Document:

EX-4.3

 Exhibit 4.3 

IFIT HEALTH & FITNESS INC 

REGISTRATION RIGHTS AGREEMENT 
  

 
 Dated as of
[•], 2021 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	1.	 	DEFINITIONS	  	 	1	 
		 	1.1	  	Certain Definitions	  	 	1	 
		 	1.2	  	Certain Matters of Construction	  	 	9	 
		 	1.3	  	Cross Reference Table	  	 	9	 
	2.	 	LOCK-UP	  	 	10	 
		 	2.1	  	Lock Up	  	 	10	 
		 	2.2	  	Transfer Conditions	  	 	11	 
		 	2.3	  	Stop Transfer Instruction	  	 	11	 
	3.	 	REGISTRATION RIGHTS	  	 	11	 
		 	3.1	  	Piggyback Registration Rights	  	 	11	 
		 	3.2	  	Demand Registration Rights	  	 	13	 
		 	3.3	  	Certain Other Provisions	  	 	15	 
		 	3.5	  	Officer Obligations	  	 	21	 
		 	3.6	  	In-Kind Distributions	  	 	21	 
		 	3.7	  	Indemnification and Contribution	  	 	21	 
		 	3.8	  	Lock-up	  	 	23	 
	4.	 	REMEDIES	  	 	24	 
		 	4.1	  	Generally	  	 	24	 
	5.	 	LEGENDS	  	 	24	 
		 	5.1	  	Securities Act Legend	  	 	24	 
		 	5.2	  	Registration Rights Agreement Legend	  	 	24	 
		 	5.3	  	Stop Transfer Instruction	  	 	25	 
	6.	 	AMENDMENT, TERMINATION, ETC.	  	 	25	 
		 	6.1	  	No Oral Modification	  	 	25	 
		 	6.2	  	Written Modifications	  	 	25	 
	7.	 	MISCELLANEOUS	  	 	26	 
		 	7.1	  	Authority; Effect	  	 	26	 
		 	7.2	  	Notices	  	 	26	 
		 	7.3	  	Binding Effect, etc.	  	 	28	 
		 	7.4	  	Descriptive Headings	  	 	29	 
		 	7.5	  	Counterparts	  	 	29	 
		 	7.6	  	Severability	  	 	29	 
		 	7.7	  	Third Party Beneficiaries	  	 	29	 
		 	7.8	  	Specific Performance	  	 	29	 
		 	7.9	  	Effectiveness	  	 	29	 
	8.	 	GOVERNING LAW	  	 	29	 
		 	8.1	  	Governing Law	  	 	29	 
		 	8.2	  	Consent to Jurisdiction	  	 	30	 
		 	8.3	  	WAIVER OF JURY TRIAL	  	 	30	 
		 	8.4	  	Reliance	  	 	30	 

  
 i 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (the “Agreement”) is entered into on [•], 2021 and effective upon the Initial
Public Offering (as defined below), by and among: 
  

	 	(i)	 iFIT Health & Fitness Inc, a Delaware corporation (the “Company”),

  

	 	(ii)	 iFIT Inc., a Delaware corporation (“ICON”), 

 

	 	(iii)	 HF Investment Holdings, LLC, a Delaware limited liability company (the “LLC”),

  

	 	(iv)	 each of (A) Gary E. Stevenson, an individual residing in Riverheight, UT
(“Stevenson”), (B) GS ICON LLC (“GS”), a Delaware limited liability company, (C) Scott R. Watterson (“Watterson”), an individual residing in Providence, UT, and (D) SW
ICON LLC (“SW”), a Delaware limited liability company, 

  

	 	(v)	 Robert C. Gay, an individual residing in Wellington, FL (“Robert Gay”), BG ICON LLC, a
Nevada limited liability company (“BG”), and BG ICON II LLC, a Delaware limited liability company (“BG II”), 

  

	 	(vi)	 Icon Preferred Holdings, L.P., 

 

	 	(vii)	 LC9 Connected Holdings, LP, a Delaware limited partnership, and 

 

	 	(viii)	 Wen-Chung Ko, an individual residing in Yaoyuan Hsien, Taiwan
(“Ko”), and 

  

	 	(ix)	 any other parties signing a counterpart signature page hereto as of the date hereof (collectively, the
“Other Investors,” and each an “Other Investor”). 

 Capitalized
terms used herein but not defined herein shall have the meanings assigned to such terms in Section 1.1. 

Recitals 
 1. Whereas,
certain Investors and the Company entered into that Amended and Restated Investors’ Agreement, dated as of October 2, 2020, as amended by that certain Amendment No. 1, dated as of March 17, 2021 (the “Investors’
Agreement”); 
 2. Whereas, the Company intends to consummate an Initial Public Offering; 

3. Whereas, L Catterton (as defined below), Pamplona (as defined below), Watterson and the Company entered into the Omnibus Agreement, pursuant
to which L Catterton, Pamplona and Watterson, effective upon the Initial Public Offering, are purchasing from the Company the Convertible Notes; and 

4. Whereas, effective upon the Initial Public Offering, in connection with L Catterton’s, Pamplona’s, and Watterson’s purchase
of the Convertible Notes, the parties wish to terminate the Investors’ Agreement and effectuate this Agreement. 
 Agreement 

Now, therefore, in consideration of the foregoing and the mutual agreements set forth below, the parties hereto, each intending to be legally
bound, hereby agree as follows: 
 1. DEFINITIONS. 

1.1 Certain Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

1.1.1 “Affiliate” shall mean, with respect to any specified Person, any Person that, directly or
indirectly, through one or more intermediaries, controls, is controlled by or is under common control with, the Person specified. 

1.1.2 “Board” shall mean the Board of Directors of the Company. 

1.1.3 “Business Day” shall mean a day when national banks are open for business in Boston and New York
City. 

 1.1.4 “Common Stock” shall mean the Class A
common stock and Class B common stock of the Company. 
 1.1.5 “Convertible Notes” shall mean
those certain convertible notes issued to each of L Catterton, Pamplona and Watterson pursuant to the Omnibus Agreement, as they may, from time to time, be divided into further multiple notes, and as amended, modified or supplemented in accordance
with such convertible notes. 
 1.1.6 “Convertible Notes Registration Rights Holders” shall mean, as
of any date, the holders of the Convertible Notes or any shares of Equity Securities obtained upon the conversion or exchange of the Convertible Notes. 

1.1.7 “Equity Securities” shall mean, with respect to any Person, any (a) shares of capital stock,
partnership or joint venture interest, membership interest, limited liability company interest, beneficial interest in a trust, or similar security or equity interest, voting security or other ownership interests in such Person, (b) security,
debt instrument or other interest directly or indirectly convertible into or exercisable or exchangeable for (with or without consideration) any of the foregoing or (c) option, warrant, call, subscription, “phantom” right, interest
appreciation right, performance unit, profits interest or other right, convertible, exercisable or exchangeable securities, contracts or commitments of any character obligating such Person to issue, transfer, deliver or sell any of the foregoing or
securities convertible into or, exercisable or exchangeable for any of the foregoing. 
 1.1.8 “Equivalent
Shares” shall mean as to any outstanding Options, the maximum number of shares of Common Stock for which or into which such Options may at the time be exercised or converted. 

1.1.9 “Exchange Act” shall mean Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Securities and Exchange Commission promulgated thereunder, all as from time to time in effect. 
 1.1.10
“Gay Investors” shall mean BG, BG II and any Permitted Transferees thereof which, from time to time, acquire Securities and becomes party to this Agreement by executing and delivering to the Company an instrument in form
satisfactory to the Company pursuant to which such Persons agree to be bound by the terms of this Agreement to the same extent as BG and BG II. 

1.1.11 “Gay Majority Holders” shall mean, as of any date, the holders of a majority of the Gay
Securities outstanding on such date. 
 1.1.12 “Gay Securities” shall mean (a) all shares of
Common Stock issued to, purchased by or held by, directly or indirectly (for the avoidance of doubt, including such shares held by the LLC for the benefit of any Gay Investor), any Gay Investor, whenever issued, including, without limitation, all
shares of Common Stock issued pursuant to the exercise or conversion of any Options; (b) all Options granted or issued to any Gay Investor (treating such Options as a number of shares of Common Stock equal to the number of Equivalent Shares
represented by such Options for all purposes of this Agreement); and (c) all securities into which any such shares or Options are converted or exchanged; provided that Gay Securities shall not include any shares of Common Stock, Options
or other securities that are not held by a Gay Investor at the relevant time; and provided, further, that Gay Securities Transferred shall in the hands of the recipient not constitute Gay Securities for any purpose of this Agreement.

 1.1.13 “Immediate Family” shall mean, with respect to any individual, each spouse, parent,
brother, sister or child of such individual, each spouse of any such Person, each child of any of the aforementioned Persons, each trust created solely for the benefit of one or more of the aforementioned Persons and each custodian or guardian of
any property of one or more of the aforementioned Persons in his capacity as such custodian or guardian. 

  
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 1.1.14 “Initial Public Offering” shall mean the
first Public Offering of shares of Common Stock registered on form S-1 (or any successor form) under the Securities Act or a SPAC Transaction. 

1.1.15 “Investor” shall mean any of the Management Investors, the Gay Investors, the Ko Investors, the
Stevenson Investors, the Pamplona Warrantholders, the Pamplona Noteholders, the L Catterton Warrantholders, the L Catterton Noteholders, the Watterson Noteholders and the Other Investors. 

1.1.16 “Junior Management Investors” shall mean each officer or employee of the Company or any of its
subsidiaries who hold Junior Management Securities and any Permitted Transferee thereof who, from time to time, acquires such Securities and becomes party to this Agreement by executing and delivering to the Company an instrument in form
satisfactory to the Company pursuant to which such person agrees to be bound by the terms of this Agreement to the same extent as a Junior Management Investor. 

1.1.17 “Junior Management Options” shall mean all Options issued under the Company’s 2014 Stock
Option Plan. 
 1.1.18 “Junior Management Securities” shall mean (a) all Junior Management
Options and all shares of Common Stock issued pursuant to the exercise or conversion of any Junior Management Options and (b) all securities into which any such shares or Junior Management Options are converted or exchanged; provided
that Junior Management Securities shall not include any shares of Common Stock, Options or other securities that are not held by a Junior Management Investor at the relevant time; and provided, further, that Junior Management
Securities Transferred shall in the hands of the recipient not constitute Junior Management Securities for any purpose of this Agreement. 

1.1.19 “Ko Investors” shall mean Ko and any Permitted Transferee thereof which, from time to time,
acquires Securities and becomes party to this Agreement by executing and delivering to the Company an instrument in form satisfactory to the Company pursuant to which such Person agrees to be bound by the terms of this Agreement to the same extent
as Ko. 
 1.1.20 “Ko Majority Holders” shall mean, as of any date, the holders of a majority of the
Ko Securities outstanding on such date. 
 1.1.21 “Ko Securities” shall mean (a) all shares of
Common Stock issued to, purchased by or held by, directly or indirectly (for the avoidance of doubt, including such shares held by the LLC for the benefit of any Ko Investor), any Ko Investor, whenever issued, including, without limitation, all
shares of Common Stock issued pursuant to the exercise or conversion of any Options; (b) all Options granted or issued to any Ko Investor (treating such Options as a number of shares of Common Stock equal to the number of Equivalent Shares
represented by such Options for all purposes of this Agreement); and (c) all securities into which any such shares or Options are converted or exchanged; provided that Ko Securities shall not include any shares of Common Stock, Options
or other securities that are not held by a Ko Investor at the relevant time; and provided, further, that Ko Securities Transferred shall in the hands of the recipient not constitute Ko Securities for any purpose of this Agreement. 

1.1.22 “L Catterton” shall mean LC9 Connected Holdings, LP, a Delaware limited partnership and its
Permitted Transferees. 

  
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 1.1.23 “L Catterton Key Noteholder” shall mean one
(1) L Catterton Noteholder designated by the L Catterton Noteholders. The L Catterton Key Noteholder shall initially be L Catterton and the L Catterton Noteholders shall provide written notice to the Company of any change in the L Catterton Key
Noteholder. 
 1.1.24 “L Catterton Note” shall mean that certain Convertible Note issued to L
Catterton pursuant to the Omnibus Agreement, as it may, from time to time, be divided into multiple notes, and as amended, modified or supplemented in accordance with such Convertible Note. 

1.1.25 “L Catterton Noteholder” shall mean each holder of all or any portion the L Catterton Note. 

1.1.26 “L Catterton Purchase Agreement” shall mean that certain Securities Purchase Agreement, dated as
of October 2, 2020, by and between the Company, L Catterton and Pamplona. 
 1.1.27 “L Catterton
Warrant” shall mean that certain Warrant issued by the Company to L Catterton on October 2, 2020, as it may, from time to time, be divided into multiple warrants, and as amended, modified or supplemented in accordance with such
Warrant. 
 1.1.28 “L Catterton Warrantholder” shall mean each holder of all or any portion of the L
Catterton Warrant or the L Catterton Warrant Securities. 
 1.1.29 “L Catterton Warrant Securities”
shall mean all shares of Common Stock that have been issued upon exercise of the L Catterton Warrant or are issuable upon exercise of the L Catterton Warrant. For the purposes of this Agreement, any L Catterton Warrantholder shall be deemed to be
the holder of the shares of Common Stock that are issuable upon the exercise of the L Catterton Warrant. 
 1.1.30
“Legacy Warrantholder” shall mean each Person who holds Legacy Warrant Securities, and any other Person which, from time to time, acquires Legacy Warrant Securities and thereby becomes entitled to the benefits of certain
provisions of this Agreement. 
 1.1.31 “Legacy Warrant Securities” shall mean all shares of Common
Stock as of the date hereof which were issued pursuant to an exercise or conversion of warrants (or issued upon conversion of or otherwise with respect to shares of Common Stock issued upon exercise or conversion of warrants); provided, that
Legacy Warrant Securities Transferred shall in the hands of the recipient not constitute Legacy Warrant Securities for any purpose of this Agreement. For the avoidance of doubt, the Pamplona Warrant, the L Catterton Warrant and any shares of Common
Stock issued upon conversion of the Pamplona Warrant or the L Catterton Warrant or otherwise with respect to shares of Common Stock issued upon exercise or conversion thereof shall not be Legacy Warrant Securities under this Agreement. 

1.1.32 “Majority Legacy Warrantholders” shall mean, as of any date, the holders of a majority of the
Legacy Warrant Securities outstanding on such date. 
 1.1.33 “Management Investor” shall mean any
Watterson Investor or Junior Management Investor. 
 1.1.34 “Management Majority Holders” shall mean,
as of any date, the holders of a majority of the Management Securities outstanding on such date. 
 1.1.35
“Management Securities” shall mean the Watterson Securities and the Junior Management Securities. 

  
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 1.1.36 “Omnibus Agreement” shall mean that certain
Omnibus Investor Agreement, dated as of the date hereof, by and among the Company, L Catterton, Pamplona, Watterson, SW, Stevenson, GS, Robert Gay, BG, BG II, Lee Ming Tsung and Ko. 

1.1.37 “Options” shall mean (i) any options or warrants or other rights to subscribe for, purchase
or otherwise acquire Common Stock, and (ii) any evidence of indebtedness, shares of stock (other than Common Stock) or other securities which are directly or indirectly convertible or exchangeable for shares of Common Stock. 

1.1.38 “Pamplona” shall mean Icon Preferred Holdings, L.P. and its Permitted Transferees. 

1.1.39 “Pamplona Additional Warrant” shall mean that certain Warrant issued by the Company to Pamplona
pursuant to the L Catterton Purchase Agreement, as it may, from time to time, be divided into multiple warrants, and as amended, modified or supplemented in accordance with such Warrant. 

1.1.40 “Pamplona Key Noteholder” shall mean one (1) Pamplona Noteholder designated by the Pamplona
Noteholders. The Pamplona Key Noteholder shall initially be Pamplona and the Pamplona Noteholders shall provide written notice to the Company of any change in the Pamplona Key Noteholder. 

1.1.41 “Pamplona Note” shall mean that certain Convertible Note issued to Pamplona pursuant to the
Omnibus Agreement, as it may, from time to time, be divided into multiple notes, and as amended, modified or supplemented in accordance with such Convertible Note. 

1.1.42 “Pamplona Noteholder” shall mean each holder of all or any portion the Pamplona Note. 

1.1.43 “Pamplona Original Warrant” shall mean that certain Warrant issued by the Company to Pamplona on
November, 29, 2019, as it may, from time to time, be divided into multiple warrants, and as amended, modified or supplemented in accordance with such Warrant. 

1.1.44 “Pamplona Warrant” shall mean the Pamplona Original Warrant and the Pamplona Additional Warrant.

