Document:

EX-10.22

 Exhibit 10.22 

Employment Agreement 
 This Employment
Agreement (this “Agreement”) is dated as of June 17, 2021, and is made by and between Xponential Fitness, LLC, a Delaware limited liability company (the “Company”), and Sarah Luna
(“Executive”). 
 Witnesseth: 

Whereas, the Company desires to continue to employ Executive, and Executive desires to continue to be so employed, in each case, on the terms
and conditions set forth herein. 
 Now, Therefore, in consideration of the foregoing premises and the mutual covenants and promises contained
herein, and for other good and valuable consideration, the Company and Executive hereby agree as follows: 
  

	1.	 Agreement to Employ; No Conflicts 

Upon the terms and subject to the conditions of this Agreement, the Company hereby agrees to employ Executive, and Executive hereby accepts
such employment by the Company. Executive represents and warrants that (a) Executive is entering into this Agreement voluntarily, and that Executive’s employment hereunder and compliance with the terms and conditions hereof will not
conflict with or result in the breach by Executive of any agreement to which Executive is a party or by which Executive may be bound; b) Executive has not violated, and in connection with Executive’s employment with the Company will not
violate, any non-competition, non-solicitation or other similar covenant or agreement by which Executive is or may be bound; and (c) in connection with Executive’s employment by the Company,
Executive will not use any confidential or proprietary information Executive may have obtained in connection with Executive’s employment with any prior employer. 
  

	2.	 Term; Position and Responsibilities 

2.1 Term. Unless Executive’s employment shall sooner terminate pursuant to Section 7, the Company shall employ Executive for a
term commencing on the date hereof (the “Commencement Date”) and ending on the first anniversary thereof (the “Initial Term”). Effective upon the expiration of the Initial Term and of each Additional Term (as
defined below), unless Executive’s employment shall sooner terminate pursuant to Section 7, Executive’s employment hereunder shall be deemed to be automatically extended, upon the same terms and conditions, for an additional period of
one year (each, an “Additional Term”), in each such case, commencing upon the expiration of the Initial Term or the then current Additional Term, as the case may be, unless, at least 60 days prior to the expiration of the Initial
Term or such Additional Term, as the case may be, either party hereto shall have notified the other party thereto in writing that such extension shall not take effect. The period during which Executive is employed pursuant to this Agreement shall be
referred to as the “Employment Period”. 
 2.2 Position and Responsibilities. During the Employment Period, Executive
shall serve as the President of the Company, reporting to Chief Executive Officer of the Company and/or of a parent entity of the Company (the “CEO”) or his or her designee. Executive may also be designated an officer title of the
parent or subsidiary entities of the Company, if the Company desires to continue to employ Executive, and Executive desires to continue to be so employed, in each case, on the terms and conditions set forth herein. Executive shall have such duties
and responsibilities as are customarily assigned to individuals serving in such position, and such other duties consistent with Executive’s position. Executive shall devote all of Executive’s skill, knowledge and business time to the
conscientious performance of such duties and responsibilities, except for vacation time (as set forth in Section 6.2), absence for sickness or similar disability of himself or an immediate family member as allowed by law, and time spent
performing services for any charitable, religious or community organizations, so long as such services do not materially interfere with the performance of Executive’s duties hereunder. 

  
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	3.	 Base Salary 

As compensation for the services to be performed by Executive during the Employment Period, the Company shall pay Executive a base salary at an
annualized rate of $325,000, payable in periodic installments on the Company’s regular payroll dates. The Board of Managers of the Company or the governing board of directors of the ultimate parent of the Company (such applicable board, the
“Board”) will review Executive’s base salary annually during the Employment Period (but will not decrease such base salary). The annual base salary payable to Executive under this Section 3, as the same may be increased
from time to time, shall here in after be referred to as the “Base Salary”. 
  

	4.	 Annual Bonus 

Beginning with the 2021 calendar year, and for each subsequent calendar year of the Company that ends during the Employment Period, Executive
shall be entitled to (i) an annual cash bonus opportunity of 50% of Base Salary (pro-rated for any partial calendar year) (the “Bonus”), paid following the close of each applicable
calendar year in arrears, which shall be payable if the EBITDA performance targets set by the Board for the applicable calendar year are met. Such bonus shall be payable after completion of the audit for such calendar year, but in no event later
than 90 days of the subsequent calendar year to which such Bonus relates. Notwithstanding anything to the contrary contained in this Agreement or any applicable bonus plan, program or arrangement, Executive shall be eligible to receive any such
Bonus only if Executive is actively employed by the Company on the Bonus payout date. 
  

	5.	 Employee Benefits 

During the Employment Period, Executive (and, to the extent eligible, Executive’s dependents and beneficiaries) shall be entitled to
participate in any defined contribution plan, any insurance program and any medical and other health benefit plan, in each case, sponsored by the Company for its executive-level employees on terms and conditions set forth in such programs and plans
(as amended from time to time); provided, that if Executive elects to not participate in the Company’s medical or dental plans, the Company shall continue to pay for Executive’s current medical and dental plan (or any reasonable equivalent
plan acceptable to Executive) in lieu of participating in any such plans; provided, however, that the Company’s payment of medical and dental plan premiums will be taxable as wages to Executive if and to the extent such payments would result in
the imposition of excise taxes on the Company for the failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and the Health Care and Education Reconciliation Act of 2010, as
amended. 
  

	6.	 Expenses; Vacation 

6.1 Business Travel, Lodging, etc. The Company shall reimburse Executive for all other reasonable travel, lodging, meal and other
reasonable expenses incurred by Executive in connection with Executive’s performance of services hereunder upon submission of evidence, satisfactory to the Company, of the incurrence and purpose of each such expense, and otherwise in accordance
with the Company’s Board approved expense policy applicable to its employees as in effect from time to time. 

  
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 6.2 Vacation. During the Employment Period, Executive shall be entitled to paid
vacation in accordance with a Board approved vacation policy, as may be amended from time to time and which is incorporated herein by this reference. 

