Document:

EX-10.33

 Exhibit 10.33 

Execution Version 

AMENDED AND RESTATED 

SALE COOPERATION AGREEMENT 

THIS AMENDED AND RESTATED SALE COOPERATION AGREEMENT (the “Agreement”) is hereby entered into as of
October 6, 2020 (the “Restated Effective Date”), by and between F45 Training Holdings Inc. a Delaware corporation (including its successors and assigns, collectively, the “Company”), Robert B.
Deutsch (“Deutsch”), Adam J. Gilchrist (“Gilchrist”), MWIG LLC, a Delaware limited liability company (the “Investor”) and each of the Company, Deutsch, Gilchrist and the
Investor, a “Party” and, collectively, the “Parties”), subject to the terms and conditions set forth herein. 

WHEREAS, Deutsch holds 13,050,000 shares of the common stock of the Company, par value $0.0001 per share (the “Common
Stock”); 
 WHEREAS, the Company, Deutsch, Gilchrist, the Investor and the 2M Trust (collectively, the
“Stockholders”) entered in to that certain Stockholders’ Agreement, dated as of March 15, 2019 (as amended, restated, supplemented, modified or waived from time to time in accordance with its terms, the
“Stockholders’ Agreement”) with respect to certain rights and obligations of Deutsch as a holder of his 13,050,000 shares of Common Stock (collectively, the “Shares”) and founder of the Company (a
“Founder”); 
 WHEREAS, Deutsch served as an employee of the Company from 2013 and as a member of the Company’s
Board of Directors (“Board”) through and until February 17, 2020, and entered into that certain Transaction Bonus Agreement with the Company, dated as of February 17, 2020 (as amended, restated, supplemented,
modified or waived from time to time in accordance with its terms, the “Transaction Bonus Agreement”), and that certain Non-Disclosure,
Non-Disparagement, and Confidentiality Agreement , dated as of February 17, 2020 (as amended, restated, supplemented, modified or waived from time to time in accordance with its terms, the “Non-Disclosure Agreement”), in connection with the conclusion of his service to the Company as an employee and director; 

WHEREAS, the Parties entered into that certain Sale Cooperation Agreement, dated as of April 29, 2020 (the “Original
Agreement”), in order to establish, from and after the date of the Original Agreement (the “Effective Date”), orderly procedures for a potential sale, merger or recapitalization of the Company, whether through a
sale of shares, merger, consolidation, redemption or other such transaction (a “Liquidity Transaction”); 
 WHEREAS,
in the course of pursuing a Liquidity Transaction, (i) the Company entered into that certain Agreement and Plan of Merger, dated June 24, 2020 (as amended, restated, supplemented, modified or waived from time to time in accordance with its
terms, the “Business Combination Agreement”), by and among Crescent Acquisition Corp, a Delaware corporation (“Crescent”), Function Acquisition I Corp, a Delaware corporation and a direct, wholly owned
subsidiary of Crescent (“First Merger Sub”), Function Acquisition II LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of Crescent (“Second Merger Sub”), the Company and
Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative, agent and attorney-in-fact of the
stockholders of the Company (the “Stockholder Representative”) with respect to a business combination of the Company and Crescent through the merger of the Company and First Merger Sub, and the subsequent merger of such
surviving corporation and Second Merger Sub (the “Business Combination”); (ii) each of the Stockholders entered into a Support Agreement, dated June 24, 2020 (as amended, restated, supplemented, modified or waived from
time to time in accordance with its terms, the “Support Agreement”), by and among, the Company, Crescent, such Stockholder and the Stockholder Representative, and (iii) the Parties amended the Original Agreement pursuant
to that certain Amendment No. 1 to the Sale Cooperation Agreement, dated June 24, 2020 (the “First Amendment”), by and among the Company, Deutsch, Gilchrist and the Investor; and 

 WHEREAS, the Parties desire to amend and restate the Original Agreement, as amended by the
First Amendment in the entirety pursuant to Section 9(d) of the Original Agreement. 
 NOW, THEREFORE, in consideration of the promises
and the mutual covenants contained in this Agreement, the Parties agree as follows: 
 W I T N E S S E T H 

 

	 	1.	 Standstill. 

a.    Deutsch hereby irrevocably and unconditionally agrees that, from and after the Restated Effective Date and until the
Standstill Termination Date (as defined below), Deutsch shall not, and shall cause his Affiliates (as defined in the Stockholders’ Agreement), legal counsel, financial advisors, bankers, consultants and their respective agents
(“Representatives”) acting on behalf of Deutsch in taking such actions not to effect or participate in, or announce any intention to effect or participate in any acquisition, sale or disposition of any securities (or
beneficial ownership thereof) or rights or options to acquire any securities (or beneficial ownership thereof) of the Company other than engaging in (i) any sale of Shares or other Liquidity Transaction approved by the Board or (ii) any
Exempt Transfer (as defined in the Stockholders’ Agreement); provided, that, in the case of an Exempt Transfer, such transferee agrees to become bound by the covenants set forth in this Section 1 (the “Standstill
Covenant”) in the same manner as Deutsch in accordance with the terms of this Agreement. 
 b.    Deutsch
further acknowledges and agrees that, from and after the Restated Effective Date until the Standstill Termination Date, the Company and its Representatives may solicit investments from third parties to facilitate a Liquidity Transaction, including
an alternative transaction to the Business Combination Agreement, if the Business Combination Agreement is terminated (“Alternative Transaction”). Deutsch shall reasonably cooperate with such efforts and shall enter into a
definitive agreement with the Company, the other Stockholders and/or any other bona fide, creditworthy investor identified by the Company to consummate such a Liquidity Transaction or Alternative Acquisition, as applicable; provided, that
(i) such Liquidity Transaction or Alternative Acquisition, as applicable, is based upon an equity valuation of the Company that is at least equal to $500 million (the “Exit Value”); provided, that the Company shall
not, and shall not permit or cause any of its Affiliates to, repurchase, redeem or otherwise acquire any shares of Common Stock of any Stockholder at a price per share greater than the per share value at the Exit Value, prior to the first to occur
of the sale of all of the Shares at the Exit Value and the Standstill Termination Date; (ii) such Liquidity Transaction results in the sale of all of the Shares for cash and equity consideration, payable upon the closing of such Liquidity
Transaction, comprised of (A) cash to Deutsch in a minimum amount of at least $100 million, with the remaining proceeds allocated among the Stockholders participating in such transaction on a pro rata basis and (B) to the extent the
total consideration for the Shares that are transferred or disposed by Deutsch exceeds such minimum amount set forth in clause (A), the remainder of such consideration may be comprised of marketable securities that are listed on the New York Stock
Exchange (Big Board) or the Nasdaq Stock Market, that are not subject to any statutory, regulatory, contractual, or other hold period or resale restriction, other than a customary lock up following the closing of such transaction that is no more
restrictive than the lock up applicable to Gilchrist in such Liquidity Transaction (“Marketable Securities”); (iii) Deutsch shall not be required to make any representations or warranties in connection with such Liquidity
Transaction or Alternative Acquisition, as applicable (other than typical selling shareholder representations, such as title to the Shares being conveyed free and clear of all liens and customary due authority,
no-conflict and enforceability representations and warranties relating only to Deutsch in respect of his sale of the Shares) or otherwise provide any representations or become bound by any terms or conditions
not required to be made by the other Stockholders; (iv) Deutsch shall receive the same form, amount and type of consideration payable to the other Stockholders, if any, participating in such Liquidity Transaction or Alternative Acquisition, as
applicable, determined on a per share, as converted to Common Stock basis, and Deutsch shall be entitled to registration rights with respect to any equity securities issued to Deutsch in 

