Document:

EX-10.27

 Exhibit 10.27 

 
  
 

 
 August 18, 2021 
 Dear
Bahram: 
 We are excited to set forth the terms and conditions that shall govern your continued employment with Life Time, Inc. (the
“Company”) serving in the position of Chief Executive Officer, reporting to the Company’s Board of Directors (the “Board”), and continuing to serve as Chairman of the Board (subject to nomination and election by the
Company’s shareholders, as applicable). The terms of this offer letter shall be effective as of August 18, 2021 (the “Effective Date”), provided that, in the event the Company’s initial public offering (“IPO”) does
not occur by December 31, 2021, Section 3 shall be void ab initio. 
 1.    Base Salary.
Commencing January 1, 2022, your annual base salary will be $1,500,000, less applicable taxes, deductions and withholdings. Your base salary will be reviewed annually as part of our performance review process and may be subject to increase (but
not decrease) as assessed by the Board or the Compensation Committee of the Board (the “Compensation Committee”) in its discretion (your base salary in effect as of any date, “Base Salary”). 

2.    Annual Performance Bonus. Commencing with the Company’s fiscal year 2022, you will be eligible
for an annual incentive bonus with a target payout of 200% of Base Salary (which equates to $3,000,000 for fiscal year 2022 based on your Base Salary for 2022) (“Target Bonus”), less applicable taxes, deductions, and withholdings. The
threshold payout of the annual incentive bonus will be 50% of the Target Bonus (or 100% of your Base Salary). The maximum achievable payout of the annual incentive bonus will be 150% of the Target Bonus (or 300% of your Base Salary). The annual
incentive bonus will be determined based on the achievement of Company and individual annual performance goals, determined by the Board or Compensation Committee, in consultation with you, provided that no annual bonus will be paid for any year to
the extent the Company or you do not obtain the threshold performance goals for such year (as established by the Board or the Compensation Committee). You will not be eligible for an annual bonus for fiscal year 2021. 

3.    Equity Grants. 

(a)    IPO Award. Subject to the approval of the Board or the Compensation Committee, you will be granted on
or within five days following the pricing of the IPO equity awards with a target grant date value of at least $5,000,000 as determined by the Board or Compensation Committee in its discretion, 50% of which shall be in the form of restricted stock
units and 50% of which shall be in the form of stock options; provided that, to the extent the initial public offering price of the Company’s common stock in connection with the IPO is less than $25.00, the target grant date value may be
adjusted as determined by the Board or the Compensation Committee in good faith. Each such award will be granted pursuant to the terms of the Company’s equity 

 
incentive plan then in effect (the “Company Equity Plan”), and an applicable award agreement, as determined by the Board or Compensation Committee. Such equity awards shall be subject
to vesting over a period of four years in equal annual installments, subject to your continued service with the Company through the applicable vesting date(s). 

(b)    Annual Grants. Commencing in 2022 and ending in 2024, you will, to the extent you remain the Chief
Executive Officer of the Company, be eligible for annual equity awards with a target grant date value of at least $7,500,000 as determined by the Board or Compensation Committee in its discretion pursuant to the terms of the Company Equity Plan or
such other plan as may be in effect at the Company for the grant of equity awards, and an applicable award agreement, as determined by the Board or Compensation Committee. Such annual grants are intended to be fifty percent (50%) in the form of
restricted stock units and fifty percent (50%) in the form of stock options, subject to vesting over a period of four years in equal annual installments, subject to your continued service with the Company through the applicable vesting date(s).
Notwithstanding the foregoing, all such awards shall be subject to the approval of the Board or Compensation Committee and the Board or Compensation Committee may adjust the target grant date value, form and/or vesting of such awards in good faith
to the extent appropriate to take into account the Company’s business needs and/or stock price, institutional shareholder or governance considerations, shareholder outreach and/or market practice. 

4.    Comprehensive Benefits. While employed with the Company, you will be eligible to participate in the
same employee benefit plans as are generally available to other senior executives of the Company, as such employee benefit plans may be amended from time to time. You will receive reimbursement for business expenses on the same terms as are
generally available to other senior executives of the Company. While employed with the Company and thereafter, you also will receive indemnification and liability insurance coverage on terms no less favorable than the coverage provided to any other
then-current or former executive officer of the Company, as applicable. 
 5.    Termination of
Employment. In the event you voluntarily resign your employment with the Company for Good Reason or your employment is terminated by the Company without Cause, in either case, following the three-year anniversary of the Effective Date,
subject to your execution and non-revocation of a release of claims in favor of the Company in the Company’s then-applicable form (“Release of Claims”) and such Release of Claims becoming non-revocable and effective prior to the sixtieth day following the date your employment terminates and your continued compliance with that certain Non-Competition Agreement
between you and the Company dated as of even date herewith (the “Non-Competition Agreement”) and any other applicable written restrictive covenant agreements in favor of the Company, you will be
entitled to receive severance benefits that are at least as favorable as those generally provided to other senior executives of the Company as of the date of your termination of employment. Such severance benefits will be payable in a manner
consistent with the terms generally applicable to other senior executives and in all events in accordance with Section 409A of the Code and Section 12 of this offer letter. You acknowledge and agree that, except as set forth in this
Section 5, you are not entitled to any severance payments or benefits from the Company or any of its affiliates. 

6.    Loan. The Company acknowledges and agrees that as an inducement for you to accept this offer letter
and the terms of the Non-Competition Agreement and your agreement that 

 
you will not be entitled to severance benefits in the event of your termination of employment for any reason during the three-year period following the Effective Date and in order to comply with
applicable federal securities laws, the Company terminated, pursuant to the approval by the Board and effective on August 18, 2021 (the “Loan Cancellation Date”) that certain Amended and Restated Term Loan Agreement between you and
the Company, dated September 21, 2018, as amended (the “Loan Agreement”), and all principal and interest amounts owing by you under such Loan Agreement and the Term Note dated August 27, 2018, equal to an amount of
$17,673,043.22, have been cancelled and discharged in full and all other obligations of you, and rights of the Company, under the Loan Agreement and the corresponding Pledge and Security Agreement between you and the Company, dated August 27,
2018, were terminated as of the Loan Cancellation Date. You acknowledge and agree that you are solely responsible for all income and withholding taxes (other than employer-paid payroll taxes) in relation to the cancellation and discharge of your
obligations under the Loan Agreement and shall promptly pay to the Company all such withholding taxes. 
 7.
    Internal Revenue Code Section 280G 
 (a)    Notwithstanding anything to the contrary
contained in this offer letter, to the extent that any amount, equity awards or benefits paid or distributed to you pursuant to this offer letter or any other agreement, plan or arrangement between the Company or its subsidiaries or affiliates, on
the one hand, and you on the other hand (collectively, the “280G Payments”) (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and
(ii) but for this provision would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the 280G Payments shall be payable either (a) in full, notwithstanding that some or all portion of
such payment may be subject to the Excise Tax or (b) in such lesser amount that would result in no portion of such 280G Payments being subject to Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state
and local income or excise taxes (including the Excise Tax) results in your receipt on an after-tax basis, of the greatest amount or benefits under this offer letter, notwithstanding that all or some portion
of such benefits may be taxable under Section 4999 of the Code. 
 (b)    Unless otherwise agreed between the
parties (and in all cases subject to compliance with Code Section 409A), payments shall be reduced in the following order (i) any severance payment based on multiple of base salary and/or annual bonus; (ii) any pro rata bonus paid as
severance; (iii) any other cash payments, (iv) acceleration of vesting of equity awards not subject to Q/A-24(c) of Treasury Regulation 1.280G-1; and
(v) acceleration of vesting of equity awards subject to Q/A-24(c) of Treasury Regulation 1.280G-1; provided that, within any category, reductions shall be made on a
pro rata basis. 
 (c)    All determinations required to be made under this Section 7 shall be made by a nationally
recognized certified public accounting or consulting firm as may be designated by the Company and reasonably acceptable to you (such acceptance not to be unreasonably withheld, conditioned or delayed) (the “280G Advisor”), which 280G
Advisor shall provide detailed supporting calculations both to the Company and you within fifteen (15) business days of the receipt of notice from the Company that there is or may be made a 280G Payment. All fees and expenses of the 280G
Advisor shall be borne solely by the Company. 