7. Termination of Employment 
 7.1
Termination Due to Death or Disability. During the Employment Period, Executive’s employment shall automatically terminate in the event of Executive’s death, and may be terminated by the Company due to Executive’s Disability.
For purposes of this Agreement, “Disability” shall mean a physical or mental disability that prevents, regardless of any reasonable accommodation, the performance by Executive of Executive’s duties for a continuous period of 90
days or longer, or for 180 days or more in any 12-month period. 
 7.2 Termination by the
Company. The Company may terminate Executive’s employment with the Company with or without Cause. For purposes of this Agreement, “Cause” shall mean the following events or conditions, as determined by the Board in its
reasonable judgment: (a) any failure by Executive to substantially perform Executive’s duties hereunder (other than any such breach or failure due to Executive’s physical or mental illness) and the continuance of such failure for more
than 30 days following Executive’s receipt of written notice from the Company, which notice shall set forth in reasonable detail the facts or circumstances constituting such failure; (b) any failure by Executive to cooperate, if reasonably
requested by the Company, with any investigation or inquiry into Executive’s or the Company’s business practices, whether internal or external, including, but not limited to, Executive’s refusal to be deposed or to provide testimony
at any trial or inquiry and the continuance of such failure for more than 30 days following Executive’s receipt of written notice from the Company, which notice shall set forth in reasonable detail the facts or circumstances constituting such
failure; (c) Executive’s engaging in fraud, willful misconduct, or dishonesty that has caused or is reasonably expected to result in material injury to the Company or any of its affiliates; (d) any material breach by Executive of any
fiduciary duty owed to the Company or any of its affiliates; (e) Executive’s conviction of, or entering a plea of guilty or nolo contendere to, a crime that constitutes a felony; or (f) any material breach by Executive of any of
Executive’s obligations hereunder or under any other written agreement or covenant with the Company or any of its affiliates and the continuance of such failure for more than 30 days following Executive’s receipt of written notice from the
Company, which notice shall set forth in reasonable detail the facts or circumstances constituting such failure. A termination for Cause shall include a reasonable determination by the Company following the termination of the Employment Period that
circumstances existed during the Employment Period that would have justified a termination by the Company for Cause. 
 7.3 Termination by
Executive. Executive may terminate Executive’s employment with the Company with or without Good Reason. For purposes of this Agreement, “Good Reason” shall mean a termination by Executive of Executive’s employment
hereunder (a) any of the following events occur without Executive’s express prior written consent; (b) within 60 days after Executive learns of the occurrence of such event, Executive gives written notice to the Company describing
such event and demanding cure; and (c) such event is not fully cured within 30 days after such notice is given: (i) a material diminution in Executive’s Base Salary, (ii) the assignment to Executive of duties that are
significantly different from, and that result in a substantial diminution of, the duties or authority that Executive is to assume on the Commencement Date, or (iii) a material breach of this Agreement by the Company. 

7.4 Notice of Termination. Any termination of Executive’s employment by the Company pursuant to Section 7.1 (other than in the
event of Executive’s death) or Section 7.2 or by Executive pursuant to Section 7.3 shall be communicated by a personally delivered written Notice of Termination addressed to the other party to this Agreement. A “Notice of
Termination” shall mean a notice stating that Executive’s employment with the Company has been or will be terminated and the specific provisions of this Section 7 under which such termination is being effected. 

  
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 7.5 Date of Termination. As used in this Agreement, the term “Date of
Termination” shall mean (a) if Executive’s employment is terminated by Executive’s death, the date of Executive’s death; (b) if Executive’s employment is terminated by the Company pursuant to Section 7.1
due to Executive’s Disability, 30 days after the date on which the Notice of Termination is given; provided, that, if Executive shall have returned to the performance of Executive’s duties on a full-time basis during such 30-day period, such Notice of Termination shall be of no force or effect; (c) if Executive’s employment is terminated by the Company for Cause or by Executive for Good Reason, the date any applicable cure
period expires (and, if there is no applicable cure period, the date specified in the Notice of Termination): provided, that if a party is entitled to cure the nature of such termination and so cures prior to the expiration of the applicable cure
period, the Notice of Termination provided to such curing party shall be of no force or effect; or (d) if Executive’s employment is terminated for any other reason, the date specified in the Notice of Termination (which shall be 30 days
after the date of such notice) and, if no such notice is given, 30 days after the date of termination of employment. 
 7.6 Payments Upon Certain
Terminations. 
 7.6.1 Termination Without Cause or for Good Reason. If (a) the Company shall terminate Executive’s employment
without Cause or (b) Executive shall terminate Executive’s employment for Good Reason, in each case, during the Employment Period, the Company shall pay to Executive: 

(i) any accrued and unpaid Base Salary and accrued and unused vacation earned through the Date of Termination, which shall be
paid on the tenth day after the Date of Termination (or if such day is not a business day, the next business day after such day); plus 

(ii) as severance payments and provided that Executive executes and delivers (and does not revoke) a general release of all
claims in form and substance satisfactory to the Company within 60 days following the Date of Termination, Base Salary for six (6) months, which shall be paid in periodic installments on the Company’s regular payroll dates, beginning with
the next payroll date immediately following the expiration of the 60th day following the Date of Termination (which first payment shall include any payments of Base Salary that should have been made during such
60-day period but for the 60-day release consideration period). 

7.6.2 Termination for Any Other Reason. If Executive’s employment is terminated for any reason other than those specified in
Section 7.6.1 during the Employment Period, the Company shall pay Executive on the tenth day after the Date of Termination or the expiration of the Employment Period, as the case may be (or, if such day is not a business day, the next business
day after such day), accrued and unpaid Base Salary and accrued and unused vacation earned through the Date of Termination. 
 7.6.3
Effect of Termination on Other Plans and Programs. In the event that Executive’s employment with the Company is terminated for any reason, Executive shall be entitled to receive all amounts payable and benefits accrued under any
otherwise applicable plan, policy, program or practice of the Company in which Executive was a participant immediately prior to the Date of Termination in accordance with the terms thereof; provided, that, if Executive’s employment is
terminated without Cause or for Good Reason, Executive shall not be entitled to receive any payments or benefits under any such plan, policy, program or practice providing any severance or cash bonus compensation, and the provisions of this
Section 7.6 shall supersede such provisions of any such plan, policy, program or practice. 

