection with such exercise, the undersigned certifies that it [is][is not] an “affiliate” of the Company (as such term is used under
Rule 144 of the Securities Act) as of the date of this Warrant Exercise Notice and [has][has not] been an “affiliate” of the Company at any point during the immediately preceding three months. 

[In connection with such exercise, the undersigned certifies that it has sold such Warrant Shares pursuant to, and in compliance with the plan of distribution
set forth in, the Registration Statement on Form S-[__], dated [__], registering the offer and sale of such Warrant Shares.] 

The undersigned hereby directs that [__]5 Put Settlement Shares be registered as follows: 

Please issue the Common Shares representing the applicable number of Put Settlement Shares issuable pursuant to the Put Option in the Warrant in the name of
the undersigned and to the following address: 
 Issue to: _________________ 

Address: _________________ 
 Email
Address:_________________ 
 DTC Details (if applicable):_______________]6 

The undersigned hereby [further] directs the Company to wire $[__], representing the [Aggregate Put Price][the Share Issuance Cap Excess Amount] to the
following: 
 Bank: [__] 
  

	4 	 Include only if Put Option is exercised after twelve (12) months of the date of the Warrant or the Vesting
Date, as applicable 

	5 	 To equal the number of Common Shares equal to the quotient of (x) the Aggregate Put Price divided by
(y) the Fair Market Value of the Common Shares as of date of the Put Notice (subject to the Share Issuance Cap and the Beneficial Ownership Limitation) 

	6 	 To be used if Put Option is exercised within twelve (12) months after the date of the Warrant or the
Vesting Date, as applicable, or if the holder has elected settlement in Put Settlement Shares pursuant to the above 

  
 27 

 Routing number: [__] 

FBO: [__] 
 Account number: [__] 

Bank address: [__] 
 For further credit to: [__]]7 
  

			
	[_________________]
		
	By:	 	 
	Name:	 	
	Title:	 	
	 Date:
	 	

  

	7 	 To be used if (x) holder elects to settle the Put Option in cash above or (y) due to the Share
Issuance Cap or the Beneficial Ownership Limitation, the Company must pay the Share Issuance Cap Excess Amount in cash 

  
 28EX-4.4

 Exhibit 4.4 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of May 13, 2022, by and among F45 Training Holdings Inc., a Delaware corporation
(the “Company”), and Drawbridge DSO Securities LLC, Fortress Lending III Holdings L.P., Fortress Lending Fund II MA-CRPTF LP and Fortress Lending II Holdings, L.P. (each, a “Purchaser” and
collectively, the “Purchasers”). 
 WHEREAS: 

A. The Company and the Purchasers are entering into a Warrant Purchase Agreement, dated as of the date hereof, by and between the Company and the Purchasers
(the “Purchase Agreement”). Capitalized terms used and not otherwise defined herein shall have the meanings given to them in the Purchase Agreement. 

B. Upon the terms and subject to the conditions set forth in the Purchase Agreement, (i) on the date hereof, the Company is issuing to the Purchasers the
Initial Warrants and (ii) at any Facility Increase Closing, the Company will issue to the Purchasers the Facility Increase Warrants (the Initial Warrants and the Facility Increase Warrants, together with any warrants issued in exchange or
substitution therefor or replacement thereof, as the same may be amended, restated or modified and in effect from time to time, the “Purchase Agreement Warrants”). 

C. Upon the terms and subject to the conditions set forth in the SPV Credit Agreement (as defined in the Purchase Agreement), the Company may from time to
time issue to the Purchasers additional warrants to purchase Common Shares (such warrants, together with any warrants issued in exchange or substitution therefor or replacement thereof, as the same may be amended, restated or modified and in effect
from time to time, the “Credit Agreement Warrants” and together with the Purchase Agreement Warrants, the “Warrants” and the Common Shares issuable upon exercise of, or otherwise pursuant to, the Warrants, without regard to any
limitation on exercise thereof or the put right set forth therein being referred to as the “Warrant Shares”). 
 D. To induce the Purchasers to
execute and deliver the Purchase Agreement and enter into the SPV Credit Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar
successor statute (collectively, the “Securities Act”), and applicable state securities laws. 
 NOW, THEREFORE, in consideration of the
premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Purchasers hereby agree as follows: 

 1. DEFINITIONS. 

a. As used in this Agreement, the following terms shall have the following meanings (all capitalized terms used and not otherwise defined herein having the
respective meanings set forth in the Purchase Agreement): 
 (i) “Additional Filing Deadline” means, with respect to any Registration Statements
that may be required pursuant to Section 2(a)(ii), (A) the twentieth (20th) day following the first date on which such Registrable Securities may then be included in a Registration Statement
if such Registration Statement is required to be filed because the SEC shall have notified the Company in writing that certain Registrable Securities were not eligible for inclusion in a previously filed Registration Statement, or (B) if such
additional Registration Statement is required for a reason other than as described in (A) above, the twentieth (20th) day following the date on which the Company first knows, or reasonably
should have known, that such additional Registration Statement is required. 
 (ii) “Additional Registration Deadline” means, with respect to any
additional Registration Statement(s) required to be filed pursuant to Section 2(a)(ii), the thirtieth (30th) day following the applicable Additional Filing Deadline (or, in the event the SEC
reviews and has written comments to such Registration Statement, sixtieth (60th) calendar day following the Additional Filing Deadline). 
 (iii)
“Exchange Act” means the Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder, and any successor statute. 

(iv) “Filing Deadline” for any Registration Statement required pursuant to Section 2(a)(i), shall mean a date that is thirty (30) days
following the date that a Warrant is initially issued, and for each Registration Statement required pursuant to Section 2(a)(ii) shall mean the Additional Filing Deadline. If any Filing Deadline falls on a Saturday, Sunday or other date that
the SEC is closed for business, such Filing Deadline shall be extended to the next day on which the SEC is open for business. 
 (v) “Investor”
means each Purchaser and any transferee or assignee of any Purchaser who agrees in writing to become bound by the provisions of this Agreement in accordance with Section 10 hereof. 

