Document:

Exhibit 10.2

 

Certain identified information has been
excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential. Information
that was omitted has been noted in this document with a placeholder identified by the mark “[***]”.

 

EXECUTION VERSION

 

INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

THIS INTELLECTUAL PROPERTY
SECURITY AGREEMENT, dated as of July 16, 2021, is entered into by and among (1) CALLIDITAS THERAPEUTICS AB (the “Grantor”),
a company incorporated in Sweden, and (2) KREOS CAPITAL VI (UK) LIMITED (“Lender 1”), a company incorporated in
England and Wales, and KREOS CAPITAL 2020 OPPORTUNITY (UK) LIMITED (“Lender 2”), a company incorporated in England
and Wales, and each of the other entities which becomes a party to the Loan Agreement (as defined below) as a lender from time to time
(each of the foregoing described in this clause (2), including Lender 1 and Lender 2, each a “Lender” and collectively,
the “Lenders”).

 

RECITALS

 

A            Pursuant
to that certain Agreement for the Provision of Loan Facilities of up to the Euro Equivalent of $75,000,000, dated as of July 15,
2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), among (a) the
Grantor, as borrower, (b) each of the entities party thereto from time to time as a guarantor, and (c) the Lenders, the Lenders
have agreed to extend loans and other financial accommodations to the Grantor upon the terms and subject to the conditions set forth therein.

 

B.            The
Lenders’ obligations to extend loans and other financial accommodations to the Grantor under the Loan Agreement are subject, among
other conditions, to receipt by the Lenders of this Agreement duly executed by the Grantor.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the above recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Grantor
hereby agrees with the Lenders as follows:

 

1.            Definitions
and Interpretation. When used in this Agreement, the following terms shall have the following
respective meanings:

 

“Collateral”
shall have the meaning given to that term in Section 2 hereof.

 

“Event of Default”
shall mean an Event of Default as defined in the Loan Agreement.

 

“Grantor”
shall have the meaning given to that term in the introductory paragraph hereof.

 

“Lender(s)”
shall have the meaning given to that term in the introductory paragraph hereof.

 

“Loan Agreement”
shall have the meaning given to that term in Recital A hereof.

 

“Patent and Trademark
Office” shall mean the United States Patent and Trademark Office or any successor office or agency thereto.

 

    	 	 	 

     

    

 

“Patents”
shall have the meaning given to that term in Attachment 1 hereto.

 

“Secured Obligations”
shall mean and include all liabilities and obligations (including, without limitation, the Combined Loan Economics (as defined in the
Loan Agreement) and Financial Indebtedness (as defined in the Loan Agreement)), howsoever arising, owed by the Grantor to the Lenders
or any one of them of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment
of money), direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising pursuant to the terms of
the Loan Agreement or any of the other Finance Documents to which the Grantor is a party, including without limitation all interest (including
interest that accrues after the commencement of any bankruptcy or other insolvency proceeding or the non-U.S. equivalent thereof by or
against the Grantor or any other Person, whether or not allowed or allowable), fees, charges, expenses, reasonable and documented out-of-pocket
attorneys’ fees and accountants’ fees chargeable to and payable by the Grantor hereunder and thereunder, (b) any and
all other obligations of the Grantor for the performance of its agreements, covenants and undertakings under or in respect of the Finance
Documents, and (c) any and all other obligations of the Grantor for the payment of all amounts, liabilities and indebtedness (whether
for principal, interest, reimbursement, fees, charges, indemnification or otherwise) now or in the future owed to any Lender or any indemnitee
individually, and for the performance by the Grantor of its agreements, covenants and undertakings, in each case under or in respect of
any and all of the Finance Documents.

 

“Trademarks”
shall have the meaning given to that term in Attachment 1 hereto.

 

“UCC” means
the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York; provided, however,
in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the security interests
granted hereunder in any collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of
New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the
provisions hereof relating to such attachment, perfection of priority and for purposes of definitions related to such provisions.

 

Unless otherwise defined herein, all other capitalized
terms used herein and defined in the Loan Agreement shall have the respective meanings given to those terms in the Loan Agreement, and
all terms defined in the UCC shall have the respective meanings given to those terms in the UCC. The rules of construction set forth
in Clause 2 of the Loan Agreement shall, to the extent not inconsistent with the terms of this Agreement, apply to this Agreement and
are hereby incorporated by reference.

 

2.            Grant
of Security Interest and Related Matters.

 

(a)            Grant
of Security Interests. As security for the full, prompt, complete and final payment when due (whether at stated maturity, by acceleration
or otherwise) and prompt performance and observance of all the Secured Obligations, and in order to induce the Lenders to enter into the
Loan Agreement and to make loans and other financial accommodations available to and for the benefit of the Grantor upon the terms and
subject to the conditions thereof, the Grantor hereby pledges and grants to each Lender a security interest in and lien on all right,
title and interest of the Grantor in and to the property described in Attachment 1 hereto, whether now owned or hereafter acquired
(collectively and severally, the “Collateral”), which Attachment 1 is incorporated herein by this reference.

 

    	 	2	 

     

    

 

(b)           Authorizations
with Respect to Financing Statements, etc. The Grantor hereby irrevocably authorizes each Lender at any time and from time to
time to file in any filing office in any UCC jurisdiction reasonably determined by the Lenders any initial financing statements and amendments
thereto that (i) indicate the Collateral (A) as the assets described in this Agreement, regardless of whether any particular
asset comprised in the Collateral falls within the scope of Article 9 of the UCC of such jurisdiction, or (B) as being of an
equal or lesser scope or with greater detail, and (ii) contain any other information required by part 5 of Article 9 of the
UCC for the sufficiency or filing office acceptance of any financing statement or amendment, including, without limitation, whether the
Grantor is an organization, the type of organization and any organization identification number issued to the Grantor, if any. The Grantor
agrees to promptly furnish any such information that any Lender may reasonably request.

 

(c)           Terminations
and Amendments Not Authorized. The Grantor acknowledges that it is not authorized to file any amendment or termination statement with
respect to any financing statement relating to any security interest granted hereunder without the prior written consent of each Lender
and agrees that it will not do so without the prior written consent of each Lender, subject to the Grantor’s rights under Section 9-509(d)(2) of
the UCC, until the termination of this Agreement pursuant to Section 9(f) below.

 

(d)           Limitation
on each Lender’s Duty in Respect of Collateral. Each Lender shall be deemed to have acted reasonably in the custody, preservation
and disposition of any of the Collateral if it complies with the obligations of a secured party under Section 9-207 of the UCC and
any other applicable law. No Lenders shall be required to make any presentment, demand or protest, or give any notice and need not take
any action to preserve any rights against any prior party or any other Person in connection with the Secured Obligations or with respect
to the Collateral.

 

(e)           Further
Assurances. At any time and from time to time, upon the written request of any Lender, and at the sole expense of the Grantor, the
Grantor shall promptly and duly execute and deliver any and all such further instruments and documents and take such further action as
any Lender may reasonably deem desirable to obtain the full benefits of this Agreement and of the rights and powers herein granted.

 

3.           Representations
and Warranties. The Grantor represents and warrants to the Lenders as follows:

 

(a)           The
Grantor owns with good and marketable title all the Collateral (other than such title as held by Kyowa Kirin Services Ltd in and to the
registered patent with patent number 8491932), free from all Security Interests (as defined in the Loan Agreement) other than Security
Interests granted in favor of the Lenders hereunder or in any other Finance Document.

 

(b)           The
Grantor is the exclusive legal and beneficial and with respect to the Collateral, record, owner of all right, title and interest in and
to the Collateral (other than such right, title, and interest held by Kyowa Kirin Services Ltd in and to the registered patent with patent
number 8491932).

 

    	 	3	 

     

    

 

(c)           Upon
the filing an appropriate UCC-1 financing statement identifying the Collateral, the Grantor, as debtor, and a Lender, as a secured party,
in the District of Columbia Recorder of Deeds in the United States of America, such Lender shall have (or in the case of after-acquired
Collateral (if any), at the time the Grantor acquires rights therein, will have) a first priority perfected security interest in the Collateral
located in the United States of America and/or in respect to which a security interest may be granted under applicable law of the United
States of America and any states thereof, including without limitation, the UCC and the United States Trademark Act of 1946 or the United
States Patent Act of 1972, as applicable.

 

(d)           The
Grantor’s exact legal name is set forth on the signature pages to this Agreement or as otherwise set forth in a written notice
given to the Lenders pursuant to Section 4(h) below. The Grantor was formed under the laws of jurisdiction of its formation
as set forth on the signature pages to this Agreement. The Grantor’s chief executive office, principal place of business, and
the place where the Grantor maintains records concerning the Collateral are set forth in the Loan Agreement or at such other location(s) set
forth in a written notice given to the Lenders pursuant to this subsection (d).

 

4.           Covenants
of the Grantor. The Grantor hereby agrees as follows:

 

(a)           The
Grantor, at the Grantor’s expense, shall promptly procure, execute and deliver to the Lenders all documents, instruments and agreements
and perform all acts which are necessary, or which any Lender may reasonably request, to establish, maintain, preserve, protect and perfect
the Collateral, the liens and security interests granted to the Lenders therein and the first priority of such liens and security interests
or to enable the Lenders to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the
generality of the preceding sentence, the Grantor shall (i) execute all notices of security interest for each relevant type of intellectual
property in forms suitable for filing with the Patent and Trademark Office, substantially in the form of Attachment 2 or Attachment
3 hereto, as applicable, or other forms reasonably acceptable to the Lenders and (ii) take all commercially reasonable steps
in any proceeding before the Patent and Trademark Office, to diligently prosecute or maintain, as applicable, each application and registration
of the Patents and Trademarks, including filing of renewals, affidavits of use, affidavits of incontestability and opposition, interference
and cancellation proceedings (except to the extent permitted by the Loan Agreement).

 

(b)           The
Grantor shall not use any Collateral or permit any Collateral to be used in violation of (i) any provision of the Loan Agreement,
this Agreement or any other Finance Document, or (ii) any applicable law or contractual obligation, except to the extent permitted
by the Loan Agreement.

 

(c)           The
Grantor shall pay promptly when due all taxes and other governmental charges, all liens, security interests and all other charges now
or hereafter imposed upon, relating to or affecting any Collateral.

 

    	 	4	 

     

    

 

(d)           The
Grantor shall appear in and defend any action or proceeding which could reasonably be expected to adversely affect its title to or any
Lender’s security interest in the Collateral.

 

(e)            The
Grantor shall keep accurate and complete records of the Collateral and shall permit each Lender to examine and make copies of such records
and provide such reports and information relating to the Collateral as any Lender may reasonably request from time to time during ordinary
business hours of the Grantor.

 

(f)            The
Grantor shall not sell, encumber, lease, rent, option, license or otherwise dispose of or transfer any Collateral or right or interest
therein, except to the extent permitted by the Loan Agreement, and the Grantor shall keep the Collateral free of all Security Interests
(as defined in the Loan Agreement) other than Security Interests granted in favor of the Lenders hereunder or in any other Finance Document.
Without limiting the terms of the Loan Agreement or any other Finance Document, the Grantor shall keep all know-how and clinical trial
data in the United States in connection with Nefecon (or any successor or alternate name) free of all Security Interests (as defined in
the Loan Agreement), except for any Security Interets otherwise permitted to exist pursuant to the terms of the Loan Agreement.

 

(g)           The
Grantor will promptly notify the Lenders in writing regarding the filing (and in any event no later than 30 days after such filing), either
by the Grantor or through any agent, employee, licensee or designee, of (i) an application for the registration of any patent or
trademark with the Patent and Trademark Office, or (ii) any assignment of any patent or trademark, which the Grantor may acquire
from a third party, with the Patent and Trademark Office, in each case, including a description of such patent or trademark, the date
of filing and the filing information provided to the Patent and Trademark Office, such as the applicable serial, application or registration
number, and each such written notice shall be deemed to automatically supplement and amend Schedule A to Attachment 1 hereto and/or
Schedule B to Attachment 1 hereto to add such patent, patent application, trademark or trademark application, as applicable, without
any further action by any party.

 

(h)           The
Grantor shall not change its name in any manner unless the Grantor shall have given the Lenders at least thirty (30) days’ prior
written notice thereof and shall have taken all action (or made arrangements to take such action substantially simultaneously with such
change if it is impossible to take such action in advance) necessary or reasonably requested by any Lender to amend the financing statements
or continuation statements filed in connection with this Agreement so that it is not seriously misleading. The Grantor shall not reincorporate
or reorganize itself under the laws of any jurisdiction other than the jurisdiction in which it is incorporated or organized as of the
date hereof without the prior written consent of each Lender.

 

(i)            The
Grantor shall not permit any of its subsidiaries to (i) make any filing or application for any right or interest (including any ownership
interest) with respect to any United States trademark or patent with the Patent and Trademark Office or (ii) otherwise acquire any
right or interest (including any ownership interest) with respect to any United States trademark or patent via assignment or otherwise
other than licenses from the Grantor that are permitted by the Loan Agreement.

 

    	 	5	 

     

    

 

5.           Authorized
Action by the Lenders. The Grantor hereby irrevocably appoints each Lender as its attorney-in-fact
and agrees that each Lender may perform (but no Lender shall be obligated to and shall incur no liability to the Grantor or any third
party for failure so to do) any act which the Grantor is obligated by this Agreement to perform, and to exercise such rights and powers
as the Grantor might exercise with respect to the Collateral, including, without limitation, the right to (a) collect by legal proceedings
or otherwise and endorse and/or receive all royalties, payments, proceeds and other sums and property now or hereafter payable on or on
account of the Collateral; (b) insure, process, preserve and enforce the Collateral; (c) make any compromise or settlement,
and take any action it deems advisable, with respect to the Collateral; (d) pay any indebtedness of the Grantor relating to the Collateral;
and (e) execute UCC financing statements and other documents, instruments and agreements required hereunder. In furtherance of the
powers granted in this Section 5, the Grantor shall execute and deliver to the Lenders a Special Power of Attorney in the
form of Attachment 4 hereto. The Grantor agrees to reimburse the Lenders upon demand for all costs and expenses, including reasonable
and documented out-of-pocket attorneys’ fees, the Lenders may incur while acting as the Grantor’s attorney-in-fact hereunder,
all of which costs and expenses are included in the Secured Obligations. Each Lender agrees that, except upon the occurrence and during
the continuation of an Event of Default, it shall not exercise the power of attorney or any rights granted to such Lender pursuant to
this Section 5. The Grantor hereby ratifies, to the extent not prohibited by applicable law, all that said attorney shall
lawfully do or cause to be done by virtue hereof. The power of attorney granted pursuant to this Section 5 is a power coupled
with an interest and shall be irrevocable until the Secured Obligations are completely paid and performed in full (other than contingent
indemnification obligations to the extent no claim giving rise thereto has been asserted) (and the Loan Agreement has been terminated)
or this Agreement is terminated and the security interests created hereby are released.