 8.    At-Will
Employment. Your employment with the Company shall be “at will,” which means that both the Company and you have the right to end your employment at any time, with or without advance notice, and with or without Cause. The at-will nature of your employment may not be modified or amended except by written agreement signed by an authorized officer of the Company, following approval by the Board or the Compensation Committee, and you.

 9.     Compensation Recovery Policy. You acknowledge and agree that, to the extent the Company adopts
any claw-back or similar policy pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act or otherwise, and any rules and regulations promulgated thereunder, you shall take all action necessary or appropriate to comply with such
policy (including, without limitation, entering into any further agreements, amendments or policies necessary or appropriate to implement and/or enforce such policy with respect to past, present and future compensation, as appropriate). 

10.    Tax Withholding. All amounts payable hereunder shall be subject to any required withholdings and
deductions. 
 11.    Counterparts. This offer letter may be executed in counterparts, all of which shall
be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties. 

12.    Section 409A. It is intended that all of the severance payments and other benefits and payments
payable under this offer letter be exempt from the application of Code Section 409A, and if not so exempt that they comply with the provisions of Code Section 409A, and this offer letter will be construed and interpreted accordingly. For
purposes of Code Section 409A, your right to receive any installment payments under this offer letter (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and,
accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this offer letter, if you are deemed by the Company at the time of your
“separation from service” (within the meaning of Code Section 409A) to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon separation from service set forth herein
and/or under any other agreement with the Company are deemed to be “deferred compensation,” then to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited distribution under Code
Section 409A(a)(2)(B)(i) and the related adverse taxation under Code Section 409A, such payments shall not be provided to you prior to the earliest of (a) the expiration of the six-month period
measured from the date of your separation from service with the Company, (b) the date of your death or (c) such earlier date as permitted under Code Section 409A without the imposition of adverse taxation. Upon the first business day
following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph shall be paid in a lump sum to you, and any remaining payments due shall be paid as otherwise provided herein or
in the applicable agreement. No interest shall be due on any amounts so deferred. Additionally, notwithstanding any other provisions in this offer letter, to the extent required to comply with, and avoid excise taxes and penalties under, the
provisions of Code Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of this offer letter providing for the payment of amounts or benefits upon or following a termination of employment
unless such termination is also a “separation from service” 

 
within the meaning of Code Section 409A and, for purposes of any such provision of this offer letter, references to a “resignation,” “termination,” “termination of
employment” or like terms shall mean separation from service. With respect to reimbursements provided to you hereunder (or otherwise) that are not exempt from Code Section 409A, the following rules shall apply: (i) the amount of
expenses eligible for reimbursement during any one of your taxable years shall not affect the expenses eligible for reimbursement in any other taxable year, (ii) in the case of any reimbursements of eligible expenses, reimbursement shall be
made on or before the last day of your taxable year following the taxable year in which the expense was incurred and (iii) the right to reimbursement shall not be subject to liquidation or exchange for another benefit. 

13.     Entire Agreement. This offer letter, including the referenced documents herein (including the Non-Competition Agreement), forms the entire agreement between you and the Company and replaces all prior communications or agreements on matters related to employment at the Company; provided that nothing
herein supersedes or modifies the terms and conditions of any existing agreements in respect of equity awards previously granted to you. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

	
	Sincerely,
	
	 

	Life Time, Inc.
	By: Thomas Bergmann
	Its: President and Chief Financial Officer
	
	Accepted and Agreed as of the Effective Date:
	
	 

	Bahram Akradi

 EXHIBIT A 

For purposes of this offer letter, “Cause” means (a) commission of an act of material fraud or material dishonesty against the
Company or any of its subsidiaries; (b) intentional refusal or willful failure to substantially carry out the lawful and reasonable instructions of the Board after receiving written notification of the failure from the Board (other than any
such failure resulting from your Disability and excluding any failure to achieve a lawful and reasonable directive following the expenditure by you of commercially reasonable best efforts); (c) commission of, indictment for, conviction of, guilty
plea or “no contest” plea to a felony or to a misdemeanor involving moral turpitude (where moral turpitude means so extreme a departure from ordinary standards of honesty, good morals, justice or ethics as to be shocking to the moral sense
of the community); (d) gross misconduct in connection with the performance of your duties; (e) improper disclosure of confidential information, which use or disclosure causes or could reasonably be expected to cause material harm to the Company
or any of its subsidiaries; (f) failure to reasonably cooperate with the Company or any of its subsidiaries in any investigation or formal proceeding; or (g) your material breach of this offer letter, the
Non-Competition Agreement or any other written agreement or arrangement with the Company or any of its subsidiaries. Prior to termination for Cause, to the extent any grounds for Cause are curable and the
provision of a cure period will not adversely affect the business, finances, reputation or good will of the Company or any of its subsidiaries, the Company shall provide 30 days prior written notice of the grounds for Cause, and give you an
opportunity within (and including all of) those 30 days to cure the alleged grounds. If the grounds are substantially cured during such period (as reasonably determined by the Board in good faith), Cause will not exist on account of such grounds. No
act or failure to act on your part shall be considered “willful” unless the Company reasonably and in good faith determines it is done, or omitted to be done, in bad faith or without reasonable belief that your act or omission was in the
best interests of the Company. Without limitation, any act, or failure to act, based upon express direction given pursuant to a resolution duly adopted by the Board with respect to such act or omission, or based upon the reasonable advice of legal
counsel for the Company, shall be conclusively presumed to be done, or omitted to be done, by you in good faith and in the best interests of the Company. 

For purposes of this offer letter, “Disability” means your inability to perform on a full-time basis the duties and responsibilities
of your employment with the Company by reason of your illness or other physical or mental impairment or condition, as determined by a physician mutually acceptable to you and the Company, if such inability continues for an uninterrupted period of 90
days or more during any 365-day period. A period of inability shall be “uninterrupted” unless and until you return to full-time work from the above-referenced leave for a continuous period of at
least 180 days, excluding vacation days or sick days taken for reasons unrelated to the illness or other physical or mental impairment or condition necessitating the above-referenced leave. 

For purposes of this offer letter, a resignation for “Good Reason” means your resignation following the occurrence, without your
express, written consent, of one or more of the following conditions (whether by a single action or a series of actions): (a) a material reduction by the Company in your title, duties, responsibilities, or authority as Chief Executive Officer of the

 
Company; (b) a material reduction by the Company of your annual base salary or Target Bonus, other than as part of a reduction affecting all or substantially all of the Company’s senior
leadership team; or (c) the Company’s material breach of this offer letter. Notwithstanding the foregoing, you shall not be deemed to have “Good Reason” under this offer letter unless you provide written notice to the Company of
the event or condition giving rise to Good Reason within 30 days after its initial occurrence, such event or condition continues to exist on the 30th day following your provision of such notice to the Company (the “Cure Period”) and your
resignation is effective within 30 days following the end of the Cure Period.EX-10.28

 Exhibit 10.28 

Execution Version 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”), entered into as of September 13, 2021, is made by and between Life Time
Group Holdings, Inc. (“Life Time”, and together with any of its subsidiaries and affiliates as may employ Executive from time to time, and any successor(s) thereto, the “Company” (except as set forth
in Section 9(a)) and Thomas E. Bergmann (the “Executive”) (collectively referred to herein as the “Parties”). This Agreement shall be effective as of the date of closing of the initial public
offering of the Company (or such other date mutually agreed in writing between the parties) (such date, the “Effective Date”). If the initial public offering of the Company does not occur on or prior to January 1, 2022,
this Agreement will be void ab initio. 
 WHEREAS, the Executive is currently employed by the Company as its President &
Chief Financial Officer pursuant to the terms of that certain Executive Employment Agreement by and between the Parties, dated as of January 29, 2016, as subsequently amended (the “Prior Agreement”); 

WHEREAS, it is the desire of the Company to continue to assure itself of the services of Executive following the Effective Date upon
the terms and conditions of this Agreement, which replaces and supersedes the Prior Agreement; and 
 WHEREAS, the Executive desires to
provide services to the Company on the terms herein provided. 
 NOW, THEREFORE, in consideration of the promises and the mutual agreements
and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Company and Executive, the parties agree as follows: 

1. Employment Period. The term of Executive’s employment with the Company under this Agreement shall be for the period beginning on
the Effective Date and continuing until Executive’s employment with the Company is terminated in accordance with the terms of this Agreement (the “Employment Period”). 