(vi) “Person” means and includes any natural person, partnership, joint venture, corporation, trust, limited liability company, limited company,
joint stock company, unincorporated organization, government entity or any political subdivision or agency thereof, or any other entity. 
 (vii)
“Prospectus” means (i) any prospectus (preliminary or final) included in any Registration Statement, as may be amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by such Registration Statement and by all other amendments and supplements to such prospectus, including post-effective amendments, and all material incorporated by reference in such prospectus, and (ii) any
“free writing prospectus” as defined in Rule 405 under the Securities Act relating to any offering of Registrable Securities pursuant to a Registration Statement. 

(viii) “Register,” “Registered,” and “Registration” refer to a registration effected by preparing and filing a Registration
Statement or Statements in compliance with the Securities Act and pursuant to Rule 415, and the declaration of effectiveness of such Registration Statement (to the extent required, by declaration or ordering of effective, of such Registration
Statement by the United States Securities and Exchange Commission (the “SEC”)). 

  
 2 

 (ix) “Registrable Securities” for a given Registration, means (a) any Common Shares issued or
issuable upon exercise of, or otherwise pursuant to, the Warrants (without giving effect to any limitations on exercise set forth in the Warrants), (b) any shares of capital stock issued or issuable as a dividend on or in exchange for or otherwise
with respect to any of the foregoing, (c) any additional Common Shares issuable in connection with any anti-dilution provisions in the Warrants, (d) any other Common Shares issuable pursuant to the terms of the Warrants, and (e) any
securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to any of the foregoing; provided, however, that any Registrable Securities shall cease to be Registrable Securities
(and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) when (x) a Registration Statement with respect to the sale of such Registrable Securities has
become effective under the Securities Act and such Registrable Securities have been disposed of in accordance with such Registration Statement, (y) such Registrable Securities are sold in accordance with Rule 144 promulgated under the
Securities Act or any successor rule (“Rule 144”), or (z) all of such Registrable Securities may be immediately sold to the public by the Investor holding such Registrable Securities without registration or restriction (including,
without limitation, as to volume by each holder thereof), and without compliance with any “current public information” requirement, pursuant to Rule 144 under the Securities Act. 

(x) “Registration Deadline” shall mean, for purposes of any Registration Statement required pursuant to Section 2(a)(i), the date that is sixty
(60) days after the applicable Filing Deadline, and with respect to any Registration Statement required pursuant to Section 2(a)(ii), the Additional Registration Deadline; provided, however, that if the Company is notified by the SEC that
such Registration Statement will not be reviewed or is no longer subject to further review and comments, the Registration Deadline as to such Registration Statement shall be the fifth (5th)
Business Day following the date on which the Company is so notified if such date precedes the dates otherwise required above; provided, further, that if a Registration Deadline falls on a Saturday, Sunday or other day that the SEC is closed for
business, the Registration Deadline shall be extended to the next Business Day on which the SEC is open for business. 
 (xi) “Registration
Failure” means that (A) the Company fails to file with the SEC on or before the Filing Deadline any Registration Statement required to be filed pursuant to Section 2(a) hereof, (B) the Company fails to use its reasonable best
efforts to obtain effectiveness with the SEC, prior to the Registration Deadline, and if such Registration Statement does not become effective prior to the Registration Deadline, as soon as possible thereafter, of any Registration Statement that is
required to be filed pursuant to Section 2(a) hereof, or fails to use its reasonable best efforts to keep such Registration Statement current and effective as required in Section 3 hereof, (C) the Company fails to file any additional
Registration Statement required to be filed pursuant to Section 2(a)(ii) hereof on or before the Additional Filing Deadline or fails to use its reasonable best efforts to cause such additional Registration Statement to become effective on or
before the Additional Registration Deadline, and if such effectiveness does not occur within such period, as soon as possible thereafter, or (D) the Registration Statement required to be filed hereunder, after its initial effectiveness and
during the applicable Registration Period, lapses in effect or, other than on a day during an Allowable Grace Period, sales of all of the Registrable Securities cannot otherwise be made thereunder (whether by reason of the Company’s failure to
amend or supplement the Prospectus included therein in accordance herewith, the Company’s failure to file and use its reasonable best efforts to obtain effectiveness with the SEC of an additional Registration Statement or amended Registration
Statement required pursuant to Section 2(a)(ii) or 3(b) hereof, as applicable, or otherwise). 

  
 3 

 (xii) “Registration Statement(s)” means any registration statement(s) of the Company filed under
the Securities Act that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement, all amendments and supplements to such Registration Statement, including post-effective amendments, and all exhibits to, and
all material incorporated by reference in, such Registration Statement. 
 (xiii) “Rule 415” means Rule 415 under the Securities Act or any
successor rule providing for the offering of securities on a continuous basis. 
 (xiv) “Stock Event” means any stock split, share or stock
dividend, recapitalization, combination of outstanding Common Shares (by consolidation, combination, reverse stock split or otherwise) or similar transactions of such character that the outstanding Common Shares shall be changed into or become
exchangeable for a larger or small number of shares. 
 (xv) “Stockholders’ Agreement” means that certain F45 Training Holdings Inc. Third
Amended and Restated Stockholders’ Agreement, dated as of July 14, 2021, by and among F45 Training Holdings Inc., MWIG LLC, Kennedy Lewis Management LP, L1 Capital Long Short Fund, L1 Long Short Fund Limited, L1 Capital Global
Opportunities Master Fund, L1 Capital Long Short (Master) Fund, GIL SPE, LLC, and the other stockholders party thereto. 
 2. REGISTRATION. 

a. MANDATORY REGISTRATION. (i) Following the date on which any Warrants are issued pursuant to the Purchase Agreement (each an “Issuance
Date”), the Company shall prepare, and, on or prior to the applicable Filing Deadline, file with the SEC a Registration Statement (a “Mandatory Registration Statement”) on Form S-3 (or, if Form S-3 is not then available, on such form of Registration Statement as is then available to effect a Registration of the Registrable Securities), covering the resale of the Registrable Securities issued on the
applicable Issuance Date, which Registration Statement, to the extent allowable under the Securities Act and the rules and regulations promulgated thereunder (including Rule 416), shall state that such Registration Statement also covers such
indeterminate number of additional Common Shares as may become issuable upon exercise of or otherwise pursuant to the Warrants to prevent dilution resulting from stock splits, stock dividends, stock issuances or similar transactions. The number of
Common Shares initially included in such Registration Statement shall be no less than the maximum number of Shares that are then issuable upon exercise of or otherwise pursuant to the Warrants issued on the Issuance Date, without regard to any
limitation on the Investors’ ability to exercise the Warrants, subject to adjustment for any Stock Event occurring prior to the effective date of such Registration Statement. 