 

6.            Default
and Remedies.

 

(a)           In
addition to all other rights and remedies granted to the Lenders by this Agreement, the Loan Agreement, the other Finance Documents, the
UCC and other applicable laws, each Lender may, upon the occurrence and during the continuance of any Event of Default, exercise any one
or more of the following rights and remedies to the extent not prohibited by applicable law: (a) collect, receive, appropriate or
realize upon the Collateral or otherwise foreclose or enforce such Lender’s security interests in any or all Collateral in any manner
not prohibited by applicable law or in this Agreement; (b) notify any or all licensees of Collateral to make payments thereon directly
to such Lender or its agent, designee or representative; (c) sell, license or otherwise dispose of any or all Collateral at one or
more public or private dispositions, whether or not such Collateral is present at the place of sale, for cash or credit or future delivery,
on such commercially reasonable terms and in such commercially reasonable manner as one or more Lenders may determine; (d) if one
or more Lenders elects to sell or otherwise dispose of any or all Collateral at one or more public or private dispositions, upon ten (10) days’
prior notice to the Grantor, direct the Grantor not to make any further use of the Patents, the Trademarks (or any mark similar thereto)
or any other Collateral for any purpose; (e) upon ten (10) days’ prior notice to the Grantor, license, whether general,
special or otherwise, and whether on an exclusive or nonexclusive basis, any of the Patents, Trademarks or other Collateral, throughout
the world for such term or terms, on such conditions, and in such manner, as one or more of the Lenders in their sole discretion determine;
(f) enforce (and upon notice to the Grantor have the exclusive right to enforce) against any licensee or sublicensee all rights and
remedies of the Grantor in, to and under any one or more license agreements with respect to the Collateral (without assuming any obligations
or liability thereunder), and take or refrain from taking any action under any thereof; and (g) in addition to the foregoing, in
order to implement the assignment, sale or other disposal of any of the Collateral, pursuant to the authority granted in Section 5
hereof, execute and deliver on behalf of the Grantor, upon ten (10) days’ prior notice to the Grantor, one or more instruments
of assignment of the Patents, Trademarks or any other Collateral (or any application or registration thereof), in form suitable for filing,
recording or registration in any applicable jurisdiction. In connection with any such public sale or sales, and, to the extent not prohibited
by applicable law, upon any such private sale or sales, to purchase the whole or any part of said Collateral so sold, free of any right
or equity of redemption, which equity of redemption the Grantor hereby releases. The Lenders may sell the Collateral without giving any
warranties as to the Collateral and may specifically disclaim any warranties of title, which procedures shall not be considered to adversely
affect the commercial reasonableness of any sale of the Collateral. The Grantor further agrees, at any Lender’s request, to assemble
the Collateral (if tangible) and make it available to such Lender(s) at places mutually convenient to such Lender and Grantor. The
Lenders shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale to the Secured Obligations
as set forth in the Loan Agreement or if not set forth therein, in such manner and in such order as the Lenders may determine in their
sole discretion. The Grantor shall remain liable for any deficiency remaining unpaid after such application, and the Grantor shall also
be liable for reasonable and documented out-of-pocket attorneys’ fees or costs of any attorneys employed by the Lenders to collect
such deficiency. Only after the Secured Obligations are completely paid and performed in full (other than contingent indemnification obligations
to the extent no claim giving rise thereto has been asserted) (and the Loan Agreement has been terminated) and after the payment by the
Lenders of any other amount required by any provision of law, including, without limitation, Section 9-608(a)(1)(C) of the UCC
(or any other then applicable provision of the UCC), need the Lenders account for the surplus, if any, to the Grantor. To the maximum
extent not prohibited by applicable law, the Grantor waives all claims, damages, and demands against each Lender arising out of the repossession,
retention or sale of the Collateral except such as are determined by a final, non-appealable judgment of a court of competent jurisdiction
to arise out of the gross negligence or willful misconduct such Lender.

 

    	 	6	 

     

    

 

(b)           The
Grantor also agrees to pay all fees, costs and expenses of the Lenders, including, without limitation, reasonable and documented out-of-pocket
attorneys’ fees and costs, incurred in connection with the enforcement of any of its rights and remedies hereunder.

 

(c)           The
Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent not prohibited by applicable law) of any kind
in connection with this Agreement or any Collateral.

 

(d)           To
the fullest extent not prohibited by applicable law, the Grantor agrees that a breach of any covenants contained in this Section 6
will cause irreparable injury to the Lenders, that in such event the Lenders and would have no adequate remedy at law in respect of such
breach and, as a consequence, agrees that in such event each and every covenant contained in this Section 6 shall be specifically
enforceable against the Grantor, and the Grantor hereby waives and agrees not to assert any defenses against an action for specific performance
of such covenants except for a defense that the Secured Obligations are not then due and payable.

 

    	 	7	 

     

    

 

(e)           Each
Lender authorizes the Grantor to collect its accounts and accounts receivable related to the sale, license, settlement, judgment or other
disposition of, or otherwise arising from, any of the Collateral (collectively, the “Accounts”), provided that such
collection is performed in a commercially reasonable manner, and each Lender may, upon the occurrence and during the continuation of any
Event of Default and with prior written notice to the Grantor, limit or terminate said authority at any time. Upon the occurrence and
during the continuation of any Event of Default, at the request of any Lender, the Grantor shall deliver all original and other documents
evidencing and relating to such Accounts, including, without limitation, all original orders, invoices and shipping receipts. Each Lender
may at any time, upon the occurrence and during the continuation of any Event of Default, with prior written notice to the Grantor of
its intention to do so, notify any account debtors of the Grantor or any parties to the intellectual property licenses of the Grantor
with respect to any Collateral that the Accounts and the right, title and interest of the Grantor in and under such intellectual property
licenses have been assigned to the Lenders and that payments shall be made directly to the Lenders or any one of them as they may determine
in their sole discretion. Upon the request of any Lender at any time after the occurrence and during the continuation of an Event of Default,
the Grantor shall so notify such account debtors and parties to such intellectual property licenses. Upon the occurrence and during the
continuation of any Event of Default, each Lender may, in its name or in the name of others, communicate with such account debtors and
parties to such intellectual property licenses to verify with such parties, to such Lender’s reasonable satisfaction, the existence,
amount and terms of any such Accounts or intellectual property licenses.

 

(f)            For
the purpose of enabling the Lenders to exercise rights and remedies under this Section 6 at such time as the Lenders shall
be lawfully entitled to exercise such rights and remedies, the Grantor hereby grants to the Lenders a nonexclusive license (exercisable
without payment of royalty or other compensation to the Grantor during the existence of an Event of Default) to use, license or sublicense
any of the Collateral now owned or hereafter acquired by the Grantor, and wherever the same may be located, and including in such license
reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs
used for the compilation or printout thereof, except to the extent that such license may not be granted as a result of an exclusive license
arrangement. The use of such license by the Lenders shall be exercised, at the option of the Lenders, after the occurrence and during
the continuation of an Event of Default; provided that any license or sublicense entered into by the Lenders with a Person other than
a Lender Party in accordance herewith shall be binding upon the Grantor notwithstanding any subsequent cure of an Event of Default.

 

(g)           In
each Lender’s sole discretion, the rights and remedies of each Lender hereunder may be exercised by the Lenders individually or
in concert or by any agent or designee acting on behalf of one or more Lenders (and such agent or designee may be another Lender). No
Lender shall be liable for any act or omission of any other Lender.

 

    	 	8	 

     

    

 

7.            Reinstatement.
This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against the Grantor
for liquidation or reorganization, should the Grantor become insolvent or make an assignment for the benefit of creditors or should a
receiver or trustee be appointed for all or any significant part of the Grantor’s property and assets or any non-U.S. equivalent
of the foregoing, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the
Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,”
or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded,
reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned. This Section 7 shall survive the termination of this Agreement.

 

8.            Indemnification
and Release.

 

(a)           The
Grantor assumes all responsibility and liability arising from the use of the Patents, Trademarks, and any other Collateral of the Grantor
and its Affiliates, and the Grantor hereby indemnifies and holds each Lender, its Affiliates and its and their respective Affiliate’s
respective directors, officers, employees, advisors, partners, equity holders, agents, designees and representatives (“Indemnitees”)
harmless from and against any claim, suit, loss, damage or expense (including reasonable and documented out-of-pocket attorneys’
fees and expenses) arising out of or in connection with any alleged infringement of any patent, trademark, service mark, or trade name
rights of a third party or alleged defect in any product manufactured, promoted or sold by the Grantor (or any Affiliate of the Grantor)
in connection with any Patent, Trademark, or any other Collateral or out of the manufacture, promotion, labeling, sale or advertisement
of any product or service by the Grantor (or any Affiliate of the Grantor). The Grantor agrees that the Lenders do not assume, and shall
have no responsibility for, the payment of any sums due or to become due under any agreement or contract included in the Collateral or
the performance of any obligations to be performed under or with respect to any such agreement or contract by the Grantor, and the Grantor
hereby agrees to indemnify and hold each Indemnitee harmless with respect to any and all claims by any Person relating thereto. The Grantor’s
obligations under this Section 8 shall survive the termination of the Finance Documents and payment of the obligations hereunder.

 

(b)          The
Grantor agrees to indemnify and hold the Indemnitees harmless from and against any claim, suit, loss, damage or expense (including reasonable
and documented out-of-pocket attorneys’ fees and expenses) arising out of or in connection with any action taken or omitted to be
taken by any Lender hereunder with respect to any license agreement of the Grantor.

 

(c)           The
Grantor agrees to indemnify and hold the Indemnitees harmless from and against any claim, suit, loss, damage or expense (including reasonable
and documented out-of-pocket attorneys’ fees and expenses) arising out of or in connection with any claim, suit or proceeding instituted
by the Grantor or in which the Grantor participates.

 

(d)           To
the extent not prohibited by applicable law, the Grantor hereby releases the Indemnitees from any claims, causes of action and demands
at any time arising out of or with respect to any actions taken or omitted to be taken by any Lender under the powers of attorney granted
in Section 5 hereof, other than actions taken or omitted to be taken through the gross negligence or willful misconduct of
such Indemnitees or any breach of this Agreement or the other Finance Documents.

 

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(e)           To
the fullest extent permitted by applicable law, the Grantor shall not assert, and hereby waives, any claim against any Indemnitee, on
any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out
of, in connection with, or as a result of, this Agreement, any other Finance Document or any agreement or instrument contemplated hereby,
the transactions contemplated hereby or thereby, any loan or the use of the proceeds thereof.

 

(f)           Nothing
contained in this Section 8 shall, however, be deemed to require the Grantor to indemnify or hold harmless any Indemnitee
from or against any losses, costs, claims or damages arising from or relating to such Indemnitee’s gross negligence or willful misconduct.

 

9.           Miscellaneous.

 

(a)           Notices.
Except as otherwise specified herein, all notices, requests, demands, consents, instructions or other communications to or upon the Grantor
or the Lenders under this Agreement shall be given as provided in Clause 17 of the Loan Agreement.

 

(b)           Partial
Invalidity. If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the
law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Agreement nor the legality,
validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby.

 

(c)           Headings.
The section headings and captions appearing in this Agreement are included solely for convenience of reference and are not intended to
affect the interpretation of any provision of this Agreement.

 

(d)           No
Waiver; Cumulative Remedies.

 

(i)            The
Lenders shall not by any act, delay, omission or otherwise be deemed to have waived any of its rights or remedies hereunder or under the
Loan Agreement or the other Finance Documents, nor shall any single or partial exercise of any right or remedy hereunder or thereunder
on any one or more occasions preclude the further exercise thereof or the exercise of any other right or remedy under any of the Finance
Documents.

 

(ii)           The
rights and remedies hereunder provided or provided under the Loan Agreement or the other Finance Documents are cumulative and may be exercised
singly or concurrently, and are not exclusive of any rights and remedies provided by law or by any of the other Finance Documents.

 

(iii)            None
of the terms or provisions of this Agreement may be waived, altered, modified or amended except by an instrument in writing, duly executed
by the Grantor and the Lenders. Unless otherwise specified in any such waiver or consent, a waiver or consent given hereunder shall be
effective only in the specific instance and for the specific purpose for which given.

 

(e)           Time
is of the Essence. Time is of the essence for the performance of each of the terms and provisions of this Agreement.

 

    	 	10	 

     

    

 

(f)            Termination
of this Agreement. Subject to Section 7, above, this Agreement shall terminate upon the satisfaction of all of the following
conditions: (i) the full, complete and final payment of the Secured Obligations (other than contingent indemnification obligations
to the extent no claim giving rise thereto has been asserted) and (ii) the termination of the commitments or agreements to make loans
and other financial accommodations under the Finance Documents.

 

(g)           Successors
and Assigns. This Agreement and all obligations of the Grantor hereunder shall be binding upon the successors and assigns of the Grantor,
and shall, together with the rights and remedies of the Lenders hereunder, inure to the benefit of the Lenders and their respective successors
and assigns except that the Grantor may not assign or transfer any of its rights or obligations hereunder without the prior written consent
of each Lender, and any assignment or transfer in violation of the foregoing shall be null and void. A Lender may assign or transfer its
right or obligations hereunder solely to the extent such Lender can also assign or transfer its right or obligations under the Loan Agreement
according to the terms as set forth in Clause 19.5 of the Loan Agreement or as may otherwise be agreed to in writing by the Grantor
and the applicable assigning Lender, and if required by the terms of the Loan Agreement, the other applicable parties to the Loan Agreement,
and any assignment or transfer in violation of the foregoing shall be null and void. No sales of participations, other sales, assignments,
transfers or other dispositions of any agreement governing or instrument evidencing the Secured Obligations or any portion thereof or
interest therein shall in any manner affect the security interest created herein and granted to the Lenders hereunder or any other provisions
of this Agreement.

 

(h)           Further
Indemnification. The Grantor agrees to pay, and to save the Lenders harmless from, any and all liabilities with respect to, or resulting
from any delay in paying, any and all excise, sales or other similar taxes which may be payable or determined to be payable with respect
to any of the Collateral or in connection with any of the transactions contemplated by this Agreement.

 

(i)            ENTIRE
AGREEMENT. THIS AGREEMENT AND THE OTHER FINANCE DOCUMENTS REPRESENT THE COMPLETE AND FINAL AGREEMENT AMONG THE GRANTOR AND THE LENDERS
AND SUPERSEDE ALL PRIOR AGREEMENTS, WRITTEN OR ORAL, ON THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE GRANTOR AND
THE LENDERS.

 

(j)            Governing
Law; Jurisdiction, Etc.

 

(i)            Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts
of law rules other than Section 5-1401 of the General Obligations Law of the State of New York. The scope of the foregoing governing
law provision is intended to be all-encompassing of any and all disputes that may be brought in any court or any mediation or arbitration
proceeding and that relate to this Agreement, including contract claims, tort claims, breach of duty claims and all other common law and
statutory claims.

 

    	 	11	 

     

    

 

(ii)           Submission
to Jurisdiction. Each party hereto irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding
of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against any other party hereto in any
way relating to this Agreement, in any forum other than the courts of the State of New York sitting in New York County, and of the United
States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably
and unconditionally submits to the exclusive jurisdiction of such courts and agrees that all claims in respect of any such action, litigation
or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such
federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Notwithstanding any to the
contrary in this Agreement or in any other Finance Document shall affect any right that any Lender may otherwise have to bring any action
or proceeding relating to this Agreement or any other Finance Document against the Grantor or its properties in the courts of any jurisdiction.

 

(iii)          Waiver
of Venue. The Grantor irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that
it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted
by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(iv)          Service
of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Clause 17 of the Loan
Agreement. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable
law.

 

(k)           Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

(l)            Counterparts.
This Agreement may be executed in any number of identical counterparts, any set of which signed by all the parties hereto shall be deemed
to constitute a complete, executed original for all purposes. Transmission by facsimile, “pdf” or similar electronic copy
of an executed counterpart of this Agreement shall be deemed to constitute due and sufficient delivery of such counterpart. Any party
hereto may request an original counterpart of any party delivering such electronic counterpart.

 

    	 	12	 

     

    

 

(m)          Payments
Free of Taxes, Etc. All payments made by the Grantor under this Agreement shall be made by the Grantor free and clear of and without
deduction for any and all present and future taxes, levies, charges, deductions and withholdings. In addition, the Grantor shall pay upon
written demand any stamp, value added tax or other taxes, levies or charges of any jurisdiction with respect to the execution, delivery,
registration, performance and enforcement of this Agreement. Upon request by any Lender, the Grantor shall furnish evidence reasonably
satisfactory to such Lender that all requisite authorizations and approvals by, and notices to and filings with, governmental authorities
and regulatory bodies have been obtained and made and that all requisite taxes, levies and charges have been paid. In addition, all payments
made by the Grantor under this Agreement shall include applicable value added taxes.