  
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 7.7 Resignation Upon Termination. Effective as of any Date of Termination or
otherwise as of the date of Executive’s termination of employment with the Company, Executive shall resign, in writing, from all positions then held by Executive with the Company and its affiliates unless otherwise requested by the Company and
agreed to by Executive. 
 7.8 Cessation of Professional Activity. Upon delivery of a Notice of Termination by either party or a
notice pursuant to Section 2.1, the Company may relieve Executive of Executive’s responsibilities described in Section 2.2 and require Executive to immediately cease all professional activity on behalf of the Company, without such
action constituting a termination of Executive’s employment by the Company without Cause or giving grounds for Executive to terminate for Good Reason. 
  

	8.	 Restrictive Covenants 

8.1 Unauthorized Disclosure. During the Employment Period and following any termination thereof, without the prior written consent of
the Company, except to the extent required by an order of a court having competent jurisdiction or under subpoena from an appropriate government agency, in which event Executive shall use Executive’s best efforts to consult with the Company
prior to responding to any such order or subpoena, and except as required in performance of Executive’s duties hereunder, Executive shall not use or disclose any confidential or proprietary trade secrets, customer lists, drawings, designs,
marketing plans, management organization information (including, but not limited to, data and other information relating to members of the boards of directors of the Company, its parent or any subsidiary or affiliate thereof (the Company, its parent
and their respective subsidiaries and affiliates, the “Company Group”), the Company Group, or to the management of the Company Group), operating policies or manuals, business plans, financial records, or other financial, commercial,
business or technical information) relating to the Company Group or that the Company Group may receive belonging to customers or others who do business with the Company Group (collectively, “Confidential Information”) to any third
Person (as defined below) unless such Confidential Information has been previously disclosed to the public generally, is in the public domain, or has been rightfully received by Executive from a third party who is authorized to make such disclosure,
in each case, other than by reason of Executive’s breach of this Section 8.1. For purposes of this Agreement, “Person” shall mean any natural person, partnership, limited liability company, association, corporation,
company, trust, business trust, governmental authority or other entity. 
 8.2 Non-Solicitation of
Employees. During the period beginning on the Commencement Date and ending twelve months after the termination of Executive’s employment with the Company (the “Restriction Period’’), Executive shall not, directly or
indirectly, for Executive’s own account or for the account of any other Person, in any jurisdiction in which the Company Group has commenced during the Employment Period, (j) solicit for employment any natural person throughout the world
who is or was employed by or otherwise engaged to perform services for the Company Group (x) at any time during the Employment Period (in the case of such prohibited activity occurring during such time) or (y) during the twelve month
period preceding such prohibited activity (in the case of such prohibited activity occurring during the Restriction Period but after the date of Executive’s termination of employment with the Company), other than any such solicitation on behalf
of the Company Group during the Employment Period; or (ii) induce any employee of the Company Group to engage in any activity which Executive is prohibited from engaging in under any of this Section 8 or to terminate such employee’s
employment with the Company. 
 8.3 Non-Solicitation of Business Relationships. During the
Employment Period, Executive shall not, directly or indirectly, for Executive’s own account or for the account of any other Person, in any jurisdiction in which the Company Group has commenced or has actively made plans to commence operations,
solicit, interfere with, or otherwise attempt to establish any business relationship of a nature that is competitive with the business or relationship of the Company Group with any Person throughout the world which is or was a customer, client or
franchisee of the Company Group, other than any such activity on behalf of or at the request of the Company Group. 

  
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	8.4	 Works for Hire. 

8.4.1 Generally.    Executive agrees that the Company shall own all right, title and interest (including, but not
limited to, patent rights, copyrights, trade secret rights and other rights throughout the world) in any inventions, works of authorship, ideas or information made or conceived or reduced to practice, in whole or in part, by Executive (either alone
or with others) during the Employment Period (collectively “Developments”); provided, however, that the Company shall not own Developments for which no equipment, supplies, facility, trade secret information or Confidential
Information of the Company was used and which were developed entirely on Executive’s time, and (A) which do not relate (I) to the business of the Company Group or (II) to the actual or demonstrably anticipated research or
development of the Company Group, and (B) which do not result from any work performed by Executive for the Company. 
 8.4.2
Disclosure; Assignment. Subject to Section 8.4.1, Executive will promptly and fully disclose to the Company, or any persons designated by it, any and all Developments made or conceived or reduced to practice or learned by Executive,
either alone or jointly with others during the Employment Period. Executive hereby assigns all right, title and interest in and to any and all of these Developments to the Company. Executive shall further assist the Company, at the Company’s
expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights specified to be so owned or assigned. Executive hereby irrevocably designates and appoints the Company and its agents
as attorneys-in-fact to act for and on Executive’s behalf to execute and file any document and to do all other lawfully permitted acts to further the purposes of
the foregoing with the same legal force and effect as if executed by Executive. 
 8.4.3 Copyright Act; Moral Rights. In addition, and
not in contravention of Section 8.4.1 or Section 8.4.2, Executive acknowledges that all original works of authorship which are made by him (solely or jointly with others) within the scope of employment and which are protectable by
copyright are “works made for hire,” as that term is defined in the United States Copyright Act (17 USC §101). To the extent allowed by law, this Section 8.4.3 includes all rights of paternity, integrity, disclosure and
withdrawal and any other rights that may be known as or referred to “moral rights” (collectively, “Moral Rights”). To the extent Executive retains any such Moral Rights under applicable law, Executive hereby waives
such Moral Rights and consents to any action consistent with the terms of this Agreement with respect to such Moral Rights, in each case, to the full extent of such applicable law. Executive will confirm any such waivers and consents from time to
time as requested by the Company. 
 8.4.4 Authorized Disclosure. Section 1883(b) of Title 18 of the United States Code states
“An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (i) is made (ii) in confidence to a Federal, State, or local government official,
either directly or indirectly, or to an attorney and (hl solely for the purposes of reporting or investigating a suspended violation of law or (iii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal.” Accordingly, the Company and Executive have the right to disclose in confidence trade secrets to Federal, State, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a
suspected violation of law. The Company and Executive also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. Nothing in this
Agreement is intended to conflict with Section l 883(b) of Title 18 of the United States Code or create liability for disclosures of trade secrets that are expressly allowed by Section l 883(b) of Title 18 of the United States Code. 