(ii) If for any reason, despite the Company’s use of its reasonable best efforts to include all of the Registrable Securities requested or required to be
included in any Registration Statement filed pursuant to Section 2(a)(i) (and subject to Section 3(o) below), the SEC does not permit all such Registrable Securities to be included in such Registration Statement, or for any other reason
any such Registrable Securities are not then included in a Registration Statement, then the Company shall prepare, and, as soon as practicable but in no event later than the Additional Filing Deadline, file with the SEC an additional Registration
Statement on Form S-3 (or, if Form S-3 is not then available, on such form of Registration Statement as is then available to effect a Registration of

  
 4 

 
the Registrable Securities) covering the resale of all Registrable Securities requested or required to be included in such Registration Statement filed pursuant to Section 2(a)(i) and not
already covered by an existing and effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415. Determination of which Registrable Securities shall be excluded from a Registration Statement if required by
the SEC shall be made on a pro rata basis among the Investors holding Registrable Securities to be included in the Registration Statement and other holders of securities of the Company to be included in the Registration Statement pursuant to
piggy-back or similar rights, including those rights set forth in the Stockholders’ Agreement. 
 (iii) Subject to any SEC comments and the rights set
forth in the Stockholders’ Agreement, any Registration Statement pursuant to this Section 2(a) shall include a “plan of distribution” reasonably acceptable to the holders of a majority-in-interest of the Registrable Securities to be included in such Registration Statement. No Investor shall be named as an “underwriter” in the Registration Statement without the
Investor’s prior written consent. Each Registration Statement (and each amendment or supplement thereto) shall be provided to the Investors and Legal Counsel (as defined below) prior to its filing or other submission in accordance with the
terms of this Agreement. 
 b. NOTICES. Each Investor acknowledges and agrees that, in the event the Company would be required by the terms of this
Section 2 to provide notice to such Investor of the filing of any Registration in which any Registrable Securities of any Investor are eligible to be included, the Company shall provide such notice only to counsel to such Investor (which shall
be Katten Muchin Rosenman LLP (Attn: Howard Schickler and Jonathan Weiner) or such other counsel as shall have been designated by such Investor), unless such Investor has given prior written instructions to the contrary to the Company. 

3. OBLIGATIONS OF THE COMPANY. In connection with any Registration of the Registrable Securities hereunder, the Company shall have the following
obligations: 
 a. The Company shall prepare promptly, and file with the SEC as soon as practicable after such registration obligation arises hereunder (but
in no event later than the applicable Filing Deadline), such Registration Statements with respect to the Registrable Securities as provided in Section 2(a), and thereafter use its reasonable best efforts to cause each such Registration
Statement relating to Registrable Securities to become effective as soon as possible after such filing, but in any event shall use its reasonable best efforts to cause each such Registration Statement relating to Registrable Securities to become
effective no later than the applicable Registration Deadline, and shall use its reasonable best efforts to keep the Registration Statement current and effective pursuant to Rule 415 at all times after its effective date until such date as is the
earlier of (i) the date on which all of the Registrable Securities included in such Registration Statement have been sold pursuant to such Registration Statement or pursuant to Rule 144 and (ii) no Investor holds any Registrable Securities
(the “Registration Period”), which Registration Statement (including any amendments or supplements thereto and Prospectuses contained therein or related thereto), except for information provided in writing by an Investor pursuant to
Section 4(a), shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein not misleading. In the event that Form S-3 is not available for the registration of the resale of any Registrable Securities hereunder (but, for the 

  
 5 

 
avoidance of doubt, without in any way affecting the Company’s obligation to Register the resale of the Registrable Securities on such other form as is available, as provided in
Section 2(a)), (i) the Company shall undertake to file, within twenty (20) days of such time as such form is available for such Registration, a post-effective amendment to the Registration Statement then in effect, or otherwise file a
Registration Statement on Form S-3, registering such Registrable Securities on Form S-3; provided that the Company shall maintain the effectiveness of the Registration
Statement then in effect until such time as a Registration Statement (or post-effective amendment) on Form S-3 covering such Registrable Securities has been declared effective by the SEC, and (ii) the
Company shall provide that any Registration Statement on Form S-1 filed hereunder shall incorporate documents by reference (including by way of forward incorporation by reference) to the maximum extent
possible. If the Company is a “well-known seasoned issuer” (as defined in Rule 405 under the Securities Act) and to the extent permitted by the rules and regulations of the SEC applicable to the Company, at the time the Company is
requested or required hereunder to file a Registration Statement or amendment to a Registration Statement hereunder, the Company may file the Registration Statement or amendment as an “automatic shelf registration statement” (as defined in
Rule 405 under the Securities Act). 
 b. The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and
supplements to each Registration Statement and the Prospectus used in connection with each Registration Statement as may be necessary to keep each Registration Statement current and effective at all times during the Registration Period, and, during
the Registration Period, shall comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by each Registration Statement until such time as all of such Registrable Securities
have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. In the event that on any Trading Day (the “Registration Trigger Date”) the number of
shares available under the Registration Statements filed pursuant to this Agreement is insufficient to cover all of the Registrable Securities (without giving effect to any limitations on the Investors’ ability to exercise the Warrants), the
Company shall amend the Registration Statements, or file a new Registration Statement (on the short form available therefor, if applicable), or both, so as to cover the total number of Registrable Securities (without giving effect to any limitations
on exercise contained in the Warrants) as of the Registration Trigger Date as soon as practicable, but in any event within thirty (30) days after the Registration Trigger Date. 