 

(n)           The
Grantor’s Continuing Liability. Notwithstanding any provision of this Agreement or any other Finance Document or any exercise
by the Lenders of any of its rights hereunder or thereunder (including, without limitation, any right to collect or enforce any Collateral),
(i) the Grantor shall remain liable to perform its obligations and duties in connection with the Collateral and (ii) no Lender
shall assume or be considered to have assumed any liability to perform such obligations and duties or to enforce any of the Grantor’s
rights in connection with the Collateral. Without limiting the foregoing, the Grantor expressly agrees that it shall remain liable under
each of its intellectual property licenses to observe and perform in all material respects all the conditions and obligations to be observed
and performed by it thereunder and that it shall perform all of its duties and obligations thereunder, all in accordance with and pursuant
to the terms and provisions of each such intellectual property license. The Lenders shall not have any obligation or liability under any
intellectual property license by reason of or arising out of this Agreement or the granting to any Lender of a lien or security interest
therein or the receipt by the Lenders of any payment relating to any intellectual property license pursuant hereto, nor shall the Lenders
be required or obligated in any manner to perform or fulfill any of the obligations of the Grantor under or pursuant to any intellectual
property license, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it or
the sufficiency of any performance by any party under any intellectual property license, or to present or file any claim, or to take any
action to collect or enforce any performance or the payment of any amounts which may have been assigned to it or to which it may be entitled
at any time or times. The Grantor agrees that any rights granted under this Agreement to the Lenders with respect to all of the Collateral
shall be without any liability for royalties or other related charges from the Lenders to the Grantor.

 

(o)            USA
PATRIOT Act. To the extent applicable, each Lender hereby notifies the Grantor and its subsidiaries that pursuant to the requirements
of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Grantor and its subsidiaries, which
information includes the name, address and tax identification number of the Grantor and its subsidiaries and other information that will
allow such Lender to identify the Grantor and its subsidiaries in accordance with the USA Patriot Act.

 

[This Space Intentionally Left Blank]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the Grantor and the Lenders
have caused this Agreement to be executed as of the day and year first above written.

 

	 	GRANTOR:
	 	 
	 	CALLIDITAS THERAPEUTICS AB, a company incorporated in Sweden
	 	 
	 	By:	 
	 	Name:	Renee Aguiar-Lucander
	 	Title:	CEO
	 	 
	 	LENDERS:
	 	 
	 	KREOS CAPITAL VI (UK) LIMITED, a company incorporated in England and Wales
	 	 
	 	By:	 
	 	Name:	Aris Constantinides
	 	Title:	Director
	 	 
	 	KREOS CAPITAL 2020 OPPORTUNITY (UK) LIMITED, a company incorporated in England and Wales
	 	 
	 	By:	 
	 	Name:	Aris Constantinides
	 	Title:	Director

 

[Signature Page to Intellectual Property Security Agreement]

 

    	 	 	 

     

    

 

ATTACHMENT 1

TO INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

All right, title and interest
of the Grantor, whether now owned or hereafter acquired, in and to the following property:

 

(a)           All
United States patents, patent applications and like protections including, without limitation, improvements, divisions, continuations,
renewals, reissues, extensions and continuations-in-part of the same set forth on Schedule A to this Attachment 1, which Schedule A
is incorporated herein by this reference (collectively, the “Patents”);

 

(b)           Any
United States trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and
like protections, and the entire goodwill of the business of Grantor connected with and symbolized by such trademarks set forth on Schedule
B to this Attachment 1, which Schedule B is incorporated herein by this reference (collectively, the “Trademarks”);

 

(c)           Any
and all claims for damages by way of past, present and future infringements of any of the rights included above, with the right, but not
the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified above;

 

(d)           All
licenses or other rights to use any of the Patents and Trademarks and all license fees and royalties arising from such use to the extent
permitted by such license or rights;

 

(e)           All
amendments, extensions, renewals and extensions of any of the Trademarks and Patents; and

 

(f)           All
proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty payable
in respect of any of the foregoing.

 

Notwithstanding anything to
the contrary herein, the Collateral shall not include: (a) rights held under a license that are not assignable by their terms without
the consent of the licensor thereof (but only to the extent such restriction on assignment is enforceable under applicable law); and (b) any
United States intent-to-use trademark or service mark applications filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C.
 § 1051, at all times prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act
or an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto with the United
States Patent and Trademark Office or otherwise, provided, however, that Grantor will grant and pledge to Lender a security interest in
all of Grantor’s right, title and interest in, to and under such applications after the filing of a “Statement of Use”
or “Amendment to Allege Use.”

 

    	 	Attachment 1-1	 

     

    

 

SCHEDULE A

TO ATTACHMENT 1

TO INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

UNITED STATES PATENTS

 

[***]

 

    	 	Attachment 1-2	 

     

    

 

 

SCHEDULE B

TO ATTACHMENT 1

TO INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

UNITED STATES TRADEMARKS AND TRADEMARK APPLICATIONS

 

[***]

 

    Attachment 1-3

     

    

 

ATTACHMENT 2

TO INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

GRANT
OF SECURITY INTEREST

(PATENTS)

 

THIS GRANT OF SECURITY INTEREST,
dated as of _____________, 202_, is executed by CALLIDITAS THERAPEUTICS AB (the “Grantor”), a company incorporated
in Sweden, in favor of KREOS CAPITAL VI (UK) LIMITED, a company incorporated in England and Wales, and KREOS CAPITAL 2020 OPPORTUNITY
(UK) LIMITED, a company incorporated in England and Wales, and the other lenders party to the Loan Agreement (as defined below) from time
to time (each a “Lender” and collectively, the “Lenders”).

 

A.            Pursuant
to that certain Agreement for the Provision of Loan Facilities of up to the Euro Equivalent of $75,000,000, dated as of July 15,
2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), among (a) the
Grantor, (b) each of the entities party thereto from time to time as a guarantor, and (c) the Lenders, the Lenders have agreed
to extend loans and other financial accommodations to the Grantor upon the terms and subject to the conditions set forth therein.

 

B.            The
Grantor owns the patents and/or applications for patent, of the United States, more particularly described on Schedules 1-A and 1-B
annexed hereto and made a part hereof (collectively, the “Patents”).

 

C.            The
Grantor has entered into an Intellectual Property Security Agreement, dated as of July 16, 2021 (as amended, restated, supplemented
or otherwise modified from time to time, the “Security Agreement”), in favor of the Lenders.

 

D.            Pursuant
to the Security Agreement, the Grantor has granted to each Lender a security interest in and lien on all right, title and interest of
the Grantor in and to the Patents, including, without limitation, improvements, divisions, continuations, renewals, reissues, extensions
and continuations-in-part of the same, and all proceeds thereof (the “Patent Collateral”) and other Collateral (as
defined in the Security Agreement), to secure the full, prompt, complete and final payment when due (whether at stated maturity, by acceleration
or otherwise) and prompt performance and observance of all the Secured Obligations, as defined in the Security Agreement.

 

NOW, THEREFORE, for good and
valuable consideration, receipt of which is hereby acknowledged, the Grantor does hereby further grant to each Lender a security interest
in and lien on all right, title and interest of the Grantor in and to the Patent Collateral to secure the full, prompt, complete and final
payment when due (whether at stated maturity, by acceleration or otherwise) and prompt performance and observance of all the Secured Obligations,
as defined in the Security Agreement.

 

The Grantor does hereby further
acknowledge and affirm that the rights and remedies of the Lenders with respect to the security interest in and lien on the Patent Collateral
granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by
reference as if fully set forth herein.

 

    Attachment 2-1

     

    

 

The Lenders’
address is:

 

Kreos Capital VI (UK) Limited

Kreos Capital 2020 Opportunity (UK) Limited

25 Old Burlington Street

London W1S 3AN

 

[This Space Intentionally Left Blank]

 

    Attachment 2-2

     

    

 

IN WITNESS WHEREOF, the Grantor has caused this
Grant of Security Interest to be executed as of the day and year first above written.

 

	 	CALLIDITAS THERAPEUTICS AB, a company incorporated in Sweden
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	                        

 

    Attachment 2-3

     

    

 

SCHEDULE 1-A TO GRANT OF SECURITY INTEREST

 

PATENTS

 

[***]

 

SCHEDULE 1-B TO GRANT OF SECURITY INTEREST

 

PATENT APPLICATIONS

 

[***]

 

    Attachment 2-4

     

    

 

ATTACHMENT 3

TO INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

GRANT
OF SECURITY INTEREST

(TRADEMARKS)

 

THIS GRANT OF SECURITY INTEREST,
dated as of _____________, 202_, is executed by CALLIDITAS THERAPEUTICS AB (the “Grantor”), a company incorporated
in Sweden, in favor of KREOS CAPITAL VI (UK) LIMITED, a company incorporated in England and Wales, and KREOS CAPITAL 2020 OPPORTUNITY
(UK) LIMITED, a company incorporated in England and Wales, and the other lenders party to the Loan Agreement (as defined below) from time
to time (each a “Lender” and collectively, the “Lenders”).

 

A.            Pursuant
to that certain Agreement for the Provision of Loan Facilities of up to the Euro Equivalent of $75,000,000, dated as of July 15,
2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), among (a) the
Grantor, (b) each of the entities party thereto from time to time as a guarantor, and (c) the Lenders, the Lenders have agreed
to extend loans and other financial accommodations to the Grantor upon the terms and subject to the conditions set forth therein.

 

B.            The
Grantor has adopted, used, and is using the trademarks more particularly described on Schedule 1-A annexed hereto and made a part
hereof and has a bona fide intent to use the trademarks more particularly described on Schedule 1-B annexed hereto and made a part
hereof, which trademarks are registered or subject to an application for registration in the United States Patent and Trademark Office
(collectively, the “Trademarks”).

 

C.            The
Grantor has entered into an Intellectual Property Security Agreement, dated as of July 16, 2021 (as amended, restated, supplemented
or otherwise modified from time to time, the “Security Agreement”), in favor of the Lenders.

 

D.            Pursuant
to the Security Agreement, the Grantor has granted to each Lender a security interest in and lien on all right, title and interest of
the Grantor in and to the Trademarks, and the entire goodwill of the business of the Grantor connected with and symbolized by such Trademarks,
and all proceeds thereof (the “Trademark Collateral”) and other Collateral (as defined in the Security Agreement),
to secure the full, prompt, complete and final payment when due (whether at stated maturity, by acceleration or otherwise) and prompt
performance and observance of all the Secured Obligations, as defined in the Security Agreement.

 

NOW, THEREFORE, for good and
valuable consideration, receipt of which is hereby acknowledged, the Grantor does hereby further grant to each Lender a security interest
in and lien on all right, title and interest of the Grantor in and to the Trademark Collateral to secure the full, prompt, complete and
final payment when due (whether at stated maturity, by acceleration or otherwise) and prompt performance and observance of all the Secured
Obligations, as defined in the Security Agreement.

 

    Attachment 3-1

     

    

 

The Grantor does hereby further
acknowledge and affirm that the rights and remedies of the Lenders with respect to the security interest in and lien on the Trademark
Collateral granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated
herein by reference as if fully set forth herein.

 

The Lenders’
address is:

 

Kreos Capital VI (UK) Limited

Kreos Capital 2020 Opportunity (UK) Limited

25 Old Burlington Street

London W1S 3AN

 

[This Space Intentionally Left Blank]

 

    Attachment 3-2

     

    

 

IN WITNESS WHEREOF, the Grantor has caused this
Grant of Security Interest to be executed as of the day and year first above written.

 

	 	CALLIDITAS THERAPEUTICS AB, a company incorporated in Sweden
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	                        

 

    Attachment 3-3

     

    

 

SCHEDULE 1-A TO GRANT OF SECURITY INTEREST

 

TRADEMARKS

 

[***]

 

SCHEDULE 1-B TO GRANT OF SECURITY INTEREST

 

TRADEMARK APPLICATIONS

 

[***]

 

    Attachment 3-4

     

    

 

ATTACHMENT 4

TO INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

SPECIAL POWER OF ATTORNEY

 

Dated as of July 16, 2021

 

KNOW ALL PERSONS BY THESE
PRESENTS, THAT CALLIDITAS THERAPEUTICS AB (the “Grantor”), a company incorporated in Sweden, pursuant to an Intellectual
Property Security Agreement, dated as of July 16, 2021 (as amended, restated , supplemented or otherwise modified from time to time,
the “Security Agreement”), by and among (1) the Grantor and (2) KREOS CAPITAL VI (UK) LIMITED, a company
incorporated in England and Wales, and KREOS CAPITAL 2020 OPPORTUNITY (UK) LIMITED, a company incorporated in England and Wales, and the
other lenders party to the Loan Agreement (as defined below) from time to time (each a “Lender” and collectively, the
 “Lenders”), hereby appoints and constitutes each Lender its true and lawful attorney in fact, exercisable upon the
occurrence and during the continuance of an Event of Default (as defined in that certain Agreement for the Provision of Loan Facilities
of up to the Euro Equivalent of $75,000,000, dated as of July 15, 2021, (as amended, restated, supplemented or otherwise modified
from time to time, the “Loan Agreement”)) with full power of substitution, and with full power and authority to perform
the following acts on behalf of the Grantor:

 

1.            For
the purpose of assigning, selling, licensing or otherwise disposing of all right, title and interest of the Grantor in and to the Patents
(as defined in the Security Agreement), and all registrations, recordings, reissues, continuations, continuations-in-part and extensions
thereof, and all pending applications therefor, and for the purpose of the recording, registering and filing of, or accomplishing any
other formality with respect to, the foregoing, to execute and deliver any and all agreements, documents, instruments of assignment or
other papers necessary or advisable to effect such purpose.

 

2.            For
the purpose of assigning, selling, licensing or otherwise disposing of all right, title and interest of the Grantor in and to the Trademarks
(as defined in the Security Agreement) and all related goodwill, and all registrations, recordings, reissues, extensions and renewals
thereof, and all pending applications therefor, and for the purpose of the recording, registering and filing of, or accomplishing any
other formality with respect to, the foregoing, to execute and deliver any and all agreements, documents, instruments of assignment or
other papers necessary or advisable to effect such purpose.

 

3.            For
the purpose of evidencing and perfecting each Lender’s interest in any United States patent or trademark not previously assigned
to the Lenders as security, or in any United States patent or trademark, which the Grantor may acquire from a third party, and for the
purpose of the recording, registering and filing of, or accomplishing any other formality with respect to, the foregoing, to execute and
deliver any and all agreements, documents, instruments of assignment or other papers necessary or advisable to effect such purpose.

 

    Attachment 4-1

     

    

 

4.            To
execute any and all documents, statements, certificates or other papers necessary or advisable in order to obtain the purposes described
above as the Lenders may reasonably determine.

 

[This Space Intentionally Left Blank]

 

    Attachment 4-2

     

    

 

This power of attorney is
made pursuant to the Security Agreement and takes effect solely for the purposes thereof and is subject to the terms and conditions thereof
and may not be revoked until termination of the Security Agreement as provided therein.

 

	 	CALLIDITAS THERAPEUTICS AB
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	                        

 

    Attachment 4-3EX-10.1

 Exhibit 10.1 

F45 TRAINING HOLDINGS INC. 