2. Terms of Employment. 

(a) Position and Duties. 

(i) Role and Responsibilities. During the Employment Period, the Executive shall serve as President & Chief Financial Officer
of Life Time, and shall perform such employment duties as are usual and customary for such positions (subject to Section 3(d)(i)). The Executive shall report directly to the Chief Executive Officer of Life Time. Executive will use
Executive’s best efforts to promote the interests, prospects and condition (financial and otherwise) and welfare of the Company and shall perform Executive’s fiduciary duties and responsibilities to the Company to the best of
Executive’s ability in a diligent, trustworthy, businesslike and efficient manner. Executive agrees that Executive will observe and comply with the Company’s rules and policies as adopted by the Company and in effect from time to time. At
the Company’s request, the Executive shall serve the Company and/or its subsidiaries and affiliates in other capacities in addition to the foregoing, consistent with the Executive’s position as President & Chief Financial Officer
of Life Time. In the event that the Executive, during the Employment Period, serves in any one or more of such additional capacities, the Executive’s compensation shall not be increased beyond that specified in Section 2(b) hereof. In
addition, in the event the Executive’s service in one or more of such additional capacities is terminated, the Executive’s compensation, as specified in Section 2(b) hereof, shall not be diminished or reduced in any manner as a result
of such termination provided that the Executive otherwise remains employed under the terms of this Agreement. 
  

 (ii) Exclusivity. During the Employment Period, and excluding any periods of vacation
and sick leave to which the Executive may be entitled, the Executive agrees to devote his or her full business time and attention to the business and affairs of the Company. Executive shall not engage in outside business activities (including
serving on outside boards or committees) without the prior written consent of the Board of Directors of Life Time (the “Board”) (which shall not be unreasonably withheld); provided that Executive shall be permitted to
(i) manage Executive’s personal, financial and legal affairs, (ii) participate in trade associations and charitable and community affairs and (iii) serve on the board of directors of SRAM Corporation and one additional outside
board of directors or advisory board, subject to the prior written consent of the Company’s Chief Executive Officer, in each case, to the extent such actions do not result in any violation of Sections 7 through 9. 

(iii) Principal Location. During the Employment Period, the Executive shall perform the services required by this Agreement at the
Company’s offices located in Boulder, Colorado or such other location mutually agreed upon by the Company and the Executive (the “Principal Location”), except for travel to other locations as may be necessary or
appropriate to fulfill the Executive’s duties and responsibilities hereunder. 
 (b) Compensation, Benefits, Etc. Subject to
Section 3(d)(i): 
 (i) Base Salary. During the Employment Period, the Executive shall receive a base salary (the
“Base Salary”) of $900,000 per annum. The Base Salary shall be subject to review at least annually by the Board or its delegate in its discretion. The Base Salary shall be paid in accordance with the Company’s normal
payroll practices. 
 (ii) Annual Cash Bonus. In addition to the Base Salary, the Executive shall be eligible to earn, for each fiscal
year of the Company ending during the Employment Period commencing in fiscal year 2022, a discretionary cash performance bonus (an “Annual Bonus”) under the Company’s bonus plan or program applicable to senior
executives. The Executive’s target Annual Bonus shall be set at 67% (initially $600,0000) of the Base Salary actually paid for such year (the “Target Bonus”). The Target Bonus shall be subject to review at least annually
by the Board or its delegate in its discretion. The threshold payout of the Annual Bonus will be 33% of the Base Salary (initially $300,000) actually paid for such year and the maximum payout of the Annual Bonus will be 100% of the Base Salary
(initially $900,000) actually paid for such year. The actual amount of any Annual Bonus shall be determined by reference to the attainment of Company performance metrics and/or individual performance objectives, in each case, as determined by the
Board or the Compensation Committee or similar committee in its discretion (but in the case of Company performance metrics, consistent with the methodology applicable for the Chief Executive Officer of the Company), and may be greater or less than
the Target Bonus. Subject to Section 4(a) hereof, payment of any Annual Bonus(es), to the extent any Annual Bonus(es) become payable, will be made at the same time bonuses are paid to other similarly-situated executives of the Company
generally, contingent upon the Executive’s continued employment through the applicable payment date. 
 (iii) Benefits. During
the Employment Period, the Executive (and the Executive’s spouse and/or eligible dependents to the extent provided in the applicable plans and programs) shall be eligible to participate in and be covered under the health and welfare benefit
plans and programs maintained by the Company for the benefit of its employees from time to time, subject to the terms of such plans and programs including any medical and dental insurance plans and programs. In addition, during the Employment
Period, Executive shall be eligible to participate in any retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executive officers generally. Notwithstanding the
foregoing, nothing contained in this Section 2(b)(iii) shall create or be deemed to create any obligation on the part of the Company to adopt or maintain any health, welfare, retirement or other benefit plan or program at any time or to create
any limitation on the Company’s ability to modify or terminate any such plan or program. 

  
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 (iv) Expenses. During the Employment Period, the Executive shall be entitled to
receive reimbursement for all reasonable business expenses incurred by the Executive in accordance with the policies, practices and procedures of the Company. 

(v) Vacation. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the plans, policies,
programs and practices of the Company applicable to its senior executives in effect from time to time. 
 (vi) Equity Awards. During
the Employment Period, Executive will be eligible to participate in the Company’s equity incentive plan then in effect and receive equity awards thereunder, as determined by the Board or the Compensation Committee (or similar committee) of the
Board in its sole discretion and subject to the terms of the Company’s equity incentive plan then in effect and an applicable award agreement. 

3. Termination of Employment. 

(a) Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the
Employment Period. Either the Company or the Executive may terminate the Executive’s employment in the event of the Executive’s Disability during the Employment Period. For purposes of this Agreement, “Disability”
shall mean: Executive’s inability to perform on a full-time basis the duties and responsibilities of Executive’s employment with the Company by reason of Executive’s illness or other physical or mental impairment or condition, as
determined by a physician mutually acceptable to Executive and the Company, if such inability continues for an uninterrupted period of 90 days or more during any 365-day period. A period of inability shall be
“uninterrupted” unless and until Executive returns to full-time work from the above-referenced leave for a continuous period of at least 180 days, excluding vacation days or sick days taken for reasons unrelated to the illness or other
physical or mental impairment or condition necessitating the above-referenced leave. 
 (b) Termination by the Company. The Company
may terminate the Executive’s employment during the Employment Period for Cause or without Cause. For purposes of this Agreement, “Cause” shall mean the occurrence of any one or more of the following events unless, to
the extent capable of correction, the Executive fully corrects the circumstances constituting Cause within thirty (30) days after receipt of the Notice of Termination (as defined below): 

(i) repeated and willful or grossly negligent failure to perform the Executive’s material duties on behalf of the Company; 

(ii) the Executive’s willful or grossly negligent violation of any material Company rule, procedure or policy, or breach of any material non-disclosure, non-competition, non-solicitation or other similar agreement between the Company (or any subsidiaries thereof) and the
Executive; 
 (iii) the Executive’s plea of nolo contendere to, or conviction of a felony or a crime of moral turpitude or
involving fraud or dishonesty (other than minor traffic violations or similar offenses); 
 (iv) the perpetration of any act of fraud,
embezzlement or material dishonesty against or affecting the Company, any of its subsidiaries, or any customer, agent or employee thereof; 

  
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 (v) material breach of fiduciary duty or material breach of this Agreement (or any other
written agreement by and between the Executive and the Company) by Executive; 
 (vi) repeated insolent or abusive conduct in the workplace,
including but not limited to, harassment of others of a racial or sexual nature; or 
 (vii) engaging in any act of material self-dealing
without prior notice to and consent by the Board. 
 For purposes of this provision, no act or failure to act shall be deemed
“willful” unless done or omitted to be done in bad faith and without reasonable belief that such action or omission was in the best interest of the Company and its affiliates. 