c. The Company shall furnish to each Investor and Legal Counsel (i) promptly after the same is prepared and publicly distributed, filed with the SEC or
received by the Company, one copy of each Registration Statement and any amendment thereto, each preliminary Prospectus and Prospectus and each amendment or supplement thereto, and each letter written by or on behalf of the Company to the SEC or the
staff of the SEC, and each item of the correspondence from the SEC or the staff of the SEC, in each case relating to such Registration Statement (other than any portion thereof which contains information for which the Company has sought or intends
to seek confidential treatment, which contains or reflects any material non-public information with respect to the Company or its securities or which relates to Company matters that are in the reasonable
judgment of the Company not relevant to the Investor’s interests with respect to the Registrable Securities), and (ii) such number of copies of a Prospectus, including a preliminary Prospectus, and all amendments and supplements thereto
and such other documents as an Investor may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such 

  
 6 

 
Investor; provided that the Company may provide any such copies in electronic form only. The Company will promptly notify each of the Investors by electronic mail of the effectiveness of each
Registration Statement or any post-effective amendment thereto. The Company will promptly respond to any and all comments received from the SEC with respect to any Registration Statement filed pursuant to this Agreement, with a view towards causing
each Registration Statement or any amendment thereto to become effective (to the extent required, by declaration or ordering of effectiveness, of such Registration Statement or amendment by the SEC) as soon as practicable, and, as soon as
practicable, but in no event later than five (5) Business Days, following the resolution or clearance of all SEC comments or, if applicable, following notification by the SEC that any such Registration Statement or any amendment thereto will
not be subject to review, shall file a request for acceleration of effectiveness of such Registration Statement (to the extent required for such Registration Statement or amendment to become effective, by declaration or ordering of effectiveness, of
such Registration Statement or amendment by the SEC) to a time and date not later than two (2) Business Days after the submission of such request. No later than the first (1st) Business Day
after the Registration Statement becomes effective, the Company shall file with the SEC the final Prospectus included in the Registration Statement pursuant to Rule 424 (or successor thereto) under the Securities Act. 

d. The Company shall use its reasonable best efforts to (i) register and qualify, in any jurisdiction where registration and/or qualification is
required, the Registrable Securities covered by the Registration Statements under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investors shall reasonably request, (ii) prepare and file in
those jurisdictions such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be reasonably necessary to maintain the effectiveness thereof during the Registration Period, (iii) take
such other actions as may be reasonably necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the
Registrable Securities for sale in such jurisdictions; except that in no event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where it would not, but for the requirements of this paragraph (d),
be required to be so qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction, except where the Company is then already required to be so qualified, already subject to
taxation or required to consent to general service of process. 
 e. As promptly as practicable after becoming aware of such event, the Company shall notify
each Investor that holds Registrable Securities of the happening of any event, of which the Company has knowledge, as a result of which the Prospectus included in any Registration Statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and, subject to Section 3(q), shall use its reasonable best efforts to promptly prepare a supplement or
amendment to any Registration Statement to correct such untrue statement or omission, and deliver such number of copies of such supplement or amendment to each Investor as such Investor may reasonably request. 

  
 7 

 f. The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other
suspension of effectiveness of any Registration Statement and, if such an order is issued, to obtain the withdrawal of such order as promptly as reasonably practicable and to notify each Investor that holds Registrable Securities of the issuance of
such order and the resolution thereof, in each case as promptly as reasonably practicable. 
 g. The Company shall permit one outside legal counsel
designated by the Investors (which shall be Katten Muchin Rosenman LLP or such other counsel as shall have been designated by the Investors) (“Legal Counsel”) to review such Registration Statement and all amendments and supplements thereto
(but excluding the Company’s filings under the Exchange Act), a reasonable period of time prior to their filing with the SEC (not less than three (3) but not more than ten (10) Business Days prior to such filing), and shall use its
reasonable best efforts to reflect in each such document, when so filed with the SEC, such comments as Legal Counsel reasonably proposes promptly following the delivery of such copy to Legal Counsel. 

h. The Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless (i) disclosure
of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such
information is ordered pursuant to a subpoena or other order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this
Agreement or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning any Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give
prompt notice to such Investor prior to making such disclosure, and allow such Investor, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information. 

i. The Company shall use its reasonable best efforts to cause all the Registrable Securities covered by each Registration Statement to be listed on each
securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange. 

j. The Company shall provide a transfer agent and registrar, which may be a single entity, for the Registrable Securities not later than the effective date of
the initial Registration Statement. 
 k. The Company shall cooperate with each Investor that holds Registrable Securities being offered to facilitate the
timely (i) preparation and delivery of certificates (not bearing any restrictive legends) representing Registrable Securities to be offered pursuant to such Registration Statement, and enable such certificates to be registered in such names and
in such denominations or amounts, as the case may be, or (ii) crediting of the Registrable Securities to be offered pursuant to a Registration Statement to the applicable account (or accounts) with DTC through its Deposit/Withdrawal At
Custodian (DWAC) system, in any such case as such Investor may reasonably request. Within two (2) Business Days after a Registration Statement which includes Registrable Securities becomes effective, the Company shall deliver, and, if required
by the transfer agent, shall cause legal counsel selected by the Company to deliver, to the transfer agent for the Registrable Securities an appropriate instruction and an opinion of such counsel in the form required by the transfer agent in order
to issue or transfer (as applicable) the Registrable Securities free of restrictive legends upon receipt of documentation reasonably requested from the applicable Investor. 