  
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 8.4.5 Section 2870 of the California Labor Code. Notwithstanding
anything to the contrary contained in this Agreement, Executive may use Executive’s own ideas, knowledge, and experience to develop Developments that qualify under the provisions of Section 2870 of the California Labor Code, which
provisions are set forth below, and all rights to such Developments that qualify under Section 2870 and are so developed shall belong solely to Executive; provided, that such Developments are developed without the use of Company resources and
outside of the scope of the services provided under this Agreement. Section 2870 of the California Labor Code reads in its entirety, as follows: “(a) Any provision in an employment agreement which provides that an employee shall assign, or
offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade
secret information except for inventions that either: (1) Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer;
or (2) Result from any work performed by the employee for the employer; (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned
under subdivision (a), the provision is against the public policy of this state and is unenforceable”. 
 8.5 Nondisparagement.
Executive agrees that Executive shall neither, directly or indirectly, engage in any conduct or make any statement (including through social media) disparaging or criticizing in any way the Company Group, or any of their personnel, nor engage in any
other conduct or make any other statement that could be reasonably expected to impair the goodwill or the reputation of the Company Group, in each case, except to the extent required by law, and then only after consultation with the Company to the
extent possible. The Company Group agrees that it shall instruct the directors and officers of the Company not to, directly or indirectly, engage in any conduct or make any statement (including through social media) disparaging or criticizing
Executive in any way, nor engage in any other conduct or make any other statement that could be reasonably expected to impair the goodwill or the reputation of Executive, in each case, except to the extent required by law, and then only after
consultation with Executive to the extent possible. 
 8.6 Return of Documents. In the event of the termination of Executive’s
employment, Executive shall deliver to the Company (a) all property of the Company Group then in Executive’s possession; and (b) all documents and data of any nature and in whatever medium of the Company Group, and Executive shall not
take with Executive any such property, documents or data or any reproduction thereof, or any documents containing or pertaining to any Confidential Information. 

8.7 Confidentiality of Agreement; Governmental Agency Exception. The parties to this Agreement agree not to disclose its terms to any
Person, other than their attorneys, accountants, financial advisors or, in Executive’s case, members of Executive’s immediate family or, in the Company’s case, for any reasonable purpose that is reasonably related to its business
operations: provided, that this Section 8.7 shall not be construed to prohibit any disclosure required by law or in any proceeding to enforce the terms and conditions of this Agreement. Notwithstanding anything to the contrary contained in this
Agreement, this Agreement does not limit Executive’s ability to communicate with any government agency or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or
other information, without notice to the Company or its affiliates. This Agreement does not limit Executive’s right to receive an award for information provided to any government agencies. 

  
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	9.	 Certain Acknowledgments; Injunctive Relief with Respect to Covenants 

9.1 Certain Acknowledgements. Executive acknowledges and agrees that Executive will have a prominent role in the development of the
goodwill of the Company Group, and has and will establish and develop relations and contacts with the principal business relationships of the Company Group in the United States of America and the rest of the world, all of which constitute valuable
goodwill of, and could be used by Executive to compete unfairly with, the Company Group and that (a) in the course of Executive’s employment with the Company, Executive will obtain confidential and proprietary information and trade secrets
concerning the business and operations of the Company Group in the United States of America and the rest of the world that could be used to compete unfairly with the Company Group; (b) the covenants and restrictions contained in Section 8
are intended to protect the legitimate interests of the Company Group in their respective goodwill, trade secrets and other confidential and proprietary information; and (c) Executive desires to be bound by such covenants and restrictions. 

9.2 Injunctive Relief. Executive acknowledges and agrees that the covenants, obligations and agreements of Executive contained in
Section 8 relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants, obligations or agreements will cause the Company Group irreparable injury for which adequate remedies are not available at
law. Therefore, Executive agrees that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) to restrain Executive from committing any violation of such covenants,
obligations or agreements. These injunctive remedies are cumulative and in addition to any other rights and remedies the Company Group may have. 
  

	10.	 Entire Agreement 

This Agreement constitutes the entire agreement between the Company and Executive with respect to the subject matter hereof, and supersedes all
undertakings and agreements, whether oral or in writing, previously entered into by the Company and Executive with respect thereto. All prior correspondence and proposals (including, but not limited to, summaries of proposed terms) and all prior
offer letters, promises, representations, understandings, arrangements and agreements relating to such subject matter (including, but not limited to, those made to or with Executive by any other person) are merged herein and superseded hereby. 

 

	11.	 General Provisions 

11.1 Binding Effect: Assignment. This Agreement shall be binding on and inure to the benefit of the Company and its respective
successors and permitted assigns. This Agreement shall also be binding on and inure to the benefit of Executive and Executive’s heirs, executors, administrators and legal representatives. This Agreement shall not be assignable by any party
hereto without the prior written consent of the other parties hereto, except as provided pursuant to this Section 11.1. The Company may effect such an assignment without prior written approval of Executive (i) to any direct or indirect
subsidiary of the Company or (ii) upon the transfer of all or substantially all of its business and/or assets (by whatever means). 

11.2 Indemnity. Section 7.2 of the Limited Liability Company Operating Agreement of Xponential Fitness, LLC, dated
September 26, 2017, as amended from time to time, is incorporated by reference herein and made a part hereof, and as so incorporated, shall remain in full force and effect in accordance with its terms. 

  
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	11.3	 Governing Law; Waiver of Jury Trial. 

11.3.1 Governing Law; Consent to Jurisdiction. This Agreement shall be governed in all respects, including as to interpretation,
substantive effect and enforceability, by the internal laws of the State of California, without regard to conflicts of laws provisions thereof that would require application to the laws of another jurisdiction other than those that mandatorily
apply. Each party hereby irrevocably submits to the jurisdiction of the courts of the State of California and the federal courts of the United States of America located in Orange County, California solely in respect of the interpretation and
enforcement of the provisions of this Agreement and in respect of the transactions contemplated hereby. Each party hereby waives and agrees not to assert, as a defense in any action, suit or proceeding for the interpretation and enforcement hereof,
or in respect of any such transaction, that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement may not be enforced in or by such courts.
Each party hereby consents to and grants any such court jurisdiction over the person of such parties and over the subject matter of any such dispute and agree that the mailing of process or other papers in connection with any such action or
proceeding in the manner provided in Section 11.6 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof. 