 1.1.45 “Pamplona Warrantholder” shall mean each holder of all or any portion of the Pamplona
Warrant or the Pamplona Warrant Securities. 
 1.1.46 “Pamplona Warrant Securities” shall mean all
shares of Common Stock that have been issued upon exercise of the Pamplona Warrant or are issuable upon exercise of the Pamplona Warrant. For the purposes of this Agreement, any Pamplona Warrantholder shall be deemed to be the holder of the shares
of Common Stock that are issuable upon the exercise of the Pamplona Warrant. 
 1.1.47 “Permitted
Transfer” shall mean any of the following Transfers of Securities: 
 1.1.47.1 if an individual, any Transfer
of any or all Securities held by such Investor following such Investor’s death by will or intestacy to such Investor’s legal representative, heir, legatee or distributes, whether or not such transferee is a member of such Investor’s
Immediate Family; 
 1.1.47.2 if an individual, any Transfer of any or all Securities held by such Investor as a gift or
gifts during such Investor’s lifetime to such Investor’s Immediate Family and/or Affiliate or other gifts or transfers for estate planning purposes; provided that the Transferring Investor shall retain voting control of the
Transferred Securities; and provided, further, that any such Affiliate shall re-Transfer such Securities to such Investor within five (5) calendar days after ceasing to be an Affiliate of
such Investor; 

  
 -5- 

 1.1.47.3 any Transfer of any or all Securities held by such Investor as a
charitable gift to any Person which is described in Section 501(c)(3) of the Internal Revenue Code of 1986 or any Transfer to such Investor’s (or such Investor’s Affiliate’s) “rabbi trust” or deferred compensation
accounts with the Company or any to any Affiliate of such Investor; provided, that any such Affiliate shall re-Transfer such Securities to such Investor within five (5) calendar days after ceasing
to be an Affiliate of such Investor; 
 1.1.47.4 if an institutional investor (other than BG, BG II or any Gay Investor),
any Transfer of any or all Securities held by such Investor to any Affiliate of such Investor in a bona fide Transfer not part of a transaction or series of transactions that results in the direct or indirect Transfer of such Securities to a Person
not an Affiliate of such Investor; provided, that any such Affiliate shall re-Transfer such Securities to such Investor within five (5) calendar days after ceasing to be an Affiliate of such
Investor; 
 1.1.47.5 if a member of the LLC (other than the Watterson Investors), by such member (other than any of the
Watterson Investors) to any of the Watterson Investors, Gay Investors, Ko Investors or Stevenson Investors, or by such member (other than any of the Watterson Investors, Gay Investors, Ko Investors or Stevenson Investors) to any other Person
approved by the Board; or 
 1.1.47.6 if an Investor, any Transfer upon the terms and conditions approved by the Board;
provided, however, that (x) such Person shall not be deemed a “Management Investor”, “Watterson Investor”, “Junior Management Investor”, “Gay Investor”, “Ko Investor”,
“Stevenson Investor”, as applicable, for the purposes of this Agreement and shall not be entitled to the rights of a Management Investor, Watterson Investor, Junior Management Investor, Gay Investor, Ko Investor or Stevenson Investor, as
applicable, pursuant to Sections 3 or 6.2 hereof; (y) upon such Transfer, such Securities shall cease to be Management Securities, Watterson Securities, Junior Management Securities, Gay Securities, Ko Securities or
Stevenson Securities for the purposes of this Agreement; and (z) such Person shall become subject to all of the obligations of this Agreement. 

1.1.48 “Permitted Transferee” shall mean a transferee of an Investor in respect of any Permitted
Transfer. 
 1.1.49 “Person” shall mean any individual, partnership, corporation, company,
association, trust, joint venture, unincorporated organization or entity, or any government, governmental department or agency or political subdivision thereof. 

1.1.50 “Purchase Agreements” shall mean (i) the Omnibus Agreement, (ii) the Securities
Purchase Agreement, dated as of November 18, 2019, by and between the Company and Pamplona, as the same may be amended from time to time in accordance with its terms and (iii) the L Catterton Purchase Agreement. 

  
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 1.1.51 “Registrable Securities” shall mean
(i) all shares of Common Stock held by any party to this Agreement or that certain Series B Investors’ Agreement, dated as of March 17, 2021, by and between the Company and Planet Fitness Holdings, LLC (to the extent they constitute
“Registrable Securities” as defined therein), (ii) all shares of Common Stock issued or issuable upon exercise or conversion of any Option, the Pamplona Warrant, the L Catterton Warrant or the Convertible Notes held by any party to this
Agreement, and (iii) all shares of Common Stock directly or indirectly issued or issuable with respect to the securities referred to in clauses (i) and (ii) above by way of stock dividend or stock split or in connection with a combination
of shares, recapitalization, merger, consolidation or other reorganization. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities, and the Registrable Securities will be deemed to be in existence, whenever
such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise or otherwise and disregarding any restrictions or limitations upon the exercise of such right, but excluding equity or
equity-linked securities issued to directors, officers or employees subject to vesting and/or forfeiture), whether or not such acquisition has actually been effected, and such Person will be entitled to exercise the rights of a holder of Registrable
Securities hereunder (it being understood that a holder of Registrable Securities may only request that Registrable Securities in the form of Common Stock or securities received under clause (iii) above be registered pursuant to this
Agreement). As to any particular Registrable Securities, such shares shall cease to be Registrable Securities when (a) they have been effectively registered under the Securities Act and disposed of in accordance with the registration statement
covering them, (b) they have been distributed to the public through a broker, dealer or market maker pursuant to Rule 144, or (c) the holder thereof may sell all of its shares of Common Stock under Rule 144 within a three month period,
provided such holder owns less than 1% of the outstanding shares of Common Stock, in each case in compliance with any applicable provisions of this Agreement. 

1.1.52 “Rule 144” shall mean Rule 144, as from time to time in effect, promulgated by the Securities
and Exchange Commission under the Securities Act (including, without limitation, clause (k) thereof). 
 1.1.53
“Securities” shall mean all shares of Common Stock, the Pamplona Warrant Securities, the Pamplona Warrant, the L Catterton Warrant Securities, the L Catterton Warrant, the Convertible Notes and all Options, but shall not
include the Legacy Warrant Securities. 
 1.1.54 “Securities Act” shall mean the Securities Act of
1933, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder, all as from time to time in effect. 

1.1.55 “SPAC” means a special purpose acquisition company (i.e., a blank check company formed to effect
a business combination) that (i) at the time of measurement, owns or controls less than 5% of the Company’s shares of Common Stock and is not controlled by or under common control with any Person that owns 5% or more of the Company’s
shares of Common Stock, (ii) if listed on a securities exchange in the United States, is a registrant under the Exchange Act and (iii) is listed on a securities exchange (whether in the United States or otherwise). 

1.1.56 “SPAC Transaction” means any transaction or series of related transactions in which the Company
or its Subsidiaries is, directly or indirectly, acquired by or combines with, whether by purchase, exchange, tender offer, merger, consolidation or otherwise, a SPAC. 

1.1.57 “Stevenson Investors” shall mean Stevenson, GS and any Permitted Transferee thereof which, from
time to time, acquire Securities and become party to this Agreement by executing and delivering to the Company an instrument in form satisfactory to the Company pursuant to which such Person agrees to be bound by the terms of this Agreement to the
same extent as Stevenson. 

  
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 1.1.58 “Stevenson Majority Holders” shall mean, as
of any date, the holders of a majority of the Stevenson Securities outstanding on such date. 
 1.1.59 “Stevenson
Securities” shall mean (a) all shares of Common Stock issued to, purchased by or held by, directly or indirectly (for the avoidance of doubt, including such shares held by the LLC for the benefit of any Stevenson Investor), any
Stevenson Investor, whenever issued, including, without limitation, all shares of Common Stock issued pursuant to the exercise or conversion of any Options; (b) all Options granted or issued to any Stevenson Investor (treating such Options as a
number of shares of Common Stock equal to the number of Equivalent Shares represented by such Options for all purposes of this Agreement); and (c) all securities into which any such shares or Options are converted or exchanged; provided
that Stevenson Securities shall not include any shares of Common Stock, Options or other securities that are not held by a Stevenson Investor at the relevant time; and provided, further, that Stevenson Securities Transferred shall in
the hands of the recipient not constitute Stevenson Securities for any purpose of this Agreement. 
 1.1.60
“Transfer” shall mean any sale, pledge, assignment, encumbrance, hypothecation, mortgage, exchange or other transfer or disposition of any Securities to any other Person, whether directly, indirectly, voluntarily,
involuntarily, by operation of law, pursuant to judicial process or otherwise. 
 1.1.61 “Watterson
Investors” shall mean each of Watterson and SW and any of their Permitted Transferees who, from time to time, acquires Securities and becomes party to this Agreement by executing and delivering to the Company an instrument in form
satisfactory to the Company pursuant to which such Person agrees to be bound by the terms of this Agreement to the same extent as Watterson or SW, as applicable. 

1.1.62 “Watterson Key Noteholder” shall mean one (1) Watterson Noteholder designated by the
Watterson Noteholders. The Watterson Key Noteholder shall initially be Watterson and the Watterson Noteholders shall provide written notice to the Company of any change in the Watterson Key Noteholder. 

1.1.63 “Watterson Majority Holders” shall mean, as of any date, the holders of a majority of the
Watterson Securities outstanding on such date. 
 1.1.64 “Watterson Note” shall mean that certain
Convertible Note issued to Watterson pursuant to the Omnibus Agreement, as it may, from time to time, be divided into multiple notes, and as amended, modified or supplemented in accordance with such Convertible Note. 

1.1.65 “Watterson Noteholder” shall mean each holder of all or any portion the Watterson Note. 

1.1.66 “Watterson Securities” shall mean (a) all shares of Common Stock issued to, purchased by or
held by, directly or indirectly (for the avoidance of doubt, including such shares held by the LLC for the benefit of any Watterson Investor), any Watterson Investor, whenever issued, including, without limitation, all shares of Common Stock issued
pursuant to the exercise or conversion of any Options or the Watterson Note; (b) all Options granted or issued to any Watterson Investor (treating such Options as a number of shares of Common Stock equal to the number of Equivalent Shares
represented by such Options for all purposes of this Agreement); and (c) all securities into which any such shares or Options are converted or exchanged; provided that Watterson Securities shall not include any shares of Common Stock,
Options or other securities that are not held by a Watterson Investor on the relevant time; and provided, further, that Watterson Securities Transferred shall in the hands of the recipient not constitute Watterson Securities for any
purpose of this Agreement. 

  
 -8- 

 1.2 Certain Matters of Construction. In addition to the definitions referred to as
set forth in the Section 1.1: 
 (a) The words “hereof”, “herein”,
“hereunder” and words of similar import shall refer to this Agreement as a whole and not to any particular Section or provision of this Agreement, and reference to a particular Section of this Agreement shall include all subsections
thereof; 
 (b) References to a Section, Schedule or Exhibit are to a Section of, or Schedule or Exhibit to, this Agreement;

 (c) Definitions shall be equally applicable to both the singular and plural forms of the terms defined; 

(d) The masculine, feminine and neuter genders shall each include the others; 

(e) The words “including” and “include” and other words of similar import shall be deemed to
be followed by the phrase “without limitation”; 
 (f) References to agreements and other documents shall be
deemed to include all subsequent amendments and other modifications thereto (unless otherwise specified); 
 (g) The language
used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party; 

(h) Except as otherwise provided herein, any Person who holds Options shall be deemed to be the holder of the Registrable
Securities obtainable upon exercise or conversion of the Options in connection with the transfer thereof or otherwise regardless of any restriction or limitation on the exercise or conversion of the Options; 

(i) Any Person who holds the Pamplona Warrant, the L Catterton Warrant or Convertible Notes shall be deemed to be the holder of
the Registrable Securities obtainable upon exercise or conversion of the Pamplona Warrant, the L Catterton Warrant or Convertible Notes, as applicable, in connection with the transfer thereof or otherwise regardless of any restriction or limitation
on the exercise or conversion of the Pamplona Warrant, of the L Catterton Warrant or of Convertible Notes, as applicable; and 

(j) Whenever a percentage of one or more types of Securities is specified, such percentage shall be calculated on the basis of
the number of Registrable Securities represented by such one or more types. 
 1.3 Cross Reference Table. The following terms defined
elsewhere in this Agreement in the Sections set forth below shall have the respective meanings therein defined: 
  

			
	 Term
	  	 Definition

	“Agreement”	  	Preamble
	“BG”	  	Preamble
	“BG II”	  	Preamble
	“Carved-Out Transfer”	  	Section 2.1
	“Common Initiating Holder”	  	Section 3.2.1.1
	“Common Stock”	  	Recitals
	“Company”	  	Preamble

  
 -9- 

			
	 Term
	  	 Definition

	“Covered Person”	  	Section 3.7.1
	“Exclusive Convertible Notes Registration Demand”	  	Section 3.2.1.1(v)
	“Final Prospectus Date”	  	Section 2.1
	“GS”	  	Preamble
	“ICON”	  	Preamble
	“Individual Underwriting Agreement Representations”	  	Section 3.1.2
	“Initiating Holder”	  	Section 3.2.1.1
	“Initiating Seller”	  	Section 6
	“Ko”	  	Preamble
	“LLC”	  	Preamble
	“Majority Initiating Holders”	  	Section 3.2.2
	“Original Investors’ Agreement”	  	Recitals
	“Other Investors(s)”	  	Preamble
	“Public Offering”	  	Section 3.1.1
	“Robert Gay”	  	Preamble
	“Stevenson”	  	Preamble
	“SW”	  	Preamble
	“Watterson”	  	Preamble

 2. LOCK-UP. 

2.1 Lock Up. Without the prior written consent of either one of the Pamplona Key Noteholder or the L Catterton Key Noteholder (provided
that if one of the Pamplona Key Noteholder or the L Catterton Key Noteholder sells or assigns a majority of its interest in its Convertible Notes to a third party, then only with the prior written consent of the other of the Pamplona Key Noteholder
or the L Catterton Key Noteholder that did not sell or assign a majority of its interest in its Convertible Notes, provided that if both of the Pamplona Key Noteholder and the L Catterton Key Noteholder sell or assign a majority of its interest in
its Convertible Notes, then with either such party’s prior written consent), for a period beginning upon the date of the final prospectus relating to the Initial Public Offering (the “Final Prospectus Date”) and ending
eighteen (18) months following the Final Prospectus Date, neither (x) Watterson nor (y) any holder of Securities or Legacy Warrant Securities (in each case, other than the Pamplona Noteholders, Pamplona Warrantholders, holders of
Pamplona Warrant Securities, L Catterton Noteholders, L Catterton Warrantholders and holders of L Catterton Warrant Securities) who, together with such Person’s Affiliates and the Permitted Transferees of such Person and such Person’s
Affiliates, at such applicable time holds in the aggregate, directly or indirectly, at least five percent (5%) of the outstanding shares of Common Stock (on a fully diluted basis) (whether or not a selling shareholder pursuant to such registration
statement) (the “Locked-up Holders”), in each case, shall (a) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to
sell, grant any option, right or warrant to purchase, lend, or otherwise Transfer, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for such Common Stock or (b) enter into any
swap or other management that transfers to another, in whole or in part, any of the economic consequences of ownership of Common Stock, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of such
Common Stock or such other securities, in cash or otherwise; provided, however, that the foregoing restrictions shall not apply to (i) Transfers among any Affiliates, provided that the Transferee Affiliate agrees to be bound by
the terms of this Agreement, including this Section 2.1, (ii) Transfers constituting the exercise of the Junior Management Options (provided that the foregoing restrictions do apply to the equity underlying such options),
or (iii) any Permitted Transfer; provided, further, that the restrictions set forth in this Section 2.1 shall terminate upon the return of proceeds in cash to each of Pamplona and L Catterton equal to the
aggregate principal amount of the Convertible Notes owned by each of them and their Affiliates as of September [•], 2021 

  
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(including for the avoidance of doubt cash proceeds received by Pamplona or L Catterton, as the case may be, from any sale of the Convertible Notes, Warrants or any Registrable Securities or any
cash payments on the Convertible Notes) (each, a “Cash Return Condition”). Notwithstanding the foregoing in this Section 2.1, but subject to the other terms of this Agreement, (1) Robert Gay and
(2) Stevenson, after twelve (12) months following the Final Prospectus Date, shall each have the right to (a) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase, lend, or otherwise Transfer, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for such Common Stock or (b) enter into any swap
or other management that transfers to another, in whole or in part, any of the economic consequences of ownership of Common Stock, in the aggregate, shares of Common Stock in exchange for proceeds of up to $2,500,000 (I) during any open trading
window established pursuant to a bona fide insider trading policy of the Company or (II) pursuant to a trading plan on behalf of such Investor pursuant to Rule 10b5-1 under the Exchange Act for the
transfer of shares of Common Stock (each, a “Carved-Out Transfer”). 
 2.2
Transfer Conditions. Notwithstanding anything to the contrary herein, until the Cash Return Condition has been satisfied, no Locked-up Holder may Transfer any Securities (other than any issuance upon
exercise of any Options, the Pamplona Warrant or the L Catterton Warrant to the holders thereof) unless (i) such Transfer is not in violation of the provisions of this Section 2, and (ii) the transferee or the
purchaser of such Securities (if other than (A) the Company or another existing stockholder thereof that is already a party to this Agreement or (B) a transferee of Securities from Robert Gay or Stevenson pursuant to a Carved-Out Transfer in connection with a transfer made under Rule 144 or any successor provision under the Securities Act or pursuant to an offer and sale registered under the Securities Act or (C) any Transfer
of any or all Securities as a charitable gift to any Person which is described in Section 501(c)(3) of the Internal Revenue Code of 1986) agrees to become a party to this Agreement and executes such further documents as may be necessary, in the
opinion of the Company, to make him, her or it a party hereto.. Any purported Transfer, issuance or sale of Securities other than in accordance with this Agreement by any holder thereof or the Company shall be null and void, and the Company shall
refuse to recognize any such Transfer, issuance or sale for any purpose and shall not reflect in its records any change in record ownership of Securities pursuant to any such Transfer or issuance. 

2.3 Stop Transfer Instruction. The Company shall instruct any transfer agent not to register the Transfer of any Securities until the
conditions specified in the legends set forth in Section 5 are satisfied. Either of Pamplona, L Catterton or any of their respective Affiliates shall have the right to instruct any transfer agent not to register the
Transfer of any Securities until the conditions specified in the legends set forth in Section 5 (including, for the avoidance of doubt, the restrictions set forth in Section 2.1) are satisfied.

 3. REGISTRATION RIGHTS. The Company will perform and comply, and cause each of its subsidiaries to perform and comply, with such of
following provisions as are applicable to it. Each holder of Securities or Legacy Warrant Securities will perform and comply with such of the following provisions as are applicable to such holder. 

3.1 Piggyback Registration Rights. 

3.1.1 Election. Whenever the Company proposes to register (other than a registration pursuant to
Section 3.3.2) on form S-1 or S-3 (or any successor form) any shares of Common Stock for its own or others’ account under the Securities
Act for a public offering (each a “Public Offering”), the Company shall furnish each holder of Registrable Securities prompt notice of its intent to do so, provided that no notice shall be required to holders subject to the lock-up set forth in Section 2.1 above. Subject to the terms and restrictions of any applicable lock-up agreement, upon the request of any such
holder given by notice to the Company within ten (10) calendar days after the effectiveness of such notice from the Company, the Company will cause to be included in such registration all of the Registrable Securities which such holder
requests. 