(c) Termination by the Executive. The Executive’s employment may be terminated by the Executive for any reason, including with Good
Reason or by the Executive without Good Reason. For purposes of this Agreement, “Good Reason” shall mean the occurrence of any one or more of the following events without the Executive’s prior written consent, unless the
Company fully corrects the circumstances constituting Good Reason (provided such circumstances are capable of correction) as provided below: 

(i) The Company has breached any material term(s) or material condition(s) of this Agreement; 

(ii) A requirement imposed by the Company on the Executive that Executive’s principal place of employment be anywhere other than within a
75 mile radius of the Executive’s Principal Location, and the relocation results in a material change to the geographic location at which the Executive performs services; 

(iii) A 10% or greater reduction in the Executive’s Base Salary or Target Bonus as then in effect, other than in connection with an across-the-board reduction affecting other similarly situated executives of the Company or as otherwise contemplated by Section 3(d)(i); 

(iv) The Company has assigned duties and responsibilities to Executive that are materially inconsistent with Executive’s position, duties
or responsibilities as set forth in this Agreement, such that there occurs a material reduction in Executive’s duties, responsibilities or authority as set forth in this Agreement, other than as contemplated by Section 3(d)(i); or 

(v) The Company appoints any person (other than Bahram Akradi or Executive) as the Chief Executive Officer of the Company. 

Notwithstanding the foregoing, the Executive will not be deemed to have resigned for Good Reason unless (1) the Executive provides the Company with
written notice setting forth in reasonable detail the facts and circumstances claimed by the Executive to constitute Good Reason within ninety (90) days after the date of the occurrence of any event that the Executive knows or should reasonably
have known to constitute Good Reason, (2) the Company fails to cure such acts or omissions within thirty (30) days following its receipt of such notice, and (3) the effective date of the Executive’s termination for Good Reason
occurs no later than thirty (30) days after the expiration of the Company’s cure period. 
 (d) Notice of Suspension or
Termination. 
 (i) Notwithstanding anything to the contrary herein, in the event of the Executive’s arrest or
indictment for a felony, crime or misdemeanor described in Section 3(b)(iii), 

  
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the Company shall have the right (but not obligation) to suspend the Executive without compensation of any kind until such time as either (A) a court of competent jurisdiction makes a final
determination as to the Executive’s guilt or innocence or (B) the Executive pleads nolo contendere to such alleged felony or crime; provided that, if the court makes a final determination that the Executive should be acquitted of
such felony or crime, the Company shall either (x) reinstate the Executive and pay to the Executive the amount of Base Salary that was withheld pursuant to this Section 3(d)(i) within 30 days following such reinstatement, or
(y) terminate the Executive’s employment pursuant to Section 3(b) and pay any severance required in accordance with Section 4. For the avoidance of doubt, the Company retains the right to terminate the Executive’s employment
with the Company at any time during or following such period of suspension pursuant to Section 3(b). 
 (ii) Any
termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by a Notice of Termination to the other parties hereto given in accordance with Section 13(d) hereof. For purposes of this Agreement, a
“Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which
date shall be not more than thirty (30) days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause
shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights
hereunder. 
 (e) Termination of Offices and Directorships; Return of Property. Upon termination of the Executive’s employment
for any reason, unless otherwise specified in a written agreement between the Executive and the Company, the Executive shall be deemed to have resigned from all offices, directorships, and other employment positions if any, then held with the
Company, and shall take all actions reasonably requested by the Company to effectuate the foregoing. In addition, upon the termination of the Executive’s employment for any reason, the Executive agrees to return to the Company all documents of
the Company and its affiliates (and all copies thereof) and all other Company or Company affiliate property that the Executive has in his or her possession, custody or control. Such property includes, without limitation: (i) any materials of
any kind that the Executive knows contain or embody any proprietary or confidential information of the Company or an affiliate of the Company (and all reproductions thereof), (ii) computers (including, but not limited to, laptop computers, desktop
computers and similar devices) and other portable electronic devices (including, but not limited to, tablet computers), cellular phones/smartphones, credit cards, phone cards, entry cards, identification badges and keys, and (iii) any
correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents concerning the customers, business plans, marketing strategies, products and/or processes of the Company
or any of its affiliates and any information received from the Company or any of its affiliates regarding third parties. 
 4. Obligations
of the Company upon Termination. Upon a termination of the Executive’s employment for any reason, the Executive shall be entitled to receive, in a single lump-sum payment, (i) the aggregate
amount of the Executive’s earned but unpaid Base Salary, (ii) any unpaid Annual Bonus earned by Executive for the year prior to the year in which the Date of Termination occurs, (iii) reimbursement of expenses to which Executive is
entitled and (iv) any other benefits to which Executive is legally entitled (collectively, the “Accrued Obligations”). 

  
 5 

 (a) Without Cause or For Good Reason. If the Executive’s employment with the
Company is terminated during the Employment Period (x) by the Company without Cause (other than by reason of the Executive’s death or Disability) or (y) by the Executive for Good Reason (in either case, a “Qualifying
Termination”), then following the date of such termination of employment (such date, the “Date of Termination”), in addition to the Accrued Obligations: 

(i) Target Compensation Continuation. The Company shall continue to pay to the Executive an amount equal to 50% of the sum of the
Executive’s (1) Base Salary and (2) Target Bonus in effect as of the Date of Termination (the amount of such sum, the “Total Target Compensation”), but not to exceed a maximum amount of two times the lesser of:
(x) the Code § 401(a)(17) compensation limit for the year in which the Date of Termination occurs; or (y) the sum of Executive’s annualized compensation based upon the annual rate of pay for services provided to the Company for
the calendar year prior to the calendar year in which the Date of Termination occurs (adjusted for any increase during that year that was expected to continue indefinitely) (the “Target Compensation Continuation Amount”).
Such Target Compensation Continuation Amount shall be paid during the period beginning on the Date of Termination and ending on the six (6) month anniversary of the Date of Termination in installments in accordance with the Company’s
regular payroll practices as of the Date of Termination, provided that to the extent any portion of such payment is delayed pursuant to Section 4(a)(v), such portion shall be paid in a lump sum on the first payroll date following the
60th day following the Date of Termination. 
 (ii) Potential Make-Up Payment. In the event
that the Target Compensation Continuation Amount is reduced under Section 4(a)(i) from 50% of Executive’s Total Target Compensation as of the Date of Termination by application of clause (x) or (y) thereof, then the Company shall make
an additional lump sum payment to the Executive equal to the difference between (x) 50% of Executive’s Total Target Compensation as of the Date of Termination, and (y) the amount to be paid to the Executive under Section 4(a)(i) as a
result of the application of clause (x) or (y) thereof. Such payment will be paid to the Executive on the Company’s first regular payroll after the Executive executes and delivers to the Company the Release (as defined below) and after the
expiration of an applicable revocation period, if any, but in no event later than 75 days after the Date of Termination. 
 (iii)
Supplemental Target Compensation Continuation. The Company will pay to Executive an additional amount equal to 100% of Executive’s Total Target Compensation as of the Date of Termination (the “Supplemental Target Compensation
Continuation Amount”). Such Supplemental Target Compensation Continuation Amount shall be paid to Executive in equal installments in accordance with the Company’s regular payroll schedule, commencing on the first regular payroll
date of the Company that occurs following completion of all payments under Section 4(a)(i) (and in any event commencing no earlier than the first day of the seventh month after the Date of Termination) and continuing for twelve
(12) months. 
 (iv) COBRA. During the period beginning on the Date of Termination and ending on the eighteen (18) month
anniversary of the Date of Termination (or, if shorter, during the period commencing on the date of Executive’s Qualifying Termination and ending on the date on which Executive becomes eligible for coverage under any group health plan of a
subsequent employer or otherwise) (in any case, the “Benefits Continuation Period”), subject to the Executive’s valid election to continue healthcare coverage under Section 4980B of the Internal Revenue Code and the
regulations thereunder (together, the “Code”), the Company shall continue to provide the Executive and the Executive’s eligible dependents with coverage under its group health plans at the same levels and the same cost
to the Executive as would have applied if the Executive’s employment had not been terminated based on the Executive’s elections in effect on the Date of Termination (the “COBRA Payments”), provided,
however, that (A) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A (as defined below) under
Treasury Regulation 

  
 6 

 
Section 1.409A-1(a)(5), or (B) the Company is otherwise unable to continue to cover the Executive under its group health plans without incurring
penalties (including without limitation, pursuant to Section 2716 of the Public Health Service Act or the Patient Protection and Affordable Care Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be
paid to the Executive in substantially equal monthly installments over the Benefits Continuation Period (or the remaining portion thereof). 