THIRD AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT 

 
  

July 14, 2021 

 Table of Contents 

 

							
	 ARTICLE 1 DEFINITIONS AND CONSTRUCTION
	  	 	3	 
	 Section 1.1
	 	Definitions	  	 	3	 
	 Section 1.2
	 	Additional Defined Terms	  	 	7	 
	 Section 1.3
	 	Construction	  	 	8	 
	 ARTICLE 2 REPRESENTATIONS AND WARRANTIES
	  	 	8	 
	 ARTICLE 3 RESTRICTIONS ON TRANSFER; REGISTRATION
	  	 	9	 
	 Section 3.1
	 	Restrictions on Transfer	  	 	9	 
	 Section 3.2
	 	Demand Registration	  	 	9	 
	 Section 3.3
	 	Piggyback Registrations	  	 	11	 
	 Section 3.4
	 	Shelf Registration	  	 	12	 
	 Section 3.5
	 	Expenses of Registration	  	 	13	 
	 Section 3.6
	 	Obligations of the Company	  	 	14	 
	 Section 3.7
	 	Delay of Registration; Furnishing Information	  	 	15	 
	 Section 3.8
	 	Indemnification	  	 	15	 
	 Section 3.9
	 	Assignment of Registration Rights	  	 	17	 
	 Section 3.10
	 	Limitation on Subsequent Registration Rights	  	 	17	 
	 Section 3.11
	 	Market Stand-Off Agreement	  	 	18	 
	 Section 3.12
	 	Agreement to Furnish Information	  	 	18	 
	 Section 3.13
	 	Rule 144 Reporting	  	 	18	 
	 Section 3.14
	 	Termination of Registration Rights	  	 	19	 
	 ARTICLE 4 DIRECTOR NOMINATING PROVISIONS
	  	 	19	 
	 Section 4.1
	 	Initial Board Structure.	  	 	19	 
	 Section 4.2
	 	Board Nomination Rights	  	 	19	 
	 Section 4.3
	 	Failure to Designate a Board Member	  	 	20	 
	 Section 4.4
	 	Vacancies	  	 	21	 
	 Section 4.5
	 	No Liability for Election of Recommended Directors	  	 	21	 
	 Section 4.6
	 	No “Bad Actor” Disqualification	  	 	21	 
	 ARTICLE 5 RIGHT OF FIRST REFUSAL
	  	 	22	 
	 Section 5.1
	 	Right of First Refusal	  	 	22	 
	 Section 5.2
	 	Exempted Offerings.	  	 	23	 
	 ARTICLE 6 GENERAL PROVISIONS
	  	 	23	 
	 Section 6.1
	 	Securities Laws and Transfer Legends	  	 	23	 
	 Section 6.2
	 	Notices	  	 	25	 

  
 i 

							
	 Section 6.3
	 	Amendment	  	 	27	 
	 Section 6.4
	 	Waiver and Remedies	  	 	27	 
	 Section 6.5
	 	Entire Agreement	  	 	27	 
	 Section 6.6
	 	Assignment and Successors and No Third Party Rights	  	 	28	 
	 Section 6.7
	 	Severability	  	 	28	 
	 Section 6.8
	 	Interpretation	  	 	28	 
	 Section 6.9
	 	Governing Law	  	 	28	 
	 Section 6.10
	 	Specific Performance	  	 	28	 
	 Section 6.11
	 	Jurisdiction and Service of Process	  	 	29	 
	 Section 6.12
	 	Waiver of Jury Trial	  	 	29	 
	 Section 6.13
	 	Additional Parties	  	 	29	 
	 Section 6.14
	 	Termination	  	 	29	 
	 Section 6.15
	 	Rights Cumulative	  	 	29	 
	 Section 6.16
	 	Counterparts	  	 	29	 
	 Section 6.17
	 	Acknowledgment	  	 	30	 
	 Section 6.18
	 	Relationship Among Parties	  	 	30	 

 Exhibit 
 Exhibit A
– Form of Joinder 

  
 ii 

 THIRD AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT 

This Third Amended and Restated Stockholders’ Agreement (this “Agreement”) is made as of July 14, 2021 by and among
F45 Training Holdings Inc., a Delaware corporation (the “Company”), MWIG LLC, a Delaware limited liability company (“MWIG”), Kennedy Lewis Management LP, a Delaware limited partnership (together with its
Affiliates, “KLIM”), GCM Grosvenor Strategic Credit, L.P., a Delaware limited partnership (“GCM”), Bardin Hill Opportunistic Credit Master (ECI) Fund LP, a Delaware limited partnership (“Bardon Hill”), HCN
LP, a Cayman Islands limited partnership (“HCN”), Halcyon Eversource Credit LLC, a Delaware limited liability company (“Halcyon”), HDML Fund II LLC, a Delaware limited liability company (“HDML”), L1
Capital Long Short Fund, an Australian domiciled Managed Investment Scheme (“L1 Capital LSF”), L1 Long Short Fund Limited, an Australian Public Company (Listed Investment Company) (“L1 LSF Limited”), L1 Capital
Global Opportunities Master Fund (“L1 Global Master Fund”), an Exempted Company incorporated in the Cayman Islands with Limited Liability, and L1 Capital Long Short (Master) Fund, an Exempted Company incorporated in the Cayman Islands with
Limited Liability (together with L1 Capital LSF, L1 LSF Limited, and L1 Global Master Fund, the “L1 Holders”, and the L1 Holders, together with MWIG, KLIM, GCM, Bardon Hill, HCN, Halcyon and HDML, the “Major
Investors” and each a “Major Investor”), and GIL SPE, LLC, a Delaware limited liability company (“GIL SPE” or the “Founder,” and together with the Major Investors and any subsequent
stockholders or option holders, or any transferees, who become parties hereto, collectively, the “Stockholders”). 

WHEREAS, the Company, MWIG, KLIM, L1 Holders and GIL SPE entered into that certain Second Amended and Restated Stockholders’ Agreement
dated as of December 30, 2020 (the “Prior Stockholders’ Agreement”); and 
 WHEREAS, the Company and the
Stockholders desire to enter into this Agreement to amend and restate the Prior Stockholders’ Agreement in its entirety and to provide for certain registration rights, board nomination rights and other rights and obligations related to the
Shares, among other matters. 
 NOW, THEREFORE, intending to be legally bound and in consideration of the mutual provisions set forth in
this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

ARTICLE 1 
 DEFINITIONS
AND CONSTRUCTION 
 Section 1.1 Definitions. For the purposes of this Agreement: 

“Affiliate” means, with respect to a specified Person, a Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by or is under common control with, the specified Person. In addition, if the specified Person is an individual, the term “Affiliate” also includes (a) the individual’s spouse,
(b) the members of the immediate family (including parents, siblings and children) of the individual or of the individual’s spouse, (c) any corporation, limited liability company, general or limited partnership, trust, association or
other business or investment entity that directly or indirectly, through one or more intermediaries controls, is controlled by or is under common control with any of the foregoing individuals and (d) with respect to each L1 Holder, any other L1
Holder and any Person that L1 Capital Pty Limited serves as the investment manager for. For purposes of this definition, the term “control” (including the terms “controlling,” “controlled by” and “under common
control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by Contract or otherwise. 

  
 3 

 “Bankruptcy Proceeding” means (a) the commencement by a Person of a
voluntary case or proceeding under title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (the “Federal Bankruptcy Act”) or any other similar federal or state law or any other case or proceeding to be
adjudicated a bankrupt or insolvent, (b) the consent (whether by action or inaction) by a Person to the entry of a decree or order for relief in respect of such Person in an involuntary case or proceeding under the Federal Bankruptcy Act or any
other similar federal or state law or to the commencement of any bankruptcy or insolvency case or proceeding against a Person, (c) the filing by a Person of a petition or answer or consent seeking reorganization or relief under any applicable
federal or state law, or the consent by a Person to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of a Person of any substantial
part of the property of such Person, (d) the making by a Person of an assignment for the benefit of creditors or (e) the admission by a Person in writing of its inability to pay its debts generally as they become due. 

“Business Day” means any day other than Saturday, Sunday or any day on which banking institutions in New York, New York or
Sydney, Australia are closed either under applicable Law or action of any Governmental Authority. 
 “Common Stock” means
the Common Stock, par value $0.00005 per share, of the Company. 
 “Contract” means any written contract, agreement, lease,
license, warranty, guaranty, mortgage, note, bond or other instrument or consensual obligation that is legally binding. 

“Convertible Credit Agreement” means that certain Subordinated Convertible Credit Agreement, dated as of October 6,
2020, by and among the Company, certain entities affiliated with KLIM and the other partiers thereto, pursuant to which, among other things, entities affiliated with KLIM acquired the Convertible Notes. 

“Convertible Note” means any Note (as defined in the Convertible Credit Agreement) issued pursuant to the Convertible Credit
Agreement. 
 “Convertible Securities” means any securities or rights convertible into, or exercisable or exchangeable for
(in each case, directly or indirectly), Common Stock, including options and warrants. For the avoidance of doubt, any Convertible Note issued in connection with the Convertible Credit Agreement shall be a Convertible Security for the purposes
hereof. 
 “Deemed Liquidation Event” means (a) a merger, consolidation or reorganization of the Company in one or a
series of related transactions with or into any other entity in which the Company’s stockholders immediately before the transaction own immediately after the transaction voting securities of the surviving entity possessing less than a majority
of the voting control, or (b) a sale, lease, exclusive license, transfer or other conveyance of all or substantially all of the assets of the Company, except a sale, lease, exclusive license, transfer or other conveyance in which the
stockholders’ of the Company immediately before the transaction own immediately after the transaction a majority of the voting securities of the acquiring entity; will be deemed to be a liquidation, dissolution or winding up of the Company.

 “Exchange Act” means the Securities Exchange Act of 1934. 

“Exempt Transfer” means (a) with regard to a Major Investor, a transfer by such Major Investor to its Affiliates, direct
stockholders, members, partners or other equity holders (i) that is approved by a majority of the Board or (ii) following the Initial Offering or immediately prior to, or in contemplation of, the Initial Offering (in the case of the
Preferred Stock, conditioned upon the consummation of such Initial Offering and the conversion of any such Shares to Common Stock) (an “IPO Exempt Transfer”), or (b) 

  
 4 

 
with regard to any Stockholder that is a natural person, upon a transfer of his or her Shares or a portion thereof (“Transfer Stock”) by such Stockholder made for bona fide
estate planning purposes, either during his or her lifetime or on death by will or intestacy to his or her spouse, child (natural or adopted), or any other direct lineal descendant of such Stockholder (or his or her spouse) (all of the foregoing
collectively referred to as “family members”), or any other person approved by the Board, or any custodian or trustee of any trust, any partnership or any limited liability company for the benefit of, or the ownership interests of
which are owned wholly by, such Stockholder or any such family members; provided that in the case of each of clauses (a) and (b) above, the transferring Stockholder shall deliver twenty (20) days prior written notice to the Company
of such transfer, and all shares of Transfer Stock shall at all times remain subject to the terms and restrictions set forth in this Agreement and any permitted transferee shall, as a condition to effectiveness of any transfer, deliver a counterpart
signature page to this Agreement as confirmation that such transferee shall be bound by all the terms and conditions of this Agreement as a transferring Stockholder as if an original party hereto (but only with respect to the Transfer Stock so
transferred to the transferee); and provided further in the case of any transfer pursuant to clause (a) or (b) above, that such transfer is made pursuant to a transaction in which there is no consideration actually paid for such
transfer. 
 “Form S-3” means such form under the Securities Act as in effect on
the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the
SEC. 
 “Governmental Authority” means any nation or government, any state, province or other political subdivision
thereof, exercising executive, legislative, judicial, regulatory or administration functions of or pertaining to government, or any government authority, commission or instrumentality of the United States, any foreign government, any state of the
United States, or any municipality or other political subdivision thereof, and any court, tribunal of competent jurisdiction. 

“Holder” means any person owning beneficially or of record Registrable Securities that have not been sold to the public or
any assignee of such Registrable Securities in accordance with Section 3.9 hereof. 
 “Initial
Offering” means the Company’s first firm commitment underwritten public offering of its Common Stock registered under the Securities Act. 

“Law” means any federal, state, local, municipal, foreign, international, multinational or other constitution, law, statute,
treaty, rule, regulation, ordinance or code. 
 “Liability” or “Liabilities” means any liability or
obligation due or to become due. 
 “Person” means an individual or an entity, including a corporation, limited liability
company, partnership, trust, unincorporated organization, association or other business or investment entity, or any Governmental Authority. 

“Preferred Stock” means the Preferred Stock, par value $0.0001 per share, of the Company, issued and outstanding as of
July 7, 2021. 
 “Register,” “registered,” and “registration” refer to a
registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

  
 5 

 “Registrable Securities” means (a) Common Stock issuable or issued
upon conversion of the Preferred Stock, (b) any Common Stock registered in KLIM’s name or beneficially owned by KLIM or its Affiliates (or any of its transferees pursuant to Section 3.9), including any Common
Stock of the Company issuable or issued upon conversion of any Convertible Security, (c) any Common Stock registered in the name of GCM, Bardon Hill, HCN, Halcyon and/or HDML and issued or issuable upon the conversion of the Convertible Notes
held by the foregoing persons, (d) any Common Stock registered in the name of or beneficially owned by the L1 Holders or their respective Affiliates, so long as they are held by the L1 Holders or their respective Affiliates, (e) any Common
Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, such above-described
securities, and (f) any Common Stock of the Company issued in respect of the restricted stock units granted to Mark W. Wahlberg (“Wahlberg”) pursuant to that certain Promotional Agreement, dated March 15, 2019, by and
between the Company and Wahlberg (solely the extent such shares of Common Stock are actually issued to Wahlberg and Wahlberg executes and delivers a joinder to this Agreement (in substantially the form set forth on Exhibit A) to the Company).
Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) sold by a person to the public either pursuant to a registration statement or Rule 144 or (ii) sold in a private transaction in which the
transferor’s rights under Section 3 of this Agreement are not assigned. 
 “Registrable Securities
then outstanding” shall be the number of shares of the Common Stock that are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to Convertible Securities that are then exercisable or
convertible. 
 “Registration Expenses” shall mean all expenses incurred by the Company in complying with Sections
3.2, 3.3 or 3.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company and one counsel for the selling Holders, blue sky fees and expenses and
the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 

“SEC” or “Commission” means the Securities and Exchange Commission. 

“Shares” mean all shares of the Company (including but not limited to all shares of Common Stock issued or issuable upon
conversion of Preferred Stock or any Convertible Securities) registered in the name of or beneficially owned individually by each of the Stockholders, owned as of the date hereof or issued to a Stockholder after the date hereof (including, without
limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like). 
 “Securities
Act” means the Securities Act of 1933. 
 “Selling Expenses” means all underwriting discounts and selling
commissions applicable to the sale. 
 “Special Registration Statement” shall mean (a) a registration statement
relating to any employee benefit plan or (b) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration statements related to the issuance or resale of securities issued in such a
transaction or (c) a registration related to stock issued upon conversion of debt securities. 
 “subsidiary” means,
with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s
consolidated financial statements if such financial statements were prepared in accordance with U.S. generally accepted accounting principles as of such date, as well as any other corporation, limited liability company, partnership, association or
other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such
date, owned, controlled or held. 