  
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 3.1.2 Further Assurances. Holders of Registrable Securities
participating in any Public Offering shall take all such actions and execute all such documents and instruments that are reasonably requested by the Company to effect the sale of their Registrable Securities in such Public Offering, including
without limitation being parties to the underwriting agreement entered into by the Company and any other selling shareholders in connection therewith and being liable in respect of any representations and warranties being made by each selling
shareholder and any indemnification agreements and “lock-up” agreements made by each selling shareholder for the benefit of the underwriters in such underwriting agreement; provided,
however, that (i) no Management Investor party to an employment agreement with the Company or any of its subsidiaries shall be required hereunder to extend the term thereof and (ii) except with respect to individual representations
and warranties regarding such matters as legal capacity or due organization of such participating holder, authority to participate in the Public Offering, compliance by such selling shareholder with laws and agreements applicable to it, ownership
(free and clear of liens, charges, encumbrances and adverse claims) of Registrable Securities to be sold by such selling shareholder and accuracy of information with respect to such selling shareholder furnished for inclusion in any disclosure
document relating to each Public Offering (“Individual Underwriting Agreement Representations”), the aggregate amount of the liabilities of such participating holder of Registrable Securities pursuant to such underwriting
agreement shall not exceed the lesser of (a) such participating holder’s pro rata portion of any such liability, in accordance with such participating holder’s portion of the total number of Registrable Securities included in the
Public Offering, and (b) the net proceeds received by such participating holder from the Public Offering. If any Management Investor holding Registrable Securities shall request participation in any Public Offering pursuant to this
Section 3.1, the Company shall use its commercially reasonable efforts to induce the managing underwriter of the securities being offered to permit such Management Investor to make no representations or warranties in the
underwriting agreement other than Individual Underwriting Agreement Representations, but to be liable as indemnitors with respect to any other representations or warranties made by other selling holders in such underwriting agreement, but in the
event the managing underwriter shall not accede to such request, such Management Investor shall, within five (5) calendar days of notice to that effect from the managing underwriter or its counsel, either elect to make such other
representations and warranties in the underwriting agreement as shall be made by other participating holders or to withdraw from participation. 

3.1.3 Expenses. The Company shall pay all expenses of the holders of Registrable Securities participating in any Public
Offering pursuant to this Section 3.1, other than (i) underwriting discounts and commissions, if any, attributable to the Registrable Securities being sold by such holder, (ii) applicable transfer taxes, if any,
and (iii) fees and charges of any attorneys or other advisors (other than attorneys and advisors retained by the Company to advise it in connection with such Public Offering and one counsel retained to advise all holders of Registrable
Securities in connection with such Public Offering) retained by any such holders. 
 3.1.4 Excluded Transactions.
Notwithstanding the preceding provisions of this Section 3.1, no holder of Registrable Securities shall have any right of participation or otherwise with respect to the following Public Offerings: 

  
 -12- 

 (a) Any Public Offering on Form S-8
(or successor registration statement) relating solely to employee benefit plans, or 
 (b) Any Public Offering the proceeds
of which are used principally to finance the acquisition after the date hereof by the Company or any of its subsidiaries of any acquired businesses or any Public Offering constituting an exchange of securities for securities of any such acquired
businesses. 
 3.2 Demand Registration Rights. 

3.2.1 Registration on Request of Holders of Certain Securities. 

3.2.1.1 Demand. After the closing of the Initial Public Offering and subject to the terms and restrictions of any
applicable lock-up agreement including Section 2.1 above, each of (i) the Watterson Majority Holders, (ii) the Ko Majority Holders, (iii) the Stevenson Majority
Holders, (iv) the Gay Majority Holders, (v) Other Investors holding the majority of the outstanding shares of Common Stock (on a fully diluted basis) other than the Watterson Securities and the Gay Securities, (vi) Pamplona or
(vi) L Catterton (as to each such registration, each an “Initiating Holder”) may, by notice to the Company specifying the intended method or methods of disposition, request that the Company effect the registration under
the Securities Act of all or a specified part of the Registrable Securities held by such Initiating Holders, subject to the following terms and conditions: 

(i) the market value of the Registrable Securities to be sold in any such registration shall be estimated to be at least Fifty
Million Dollars ($50,000,000) (or such lesser amount as represents all of such Holder’s remaining Registrable Securities) at the time of filing such registration statement (provided, that such limitation shall not apply to any Exclusive
Convertible Notes Registration Demand); 
 (ii) the Company shall not be required to file more than two (2) such
registration statements pursuant to this Section 3.2.1.1 in any twelve (12)-month period; provided that such limitation shall not apply to any Exclusive Convertible Notes Registration Demand; 

(iii) the Company shall not be required to file more than (A) three (3) such registration statements pursuant to a demand
made by the Watterson Majority Holders, (B) two (2) such registration statements pursuant to a demand made by the Ko Majority Holders, (C) two (2) such registration statements pursuant to a demand made by the Stevenson Majority Holders,
(D) two (2) such registration statements pursuant to a demand made by holders of Legacy Warrant Securities (other than the Company, the Management Investors, the Gay Investors or the Other Investors) representing an aggregate of at least 25% of
the Legacy Warrant Securities then outstanding, (E) two (2) such registration statements pursuant to a demand made by the Gay Majority Holders, (F) two (2) such registration statements per annum pursuant to a demand made by the Pamplona
Key Noteholder and/or L Catterton Key Noteholder and (G) one (1) such registration statements pursuant to a demand made by the Other Investors; 

(iv) in the event the number of shares requested to be included in a Public Offering by the Initiating Holders with respect
thereto is reduced by operation of the provisions of Section 3.3.1, such demand shall be excluded in determining the number of demands exercisable by such Initiating Holders; and 

  
 -13- 

 (v) no demand may be made unless the Initiating Holders with respect
thereto hold Registrable Securities constituting at least ten percent (10%) of the aggregate outstanding number of shares of Common Stock (provided, that Pamplona and L Catterton shall be entitled to make demands pursuant to this
Section 3.2.1.1 regardless of the amount of Registrable Securities then held by Pamplona and L Catterton). 

Notwithstanding anything herein or otherwise to the contrary, Pamplona and L Catterton may make up to two (2) demands pursuant to this
Section 3.2.1.1 which shall not be subject to cutback pursuant to Section 3.3 and shall not be subject to piggyback registration rights by any other Holder hereunder (and no notice of such
registration or offering shall be required to be given to any Holder other than Pamplona or L Catterton) (each an “Exclusive Convertible Notes Registration Demand”), and if another holder is an Initiating Holder of a demand,
either Pamplona or L Catterton may elect to cause such demand to be an Exclusive Convertible Notes Registration Demand. The right to such Exclusive Convertible Notes Registration Demands by each of Pamplona and/or L Catterton, as the case may be,
shall terminate with respect to such holder upon satisfaction of a Cash Return Condition, and will be subject, solely to the extent required thereunder, to any rights of holders of Registrable Securities under the Series B Investors’ Agreement,
dated as of March 17, 2021, by and between the Company and Planet Fitness Holdings, LLC. 
 3.2.1.2 Revocation of
Demand Notice or Shelf Offering Notice. At any time prior to the effective date of the registration statement relating to a Demand Registration initiated by Pamplona or L Catterton, such Initiating Holder may revoke or withdraw such notice of a
Demand Registration on behalf of all holders participating in such Demand Registration without liability to such holders (including, for the avoidance of doubt, Pamplona or L Catterton), in each case by providing written notice to the Company. A
notice of Demand Registration that has been revoked or withdrawn shall not count as one of Pamplon or L Catterton’s permitted two (2) demand registrations per annum. 

3.2.1.3 Certain Provisions. Promptly after receipt of any notice requesting registration of Registrable Securities
pursuant to this Section 3.2.1, the Company will give notice of such requested registration to all other holders of Registrable Securities. The Company will then use its commercially reasonable efforts to effect the
registration under the Securities Act of the Registrable Securities which the Company has been requested to register by the holders requesting registration pursuant to this Section 3.2.1, and, subject to all of the
provisions of this Section 3, all other Registrable Securities which the Company has been requested to register pursuant to Section 3.1.1 by notice delivered to the Company within ten
(10) calendar days after the giving of such notice by the Company (which request shall specify the intended method of disposition of such Registrable Securities), all to the extent requisite to permit the disposition (in accordance with the
intended methods thereof as aforesaid) of the Registrable Securities which the Company has been so requested to register. 

3.2.2 Form. Each registration requested pursuant to this Section 3.2 shall be effected by the
filing of a registration statement on Form S-1 (or any other form which includes substantially the same information as would be required to be included in a registration statement on such form as currently
constituted), unless the use of a different form that the Company is eligible to use has been requested in writing by holders of at least a majority of the Registrable Securities held by the applicable Initiating Holders (the “Majority
Initiating Holders”). 

  
 -14- 

 3.2.3 Registrations Pursuant to Section 3.2. In
the case of a registration pursuant to Section 3.2, whenever the Majority Initiating Holders shall request that such registration shall be effected pursuant to an underwritten offering, such registration shall be so
effected, and all Registrable Securities requested to be included in such registration shall be included in such underwritten offering, subject to the cutback provisions of Section 3.3.1. If requested by such underwriters,
the Company will enter into an underwriting agreement with such underwriters for such offering containing such representations and warranties by the Company and such other terms and provisions as are customarily contained in underwriting agreements
with respect to secondary distributions, including, without limitation, customary indemnity and contribution provisions. 

3.2.4 Expenses. The Company shall pay all expenses of the holders of Registrable Securities participating in any Public
Offering pursuant to this Section 3.2, other than (i) underwriting discounts and commissions, if any, (ii) applicable transfer taxes, if any, and (iii) fees and charges of any attorneys or other advisors
(other than attorneys and advisors retained by the Company to advise it in connection with such Public Offering and one counsel retained to advise all holders of Registrable Securities in connection with such Public Offering) retained by any such
holders. 
 3.3 Certain Other Provisions. 

3.3.1 Cutbacks. Notwithstanding the foregoing provisions of this Section 3, if the Company is
advised in good faith by any managing underwriter of securities being offered pursuant to any Public Offering under this Section 3 that the number of shares requested to be sold in such Public Offering is greater than the
number of such shares which can be included in such Public Offering without materially adversely affecting such Public Offering, the shares to be included in such offering shall be reduced to the extent requested by such managing underwriter as
provided in this Section 3.3.1: 
 3.3.1.1 Company Registration. Upon registration of
securities initiated by the Company as contemplated by Section 3.1.1, shares to be included in such offering shall be reduced in the following order and fashion: 

(i) first, securities requested to be included by Persons other than the Company and holders of Registrable Securities shall
be reduced pro rata (based on the number of shares requested to be included by such Persons); 
 (ii) second, Registrable
Securities requested to be included in the Public Offering shall be reduced pro rata (based on the number of Registrable Securities then-owned by the holders thereof); and 

(iii) third, securities proposed to be included by the Company shall be reduced. 

3.3.1.2 Demand Registration Rights. Upon the exercise of demand registration rights by the Initiating Holders pursuant
to Section 3.2, shares to be included in such offering shall be reduced in the following order and fashion: 

(i) first, (A) with respect to an Exclusive Convertible Note Registration Demand, securities requested to be included by
Persons other than the Company and the Convertible Notes Registration Rights Holders shall be reduced pro rata (based on the number of shares requested to be included by such Persons) or (B) with respect to the exercise of demand registration
rights that are not pursuant to an Exclusive Convertible Note Registration Demand, securities requested to be included by Persons other than the Company and holders of Registrable Securities shall be reduced pro rata (based on the number of shares
requested to be included by such Persons); 

  
 -15- 

 (ii) second, securities requested to be included in the Public Offering by
the Company shall be reduced; and 
 (iii) third, Registrable Securities requested to be included in the Public Offering
(other than Registrable Securities requested to be included by the Convertible Notes Registration Rights Holders pursuant to an Exclusive Convertible Note Registration Demand) shall be reduced pro rata (based upon the number of Registrable
Securities then-owned by the holders thereof). 
 3.3.2 Resale Shelf Registration for Legacy Warrant Securities. In
addition to the registration rights granted pursuant to Sections 3.1 and 3.2 above, upon the request of the Majority Legacy Warrantholders, the Pamplona Warrantholders, the Pamplona Noteholders, the L Catterton
Warrantholders or the L Catterton Noteholders, the Company will at its own expense, not later than three hundred and ninety five (395) calendar days after the effectiveness of the first underwritten Public Offering, file, and use its
commercially reasonable efforts to cause to become and remain effective, a shelf registration statement under the Securities Act covering the Registrable Securities included in the Legacy Warrant Securities or the Registrable Securities held by the
Pamplona Warrantholders or L Catterton Warrantholders, as applicable, until such time as may be consented to by the Majority Legacy Warrantholders, the Pamplona Warrantholders or the L Catterton Warrantholders, as applicable; provided,
however, that the rights provided by this Section 3.3.2 shall expire on such date, if any, as all Legacy Warrant Securities and all Registrable Securities held by Pamplona, the Pamplona Warrantholders, L Catterton
and the L Catterton Warrantholders (including Registrable Securities to be received upon conversion of Convertible Notes), as applicable, are freely tradeable under Rule 144 and no holder of Legacy Warrant Securities or Registrable Securities held
by the Pamplona Warrantholders or L Catterton Warrantholders, as applicable, holds more than one percent (1%) of all outstanding shares of Common Stock. 

3.3.3 Underwritten Block Trade. Following the filing of a shelf registration statement as provided in the foregoing, if
Pamplona or L Catterton desire to engage in an underwritten block trade or bought deal pursuant to such registration statement (provided the Company is eligible to use Form S-3 for such registration statement)
(each, an “Underwritten Block Trade”), then Pamplona or L Catterton may notify the Company of the Underwritten Block Trade not less than two (2) Business Days prior to the day such offering is first anticipated to
commence. The Company will promptly notify the other of Pamplona and L Catterton of such Underwritten Block Trade and such notified holder (each, a “Potential Participant”) may elect whether or not to participate no later
than the next Business Day (i.e. one (1) Business Day prior to the day such offering is to commence) (unless a longer period is agreed to by Pamplona or L Catterton as the Initiating Holder), and the Company will as expeditiously as
possible use its commercially reasonable efforts to facilitate such Underwritten Block Trade (which may close as early as two (2) Business Days after the date it commences); provided such request is to be consummated at a time which is no later
than two weeks prior to any fiscal quarter end and ending no earlier than the filing by the Company of any earnings release; provided further that, no holder (other than Pamplona and L Catterton) will be permitted to participate in
such Underwritten Block Trade without the written consent of Pamplona and L Catterton. Any Potential Participant’s 

  
 -16- 

 
request to participate in an Underwritten Block Trade shall be binding on the Potential Participant provided, that each such Potential Participant that elects to participate may condition
its participation on the Underwritten Block Trade being completed within fifteen (15) Business Days of its acceptance at a price per share (after giving effect to any underwriters’ discounts or commissions) to such Potential Participant of
not less than ninety percent (90%) of the closing price for the shares on their principal trading market on the Business Day immediately prior to such Potential Participant’s election to participate (the “Participation
Conditions”). Any such Underwritten Block Trade shall not constitute an Exclusive Convertible Notes Registration Demand. The rights of each of Pamplona and/or L Catterton, as the case may be, under this paragraph shall terminate with
respect to such holder upon satisfaction of a Cash Return Condition. 
 3.3.4 Selection of Managing Underwriters. In
the case of any registration proposed by the Company for the Public Offering of securities for its own account, the managing underwriters, if any, with respect thereto shall be selected by the Company. In the case of any registration pursuant to
Section 3.2 hereof initiated by Pamplona or L Catterton, Pamplona or L Catterton shall select the managing underwriters, if any, with respect thereto. In the case of any registration pursuant to
Section 3.2 hereof initiated by Persons other than Pamplona or L Catterton, the holders of a majority of the Registrable Securities requested to be included therein shall select the managing underwriters, if any, with
respect thereto. 
 3.3.5 Selection of Counsel. Counsel to the Company in connection with any Public Offering shall be
selected by the Company, and counsel to the selling holders of Registrable Securities shall be selected by (i) in the case of any registration pursuant to Section 3.2 hereof initiated by Pamplona or L Catterton,
Pamplona or L Catterton, respectively or (ii) in the case of any registration pursuant to Section 3.2 hereof initiated by Persons other than Pamplona or L Catterton, the holders of a majority of the Registrable
Securities requested pursuant to the provisions hereof to be included therein. 
 3.4 Company Obligations. Whenever any holders have
requested that any Registrable Securities be registered pursuant to this Agreement, the Company will use its commercially reasonable efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended
method of disposition thereof, and pursuant thereto the Company will as expeditiously as possible: 
 3.4.1 prepare and file
with (or submit confidentially to) the Securities and Exchange Commission (the “SEC”) a registration statement, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities
and use its commercially reasonable efforts to cause such registration statement to become effective, all in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder (provided that before filing or
confidentially submitting a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to the counsel selected by such holders covered by such registration statement copies of all such documents proposed
to be filed or submitted, which documents will be subject to the review and comment of such counsel); 
 3.4.2 notify each
holder of (A) the issuance by the SEC of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Company or its counsel of any notification
with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each registration statement filed
hereunder; 

  
 -17- 

 3.4.3 prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in
accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration
statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer)
and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth
in such registration statement; 
 3.4.4 furnish, without charge, to each seller of Registrable Securities thereunder and
each underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) (in each case including all
exhibits and documents incorporated by reference therein), each amendment and supplement thereto, each free writing prospectus, as defined in Rule 405 of the Securities Act (each, a “Free Writing Prospectus”) and such other
documents as such seller or underwriter, if any, may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller (the Company hereby consenting to the use in accordance with all applicable laws of
each such registration statement, each such amendment and supplement thereto, and each such prospectus (or preliminary prospectus or supplement thereto) or Free Writing Prospectus by each such seller of Registrable Securities and the underwriters,
if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus); 

3.4.5 use its commercially reasonable efforts to register or qualify such Registrable Securities under such other securities or
blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the
Registrable Securities owned by such seller (provided that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph or
(B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction); 

3.4.6 notify in writing each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the
date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and when any registration or
qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the SEC for the amendment or supplementing of such registration
statement or prospectus or for additional information, and (C) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event or of any information or circumstances as a result
of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, if required by applicable law

  
 -18- 

 
or to the extent requested by an Initiating Holder, the Company will use its commercially reasonable efforts to promptly prepare and file a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading and (D) if at any
time the representations and warranties of the Company in any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct; 

3.4.7 (A) use commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange
on which similar securities issued by the Company are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market markers to register as such with
respect to such Registrable Securities with FINRA, and (B) comply (and continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including without limitation all corporate governance requirements;