(v) Release. Notwithstanding the foregoing, it shall be a condition to the Executive’s right to receive the amounts provided for in
Sections 4(a) hereof, as applicable, that the Executive continue to comply with Executive’s obligations under Sections 7 through 9 hereof and execute and deliver to the Company an effective release of claims in substantially the form attached
hereto as Exhibit A (the “Release”) within twenty-one (21) days (or, to the extent required by law, forty-five (45) days) following the Date of Termination and
that the Executive not revoke such Release during any applicable revocation period. 
 (b) For Cause, Without Good Reason or Other
Terminations. If the Company terminates the Executive’s employment for Cause, the Executive terminates the Executive’s employment without Good Reason, or the Executive’s employment terminates for any other reason not enumerated in
Sections 4(a) or 4(b) hereof, in any case, during the Employment Period, the Company shall pay to the Executive the Accrued Obligations in cash within thirty (30) days after the Date of Termination (or by such earlier date as may be required by
applicable law), and the Executive shall have no further rights hereunder. Notwithstanding the foregoing, in the event the Executive’s termination is by reason of the Executive’s death or Disability, Executive will be entitled, subject to
the timely execution and non-revocation of a Release (as described above), Executive will be entitled to receive a pro-rated portion (based on the number of days
Executive was employed by the Company during the calendar year in which the date of Executive’s termination occurs) of the Annual Bonus that Executive would have earned had Executive remained employed through the end of the calendar year in
which Executive’s Date of Termination occurs, as determined by the Board in good faith. If and to the extent earned, such pro-rated Annual Bonus shall be paid out at the same time annual bonuses are paid
generally to other executives of the Company for the relevant year, less applicable withholdings and deductions (but in no event later than the end of the calendar year following the calendar year to which such Annual Bonus relates). 

(c) Exclusive Benefits. Except as expressly provided in this Section 4 and subject to Section 5 hereof, the Executive shall
not be entitled to any additional payments or benefits upon or in connection with the Executive’s termination of employment. For the avoidance of doubt, all payments and benefits set forth in this Section 4 shall be subject the terms and
conditions of Section 13(f). 
 5. Non-Exclusivity of Rights. Amounts which are vested
benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company at or subsequent to the Date of Termination shall be payable in accordance with such plan,
policy, practice or program or contract or agreement except as explicitly modified by this Agreement. 
 6. Excess Parachute Payments,
Limitation on Payments. 
 (a) Best Pay Cap. Notwithstanding any other provision of this Agreement, in the event that any payment
or benefit received or to be received by the Executive (including any payment or benefit received in connection with a termination of the Executive’s employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or
agreement) (all such payments and benefits, including the payments and benefits under Section 4 hereof, being hereinafter referred to as the “Total Payments”) constitute parachute payments within the meaning of
Section 280G of the Code and would be subject (in whole or part), to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then, after 

  
 7 

 
taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, arrangement or agreement, the cash payments under this Agreement
shall first be reduced, and the noncash payments hereunder shall thereafter be reduced, to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if (i) the net amount of such Total Payments, as so
reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total
Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which
the Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). 

(b) Certain Exclusions. For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise
Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall
be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the written opinion of an independent, nationally recognized accounting or consulting firm (the “Independent Advisors”)
selected by the Company, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of
such Total Payments shall be taken into account which, in the opinion of the Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the
“base amount” (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit
included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. 

7. Restrictive Covenants and Confidentiality. The parties acknowledge and agree that (a) the provisions and covenants contained in
Sections 7 through 9 hereof (i) are material to this Agreement, (ii) are provided for, among other things, the protection of the Company’s trade secrets, confidential and commercially-sensitive information, client and customer
relationships, goodwill and reputation (which is an honest and just purpose), (iii) are reasonable in geographic and temporal scope and (iv) do not impose a greater restriction or restraint than is necessary to protect the Company’s trade
secrets, confidential and commercially-sensitive information, client and customer relationships and contacts, goodwill, reputation and other legitimate business interests, (b) the Executive (i) is employed by the Company, (ii) has
been and/or will be provided with confidential and commercially-sensitive information regarding the Company and its business during his or her employment and/or service with the Company, (iii) provides special, unique and extraordinary services
to the Company, and (iv) is a member of the executive or management personnel of the Company and/or serves as professional staff to executive or management personnel of the Company, (c) the provisions of Sections 7 through 9 hereof do not
adversely affect the Executive’s ability to earn a living in any capacity, stifle the Executive’s ability to use his or her inherent skills and experience, or otherwise impose undue hardship or oppression on the Executive, and (d) the
Executive’s continuation of employment under this Agreement, and the compensation and benefits described in this Agreement, constitute sufficient consideration for all of the Executive’s covenants contained in Sections 7 through 9 hereof.

 (a) Except as permitted by the Board, during the term of the Executive’s employment and/or service with the Company and at all times
thereafter, the Executive shall not divulge, furnish or make accessible to anyone or use in any way other than in the ordinary course of the business of the Company, any confidential, proprietary or secret knowledge or information of the Company or
any of its affiliates, whether developed by the Executive or others, including but not limited to (i) trade secrets, (ii) 

  
 8 

 
confidential and proprietary plans, developments, research, processes, designs, methods or material (whether or not patented or patentable), (iii) customer and supplier lists, (iv) strategic
or other business, marketing or sales plans, (v) financial data and plans and (vi) Proprietary Information. “Proprietary Information” is defined as (i) the name, address and/or contact information of any
customer, supplier or affiliate of the Company or any information concerning the transactions or relations of any customer, supplier or affiliate of the Company or any of its shareholders; (ii) any information concerning any product, service,
technology or procedure offered or used by the Company or any of its affiliates, or under development by or being considered for use by the Company or any of its affiliates; (iii) any information relating to marketing or pricing plans or
methods, capital structure, or any business or strategic plans of the Company or any of its affiliates; (iv) any inventions, innovations, trade secrets or other items covered by Section 8 below; and (v) any other information which the
Company or any of its affiliates has determined and communicated to the Executive in writing to be proprietary information for purposes hereof; provided, however, that “Proprietary Information” shall not include any
information that is or becomes generally known to the public other than through actions of the Executive in violation of the restrictive covenants set forth in Sections 7 through 9 hereof. The Executive acknowledges that the above-described
knowledge and information constitute unique and valuable assets of the Company and represent a substantial investment of time and expense by the Company, and that any disclosure or other use of such knowledge or information other than for the sole
benefit of the Company would be wrongful and would cause irreparable harm to the Company. During the term of the Executive’s employment and/or service with the Company, the Executive shall refrain from any acts or omissions that would reduce
the value of such knowledge or information to the Company. The foregoing obligations of confidentiality shall not apply to any knowledge or information that (x) is now or subsequently becomes generally publicly known for reasons other than the
Executive’s violation of this Agreement, (y) is independently made available to the Executive in good faith by a third party who has not violated a confidential relationship with the Company, or (z) is required to be disclosed by
legal process, other than as a direct or indirect result of the breach of this Agreement by the Executive. 
 (b) If, during the
Executive’s employment and/or service with the Company, the Executive is engaged in or associated with the planning or implementing of any project, program or venture involving the Company, all rights in such project, program or venture shall
belong to the Company, as applicable. Except as approved in writing by the Board, the Executive shall not be entitled to any interest in any such project, program or venture or to any commission, finder’s fee or other compensation in connection
therewith. The Executive shall have no interest, direct or indirect, in any customer or supplier that conducts business with the Company, provided that a passive investment of less than 2.5% of the outstanding shares of capital stock of any customer
or supplier listed on a national securities exchange or publicly traded in the over-the-counter market shall not constitute a breach of this sentence. 