  
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reliance upon any exemption from registration under the Securities Act of 1933, as amended, on the same basis as the other Stockholders, if any, participating in such Liquidity Transaction or
Alterative Acquisition, as applicable; (v) the liability of Deutsch and any other Stockholder participating in such Liquidity Transaction or Alternative Acquisition, as applicable, to the purchaser or acquirer for indemnification, if any,
following the closing of such Liquidity Transaction or Alternative Transaction, as applicable, for the inaccuracy of any representations and warranties made by the Company or its Stockholders in connection with such Liquidity Transaction or
Alternative Transaction, as applicable, shall be several and not joint and such liability shall not exceed the amount of consideration paid to such Stockholder in connection with such Liquidity Transaction or Alternative Transaction, as applicable;
(vi) Deutsch shall not be required to enter into or become bound by any non-compete, non-solicit or other restrictive covenants in addition to or which have terms
that are more restrictive in any manner, whether as to scope, duration or otherwise, than those set forth in this Agreement and (vii) Liquidity Transaction or Alternative Transaction, as applicable, is completed by November 15, 2020. 

c.    In furtherance of the foregoing covenants and agreements, each of Gilchrist and the Investor hereby waives any and
all co-sale rights and related notice requirements, including those rights arising under Section 6.4 of the Stockholders’ Agreement, with respect to a sale of the Shares by Deutsch in a Liquidity
Transaction or Share Disposition. 
 d.    The Standstill Covenant shall terminate upon the first to occur of
(i) the execution of definitive written agreement by the Company to enter into any transaction, or series of transactions that would result in a Liquidity Transaction and/or the disposition of all of the Shares (a “Definitive
Liquidity Agreement”), (ii) the expiration or termination of any Definitive Liquidity Agreement (excluding the Business Combination Agreement), (iii) any bankruptcy event shall occur with the respect to the Company, including the
Company voluntarily be adjudicated as bankrupt or insolvent; the Company shall consent to, or not contest, the appointment of a receiver or trustee for the Company or for all or any part of its property; the Company shall file a petition seeking
relief under the bankruptcy, rearrangement, reorganization or other debtor relief laws of the United States or any state or any other competent jurisdiction or the Company shall make a general assignment for the benefit of its creditors, and
(iv) November 15, 2020, or such later date as Deutsch and the Company may mutually agree (the date on which the Standstill Covenant terminates, the “Standstill Termination Date”). 

 

	 	2.	 Sale Cooperation. 

a.    In consideration for the Standstill Covenant and the releases, covenants and agreements set forth herein, the Company
hereby agrees that, from and after the earlier of (i) the Standstill Termination Date and (ii) the termination or expiration of any Definitive Liquidity Agreement (excluding the Business Combination Agreement), the Company shall, and shall
cause each of its subsidiaries and Affiliates to, reasonably cooperate with Deutsch in his efforts to market, sell and dispose of his Shares (a “Share Disposition”), and, in furtherance of the foregoing and notwithstanding
anything to the contrary in the Stockholders’ Agreement, the Transaction Bonus Agreement or the Non-Disclosure Agreement, the Company shall: 

i.    provide, and shall cause its Affiliates to provide, to Deutsch and his Representatives, information regarding the
Company and its subsidiaries, as Deutsch or any potential transferee reasonably identified by Deutsch (each, a “Deutsch Transferee”) shall reasonably request, including, without limitation, audited financial statements for
the three preceding fiscal years of the Company, unaudited reviewed financial statements for any interim quarterly period, monthly financial and operating information (including franchise payments, gym enrollment/usage statistics and weekly
operating statistics) to the extent then available, and such other information regarding the financial performance, operations, intellectual property and/or legal structure of the Company and its subsidiaries, which information may, notwithstanding
any other obligation of confidentiality between Deutsch (in any capacity) 

  
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and the Company and/or its affiliates, be disclosed by Deutsch and/or his Representatives to any prospective Deutsch Transferee that enters into a confidentiality agreement with Deutsch with
terms and conditions no less favorable to the Company, in the aggregate, than those set forth in the form of agreement attached hereto (the “Confidentiality Agreement”), provided, that any Representative engaged by
Deutsch in connection with a Share Disposition shall either be subject to obligations of confidentiality to Deutsch or Deutsch shall enter into a confidentiality agreement with such Representative on customary terms; provided, further, that
the Company will not be required to create any information, reports or materials in connection with any request that the Company does not produce in the ordinary course operation of its business or has otherwise created, disseminated or made
available to its investors, creditors, financing sources or any of their respective Representatives; provided, further, that neither Deutsch nor his Representatives shall disclose proprietary information to a Competitive Business,
directly or indirectly, with respect to the performance or financial metrics of the Company’s franchisees or on a per studio basis without the prior written consent of the Company (which such consent shall not be unreasonably withheld, delayed
or conditioned), however, with respect to the final diligence confirmation of a Deutsch Transferee in connection with a bona fide, final offer for a Share Disposition that Deutsch is prepared to accept, Deutsch may disclose such information;
provided, further, that notwithstanding any other provision herein, no information regarding the Company or any transaction in which it has engaged or in which it plans to engage that has been publicly disclosed shall constitute confidential
information hereunder; 
 ii.    review and provide comments to any confidential information memorandum or presentation
to be provided to any prospective Deutsch Transferee that executes a Confidentiality Agreement based upon and setting forth information included in that certain Registration Statement of the Company confidentially submitted on Form S-1 to the Securities and Exchange Commission (the “Registration Statement”), and use reasonable efforts to identify any material misstatements or material omissions regarding the Company,
including in respect of the Company’s current operating performance and any material effects on the Company of the COVID-19 pandemic; provided, that, (A) Deutsch shall be responsible for any
information set forth in those materials related to Deutsch, his ownership of the Shares or information related to the performance of the Company of its operations that has not been provided by the Company or otherwise included in the Registration
Statement and (B) notwithstanding anything herein to the contrary, the Company acknowledges and agrees that information otherwise included in the Registration Statement may be disclosed to any prospective Deutsch Transferee that has executed a
Confidentiality Agreement; 
 iii.    cooperate, and shall cause its Affiliates and their respective Representatives to
cooperate, with any reasonable due diligence investigation and review of the Company and its Affiliates to be undertaken by any such potential Deutsch Transferee that executes a Confidentiality Agreement, including, without limitation, causing the
members of senior management of the Company or any such Affiliates to be reasonably available to any such potential Deutsch Transferee and its Representatives for at least two meetings with such Deutsch Transferee, during normal business hours, at
the primary business office of the Company, provided, that any out-of-pocket costs actually and reasonably incurred by the Company, its Affiliates and/or
Representatives in connection with such efforts once invoiced with supporting documentation (in an aggregate amount not to exceed $50,000), subject to the prior written consent of Deutsch, will be promptly reimbursed by Deutsch; 