 3.4.8 use commercially reasonable efforts to provide a transfer agent and registrar for all such Registrable Securities
not later than the effective date of such registration statement; 
 3.4.9 enter into and perform such customary agreements
(including, as applicable, underwriting agreements in customary form) and take all such other actions as the holders of Registrable Securities or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities (including, without limitation, making available the executive officers of the Company and participating in “road shows,” investor presentations, marketing events and other selling efforts and effecting a stock or
unit split or combination, recapitalization or reorganization); 
 3.4.10 make available for inspection by any seller of
Registrable Securities, any underwriter participating in any disposition or sale pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records,
pertinent corporate and business documents and properties of the Company as will be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors, employees, agents, representatives and
independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement and the disposition of such Registrable Securities pursuant thereto;

 3.4.11 take all actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration or
Piggyback Registration or Underwritten Block Trade hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act
to the extent required thereby and, when taken together with the related prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading; 

  
 -19- 

 3.4.12 permit any holder which, in its sole and exclusive judgment, might be
deemed to be an underwriter or a controlling person of the Company, to participate in the preparation of such registration or comparable statement and to allow such holder to provide language for insertion therein, in form and substance satisfactory
to the Company, which in the reasonable judgment of such holder and its counsel should be included; 
 3.4.13 use
commercially reasonable efforts to prevent the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order suspending or preventing the use of any related prospectus or suspending the
qualification of any Registrable Securities included in such registration statement for sale in any jurisdiction use, and in the event any such order is issued, commercially reasonable efforts to obtain promptly the withdrawal of such order; 

3.4.14 use its commercially reasonable efforts to cause such Registrable Securities covered by such registration
statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; 

3.4.15 if requested by any managing underwriter, include in any prospectus or prospectus supplement updated financial or
business information for the Company’s most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes of marketing the offering in the view of the managing underwriter; 

3.4.16 take no direct or indirect action prohibited by Regulation M under the Securities Exchange Act of 1934 (the
“Exchange Act”); provided, however, that to the extent that any prohibition is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable; 

3.4.17 cooperate with each holder covered by the registration statement and each underwriter or agent participating in the
disposition of such Registrable Securities and their respective counsel in connection with the preparation and filing of applications, notices, registrations and responses to requests for additional information with FINRA, the New York Stock
Exchange, Nasdaq or any other national securities exchange on which the shares of Registrable Securities are or are to be listed, and (B) to the extent required by the rules and regulations of FINRA, retain a Qualified Independent Underwriter
acceptable to the managing underwriter; 
 3.4.18 in the case of any underwritten offering, use its commercially
reasonable efforts to obtain, and deliver to the underwriter(s), in the manner and to the extent provided for in the applicable underwriting agreement, one or more cold comfort letters from the Company’s independent public accountants in
customary form and covering such matters of the type customarily covered by cold comfort letters; 
 3.4.19 use its
commercially reasonable efforts to provide (A) a legal opinion of the Company’s outside counsel, dated the effective date of such registration statement addressed to the Company, (B) on the date that such Registrable Securities are
delivered to the underwriters for sale in connection with a Demand Registration or Piggyback Offering, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the closing date of the
applicable sale, (1) one or more legal opinions of the Company’s outside counsel, dated such date, in form and substance as 

  
 -20- 

 
customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or
other agent of the Holders assisting in the sale of the Registrable Securities and (2) one or more “negative assurances letters” of the Company’s outside counsel, dated such date, in form and substance as is customarily given to
underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the holders assisting in the sale of the Registrable Securities,
in each case, addressed to the underwriters, if any, or, if requested, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the holders assisting in the sale of the
Registrable Securities and (3) customary certificates executed by authorized officers of the Company as may be requested by any Holder or any underwriter of such Registrable Securities; 

3.4.20 pay the filing fee at such time or times as the Registrable Securities are to be sold; and 

3.4.21 if an automatic shelf registration statement has been outstanding for at least three (3) years, at the end of the
third year, refile a new automatic shelf registration atatement covering the Registrable Securities, and, if at any time when the Company is required to re-evaluate its WKSI status the Company determines that
it is not a WKSI, use its commercially reasonable efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep
such registration statement effective during the period during which such registration statement is required to be kept effective. 
 3.5
Officer Obligations. Each holder that is an officer of the Company agrees that if and for so long as he or she is employed by the Company or any Subsidiary thereof, he or she will participate fully in the sale process in a manner customary
for persons in like positions and consistent with his or her other duties with the Company, including the preparation of the registration statement and the preparation and presentation of any road shows. 

3.6 In-Kind Distributions. If either Pamplona or L Catterton (and/or any of their affiliates)
seeks to effectuate an in-kind distribution of all or part of their Registrable Securities to their respective direct or indirect equityholders, the Company will, subject to any applicable lock-ups, work with the foregoing Persons to facilitate such in-kind distribution in the manner reasonably requested and consistent with the Company’s obligations under
the Securities Act. 
 3.7 Indemnification and Contribution. 

3.7.1 Indemnities of the Company. In the event of any registration of any Registrable Securities or other debt or equity
securities under the Securities Act, and in connection with any registration statement or any other disclosure document produced by or on behalf of the Company and any of its subsidiaries pursuant to which securities of the Company and any of its
subsidiaries are sold (whether or not for the account of the Company) or any other disclosure document produced by or on behalf of the Company and any of its subsidiaries, including without limitation reports required or other documents filed under
the Exchange Act, the Company will, and hereby does, and will cause its subsidiaries, jointly and severally to, indemnify and hold harmless each seller of Registrable Securities, any other holder of Securities or Legacy Warrant Securities who is or
might be deemed to be a controlling Person of the Company and any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, their respective direct and indirect partners, advisory board
members, directors, officers and shareholders, and each other Person, if any, who controls any such seller or any such 

  
 -21- 

 
holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each such Person being referred to herein as a “Covered
Person”), against any losses, claims, damages or liabilities, joint or several, to which such Covered Person may be or become subject under the Securities Act, the Exchange Act, any other securities or other law of any jurisdiction,
common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained or
incorporated by reference in any registration statement under the Securities Act, any preliminary prospectus or final prospectus included therein, or any related summary or free writing prospectus, or any amendment or supplement thereto, or any
document incorporated by reference therein, or any other such disclosure document or other document or report, (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, or (iii) any violation by the Company and any of its subsidiaries of any federal, state or common law rule or regulation applicable to the Company and to any of its subsidiaries and relating to action or
inaction in connection with any such registration, disclosure document or other document or report, and will reimburse such Covered Person for any legal or any other expenses incurred by it in connection with investigating or defending any such
loss, claim, damage, liability, action or proceeding; provided, however, that neither the Company nor any of its subsidiaries shall be liable to any Covered Person in any such case to the extent that any such loss, claim, damage,
liability, action or proceeding arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, any such preliminary prospectus, final prospectus, summary or free
writing prospectus, amendment or supplement, incorporated document or other such disclosure document or other document or report, in reliance upon and in conformity with written information furnished to the Company or to any of its subsidiaries
through an instrument duly executed by such Covered Person specifically stating that it is for use in the preparation thereof. The indemnities of the Company and of its subsidiaries contained in this Section 3.7.1 shall
remain in full force and effect regardless of any investigation made by or on behalf of such Covered Person and shall survive any transfer of securities. 

3.7.2 Indemnities to the Company. Each seller of Registrable Securities in any registration statement filed pursuant to
this Section 3, agrees, severally but not jointly, to indemnify and hold harmless the Company and any of its subsidiaries, each director of the Company or any of its subsidiaries, each officer of the Company or any of its
subsidiaries who shall sign such registration statement and each other Person (other than such seller), if any, who controls the Company and any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act, with respect to any statement in or omission from such registration statement, any preliminary prospectus or final prospectus included therein, or any amendment or supplement thereto, or any free writing prospectus or other
document incorporated therein, if such statement or omission was made in reliance upon and in conformity with written information furnished to the Company or to any of its subsidiaries through an instrument executed by such seller specifically
stating that it is for use in the preparation of such registration statement, preliminary prospectus, final prospectus, free writing prospectus, summary prospectus, amendment or supplement, or incorporated document. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of the Company, any of its subsidiaries, or any such director, officer or controlling Person and shall survive any transfer of securities. 

  
 -22- 

 3.7.3 Contribution. If the indemnification provided for in
Sections 3.7.1 or 3.7.2 hereof is unavailable to a party that would have been an indemnified party under any such Section in respect of any losses, claims, damages or liabilities (or actions or proceedings in
respect thereof) referred to therein, then each party that would have been an indemnifying party thereunder shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such
losses, claims, damages or liabilities (or actions or proceedings in respect thereof) in such proportion as is appropriate to reflect the relative fault of such indemnifying party on the one hand and such indemnified party on the other in connection
with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions or proceedings in respect thereof). The relative fault shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or such indemnified party and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The parties agree that it would not be just or equitable if contribution pursuant to this Section 3.7.3 were determined by pro rata allocation or
by any other method of allocation which does not take account of the equitable considerations referred to in the preceding sentence. The amount paid or payable by a contributing party as a result of the losses, claims, damages or liabilities (or
actions or proceedings in respect thereof) referred to above in this Section 3.7.3 shall include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any
such action or claim. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

3.7.4 Limitation on Liability of Holders of Registrable Securities. The liability of each holder of Registrable
Securities in respect of all indemnification and contribution obligations of such holder arising under this Section 3.7 shall not in any event exceed an amount equal to the net proceeds to such holder (after deduction of
all underwriters’ discounts and commissions and all other expenses paid by such holder in connection with the registration in question) from the disposition of the Registrable Securities disposed of by such holder pursuant to such registration.

 3.8 Lock-up. 

3.8.1 Without the prior written consent of the Company, for a period beginning ten calendar days immediately preceding and
ending on the one hundred eightieth (180th) calendar day (in the case of the Initial Public Offering, or ninetieth (90th) calendar day in the case of any other offering, or such shorter period as the managing underwriter shall agree) following the
effective date of the registration statement used in connection with any offering of shares of Common Stock by the Company, no holder of Securities (whether or not a selling shareholder pursuant to such registration statement) shall (a) offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise Transfer, directly or indirectly, any shares of Common Stock or any
securities convertible into or exercisable or exchangeable for such Common Stock or (b) enter into any swap or other management that transfers to another, in whole or in part, any of the economic consequences of ownership of Common Stock,
whether any such transaction described in clause (a) or (b) above is to be settled by delivery of such Common Stock or such other securities, in cash or otherwise; provided, however, that the foregoing restrictions shall not apply
to (i) transactions relating to shares of Common Stock or other securities acquired in open market transactions after the completion of the Initial Public 

  
 -23- 

 
Offering, (ii) Transfers among any Affiliates, provided that the Transferee Affiliate agrees to be bound by the terms of this Agreement, including this
Section 3.8.1, (iii) Transfers to the Company or any subsidiary of the Company in one or more transactions approved by the Board, (iv) Transfers constituting the exercise of the Junior Management Options, the
Pamplona Warrant or the L Catterton Warrant or the conversion of Convertible Notes; or (v) such other Transfers of the type permitted by the underwriters in the IPO; provided, further, that any such lock-up agreement shall provide that if the managing underwriter releases any shares from the lock-up with respect to such offering prior to the scheduled expiration date,
such release shall contemporaneously apply to the holders of all Securities and each such holder shall be entitled to release their pro rata shares of Common Stock so released; provided, further, that any such lock-up agreement shall provide that no shares of Common Stock shall be released from such lock-up prior to the scheduled expiration date except pro rata according to
the holdings of all holders of Securities subject to the lock-up agreement. 
 4. REMEDIES.

 4.1 Generally. The Company and all holders of Securities and Legacy Warrant Securities shall have all remedies available at law, in
equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder by the Company, any holder of Securities or any holder of Legacy Warrant Securities. The parties acknowledge and agree that in the event of any
breach of this Agreement, in addition to any other remedies which may be available, each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable
remedies (including, without limitation, preliminary or temporary relief) as may be appropriate in the circumstances. 
 5. LEGENDS.

 5.1 Securities Act Legend. Each certificate representing Securities (not including the Convertible Notes) or Legacy Warrant
Securities shall have the following legend endorsed conspicuously thereupon: 
 “The securities represented by this
certificate were issued in a private placement, without registration under the Securities Act of 1933, as amended (the “Act”), and may not be sold, assigned, pledged or otherwise transferred in the absence of an effective registration
under the Act covering the transfer or an opinion of counsel, satisfactory to the issuer, that registration under the Act is not required.” 

The legend required by this Section 5.1 shall cease to be required as to any particular Securities (i) when, in
the opinion of Weil Gotshal & Manges, LLP or other counsel reasonably acceptable to the Company, such restrictions are no longer required in order to assure compliance with the Securities Act, or (ii) when such Securities shall have
been registered under the Securities Act or transferred pursuant to Rule 144 thereunder. Whenever (x) such requirement shall cease and terminate as to any Securities or (y) such Securities shall be freely transferable under Rule 144, the
holder thereof shall be entitled to receive from the Company, without expense, new certificates not bearing the legend set forth in this Section 5.1. 

5.2 Registration Rights Agreement Legend. Each certificate representing Securities shall have the following legend endorsed
conspicuously thereupon: 
 “The securities represented by this certificate are subject to the restrictions on
transfer and the provisions as set forth in the Registration Rights Agreement dated as of [•], 2021, as amended and in effect from time to time, and constitute _______ Securities as defined in such Registration Rights Agreement. The Company
will furnish a copy of such agreement to the holder of this certificate without charge upon written request.” 

  
 -24- 

 Any Person who acquires Securities which are not subject to all or part of the terms of this
Agreement shall have the right to have such legend (or the applicable portion thereof) removed from certificates representing such Securities. 

5.3 Stop Transfer Instruction. The Company shall instruct any transfer agent not to register the Transfer of any Securities until the
conditions specified in the foregoing legends are satisfied. 
 6. AMENDMENT, TERMINATION, ETC. 

6.1 No Oral Modification. This Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any
of its terms be effective. 
 6.2 Written Modifications. This Agreement may be amended, modified, extended or terminated, and the
provisions hereof may be waived, by an agreement in writing signed by holders of Securities representing each of (a) the Management Majority Holders, (b) the Pamplona Key Noteholder, (c) the L Catterton Key Noteholder,
(d) Stevenson, (e) Ko and (f) Robert Gay; provided, however, that the consent of the Management Majority Holders shall not be required if the Management Investors, together with their Permitted Transferees, hold in the
aggregate, directly or indirectly, less than ten percent (10%) of the outstanding shares of Common Stock (on a fully diluted basis); provided, further, that the consent of Stevenson shall not be required if Stevenson, together with his
Affiliates hold in the aggregate, directly or indirectly, less than ten percent (10%) of the outstanding shares of Common Stock (on a fully diluted basis); provided, further, that the consent of Ko shall not be required if Ko, together
with his Affiliates hold in the aggregate, directly or indirectly, less than ten percent (10%) of the outstanding shares of Common Stock (on a fully diluted basis); provided, further, that the consent of Robert Gay shall not be
required if any one of the following groups of Investors, together with their respective Permitted Transferees, hold in the aggregate, directly or indirectly, less than ten percent (10%) of the outstanding shares of Common Stock (on a fully diluted
basis): (i) the Management Investors, (ii) Stevenson and SW or (iii) Ko; provided, further, that the consent of the Company shall be required for any amendment, modification, extension, termination or waiver which has a
material adverse effect on the rights or obligations of the Company under this Agreement; provided, further, that the consent of the Pamplona Key Noteholder shall be required for any amendment, modification, extension, termination or
waiver which has a material adverse effect on the rights or obligations of any of the Pamplona Noteholders (or any adverse effect on any right or obligation specific to any of the Pamplona Noteholders); provided, further, that the
consent of the L Catterton Key Noteholder shall be required for any amendment, modification, extension, termination or waiver which has a material adverse effect on the rights or obligations of any of the L Catterton Noteholders (or any adverse
effect on any right or obligation specific to any of the L Catterton Noteholders); provided, further, that the consent of the Watterson Key Noteholder shall be required for any amendment, modification, extension, termination or waiver
which has a material adverse effect on the rights or obligations of any of the Watterson Noteholders (or any adverse effect on any right or obligation specific to any of the Watterson Noteholders); provided, further, that the consent
of the holders of a majority of the Pamplona Warrant Securities shall be required for any amendment, modification, extension, termination or waiver which has a material adverse effect on the rights or obligations of any of the holders of the
Pamplona Warrant Securities (or any adverse effect on any right or obligation specific to any of the holders of the Pamplona Warrant Securities); provided, further, that the consent of the holders of a majority of the L Catterton
Warrant Securities shall be required for any amendment, modification, extension, termination or waiver which has a material adverse effect on the rights or obligations of any of the holders of the L Catterton Warrant Securities (or any adverse
effect on any right or obligation specific to any of the holders of the L Catterton Warrant Securities); provided, further, that this Agreement may not be terminated without the consent of holders of a majority of the Pamplona Warrant
Securities, the holder of a majority of the L Catterton Warrant Securities, the Pamplona 

  
 -25- 

 
Key Noteholder, the L Catterton Key Noteholder, and the Watterson Key Noteholder; and provided, further, that the consent of the Management Majority Holders, Robert Gay, Ko,
Stevenson, the Majority Legacy Warrantholders, the Pamplona Key Noteholder, the holders of a majority of the Pamplona Warrant Securities, the L Catterton Key Noteholder, the holders of a majority of the L Catterton Warrant Securities or the
Watterson Key Noteholder, as applicable, shall be required for any amendment, modification, extension, termination or waiver which has a material adverse effect on the rights or obligations of such Investors under this Agreement. Each party hereto
and each holder of Securities or Legacy Warrant Securities subject hereto may waive any of its rights hereunder by an instrument in writing signed by such party or holder. 