8. Inventions and Proprietary Rights. 

(a) All right, title and interest in all discoveries, inventions, improvements, innovations and other material that the Executive shall
conceive or originate individually or jointly or commonly with others during the term of the Executive’s employment and/or service with the Company (i) that are directly related to the business of the Company or to the Company’s
actual or demonstrably anticipated research or development, or that results from any work performed by the Executive for the Company, (ii) for which any equipment, supplies, facility or trade secret information of the Company was used and/or
(iii) which was not developed entirely on the Executive’s own time, whether or not patentable, copyrightable, or registrable as a trademark (“Protectable Material”), shall be the property of the Company and are
hereby assigned by the Executive to the Company (and the Executive agrees to assign all Protectable Material to the Company in the future), along with ownership of any and all patents, copyrights, trademarks and other intellectual property rights in
the Protectable Material. Upon request and without further compensation therefor, but at no expense to the Executive, the Executive shall execute any and all papers and perform all other acts necessary to assist the Company to obtain and register
patents, copyrights, trademarks and other intellectual property rights on the Protectable Materials in any and all countries. Where applicable, works of authorship created by the Executive for the Company in performing the Executive’s duties
and responsibilities hereunder shall be considered “works made for hire,” as defined in the U.S. Copyright Act. 

  
 9 

 (b) All trade secret information conceived or originated by the Executive that arises during
the term of the Executive’s employment and/or service with the Company and out of the performance of the Executive’s duties and responsibilities to the Company or any related material or information shall be the property of the Company,
and all rights therein are hereby assigned by the Executive to the Company. 
 (c) Notwithstanding the foregoing, the Executive understands
that pursuant to the Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a
federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal. 
 9. Non-Compete; Non-Solicitation; Non-Disparagement. 
 (a) During the term of
the Executive’s employment and/or service with the Company and during the 18-month period following the date of termination thereof (the “Restricted Period”), regardless of the
reason for such termination and regardless of whether the termination is initiated by the Company or Executive, the Executive shall not, directly or indirectly, engage in any manner or capacity (including without limitation as a proprietor, owner,
principal, agent, partner, officer, director, employee, member of any association, consultant or otherwise) in any Company Business (as defined below) in the Territory (as defined below). For purposes of Sections 7 through 9 hereof, (i)
“Company” means Life Time Group Holdings, Inc. and any parent, affiliated, related and/or direct or indirect subsidiary entity thereof, (ii) “Company Business” means (1) the design, development, operation, management,
advertisement, promotion, solicitation, marketing or sale of health and fitness clubs or health and fitness club memberships, (2) any services, products or programs offered by health and fitness clubs, including but not limited to personal
training, nutritional supplements; health testing or health assessments; wellness services or programs (whether direct to consumer or business to business); weight loss services or programs; kids activities; salons, spas, and medical spas;
restaurants or cafes; athletic events and related services (including race timing and registration), and (3) any other product or service that grows into a material business for the Company (or is under development and is projected to grow into
a material business for the Company) as of the Executive’s Date of Termination, and (iii) “Territory” means the United States, Canada and any other country in which the Company is then doing Company Business as of the Executive’s
Date of Termination, and (iii) “Territory” means the United States, Canada and any other country in which the Company is then doing Company Business as of the Executive’s Termination of Services Date. Ownership by the Executive, as a
passive investment, of less than 2.5% of the outstanding shares of capital stock of any corporation listed on a national securities exchange or publicly traded in the
over-the-counter market shall not constitute a breach of this Section 9(a). 

(b) During the term of the Executive’s employment and/or service with the Company and during the Restricted Period, regardless of the
reason for such termination and regardless of whether the termination is initiated by the Company or Executive, the Executive shall not, in any manner or capacity (including without limitation as a proprietor, owner, principal, agent, partner,
officer, director, stockholder, employee, member of any association, consultant or otherwise), directly or indirectly, hire, engage or solicit for the purpose of employing or otherwise engaging any person who is then an employee of the Company or
who was an employee of the Company as of the Executive’s date of termination or at any time in the six-month period prior to such hiring, engagement or solicitation. 

  
 10 

 (c) During the term of the Executive’s employment and/or service with the Company and
during the Restricted Period, regardless of the reason for such termination and regardless of whether the termination is initiated by the Company or Executive, the Executive shall not, in any manner or capacity (including without limitation as a
proprietor, owner, principal, agent, partner, officer, director, stockholder, employee, member of any association, consultant or otherwise), directly or indirectly, solicit, request, advise or induce any current or potential customer, member,
supplier or other business contact of the Company to cancel, curtail or otherwise change its relationship with the Company. 
 (d) The
Executive will not malign, defame or disparage the reputation, character, image, products or services of the Company or any of its affiliates, or the reputation or character of the Company’s or any of its affiliates’ then-current directors
or officers or any direct reports of Executive as of immediately prior to the Executive’s date of termination, provided that nothing in this Section 9(d) shall be construed to limit or restrict Executive from taking any action that
Executive in good faith reasonably believes is necessary to fulfill Executive’s fiduciary obligations to the Company, or from providing truthful information in connection with any legal proceeding, government investigation or other legal
matter. The Company shall instruct its then-current executive officers and directors as of the Executive’s date of termination not to malign, defame or disparage the reputation or image of Executive, provided that nothing in this
Section 9(d) shall be construed to limit or restrict such officers and directors from taking any action that they in good faith reasonably believes is necessary to fulfill their fiduciary obligations to the Company, or from providing truthful
information in connection with any legal proceeding, government investigation or other legal matter. 
 (e) The Executive shall inform any
prospective or future employer of any and all restrictions contained in this Agreement and provide such employer with a copy of such restrictions (but no other terms of this Agreement) prior to the commencement of that employment. 

10. Enforcement. If the duration of, the scope of or any business activity covered by any provision of Sections 7 through 9 hereof is
found by a court of competent jurisdiction to be in excess of what is valid and enforceable under applicable law, such provision shall be construed to cover only that duration, scope or activity that is valid and enforceable, and all other
provisions of Sections 7 through 9 shall remain in full force and effect. The Executive hereby acknowledges that Sections 7 through 9 hereof shall be given the construction that renders the provisions valid and enforceable to the maximum extent, not
exceeding their express terms, possible under applicable law. Notwithstanding anything to the contrary, the foregoing sentences of this Section 10 shall in no event apply to the extent their application would render Sections 7 through 9 hereof
(or any portion thereof) unenforceable under applicable law. The Executive acknowledges that the provisions of Sections 7 through 9 hereof are reasonable and necessary to protect the legitimate interests of the Company, and that any violation of
those provisions by the Executive would cause real, immediate, substantial and irreparable harm to the Company to such an extent that monetary damages alone would be an inadequate remedy therefor. Therefore, in the event of any actual or threatened
breach of any provision of Sections 7 through 9 hereof, the Company shall, in addition to any other remedies it may have, be entitled to injunctive and other equitable relief to enforce such provisions and to restrain the Executive from violating or
continuing to violate such provisions, and such relief may be granted without the necessity of proving actual monetary damages or posting bond. The Executive agrees that the Restricted Period shall be tolled, and shall not run, during any period of
time in which he or she is in violation of the terms of Section 9(a), 9(b) or 9(c), in order that the Company and its affiliates shall have all of the agreed-upon temporal protection recited herein. No breach of any provision of this Agreement
by the Company, or any other claimed breach of contract or violation of law, or change in the nature or scope of the Executive’s employment and/or service relationship with the Company, shall operate to extinguish the Executive’s
obligation to comply with Sections 7 through 9 hereof. The Company (including, without limitation, its affiliates) are third party beneficiaries under this Agreement and shall have the right to enforce all of the Executive’s obligations to the
Company under this Agreement, including without limitation 

  
 11 

 
pursuant to Sections 7 through 9 hereof, and the Company shall be entitled to assign its rights under Sections 7 through 9 hereof without the Executive’s consent and any such assignees shall
have the right to enforce all of the Executive’s obligations to comply with Sections 7 through 9 hereof. The Executive covenants and agrees that he or she has received adequate consideration for his or her obligations contained in Sections 7
through 9 hereof, and will not take the position that the covenants contained in Sections 7 through 9 hereof are void for lack of consideration. The Executive will be responsible for any and all attorneys’ fees and costs the Company incurs in
enforcing the Executive’s obligations contained in Sections 7 through 9 hereof. 
 11. Representations. The Executive hereby
represents and warrants to the Company that (a) the Executive is entering into this Agreement voluntarily and that the performance of the Executive’s obligations hereunder will not violate any agreement between the Executive and any other
person, firm, organization or other entity, and (b) the Executive is not bound by the terms of any agreement with any previous employer or other party to refrain from competing, directly or indirectly, with the business of such previous
employer or other party that would be violated by the Executive’s entering into this Agreement and/or providing services to the Company pursuant to the terms of this Agreement. 