  
 8 

 l. At the reasonable request of an Investor, the Company shall prepare and file with the SEC such amendments
(including post-effective amendments) and supplements to a Registration Statement and any Prospectus used in connection with the Registration Statement as may be necessary in order to change the plan of distribution set forth in such Registration
Statement, in each case as promptly as is reasonably practicable. 
 m. Except with respect to the rights of holders of the Company’s securities under
the Stockholders’ Agreement, the Company shall not, and shall not agree to, allow the holders of any Common Shares or other securities of the Company to include any of their securities (other than Registrable Securities) in any Registration
Statement filed pursuant to Section 2(a) or any amendment or supplement thereto under Section 3(b) hereof without the consent of Investors holding a
majority-in-interest of the then outstanding Registrable Securities. In addition, except with respect to the rights of holders of the Company’s securities under the
Stockholders’ Agreement, the Company shall not include any securities for its own account or the account of others in any Registration Statement filed pursuant to Section 2(a) or any amendment or supplement thereto filed pursuant to
Section 3(b) hereof without the consent of Investors holding a majority-in-interest of the then outstanding Registrable Securities. 

n. The Company shall comply with all applicable laws related to a Registration Statement and offering and sale of securities and all applicable rules and
regulations of governmental authorities in connection therewith (including the Securities Act and the Exchange Act and the rules and regulations promulgated by the SEC). 

o. If at any time the SEC advises the Company in writing that the offering of some or all of the Registrable Securities in a Registration Statement is not
eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the Securities Act, the Company shall use its reasonable best efforts to persuade the SEC that the offering contemplated by a Registration Statement is a
bona fide secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415 and that none of the Investors is an “underwriter.” The Investors shall have the right to participate or have their
respective legal counsel participate in any meetings or discussions with the SEC regarding the SEC’s position and to comment or have their respective counsel comment on any written submission made to the SEC with respect thereto. No such
written submission shall be made to the SEC to which any Investor’s counsel reasonably objects. In the event that, despite the Company’s reasonable best efforts and compliance with the terms of this Section 3(o), the SEC refuses to
alter its position, the Company shall remove from the Registration Statement such portion of the Registrable Securities as the SEC requires in writing be removed therefrom. Any such cut-back imposed by the SEC
as contemplated by this Section 3(o) shall be imposed on a pro rata basis (based upon the Registrable Securities held by each of the Investors). 
 p.
Subject to the limitations contained herein, the Company shall use its reasonable best efforts to take all other reasonable actions arising out of its obligations under this Agreement and necessary to facilitate the disposition by the Investors of
the Registrable Securities pursuant to a Registration Statement. 
 q. Notwithstanding anything to the contrary in Section 3(e), at any time after the
effective date of the applicable Registration Statement, the Company may delay the disclosure of material non-

  
 9 

 
public information concerning the Company the disclosure of which at the time is not, in the good faith opinion of the Board of Directors of the Company and its counsel, in the best interest of
the Company and not, in the opinion of counsel to the Company, otherwise required (a “Grace Period”); provided, that the Company shall (i) promptly notify the Investors in writing of the existence of material non-public information giving rise to a Grace Period (provided that in each notice the Company shall not disclose the content of such material non-public information to any
Investor unless otherwise requested in writing by such Investor) and the date on which the Grace Period will begin, and (ii) as soon as such date may be determined, promptly notify the Investors in writing of the date on which the Grace Period
ends; and, provided, further, that (A) no Grace Period shall exceed forty-five (45) consecutive days, (B) during any three hundred sixty five (365) day period, such Grace Periods shall not exceed an aggregate of seventy-five
(75) days, (C) the first day of any Grace Period must be at least ten (10) days after the last day of any prior Grace Period and (D) no Grace Period shall commence following the delivery of a Put Notice (as defined in the Purchase
Agreement Warrants) that is to be settled through the issuance of shares of Common Stock and prior to the issuance of such shares (each Grace Period that satisfies all of the requirements of this Section 3(q) being referred to as an
“Allowable Grace Period”). For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Investors receive the notice referred to in clause (i) and shall end on and include
the later of the date the Investors receive the notice referred to in clause (ii) and the date referred to in such notice. The provisions of Section 3(e) hereof shall not be applicable during the period of any Allowable Grace Period, and
the unavailability of a Registration Statement for resales of the Registrable Securities on any day during an Allowable Grace Period shall not constitute a “Registration Failure.” Upon expiration of the Grace Period, the Company shall
again be bound by the first sentence of Section 3(e) with respect to the information giving rise thereto unless such material non-public information is no longer applicable. 

r. No Investor shall be described or referred to in any Registration Statement as an “underwriter” within the meaning of Section 2(11) of the
Securities Act without the prior written consent of such Investor (which consent may be given or withheld in the sole and absolute discretion of such Investor). If, notwithstanding the foregoing, at any time the SEC advises the Company in writing
that the offering of some or all of the Registrable Securities in a Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the Securities Act, the Company shall use its reasonable
best efforts to persuade the SEC that the offering contemplated by a Registration Statement is a bona fide secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415 and that none of the Investors is an
“underwriter.” The Investors shall have the right to participate or have their respective counsel participate in any meetings or discussions with the SEC regarding the SEC’s position and to comment or have their respective counsel
comment on any written submission made to the SEC with respect thereto. No such written submission shall be made to the SEC to which any Investor’s counsel reasonably objects. 

s. The Company shall not grant any Person any registration rights with respect to Common Shares or any other securities of the Company other than registration
rights that will conflict with the rights of the Investors hereunder and shall not otherwise enter into any agreement that is inconsistent with the rights granted to the Investors hereunder. 

  
 10 

 t. At all times during the Registration Period, the Company shall use reasonable best efforts to ensure that
(a) the Common Shares remain eligible for clearing through DTC, through its Deposit/Withdrawal At Custodian (DWAC) system; (b) the Company remains eligible and participating in the Direct Registration System (DRS) of DTC with respect to
the Common Shares; (c) the transfer agent for the Common Shares remains a participant in, and the Common Shares shall be eligible for transfer pursuant to, DTC’s Fast Automated Securities Transfer Program (or successor thereto); and
(d) the Common Shares are not at any time be subject to any DTC “chill,” “freeze” or similar restriction with respect to any DTC services, including the clearing of Common Shares through DTC, and, in the event the Common
Shares becomes subject to any DTC “chill,” “freeze” or similar restriction with respect to any DTC services, the Company shall use its reasonable best efforts to cause any such “chill,” “freeze” or similar
restriction to be removed at the earliest possible time. 
 4. OBLIGATIONS OF THE INVESTOR. In connection with the Registration of the
Registrable Securities, each Investor shall have the following obligations:  
 a. It shall be a condition precedent to the obligations of the
Company to complete the Registration pursuant to this Agreement with respect to the Registrable Securities of an Investor that such Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and
the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the Registration of such Registrable Securities and shall execute such documents in connection with such registration as the
Company may reasonably request. At least five (5) Business Days prior to the first anticipated filing date of a Registration Statement, the Company shall notify each Investor of the information the Company requires from such Investor. Any such
information shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein not misleading. 

b. Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the
Company in connection with the preparation and filing of a Registration Statement hereunder, unless such Investor has notified the Company in writing of such Investor’s election to exclude all of the Investor’s Registrable Securities from
such Registration Statement. 
 c. Each Investor agrees that, upon receipt of any notice from the Company of the occurrence of an Allowable Grace Period or
the happening of any event of the kind described in Section 3(e) or 3(f), such Investor will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such
Investor’s receipt of notice that the Allowable Grace Period has ended or of copies of the supplemented or amended Prospectus contemplated by Section 3(e) or 3(f); provided, however, that the foregoing shall not prohibit or require the
Investor to discontinue the settlement of any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of an Allowable Grace Period or the
happening of any event of the kind described in Section 3(e) or 3(f). 

  
 11 

 5. REGISTRATION FAILURE. If a Registration Failure occurs, then, in addition to all
other available remedies that the Investors may pursue hereunder or under the Warrants, the Company shall pay additional damages (the “Failure Payment”) to the Investors holding Registrable Securities included, or to be included, as
applicable, in a Registration Statement for each 30-day period (prorated for any partial period) after the date of such Registration Failure in an amount in cash equal to one percent (1.00%) of the product of
(A) the number of Registrable Securities to which such Registration Failure applies and (B) the VWAP (as defined in the Warrant) of the Common Shares on the date such Registration Failure occurs. Such payments shall accrue until the
earlier of (i) such time as the Registration Failure has been cured and (ii) no Investor holds any Registrable Securities. Each Investor shall be entitled to its pro rata portion of any such payments based upon the number of Registrable
Securities held by such Investor included, or to be included, as applicable, relative to the total number of Registrable Securities included, or to be included, as applicable, in the Registration Statement giving rise to such payment.
Notwithstanding anything express or implied to the contrary in the foregoing provisions of this Section 5, elsewhere in this Agreement or in the Warrants, (1) no Failure Payment shall accrue or be payable with respect to any period after
the expiration of the applicable Registration Period and (2) no Failure Payment shall accrue or be payable with respect to any period that a Registration Statement is unavailable for resales of Registrable Securities solely due to a breach by
an Investor that holds any such Registrable Securities of its obligations under Section 4 hereof. 
 6. EXPENSES OF REGISTRATION. All
reasonable and documented expenses, other than underwriting discounts and commissions, incurred in connection with Registrations, filings or qualifications pursuant to Sections 2 and 3, including all registration, listing and qualification fees,
printers and accounting fees, and the fees and disbursements of counsel for the Company shall be borne by the Company. The Company shall also reimburse the Investors for the reasonable fees and disbursements of Legal Counsel in the aggregate amount
up to $25,000 per Registration in connection with Registrations pursuant to Section 2 or 3 of this Agreement. 
 7. INDEMNIFICATION. In
the event any Registrable Securities are included in a Registration Statement under this Agreement:  
 a. The Company will indemnify, hold harmless
and defend (i) each Investor, (ii) the directors, officers, partners, managers, members, employees and agents of each Investor, and each Person who controls any Investor within the meaning of the Securities Act or the Exchange Act, if any,
and (iii) the directors, officers, partners and employees of, and each Person who controls, any such underwriter within the meaning of the Securities Act or the Exchange Act, if any (each, an “Indemnified Person”), against any joint
or several losses, claims, damages, liabilities or expenses (collectively, together with actions, proceedings or inquiries by any regulatory or self-regulatory organization, whether commenced or threatened, in respect thereof, “Claims”) to
which any of them may become subject insofar as such Claims arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in any Registration Statement, or any amendment or supplement thereto, or any
filing made under state securities laws as required hereby, or the omission or alleged omission to state therein a material fact required to be stated or necessary to make the statements therein not misleading; (ii) any untrue statement or
alleged untrue statement of a material fact contained in any Prospectus, or any amendment or supplement thereto, or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in the light of
the circumstances under which the statements therein were made, not misleading; or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including any state securities law, or any rule
or regulation 

  
 12 

 
thereunder relating to the offer or sale of the Registrable Securities (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). The Company shall
reimburse the Indemnified Person, promptly as such expenses are incurred and are due and payable, for any reasonable and documented legal fees and other reasonable and documented expenses incurred by them in connection with investigating or
defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 7(a) shall not apply to a Claim arising out of or based upon a Violation to the extent that such
Violation occurs in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Indemnified Person expressly for use in connection with the preparation of such Registration Statement or related
Prospectus or any such amendment thereof or supplement thereto, or to any amounts paid in settlement of any Claim effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by any of the Investors pursuant to Section 10. 

b. Promptly after receipt by an Indemnified Person under this Section 7 of notice of the commencement of any action (including any governmental action),
such Indemnified Person shall, if a Claim in respect thereof is to be made against the Company under this Section 7, deliver to the Company a written notice of the commencement thereof, and the Company shall have the right to participate in,
and, to the extent the Company so desires, to assume control of the defense thereof with counsel mutually satisfactory to the Company and the Indemnified Person, as the case may be; provided, however, that an Indemnified Person shall have the right
to retain its own counsel with the reasonable and documented fees and expenses to be paid by the Company, if, in the reasonable opinion of counsel for such Indemnified Person, the representation by such counsel of the Indemnified Person and the
Company would be inappropriate due to actual or potential differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding. The Company shall pay for only one separate legal counsel for the
Indemnified Persons, and such legal counsel shall be selected by the Investors. The failure to deliver written notice to the Company within a reasonable time of the commencement of any such action shall not relieve the Company of any liability to
the Indemnified Person under this Section 7, except to the extent that the Company is actually prejudiced by such failure in its ability to defend such action, and shall not relieve the Company of any liability to the Indemnified Person
otherwise than pursuant to this Section 7. The Company shall not, without the prior written consent of the Indemnified Persons, consent to entry of any judgment or enter into any settlement or other compromise with respect to any Claim in
respect of which indemnification or contribution may be or has been sought hereunder (whether or not any such Indemnified Person is an actual or potential party to such action or claim) which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to the Indemnified Persons of a full release from all liability with respect to such Claim or which includes any admission as to fault or culpability on the part of any Indemnified Person. The indemnification
required by this Section 7 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as any expense, loss, damage or liability is incurred. 