7. MISCELLANEOUS. 
 7.1
Authority; Effect. Each party hereto represents and warrants to and agrees with each other party that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on
behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the
parties hereto, or to constitute any of such parties members of a joint venture or other association. 
 7.2 Notices. Notices and
other communications provided for in this Agreement shall be in writing and shall be effective (i) when one day shall have elapsed (exclusive of Saturdays, Sundays and banking holidays in the City of Boston or New York City) from their deposit
for overnight delivery with Federal Express or other bonded courier (charges prepaid), addressed to the party or parties sought to be charged with notice of the same at the respective addresses set forth or referred to below, subject to written
notice of change of address given by any party to each other party, (ii) when three (3) days shall have elapsed (exclusive of Saturdays, Sundays and banking holidays in the City of Boston or New York City) from their deposit in the U.S.
mail, postage prepaid and registered or certified, addressed to the party or parties sought to be charged with notice of the same at the respective addresses set forth or referred to below, subject to written notice of change of address given by any
party to each other party, (iii) if delivered by facsimile transmission to the facsimile numbers provided for below, upon receipt of facsimile confirmation, or (iv) if earlier, upon receipt. 

If to the Company, to it at: 

c/o iFIT Health & Fitness Inc 

1500 South 1000 West 
 Logan,
Utah 84321 
 Fax: (435) 750-5238 

Attention: Chief Executive Officer 

with a copy to: 
 Weil,
Gotshal & Manges, LLP 
 767 5th Ave 

New York, New York 10153 
 Fax:
(212) 310-8007 
 Attention: Corey Chivers 

If to SW or to Watterson, to them at: 

c/o iFIT Health & Fitness Inc 

1500 South 1000 West 
 Logan,
Utah 84321 
 Fax: (435) 750-5238 

  
 -26- 

 with a copy to: 

Weil, Gotshal & Manges, LLP 

767 5th Ave 
 New York, New York
10153 
 Fax: (212) 310-8007 

Attention: Corey Chivers 
 If to
GS or to Stevenson, to them at: 
 Gary E. Stevenson 

4316 Summerview Circle 

Bountiful, Utah 84010 
 Fax:
(801) 240-1628 
 If to Robert Gay, BG or to BG II, to them at: 

Kensington Capital Holdings, LLC 

26 Patriot Place, Suite 301 

Foxboro, Massachusetts 02035 

Fax: (508) 546-0064 

with a copy to: 
 Honigman
Miller Schwartz & Cohn, LLP 
 600 Woodward Ave. 

2290 First National Building 

Detroit, Michigan 48226 
 Fax:
(313) 465-7457 
 Attention: Joshua Opperer 

if to Ko, to him at: 
 c/o Chang
Chen Instrument Co. Ltd. 
 No. 342, Datong Rd., Gueishan Dist., 

Taoyuan City 333, Taiwan, R.O.C. 

Fax: 011-88-633-505101

 with a copy to: 
 Brad H.
Bearnson 
 Bearnson & Caldwell, LLC 

399 North Main, Suite 270 

Logan, Utah 84321 
 Fax: (435) 752-6301 
 if to the Legacy Warrantholders, to them at: 

c/o IBJ Whitehall Bank & Trust Company 

One State Street 
 New York, New
York 10004 

  
 -27- 

 with a copy to: 

Weil, Gotshal & Manges, LLP 

767 Fifth Avenue 
 New York, New
York 10028 
 Fax: (212) 310-8007 

Attention: Corey Chivers 
 if to
Pamplona, to it at: 
 c/o Pamplona Capital Management LLC 

667 Madison Avenue, 22nd Floor 

New York, NY 10065 
 Email:
asinger@pamplonafunds.com 
 Attention: Andrew Singer 

with a copy to: 
 Lowenstein
Sandler LLP 
 1251 Avenue of the Americas, 18th Floor 

New York, NY 10020 
 Email:
mbrosse@lowenstein.com 
 Attention: Michael Brosse 

if to L Catterton, to it at: 

c/o L Catterton Management Limited 

599 West Putnam Avenue 

Greenwich, CT 06830 
 Email:
marc.magliacano@lcatterton.com; jennifer.reid@lcatterton.com and legalnotice@lcatterton.com 
 Attention: Marc Magliacano and Jennifer Reid

 with a copy to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 
 Email: joshua.kogan@kirkland.com and elizabeth.freechack@kirkland.com 

Attention: Joshua Kogan, P.C. and Elizabeth Freechack 

If to any other Investor, to such Investor at the address set forth in the stock record book of the Company. 

Notice to the holder of record of any shares of capital stock shall be deemed to be notice to the holder of such shares for all purposes
hereof. 
 7.3 Binding Effect, etc. This Agreement constitutes the entire agreement of the parties with respect to its subject matter,
supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter (including the Investors’ Agreement, which, for the avoidance of doubt, is hereby terminated in its entirety effective upon
the closing of the Initial Public Offering), and shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, 

  
 -28- 

 
representatives, successors and permitted assigns. For the avoidance of doubt, this Agreement does not supersede the Purchase Agreements, the Convertible Notes, the Pamplona Warrant or the L
Catterton Warrant. No provision of this Agreement providing for the expiration of any provision by lapse of time or upon the occurrence of specified events or otherwise shall relieve any Person of liability for breach or violation prior to such
expiration. In the event of any conflict between the terms of this Agreement and the Company’s By-laws or Certificate of Incorporation (as amended or amended and restated), the terms of this Agreement
will prevail and the parties hereto will forthwith cause any necessary alterations to be made to the Company’s By-laws or Certificate of Incorporation (as amended or amended and restated), as applicable,
so as to resolve the conflict. 
 7.4 Descriptive Headings. The descriptive headings of this Agreement are for convenience of
reference only, are not to be considered a part hereof and shall not be construed to define or limit any of the terms or provisions hereof. 

7.5 Counterparts. This Agreement may be executed in multiple counterparts (including by electronic or .PDF delivery), each of which
shall be deemed an original, but all of which taken together shall constitute one instrument. Facsimile signatures and those delivered by other electronic means shall constitute original signatures for all purposes of this Agreement. 

7.6 Severability. If in any judicial or arbitral proceedings a court or arbitrator shall refuse to enforce any provision of this
Agreement, then such unenforceable provision shall be deemed eliminated from this Agreement for the purpose of such proceedings to the extent necessary to permit the remaining provisions to be enforced. To the full extent, however, that the
provisions of any applicable law may be waived, they are hereby waived to the end that this Agreement be deemed to be valid and binding agreement enforceable in accordance with its terms, and in the event that any provision hereof shall be found to
be invalid or unenforceable, such provision shall be construed by limiting it so as to be valid and enforceable to the maximum extent consistent with and possible under applicable law. 

7.7 Third Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto (including the Other Investors) and any
signatories to a joinder hereto, and nothing herein express or implied shall give or be construed to give to any Person, other than the parties hereto (including the Other Investors), any signatories to a joinder hereto and their respective
permitted assigns, (including any transferee of Registrable Securities from Pamplona or L Catterton, including upon transfer of their Convertible Notes or warrants in accordance with the terms thereof), any legal or equitable rights hereunder. 

7.8 Specific Performance. Due to, among other things, the fact that the securities of the Company cannot be readily purchased or sold in
the open market and for other reasons, the parties would be irreparably damaged in the event that this Agreement is not specifically enforced. In the event of a breach or threatened breach of the terms, covenants and/or conditions of this Agreement
by any of the parties hereto, one or more of the other parties, in addition to all other remedies, shall be entitled to obtain (without any bond or other security being required) a temporary and/or permanent injunction, without showing any actual
damage or that monetary damages would not provide an adequate remedy, and/or an award providing a decree for specific performance, in accordance with the provisions hereof. 

7.9 Effectiveness. This Agreement shall take effect immediately upon the closing of the Initial Public Offering, and, for the avoidance
of doubt, shall have no force or effect until the Initial Public Offering. If the Initial Public Offering does not occur by [•], this Agreement shall be void and of no force and effect and all rights and obligations of the parties hereto shall
terminate without any further liability on the part of any party hereto in respect thereof. 
 8. GOVERNING LAW. 

8.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of New York without giving effect to
any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

  
 -29- 

 8.2 Consent to Jurisdiction. Each party to this Agreement, by its execution hereof,
(a) hereby irrevocably submits to the exclusive jurisdiction of the state courts of the State of New York sitting in the County of New York or the United States District Court for the Southern District of New York for the purpose of any action,
claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by
applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by
such court, and (c) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the
subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract,
tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or
becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (a) above. Each party hereto
hereby consents to service of process in any such proceeding in any manner permitted by New York law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to
Section 7.2 hereof is reasonably calculated to give actual notice. The provisions of this Section 8.2 shall not restrict the ability of any party to enforce in any court any judgment obtained in
the federal or state courts of the State of New York. 
 8.3 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY
APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF
ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED
HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 8.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY
ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 8.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER
OF ITS RIGHT TO TRIAL BY JURY. 
 8.4 Reliance. Each of the parties hereto acknowledges that he or it has been informed by each other
party that the provisions of Section 8 constitute a material inducement upon which such party is relying and will rely in entering into this Agreement and the transactions contemplated hereby. 

[THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 

  
 -30- 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE COMPANY:	 		 	IFIT HEALTH & FITNESS INC
				
		 		 	By	 	      

		 		 	Name: Scott R. Watterson
		 		 	Title: Chairman & Chief Executive Officer
			
	ICON:	 		 	IFIT INC.
				
		 		 	By	 	      

		 		 	Name: Scott R. Watterson
		 		 	Title: Chairman & Chief Executive Officer
			
	THE LLC:	 		 	HF INVESTMENT HOLDINGS, LLC
				
		 		 	By	 	      

		 		 	Name: Scott R. Watterson
		 		 	Title: Chairman & Chief Executive Officer

  
 [Signature Page to
Registration Rights Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE WATTERSON	 		 		 	
	INVESTORS:	 		 	By:	 	      

		 		 	Scott R. Watterson, individually
			
		 		 	SW ICON LLC
				
		 		 	By:	 	      

		 		 	Name: Scott R. Watterson
		 		 	Title: Chairman & Chief Executive Officer

  
 [Signature Page to
Registration Rights Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE STEVENSON	 		 		 	
	INVESTORS:	 		 	By:	 	  

		 		 	Gary E. Stevenson, individually
			
		 		 	GS ICON LLC
				
		 		 	By:	 	  

		 		 	Name: Gary E. Stevenson
		 		 	Title: Manager

  
 [Signature Page to
Registration Rights Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	THE GAY INVESTORS	 		 	By:	 	  

		 		 	Robert C. Gay, individually
			
		 		 	BG ICON LLC
				
		 		 	By:	 	  

		 		 		 	Name: Robert C. Gay
		 		 		 	Title: Managing Member
			
		 		 	BG ICON II LLC
				
		 		 	By:	 	  

		 		 		 	Name: Robert C. Gay
		 		 		 	Title: Managing Member

  
 [Signature Page to
Registration Rights Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

			
	By:	 	  

		 	Wen-Chung Ko, individually
		
		 	W-C KO USA, LLC
		
	By:	 	  

		 	Name: Wen-Chung Ko
		 	Title: Manager

  
 [Signature Page to
Registration Rights Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

			
	By:	 	  

		 	David Watterson, individually

  
 [Signature Page to
Registration Rights Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	PAMPLONA:	 		 	ICON PREFERRED HOLDINGS, L.P.
			
		 		 	By: Icon Preferred Holdings GP, Inc.
		 		 		 	its general partner
				
		 		 	By	 	      

		 		 	Name: Andrew Singer
		 		 	Title: Vice President

  
 [Signature Page to
Registration Rights Agreement] 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this
Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

							
	L CATTERTON:	 		 	LC9 Connected Holdings, LP
			
		 		 	By: LC9 Management, L.L.C.
		 		 	Its: General Partner
				
		 		 	By	 	      

		 		 	Name: Scott Dahnke
		 		 	Title: Managing Member

  
 [Signature Page to
Registration Rights Agreement]EX-4.4

 Exhibit 4.4 

THE SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED EXCEPT IN COMPLIANCE THEREWITH. 
 [THIS NOTE WAS ISSUED WITH “ORIGINAL ISSUE DISCOUNT”
AS DEFINED IN SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“OID”). YOU MAY OBTAIN INFORMATION REGARDING THE AMOUNT OF OID, THE ISSUE PRICE, THE ISSUE DATE AND THE YIELD TO MATURITY BY CONTACTING THE ISSUER AT ITS
ADDRESS SET FORTH IN ARTICLE 16.] [OID legend to be included on all non-stapled notes.] 
  

			
	[•], 2021	  	$[•]1        

 [No. 1][No. 2][No. 3][No. 4] 

IFIT HEALTH & FITNESS INC 

7.0% NOTES 
 DUE [•], 2027 

THIS NOTE (this “Note”) is a duly authorized issue of notes of iFIT Health & Fitness Inc, a Delaware corporation
(the “Issuer”), designated as its 7.0% Notes due [•], 2027 (the “Maturity Date”), in an aggregate principal amount of [•] ($[•]). 

FOR VALUE RECEIVED, the Issuer promises to pay to [•], a [•]2, [registered
address, contact and telephone] [which promise to pay, and all terms of this Note as applicable, with respect to the promise to pay and issuance to Scott Watterson, is qualified by and subject to the Award Agreement]3 or its registered Transferees (together with its successors and Transferees, the “Holder”), the aggregate principal sum of [•] ($[•]) on the Maturity Date and to pay
interest (each, an “Interest Payment”) on the principal sum outstanding from time to time under this Note. Interest on this Note will accrue at the rate per annum equal to 7.0%, and will be due and payable in cash in immediately
available funds in arrears on a quarterly basis on March 31, June 30, September 30 and December 31 of each year during the term of this Note (each, an “Interest Payment Date”), commencing on December 31,
2021; provided that at the election of the Issuer any interest accrued can instead (i) be paid (a “PIK Payment”) by adding such accrued amounts to the unpaid principal amount of the Note outstanding at such time
(“PIK Interest”) or (ii) be paid in the form of Common Stock at a 15% discount to 10-day VWAP for the applicable Interest Payment Date. Any such election by the Issuer shall apply to all
Convertible Notes on a pro rata basis; provided that, during any period during the applicability of the Forfeiture Restrictions (as defined in the Award Agreement) interest on the Note issued to 

 
  

 

	1 	 Principal amount to be calculated in accordance with Sections 1.2 and 1.3 of the Omnibus Agreement.

	2 	 Scott Watterson note will registered individually in Scott Watterson’s name 

	3 	 This language to be inserted in note issued to Scott Watterson.

 
Scott Watterson shall only be paid in the form of Common Stock; provided, further, that in the event the Issuer intends to pay PIK Interest or make an Interest Payment in cash
during the applicability of the Forfeiture Restrictions, the Issuer shall provide notice to each Noteholder other than Scott Watterson no less than ten (10) Business Days prior to the applicable Interest Payment Date and, at the election of the
Holder, shall make such Interest Payment in the form of Common Stock. Notwithstanding the foregoing, in the event of (and during the continuation of) an Event of Default, the interest rate hereunder shall increase by an additional 2.0% per annum.
Any failure by the Issuer to pay interest in cash or Common Stock on any Interest Payment Date shall be deemed to be an election to make a PIK Payment of such interest by adding such interest to the unpaid principal amount of the Note outstanding at
such time. Following an increase in the principal amount of any outstanding Note as a result of a PIK Payment, such Note will bear interest on such increased principal amount from and after the date of such PIK Payment. For purposes of this Note,
all references to (i) “principal amount” of the Notes shall include any increase in the principal amount of the Notes as a result of a PIK Payment and (ii) “original principal amount” of the Notes shall exclude any
increase in the principal amount of the Notes as a result of a PIK Payment. Interest may only be paid in the form of Common Stock if (i) the Common Stock is then currently listed for trading on the New York Stock Exchange or Nasdaq and
(ii) the market capitalization of the Issuer at the time of such payment is at least $1,000,000,000; provided, during the applicability of the Forfeiture Restrictions, interest must be paid in Common Stock solely with respect to the Note
issued to Scott Watterson regardless of whether the foregoing conditions are met. 
 Interest will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from and including the original issue date of this Note. Interest will be computed on the basis of a 365/366-day year. Interest Payments will be paid to
the Person in whose name this Note is registered on the Notes Register on the Business Day prior to the applicable payment date. The Issuer shall maintain the Notes Register at its principal office in which it shall provide for the registration of
Notes and transfers and exchanges thereof. 
 This Note is one of a series of promissory notes issued on the Issue Date by the Issuer
(collectively, the “Convertible Notes”), which Convertible Notes shall constitute a single class of loans. Except for any provisions regarding the stapling of transfers of this Note and the provisions of the Award Agreement,
the terms and conditions of this Note shall be the same terms and condition as in each other Convertible Note and each of the Holder and the Issuer agree that there shall be not change to the terms and conditions of this Note unless such terms or
conditions are also modified in each other Convertible Note, including, for clarity, that there shall be no more favorable change to the terms and conditions of any other Convertible Note unless such terms or conditions are also modified in this
Note to reflect such more favorable change. Neither Holder nor any other holder holding a Convertible Note shall have the right to take any action or exercise any remedies under this Note, or any Convertible Note, on an individual basis. 

[Transfers of this Note are subject to the stapling provisions contained in Section [•] of the bylaws of the Issuer (the
“Stapling Transfer Restriction”). For federal (and applicable state and local) income tax purposes, the Issuer and the Holder agree to treat this Note, taking into account the Stapling Transfer
Restriction, as part of a single integrated instrument that is treated as equity and consistent with Section 1.5 of the Omnibus Agreement (the “Intended Tax Treatment”). The
Issuer and the Holder shall prepare and file all tax returns in a manner consistent with this paragraph and shall take no position inconsistent with such treatment.]4 

 

	4 	 To be included in the LCat Note and the PCM Note issued in respect of PCM’s preferred stock, but not in
PCM Note issued in respect of 2019 note or in the SW Note. 

  
 -2- 

 This Note is subject to the following additional provisions: 

ARTICLE 1 
 EXCHANGE

 This Note is exchangeable for an equal aggregate principal amount of Notes of different denominations, as requested by the Holder
surrendering the same. No service charge will be charged to the Holder for such registration, transfer or exchange. 
 ARTICLE 2 

TRANSFERS 
 This Note has
been issued subject to investment representations of the original purchaser hereof and may be transferred or exchanged in the United States only in compliance with the Securities Act of 1933, as amended, applicable state securities laws and the
other provisions hereof. Prior to due presentment for transfer of this Note, the Issuer may treat the Person in whose name this Note is duly registered on the Notes Register as the owner hereof for the purpose of receiving payment as herein provided
and all other purposes, whether or not this Note be overdue, and the Issuer shall not be affected by notice to the contrary. 
 ARTICLE 3

 DEFINITIONS 
 For
purposes of this Note, the following terms shall have the following meanings. 
 “10-day
VWAP” means, as of any date, the average VWAP per share of Common Stock for the 10 Trading Days immediately preceding the third Business Day immediately preceding the applicable Interest Payment Date. 