12. Successors. This Agreement is personal to the Executive and, without the prior written consent of the Company, shall not be
assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. This Agreement shall inure to the benefit of
and be binding upon the Company and its successors and assigns. 
 13. Miscellaneous. 

(a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without
reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. 

(b) Compensation Recovery Policy. Executive acknowledges and agrees that, to the extent the Company adopts any claw-back or similar
policy pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act or otherwise, and any rules and regulations promulgated thereunder, he or she shall take all action necessary or appropriate to comply with such policy (including,
without limitation, entering into any further agreements, amendments or policies necessary or appropriate to implement and/or enforce such policy with respect to past, present and future compensation, as appropriate). 

(c) Whistleblower Protections and Trade Secrets. Notwithstanding anything to the contrary contained herein, nothing in this Agreement
prohibits Executive from reporting possible violations of federal law or regulation to any United States governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act
of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including the right to receive an award for information provided to any such government agencies).
Furthermore, in accordance with 18 U.S.C. § 1833, notwithstanding anything to the contrary in this Agreement: (i) Executive shall not be in breach of this Agreement, and shall not be held criminally or civilly liable under any federal or
state trade secret law (A) for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or
(B) for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) if Executive files a lawsuit for retaliation by the Company for
reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney, and may use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal,
and does not disclose the trade secret, except pursuant to court order. 

  
 12 

 (d) Notices. All notices and other communications hereunder shall be in writing and
shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to the Executive: at the Executive’s most recent address on the records of the Company. 

If to the Company: 
 Life
Time Fitness, Inc. 
 2902 Corporate Place 

Chanhassen, MN 55317 
 Attention:
Executive Vice President & Chief Administrative Officer 
 with a copy to: 

Latham & Watkins LLP 

1271 Avenue of the Americas 
 New
York, NY 10020 
 Attn: Austin Ozawa 
 or to
such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 

(e) Sarbanes-Oxley Act of 2002. Notwithstanding anything herein to the contrary, if the Company determines, in its good faith judgment,
that any transfer or deemed transfer of funds hereunder is likely to be construed as a personal loan prohibited by Section 13(k) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the
“Exchange Act”), then such transfer or deemed transfer shall not be made to the extent necessary or appropriate so as not to violate the Exchange Act and the rules and regulations promulgated thereunder. 

(f) Section 409A of the Code. 

(i) To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Code and Department of Treasury
regulations and other interpretive guidance issued thereunder (together, “Section 409A”). Notwithstanding any provision of this Agreement to the contrary, if the Company determines that any
compensation or benefits payable under this Agreement may be subject to Section 409A, the Company shall work in good faith with the Executive to adopt such amendments to this Agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, including without limitation, actions
intended to (i) exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (ii) comply with the requirements of Section 409A; provided, however, that this
Section 13(f) shall not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the Company have any liability for failing to do so. 

(ii) Any right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of separate payments. To
the extent permitted under Section 409A, any separate payment or benefit under this Agreement or otherwise shall not be deemed “nonqualified deferred compensation” subject to Section 409A to the extent provided in the exceptions
in Treasury Regulation Section 1.409A-1(b)(4), Section 1.409A-1(b)(9) or any other applicable exception or provision of Section 409A. Any payments subject
to Section 409A that are subject to execution of a waiver and release which 

  
 13 

 
may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination of employment) occurs shall commence payment only in the calendar
year in which the consideration period or, if applicable, release revocation period ends, as necessary to comply with Section 409A. All payments of nonqualified deferred compensation subject to Section 409A to be made upon a termination of
employment under this Agreement may only be made upon Executive’s Separation from Service (as defined below) from the Company. 
 (iii)
Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation any severance payments or benefits payable under Section 4 hereof, shall be paid to the Executive during the six (6)-month
period following the Executive’s “separation from service” from the Company (within the meaning of Section 409A, a “Separation from Service”) if the Company determines that at the time of Executive’s
Separation from Service that Executive is a “specified employee” for purposes of Section 409A and paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under
Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first day of the seventh month following the date of Separation from Service (or such earlier date upon which
such amount can be paid under Section 409A without resulting in a prohibited distribution, including as a result of the Executive’s death), the Company shall pay the Executive a lump-sum amount equal
to the cumulative amount that would have otherwise been payable to the Executive during such period. 
 (iv) To the extent that any payments
or reimbursements provided to the Executive under this Agreement are deemed to constitute compensation to the Executive to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, such amounts
shall be paid or reimbursed reasonably promptly, but not later than December 31 of the year following the year in which the expense was incurred. The amount of any such payments eligible for reimbursement in one year shall not affect the
payments or expenses that are eligible for payment or reimbursement in any other taxable year, and the Executive’s right to such payments or reimbursement of any such expenses shall not be subject to liquidation or exchange for any other
benefit. 
 (g) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. 
 (h) Withholding. The Company may withhold from any amounts payable under
this Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

(i) No Waiver. The Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement
or the failure to assert any right the Executive or the Company may have hereunder shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

(j) Entire Agreement. As of the Effective Date, this Agreement constitutes the final, complete and exclusive agreement between the
Executive and the Company with respect to the subject matter hereof and replaces and supersedes any and all other agreements, offers or promises, whether oral or written, by any member of the Company and its subsidiaries or affiliates, or
representative thereof, including without limitation Prior Agreement; provided that nothing herein replaces or supersedes any non -disclosure, non-competition,
non-solicitation or other similar agreement between the Company (or any subsidiaries thereof) and the Executive in effect on the Effective Date, each of which shall remain in full force and effect. 

  
 14 

 (k) Amendment. No amendment or other modification of this Agreement shall be
effective unless made in writing and signed by the parties hereto. 
 (l) Counterparts. This Agreement and any agreement referenced
herein may be executed simultaneously in two or more counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument. A facsimile, PDF (or any electronic signature complying with the U.S.
federal ESIGN Act of 2000, e.g. www.docusign.com) or any other type of copy of an executed version of this Agreement signed by a party is binding upon the signing party to the same extent as the original of the signed agreement. 

[SIGNATURES APPEAR ON FOLLOWING PAGE] 

  
 15 

 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant
to the authorization from the Board, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 

 

			
	LIFE TIME GROUP HOLDINGS, INC.
		
	By:	 	 /s/ Bahram Akradi

		 	Name: Bahram Akradi
		 	Title: Chief Executive Officer
	
	EXECUTIVE
	
	 /s/ Thomas E. Bergmann

		 	Thomas E. Bergmann

 Signature Page to Executive Employment Agreement 

 EXHIBIT A 

Form of Release Agreement 

This General Release of Claims (this “Release”) is made by Thomas E. Bergmann (“Executive”) in
favor of Life Time Group Holdings, Inc., a Delaware corporation (the “Company”) and the “Releasees” (as defined below), as of the date of Executive’s execution of this Release. 