iv.    deliver to Deutsch any information or reports delivered by the Company to the Investor pursuant to
Section 4.1 of the Stockholders’ Agreement promptly following the delivery of such information or reports to the Investor; 

v.    subject to such Deutsch Transferee becoming bound by the obligations and restrictions applicable to a Stockholder
under the Stockholders’ Agreement, provide such Deutsch Transferee all of the rights of a Stockholder under the Stockholders’ Agreement, except for any rights provided to certain Stockholders in Section 5 of the Stockholders’
Agreement, and customary information rights, co-sale rights, rights of first refusal and pre-emptive rights, in each case, on terms and conditions no more favorable than
those provided to the Investor; and 

  
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 vi.    provide such Deutsch Transferee the right to designate one
individual as an observer to the Company’s Board of Directors, if such Deutsch Transferee is not entitled to designate a director to the Company’s Board of Directors; provided, however, that such right will immediately
terminate upon the Company becoming subject to the reporting obligations of the Securities Exchange Act of 1934, as amended. Any individual designated as an observer to the Board of Directors will be subject to the same confidentiality obligations,
and any other Company policies, applicable to members of the Board and will have the right to attend and observe Board meetings, to receive Board packets or information and to attend committee meetings. 

b.    In connection with any Liquidity Transaction or Share Disposition, the Company shall use its reasonable efforts to
facilitate the disposition of all of the Shares held by Deutsch or his successors, provided, that such efforts do not materially negatively impact the Company or its operations (for the avoidance of doubt, neither the transfer of Shares to a
competitor nor any valuation of the Shares shall be deemed to materially negatively impact the Company or its operations). 
  

	 	3.	 Transaction Bonus. 

a.    Notwithstanding anything to the contrary in the Transaction Bonus Agreement, the conditions for the payment of the
Transaction Bonus shall be deemed to have been fully satisfied upon the execution and delivery of this Agreement. 

b.    The Company shall pay, or cause to be paid, the Transaction Bonus to Deutsch by wire transfer of readily available
funds within four (4) business days of the execution of this Agreement, which payment shall be made concurrently with the purchase and sale of the Shares in connection with the closing of the Alternative Transaction. 

 

	 	4.	 F45 Westside and Group Training.  

a.    The Parties acknowledge and agree that without admitting any culpability, liability or any obligation, F45 Westside
LLC, a Delaware limited liability company (“F45 Westside”), entered into an agreement with Deutsch and Gilchrist to document their agreement for the payment of all amounts due under that certain settlement agreement entered
into by F45 Westside on March 5, 2020 with respect to certain claims by Samantha Mancine (the “Settlement Agreement”) in the form attached hereto (the “F45 Agreement”). 

b.    The Parties acknowledge and agree that Deutsch and Gilchrist consummated the sale of the equity interests held by
Deutsch in Group Training, LLC, a Delaware limited liability company (“Group Training”), concurrently with the execution of the Original Agreement in accordance with the terms and conditions set forth in the Membership
Interest Purchase Agreement by and between Deutsch and Gilchrist, dated as of the date hereof (the “Group Training Purchase Agreement”). Upon the closing of the sale of Deutsch’s interests in Group Training pursuant to
the Group Training Purchase Agreement, the Company and its affiliates released, terminated and waived all obligations of Deutsch and his affiliates in their respective capacities as a principal, founder, guarantor, owner, employee or participant of
Group Training or any of its subsidiaries under any franchise agreement entered into by Group Training or any of its subsidiaries, including any obligations of confidentiality and any non-competition and non-solicit provisions provided for therein. 
 c.    Concurrently with the execution
of this Agreement, Deutsch and Gilchrist shall enter into that certain Deed of Settlement and Release, dated as of the date hereof, by and among Deutsch, Gilchrist, Ryan Cutler, Rollex Health Pty Ltd, and the other parties thereto.

  
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	 	5.	 Mutual Release.  

a.    The parties acknowledge and agree that as a material inducement to the Company to enter into this Agreement,
effective as of the Effective Date, Deutsch (on behalf of himself and his successors and assigns) hereby unequivocally, voluntarily, knowingly, willingly, unconditionally, completely, irrevocably and immediately remised, released and discharged the
Company, Gilchrist and the Investor and each of their respective Affiliates, managers, predecessors, assigns and successors (collectively, the “Company Released Persons”) from and with respect to any and all claims,
judgments, damages, liabilities, settlements, losses, costs and expenses, including attorneys’ fees and disbursements (a “Losses”) of whatever kind or nature to the extent arising on or prior to the Effective Date,
whether at law, equity or otherwise, whether now known or unknown, and whether or not concealed or hidden, which Deutsch now has, or has ever had or may hereafter have against any of the Company Released Person occurring at any time on or prior to
the Effective Date in connection with (i) the acquisition, ownership, transfer, sale or disposition of the Shares, and (ii) Deutsch’s acts or omissions in his capacity as a Stockholder, Founder, director or employee of the Company or
its Affiliates, including in connection with the termination of his service as a director and employee (the “Deutsch Released Claims”); provided, that the Deutsch Released Claims shall not include (A) any claims
pursuant to this Agreement, the Transaction Bonus Agreement, the Non-Disclosure Agreement, the Settlement Agreement (until such time as all obligations under this agreement have been satisfied), the F45
Agreement or the Group Training Purchase Agreement, including the right to enforce such agreements in accordance with their respective terms, (B) any rights to be indemnified, exculpated or held harmless arising under any indemnification
agreement, the Stockholders’ Agreement or bylaws, charter, certificate of incorporation, certificate of formation or any other organizational documents of the Company or any of its Affiliates, or any insurance policy of the Company or any of
its Affiliates for the benefit of any current or former director, officer, manager or employee of the Company or its Affiliates and (C) any claims that may not be released as a matter of law. It is the intention of Deutsch that such release of
the Deutsch Released Claims shall be effective as a bar to each and every demand and proceeding hereinabove specified and in furtherance of such intention, and Deutsch, herby expressly waives, effective as of the Effective Date, any and all rights
and benefits conferred upon Deutsch under applicable law and expressly agrees that this release will be given full force and effect according to each and all of its express terms and provisions, including those related to unknown and unsuspected
demands and proceedings, if any, as those relating to any other demands and proceedings hereinabove specified, but only to the extent such provision is applicable to releases such as this Section 5a. 