  
 6 

 “Transfer” means any direct or indirect sale, transfer, assignment, gift,
bequest, donation, pledge, hypothecation, encumbrance, mortgaging, assignment as collateral, or disposition of all or any portion of a Share by any other means, whether for value or for no value and whether voluntary or involuntary (including by
realization upon any encumbrance, by operation of Law or by judgment, levy, attachment, garnishment, Bankruptcy Proceeding or other legal or equitable proceedings). For any Stockholder that is an entity, “Transfer” shall include the
direct or indirect Transfer of equity or beneficial interests in such entity. 
 Section 1.2 Additional Defined
Terms. For purposes of this Agreement, the following terms have the meanings specified in the indicated Section of this Agreement: 
  

			
	 Defined Term
	  	 Section

	ACT	  	Section 6.1(a)
	Agreement	  	Preamble
	Bardon Hill	  	Preamble
	Board	  	Section 3.2(c)(iv)
	Company	  	Preamble
	Company Covered Persons	  	Section 4.6(a)
	Company Notice	  	Section 5.1(b)
	Company ROFR Period	  	Section 5.1(b)
	Disqualification Events	  	Section 4.6(a)
	Effectiveness Period	  	Section 3.4(b)
	FOD Capital	  	Section 3.9
	Founder	  	Preamble
	Founder Nominees	  	Section 4.2(a)
	GCM	  	Preamble
	GIL SPE	  	Preamble
	Halcyon	  	Preamble
	HCN	  	Preamble
	HDML	  	Preamble
	Holder Violation	  	Section 3.8(b)
	Initiating Holders	  	Section 3.2(a)
	KLIM	  	Preamble
	KLIM Nominee	  	Section 4.2(b)
	L1 Capital LSF	  	Preamble
	L1 Global Master Fund	  	Preamble
	L1 Holders	  	Preamble
	L1 LSF Limited	  	Preamble
	Major Investor	  	Preamble
	Major Investors	  	Preamble
	MWIG	  	Preamble
	MWIG Nominees	  	Section 4.2(c)
	Nominating Committee	  	Section 4.2(d)
	Nominee	  	Section 4.2(c)
	Overallotment Notice	  	Section 5.1(e)
	Participating Stockholders	  	Section 5.1(c)
	Participating Stockholders’ Overallotment Notice	  	Section 5.1(e)

  
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	Permitted Assignment	  	Section 6.6
	Prior Stockholders’ Agreement	  	Recitals
	Proposed Transfer Notice	  	Section 5.1(b)
	Prospective Transferee	  	Section 5.1(a)
	Resale Shelf Registration	  	Section 3.4(a)
	Resale Shelf Registration Statement	  	Section 3.4(a)
	Right of First Refusal	  	Section 5.1(a)
	Second Proposed Transfer Notice	  	Section 5.1(c)
	Secondary Refusal Right	  	Section 5.1(c)
	Secondary ROFR Notice	  	Section 5.1(c)
	Shelf Offering	  	Section 3.4(f)
	Stockholder ROFR Period	  	Section 5.1(c)
	Stockholders	  	Preamble
	Subsequent Holder Notice	  	Section 3.4(e)
	Subsequent Shelf Registration	  	Section 3.4(c)
	Suspension Period	  	Section 3.6(a)
	Take-Down Notice	  	Section 3.4(f)
	Transfer Shares	  	Section 5.1(a)
	Violation	  	Section 3.8(a)

 Section 1.3 Construction. Any reference in this Agreement to an
“Article,” “Section,” “Exhibit” or “Schedule” refers to the corresponding Article, Section, Exhibit or Schedule of or to this Agreement, unless the context indicates otherwise. The table of contents and the
headings of Articles and Sections are provided for convenience only and are not intended to affect the construction or interpretation of this Agreement. All words used in this Agreement are to be construed to be of such gender or number as the
circumstances require. The words “including,” “includes” or “include” are to be read as listing non-exclusive examples of the matters referred to, whether or not words such as
“without limitation” or “but not limited to” are used in each instance. The word “extent” in the phrase “to the extent” means the degree to which a subject or other thing extends, and such phrase will not mean
simply “if”. The term “or” will not be deemed to be exclusive. The phrase “made available to” means disclosures made, whether orally or in writing, in certain “data rooms,” management presentations, functional
“break-out” discussions, responses to questions or in any other form in expectation of the transactions contemplated by this Agreement. Where this Agreement states that a party “shall,”
“will” or “must” perform in some manner or otherwise act or omit to act, it means that the party is legally obligated to do so in accordance with this Agreement. The words such as “herein,” “hereinafter,”
“hereof,” “hereunder” and “hereto” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires. Any reference to a statute is deemed also to refer
to any amendments or successor legislation as in effect at the relevant time. Any reference to a Contract or other document as of a given date means the Contract or other document as amended, supplemented and modified from time to time through such
date. Unless otherwise provided in this Agreement, all monetary values stated herein are expressed in United States currency and all references to “dollars” or “$” will be deemed references to the United States dollar. 

ARTICLE 2 

REPRESENTATIONS AND WARRANTIES 

Each Stockholder hereby represents and warrants to the Company and to each other Stockholder that (a) such Stockholder has full power and
authority to execute, deliver and perform its obligations under this Agreement, and (b) the execution and delivery of this Agreement has been duly and validly authorized, and all necessary action has been taken, to make this Agreement a valid
and binding obligation of such Stockholder, enforceable in accordance with its terms, except that such enforceability (i) may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of
general application affecting or relating to the enforcement of creditors’ rights generally and (ii) is subject to general principles of equity, whether considered in a proceeding at Law or in equity. 

  
 8 

 ARTICLE 3 

RESTRICTIONS ON TRANSFER; REGISTRATION 

Section 3.1 Restrictions on Transfer. 

(a) No holder of Preferred Stock shall Transfer all or any portion of the Preferred Stock to any Person engaged directly or indirectly
(including via Affiliates or portfolio companies of such holder, its Affiliates or any funds managed or controlled by such holder or Affiliate) in the business of owning, operating or franchising fitness facilities or fitness training programs
without the prior approval of the Founder (which the Founder may withhold or provide in its sole discretion). 
 (b) Without limiting
Section 3.1(a), each Stockholder hereby agrees, separately and not jointly, with the Company not to Transfer all or any portion of the Shares or Registrable Securities unless and until: 

(i) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such
disposition is made in accordance with such registration statement; or 
 (ii) (A) the transferee has agreed in writing
to be bound by the terms of this Agreement, (B) such Stockholder shall have notified the Company of the proposed Transfer and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed Transfer, and
(C) if reasonably requested by the Company, such Stockholder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such Transfer will not require registration of such shares under the
Securities Act. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances. After its Initial Offering, the Company will not require any transferee pursuant to Rule
144 to be bound by the terms of this Agreement if the shares so transferred do not remain Registrable Securities hereunder following such transfer. 

(c) Notwithstanding the provisions of subsection (b) above, no restriction set forth in Section 3.1(b) shall
apply to a Transfer by a Stockholder that is (i) a partnership transferring to its partners or former partners in accordance with partnership interests, (ii) a corporation transferring to a wholly-owned subsidiary or a parent corporation
that owns all of the capital stock of the Stockholder, (iii) a limited liability company transferring to its members or former members in accordance with their interest in the limited liability company, (iv) an individual transferring to
the Stockholder’s family member or trust for the benefit of an individual Stockholder, (v) a holder of a Convertible Note who assigns or transfers its rights or obligations under the Convertible Credit Agreement pursuant to the terms
thereof, or (vi) an entity transferring to its Affiliates; provided that in each case the transferee will agree in writing to be subject to the terms of this Agreement to the same extent as if he were an original Stockholder hereunder.

 Section 3.2 Demand Registration. 

(a) Subject to the conditions of this Section 3.2, if the Company shall receive a written request from the Holders
of at least fifty percent (50%) of the Registrable Securities then outstanding (the “Initiating Holders”) that the Company file a registration statement under the Securities Act covering the registration

  
 9 

 
of at least a majority of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed
$50,000,000), then the Company shall, within thirty (30) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 3.2, use reasonable best efforts
to effect as expeditiously as reasonably possible the registration under the Securities Act of all Registrable Securities that all Holders request to be registered. 

(b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall
so advise the Company as a part of their request made pursuant to this Section 3.2 and the Company shall include such information in the written notice referred to in Section 3.2(a). In such event,
the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to
the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the
Holders of a majority of the Registrable Securities held by all Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding any other provision of this Section 3.2,
if the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities) then the Company shall so advise all Holders of Registrable Securities that would
otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities
held by all such Holders (including the Initiating Holders). Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

(c) The Company shall not be required to effect a registration pursuant to this Section 3.2: 

(i) prior to the expiration of the restrictions on transfer set forth in Section 3.11 following the
Initial Offering; 
 (ii) after the Company has effected two (2) registrations pursuant to this
Section 3.2, and such registrations have been declared or ordered effective; 
 (iii) if within
thirty (30) days of receipt of a written request from Initiating Holders pursuant to Section 3.2(a), the Company gives notice to the Holders of the Company’s intention to make a public offering within ninety
(90) days; 
 (iv) if the Company furnishes to the Holders requesting a registration statement pursuant to this
Section 3.2 a certificate signed by a majority of the Board of Directors of the Company (the “Board”) stating that, in the good faith judgment of the Board, it would be detrimental to the Company and its
stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the
Initiating Holders; provided that such right to delay a request shall be exercised by the Company not more than twice in any twelve (12) month period; 

(v) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form
S-3 pursuant to Section 3.4 below; or 

  
 10 

 (vi) in any particular jurisdiction in which the Company would be required
to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 

Section 3.3 Piggyback Registrations. 

(a) The Company shall notify all Holders of Registrable Securities in writing at least fifteen (15) days prior to the filing of any
registration statement under the Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company and any registration
pursuant to Section 3.2, but excluding Special Registration Statements) and will afford each such Holder an opportunity to include in such registration statement all or part of such Registrable Securities held by such Holder. Each Holder
desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall, within fifteen (15) days after the above-described notice from the Company, so notify the Company in writing. Such notice
shall state the intended method of disposition of the Registrable Securities by such Holder. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall
nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and
conditions set forth herein. 
 (b) If the registration statement of which the Company gives notice under this
Section 3.3 is for an underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to include Registrable Securities in a registration pursuant to
this Section 3.3 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders
proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other
provision of this Agreement, if the Company determines in good faith, based on consultation with the underwriter, that marketing factors require a limitation of the number of Registrable Securities to be underwritten, the number of Registrable
Securities that may be included in the underwriting shall be allocated, first, to the Company; second, to the Holders on a pro rata basis based on the total number of Registrable Securities held by the Holders; and third, to any stockholder
of the Company (other than a Holder) on a pro rata basis; provided, however, that no such reduction shall reduce the amount of securities of the selling Holders included in the registration below twenty five percent (25%) of the
total amount of securities included in such registration, unless such offering is the Initial Offering and such registration does not include shares of any other selling Stockholders, in which event any or all of the Registrable Securities of the
Holders may be excluded in accordance with the immediately preceding clause. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered
at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder which is a
partnership, limited liability company or corporation, the partners, retired partners, members, retired members and stockholders of such Holder, or the estates and family members of any such partners, retired partners, members and retired members
and any trusts for the benefit of any of the foregoing person shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying
registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence. 

  
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 (c) The Company shall have the right to terminate or withdraw any registration initiated by
it under this Section 3.3 whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with
Section 3.5 hereof. 
 Section 3.4 Shelf Registration. 

(a) As soon as practicable following the Company becoming eligible to register securities on Form S-3,
the Company shall use commercially reasonable efforts to file a registration statement covering the sale or distribution from time to time by the Holders, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act of all of the
Registrable Securities on Form S-3 (the “Resale Shelf Registration Statement” and such registration, the “Resale Shelf Registration”); provided, if at any time after
becoming eligible to register securities on Form S-3, the Company loses such eligibility, the Company’s obligations will be to file such shelf registration covering all Registrable Securities on another
appropriate form in accordance with the Securities Act and such form shall be deemed the “Resale Shelf Registration Statement” hereunder. The Company shall use its commercially reasonable efforts to cause such Resale Shelf Registration
Statement to be declared effective by the SEC as promptly as practicable after the filing thereof, but in any event prior to the date that is seventy-five (75) days after the filing of the Resale Shelf Registration Statement. 

(b) Effectiveness Period. Once declared effective, the Company shall, subject to the other applicable provisions of this Agreement, use
its reasonable best efforts to cause the Resale Shelf Registration Statement to be continuously effective and usable until such time as there are no longer any Registrable Securities (the “Effectiveness Period”). 

(c) Subsequent Shelf Registration. Subject to Section 3.4(b), if any Shelf Registration ceases to be
effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts to promptly cause such Shelf Registration to again become effective under the Securities Act
(including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration), and in any event shall within thirty (30) days of such cessation of effectiveness, amend such Shelf Registration in a manner
reasonably expected to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration or, file an additional registration statement (a “Subsequent Shelf Registration”) for an offering to be made on a
delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by Holders thereof of all securities that are Registrable Securities as of the time of such filing. If a Subsequent Shelf Registration is
filed, the Company shall use its reasonable best efforts to (a) cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably practicable after such filing, but in no event later than the
date that is seventy-five (75) days after such Subsequent Shelf Registration is filed and (b) keep such Subsequent Shelf Registration (or another Subsequent Shelf Registration) continuously effective until the end of the Effectiveness
Period. Any such Subsequent Shelf Registration shall be a Registration Statement on Form S-3 to the extent that the Company is eligible to use such form, and if the Company is a “well known seasoned
issuer” as defined under Rule 405 as of the filing date, such registration statement shall be an “automatic shelf registration statement” as defined under Rule 405. Otherwise, such Subsequent Shelf Registration shall be on another
appropriate form and shall provide for the registration of such Registrable Securities for resale by such Holders in accordance with any reasonable method of distribution elected by the Holders. 

(d) Supplements and Amendments. The Company shall supplement and amend any Shelf Registration if required by the rules, regulations or
instructions applicable to the registration form used by the Company for such Shelf Registration if required by the Securities Act or as reasonably requested by the Holders covered by such Shelf Registration. 

  
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 (e) Subsequent Holder Notice. If a Person becomes a Holder of Registrable Securities
after a Shelf Registration becomes effective under the Securities Act, the Company shall, as promptly as is reasonably practicable following delivery of written notice to the Company of such Person becoming a Holder and requesting for its name to be
included as a selling securityholder in the prospectus related to the Shelf Registration (a “Subsequent Holder Notice”): 

(i) if required and permitted by applicable law, file with the SEC a supplement to the related prospectus or a post-effective
amendment to the Shelf Registration so that such Holder is named as a selling securityholder in the Shelf Registration and the related prospectus in such a manner as to permit such Holder to deliver a prospectus to purchasers of the Registrable
Securities in accordance with applicable law; provided, however, that the Company shall not be required to file more than one post-effective amendment or a supplement to the related prospectus for such purpose in any seventy-five
(75) day period; 
 (ii) if, pursuant to Section 3.4(e)(i), the Company shall have filed a
post-effective amendment to the Shelf Registration that is not automatically effective, use its reasonable best efforts to cause such post-effective amendment to become effective under the Securities Act as promptly as is reasonably practicable, but
in any event by the date that is seventy-five (75) days after the date such post-effective amendment is required by Section 3.4(e)(i) to be filed; and 

(iii) notify such Holder as promptly as is reasonably practicable after the effectiveness under the Securities Act of any
post-effective amendment filed pursuant to Section 3.4(e)(i). 
 (f) Take-Down Notice. Subject to the other
applicable provisions of this Agreement, at any time that any Shelf Registration Statement is effective, if a Holder delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect a sale or distribution of
all or part of its Registrable Securities included by it on any Shelf Registration Statement (a “Shelf Offering”) and stating the number of Registrable Securities to be included in such Shelf Offering, then, subject to the other
applicable provisions of this Agreement, the Company shall amend or supplement the Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering. 