1. Release by Executive. In exchange for the benefits set forth in the certain Employment Agreement entered into by and between the
Company and Executive, dated as of September 13, 2021, (the “Agreement”) to which this Release is an exhibit, which are conditioned on Executive signing this Release, and to which Executive is not otherwise entitled, and for
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Executive, his heirs, executors, administrators, beneficiaries, representatives, assigns and successors, and all others connected with or claiming
through Executive, fully and forever agree to release and discharge the Company and the Company’s parent and subsidiary corporations, and all of their respective past, present and future employee benefit plans, joint venturers, predecessors,
successors, assigns, employees, officers, directors, shareholders, administrators, trustees, agents, representatives, and consultants, and all those connected with any of them, in their official and personal capacities (hereinafter the
“Releasees”) from any and all manner of claims, liabilities and actions, causes of action, in law or in equity, demands, suits, rights, or damages of any kind or nature, whether known or unknown, fixed or contingent
(hereinafter called “Claims”), that Executive now has or may hereafter have against the Releasees arising out of, connected with or relating to Executive’s employment by the Company and/or other relationship with the
Company, or the termination of Executive’s employment and/or other relationship, by reason of any and all acts, omissions, events or facts occurring or existing prior to Executive’s execution of this Release. The Claims released hereunder,
including without limitation, any claim of wrongful discharge, breach of contract, breach of the covenant of good faith and fair dealing, violation of public policy, defamation, discrimination, personal injury, physical injury, emotional distress,
claims under the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621 et seq. (“ADEA”); the Older Workers’ Protection Benefit Act of 1990; Title VII of the Civil Rights Act of 1964, as amended, by the
Civil Rights Act of 1991, 42 U.S.C. § 2000 et seq.; Equal Pay Act, as amended, 29 U.S.C. § 206(d); the Civil Rights Act of 1866, 42 U.S.C. § 1981; the Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq.; the Americans
with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq.; the False Claims Act, 31 U.S.C. § 3729 et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; the Worker Adjustment and Retraining
Notification Act (“WARN”), as amended, 29 U.S.C. § 2101 et seq.; the Fair Labor Standards Act, 29 U.S.C. § 215 et seq.; and any federal, state or local laws of similar effect. 

2. Claims Not Released. This Release shall not apply to: the Company’s obligations to provide the separation benefits under
Section 4 of the Agreement; Executive’s right to bring any action to enforce the terms of same or of this Release; Executive’s right to indemnification under any applicable indemnification policy of the Company, including without
limitation, any general liability or “directors and officers” insurance policy, any shareholders or other agreement with the Company (including pursuant to any individual indemnification agreement), the Company’s governing documents
or applicable law; Executive’s right to assert claims for workers’ compensation or unemployment benefits; Executive’s right to bring to the attention of the Equal Employment Opportunity Commission (“EEOC”) or
any analogous state agency claims of discrimination, harassment or retaliation (provided, however, that Executive hereby agrees to waive Executive’s right to recover monetary damages or other individual relief in any such charge, investigation
or proceeding or any related complaint or lawsuit filed by Executive or anyone else on Executive’s behalf), to the extent required by law; any right to communicate directly with, cooperate with, or provide information to, any federal, state or
local government regulator; any right to file an unfair labor 

 
practice charge under the National Labor Relations Act (“NLRA”); Executive’s vested rights under any retirement or welfare benefit plan of the Company; any rights
Executive may have to benefits under the Company’s standard benefit programs; Executive’s rights in his or her capacity as an equity holder of the Company; Executive’s right to receive payment for accrued salary and any earned but
unpaid Annual Bonus with respect to the year prior to the year in which Executive’s date of termination of employment occurs for services rendered through Executive’s last day of employment, and reimbursement for travel and business
expenses properly incurred prior to the separation date, but unreimbursed; or any other rights that may not be waived by an employee under applicable law. 

3. Older Worker’s Benefit Protection Act. In accordance with the Older Worker’s Benefit Protection Act, Executive is
hereby advised as follows: 
 (a) Executive has read this Release and understands its terms and effect, including the fact that Executive is
agreeing to release and forever discharge the Company and each of the Releasees from any Claims released in this Release. 
 (b) Executive
understands that, by entering into this Release, Executive does not waive any Claims that may arise after the date of Executive’s execution of this Release, including without limitation any rights or claims that Executive may have to secure
enforcement of the terms and conditions of this Release. 
 (c) Executive has signed this Release voluntarily and knowingly in exchange for
the consideration described in this Release, which Executive acknowledges is adequate and satisfactory to Executive and in addition to any other benefits to which Executive is otherwise entitled. 

(d) The Company advises Executive to consult with an attorney prior to executing this Release. 

(e) Executive has [twenty-one (21) days] [forty-five (45) days)]1 to review and decide whether or not to sign this Release. If Executive signs this Release prior to the expiration of such period, Executive acknowledges that Executive has done so voluntarily, had
sufficient time to consider the Release, to consult with counsel and that Executive does not desire additional time and hereby waives the remainder of the [twenty-one (21)] [forty-five (45)] day period. In the
event of any changes to this Release, whether or not material, Executive waives the restarting of the [twenty-one (21)] [forty-five (45) day] period. 

(f) Executive has seven (7) days after signing this Release to revoke this Release and this Release will become effective upon the
expiration of that revocation period. If Executive revokes this Release during such seven (7)-day period, this Release will be null and void and of no force or effect on either the Company or Executive and
Executive will not be entitled to any of the payments or benefits which are expressly conditioned upon the execution and non-revocation of this Release. 

If Executive wishes to revoke this Release, Executive shall deliver written notice stating his or her intent to revoke this Release to [NAME,
OFFICER TITLE, DEPARTMENT, ADDRESS], on or before 5:00 p.m. on the seventh (7th) day after the date on which Executive signs this Release. 

4. Representations. 

 

	1 	 Include instead of twenty-one days in this paragraph (e) if
termination is part of a group termination/layoff. 

 (a) Executive represents and warrants that there has been no assignment or other transfer of
any interest in any Claim which he or she may have against Releasees, or any of them, based on actions occurring prior to the date of this Agreement. 

(b) Executive represents that, as of the date of execution of this Release, he has not filed any lawsuits, charges, complaints, petitions,
administrative claims or other accusatory pleadings in any court or with any governmental agency against any of the Releasees. 
 5.
Exceptions. Notwithstanding anything in this Release to the contrary, nothing contained in this Release shall prohibit Executive (or Executive’s attorney) from (i) filing a charge with, reporting possible violations of federal law
or regulation to, participating in any investigation by, or cooperating with the U.S. Securities and Exchange Commission (“SEC”), the Financial Industry Regulatory Authority, the EEOC, the NLRB, the Occupational Safety and
Health Administration, the U.S. Commodity Futures Trading Commission, the U.S. Department of Justice or any other securities regulatory agency, self-regulatory authority or federal, state or local regulatory authority (collectively,
“Government Agencies”), or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation, (ii) communicating directly with, cooperating with, or providing information
(including trade secrets) in confidence to any Government Agencies for the purpose of reporting or investigating a suspected violation of law, or from providing such information to Executive’s attorney or in a sealed complaint or other document
filed in a lawsuit or other governmental proceeding, and/or (iii) receiving an award for information provided to any Government Agency. Pursuant to 18 USC Section 1833(b), Executive will not be held criminally or civilly liable under any
federal or state trade secret law for the disclosure of a trade secret that is made: (x) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting
or investigating a suspected violation of law; or (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Further, nothing in this Release is intended to or shall preclude Executive from
providing truthful testimony in response to a valid subpoena, court order, regulatory request or other judicial, administrative or legal process or otherwise as required by law. 

6. Miscellaneous. 
 (a)
Severability. If any sentence, phrase, section, subsection or portion of this Release is found to be illegal or unenforceable, such action shall not affect the validity or enforceability of the remaining sentences, phrases, sections,
subsections or portions of this Release, which shall remain fully valid and enforceable. 
 (b) Headings. The headings in this Release
are provided solely for convenience, and are not intended to be part of, nor to affect or alter the interpretation or meaning of, this Release. 

(c) Construction of Agreement. Executive has been represented by, or had the opportunity to be represented by, counsel in connection
with the negotiation and execution of this Release. Any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in the construction or interpretation of this Release. 

(d) Entire Agreement/Integration. This Release, together with the Agreement, constitutes the entire agreement between Executive and the
Company concerning the subject matter hereof. No covenants, agreements, representations, or warranties of any kind, other than those set forth herein, have been made to any party hereto with respect to this Release. All prior discussions and
negotiations have been and are merged and integrated into, and are superseded by, this Release. No amendments to this Release will be valid unless written and signed by Executive and an authorized representative of the Company. 

 Sign only on or within [twenty-one (21)][forty-five
(45) days] after [DATE] 
  

					
		  		  	[EXECUTIVE]
			
	Date:
                                         
       	  		  	  

		  		  	[NAME]

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