b.    The parties acknowledge and agree that as a material inducement to Deutsch to enter into this Agreement,
effective as of the Effective Date, each of (x) Gilchrist and the Investor, in each case, on behalf of such Stockholder and such Stockholder’s Affiliates, managers, predecessors, successors and assigns, and (y) the Company, on behalf
of itself and each of its Affiliates, managers, predecessors, assigns and successors (the persons identified in clauses (x) and (y), the “Company Parties”), hereby unequivocally, voluntarily, knowingly, willingly,
unconditionally, completely, irrevocably and immediately remised, released and discharged Deutsch and each of his assigns and successors (collectively, the “Deutsch Released Persons”) from and with respect to any and all
Losses of whatever kind or nature to the extent arising on or prior to the Effective Date, whether at law, equity or otherwise, whether now known or unknown, and whether or not concealed or hidden, which any Company Party now has, or has ever had or
may hereafter have against any of the Deutsch Released Persons occurring at any time on or prior to the Effective Date in connection with (i) the acquisition, ownership, transfer, sale or disposition of the Shares, and (ii) Deutsch’s
acts or omissions in his capacity as a Stockholder, Founder, director or employee of the Company or its Affiliates, including in connection with the termination of his service as a director and employee (the “Company Released
Claims”); provided, that the Company Released Claims shall not include (A) any claims pursuant to this Agreement, the Transaction Bonus Agreement, the Non-Disclosure Agreement, the
Settlement Agreement (until such time as all obligations under this agreement have been satisfied), the F45 Agreement 

  
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or the Group Training Purchase Agreement, including the right to enforce such agreements in accordance with their respective terms, and (B) any claims that may not be released as a matter of
law. It is the intention of Company that such release of the Company Released Claims shall be effective as a bar to each and every demand and proceeding hereinabove specified and in furtherance of such intention, and Company, herby expressly waives,
effective as of the Effective Date, any and all rights and benefits conferred upon such any Company Party under applicable Law and expressly agrees that this release will be given full force and effect according to each and all of its express terms
and provisions, including those related to unknown and unsuspected demands and proceedings, if any, as those relating to any other demands and proceedings hereinabove specified, but only to the extent such provision is applicable to releases such as
this Section 5b.  
 c.    Each Party hereunder, including each of the Company Parties, knowingly and
voluntarily hereby expressly waived any and all rights or benefits conferred by the provisions of Section 1542 of the California Civil Code (“Section 1542”), or any similar law enacted in any other jurisdiction, and
expressly consents that the releases contained in Section 5(a) and 5(b) herein shall be given full force and effect according to each and all of its express terms and conditions, including those relating to waiving and releasing all claims,
whether now known or unknown, suspected, or unsuspected, and whether or not concealed or hidden. Section 1542 provides: 
 A general
release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement
with the debtor or released party.  
 d.    Each of the Parties hereunder, including each of the Company Parties,
acknowledged that his or its own legal counsel has explained the effect and importance of the provisions of Section 1542, and of a waiver of the provisions of Section 1542. With this knowledge and understanding, each of the Parties,
including each of the Company Parties, waives and relinquishes any rights or benefits that he or it has or might have under Section 1542. Each of the Parties, including each of the Company Parties, acknowledge that he or it is aware that he or
it might hereafter discover facts in addition to or different from those which he or it now know or believe to be true with respect to the subject matter of this Agreement, but it is each Party’s intention, including each of the Company
Parties, hereby to fully and finally forever settle and release any and all matters, disputes and differences, known or unknown, suspected and unsuspected, arising out of, based upon, or relating to, any and all claims, and it is the each
Party’s intention, including each of the Company Parties, that the releases contained in Sections 5(a) and 5(b) herein shall remain in effect as full and complete general releases, notwithstanding discovery of, or the existence of, any such
additional or different facts. 
  

	 	6.	 Non-Compete. 

a.    From and after the Effective Date, Deutsch hereby agrees not to compete with any products or services offered by the
Company as of the Effective Date in any geography in which the Company operated as of such date, in each case as described in the “Business” section of the Registration Statement attached as Schedule A hereto (any such business, a
“Competitive Business”) for a period commencing on the Effective Date and concluding on (i) June 24, 2023, if all of the Shares have been sold for cash prior to the Standstill Termination Date at the Exit Value in
accordance with the requirements set forth in Section 1b (a “Full Sale Event”), or (ii) the Standstill Termination Date, if a Full Sale Event has not been consummated prior to the Standstill Termination Date. 

b.    Notwithstanding the foregoing, none of (i) the offering, marketing, sale or distribution of (A) coffee,
pill, juice and powder supplement products used for inflammation and anti-aging, that do not contain protein, or (B) any anti-aging treatments, infrared treatment, intravenous fluid drip treatment, spa services, sauna, bath, tanning, light
therapy, compression, cryogenic, inflammation testing or massage services, or (ii) sale of franchises or equity interests in any such businesses providing such services, constitute a Competitive Business. 

  
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 c.    Notwithstanding the foregoing, nothing herein shall prohibit
Deutsch directly or indirectly, through an Affiliate or otherwise, from (i) owning, acquiring, holding and/or disposing of any investment, directly or indirectly, comprising not more than five percent (5%) of the fully-diluted equity interests
of any publicly traded or privately held entity engaged in the Competitive Business, (ii) performing any services for the Company or any of its subsidiaries, (iii) the ownership of any interest in any private equity, venture capital or
other investment fund that is managed by a third party investment manager, so long as Deutsch has no participation in the governance or operation of such investment fund with respect to any Competitive Business, or (iv) owning, acquiring,
holding and/or disposing of any equity interests, directly or indirectly, in any entity that issues such interests in respect of the Shares whether pursuant to a Liquidity Transaction or Share Disposition. 

 

	 	7.	 Transfer of Intellectual Property. 

a.    Deutsch agrees to transfer and assign to the Company the patents currently held by Fitness Engineers Pty. Ltd. listed
on the attached Schedule B (the “Patents”) and any rights to any patent applications, provisional patent applications and similar filings and any and all substitutions, divisions, continuations,
continuations-in-part, divisions, reissues, renewals, extensions, reexaminations, patents of addition, supplementary protection certificates, utility models,
inventors’ certificates, or the like and any foreign equivalents with respect to the Patents and all rights to enforce the foregoing Patents, free and clear of all liens and encumbrances, concurrently with the consummation of Full Sale Event.

 b.    The obligations of Deutsch to transfer the Patents shall terminate on the Standstill Termination Date unless a
Full Sale Event has been consummated on or prior to the Standstill Termination Date. 
  