11.3.2 Waiver of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under this Agreement is likely to
involve complicated and difficult issues, and therefore each party hereby irrevocably and unconditionally waives any right such party may have to a trial by jury in respect of any litigation directly or indirectly arising out of or relating to this
Agreement, or the breach, termination or validity of this Agreement, or the transactions contemplated by this Agreement. Each party certifies and acknowledges that (a) no representative, agent or attorney of any other party has represented,
expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver; (b) each such party understands and has considered the implications of this waiver; (c) each such party makes this
waiver voluntarily; and (d) each such party has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 11.3.2 

11.4 Taxes. All amounts payable and benefits provided hereunder shall be subject to any and all applicable taxes, as required by
applicable Federal, state, local and foreign laws and regulations. 
 11.5 Amendments; Waiver. No provision of this Agreement may be
modified, waived or discharged unless such modification, waiver or discharge is approved by a Person authorized by the Company and is agreed to in writing by Executive. No waiver by any party hereto at any time of any breach by any other party
hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No waiver of
any provision of this Agreement shall be implied from any course of dealing between or among the parties hereto or from any failure by any party hereto to assert its rights hereunder on any occasion or series of occasions. 

11.6 Legal Advice; Severability; Blue Pencil. Executive acknowledges that Executive has been advised to seek independent legal counsel
for advice regarding the effect of the provisions of this Agreement, and has either obtained such advice of independent legal counsel, or has voluntarily and without compulsion elected to enter into and be bound by the terms of this Agreement
without such advice of independent legal counsel. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein shall not be affected thereby. Executive and the Company agree that the covenants contained in Section 8 hereof are reasonable covenants under the circumstances, and further agree that if, in the opinion of any court
of competent jurisdiction such covenants are not reasonable in any respect, such court shall have the right, power and authority to excise or modify such provision or provisions of these covenants as to the court shall appear not reasonable and to
enforce the remainder of these covenants as so amended. 

  
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 11.7 Notices. Any notice or other communication required or permitted to be delivered
under this Agreement shall be (a) in writing; (b) delivered personally, by courier service or by certified or registered mail, first class postage prepaid and return receipt requested with a copy by electronic mail; (c) deemed to have
been received on the date of delivery or, if so mailed, on the third business day after the mailing thereof; and (d) addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the
terms hereof): 
  

	 	(i)	 If to the Company: 

Xponential Fitness, LLC 

17877 Von Karman Avenue, Suite 100 

Irvine, CA 92614 

Attention: Chairman of the Board 

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

Buchalter 

1000 Wilshire Boulevard, Suite 1500 

Los Angeles, CA 90017 

Attention: Jeremy Weitz, Esq. 

Tel: (213) 891-5285 

Fax: (213) 630-5651 

 

	(ii)	 If to Executive, to the last home address, or personal fax on 

file with the Company. 
 11.8
Survival.    The Company and Executive hereby agree that certain provisions of this Agreement shall survive the expiration of the Employment Period in accordance with their terms, including, but not limited to, Sections
7.6, 8, 9, 10, and 11. 
 11.9 Further Assurances. Each party hereto agrees with the other party hereto that it will cooperate with
such other party and will execute and deliver, or cause to be executed and delivered, all such other instruments and documents, and will take such other actions, as such other parties may reasonably request from time to time to effectuate the
provisions and purpose of this Agreement. 

  
 10 

 11.10 Section 409A. The parties intend that any amounts payable
hereunder comply with or are exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) (including under Treasury Regulation §§ l.409A-l(b)(4)
(“short-term deferrals”) and (b)(9) (“separation pay plans,” including the exceptions under subparagraph (iii) and subparagraph (v)(D)) and other applicable provisions of Treasury Regulation§§ 1.409A-1 through A-6). For purposes of Section 409A, each of the payments that may be made under this Agreement shall be deemed to be a separate payment for purposes of
Section 409A. This Agreement shall be administered, interpreted and construed in a manner that does not result in the imposition of additional taxes, penalties or interest under Section 409A. The Company and Executive agree to negotiate in
good faith to make amendments to the Agreement, as the parties mutually agree are necessary or desirable to avoid the imposition of taxes, penalties or interest under Section 409A. Neither the Company nor Executive shall have the right to
accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A. Notwithstanding the foregoing, the Company does not guarantee any particular tax effect, and Executive
shall be solely responsible and liable for the satisfaction of all taxes, penalties and interest that may be imposed on or for the account of Executive in connection with the Agreement (including any taxes, penalties and interest under
Section 409A), and neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold Executive (or any beneficiary) harmless from any or all of such taxes, penalties or interest. With respect to the time of
payments of any amounts under the Agreement that are “deferred compensation” subject to Section 409A, references in the Agreement to “termination of employment” (and substantially similar phrases) shall mean
“separation from service” within the meaning of Section 409A. For the avoidance of doubt, it is intended that any expense reimbursement made to Executive hereunder shall be exempt from Section 409A. Notwithstanding the
foregoing, if any expense reimbursement made hereunder shall be determined to be “deferred compensation” within the meaning of Section 409A, then (i) the amount of the indemnification payment or expense reimbursement
during one taxable year shall not affect the amount of the expense reimbursement during any other taxable year, (ii) the expense reimbursement shall be made on or before the last day of Executive’s taxable year following the year in which
the expense was incurred and (iii) the right to expense reimbursement hereunder shall not be subject to liquidation or exchange for another benefit. 

11.11 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together
shall constitute one and the same instrument. The parties hereto agree to accept a signed facsimile copy or “PDF” of this Agreement as a fully binding original. 

11.12 Headings. The section and other headings contained in this Agreement are for the convenience of the parties only and are not
intended to be a part hereof or to affect the meaning or interpretation hereof. 
 [Signature Page Follows] 

  
 11 

 IN WITNESS WHEREOF, the Company has duly executed this Agreement by its authorized
representative, and Executive has hereunto set Executive’s hand, in each case effective as of the date first above written. 
  