c. Each Investor will indemnify, hold harmless and defend (i) the Company, and (ii) the directors, officers, partners, managers, members, employees
and agents of the Company, if any (each, a “Company Indemnified Person”), against any Claims to which any of them may become subject 

  
 13 

 
insofar as such Claims arise out of or are based upon any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including any state securities law,
or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities, which occurs due to the inclusion by the Company in a Registration Statement or Prospectus, or any amendment or supplement thereto, of false or
misleading information about an Investor, where such information was furnished in writing to the Company by or on behalf of such Investor expressly for the purpose of inclusion in such Registration Statement or Prospectus. Notwithstanding anything
herein to the contrary, the indemnity agreement contained in this Section 7(c) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investors, which consent shall not
be unreasonably withheld or delayed; and provided, further, however, that an Investor shall be liable under this Section 7(c) for only that amount of a Claim as does not exceed the net amount of proceeds received by such Investor as a
result of the sale of Registrable Securities pursuant to such Registration Statement. 
 d. Promptly after receipt by a Company Indemnified Person under
this Section 7 of notice of the commencement of any action (including any governmental action), such Company Indemnified Person shall, if a Claim in respect thereof is to be made against any Investor under this Section 7, deliver to such
Investor a written notice of the commencement thereof, and such Investor shall have the right to participate in, and, to the extent such Investor so desires, to assume control of the defense thereof with counsel mutually satisfactory to such
Investor and such Company Indemnified Person. 
 8. CONTRIBUTION. If for any reason the indemnification provided for in Section 7(a) or
7(c) (as applicable) is unavailable to an Indemnified Person or Company Indemnified Person (as applicable) or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to the amount
paid or payable by the Indemnified Person or Company Indemnified Person (as applicable) as a result of the Claim in such proportion as is appropriate to reflect the relative fault of the Indemnified Person or Company Indemnified Person (as
applicable) and the indemnifying party (provided that the relative fault of any Company Indemnified Person shall be deemed to include the fault of all other Company Indemnified Persons), as well as any other relevant equitable considerations. No
Person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution from any Person not guilty of such fraudulent misrepresentation. In no event shall the contribution
obligation of an Investor be greater in amount than the net amount of proceeds received by such Investor as a result of the sale of Registrable Securities giving rise to such contribution obligation pursuant to the applicable Registration Statement
(net of the aggregate amount of any damages or other amounts such Investor has otherwise been required to pay (pursuant to Section 7(c) or otherwise) by reason of such Investor’s untrue or alleged untrue statement or omission or alleged
omission). 
 9. REPORTS UNDER THE 1934 ACT. With a view to making available to the Investors the benefits of Rule 144 promulgated under the
Securities Act or any other similar rule or regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration, the Company agrees to: 

a. make and keep public information available, as those terms are understood and defined in Rule 144; 

  
 14 

 b. file with the SEC in a timely manner all reports and other documents required of the Company under the
Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and 

c. so long as any of the Investors owns Registrable Securities, promptly upon request, furnish to such Investor (i) a written statement by the Company
that it has complied with the reporting requirements of the Exchange Act as required for applicable provisions of Rule 144, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed
by the Company and (iii) such other information as may be reasonably requested to permit such Investor to sell such Registrable Securities pursuant to Rule 144 without registration. 

10. ASSIGNMENT OF REGISTRATION RIGHTS. The rights under this Agreement shall be automatically assignable by each Investor to any transferee of
all or any portion of the Registrable Securities if: (i) such Investor agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such
assignment, (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee or assignee, and (b) the securities with respect to which such
registration rights are being transferred or assigned, and (iii) at or before the time the Company receives the written notice contemplated in clause (ii) of this sentence, the transferee or assignee agrees in writing with the Company
to be bound by all of the provisions contained herein as applicable to an Investor. In the event that the Company receives written notice from an Investor that it has transferred all or any portion of its Registrable Securities pursuant to this
Section 10, the Company, within ten (10) days, shall file any amendments or supplements necessary to keep a Registration Statement current, effective and available for the resale of all of the Registrable Securities pursuant to Rule 415,
and the unavailability of a Registration Statement for the resale of such Registrable Securities by such transferee shall not constitute a Registration Failure during such ten (10) day period. 

11. AMENDMENT OF REGISTRATION RIGHTS. Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or
in a particular instance and either retroactively or prospectively), only with written consent of the Company and the holders of a majority in interest of then-outstanding Registrable Securities. Any amendment or waiver effected in accordance with
this Section 11 shall be binding upon each of the Investors and the Company. 
 12. MISCELLANEOUS. 

a. A Person is deemed to hold, and be a holder of, Common Shares or other Registrable Securities whenever such Person owns of record or beneficially through a
“street name” holder such Common Shares or other Registrable Securities (or the Warrants or other securities upon exercise, conversion or exchange of which such Registrable Securities are directly or indirectly issuable, without giving
effect to any limitations on exercise of the Warrants or other securities), and solely for purposes hereof, Registrable Securities shall be deemed outstanding to the extent they are 

  
 15 

 
directly or indirectly issuable upon exercise of the Warrants or other outstanding securities, Registrable Securities, without giving effect to any limits on exercise, conversion or exchange of
the Warrants or other securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or
election received from the registered owner of such Registrable Securities (or the Warrants or other securities upon exercise, conversion or exchange of which such Registrable Securities are directly or indirectly issuable). 

b. Any notices required or permitted to be given under the terms hereof shall be delivered personally or by courier (including a recognized overnight delivery
service) or by electronic mail and shall be effective upon receipt, in each case addressed to a party. The addresses for such communications shall be: 
 If
to the Company: 
 F45 Training Holdings Inc. 