	 	8.	 Representations and Warranties. 

a.    The Company hereby represents and warrants to each Stockholder party to this Agreement as follows: 

i.    The execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the
transactions contemplated hereby do not and will not (A) require any consent, approval or authorization of, declaration, filing or registration with, or notice to, any person, court or governmental agency or body, domestic or foreign, having
jurisdiction over the Company, (B) conflict with or violate any United States or non-United States statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other
order applicable to the Company, (C) result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company, (D) conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under the organizational documents of the Company or the Stockholders’ Agreement or (E) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
under the Business Combination Agreement, the Support Agreement, any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any
of the property or assets of the Company is subject, which would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business, properties, financial condition, stockholders’ equity or results of
operations of the Company. 
 ii.    The Company has the power, authority and capacity to execute, deliver and perform
this Agreement and this Agreement has been duly authorized, executed and delivered by the Company. 

  
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 iii.    This Agreement has been duly authorized, executed and delivered
by the Company and is enforceable against the Company in accordance with their respective terms, except as may be limited or otherwise affected by (A) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, and (B) principles of equity, whether considered at law or equity. 

iv.    The Company has not entered into any agreement to, and does not have any obligation to, acquire, redeem, purchase
or otherwise acquire any of the shares of any Stockholder at a price or on terms that are more favorable in any respect than the price and terms contemplated by this Agreement. 

b.    Each Stockholder party to this Agreement hereby represents to the Company as follows: 

i.    The execution, delivery and performance by such Stockholder of this Agreement and the consummation by such
Stockholder of the transactions contemplated hereby do not and will not (A) require any consent, approval or authorization of, declaration, filing or registration with, or notice to, any person, court or governmental agency or body, domestic or
foreign, having jurisdiction over such Stockholder, (B) conflict with or violate any United States or non-United States statute, law, ordinance, regulation, rule, code, executive order, injunction,
judgment, decree or other order applicable to such Stockholder, (C) result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of such Stockholder, (D) if such Stockholder is an entity,
conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under the organizational documents of such Stockholder or (E) conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which such Stockholder is a party or by which such Stockholder is bound or to which any of the
property or assets of such Stockholder is subject, which would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of such Stockholder to consummate the transactions contemplated hereby. 

ii.    Such Stockholder has the power, authority and capacity to execute, deliver and perform this Agreement and this
Agreement has been duly authorized, executed and delivered by such Stockholder. 
 iii.    This Agreement has been duly
authorized, executed and delivered by such Stockholder and are enforceable against such Stockholder in accordance with their respective terms, except as may be limited or otherwise affected by (A) bankruptcy, insolvency, fraudulent conveyance,
fraudulent transfer, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (B) principles of equity, whether considered at law or equity. 

 

	 	9.	 Governing Law. 

a.    This Agreement shall be interpreted, construed, and governed according to the laws of the State of California without
giving effect to any choice or conflict of law provision or rule (whether of the State of California or any other jurisdiction) which could require the application of the laws of any state or jurisdiction other than the laws of the State of
California. 
 b.    Each Party hereby expressly consents to the personal jurisdiction and venue in the state and
federal courts located in Los Angeles County in the State of California for any lawsuit filed there against such party arising from or related to this Agreement. 

  
 9 

	 	10.	 Specific Performance; Remedies Cumulative. 

a.     The Parties agree that irreparable damage would occur in the event any provision of this Agreement was not performed
in accordance with the terms hereof and that each Party shall be entitled to specific performance of the terms hereof, without bond and without prejudice to any other rights and remedies that such Party may have with respect to any breach of this
Agreement. 
 b.     All rights, powers and remedies provided under this Agreement or otherwise available in respect
hereof at law or in equity shall be cumulative and not alternative, and the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party. Each Party agrees that no
failure or delay by any Party in exercising any right, power or privilege under this Agreement will operate as a waiver thereof, and that the waiver from time to time by any Party of any of its rights or the failure of any Party to exercise any
remedy will not operate or be construed as a continuing waiver of same or of any other rights or remedies provided in this Agreement. 
  

	 	11.	 Miscellaneous. 

a.     This Agreement shall be binding upon and shall inure to the benefit of any successor of the Parties. This Agreement,
the Transaction Bonus Agreement and the Non-Disclosure Agreement constitute the entire agreement and understanding between and among the Parties with respect to the subject matter hereof, and supersedes any
other prior written or oral agreement or understandings between and among the Parties with respect to the subject matter hereof (including the Original Agreement and the First Amendment).     

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

c.     All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in writing
and shall be deemed to have been given (i) when delivered by hand (with written confirmation of receipt); (ii) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (iii) on the date sent by
email of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; (iv) on the third day after the date mailed,
by certified or registered mail, return receipt requested, postage prepaid, or (v) via email upon acknowledgment of receipt. Such communications must be sent to the respective Parties at the following addresses (or at such other address for a
Party as shall be specified in a notice given in accordance with this Section): 
  

	 	i.	 If to Deutsch: 

  

	 	  	 Robert B. Deutsch 

  

	 	  	 Email- rob_deutsch@hotmail.com 

 

	 	  	 Together with a copy (which shall not constitute notice) to: 

 

	 	  	 Cooley LLP 

55 Hudson Yards 
 New York, NY
10001-2157 
 Attention: Joshua A. Kaufman, Esq., josh.kaufman@cooley.com 

David I. Silverman, Esq., dsilverman@cooley.com 

  
 10 

	 	ii.	 If to Gilchrist: 

Adam Gilchrist 
 Email-
adam.j.gilchrist@gmail.com 
 Together with a copy (which shall not constitute notice) to: 

Weinberg Gonser LLP 
 10866
Wilshire Blvd., Suite 1650 
 Los Angeles, CA 90024 

Attention: Shahrokh Sheik, Esq., shahrokh@weinberg-gonser.com 
  

	 	iii.	 If to the Investor: 

FOD Capital LLC 
 7009 Shrimp
Road, Suite 4 
 Key West, FL 33040 

Attention: Michael Raymond, mraymond@fodcapital.com 

Together with a copy (which shall not constitute notice) to: 

Dickinson Wright PLLC 
 2600 W.
Big Beaver Rd. 
 Suite 300 

Troy, MI 48084 
 Attention: Dana
L. Ulrich 
  

	 	iv.	 If to the Company: 

F45 Training Holdings Inc. 
 236
California Street 
 El Segundo, California 90245 

Attention: Legal Department, legal@f45hq.com 

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

e.     Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the
parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties, provided, however, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective
successors and assigns. 
 f.     Each provision and term of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision or term of this Agreement shall be held to be prohibited by or invalid under such applicable law, then, such provision or term shall be ineffective only to the extent of such prohibition
or invalidity, without invalidating or affecting in any manner whatsoever the remainder of such provisions or term or the remaining provisions or terms of this Agreement. The provisions of this Agreement are the result of negotiations between the
parties. Accordingly, this Agreement shall not be construed in favor of or against any party by reason of the extent to which the party or any of his or its professional advisors participated in its preparation. 