			
	COMPANY
	
	XPONENTIAL FITNESS, LLC
		
	By:	 	 /s/ Anthony Geisler

	Name:	 	Anthony Geisler
	Title:	 	Chief Executive Officer
	
	EXECUTIVE
		
	 By:
	 	 /s/ Sarah Luna

	Name:	 	Sarah Luna
	Title:	 	President

 [Signature Page to Employment Agreement] 

  
 12EX-10.23

 Exhibit 10.23 

FIRST AMENDED AND RESTATED PROFITS INTEREST PLAN 

OF 
 H&W FRANCHISE
HOLDINGS LLC 
 H&W Franchise Holdings LLC, a Delaware limited liability company (the “Company”),
has adopted this First Amended and Restated Profits Interest Plan of H&W Franchise Holdings LLC (the “Plan”), as of June 27, 2018 (the “Effective Date”) which amends and restates that certain Profits
Interest Plan of H&W Franchise Holdings LLC dated September 26, 2017 (the “Prior Plan”) in its entirety. The purpose of the Plan is to provide such eligible employees and service providers with an opportunity to participate
in the Company’s future by offering them an opportunity to acquire an interest in the Company so as to enhance the Company’s ability to attract and retain individuals of exceptional talent to contribute to the sustained progress, growth
and profitability of the Company. 
 Pursuant to the Plan, Participants (as defined below) will be granted an award of
Incentive Units (as defined below) (each, an “Award” and, collectively the “Awards”) and will thereby become Members (as defined below) of the Company. The Incentive Units so acquired shall be governed by, and will
be subject to the transfer and other restrictions and terms contained in (a) the Plan, (b) an Award Agreement (as defined below), and (c) the LLC Agreement (as defined below). 

Any reference to the “Plan” in any Award Agreement shall refer to the Plan and not the Prior Plan. To the extent
there are any inconstancies or conflicts between the Plan and the Prior Plan, the Plan will govern and control. 
 ARTICLE 1. 

DEFINITIONS 

Whenever a following term is used in the Plan, it shall have the meaning specified below unless the context clearly indicates
to the contrary. Any other capitalized term used in the Plan but not otherwise defined herein shall have its respective meaning set forth in the LLC Agreement. The masculine pronoun shall include the feminine and neuter and the singular shall
include the plural, where the context so indicates. 
 1.1     “Adjustment Event” shall
mean any dividend or other distribution (whether in the form of cash, additional interests, other securities, or other property, and excluding any tax distributions made under the LLC Agreement), any Capital Contributions, any recapitalization,
reclassification, reorganization, change to corporate form, merger, consolidation, split-up, spinoff, combination, repurchase, liquidation, dissolution, or sale, transfer, exchange or other disposition of all
or substantially all of the assets of the Company or exchange of shares or other securities of the Company, issuance of warrants or other rights to purchase shares or other securities of the Company, or other similar transaction or event. 

1.2     “Administrator” shall have the meaning set forth in Section 5.1. 

1.3     “Award” shall have the meaning set forth in the preamble hereto. 

 1.4     “Award Agreement” shall mean a
written Profits Interest Plan Award Agreement executed by the Company and the Participant, evidencing the terms of an Award made under the Plan, including exhibits thereto. 

1.5     “Code” shall mean the Internal Revenue Code of 1986, as amended, or any successor
statute or statutes thereto. Reference to any particular Code section shall include any successor section, and any regulations promulgated thereunder. 

1.6     “Company” shall have the meaning set forth in the preamble hereto. 

1.7     “Effective Date” shall have the meaning set forth in the preamble hereto. 

1.8     “Employee” shall mean any director, manager, officer or other Person providing
key services directly or indirectly to, or for the benefit of, the Company or its Affiliates. A Participant shall not cease to be an Employee in the case of (a) any leave of absence approved by the Company or (b) transfers
between locations of the Company or between the Company, any Parent, any Subsidiary, or any successor. In addition, the term “Employee” may, strictly for the purposes of this Plan, at the discretion of the Administrator, include any
individual or entity whose services with the Company are performed pursuant to a contract that purports to treat such individual or entity as an independent contractor; provided, that the use of such term is in no way intended to
create or alter any employment relationship with such independent contractor. 
 1.9
    “Incentive Units” means a Unit awarded by the Administrator hereunder, constituting a “Class B Unit” under the LLC Agreement, which is subject to forfeiture as described in the LLC Agreement,
the Plan and the Participant’s Award Agreement. Each Incentive Unit is intended to be a “profits interest” within the meaning of IRS Revenue Procedures 93-27 and
2001-43. 
 1.10     “LLC Agreement” shall mean
the Third Amended Limited Liability Company Operating Agreement of H&W Franchise Holdings LLC, dated as of the Effective Date, among the Company and the Members named therein, as amended from time to time. 

1.11     “Member” shall have the meaning ascribed to such term in the LLC Agreement. 

1.12     “Parent” shall mean any business, whether or not incorporated, which owns more
than fifty percent (50%) of the combined voting power of the voting securities or voting interests of the Company. 
 1.13
    “Participant” shall mean any Employee who is selected by the Administrator to receive an Award pursuant to the provisions of Section 3.1 and who executes an Award Agreement pursuant to the provisions of
Section 3.2. 
 1.14     “Person” means any individual, sole proprietorship,
general partnership, limited partnership, corporation, business trust, trust, joint venture, limited liability company, association, joint stock company, bank, unincorporated organization or any other form of entity. 

  
 2 

 1.15     “Plan” shall have the meaning
set forth in the preamble hereto. 
 1.16     “Priority Return” means as to each Member
holding Class A Units, an amount accruing, on a per Unit basis, on such member’s unreturned Capital Contributions (from and after the date of each such Capital Contribution on the amount of the unreturned portion thereof) and Unpaid
Priority Return in respect of such Class A Units at the rate of eight percent (8%) per annum. Priority Return shall be compounded semi-annually, accruing daily and calculated on the basis of the actual number of days elapsed over a 360-day year (and pro-rated for partial periods). 