“Affiliate” means, with respect to any specified Person, any Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with, the Person specified. 
 “Award Agreement”
means the Restricted Property Award Agreement, dated as of the date hereof, between Scott Watterson and the Issuer. 
  

  
 -3- 

 “Bankruptcy Law” means Title 11, United States Code, or any similar Federal
or state law for the relief of debtors. 
 “Business Day” means any day other than a Saturday, Sunday or any other day on
which commercial banks in the City of New York or Boston are authorized or required by law to remain closed. 
 “Cash Return
Condition” means the return of proceeds in cash to [Pamplona and its Affiliates] / [L Catterton and its Affiliates] of an amount equal to the aggregate principal amount of all Convertible Notes owned by such Persons as of the closing
of the IPO from (a) any sale of (i) the Convertible Notes, or (ii) Common Equity or (b) any cash payments in respect of principal or interest of the Convertible Notes. 

“Charter” means the Amended and Restated Certificate of Incorporation of the Issuer as filed with the Secretary of State of
the State of Delaware on the Issue Date. 
 “Common Equity” means the Common Stock and any shares of capital stock of the
Issuer issued or issuable with respect to such Common Stock by way of a stock dividend or distribution payable thereon or stock split, reverse stock split, recapitalization, reclassification, reorganization, exchange, subdivision or combination
thereof. 
 “Common Stock” means the Issuer’s Class A common stock of the same class to be issued in the IPO.

 “Consolidated EBITDA” means, as of any date of determination, “Consolidated Adjusted EBITDA” (as defined in
the ABL Credit Agreement, by and among inter alios the Issuer, iFIT Inc. (f/k/a ICON Health & Fitness, Inc.), Bank of America, N.A., as the administrative agent, and the other lenders party thereto from time to time, dated as of
May 12, 2021 (as may be amended, otherwise modified or replaced from time to time provided that if replaced by multiple debt instruments or agreements the instrument or agreement that is most senior in priority will govern)). 

“Conversion” has the meaning set forth in Section 4.01. 

“Conversion Amount” means all of the outstanding amounts due under this Note as of such time, including outstanding principal
(including PIK Interest) and accrued interest thereon. 
 “Conversion Price” means a (x) the IPO Price
multiplied by (y) 0.85. The Conversion Price and number of shares of Common Stock to be delivered upon conversion shall automatically be adjusted, without duplication, proportionately to give effect to any stock split, reverse stock
split, stock dividend, spin- or split-off or similar corporate transaction affecting the shares of Common Stock in which Holders do not otherwise participate with respect to the shares of Common Stock
underlying the Note. Whenever the Conversion Price or conversion rate are adjusted as set forth in the prior sentence, the Issuer shall calculate such new amounts and as soon as practicable following the event resulting in such adjustment delivery
to the Holder an executed certificate signed by an officer of the Issuer providing such adjusted amounts and explaining in reasonable detail the transaction and calculation related thereto. 

  
 -4- 

 “Conversion Date” means (i) with respect to an optional conversion
pursuant to Section 4.01, the date on which such Holder delivers the completed, executed Conversion Notice (and, if applicable, the satisfaction of any conditions to conversion set forth in the Conversion Notice) and (ii) with
respect to Mandatory Conversion pursuant to Section 4.02, the Mandatory Conversion Date. 
 “Convertible Note”
has the meaning set forth in the introductory paragraphs of this Note. 
 “Default” means any event which is, or after
notice or passage of time or both would be, an Event of Default. 
 “Equity Percentage” means, with respect to any
Noteholder or holder of Common Equity and at any time of determination, an amount, expressed as a percentage, equal to (x) (A) the number of shares of Common Stock held by such holder, plus (B) the number of shares of Common Stock
issuable to such holder upon the conversion of the full Conversion Amount (calculated as of such time of determination) of all Notes held by such holder, divided by (y) (A) all outstanding shares of Common Stock of the Issuer,
plus (B) the maximum number of shares issuable by the Issuer upon conversion of all outstanding Notes as of such time of determination. 

“Event of Default” has the meaning set forth in Section 10.01. 

“Holder” has the meaning set forth on the first page of this Note. 

“Greenshoe Proceeds” means the net proceeds received by the Issuer upon the exercise by the underwriters of the IPO of any
overallotment option granted by the Issuer to such underwriters. 
 “Immediate Family” means, with respect to any
individual, each spouse, parent, brother, sister or child of such individual, each spouse of any such Person, each child of any of the aforementioned Persons, each trust created solely for the benefit of one or more of the aforementioned Persons and
each custodian or guardian of any property of one or more of the aforementioned Persons in his capacity as such custodian or guardian. 

“Interest Payment” has the meaning set forth on the first page of this Note. 

“Interest Payment Date” has the meaning set forth on the first page of this Note. 

“Investor” means any Affiliate of the Issuer. 

“IPO” means the Issuer’s initial underwritten public offering on an effective registration statement under the
Securities Act of 1933, as amended. 
 “IPO Price” means the price to the public in the IPO, which is $[•]. 

“Issue Date” means [•], 2021. 

“Issuer” has the meaning set forth on the first page of this Note. 

  
 -5- 

 “L Catterton” means LC9 Connected Holdings, LP and its
Permitted Transferees. 
 “LTM EBITDA” means as of any date of determination, Consolidated EBITDA for the 12-month period through the most recent fiscal quarter ending immediately preceding such date of determination. 

“Mandatory Prepayment Event” means any of the following: (a) any liquidation, dissolution or winding-up of the operations of the Issuer or any of its Material Subsidiaries; (b) the merger or consolidation of the Issuer or any of its Subsidiaries with another entity, or sale of securities of the Issuer
or any of its Subsidiaries, in which the holders of outstanding voting securities of the Issuer cease to own, directly or indirectly, greater than 50% of the outstanding voting securities of the entity surviving such merger or consolidation or sale;
(c) the sale of all or substantially all of the assets of the Issuer and its Subsidiaries; (d) a de-listing of the Common Stock from its primary securities exchange if not concurrently re-listed on another exchange satisfactory to the Holder; (e) an acceleration in accordance with Section 10.02 below and (f) the receipt of any Greenshoe Proceeds. 

“Market Disruption Event” means, with respect to any date, the occurrence or existence, during
the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock is listed for
trading or trades (or for purposes of determining the VWAP per share of Common Stock, any period or periods aggregating one half-hour or longer during the regular trading session on the relevant day), of any material suspension or limitation imposed
on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock. 

“Material Indebtedness” means indebtedness in an aggregate principal amount equal to or greater than $10,000,000. 

“Material Subsidiary” means any Subsidiary of the Issuer now existing or hereafter acquired or formed and each successor
thereto that (i) for the most recent period of four consecutive fiscal quarters of the Issuer accounted (on a consolidated basis with its Subsidiaries) for 10% or more of the revenues of the Issuer or (ii) as of the end of such fiscal
quarter, was (on a consolidated basis with its Subsidiaries) the owner of 10% or more of the total assets of the Issuer, as shown on the consolidated financial statements of the Issuer for such fiscal quarter. 

“Maturity Date” has the meaning set forth on the first page of this Note. 

“Necessary Action” means, with respect to the Issuer, all actions (to the extent such actions are not prohibited by
applicable law, and in the case of any action that requires a vote or other action on the part of the Board to the extent such action is consistent with fiduciary duties that the Issuer’s directors may have in such capacity) necessary to cause
such result, including (a) calling special meetings of stockholders, (b) voting or providing a written consent or proxy, if applicable in each case, with respect to shares of Common Stock, (c) causing the adoption of
stockholders’ resolutions and amendments to the organizational documents of the Issuer, (d) executing agreements and instruments, (e) making, or causing to be made, all filings, registrations or similar actions that are required to
achieve such result and (f) nominating certain Persons for election to the Board in connection with the annual or special meeting of stockholders of the Issuer. 

  
 -6- 

 “Noteholders” means the registered holders from time to time of the Notes.

 “Notes” means this Note, the other Convertible Notes and any other notes issued upon an exchange or transfer of this
Note in accordance with Article 2, Article 3 or Article 13, as applicable, or as a replacement in accordance with Article 8. 

“Notes Register” means the register maintained by the Issuer, which includes a list of the names and addresses of each
Holder, as well as the outstanding principal amount and interest amount owing to such Holder from time to time. The entries in the Notes Register shall be conclusive, and the Issuer may treat each Person whose name is recorded in the Notes Register
pursuant to the terms hereof as a Holder hereunder for all purposes of this Note. The Notes Register shall be available for inspection by any Holder, at any reasonable time and from time to time upon reasonable prior notice. 

“Omnibus Agreement” means that certain Omnibus Investor Agreement, dated as of [•], 2021, by and among LC9 Connected
Holdings, LP, Icon Preferred Holdings, L.P., Scott R. Watterson, SW ICON LLC, Gary E. Stevenson, GS ICON LLC, Robert C. Gay, BG ICON LLC, Wen-Chung Ko and the Issuer. 

“Options” means (a) any options or warrants or other rights to subscribe for, purchase or otherwise acquire Common
Stock, and (b) any evidence of indebtedness, shares of stock (other than Common Stock) or other securities which are directly or indirectly convertible or exchangeable for shares of Common Stock. 

“Pamplona” means Icon Preferred Holdings, L.P. and its Permitted Transferees. 

“Permitted Transferee” means, in respect of any Noteholder, (a) if an institutional investor, any Affiliate of such
Noteholder in a bona fide transfer not part of a transaction or series of transactions that results in the direct or indirect transfer of all or any portion of a Convertible Note to a Person not an Affiliate of such Noteholder, and (b) if an
individual, (x) any Transferee of such Noteholder following such Noteholder’s death by will or intestacy to such Noteholder’s legal representative, heir, legatee or distributees, or (y) (i) as a gift or gifts to such
Noteholder’s Immediate Family and/or Affiliate, (ii) charitable gifts or (iii) transfers for bona fide estate planning purposes; provided, in the case of this clause (iii), that the Noteholder retains voting control of
all Common Equity into which the Convertible Note may convert. 
 “Person” means any individual, sole proprietorship,
partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city, municipal, local,
foreign, or otherwise, including any instrumentality, division, agency, body or department thereof). 
 “PIK Interest” has
the meaning set forth on the first page of this Note. 

  
 -7- 

 “PIK Payment” has the meaning set forth on the first page of this Note.

 “Required Note” means that certain Note No. [•]5 originally
issued to Pamplona and any other notes issued upon an exchange or transfer of such Note in accordance with Article 2, Article 3 or Article 13, as applicable, or as a
replacement in accordance with Article 8. 
 “Required Noteholders” means, as of any date,
(i) the Holder of fifty-one percent (51%) of the outstanding principal amount due under the Required Note (which, for the avoidance of doubt, shall initially be Pamplona) or (ii) if there is no such
Holder, then Pamplona; provided that, (i) at any time after which L Catterton holds more than 65% of the aggregate principal amount of Notes originally held by Pamplona and L Catterton, then L Catterton is the Required
Noteholder and (ii) if, collectively, L Catterton and Pamplona do not hold any of the Notes and there is no Holder of fifty-one percent (51%) of the outstanding principal amount due under the
Required Note then the Required Noteholder shall be the Noteholder(s) holding at least a majority of the aggregate principal amount of Notes outstanding on such date. 

“Subsidiary” means, with respect to any Person (other than any natural Person), a corporation or other entity (including
partnerships or limited liability companies), the equity interests of which having ordinary voting power to elect a majority of the board of directors of such corporation or managers of such other entity are at the time owned, or the management of
which is otherwise controlled, directly or indirectly through one or more intermediaries or both, by such Person. 
 “Trading
Day” means a day on which the primary stock exchange on which the Common Stock is then listed is open for the transaction of business and on which there has not occurred a Market Disruption Event. 

“Transferee” means any Person or Persons who acquires all or a portion of this Note. 

“VWAP” per share of Common Stock on any Trading Day means the per share volume-weighted average price as displayed under the
heading Bloomberg VWAP on Bloomberg (or, if Bloomberg ceases to publish such price, any successor service mutually agreed between the Issuer and the Holder) (or its equivalent successor if such page is not available) in respect of the period from
the open of trading on the relevant Trading Day until the close of trading on such Trading Day (or if such volume-weighted average price is unavailable, the market price of one (1) share of Common Stock on such Trading Day determined, using a
volume-weighted average method, by an independent financial advisor mutually agreed between the Issuer and the Holder and retained by the Issuer for such purpose). 
  

 

	5 	 To reference 2021 IPO Convertible Note issued to Pamplona in respect of its Pamplona Note IPO Entitlement
Amount. 

  
 -8- 

 ARTICLE 4 

CONVERSION 

Section 4.01 Conversion by the Holder. Until the date on which all principal and accrued interest owed on this Note has been paid
in full, upon the election of the Holder (at its sole discretion), the Conversion Amount shall convert into (i) the number of shares of Common Stock equal to the quotient of (A) the Conversion Amount elected to be converted by the Holder,
divided by (B) the Conversion Price as of the applicable Conversion Date, plus (ii) cash in lieu of fractional shares (the “Conversion”). The right of conversion may be exercised as to all or any portion of such
Holder’s Conversion Amount from time to time. To receive shares of Common Stock upon conversion of the Conversion Amount pursuant to this Section 4.01, the Holder must deliver a completed, executed conversion notice in the form
attached hereto as Exhibit A (the “Conversion Notice”), to the Issuer; provided, however, that a Conversion Notice may be conditional on the completion of a change of control or other corporate
transaction as such Holder may specify. 
 Section 4.02 Mandatory Conversion by the Issuer. 

(a) At any time after the 24-month anniversary of the date hereof, if the VWAP per share of Common
Stock was greater than 150% of the IPO Price for 60 consecutive Trading Days (with such 60-Trading Day period ending no earlier than 5 Business Days prior to delivery of the Notice of Mandatory Conversion),
the Issuer may elect to convert (a “Mandatory Conversion”) all, but not less than all, of the Conversion Amount into shares of Common Stock (the date selected by the Issuer for any Mandatory Conversion pursuant to
this Section 4.02(a), the “Mandatory Conversion Date”). In the case of a Mandatory Conversion, the Conversion Amount shall be converted into the number of shares and cash in lieu as set forth in
Section 4.01 above. A Mandatory Conversion may only be effectuated by the Issuer if the Common Stock is then currently listed for trading on the New York Stock Exchange or Nasdaq and a resale shelf registration statement is
in effect at the time of delivery of Common Stock permitting the Holder to sell all such shares of Common Stock to be received upon the Mandatory Conversion, unless the Holder thereof may sell all such shares under Rule 144 within a three-month
period and such Holder, together with its affiliates, owns less than 1% of the outstanding shares of Common Stock. 
 (b) If the Issuer
elects to effect Mandatory Conversion, the Issuer shall, within five (5) Business Days following the completion of the applicable 60-Trading Day period referred to in
Section 4.02(a) above, provide notice of Mandatory Conversion to each Holder (such notice, a “Notice of Mandatory Conversion”). The Mandatory Conversion Date selected by the Issuer shall be no less
than ten (10) Business Days and no more than twenty (20) Business Days after the date on which the Issuer provides the Notice of Mandatory Conversion to the Holders. The Notice of Mandatory Conversion shall state, as appropriate: 

(i) the Mandatory Conversion Date selected by the Issuer; and 

(ii) the conversion rate in effect on the Mandatory Conversion Date, the amount of the outstanding principal amount and accrued
interest on the Mandatory Conversion Date and the number of shares of Common Stock and cash in lieu to be delivered to such Holder upon conversion. 

  
 -9- 

 Section 4.03 Effectiveness of Conversion. The Conversion shall be deemed to have
been made immediately prior to the close of business on the Conversion Date, and the Holder shall be treated for all purposes as the record holder of the shares of Common Stock issued in the Conversion as of such date. 

Section 4.04 Reservation of Shares. The Issuer shall at all times reserve and keep available out of its authorized and unissued
Common Stock, solely for issuance upon the conversion of the Convertible Notes, such number of shares of Common Stock as shall from time to time be issuable upon the conversion of all amounts outstanding under the Convertible Notes then outstanding.
Any shares of Common Stock issued upon conversion of amounts outstanding under the Convertible Notes shall be duly authorized, validly issued, fully paid and non-assessable. 

Section 4.05 Fractional Shares. No fractional shares of Common Stock will be delivered to the Holders upon conversion. In lieu of
fractional shares otherwise issuable, the Holders will be entitled to receive, at the Issuer’s sole discretion, either (i) an amount in cash equal to the fraction of a share of Common Stock multiplied by the
price of the Common Stock as of the close of trading on the Trading Day immediately preceding the applicable Conversion Date or (ii) one (1) additional whole share of Common Stock. To determine whether the number of shares of Common Stock
to be delivered to a Holder upon the conversion of such Holder’s Conversion Amount will include a fractional share, such determination shall be based on the aggregate Conversion Amount of such Holder that are being converted on any single
Conversion Date. 
 Section 4.06 Reorganization Events. 