Signature Pages Follow 

  
 11 

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

 

			
	F45 TRAINING HOLDINGS, INC.

 
			
		
	By:	 	 /s/ Adam Gilchrist

		 	Name: Adam Gilchrist
		 	Title:   Chief Executive Officer
		 	

 
			
	
	ROBERT B. DEUTSCH
	
	 /s/ ROBERT B. DEUTSCH

	
	ADAM GILCHRIST
	
	 /s/ ADAM GILCHRIST

  
 12 

 
			
	MWIG LLC
		
	 By:
	 	 FOD Capital LLC, its Manager

		
	 By:
	 	 /s/ Michael Raymond

		 	Name: Michael Raymond
		 	Title:   Manager

  

  
 13EX-10.34

 Exhibit 10.34 

Execution Version 

INTELLECTUAL PROPERTY LICENSE AGREEMENT 

THIS INTELLECTUAL PROPERTY LICENSE AGREEMENT
(this “Agreement”), dated as of March 31, 2021, is made and entered into by and among F45 Training Incorporated, a Delaware corporation (“Licensee”), FW SPV LLC, a Delaware limited liability
company (“First Seller”), FW SPV II LLC, a Delaware limited liability company (“Second Seller” and, collectively with the First Seller,
“Licensor”), (each individually, a “Party” and collectively, the “Parties”). 

RECITALS 

WHEREAS, Licensor and Licensee are parties to an Asset Purchase Agreement, dated as of the date hereof (the
“Purchase Agreement”); and 
 WHEREAS, Licensor owns certain Intellectual Property that it
desires to license to Licensee in connection with the Purchase Agreement in accordance with the terms, and subject to the conditions, set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth in this
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 

ARTICLE 1 

DEFINITIONS 
  

	 	1.1	 Certain Defined Terms. 

Unless otherwise defined herein, all capitalized terms used herein have the same meanings as in the Purchase Agreement. The following
capitalized terms used in this Agreement have the meanings set forth below: 
 “Bankruptcy Code” has
the meaning as set forth in Section 7.11. 
 “Effective Date” means (i) with respect
to the Intellectual Property, the date on which the Closing (as defined in the First Flywheel APA) occurs, and (ii) with respect to the Customer Information, date on which the Closing (as defined in the Second Flywheel APA) occurs. 

“Improvement” means any development, modification, derivative work or improvement created after the date of this
Agreement (and whether or not patented or patentable) of any Licensed Intellectual Property, excluding any such modifications relating to Licensed Trademarks. 

“License Fees” has the meaning as set forth in Section 3.1. 

“Licensed Intellectual Property” means the Intellectual Property and Customer Information owned by
Licensor as of the applicable Effective Date. 
 “Licensed Trademarks” has the meaning set forth in
Section 2.6. 
 “Licensee” has the meaning as set forth in the preamble of this Agreement. 

“Licensor” has the meaning as set forth in the preamble of this Agreement. 

 “Party” has the meaning as set forth in the preamble of this
Agreement and “Parties” has the meaning as set forth in the preamble of this Agreement. 

“Representatives” means, with respect to a Person, the directors, officers, managers, employees, advisors, agents,
consultants, attorneys, accountants, investment bankers or other representatives of such Person. 
 “Term” has the
meaning as set forth in Section 4.1. 
 “Use” means use, practice, reproduce, distribute, perform,
display, make, have made, sell, offer to sell, have sold, import, provide, otherwise exploit and commercialize, conduct research and development and to prepare developments, modifications, derivative works or improvements, including in each case to
exploit and otherwise commercialize products and services thereunder subject to all applicable laws and regulations, including privacy regulations. 

ARTICLE 2 

LICENSE GRANT 

2.1     License Grant. Subject to the terms of this Agreement and the Purchase Agreement, Licensor hereby grants to
Licensee and its Affiliates an exclusive, irrevocable (except for breach of this Agreement), worldwide, sublicensable, non-transferable (except as permitted by Section 7.1), license to Use the
Licensed Intellectual Property during the Term. Any software included in Licensed Intellectual Property shall be provided to Licensee in a format as mutually agreed to by the Parties. 

2.2     Improvements. The license in Section 2.1 covers only Licensed Intellectual Property in
existence as of the applicable Effective Date. All Improvements to Licensed Intellectual Property that are created, developed or invented by a Party after the applicable Effective Date shall, as between the Parties, be solely and exclusively owned
by the Party creating, developing or inventing such Improvement, provided that if Licensor creates an Improvement, the Improvement shall, upon creation, be deemed Licensed Intellectual Property under this Agreement and promptly provided to Licensee.
Licensee shall not own any of the Licensed Intellectual Property, except as expressly provided herein. Licensee may freely assign or license such Improvements created by Licensee but shall not have the right to assign the original underlying
Licensed Intellectual Property (except as provided herein) and shall only have the right to sublicense the Licensed Intellectual Property as expressly set forth herein. Notwithstanding the foregoing, any and all Improvements made by or for either
Party concerning Licensed Trademarks shall be (i) automatically deemed Licensed Intellectual Property and (ii) owned by Licensor. 

2.3     Reservation of Rights. All rights not expressly granted by Licensor hereunder are reserved by Licensor.
Without limiting the generality of the foregoing, the Parties expressly acknowledge that nothing contained herein shall be construed or interpreted as a grant, by implication or otherwise, of any licenses other than the licenses expressly set forth
in this Article 2. 
 2.4     Maintenance and Support. Licensor is not required under this Agreement to
provide Licensee with any maintenance, support, enforcement, or other services in connection with any Licensed Intellectual Property. 

2.5     Prosecution and Maintenance. Licensee shall be solely responsible for protecting, enforcing, and
maintaining the Licensed Intellectual Property during the Term, including filing and prosecution of all applications for registration, renewal, maintenance, and enforcing the Licensed Intellectual Property against any third party, at Licensee’s
sole cost and expense. Licensor shall provide 