1.17     “Subsidiary” shall have the meaning ascribed to such term in the LLC Agreement.

 1.18     “Termination of Service” shall mean the termination for any reason,
including death, disability, resignation, retirement or termination for or without cause, at any time, of that Participant’s services as an Employee, as reasonably determined by the Administrator, with the Company and with each Parent or
Subsidiary of the Company for which the Participant served as an Employee. The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to a particular Participant’s Termination of Service.

 1.19     “Unit” shall mean a “Unit” as defined in the LLC Agreement, or
such other class or kind of units, shares or other securities resulting from the application of Section 6.3. 
 1.20
    “Unpaid Priority Return” means, with respect to each Class A Unit, the cumulative Priority Return with respect to such Unit less all distributions made under Article V of the LLC Agreement (other than in
respect of unreturned Capital Contributions). 
 ARTICLE 2. 

INCENTIVE UNITS SUBJECT TO PLAN 

2.1     Awards Subject to Plan. The Plan shall be effective on the Effective Date. The number of
Incentive Units initially available for grant under the Plan is 195,988.2 Class B Units. 
 2.2
    Add-Back. If any Award is forfeited by a Participant or repurchased by the Company pursuant to Section 4.1, the Incentive Units covered by such Award may thereafter be
awarded or regranted under the Plan, subject to the limitations of Section 2.1 on the total amount of Incentive Units that may be outstanding as Awards under the Plan. 

ARTICLE 3. 
 AWARDS

 3.1     Awards. 

  
 3 

 3.1.1     The Administrator may from time to time, in
its sole and absolute discretion: (a) determine those Employees to receive Awards and (b) determine the purchase price (if any), form of payment for Awards and other terms and conditions applicable to such Awards, including
provisions for vesting and forfeiture, consistent with the Plan and with the LLC Agreement and any applicable employment agreement with such Employee. 

3.1.2     Upon the selection of an Employee to receive an Award, the Administrator shall grant such
Awards and may impose such conditions on the issuance of such Awards as the Administrator deems appropriate; provided, however, that no such condition may be inconsistent with the terms of the LLC Agreement, the terms of
which by this reference are incorporated herein. 
 3.2     Award Agreement. An Award is a grant
of a specified number of Incentive Units to a Participant as of a certain date, which Incentive Units are subject to forfeiture upon the happening of specified events. Awards shall be issued only pursuant to an Award Agreement, which shall be
executed by the selected Employee and an officer of the Company or one of its Affiliates designated by the Administrator on behalf of the Company and which shall contain such terms and conditions as the Administrator shall determine, consistent with
the Plan and with the terms of the LLC Agreement. Upon receipt of an Award, a Participant shall execute a joinder to the LLC Agreement (to the extent the LLC Agreement has not been previously executed by the Participant) in such form as may be
presented to the Participant by the Administrator to effectuate such joinder. All Awards issued under the Plan shall be subject to the terms of the LLC Agreement and shall, in the terms of each individual Award Agreement, be subject to such
additional restrictions as the Administrator shall provide, which restrictions may include, without limitation, restrictions concerning voting rights and transferability, restrictions on access to, and rights to receive, information and restrictions
based on duration of service with the Company, performance by Employees of the Company or Company performance; provided, however, that, by action taken in its absolute discretion after the Award is issued, the
Administrator may, on such terms and conditions as it may determine to be appropriate, remove any or all of the restrictions imposed by the terms of the Award Agreement. 

3.3     Rights as Members. Upon the grant of an Award pursuant to the Plan, the Participant shall
have, unless otherwise provided by the Administrator, all the rights and obligations of a Class B Member with respect to said Award as provided in the LLC Agreement, subject to the restrictions in his or her Award Agreement. As set forth in the
LLC Agreement, the Participants shall not, by virtue of their holding Awards, have the right to vote or otherwise influence or control the management or operation of the Company. 

ARTICLE 4. 

RESTRICTIONS ON AWARDS 

4.1     Cancellation and Repurchase of Awards. Incentive Units granted under any Award Agreement
shall be subject to the cancellation and repurchase provisions set forth therein; 

  
 4 

 
provided, that the Administrator may provide separate cancellation or repurchase terms in an individual Award Agreement as the Administrator may then determine. 

4.2     Additional Restrictions on Units. In addition to any restrictions contained in the Plan, an
Award Agreement and/or the LLC Agreement, the Incentive Units shall be subject to restrictions on transfer pursuant to applicable securities laws and other such laws, including applicable regulations or agreements as contemplated by Section 3.2
as the Administrator shall deem appropriate. 
 ARTICLE 5. 

ADMINISTRATION 

5.1     Administration. The Plan shall be administrated by the Board of Managers or any committee
of the Board of Managers to which such authority is delegated by the Board of Managers (the “Administrator”). 

5.2     Duties and Powers of Administrator. It shall be the duty of the Administrator to conduct
the general administration of the Plan in accordance with its provisions. The Administrator shall have the power to interpret the Plan and the Award Agreements pursuant to which Awards are issued, and to adopt such rules for the administration,
interpretation, and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. Any Award under the Plan need not be the same with respect to each Participant. 

5.3     Administrator Action. The Administrator shall act in accordance with the terms and
conditions set forth in the LLC Agreement. 
 5.4     Professional Assistance: Good Faith Actions;
Compensation. All expenses and liabilities which the Administrator incurs in connection with the administration of the Plan shall be borne by the Company. The Administrator may employ attorneys, accountants, appraisers, brokers, or other Persons
in connection with the administration of the Plan. The Administrator, the Company and the Company’s officers shall be entitled to rely upon the advice, opinions or valuations of any such Persons. All actions taken and all interpretations and
determinations made by the Administrator in good faith shall be final, binding and conclusive upon all Participants, the Company and all other interested Persons. No members of the Administrator shall be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan, including grant of Awards, and all members of the Administrator shall be fully protected by the Company in respect of any such action, determination or interpretation. The
members of the Administrator shall serve without compensation for their services to the Plan. 

  
 5 

 ARTICLE 6. 