(a) In the event of: 

(i) any reclassification, statutory exchange, merger, consolidation or other similar business combination of the Issuer with or
into another Person, in each case, pursuant to which at least a majority of the Common Stock is changed or converted into, or exchanged for, cash, securities or other property of the Issuer or another Person or entity; 

(ii) any sale, transfer, lease or conveyance to another Person of all or a majority of the property and assets of the Issuer,
in each case pursuant to which the Common Stock (but not the Note) is converted into cash, securities or other property; or 

(iii) any statutory exchange of securities of the Issuer with another Person (other than in connection with a merger or
acquisition) or reclassification, recapitalization or reorganization of the Common Stock (but not the Note) into other securities; 

  
 -10- 

 (each of which is referred to as a “Reorganization Event”), the Note (including the
Conversion Amount outstanding immediately prior to such Reorganization Event) will, without the consent of the Holders and subject to Section 4.06(d), remain outstanding but shall become convertible into, out of funds legally available
therefor, the number, kind and amount of securities, cash and other property (the “Exchange Property”) (without any interest on such Exchange Property and without any right to dividends or distribution on such Exchange Property
which have a record date that is prior to the applicable Conversion Date) that the Holder of the Note would have received in such Reorganization Event had such Holder converted its Conversion Amount into the applicable number of shares of Common
Stock immediately prior to the effective date of the Reorganization Event using the conversion rate applicable immediately prior to the effective date of the Reorganization Event and the Conversion Amount applicable at the time of such subsequent
conversion. If the kind or amount of securities, cash and other property receivable upon such Reorganization Event is not the same for each share of Common Stock held immediately prior to such Reorganization Event, then for the purpose of
this Section 4.06(a), the kind and amount of securities, cash and other property receivable upon conversion following such Reorganization Event will be deemed to be the weighted average of the types and amounts of
consideration received by the holders of Common Stock. 
 (b) The above provisions of
this Section 4.06 shall similarly apply to successive Reorganization Events and the anti-dilution adjustments set forth in the definition of “Conversion Price” shall apply to any shares of capital stock
or property received by the holders of the Common Stock in any such Reorganization Event. 
 (c) The Issuer (or any successor) shall, no
less than thirty (30) days prior to the anticipated effective date of any Reorganization Event, provide written notice to the Holders of such occurrence of such event and of the kind and amount of the cash, securities or other property that
constitutes the Exchange Property. Failure to deliver such notice shall not affect the operation of this Section 4.06. 

(d) The Issuer shall not enter into any agreement for a transaction constituting a Reorganization Event unless (i) such agreement
provides for or does not interfere with or prevent (as applicable) conversion of the Conversion Amount into the Exchange Property in a manner that is consistent with and gives effect to this Section 4.06 and
(ii) to the extent that the Issuer is not the surviving corporation in such Reorganization Event or will be dissolved in connection with such Reorganization Event, proper provision shall be made in the agreements governing such Reorganization
Event for the conversion of the Conversion Amount into stock of the Person surviving such Reorganization Event or such other continuing entity in such Reorganization Event. 

ARTICLE 5 
 PREPAYMENT

 Section 5.01 Optional Prepayments. The Issuer may, at any time and from time to time, upon 30 days’ prior written
notice to the Holder and subject to the Holder’s conversion rights set forth in Section 4.01, prepay all or any portion (in the case of less than 100% of the outstanding amounts of the Notes, in whole number multiples
of $100,000 only) of the outstanding principal amount of the Notes at a prepayment price equal to the principal amount of the Note to be prepaid (i.e., the portion of the original principal amount of the Note being prepaid plus all PIK

  
 -11- 

 
Interest previously added in respect of such portion of the original principal amount). In connection with each prepayment of principal hereunder, the Issuer shall also pay all accrued and unpaid
interest on the principal amount of the Note being repaid. For the avoidance of doubt, a prepayment of less than the entire outstanding principal amount of each of the Notes under this Section 5.01 shall not relieve the
Issuer of its other obligations (including under Section 5.02 below). 
 Section 5.02 Mandatory
Prepayments. The Issuer shall prepay in full this Note, upon 30 days’ prior written notice to the Holder and subject to the Holder’s conversion rights set forth in Section 4.01, upon the occurrence of a
Mandatory Prepayment Event at a prepayment price equal to the principal amount of the Note at the time of payment (i.e., the original principal amount of the Note being prepaid plus all PIK Interest previously added in respect of such original
principal amount). In connection with such mandatory prepayment, the Issuer shall also pay all accrued and unpaid interest on the principal amount of the Note being repaid. 

Section 5.03 Reduction in Principal. If the Issuer has elected to exercise its prepayment pursuant to
Section 5.01, the principal sum required to be paid on the Maturity Date shall be reduced by the amount of principal prepaid. Any prepayment of this Note (other than a prepayment required under Section 1.3 of the
Omnibus Agreement), whether optional or mandatory, shall be preceded by 30 days’ prior written notice to the Holder and the Holder shall be permitted to elect to convert its Conversion Amount at or prior to the time that such prepayment would
otherwise occur. 
 Section 5.04 Multiple Notes. If more than one Convertible Note is outstanding at the time of any payment by
the Issuer, the Issuer shall make such payment pro rata among the Notes (based on the aggregate principal amount of each Note), except as otherwise provided in Section 1.3 of the Omnibus Agreement; provided that in the event of
any payment pursuant to Section 5.02 or any other acceleration of the Convertible Notes then such payments shall be applied (i) first, to any amounts owed to Pamplona and L Catterton pursuant to Article
10 of the applicable Convertible Note, (ii) second, to accrued but unpaid interest and principal on the Convertible Notes held by Pamplona and L Catterton on a pro rata basis, (iii) third, to any other outstanding obligations
owed to Pamplona and L Catterton under the Convertible Notes, (iv) fourth, to any amounts owed to all other Noteholders of the Convertible Notes pursuant to Article 10, (v) fifth, to accrued but unpaid interest and principal on
the Convertible Notes held by all other Noteholders on a pro rata basis, (vi) sixth, to any other outstanding obligations owed to all other Noteholders under the Convertible Notes. 

ARTICLE 6 
 NO
REISSUANCE OF NOTE 
 No Notes acquired by the Issuer by reason of redemption, purchase, conversion or otherwise shall be reissued, and
all such Notes shall be retired. No additional Notes shall be authorized or issued without the consent of the Required Noteholders. 

  
 -12- 

 ARTICLE 7 

COVENANTS 

Section 7.01 Reports. The Issuer shall provide the following information to the Holder; provided, that the Holder may
elect at any time to not receive all or any portion of such information upon written notice (e-mail to suffice) to the Issuer, and upon receipt of such notice the Issuer shall cease to provide the information
specified in such notice unless and until the Holder provides notice to the Issuer (e-mail to suffice) that it elects to continue to receiving such information; and provided, further the
provision of the following information, if not otherwise publicly disclosed, will be subject to customary confidentiality restrictions; and provided, further, that, if the Holder is not the Board Rights Holder (as defined below) or the
Observer Rights Holder (as defined below), the information set forth in clause (e) below shall be provided to the Board Rights Holder and/or Observer Rights Holder rather than the Holder: 

(a) no later than 45 days after the end of each quarterly accounting period in each fiscal year, unaudited consolidated and consolidating
statements of income and cash flows of the Issuer and its consolidated subsidiaries for such quarterly periods, and unaudited consolidated and consolidating balance sheets of the Issuer and its consolidated subsidiaries as of the end of such
quarterly periods, in each case prepared in accordance with GAAP, subject to the absence of footnote disclosures and to normal year-end adjustments; 

(b) no later than 90 days after the end of each fiscal year, audited consolidated and consolidating statements of income and cash flows of the
Issuer and its consolidated subsidiaries for such fiscal year, and audited consolidated and consolidating balance sheets of the Issuer and its consolidated subsidiaries as of the end of such fiscal year, and accompanied by the report of the
Issuer’s independent certified public accountants, prepared in accordance with GAAP; 
 (c) no later than 40 days after the end of each
fiscal month (provided, with respect to the period until the 12-month anniversary of the date hereof, to the extent the Issuer may provide the following within 45 days using reasonable best efforts), a monthly
management report including monthly financial data; provided that in no event shall the Holder receive information with respect to each fiscal month that is less detailed or less favorable than the information received by each of Pamplona and
L Catterton prior to the IPO, which shall include, but not be limited to, the operational data, including key performance indicators, that has previously been provided to each of Pamplona and L Catterton; 

(d) all reports and other information provided to the lenders or the agent under the Issuer’s and its subsidiaries’ senior credit
facilities, substantially concurrently with the delivery of such reports or other information to the lenders or the agent thereunder; 
 (e)
all reports and other information provided to any director of the Issuer or any of its subsidiaries, substantially concurrently with the delivery of such reports or other information to such Person (other than, in any such case, to any such person
solely in their capacity as an employee, vendor or customer of the Issuer or any of its subsidiaries); 

  
 -13- 

 (f) all reports and other information provided to any direct or indirect stockholder of the
Issuer (in their capacity as such), substantially concurrently with the delivery of such reports or other information to such Person (other than, in any such case, to any such person solely in their capacity as an employee, vendor or customer of the
Issuer or any of its subsidiaries); 
 (g) no later than the beginning of any fiscal year, the Issuer’s and its subsidiaries’
annual consolidated operating budget for such fiscal year, including both (i) expected key performance indicatory drivers of results and (ii) the resultant three statement financial outputs; and 

(h) such other information requested by the Holder which is reasonably available or may be reasonably obtained or produced relating to the
business, operations, financial condition, assets or properties of the Issuer or any of its subsidiaries. 
 Section 7.02 Holder
Consent Rights. None of the Issuer and/or any of its subsidiaries will directly or indirectly take any of the following actions without the prior written approval of the Required Noteholders (which may be given or withheld in its sole
discretion): 
 (a) any amendment, modification, repeal or restatement of the governing, constituent or organizational documents or any
recapitalization in a manner that materially adversely affects the terms, rights, preferences or privileges of the Notes[, including any amendment of Section 3.7 of the bylaws of the
Issuer]6; 
 (b) create or authorize the creation of or issue any other equity
security, or security convertible into or exercisable for any equity security, having rights, preferences or privileges that would be senior to or on parity with the Notes if the Notes were preferred stock of the Issuer mutatis mutandis
(e.g., any equity security that is entitled to receive cash dividends or distributions, or to be redeemed, at a time when the Notes are outstanding), and with respect to any subsidiary, issue any equity to any Person other than the Issuer or a
wholly owned subsidiary of the Issuer, unless the Notes are paid in full upon the consummation of any such issuance; 
 (c) the declaration
or payment of any dividend or distribution or the redemption or repurchase of any equity securities; provided to the extent consent under the Notes is provided for any such dividend or distribution or the redemption or repurchase of any
equity securities, such dividend, distribution, redemption or repurchase, as the case may be, shall be made on a pro rata basis to all equity holders and Noteholders based on each holder’s Equity Percentage; 

 

	6 	 To be included in the LCat Note and the PCM Note issued in respect of PCM’s preferred stock, but not in
PCM Note issued in respect of 2019 note or in the SW Note. 

  
 -14- 

 (d) the incurrence of any indebtedness (other than any unsecured indebtedness that is
subordinated and junior to, in all respects (including in right of payment), the Notes) greater than $10,000,000 in the aggregate other than (i) any indebtedness incurred pursuant to an asset-based revolving line of credit pursuant to which
loans are made on a borrowing base based upon accounts receivable, inventory and other customary borrowing based assets (including intellectual property), (ii) any cash flow loan which, together with all other outstanding cash flow loans of the
Issuer and its Subsidiaries, is not in excess of (A) four (4) times LTM EBITDA on the date of incurrence of such indebtedness or (B) five (5) times LTM EBITDA on the date of incurrence of such indebtedness only if (x) a regulated
commercial bank is the lead arranger and administrative agent and (y) regulated commercial banks (or such other lenders consented to in writing by the Required Noteholders which instill the same level of comfort and confidence in the Required
Noteholders as regulated commercial banks) hold, at all times, at least 51% of the principal amounts of the loans outstanding thereunder or (iii) any mortgage loan or real property secured financing not in excess of $15,000,000 in the
aggregate; provided, that, the Issuer and/or any of its subsidiaries may not incur indebtedness concurrently under clauses (i) and (ii) without the prior written approval of the Required Noteholders (which may be
given or withheld in its sole discretion); provided, further, that any amendment, modification, amendment and restatement, consent, waiver, forbearance or other arrangement with the agent or lenders under any existing credit facilities
or loan agreement that modifies the rate, term or other provisions which could have a material adverse economic impact shall be treated as a new incurrence of indebtedness hereunder; provided, further, that nothing in this
Section 5.1.6 shall apply to any indebtedness incurred solely in connection with the payment in full of the Notes on the date such indebtedness is incurred; or 

(e) any agreement or commitment to do any of the foregoing. 

Section 7.03 Investor Rights.7 

(a) [Prior to and conditioned upon the consummation of the IPO, the Issuer shall take all Necessary Action to cause its Board of Directors
(the “Board”) to include one (1) individual nominated by the Holder (the “Holder Nominee”), who initially shall be [•]8, and who shall serve as a
Class III Director (as such term is defined in the Charter). Until the Cash Return Condition is satisfied, [Icon Preferred Holdings, L.P.]9 / [LC9 Connected Holdings, L.P.]10 (such holder, together with any of its Permitted Transferees, the “Board Rights Holder”) shall have the right, but not the obligation, to nominate at all times to the Board at least
one (1) Holder Nominee, and the Issuer shall take all Necessary Action to include in the slate of nominees recommended by the Board for election as directors at each applicable annual or special meeting of stockholders at which directors are to
be elected the Holder Nominee. The rights of a Board Rights Holder to nominate a Holder Nominee are not transferable. Upon any transfer of Notes by [Icon Preferred Holdings, L.P.]11 / [LC9
Connected Holdings, L.P.]12, of 51% or more of its 
  

 

	7 	 Applicable to PCM “Required Note” and LCat Note only. 

	8 	 For LCat, to be Scott Dahnke. For PCM, to be Andrew Singer. 

	9 	 To be included in PCM’s notes. 

	10 	 To be included in LCat’s note. 

	11 	 To be included in PCM’s notes. 

	12 	 To be included in LCat’s note. 

  
 -15- 

 
Notes, [Icon Preferred Holdings, L.P.]13 / [LC9 Connected Holdings, L.P.]14 shall cease
to have the right to nominate a Holder Nominee, and its Holder Nominee shall immediately tender his or her resignation to the Board. 
 (b)
So long as any amount payable under this Note remains outstanding, [Icon Preferred Holdings, L.P.]15 / [LC9 Connected Holdings, L.P.]16 shall
have the right, but not the obligation, to appoint at all times one non-voting observer to the Board and the board of directors or equivalent governing body of each direct or indirect Subsidiary of the Issuer
(an “Observer”), who shall initially be [•]; provided, subject to Section 14.01, [Icon Preferred Holdings, L.P.]17 / [LC9 Connected Holdings,
L.P.]18 may, at its election, transfer the foregoing right to appoint one Observer to any Person holding at least 51% of the outstanding principal amount under this Note ([Icon Preferred Holdings,
L.P.]19 / [LC9 Connected Holdings, L.P.]20, or any such Person, for so long as such Holder (and its Affiliates) continue to hold at least 51%
of the outstanding principal amount under this Note, the “Observer Rights Holder”).21 From the date that is six months following the Issue Date through the date that is 12 months
following the Issue Date, the proposed Observer appointee of any transferee that is the Observer Rights Holder (if the Observer Rights Holder is not the Board Rights Holder) shall be acceptable to the Issuer (the Issuer’s consent to any such
individual not to be unreasonably withheld, conditioned or delayed). The Observer shall be entitled to be notified of, and attend, all meetings of the Board and any Subsidiary governing bodies, participate in all deliberations of such governing
bodies, in each case in the same manner as the directors thereon, and to receive copies of all notices, minutes, consents and other materials provided to the members of such governing bodies, at the same time and in the same manner as such notices,
minutes, consents and other materials are provided to the members thereof, provided, however, that the Observer shall not have any voting rights with respect to actions taken or elected not to be taken by such governing bodies;
provided, further, that the Issuer shall be entitled to withhold any information from the Observer or exclude the Observer from any meeting or portion thereof if the Board determines (reasonably, in good faith and upon advice of
counsel) that access to such information or attendance at such meeting (or portion thereof) would be reasonably likely to adversely affect the attorney-client privilege between (i) the Issuer or the applicable governing body and (ii) its
respective counsel. The Issuer shall reimburse the Observer for his or her reasonable travel and out-of-pocket expenses incurred in connection with attendance of any
meetings of the Board or any Subsidiary governing body. 
  

	13 	 To be included in PCM’s notes. 

	14 	 To be included in LCat’s note. 

	15 	 To be included in PCM’s notes. 

	16 	 To be included in LCat’s note. 

	17 	 To be included in PCM’s notes. 

	18 	 To be included in LCat’s note. 

	19 	 To be included in PCM’s notes. 

	20 	 To be included in LCat’s note. 

	21 	 For LCat, to be Marc Magliacano. PCM to provide name of observer.

  
 -16- 

 (c) [The Issuer shall cause the Charter and any amendment or restatement thereof, in
accordance with the authority provided in Section 141(d) of the Delaware General Corporation Law, to provide that, (i) at any time when the Board has fewer than eleven (11) members, the member of the Board, if any, that is the Holder
Nominee shall cast a fraction (rounded down to the nearest tenth of a vote) of a vote on any action of the Board (whether under the Certificate of Incorporation, the Bylaws, the Delaware General Corporation Law or otherwise), whether taken at a
meeting of the Board or by written consent of the Board, such that the number of votes that may be cast by such member does not exceed nine percent (9%) of the total number of votes that may be cast by all of the members of the Board at such time
and (ii) in the case of matters of a committee of the Board that includes the member of the Board, if any, that is the Holder Nominee, such member shall cast a fraction (rounded down to the nearest tenth of a vote) of a vote on any action of
such committee (whether taken under the Certificate of Incorporation, the Bylaws, the Delaware General Corporation Law or otherwise), whether taken at a meeting of such committee or by written consent of such committee, such that the number of votes
that may be cast by such member does not exceed nine percent (9%) of the total number of votes that may be cast by all of the members of such committee at such time.]22 . 

Section 7.04 Marketing.23 Upon the request of the Holder, the Issuer will use
its commercially reasonable efforts to assist the Holder in the marketing and disposition of this Note, including taking such actions as the Holder reasonably requests in order to expedite or facilitate the disposition of this Note (including,
without limitation, making available the executive officers of the Issuer and participating in “road shows,” investor presentations, marketing events and other selling efforts, at reasonable times and frequency, and, upon request of the
Holder, will make available for inspection by the Holder and any attorney, accountant or other agent retained by the Holder, such financial and other records, pertinent corporate and business documents and properties of the Issuer as reasonably
requested to enable them to satisfy any potential buyer’s due diligence responsibility, and cause the Issuer’s officers, directors, employees, agents, representatives and independent accountants to supply information reasonably requested
by the Holder or its attorneys, accountants or agents in connection with such disposition of the Note. 
 Section 7.05 Board
Conflicts Policy. The Issuer shall adopt and, at all times maintain and enforce compliance with, a conflicts of interest policy applicable to members of the Board and officers of the Issuer in substantially the form provided to the Noteholders
prior to the date hereof. 
  