  
 2 

 
reasonable cooperation upon Licensee’s reasonable request to execute any documents and/or take actions in connection with the enforcement, registration, renewal, and maintenance of the
Licensed Intellectual Property, including any registrations or applications included or embodied therein. 
 2.6
    Trademark Quality Control. Licensee acknowledges that Licensor exclusively owns all right, title and interest in and to the trademarks licensed in the Licensed Intellectual Property and all goodwill associated
therewith (the “Licensed Trademarks”). Any and all goodwill generated by the use and display of the Licensed Trademarks by Licensee shall inure solely to the benefit of Licensor. Licensee shall not modify the
appearance of the Licensed Trademarks. Licensee’s use of the Licensed Trademarks shall conform to the manner and style as directed by Licensor. Licensor confirms that Licensee’s use of the Licensed Trademarks in a manner the Licensed
Trademarks were used immediately prior to the applicable Effective Date complies with Licensor’s acceptable quality standards. Licensee shall ensure that its use of the Licensed Trademarks shall be only with respect to goods and services of a
level of quality equal to or greater than the quality of goods and services with respect to which Licensor used the Licensed Trademarks immediately prior to the applicable Effective Date. Licensee shall not use or display the Licensed Trademarks in
any manner that would damage, dilute, harm or tarnish the Licensed Trademarks, the reputation of Licensor, or the goodwill associated with the Licensed Trademarks. Licensee shall not register, or subject to Section 2.1, use or adopt, any
trademark that includes the Licensed Trademarks or any trademark confusingly similar thereto. No more than once every twelve (12) calendar months (unless Licensee has been in breach of this Section 2.6 in the prior twelve
(12) months), Licensee shall, at Licensor’s written request, deliver to Licensor (or its designee) representative samples of any non-conforming use or display by Licensee of the Licensed Trademarks for review by Licensor to ensure
compliance with the provisions of this Agreement. If Licensor determines in its reasonable discretion that any use by Licensee of the Licensed Trademarks, as applicable, does not comply with the provisions of this Agreement and notifies Licensee of
such determination, Licensee shall promptly implement corrective measures to cure any non-compliance identified by Licensor to Licensor’s reasonable satisfaction. 

2.7     Customer Information. Licensee hereby agrees, with respect to the Customer Information, to comply with the
terms and conditions of the Flywheel Privacy Policy during the Term, subject to any modifications thereto agreed upon by the Parties. 

ARTICLE 3 

FEES 

3.1     License Fees. In consideration of, and as payment in full for, the rights and license to Use the Licensed
Intellectual Property as provided in this Agreement, Licensee shall pay to Licensor, license fees in the amount of twenty-five million dollars and no/100 ($25,000,000) (the “License Fees”). Licensee shall pay
the License Fees in ten (10) equal semi-annual installments. Each installment payment shall be payable in arrears and paid on September 30th and March 31st of each calendar year during the Term, with the first installment payment due and owing
on or before September 30, 2021. Beginning with the second installment payment on March 31, 2022, each installment payment shall be subject to and include an administration fee of two hundred fifty thousand dollars and no/100 ($250,000).
For clarity, the first installment payment shall be payable in the amount of two million five hundred thousand dollars and no/100 ($2,500,000) and each semi-annual installment payment thereafter shall be payable in the amount of two million seven
hundred-fifty thousand dollars and no/100 ($2,750,000). There shall be no penalty or administration fee charged for prepayment during the Term. 

3.2     Prepayment Option. If a Closing does not occur under the Purchase Agreement, then following termination
thereof through the Term of this Agreement, Licensee shall have the right to purchase the Licensed Intellectual Property for fair market value (as mutually agreed by the parties). In the 

  
 3 

 
case of any such purchase, Licensor will execute and deliver such additional documents and take other action as may be reasonably necessary to record or memorialize such purchase and to vest in
Licensee such right, title, and interest in and to the Licensed Intellectual Property. Upon the consummation of any such purchase, the license granted under this Agreement will terminate. 

ARTICLE 4 

TERM AND TERMINATION 

4.1     Term. The term of this Agreement commences as of the earliest applicable Effective Date and continues in
effect until five (5) years from such date unless terminated earlier pursuant to any of its express provisions, or upon the Closing date of the Purchase Agreement, whichever occurs first (the “Term”). 

4.2     Termination. This Agreement may be terminated (i) by express mutual written agreement of the Parties,
(ii) by Licensor in the case of Licensee’s breach for failure to make payments when due and failure to cure such breach within thirty (30) days’ written notice from Licensor, or (iii) by Licensor in the case of
Licensee’s failure to cure a material breach of Section 2.6 within one hundred-eighty (180) days’ of its receipt of written notice of such breach provided by Licensor. This Agreement shall terminate automatically upon the Closing
under the Purchase Agreement. In the case of a termination under Section 4.2(ii) or Section 4.2(iii) (and except as otherwise agreed by the Parties in connection with a termination under Section 4.2(i)), all rights and licenses
granted under this Agreement shall immediately cease, and all rights shall revert to Licensor. 
 4.3
    Enforcement; Injunctive Relief. A Party shall be entitled to recover monetary damages or to obtain injunctive or equitable relief in the event of a material breach by the other Party of this Agreement as may be finally
determined in accordance herewith. Each Party hereby accepts full responsibility for any breach of this Agreement by any of its personnel, subsidiaries, affiliates, sublicensees, joint ventures, consultants, agents, contractors, and related Persons
or entities that are controlled by or under common ownership and control of such Party. Notwithstanding the foregoing, each Party shall promptly notify the other Party if it becomes aware of any such breach. 

4.4     Survival. Article 5, Article 6, and Article 7 shall survive the termination or expiration of this
Agreement. 
 ARTICLE 5 

CONFIDENTIALITY 

5.1     Confidential Information. The confidentiality provisions of the Purchase Agreement shall apply
mutatis mutandis to this Agreement. 
 ARTICLE 6 

DISCLAIMERS; LIMITATION OF LIABILITY 

6.1     DISCLAIMER OF WARRANTIES. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, BUT WITHOUT LIMITING OR
MODIFYING THE PURCHASE AGREEMENT, THE LICENSED INTELLECTUAL PROPERTY IS FURNISHED “AS IS”, WITH ALL FAULTS AND WITHOUT WARRANTY OF ANY KIND, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR
ANY 

  
 4 

 
PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, QUALITY, USEFULNESS, COMMERCIAL UTILITY, ADEQUACY, OR COMPLIANCE WITH ANY LAW, DOMESTIC OR FOREIGN, AND
IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE. 
 6.2     DISCLAIMER OF CONSEQUENTIAL
AND OTHER DAMAGES. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, AND OTHER THAN A BREACH OF CONFIDENTIALITY OBLIGATIONS IN SECTION 5, IN NO EVENT SHALL A PARTY BE LIABLE UNDER THIS AGREEMENT TO THE OTHER PARTY OR TO ANY PARTY CLAIMING
THROUGH OR UNDER ANOTHER PARTY, FOR ANY LOST PROFITS, OR FOR ANY INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING STRICT LIABILITY), BASED ON A WARRANTY, OR OTHERWISE, ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 
 6.3
    Remedies. All remedies specified herein shall be cumulative and not exclusive and shall be in addition to any other remedies which a Party may have under this Agreement or otherwise. 

ARTICLE 7 

MISCELLANEOUS PROVISIONS 

7.1     Assignment. This Agreement, and the rights, interests and obligations hereunder, shall not be assigned by
any Party, including by operation of law, change of control, or otherwise without the express written consent of the other Parties (which consent may be granted or withheld in the sole discretion of such other Party). 