C/o F45 Training Incorporated 

3601 S. Congress Ave., Building E 

Austin, TX 78704 
 Attention:
Legal Department 
 E-mail: 

With copy to: 
 King & Spalding LLP 

1185 Avenue of the Americas 
 34th
Floor 
 New York, NY 10036 

Attention: W. Todd Holleman 

Facsimile: (212) 556-2222 

Telephone: (212) 556-2258 

E-mail: tholleman@kslaw.com 

If to an Investor: 
 Fortress Credit Co LLC 

c/o Fortress Investment Group 

1345 Avenue of the Americas, 46th Floor 

New York, New York 10105 

Attention: David Sharpe, Credit Operations 

Facsimile: 
 Telephone: 

Email: 

  
 16 

 With a copy to: 

Fortress Credit Corp. 
 c/o
Fortress Investment Group 
 1345 Avenue of the Americas, 46th Floor 

New York, New York 10105 

Attention: David Brooks, General Counsel 

Facsimile: 
 Telephone: 

E-mail: 

Each party shall provide notice to the other party of any change in address. 

c. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not
operate as a waiver thereof. 
 d. Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and
federal courts sitting in the City of New York, borough of Manhattan (and, in each case, the applicable state and federal appeals courts sitting in the City of New York or, if not available or applicable, the State of New York). Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is
improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. The parties hereby waive all rights to a trial by jury. If either party shall commence an action or proceeding to enforce
any provision of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and
prosecution of such action or proceeding. 
 e. This Agreement, the Purchase Agreement, the Warrants, the SPV Credit Agreement and the instruments
referenced herein and therein (collectively, the “Transaction Documents”), constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. This Agreement and the other Transaction Documents
(including all schedules and exhibits hereto and thereto) supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof. 

  
 17 

 f. Subject to the requirements of Section 10 hereof, this Agreement shall inure to the benefit of and
be binding upon the successors and permitted assigns of each of the parties hereto, and the provisions of Sections 7 and 8 hereof shall inure to the benefit of, and be enforceable by, each Indemnified Person and Company Indemnified Person (as
applicable). 
 g. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

h. This Agreement and any amendments hereto may be executed and delivered in two or more counterparts, and by the different parties hereto in separate
counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when counterparts have been signed by each party hereto and
delivered to the other parties hereto, it being understood that all parties need not sign the same counterpart. In the event that any signature to this Agreement or any amendment hereto is delivered by facsimile transmission, by e-mail delivery of a “.pdf” format data file or by other electronic means, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed)
with the same force and effect as if such facsimile, “.pdf” or other electronic signature page were an original thereof. No party hereto shall raise the use of a facsimile machine, e-mail delivery of
a “.pdf” format data file or other electronic means to deliver a signature to this Agreement or any amendment hereto or the fact that such signature was transmitted or communicated through the use of a facsimile machine, e-mail delivery of a “.pdf” format data file or other electronic means as a defense to the formation or enforceability of a contract, and each party hereto forever waives any such defense. 

i. The Company shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as the Investors may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 

j. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Investors by vitiating the intent and purpose
of the transactions contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for breach of its obligations hereunder will be inadequate and agrees, in the event of a breach or threatened breach by the Company of any of the
provisions hereunder, that the Investors shall be entitled, in addition to all other available remedies in law or in equity, to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically
the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required. 
 k. The language
used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 

  
 18 

 l. In the event that any provision of this Agreement is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any provision hereof which may prove invalid or
unenforceable under any law shall not affect the validity or enforceability of any other provision hereof. 
 m. In the event an Investor shall sell or
otherwise transfer any of such holder’s Registrable Securities, each transferee shall be allocated a pro rata portion of the number of Registrable Securities included in a Registration Statement for such transferor. 

n. There shall be no oral modifications or amendments to this Agreement. This Agreement may be modified or amended only in writing. 

o. The obligations of each Investor hereunder are several and not joint with the obligations of any other Investor, and no provision of this Agreement (or any
other Transaction Document) is intended to confer any obligations on any Investor vis-à-vis any other Investor. Nothing contained herein (or in any Transaction
Document), and no action taken by any Investor pursuant hereto (or thereto), shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in
any way acting in concert or as a group with respect to such obligations or the transactions contemplated herein (or therein). 
 p. Unless the context
otherwise requires, (i) all references to Sections, Schedules or Exhibits are to Sections, Schedules or Exhibits contained in or attached to this Agreement, (ii) words in the singular or plural include the singular and plural, and pronouns
stated in either the masculine, the feminine or neuter gender shall include the masculine, feminine and neuter, and (iii) the use of the word “including” in this Agreement shall be by way of example rather than limitation. 

[Remainder of page left intentionally blank] 

[Signature page follows] 

  
 19 

 IN WITNESS WHEREOF, the undersigned Investors and the Company have caused this Registration
Rights Agreement to be duly executed as of the date first written above. 
  

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

	Name:	 	Adam Gilchrist
	Title:	 	Chief Executive Officer

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the undersigned Investor and the Company have caused this Registration
Rights Agreement to be duly executed as of the date first written above. 
  

			
	INVESTOR:
	
	 DRAWBRIDGE DSO SECURITIES LLC, a Delaware limited liability company 

		
	By:	 	 /s/ Avraham Dreyfuss

	Name:	 	Avraham Dreyfuss
	Title:	 	Chief Financial Officer
	
	FORTRESS LENDING III HOLDINGS L.P., a Cayman Islands exempted limited partnership
	
	By: Fortress Lending Advisors III LLC, its investment manager
		
	By:	 	 /s/ Avraham Dreyfuss

	Name:	 	Avraham Dreyfuss
	Title:	 	Chief Financial Officer
	
	 FORTRESS LENDING FUND II MA-CRPTF LP, a Delaware limited partnership

	
	FLF II MA-CRPTF Advisors LLC, its investment manager
		
	By:	 	 /s/ Avraham Dreyfuss

	Name:	 	Avraham Dreyfuss
	Title:	 	Chief Financial Officer
	
	FORTRESS LENDING II HOLDINGS L.P., a Cayman Islands exempted limited partnership
	
	By: Fortress Lending Advisors II LLC, its investment manager
		
	By:	 	 /s/ Avraham Dreyfuss

	Name:	 	Avraham Dreyfuss
	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

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