GENERAL PROVISIONS 

6.1     Restrictions on Transfer of Awards. Each Award granted to a Participant under the Plan is
subject to the terms of the Award Agreement pursuant to which such Award was issued and the LLC Agreement. Any permitted transferee of an Award shall take such Award subject to the terms of the Plan, the Award Agreement pursuant to which such Award
was issued, and the LLC Agreement and any applicable employment agreement with the Participant. Any such permitted transferee must, upon the request of the Company, agree to be bound by the Plan, the Award Agreement pursuant to which such Award was
issued, and the LLC Agreement, and shall execute the same on request, and must agree to such other waivers, limitations, and restrictions as the Company may reasonably require. Any transfer of an Award which is not made in compliance with the Plan,
the LLC Agreement and the Award Agreement pursuant to which such Award was issued shall be null and void and of no effect. 

6.2     Amendment, Suspension or Termination of the Plan. The Plan may be wholly or partially
amended or otherwise modified, suspended or terminated at any time and from time to time by the Administrator without the consent of the Participants or the Members; provided, however, that no such amendment, suspension
or termination shall be made which would have a material adverse effect on the rights of Participants who have vested Incentive Units. No Award may be granted during any period of suspension or after termination of the Plan. 

6.3     Changes in Capitalization. In the event that the Administrator determines, in its sole
discretion, that any Adjustment Event affects the Incentive Units, then the Administrator shall, in such manner as it may deem equitable, adjust the number and kind of equity securities authorized for grant under the Plan and make such other
equitable adjustments to any Award as it may deem appropriate with respect to any event described in this Section 6.3. Notwithstanding anything to the contrary contained in the LLC Agreement, the Plan or any applicable Award Agreement, no
allocations or distributions under the LLC Agreement or otherwise will be made to any Participant unless and until (a) the Participation Threshold applicable to such Participant’s Class B Units (determined on a Unit by Unit basis)
has been reduced to zero in accordance with the LLC Agreement (which, notwithstanding anything to the contrary contained in the LLC Agreement, the Participation Threshold will not be reduced by any tax distributions made under the LLC Agreement) and
(b) the Class A Members, pro rata in proportion to their Unpaid Priority Return with respect to their Class A Units, have received aggregate distributions under Article V of the LLC Agreement in an amount equal to the Unpaid
Priority Return of each such member with respect to its Class A Units has been reduced to zero. Any such forgone distributions will be made to the other Members in accordance with Article V of the LLC Agreement (taking into account the
immediately preceding sentence). Determinations and adjustments made by the Administrator pursuant to this Section 6.3 shall be final, binding and conclusive. 

  
 6 

 6.4     Payment of Taxes. The Company and its
Subsidiaries shall be entitled to require payment in cash or deduction from other compensation payable to each Participant of any sums required by federal, state or local tax law to be withheld with respect to the issuance, vesting, transfer, sale
or payment on account of any Award and may otherwise require each Participant to pay to Company or any of its Subsidiaries (or to any relevant taxing authority) any employment or other taxes or charges that are intended to be borne by such
Participant, under applicable law or otherwise. 
 6.5     Effect of Plan Upon Compensation
Plans. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for the Company or any Parent or Subsidiary of the Company. Nothing in the Plan shall be construed to limit the right of the Company
(a) to establish any other forms of incentives or compensation for Employees or (b) to grant or assume equity interest rights otherwise than under the Plan in connection with any proper business purpose including, without
limitation, the grant or assumption of equity interests, in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, partnership, limited liability company, firm or
association. 
 6.6     Compliance with Laws. The Plan, the granting and vesting of Awards under
the Plan, the issuance and delivery of Incentive Units pursuant to the Awards, and the payment of money under the Plan or under the Awards granted hereunder are subject to compliance with all applicable federal and state laws, rules and regulations
(including, but not limited to, state and federal securities law and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable
in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the Person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company, as the
Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by applicable law, the Plan and any Awards hereunder shall be deemed amended to the extent necessary to conform to such
laws, rules and regulations. 
 6.7     No Guarantee of Service or Participation. Nothing in the
Plan shall interfere with or limit in any way the right of the Company or any Affiliate thereof to terminate any Participant’s services at any time and for any reason, nor confer upon any Participant any right to continue in the service of the
Company or any Affiliate thereof. In addition, if any Participant’s services to the Company or any of its Affiliates shall be terminated for any reason, such Participant shall not be eligible for any compensation or remuneration with respect to
such termination (except as otherwise expressly provided in this Plan, any applicable Award Agreement or the LLC Agreement) to compensate such Participant for the loss of any rights under the Plan notwithstanding any provision to the contrary
contained in the Participant’s contract of employment. No director, officer or key employee of, or consultant to, the Company or any Subsidiary shall have a right to be selected as a Participant or, having been so selected, to receive any
Incentive Units. The Administrator may establish different terms and conditions for different Participants receiving Incentive Units and for the same Participant for each Incentive 

  
 7 

 
Unit such Participant may receive, whether or not granted at different times. The grant of any Incentive Unit to any director, officer or key employee of, or consultant to, the Company or any
Subsidiary shall neither entitle such Person to, nor disqualify that Person from, the grant of any other Incentive Units. The Administrator’s selection of a director, officer or key employee of, or consultant to, the Company or any Subsidiary
as a Participant shall neither entitle such Person to, nor disqualify such Person from, participation in any other incentive plan of the Company or any of its Affiliates. 

6.8     No Limitation on Compensation. Nothing in the Plan shall be construed to limit the right of
the Company or any of its Affiliates to establish other plans or to pay compensation to its employees in cash or property. 

6.9     No Impact on Benefits. Incentive Units shall not be treated as compensation for purposes of
calculating a Participant’s rights under any employee benefit plan. 
 6.10     Freedom of
Action. Subject to Section 6.2, nothing in the Plan shall be construed as limiting or preventing the Company or any of its Affiliates from taking any action with respect to the operation or conduct of its business that it deems appropriate
or in its best interest. 
 6.11     Headings. Headings are provided herein for convenience only
and are not to serve as a basis for interpretation or construction of the Plan. 
 6.12     Governing
Law. The Plan and any agreements hereunder shall be administered, interpreted and enforced under the internal laws of the State of Delaware without regard to conflicts of laws thereof. 

  
 8

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