Section 3.5 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in
connection with any registration, qualification or compliance pursuant to Section 3.2, 3.3 or 3.4 herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations
hereunder, shall be borne by the holders of the securities so registered pro rata on the basis of the number of shares so registered. The Company shall not, however, be required to pay for expenses of any registration proceeding (including
any Registration Expenses) begun pursuant to Section 3.2, the request of which has been subsequently withdrawn by the Holders making such registration request pursuant to Section 3.2 unless
(a) the withdrawal is based upon material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of such request or (b) if the registration proceeding was withdrawn under
Section 3.2(c) and the Holders of a majority of Registrable Securities (i) request payment by the Company of Registration Expenses, and (ii) agree to deem such registration to have been effected as of the date of
such withdrawal for purposes of determining whether the Company shall be obligated pursuant to Section 3.2(c), as applicable, to undertake any subsequent registration, in which event such right shall be forfeited by all
Holders. If the Holders are required to pay the Registration Expenses, such expenses shall be borne by the holders of securities (including Registrable Securities) requesting such registration pursuant to Section 3.2 in
proportion to the number of shares for which registration was requested. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (b) above, then such registration shall not be deemed to have been
effected for purposes of determining whether the Company shall be obligated pursuant to Section 3.2(c), as applicable, to undertake any subsequent registration. 

  
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 Section 3.6 Obligations of the Company. Whenever required to effect the
registration of any Registrable Securities, the Company shall as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC
a registration statement with respect to such Registrable Securities and use all reasonable efforts to cause such registration statement to become effective, and, with respect to any registration pursuant to Section 3.2 or 3.3,
upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to ninety (90) days or, if earlier, until the Holders have completed the distribution related
thereto; provided, however, that at any time, upon written notice to the participating Holders and for a period not to exceed sixty (60) days thereafter (the “Suspension Period”), the Company may delay the filing
or effectiveness of any registration statement or suspend the use or effectiveness of any registration statement if the Company reasonably believes that there is or may be in existence material nonpublic information or events involving the Company,
the failure of which to be disclosed in the prospectus included in the registration statement could result in a Violation. In the event that the Company shall exercise its right to delay or suspend the filing or effectiveness of a registration
hereunder, the applicable time period during which the registration statement is to remain effective shall be extended by a period of time equal to the duration of the Suspension Period. The Company may extend the Suspension Period for an additional
consecutive sixty (60) days with the consent of the Holders of at least thirty percent (30%) of the Registrable Securities registered under the applicable registration statement, which consent shall not be unreasonably withheld. No more than
two (2) such Suspension Periods shall occur in any twelve (12) month period. All Holders registering shares under such registration statement (including the Initiating Holders) shall (i) not offer to sell any Registrable Securities
pursuant to the registration statement during the Suspension Period (and any extension thereof); and (ii) if so directed by the Company, use their best efforts to deliver to the Company (at the Company’s expense) all copies, other than
permanent file copies then in such Holders’ possession, of the prospectus relating to such Registrable Securities current at the time of receipt of such notice. 

(b) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with
such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in subsection (a) above. 

(c) furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of
the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

(d) use its reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or
blue sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions. 
 (e) in the event of any underwritten public offering, enter into and perform its
obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement.

  
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 (f) notify each Holder of Registrable Securities covered by such registration statement at
any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such 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 in the light of the circumstances then existing. The Company will use reasonable efforts to amend
or supplement such prospectus in order to cause such prospectus not to include 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
light of the circumstances then existing. 
 (g) use its reasonable efforts to furnish, on the date that such Registrable Securities are
delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is
customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter, dated as of such date, from the independent certified public accountants of the Company, in form and substance as is
customarily given by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

Section 3.7 Delay of Registration; Furnishing Information. 

(a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of
any controversy that might arise with respect to the interpretation or implementation of this Section 3. 
 (b) It
shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 3.2, 3.3 and 3.4 that the selling Holders shall furnish to the Company such information regarding
themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to effect the registration of their Registrable Securities. 

(c) The Company shall have no obligation with respect to any registration requested pursuant to Section 3.2 if the
number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger
the Company’s obligation to initiate such registration as specified in Section 3.2, whichever is applicable. 

Section 3.8 Indemnification. In the event any Registrable Securities are included in a registration statement under
Sections 3.2, 3.3 or 3.4: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each
Holder, the partners, members, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the
Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a
material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission
to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities
law or any rule or regulation promulgated under the Securities Act, the 

  
 15 

 
Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will reimburse each such Holder, partner, member, officer,
director, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided however, that the
indemnity agreement contained in this Section 3.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company,
which consent shall not be unreasonably withheld, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon
and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, member, officer, director, underwriter or controlling person of such Holder. 

(b) To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to which
such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange
Act, and any other Holder selling securities under such registration statement or any of such other Holder’s partners, members, officers and directors, any underwriter (as defined in the Securities Act) for such Holder and any person who
controls such Holder or underwriter, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements: (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement or
incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated
therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act (collectively, a “Holder Violation”), in each case to the extent (and only to
the extent) that such Holder Violation occurs in reliance upon and in conformity with written information furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such
registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially determined that there was
such a Holder Violation; provided, however, that the indemnity agreement contained in this Section 3.8(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if
such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this Section 3.8(b) exceed the net
proceeds from the offering received by such Holder. 
 (c) Promptly after receipt by an indemnified party under this
Section 3.8 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
Section 3.8, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly notified, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with
the fees and expenses thereof to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such
indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying
party of any liability to the indemnified party under this Section 3.8 to the extent, and only to the extent, prejudicial to its ability to defend such action, but the omission so to deliver written notice to the
indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 3.8. 

  
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 (d) If the indemnification provided for in this Section 3.8 is
held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder,
shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in connection with the Violation(s) or Holder Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a
material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission;
provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 

(e) The obligations of the Company and Holders under this Section 3.8 shall survive completion of any offering of
Registrable Securities in a registration statement and, with respect to liability arising from an offering to which this Section 3.8 would apply that is covered by a registration filed before termination of this Agreement,
such termination. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

Section 3.9 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant
to this Section 3 may be assigned by a Holder to a transferee or assignee of Registrable Securities (for so long as such shares remain Registrable Securities) that (a) is a subsidiary, parent, general partner, limited
partner, retired partner, member or retired member of a Holder that is a corporation, partnership or limited liability company, (b) is a Holder’s family member or trust for the benefit of an individual Holder, (c) is a holder of a
Convertible Note who received the Convertible Note under the Convertible Credit Agreement pursuant to the terms thereof or is a transferee pursuant to Section 3.1(c)(vi), (d) acquires at least 5,500,000 shares of
Registrable Securities (as adjusted for stock splits and combinations), or (e) is an entity affiliated by common control (or other related entity) with such Holder provided, however, (i) the transferor shall, within ten
(10) days after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned, (ii) such transferee shall
agree to be subject to all restrictions set forth in this Agreement and (iii) in the event of the assignment of such rights in connection with an IPO Exempt Transfer, the exercise of any such rights by any Holder shall be coordinated
exclusively by FOD Capital, LLC, a Florida limited liability company (“FOD Capital”), and the Company shall have no obligation to register Registrable Securities pursuant to this Section 3 with respect to
any Holder pursuant to any request or exercise of rights not coordinated exclusively by FOD Capital and pursuant to which FOD Capital serves as the sole representative of all such Holders vis-a-vis the Company. For the avoidance of doubt, any transferee of the Convertible Notes will be entitled to the same rights pursuant to this Section 3 as KLIM. 

Section 3.10 Limitation on Subsequent Registration Rights. Other than as provided in
Section 7.14, after the date of this Agreement, the Company shall not enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder rights to demand the
registration of shares of the Company’s capital stock, or to include such 

  
 17 

 
shares in a registration statement that would reduce the number of shares includable by the Holders, unless such agreement is approved by Holders of at least a majority of the Registrable
Securities then outstanding (on an as-converted basis) and such holder or prospective holder’s registration rights are subordinate to or pari passu with the rights of Holders of Preferred Stock.

 Section 3.11 Market Stand-Off Agreement. Each Holder hereby agrees, separately
and not jointly, with the Company that such Holder shall not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any
shares of Common Stock (or other securities) of the Company held by such Holder (other than those included in the registration) (i) during the 180-day period following the effective date of the Initial
Offering, plus, if notified to each Holder, up to an additional eighteen (18) days to the extent reasonably necessary to comply with applicable Law (or such longer period as the underwriters or the Company shall request in order to facilitate
compliance with FINRA Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation), and (ii) the 90-day period following the effective date of a registration statement of the Company
filed under the Securities Act (or such longer period as the underwriters or the Company shall request in order to facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation); provided,
that, with respect to (i) and (ii) above, all officers and directors of the Company and holders of at least two percent (2%) of the Company’s voting securities are bound by and have entered into similar agreements. Any discretionary waiver
or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Company stockholders that are subject to such agreements, based on the number of shares subject to such agreements.

 Section 3.12 Agreement to Furnish Information. Each Holder agrees to execute and deliver such other agreements as may
be reasonably requested by the Company or the managing underwriters that are consistent with the Holder’s obligations under Section 3.11 or that are necessary to give further effect thereto. In addition, if requested
by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, each Holder shall provide, within ten (10) days of such request, such information as may be required by the Company or such
representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in Section 3.11 and
this Section 3.12 shall not apply to a Special Registration Statement. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to such shares of Common Stock (or other
securities) until the end of such period. Each Holder agrees that any transferee of any shares of Registrable Securities shall be bound by Sections 3.11 and 3.11. The underwriters of the Company’s stock are intended third party
beneficiaries of Sections 3.11 and 3.12 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

Section 3.13 Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and
regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its reasonable best efforts to: 

(a) make and keep public information available, as those terms are understood and defined in SEC Rule 144 or any similar or analogous rule
promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general public; 

(b) file with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange Act; and 

  
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 (c) so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith
upon request: a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements); a copy of
the most recent annual or quarterly report of the Company filed with the Commission; and such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule or regulation of the SEC allowing it to sell
any such securities without registration. 
 Section 3.14 Termination of Registration Rights. 

(a) The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to
Section 3.2, Section 3.3 or Section 3.4 hereof shall terminate upon the earliest to occur of: (a) the date five (5) years following the Initial Offering,
(b) the effective date of a Deemed Liquidation Event and (c) such time as all Registrable Securities of the Company issuable or issued upon conversion of the Preferred Stock held by and issuable to such Holder (and its affiliates) may be
sold pursuant to Rule 144 during any ninety (90) day period. Upon such termination, such shares shall cease to be “Registrable Securities” hereunder for all purposes. 

ARTICLE 4 
 DIRECTOR
NOMINATING PROVISIONS 
 Section 4.1 Initial Board Structure. 

Each Stockholder and the Company acknowledge that in connection with the Initial Offering, the Company will expand the size of the Board and
divide it into three separate classes of directors. In connection therewith, each Stockholder agrees, separately and not jointly, with the Company to vote, or cause to be voted, all Shares owned by such Stockholder, or over which such Stockholder
has voting control, to elect members of the Board nominated by the Company such that immediately after the consummation of Initial Offering, the composition of the Board (including pursuant to an action by written consent of the holders of capital
stock of the Company) is as follows: 
 Class I Directors: Mark Wahlberg, Ruth Zukerman, and Lee Wallace 

Class II Directors: Richard Grellman, Chris Payne, and Elizabeth Josefsberg 

Class III Directors: Adam J. Gilchrist, Michael T. Raymond, and Darren Richman 

Section 4.2 Board Nomination Rights. 

(a) The Company covenants and agrees that two (2) individuals designated from time to time by the Founder will be nominated for election
to serve as directors on the Board of the Company (“Founder Nominees”) at each applicable annual or special meeting of the Company’s stockholders. 

(b) The Company covenants and agrees that for so long as KLIM or its Affiliates continues to own beneficially at least thirty percent (30%) of
the number of shares of Common Stock beneficially owned by KLIM issued or issuable upon the conversion of the Convertible Notes (subject to appropriate adjustment for any stock splits, stock dividends, combinations, recapitalizations and the like),
one (1) individual designated by KLIM will be nominated for election to serve as a director on the Board of the Company (“KLIM Nominee”) at each applicable annual or special meeting of the Company’s stockholders,
provided that such individual is independent under the applicable standards of the SEC and the exchange upon which the Company is listed following such Initial Offering. 

  
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 (c) The Company covenants and agrees that (i) two (2) individuals designated from time
to time by MWIG will be nominated for election to serve as directors on the Board of the Company at each applicable annual or special meeting of the Company’s stockholders, for so long as MWIG continues to own beneficially at least fifty
percent (50)% of the shares of Common Stock beneficially owned by MWIG issued or issuable upon conversion of the Preferred Stock (subject to appropriate adjustment for any stock splits, stock dividends, combinations, recapitalizations and the like),
and (ii) one (1) individual designated from time to time by MWIG will be nominated for election to serve as a director on the Board of the Company at each applicable annual or special meeting of the Company’s stockholders, for so long as
MWIG continues to own beneficially at least thirty percent (30)% of the shares of Common Stock beneficially owned by MWIG issued or issuable upon conversion of the Preferred Stock (subject to appropriate adjustment for any stock splits, stock
dividends, combinations, recapitalizations and the like) (“MWIG Nominees”). Each of the Founder Nominees, KLIM Nominee, and MWIG Nominees are collectively referred to herein as “Nominee”. 

(d) Subject to terms of Section 4.6 herein, each of the Founder, KLIM, and MWIG agrees, separately and not jointly,
with the Company that it shall submit the name of its Nominee(s) to the Company’s nominating and corporate governance committee (the “Nominating Committee”) in accordance with the time period for stockholder director
nominations set forth in Section 2.10(a)(ii) of the Company’s Bylaws to be in effect upon consummation of the Initial Offering, together with the information required by Section 2.10(a)(ii)(A) of the Company’s Bylaws to be in
effect upon consummation of the Initial Offering. 
 (e) The Nominating Committee shall notify each of the Founder, KLIM, and MWIG as to
whether the Nominating Committee approves the Nominee for nomination as soon as practicable following the submission of the Nominee’s name and the information described in Section 4.2(d) above; provided,
however, that the Nominating Committee shall not be permitted to disapprove of a Nominee that satisfies the standards established by the Nominating Committee for membership on the board of directors of the Company (which standards shall be
equally applicable to any person nominated by a stockholder to be a director) absent notification in writing to the Founder, KLIM, or MWIG, as the case may be, that the Nominating Committee has unanimously determined in good faith, after
consultation with and having considered the advice of independent legal counsel, that a nomination of such Nominee to serve as a director would be inconsistent with Delaware law, the law of the Company’s headquarters or the listing requirements
of the stock exchange on which the Company’s Common Stock is listed. In the event a Nominee is not approved and nominated by the Nominating Committee for election as a director of the Company, the Founder, KLIM, or MWIG, as the case may be, may
submit to the Nominating Committee another Nominee for approval and nomination by the Nominating Committee in accordance with Section 4.2(d) above and the Nominating Committee will respond to any such new submission as soon
as practicable thereafter. When a Nominee is approved by the Nominating Committee as a nominee for election as a director, the Company shall include such Nominee in the proxy materials delivered to stockholders in connection with the meeting and
shall recommend such Nominee for election in the same manner as other nominees approved by the Nominating Committee. 
 (f) Each director
shall be entitled to reimbursement of his or her reasonable and documented out of-pocket expenses incurred in connection with their attendance of meetings of the Board in person. 

Section 4.3 Failure to Designate a Board Member. In the absence of any designation from the Persons or groups with the
right to designate a director for election to the Board as specified above, the director previously designated by them and then serving shall be nominated for reelection to the Board if still eligible and willing to serve as provided herein and
otherwise, such Board seat shall remain vacant. 

  
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 Section 4.4 Vacancies. The Company also agrees and acknowledges that any
vacancies created by the resignation, removal or death of a director elected pursuant to Section 4.1 or 4.2 shall be filled pursuant to the provisions of Section 4.2 and the Company will, as
promptly as practicable, following the designation of any replacement director pursuant to the provisions of Section 4.2, take all necessary actions within its control such that the applicable vacancy will be filled as set
forth above. 
 Section 4.5 No Liability for Election of Recommended Directors. No Stockholder, nor any Affiliate of any
Stockholder, shall have any liability as a result of designating a person for nomination for election as a director for any act or omission by such designated person in his or her capacity as a director of the Company. 