7.2     Relationship of the Parties. Nothing contained herein is intended or shall be deemed to make either Party
the agent, employee, partner or joint venturer of the other Party or be deemed to provide such Party with the power or authority to act on behalf of the other Party or to bind the other Party to any contract, agreement or arrangement with any other
individual or entity. 
 7.3     Notices. All notices, requests, demands, waivers and other communications
required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if delivered personally or sent by overnight courier, facsimile transmission or electronic mail, provided that electronic mail is
confirmed in writing by the recipient thereof (excluding out-of-office replies or other automatically generated responses) or is followed up within one Business Day
after electronic by dispatch pursuant to one of the other methods described herein: 
 (i) If to Licensor, then to: 

FW SPV LLC / FW SPV II LLC 

c/o Kennedy Lewis Investment Management, LLC 

111 West 33rd Street, Suite 1910 

New York, NY 10120 

with a copy (which shall not constitute notice) to: 

Akin Gump Strauss Hauer & Feld LLP 

One Bryant Park 

New York, NY 10036 

Attn: Daniel Fisher 

Email: dfisher@akingump.com 

  
 5 

 (ii) If to Licensee:
                                  F45 Training Incorporated 

801 Barton Springs Road, 9th Floor 

Austin, TX 78704 

Attn: Legal Department 

Email: legal@f45training.com 

with a copy (which shall not constitute notice) to: 

King & Spalding LLP 

1185 Avenue of the Americas 

New York, NY 10036 

Attn: Timothy M. Fesenmyer 

Email: tfesenmyer@kslaw.com 

7.4     Severability. The provisions of this Agreement shall be deemed severable, and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid or unenforceable,
(a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement
and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability. 
 7.5
    No Third-Party Beneficiaries. This Agreement is for the sole benefit of the Parties and their respective successors and permitted assigns, and, except as expressly set forth herein, nothing in this Agreement will
create or be deemed to create any third-party beneficiary rights in any Person not a party to this Agreement. 
 7.6
    Entire Agreement. This Agreement (including the schedules to this Agreement and the Exhibits) and the other Transaction Documents supersede all prior agreements between Licensor, on the one hand, and Licensee, on the
other hand, with respect to its subject matter and constitute a complete and exclusive statement of the terms of the agreements between Licensor, on the one hand, and Licensee, on the other hand, with respect to their subject matter. This Agreement
may not be amended, modified or supplements except by a written agreement executed by each of the Parties hereto. 
 7.7
    Governing Law.     
 (a)     This Agreement, and all claims or
causes of action based upon, arising out of, or related to this Agreement or the transactions contemplated hereby, shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts made and to be
performed entirely in such state without regard to principles of conflicts or choice of laws or any other law that would make the laws of any other jurisdiction other than the State of New York applicable hereto. 

(b)     Any proceeding or action based upon, arising out of or related to this Agreement or the transactions contemplated
hereby may be brought in the state and/or federal courts located in the City, County and State of New York, and each of the Parties irrevocably submits to the exclusive jurisdiction of each such court in any such proceeding or action, waives any
objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, agrees that all claims in respect of the proceeding or action shall be heard and determined only in any such court, and agrees not to bring any
proceeding or action arising out of or relating to this Agreement or the transactions contemplated hereby 

  
 6 

 
in any other court. Nothing herein contained shall be deemed to affect the right of any Party to serve process in any manner permitted by applicable law or to commence legal proceedings or
otherwise proceed against any other Party in any other jurisdiction, in each case, to enforce judgments obtained in any action, suit or proceeding brought pursuant to this Section 7.7(b). The Parties consent to service of process by mail (in
accordance with Section 7.3) or any other manner permitted by law. 
 (c)     THE PARTIES HEREBY IRREVOCABLY WAIVE
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR COUNTERCLAIM (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF LICENSOR, LICENSEE OR THEIR RESPECTIVE REPRESENTATIVES IN THE NEGOTIATION OR
PERFORMANCE HEREOF. 
 7.8     Remedies. Neither the exercise of nor the failure to exercise a right of set-off or to give notice of a claim under this Agreement will constitute an election of remedies or limit Licensor or Licensee in any manner in the enforcement of any other remedies that may be available to any of
them, whether at law or in equity. 
 7.9     Specific Performance. With respect to the Parties’ respective
covenants under this Agreement, (a) each Party recognizes that if such Party breaches or refuses to perform any such covenant, monetary damages alone would not be adequate to compensate the non-breaching
Party or Parties for their injuries, (b) the non-breaching Party or Parties shall therefore be entitled, in addition to any other remedies that may be available, to obtain specific performance of the
terms of such covenants, (c) if any Action is brought by the non-breaching Party or Parties to enforce such covenants, the Party in breach shall waive the defense that there is an adequate remedy at law,
(d) each Party agrees to waive any requirement for the security or posting of any bond in connection with any Action seeking specific performance of such covenants and (e) each Party agrees that the only permitted objection that it may
raise in response to any action for specific performance of such covenants is that it contests the existence of a breach or threatened breach of such covenants. 

7.10     Counterparts. This Agreement and any amendment hereto may be executed in two or more counterparts, each of
which shall be deemed to be an original of this Agreement or such amendment and all of which, when taken together, shall constitute one and the same instrument. Notwithstanding anything to the contrary in Section 7.9, delivery of an executed
counterpart of a signature page to this Agreement or any amendment hereto by telecopier, facsimile or email attachment that contains a portable document format (.pdf) file of an executed signature shall be effective as delivery of a manually
executed counterpart of this Agreement or such amendment, as applicable. 
 7.11     Section 365(n) of the
Bankruptcy Code. All rights and licenses granted under this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code (the “Bankruptcy
Code”), licenses of rights to “intellectual property” as defined under Section 101(35A) of the Bankruptcy Code. Licensee shall have the right to exercise all rights and elections under the Bankruptcy Code and all other
applicable bankruptcy, insolvency, and similar laws with respect to this Agreement and the subject matter hereof. 
 [The remainder of the
page intentionally left blank.] 

  
 7 

 IN WITNESS WHEREOF the
Parties have caused this Agreement to be executed and delivered by their duly authorized representatives, all as of the date of this Agreement. 
  

			
	FW SPV LLC
	By: FW AIV, LLC
	Its: Sole Member
		
	By:	 	 /s/ Anthony Pasqua

	Name:  Anthony Pasqua
	Title:    Authorized Signatory
	
	FW SPV II LLC
	By: FW AIV, LLC
	Its: Sole Member
		
	By:	 	 /s/ Anthony Pasqua

	Name:  Anthony Pasqua
	Title:    Authorized Signatory

  

  
 [Signature Page to IP
License Agreement] 

 
			
	F45 Training Incorporated
		
	By:	 	 /s/ Chris Payne

	Name:  Chris Payne
	Title:    Chief Financial Officer

  

  
 [Signature Page
to IP License Agreement]

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