Section 4.6 No “Bad Actor” Disqualification. 

(a) The Company has exercised reasonable care to determine whether any Company Covered Person is subject to any of the “bad actor”
disqualifications described in Rule 506(d)(1)(i) through (viii), as modified by Rules 506(d)(2) and (d)(3), under the Securities Act (“Disqualification Events”). To the Company’s knowledge, no Company Covered Person is subject
to a Disqualification Event. The Company has complied, to the extent required, with any disclosure obligations under Rule 506(e) under the Securities Act. For purposes of this Agreement, “Company Covered Persons” are those persons
specified in Rule 506(d)(1) under the Securities Act, provided that Company Covered Persons do not include (i) any Major Investor, (ii) the Founder, (iii) any Person that is deemed to be an affiliated issuer of the Company
solely as a result of the relationship between the Company and such Major Investor or the Founder and (iv) any director of the Company that has been designated by MWIG, KLIM or the Founder. 

(b) Each Major Investor and the Founder represents and warrants that neither (i) such Person, nor (ii) any Affiliate of such Person,
nor (iii) any director of the Company that has been designated by such Person, is subject to any Disqualification Event, except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iv) under the Securities Act and disclosed in
writing in reasonable detail to the Company. No party to this Agreement will select a designee that is subject to any Disqualification Event, except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the
Securities Act, in which case such party will promptly disclose in writing to the Company and other parties to this Agreement any and all information necessary for the Company to determine whether Rule 506(d)(2)(ii) or (iii) or (d)(3) applies.

 (c) Each Stockholder represents that it has exercised reasonable care to determine the accuracy of the representation made by it in
either Section 4.6(a) or (b), as applicable, and agrees to notify the Company if it becomes aware of any fact that makes the representation given by it hereunder inaccurate. 

Each person with the right to designate or participate in the designation of a director or nominate for election a director as specified above
hereby covenants and agrees not to designate or participate in the designation of any director designee or nominate for election any person who, to such Person’s knowledge, is subject to a Disqualification Event. 

  
 21 

 ARTICLE 5 

RIGHT OF FIRST REFUSAL 

Section 5.1 Right of First Refusal. 

(a) Subject to the terms of this Section 5.1, MWIG and each of the L1 Holders hereby unconditionally and irrevocably
grants to the Company a right, but not an obligation (the “Right of First Refusal”) to purchase all or any portion of the Shares that MWIG or such L1 Holder, as applicable, may propose to Transfer (the “Transfer
Shares”), other than in an Exempt Transfer, at the same price and on the same terms and conditions as those offered to the Person to which MWIG or such L1 Holder, as applicable, proposes to Transfer such Transfer Shares (the
“Prospective Transferee”). 
 (b) MWIG or such L1 Holder, as applicable, must deliver to the Company and each other
Stockholder a written notice of such proposed Transfer (a “Proposed Transfer Notice”) not later than forty-five (45) days prior to the consummation of such proposed Transfer. Such Proposed Transfer Notice shall specify the
number of shares of Transfer Shares to be Transferred and contain the material terms and conditions (including price and form of consideration) of the proposed Transfer, the identity of the Prospective Transferee and the intended date of the
consummation of such proposed Transfer. To exercise its Right of First Refusal under this Section 5.1, the Company must deliver a written notice to each Stockholder (a “Company Notice”) within thirty
(30) days after delivery of the Proposed Transfer Notice (the “Company ROFR Period”) specifying the number of shares of Transfer Shares to be purchased by the Company. 

(c) Except as provided below, MWIG and each L1 Holder hereby unconditionally and irrevocably grants to each other Stockholder a right, but not
an obligation (a “Secondary Refusal Right”), to purchase any Transfer Shares not purchased pursuant to the Right of First Refusal, on the terms and conditions specified in the Proposed Transfer Notice, as provided in Sections
5.1(c), (d) and (e). If the Company does not elect to purchase all of the Transfer Shares available pursuant to its rights under Section 5.1(a) and (b) within the Company ROFR Period, MWIG or
such L1 Holder, as applicable, shall give written notice to each other Stockholder, except to KLIM, GCM, Bardon Hill, HCN, Halcyon and HDML who each desire to irrevocably relinquish its Secondary Refusal Right, within five (5) days following
the earlier to occur of (i) any waiver by the Company of its rights under Section 5.1(a) or (ii) the expiration of Company ROFR Period (the “Second Proposed Transfer Notice”), which Second
Proposed Transfer Notice shall set forth the number of shares of Transfer Shares not purchased by the Company and which shall include the terms of Proposed Transfer Notice set forth in Section 5.1(b). Each other
Stockholder, except for each of KLIM, GCM, Bardon Hill, HCN, Halcyon and HDML, shall then have the right, exercisable upon written notice to the Transferring Stockholder (the “Secondary ROFR Notice”) within ten (10) days after
the receipt of the Second Proposed Transfer Notice (the “Stockholder ROFR Period”), to purchase its pro rata share of the Transfer Shares subject to the Second Proposed Transfer Notice and on the same terms and conditions as
set forth therein. Except as set forth in Section 5.1(e), the Stockholders who exercise their Secondary Refusal Right (the “Participating Stockholders”) shall effect the purchase of the Transfer Shares,
including payment of the purchase price, not more than five (5) days after delivery of the Secondary ROFR Notice, and at such time MWIG or such L1 Holder, as applicable, shall deliver to the Participating Stockholders the certificate(s)
representing the Transfer Shares to be purchased by the Participating Stockholders, each certificate to be properly endorsed for transfer. 

(d) Each applicable Stockholder’s pro rata share shall be equal to the product obtained by multiplying (i) the aggregate
number of shares of Transfer Shares covered by the Secondary ROFR Notice and (ii) a fraction, the numerator of which is the number of shares of Common Stock, including any shares of Common Stock issued or issuable upon the conversion or
exercise of Preferred Stock or other rights to acquire shares of Common Stock held by the Participating Stockholder at the time of the Proposed Transfer Notice, and the denominator of which is the total number of shares of Common Stock, including
any shares of Common Stock issued or issuable upon the conversion or exercise of Preferred Stock or other rights to acquire shares of Common Stock held by all Stockholders at the time of the Proposed Transfer Notice. 

  
 22 

 (e) In the event that not all of the applicable Stockholders elect to purchase their pro
rata share of the Transfer Shares available pursuant to their rights under Section 5.1(c) within the Stockholder ROFR Period, then MWIG or such L1 Holder, as applicable, shall give written notice to each of the
Participating Stockholders within five (5) days following the expiration of the Secondary ROFR Period (the “Overallotment Notice”), which shall set forth the number of Transfer Shares not purchased by the other Stockholders,
and shall offer such Participating Stockholders the right to acquire such unsubscribed Transfer Shares. Each Participating Stockholder shall have five (5) days after receipt of the Overallotment Notice to deliver a written notice to MWIG or
such L1 Holder, as applicable (the “Participating Stockholders’ Overallotment Notice”), indicating the number of unsubscribed Transfer Shares that such Participating Stockholder desires to purchase, and each such
Participating Stockholder shall be entitled to purchase such number of unsubscribed Transfer Shares on the same terms and conditions as set forth in the Secondary ROFR Notice. In the event that the Participating Stockholders desire, in the
aggregate, to purchase in excess of the total number of available unsubscribed Transfer Shares, then the number of unsubscribed Transfer Shares that each Participating Stockholder may purchase shall be reduced on a pro rata basis. For
purposes of this Section 5.1(e) the denominator described in clause (ii) of Section 5.1(d) above shall be the total number of shares of Common Stock, including any shares of Common Stock
issued or issuable upon the conversion or exercise of Preferred Stock or other rights to acquire shares of Common Stock held by all Participating Stockholders at the time of the Proposed Transfer Notice. The Participating Stockholders shall then
effect the purchase of the Transfer Shares, including payment of the purchase price, not more than five (5) days after delivery of the Participating Stockholders Overallotment Notice, and at such time, MWIG or such L1 Holder, as applicable,
shall deliver to the Participating Stockholders the certificates representing the Transfer Shares to be purchased by the Participating Stockholders, each certificate to be properly endorsed for transfer. 

(f) If the consideration proposed to be paid for the Transfer Shares is in property, services or other
non-cash consideration, the fair market value of the consideration shall be as determined in good faith by the Board and as set forth in the Company Notice. If the Company or MWIG or such L1 Holder, as
applicable, cannot for any reason pay for the Transfer Shares in the same form of non-cash consideration, the Company or the Stockholder may pay the cash value equivalent thereof, as determined in good faith
by the Board and as set forth in the Company Notice. 
 Section 5.2 Exempted Offerings. 

Notwithstanding the foregoing or anything to the contrary herein, the provisions of Section 5.1 shall not apply to the sale of any
Transfer Shares (a) to the public in an offering pursuant to an effective registration statement under the Securities Act of 1933, as amended; or (b) pursuant to a Deemed Liquidation Event. 

ARTICLE 6 
 GENERAL
PROVISIONS 
 Section 6.1 Securities Laws and Transfer Legends. 

Each certificate or book entry position representing Shares shall be stamped or otherwise imprinted with legends substantially in the following
forms: 
 (a) 

  
 23 

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE OR BOOK ENTRY POSITION HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAW AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF, AND NO INTEREST
THEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (I) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID
SECURITIES, (II) THIS COMPANY RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER OF THESE SECURITIES SATISFACTORY TO THIS COMPANY STATING THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION, OR (III) THIS COMPANY OTHERWISE SATISFIES ITSELF
THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.” 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE OR BOOK ENTRY POSITION ARE
SUBJECT TO THE TERMS OF THE COMPANY’S BYLAWS AND A STOCKHOLDERS’ AGREEMENT, AS MAY BE AMENDED FROM TIME TO TIME, AND MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE REQUIREMENTS OF SUCH DOCUMENTS, COPIES OF WHICH ARE ON FILE WITH THE
SECRETARY OF THE COMPANY. NO TRANSFER OF SUCH SHARES WILL BE MADE ON THE BOOKS OF THE COMPANY UNLESS ACCOMPANIED BY EVIDENCE OF COMPLIANCE WITH THE TERMS OF SUCH STOCKHOLDERS’ AGREEMENT AND BY AN AGREEMENT OF THE TRANSFEREE TO BE BOUND BY THE
RESTRICTIONS SET FORTH THEREIN. BY ACCEPTING ANY INTEREST IN THESE SHARES THE PERSON HOLDING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SUCH STOCKHOLDERS’ AGREEMENT, INCLUDING CERTAIN RESTRICTIONS
ON TRANSFER AND OWNERSHIP SET FORTH THEREIN.” 
 (b) The Company shall be obligated to reissue promptly unlegended certificates or
instruct the Company’s transfer agent to remove the legend on the Company’s books at the request of any Stockholder if the Company has completed its Initial Offering and the Stockholder shall have obtained an opinion of counsel (which
counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be so disposed of without registration, qualification and legend, provided that the second
legend listed above shall be removed only at such time as such Stockholder is no longer subject to any restrictions hereunder. 
 (c) Any
legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority
authorizing such removal. 

  
 24 

 Section 6.2 Notices. All notices, consents, requests, instructions,
approvals and other communications that may be or are required to be given, served or sent by either party hereto pursuant to this Agreement, shall be in writing in English and given by delivery in person, by electronic mail with confirmation of
delivery, by overnight delivery by a nationally recognized private courier, or by U.S. mail postage prepaid, certified mail. Notices delivered by hand, by electronic mail or by nationally recognized private courier shall be treated as if given on
the first Business Day following receipt; provided, however, that a notice delivered by electronic mail shall only be effective if such notice is also delivered by hand, by nationally recognized private courier or deposited in the
United States mail, postage prepaid, certified mail, on or before two Business Days after its delivery by electronic mail. Notices delivered by overnight delivery by a nationally recognized private courier shall be treated as if given on the second
Business Day following deposit with such courier. Notices delivered by U.S. mail shall be treated as if given on the fifth Business Day following deposit with the U.S. Postal Service. All notices shall be addressed as follows: 

If to the Company: 
 F45 Training
Holdings Inc. 
 236 California Street 

El Segundo, California 90245 

Attention:     Chief Legal Officer 

E-mail:         legal@f45hq.com 

with copies (which shall not constitute notice) to: 

Gibson, Dunn & Crutcher LLP 

333 South Grand Avenue 
 Los
Angeles, CA 90071 
 Attention:     Peter Wardle 

Email:         pwardle@gibsondunn.com 

and 
 Gibson, Dunn &
Crutcher LLP 
 2029 Century Park East Suite 4000 

Los Angeles, CA 90067 
 Attention:
    Daniela L. Stolman 
 Email:          dstolman@gibsondunn.com 

If to the Founder: 
 GIL SPE, LLC

 236 California Street 
 El
Segundo, California 90277 
 Attention: Adam Gilchrist 

Email: adam@f45training.com.au 

If to MWIG: 
 c/o FOD Capital LLC

 7009 Shrimp Road, Suite 4 

Key West, FL 33040 
 Attention:
Michael Raymond 
 with a copy (which will not constitute notice) to: 

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

Troy, MI 48084 
 Attention: Dana
L. Ulrich 

  
 25 

 If to the L1 Holders: 

c/o L1 Capital Pty Ltd 

Level 28, 101 Collins Street 

Melbourne VIC 3000 
 AUSTRALIA

 Attention: Mark Landau and Joel Arber 

E-mail: mlandau@l1.com.au and jarber@l1.com.au 

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

Wilson Sonsini Goodrich & Rosati, P.C. 

139 Townsend St, Suite 150 
 San
Francisco, CA 94107 Attention: Rebecca DeGraw 
 E-mail: rdegraw@wsgr.com 

If to KLIM: 
 Kennedy Lewis
Management LP 
 111 W 33rd Street, Suite 1910 

New York, NY 10120 
 Attention:
Anthony Pasqua 
 with a copy (which will not constitute notice) to: 

Akin Gump Strauss Hauer & Feld LLP 

One Bryant Park, New York, NY 10036 

Attention: Dan Fisher 
 If to GCM:

 GCM Grosvenor Strategic Credit, L.P. 

Attn: Ravi Mehta (rmehta@gcmlp.com); 

Sara Desberg (sdesberg@gcmlp.com); 

GCM Legal Group (legal@gcmlp.com ); and 

GCM SIG Operations Group (sigops@gcmlp.com ) 

  
 26 

 If to Bardon Hill, HCN, Halcyon, or HDML: 

c/o Bardin Hill Investment Partners LP 

299 Park Ave., 24th Floor, New York NY 10171 

Attn: Compliance Department; 

John Freese (jfreese@bardinhill.com); and 

Andrew Friedman (afriedman@bardinhill.com) 

Section 6.3 Amendment. Any provision of this Agreement may be amended or waived (either generally or in a particular
instance and either retroactively or prospectively) with the written consent of (a) the Company, (b) the holders of at least a majority of the shares of Common Stock which were issued upon such holders’ conversion of Convertible
Notes, (c) the holders of at least 50% of the shares of Common Stock issued upon conversion of the Preferred stock outstanding as of the date hereof and (d) the Founder. Any amendment or waiver effected in accordance with this paragraph
shall be binding upon each Stockholder and the Company. Notwithstanding anything herein to the contrary, (A) to the extent any amendment or waiver of this agreement would be materially adverse and disproportional to any Stockholder, or would
result in any Stockholder becoming a member of a “group” within the meaning of Rule 13d-5 under the Exchange Act with one or more other Stockholders, the prior written consent of such Stockholder
shall be required and (B) no amendment or waiver of any rights of the L1 Holders hereunder (including related definitions) shall be effective without the prior written consent the L1 Holders holding at least a majority of the L1 Shares. The
Company shall give prompt written notice of any amendment, modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination or waiver. 

Section 6.4 Waiver and Remedies. The parties may extend the time for performance of any of the obligations or other acts of
any other party to this Agreement, waive any inaccuracies in the representations and warranties of any other party to this Agreement contained in this Agreement or waive compliance with any of the covenants or conditions for the benefit of such
party contained in this Agreement. Any such extension or waiver by any party to this Agreement will be valid only if set forth in a written document signed on behalf of the party or parties against whom the extension or waiver is to be effective, no
extension or waiver will apply to any time for performance, inaccuracy in any representation or warranty, or noncompliance with any covenant or condition, as the case may be, other than that which is specified in the written extension or waiver, no
failure or delay by any party in exercising any right or remedy under this Agreement or any of the documents delivered pursuant to this Agreement, and no course of dealing between the parties, operates as a waiver of such right or remedy, and no
single or partial exercise of any such right or remedy precludes any other or further exercise of such right or remedy or the exercise of any other right or remedy. Any enumeration of a party’s rights and remedies in this Agreement is not
intended to be exclusive, and a party’s rights and remedies are intended to be cumulative to the extent permitted by Law and include any rights and remedies authorized in Law or in equity. 

Section 6.5 Entire Agreement. This Agreement (including the Exhibits hereto) constitutes the entire agreement among the
parties and supersedes any prior understandings, agreements or representations by or among the parties, or any of them, written or oral, with respect to the subject matter of this Agreement, including, without limitation, the Prior
Stockholders’ Agreement, which is amended and restated as set forth in this Agreement. 

  
 27 

 Section 6.6 Assignment and Successors and No Third Party Rights. This
Agreement binds and benefits the parties and their respective heirs, executors, administrators, successors and assigns, except that no Stockholder may assign any rights under this Agreement, whether by operation of Law or otherwise, without the
prior written consent of the Company No party may delegate any performance of its obligations under this Agreement. Any assignment in violation of this Section 6.6 will be null and void ab initio. No provision of
this Agreement is intended or will be construed to confer upon any Person other than the parties to this Agreement and their respective heirs, successors and permitted assigns any right, remedy or claim under or by reason of this Agreement.
Notwithstanding the first sentence of this Section 6.6, the Company understands and agrees that MWIG may assign its rights and obligations under this Agreement at any time after the Initial Offering without the prior written consent of the
Company to an Affiliate entity, if MWIG transfers at least a majority of its Shares to such Affiliate entity and such Affiliate Entity delivers a joinder to this Agreement in substantially the form set forth on Exhibit A, to the Company
(“Permitted Assignment”). As a result of the Permitted Assignment, immediately upon the effective date of such assignment and submission of a joinder, all references to MWIG in this Agreement shall be substituted with the Affiliate
entity and all rights and obligations hereunder shall be attributable to that Affiliate entity. 
 Section 6.7 Severability.
If any provision of this Agreement is held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Agreement are not affected or impaired in any way and the parties agree to negotiate in good
faith to replace such invalid, illegal and unenforceable provision with a valid, legal and enforceable provision that achieves, to the greatest lawful extent under this Agreement, the economic, business and other purposes of such invalid, illegal or
unenforceable provision. 
 Section 6.8 Interpretation. In the negotiation of this Agreement, each party has received
advice from its own legal counsel. The language used in this Agreement is the language chosen by the parties to express their mutual intent, and no provision of this Agreement will be interpreted for or against any party because that party or its
legal counsel drafted the provision. 
 Section 6.9 Governing Law. The internal Laws of the State of Delaware (without
giving effect to any choice or conflict of Law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of Laws of any other jurisdiction) govern all matters arising out of or relating to this
Agreement and all of the transactions it contemplates, including its validity, interpretation, construction, performance and enforcement and any disputes or controversies arising therefrom or related thereto. 

Section 6.10 Specific Performance. Each party acknowledges and agrees that any breach of this Agreement would give rise to
immediate, extensive and irreparable harm for which monetary damages, even if available, would not be an adequate remedy. Subject to Section 3.7(a), the parties accordingly agree that, in addition to any other remedy to
which they are entitled at Law or in equity, the parties will be entitled to seek an injunction or injunctions or other equitable relief to prevent or restrain breaches or threatened breaches of this Agreement and otherwise to enforce specifically
the provisions of this Agreement without the necessity of proving the inadequacy of money damages as a remedy or otherwise. Each party further acknowledges and agrees that any party seeking an injunction or injunctions to prevent or restrain
breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 6.10 will not be required to provide any bond or other security in
connection with any such order or injunction. 

  
 28 

 Section 6.11 Jurisdiction and Service of Process. Any action or
proceeding arising out of or relating to this Agreement or the transactions contemplated by this Agreement must be brought in the Delaware Court of Chancery, or, if it has or can acquire jurisdiction, in the United States District Court for the
District of Delaware. Each of the parties knowingly, voluntarily and irrevocably submits to the exclusive jurisdiction of each such court in any such action or proceeding and waives any objection it may now or hereafter have to venue or to
convenience of forum. The consents to jurisdiction and venue set forth in this Section 6.11 will not constitute general consents to service of process in the State of Delaware and will have no effect for any purpose except
as provided in this paragraph and will not be deemed to confer rights on any person other than the parties. Each party agrees that service of process upon such person, as applicable, in any action or proceeding arising out of or relating to this
Agreement will be effective if notice is given by overnight courier at the address set forth in Section 6.11. The parties agree that a final judgment in any such action or proceeding will be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing will restrict any party’s rights to seek any post-judgment relief regarding, or any
appeal from, a final trial court judgment. 
 Section 6.12 Waiver of Jury Trial. EACH OF THE PARTIES KNOWINGLY,
VOLUNTARILY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE ACTIONS OF ANY PARTY TO THIS AGREEMENT IN NEGOTIATION, EXECUTION AND DELIVERY, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT. 

Section 6.13 Additional Parties. Any Person that acquires Shares or any other interest in the capital stock of the Company from
the Company or from another Stockholder in accordance with Article 5 or pursuant to an assignment of this Agreement by MWIG in accordance with Section 6.6 shall become a “Stockholder” hereunder without the
need of any additional approval from the Stockholders pursuant to Section 6.3 above. 
 Section 6.14
Termination. This Agreement shall terminate with respect to any Stockholder, at such time as such Stockholder no longer owns any Shares; provided, however, that if such Stockholder thereafter acquires Shares, such Stockholder
shall automatically become a party to and bound by this Agreement. 
 The termination of this Agreement for any reason shall not affect any right or remedy
existing hereunder prior to the effective date of its termination 
 Section 6.15 Rights Cumulative. Except as otherwise
expressly limited by this Agreement, all rights and remedies of each of the parties under this Agreement will be cumulative, and the exercise of one or more rights or remedies will not preclude the exercise of any other right or remedy available
under this Agreement or applicable Law. 
 Section 6.16 Counterparts. The parties may execute this Agreement in multiple
counterparts, each of which constitutes an original as against the party that signed it, and all of which together constitute one agreement. This Agreement is effective upon delivery of one executed counterpart from each party to the other parties.
The signatures of all parties need not appear on the same counterpart. The delivery of signed counterparts by facsimile or email transmission that includes a copy of the sending party’s signature is as effective as signing and delivering the
counterpart in person. 

  
 29 

 Section 6.17 Acknowledgment. The parties to this Agreement acknowledge,
with respect to the purchase on behalf of L1 Capital LSF, that the trustee of L1 Capital LSF (Equity Trustees Limited) is acting solely in its capacity as trustee and that the obligations of L1 Capital LSF are direct limited recourse obligations
payable solely from and only to the extent that funds are available from L1 Capital LSF and that no recourse shall be had against Equity Trustees Limited in its personal capacity or against any director, officer, shareholder or employee of Equity
Trustees Limited for the payment of any amounts howsoever arising under or in connection with L1 Capital LSF’s purchase of any Shares. 

Section 6.18 Relationship Among Parties. The parties to this Agreement have no agreement, arrangement, or understanding
with respect to acting together for the purpose of acquiring, holding, voting, or disposing of any equity securities of the Company and do not constitute a “group” within the meaning of Rule 13d-5
under the Exchange Act. 
 Signature pages follow. 

  
 30 

 The parties have executed and delivered this Agreement as of the date indicated in the first
sentence of this Agreement. 
  

			
	STOCKHOLDERS:
	
	GIL SPE LLC
		
	By:	 	 /s/ Adam Gilchrist

	 Name:
	 	Adam Gilchrist
	Title:

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

			
	MWIG LLC
	BY:	 	FOD Capital LLC, its Manager
		
	By: 	 	 /s/ Michael Raymond 

	Name:	 	Michael Raymond
	Title: 	 	Manager

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

			
	KENNEDY LEWIS MANAGEMENT LP
	BY:	 	
		
	By:	 	 /s/ Anthony Pasqua

	 Name: Anthony Pasqua

	 Title: COO

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

			
	GCM Grosvenor Strategic Credit, L.P.
	By: GCM Investments GP, LLC, its general partner
		
	By:	 	 /s/ Girish Kashyap

	Name: Girish Kashyap
	Title: Authorized Signatory

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

			
	Bardin Hill Opportunistic Credit Master (ECI) Fund LP
	By: Bardin Hill Investment Partners LP, its Investment Manager
		
	By:	 	 /s/ John Freese /s/ Suzanne McDermott

	Name: John Freese, Suzanne McDermott
	Title: Authorized Signatories

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

			
	HCN LP
	By: Bardin Hill Investment Partners LP, its Investment Manager
		
	By:	 	 /s/ John Freese /s/ Suzanne McDermott

	Name: John Freese, Suzanne McDermott
	Title: Authorized Signatories

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

			
	Halcyon Eversource Credit LLC
	By: Bardin Hill Investment Partners LP, its Investment Manager
		
	By:	 	 /s/ John Freese /s/ Suzanne McDermott

	Name: John Freese, Suzanne McDermott
	Title: Authorized Signatories

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

			
	HDML Fund II LLC
	By: Bardin Hill Investment Partners LP, its Investment Manager
		
	By:	 	 /s/ John Freese /s/ Suzanne McDermott

	Name: John Freese, Suzanne McDermott
	Title: Authorized Signatories

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

 L1 CAPITAL LONG SHORT FUND 

Equity Trustees Limited as Trustee of the L1 Capital Long Short Fund 
  

					
	 EXECUTED by L1 Capital Pty Limited, ABN 21 125 378 145 as investment manager of the L1 Capital Long Short Fund and as duly
appointed agent of Equity Trustees Limited, the trustee and responsible entity of the fund:
  

    /s/ Mark
Landau                                

Director/Company Secretary
  

    /s/ Rafael
Lamm                                

Director
	  	)
 )
 )

)
 )

)
 )

)
 )

)
 )

)
 )

)
 ))
	  	  
  

    Mark
Landau                                        
    
 Name of Director/Company Secretary

(BLOCK LETTERS)
  

    Rafael
Lamm                                         
   
 Name of Director
 (BLOCK
LETTERS)

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

 L1 LONG SHORT FUND LIMITED (AN AUSTRALIAN PUBLIC COMPANY (LISTED INVESTMENT COMPANY)) 

 

					
	 EXECUTED by L1 LONG SHORT

FUND LIMITED ACN 623 418 539 by:
  

    /s/ Rafael
Lamm                                    

Director/Company Secretary
  

 
     /s/Mark
Landau                                    

Director
	  	)
 )
 )

)
 )

)
 )

)
 )

)
 )

)
	  	  
  

    Rafael
Lamm                                        

 Name of Director/Company Secretary
 (BLOCK LETTERS)

 
     Mark
Landau                                        

 Name of Director
 (BLOCK LETTERS)

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

 L1 CAPITAL GLOBAL OPPORTUNITIES MASTER FUND 

 

					
	 SIGNED by L1 CAPITAL GLOBAL OPPORTUNITIES MASTER FUND a Cayman Islands exempted company with limited liability and having its
registered office at the offices of PO Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands:
	  	)
 )
 )

)
 )

)
 )

)
 )

)
	  	
	     /s/ David
Feldman                                    

Director/Company Secretary
	  	)
 )
	  	     David
Feldman                                        

 Name of Director/Company Secretary
 (BLOCK
LETTERS)

			
	     /s/ Joel
Arber                                        
    
 Director
	  		  	     Joel
Arber                                        
        
 Name of Director

(BLOCK LETTERS)

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

 L1 CAPITAL LONG SHORT (MASTER) FUND 

 

					
	 SIGNED by L1 CAPITAL LONG SHORT (MASTER) FUND a Cayman Islands exempted company with limited liability and having its registered
office at the offices of PO Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands:
	  	)
 )
 )

)
 )

)
 )

)
 )

)
	  	
	     /s/ Joel
Arber                                    

Director/Company Secretary
	  	)
 )
	  	     Joel
Arber                                        
    
 Name of Director/Company Secretary

(BLOCK LETTERS)

			
	     /s/ Rafael
Lamm                                

Director
	  		  	     Rafael
Lamm                                        

 Name of Director
 (BLOCK LETTERS)

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

			
	COMPANY:
	
	F45 TRAINING HOLDINGS INC.
		
	By:	 	 /s/ Patrick Grosso 

	Name: Patrick Grosso
	Its: Chief Legal Officer

  
 Signature page to
the Third Amended and Restated Stockholders’ Agreement 

 EXHIBIT A 

FORM OF JOINDER 
 THIS
JOINDER to the Third Amended and Restated Stockholders’ Agreement dated as of July [•], 2021 by and among F45 Training Holdings Inc., a Delaware corporation (the “Company”) and certain securityholders of the Company
(the “Stockholders’ Agreement”), is made and entered into as of the date set forth on the signature page hereto by and between the Company and the undersigned holder of securities of the Company (the
“Stockholder”). Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Stockholders’ Agreement. 

WHEREAS, Stockholder is acquiring securities of the Company (“Securities”) or rights to acquire Securities, and the
Stockholders’ Agreement and the Company require Stockholder, as a holder of such interests, to become a party to the Stockholders’ Agreement, and Stockholder agrees to do so in accordance with the terms hereof. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Joinder hereby agree as follows: 
 1. Agreement to be Bound.
Stockholder hereby agrees that upon execution of this Joinder, he, she or it shall become a party to the Stockholders’ Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Stockholders’
Agreement as though an original party thereto and shall be deemed a “Stockholder” for all purposes thereof. 
 2. Successors
and Assigns. Except as otherwise provided herein, this Joinder shall bind and inure to the benefit of and be enforceable by the Company and its successors and assigns and Stockholder and any subsequent holders of the Securities and the
respective successors and assigns of each of them, so long as they hold any Securities in each case subject to the terms and provisions of the Stockholders’ Agreement. 

3. Counterparts. This Joinder may be executed in separate counterparts each of which shall be an original and all of which taken
together shall constitute one and the same agreement. 
 4. Notices. For purposes of Section 6.2 of the
Stockholders’ Agreement, all notices, demands or other communications to the Stockholder shall be directed to the address, email, or facsimile of such Stockholder as set forth on the signature page hereto. 

5. Descriptive Headings. The descriptive headings of this Joinder are inserted for convenience only and do not constitute a part of
this Joinder. 
 * * * * * 

 The undersigned hereby executes and delivers the Stockholders’ Agreement to which this
Signature Page is attached effective as of the date of the Stockholders’ Agreement, which Stockholders’ Agreement and Signature Page, together with all counterparts of such Stockholders’ Agreement and signature pages of the other
Stockholders named in such Stockholders’ Agreement, shall constitute one and the same document in accordance with the terms of such Stockholders’ Agreement. 

Date of Joinder: [ • ] 
  

			
	By:	 	  

		 	(Signature)
	Name:	 	  

	Title:	 	  

	Address:	 	  

	Facsimile:	 	  

	Email:

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