  

	22 	 To be included in PCM “Required Note” only. 

	23 	 This provision will apply to PCM and LCat Notes only. 

  
 -17- 

 ARTICLE 8 

WAIVERS OF DEMAND, ETC. 

The Issuer hereby expressly waives (to the extent permitted by applicable law) demand and presentment for payment, notice of nonpayment,
protest, notice of protest, notice of dishonor, notice of acceleration or intent to accelerate, bringing of suit and diligence in taking any action to collect amounts called for hereunder and will be directly and primarily liable for the payment of
all sums owing and to be owing hereon, regardless of and without any notice, diligence, act or omission as or with respect to the collection of any amount called for hereunder. 

ARTICLE 9 
 REPLACEMENT
NOTES 
 In the event that the Holder notifies the Issuer that this Note has been lost, stolen or destroyed, a replacement Note
identical in all respects to the original Note (except for registration number and outstanding principal amount, if different than that shown on the original Note) shall be issued by the Issuer to the Holder; provided that the Issuer
receives an indemnity against any loss incurred by it in connection with such lost, stolen or destroyed Note, such indemnity to be in form and substance, and from a Person reasonably acceptable to the Issuer. 

ARTICLE 10 
 PAYMENT OF
EXPENSES 
 The Issuer agrees to pay all reasonable,
out-of-pocket expenses, including reasonable attorneys’ fees, which may be incurred by the Holder in connection with any waiver or consent hereunder, any amendment
hereof, any Event of Default hereunder or in successfully enforcing the provisions of this Note and/or successfully collecting any amount due under this Note. 

ARTICLE 11 
 DEFAULTS
AND REMEDIES 
 Section 11.01 Events of Default. Each of the following shall constitute an “Event of
Default”: 
 (a) any default by the Issuer in (i) the payment of any principal on this Note when the same becomes due and
payable at the Maturity Date, upon acceleration or otherwise or (ii) the making of any payment required to be made under Section 5.02 or any other amount due hereunder, and such default continues for a period of five
(5) Business Days; 
 (b) the Issuer fails to comply in any material respect with Article VII or any other term hereunder as and
when required and, to the extent such failure is capable of being remedied, such failure continues for thirty (30) days after notice by the Holder or by the Issuer of such failure; 

  
 -18- 

 (c) the Issuer, or any Material Subsidiary or any group of Subsidiaries of the Issuer that,
taken together, would constitute a Material Subsidiary, makes an assignment for the benefit of creditors generally, files a petition in bankruptcy, is adjudicated insolvent or has entered against it an order for relief under Bankruptcy Laws,
petitions or applies to any tribunal for any receiver or trustee (for itself or its assets in connection with the bankruptcy, insolvency, or in the case of the Issuer only, the liquidation of such Person ), commences any proceeding relating to
itself under any bankruptcy, reorganization, readjustment of debt law or statute of any jurisdiction, has commenced against it involuntarily any such proceeding (provided such involuntary proceeding remains undismissed for the earlier of a period of
60 days or until an order for relief is entered), or indicates its consent to, approval of or acquiescence in any such proceeding, or any receiver of or trustee for the Issuer or any of its Subsidiaries or any substantial part of their property is
appointed; 
 (d) the Issuer fails to observe or perform any term of (i) one or more items of Material Indebtedness or (ii) any
loan agreement, mortgage, indenture or other agreement relating to such item(s) of Material Indebtedness, in each case beyond the grace period provided therein, if any, if the effect of such breach or default is to cause that Material Indebtedness
to become or be declared due and payable (or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; provided, that this paragraph (d) shall not apply to secured Material
Indebtedness that becomes due (and is paid in accordance with its terms) as a result of the voluntary sale or transfer of the property or assets securing such Material Indebtedness if such sale or transfer is permitted hereunder; or 

(e) the Issuer breaches any of the covenants and agreements of the Issuer set forth in Article 4 and such failure to convert continues
for five (5) Business Days. 
 The Issuer shall deliver to the Holder, within five (5) Business Days after its knowledge of the
occurrence thereof, written notice in the form of a certificate signed by the Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer, Treasurer, or Vice-President-Finance of the Issuer of any Event of Default and any
event which with the giving of notice or the lapse of time would become an Event of Default and what action the Issuer is taking or proposes to take with respect thereto. 

Section 11.02 Acceleration. If an Event of Default (other than an Event of Default specified in
Section 11.01(c)) occurs and is continuing, the Required Noteholders, by ten (10) days’ prior notice to the Issuer and each other Noteholder, subject to each Noteholder’s conversion rights set forth in
Section 4.01 of such Noteholder’s respective Note, may declare the outstanding principal amount of and accrued but unpaid interest on the Notes (in the amount set forth in Section 5.02) to be
due and payable. Upon such a declaration, such outstanding principal amount and interest shall be due and payable immediately. If an Event of Default specified in Section 11.01(c) occurs and is continuing, the outstanding
principal amount of, and accrued interest on (as set forth in Section 5.02), all the Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of any
Noteholder. The Required Noteholders may rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal or
interest that has become due solely because of acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

  
 -19- 

 A delay or omission by the Holder or any other Noteholder in exercising any right or remedy
accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are, to the extent permitted by law,
cumulative. 
 Section 11.03 Waiver of Past Defaults. The Required Noteholders may waive any past or existing Default and
its consequences except (i) a Default in the payment of the outstanding principal amount of or interest on the Notes or (ii) a Default in respect of a provision that under Section 11.04 or Article 13 cannot
be amended without the consent of each Noteholder affected. When a Default is waived, it is deemed cured, and any Event of Default arising therefrom shall be deemed to have been cured, but no such waiver shall extend to any subsequent or other
Default or impair any consequent right. 
 Section 11.04 Rights of Holder to Receive Payment. Notwithstanding any
other provision of this Note, the right of the Holder to receive payment of the outstanding principal amount of and interest on this Note on or after the respective due dates expressed in this Note, or to bring suit for the enforcement of any such
payment on or after such respective dates, shall not be impaired or affected without the consent of the Holder. 
 Section 11.05
Waiver of Stay or Extension Laws. The Issuer (to the extent it may lawfully do so) shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the performance of this Note, and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder,
delay or impede the execution of any power herein granted to the Holder, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE 12 
 SAVINGS
CLAUSE 
 In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid
or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability of the remaining provisions of this Note will not in any way be
affected or impaired thereby. 
 ARTICLE 13 

ENTIRE AGREEMENT; AMENDMENTS 

This Note (together with the Omnibus Agreement and any documents, agreements, or instruments required to be delivered pursuant thereto and
exhibits and schedules attached thereto) constitutes the full and entire understanding and agreement between the Issuer and the Holder with respect to the subject hereof. Except as otherwise provided in Section 11.03,
neither this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the Issuer and the Required Noteholders; provided that any amendment (i) of the Maturity Date,
(ii) with respect to the reduction of the outstanding principal amount or any interest rate or premium hereunder, or the interest payment provisions set forth on the first page of this Note, (iii) with respect to the stapling provisions
set forth on the first page of this Note, (iv) of Section 4.01, Section 4.02(a), Article 5, Section 7.01, Section 7.02,
Section 7.03, Article 10, Article 11 or Article 14 or (iii) that adversely affects any individual Noteholder disproportionately to any other Noteholder shall require, in each case, the written
consent of each Noteholder affected. 

  
 -20- 

 After an amendment under this Article 13 becomes effective, the Issuer shall mail to
the Noteholders a notice briefly describing such amendment. The failure to give such notice to all Noteholders, or any defect therein, shall not impair or affect the validity of an amendment under this Article 13. 

ARTICLE 14 
 TRANSFER;
ASSIGNMENT, ETC. 
 Section 14.01 Transfers Generally. [Subject to compliance with applicable federal and state securities
laws[, with the Stapling Transfer Restriction]24 and with Section 14.02, other than transfers to Permitted Transferees, after the date that is six (6) months
following the Issue Date, this Note and any portion hereof and the rights hereunder may be transferred by the Holder in its sole discretion at any time and to any Person or Persons without the consent of the Issuer; provided that in no event
shall the Holder transfer this note to any of the Persons (or any Affiliate thereof) listed on Schedule 14.01 to this Note.]25 [None of this Note, any portion hereof or any rights hereunder
may be transferred by the Noteholder without the prior written consent of the Required Noteholders, other than transfers to Permitted Transferees.]26 In connection with any transfer, if the Issuer
reasonably requests, the transferor shall deliver a representation in writing that such transfer is pursuant to an effective registration statement under the Securities Act of 1933, as amended, or pursuant to an available exemption from, or in a
transaction not subject to, registration under the Securities Act of 1933, as amended. Promptly following due presentment of a duly completed and executed Registration of Transfer Notice (in the form set forth in Exhibit B hereto) for transfer of
this Note, the Issuer shall register such transfer and provide evidence to the Holder and such transferee of such transfer. The Issuer agrees that in connection with any transfer, assignment, pledge or encumbrance permitted pursuant to the terms
hereof, the Issuer shall cause such transfer, assignment, pledge or encumbrance to be reflected in the Notes Register, and all principal, interest and other amounts which are then, and thereafter become, due under this Note shall be paid to such
Transferee at the place of payment designated in such notice. Absent manifest error, no such transfer, assignment, pledge or encumbrance shall be effective unless recorded in the Note Register. If within ten (10) Business Days of delivery of a
duly completed and executed Registration of Transfer Notice, the Issuer shall not have provided evidence of such registration as provided above, the Registration of Transfer Notice shall be deemed for all purposes hereunder to constitute the Notes
Register with respect to the portion of this Note to be transferred; however, such transfer shall not prejudice the Issuer’s rights in respect of any transfer that violated the terms hereof. The Issuer may not assign this Note or any of its
rights or obligations hereunder. This Note shall be binding upon the Issuer and its respective successors and shall inure to the benefit of the Holder and its successors and permitted assigns. 

 

	24 	 To be included in PCM note issued in respect of PCM’s preferred stock and LCat Note only.

	25 	 To be included in notes issued to PCM and LCat. 

	26 	 To be included in notes issued to Scott Watterson.

  
 -21- 

 Section 14.02 Tag-Along Rights. No
Noteholder (for purposes of this Section 14.02, a “Proposed Seller”) shall transfer (a “Sale”) all or any portion of any Note to any other Person, including the Issuer or any of its
Subsidiaries (a “Proposed Buyer”), other than to a Permitted Transferee (excluding transfers to the Issuer or any of its Subsidiaries), except in the manner and on the terms set forth in this Section 14.02
and in compliance with Article II and Section 14.01, and attempted transfers in violation of this Section 14.02, Article II or Section 14.01 shall be null
and void. 
 (a) A written notice (the “Tag Along Notice”) shall be furnished by the Proposed Seller to each of Pamplona
and L Catterton (the “Tag Along Offerees”) at least ten (10) Business Days prior to a proposed Sale. The Tag Along Notice shall include: 

(i) The principal terms of the proposed Sale insofar as it relates to the Notes, including the portion of the principal amount
to be purchased from the Proposed Seller, the percentage of the aggregate principal amount of Notes held by the Proposed Seller which such portion constitutes (the “Sale Percentage”), the maximum and minimum purchase price, the name
and address of the Proposed Buyer, and (if the Proposed Buyer is not subject to the periodic reporting requirements of the Exchange Act) the name of each director of the Proposed Buyer and of each Person which is the beneficial owner of more than
twenty percent (20%) of the equity interests of the Proposed Buyer; and 
 (ii) An offer by the Proposed Seller to include,
at the option of each Tag Along Offeree, in the Sale to the Proposed Buyer such percentage of the aggregate principal amount of Notes held by such Tag Along Offeree up to the Sale Percentage, on the same terms and conditions (subject to the
remainder of this Section 14.02) as the Proposed Seller shall sell any portion of its Note; provided that any consideration to be received by the Tag Along Offerees must be in the form of cash. 

(b) Each Tag Along Offeree desiring to accept the offer contained in the Tag Along Notice shall send a written commitment to the Proposed
Seller specifying the percentage of the aggregate principal amount of Notes held by such Tag Along Offeree (not in any event to exceed the Sale Percentage) which such Tag Along Offeree desires to have included in the Sale within ten
(10) Business Days after receipt of the Tag Along Notice (each a “Participating Seller”). Each Tag Along Offeree who has not so accepted such offer shall be deemed to have waived all of his or her rights with respect to the
applicable Sale, and the Proposed Seller and the Participating Sellers shall thereafter be free to sell to the Proposed Buyer, at a price no greater than the maximum price set forth in the Tag Along Notice and otherwise on terms not more favorable
in any material respect to them than those set forth in the Tag Along Notice, without any further obligation to such non-accepting Tag Along Offerees. If, prior to consummation, the terms of such proposed Sale
shall change with the result that the price shall be greater than 105% of the maximum price set forth in the Tag Along Notice or the other terms shall be more favorable in any material respect than as set forth in the Tag Along Notice, it shall be
necessary for a separate Tag Along Notice to have been furnished, and the terms and provisions of this Section 14.02 separately complied with, in order to consummate such proposed Sale pursuant to this
Section 14.02; provided, however, that in the case of such a separate Tag Along Notice, the applicable period referred to in Section 14.02(a) and this Section 14.02(b)
shall be five (5) Business Days. 

  
 -22- 

 (c) The acceptance of each Participating Seller shall be irrevocable except as hereinafter
provided, and each such Participating Seller shall be bound and obligated to sell in the Sale, on the same terms and conditions specified in the Tag Along Notice (subject to the remainder of this Section 14.02), such
percentage of the aggregate principal amount of all Notes held by such Participating Seller as such Participating Seller shall have specified in such Participating Seller’s written commitment. In the event the Proposed Seller shall be unable
(otherwise than by reason of the circumstances described in Section 14.02(e)) to obtain the inclusion in the Sale of the full percentage of the aggregate principal amount of all Notes which the Proposed Seller and each
Participating Seller desires to have included in the Sale (as evidenced in the case of the Proposed Seller by the Tag Along Notice and in the case of each Participating Seller by such Participating Seller’s written commitment), the percentage
of the aggregate principal amount of all Notes to be sold in the Sale by the Proposed Seller and each Participating Seller shall be reduced on a pro rata basis according to the proportion which the percentage of the aggregate principal amount of all
Notes which each such Person desires to have included in the Sale bears to the aggregate principal amount of the Notes desired by all such Persons to have included in the Sale. 

(d) If at the end of the 90th calendar day following the date of the effectiveness of the Tag Along Notice the Proposed Seller has not
completed the Sale as provided in the foregoing provisions of this Section 14.02, each Participating Seller shall be released from his obligations under his written commitment, the Tag Along Notice shall be null and void,
and it shall be necessary for a separate Tag Along Notice to have been furnished, and the terms and provisions of this Section 14.02 separately complied with, in order to consummate such Sale pursuant to this
Section 14.02, unless the failure to complete such Sale resulted from any failure by any Tag Along Offeree to comply in any material respect with the terms of this Section 14.02. 

(e) Each Participating Seller shall, whether in his capacity as a Participating Seller, stockholder, officer or director of the Issuer, or
otherwise, take or cause to be taken all such actions (subject as to entering into agreements to the provisions of the next sentence hereof) as may be reasonably requested in order expeditiously to consummate each Sale pursuant to
Section 14.02. Notwithstanding the foregoing or anything else to the contrary set forth herein, in no event shall any of Pamplona, L Catterton or any of their respective Affiliates (i) be required to give any
representations or warranties, or agree to any non-competition, non-solicitation or similar restrictive covenants, other than customary representations or warranties as
to such Person’s due organization, title to the securities it is selling, authority and capacity to effect the sale of such securities and the absence of any conflict under law or its organizational documents that in each case would prevent or
impair the sale by such Person of such securities in such Sale, (ii) be subject to any indemnification obligations (including any escrowed amounts) for representations, warranties or agreements made by any other Person; (iii) be liable for
any breach of any representations, warranties or agreements made by any other Person; or (iv) be subject to obligations in excess of the actual proceeds it received in the Sale; or (v) be required to participate in any Sale to an Affiliate
of any Proposed Seller. 

  
 -23- 

 (f) The closing of a Sale pursuant to Section 14.02 shall take
place at such time and place as the Proposed Seller shall specify by notice to each Participating Seller. At the closing of any Sale under this Section 14.02, each Participating Seller shall deliver the Note to be sold by
such Participating Seller, duly endorsed, or other appropriate instruments duly endorsed, for transfer, free and clear of any liens, encumbrances or adverse claims, against delivery of the applicable consideration. 

ARTICLE 15 
 NO WAIVER

 No failure on the part of the Holder to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise by the Holder of any right, remedy or power hereunder preclude any other or future exercise of any other right, remedy or power. Each and every right, remedy or power hereby granted to the
Holder or allowed it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Holder from time to time. 

ARTICLE 16 
 NOTICES

 Unless otherwise provided herein, any notices, consents, waivers or other communications required or permitted to be given under the
terms of this Note must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally, (ii) upon receipt, when sent by e-mail or (iii) one Business Day
after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses for such communications shall be: 

If to the Issuer: 
 c/o iFIT
Health & Fitness Inc 
 1500 South 1000 West 

Logan, Utah 84321 
 Email:
swatterson@iconfitness.com 
 Attention: Chief Executive Officer 

with a copy to: 
 Weil,
Gotshal & Manges LLP 
 767 5th Ave. 

New York, New York 10153 

Email: Corey.Chivers@weil.com 

Attention: Corey Chivers 

  
 -24- 

 If to the Holder, to its address appearing in the Notes Register27, or to such other address and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) Business Days prior to the
effectiveness of such change. Written confirmation (including by email) of receipt (x) given by the recipient of such notice, consent, waiver or other communication, or (y) provided by a courier or overnight courier service shall be
rebuttable evidence of personal service, receipt by email or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, as applicable. 

ARTICLE 17 

MISCELLANEOUS 
 Whenever
the sense of this Note requires, words in the singular shall be deemed to include the plural and words in the plural shall be deemed to include the singular. Paragraph headings are for convenience only and shall not affect the meaning of this
document. 
 ARTICLE 18 

CHOICE OF LAW AND VENUE; WAIVER OF JURY TRIAL 

This Note shall be governed by and construed in accordance with the law of the State of Delaware. The Issuer and, by accepting this Note, the
Holder hereby irrevocably consents to the exclusive jurisdiction of the United States District Court for the Southern District of New York or any New York State court sitting in New York City (and of the appropriate appellate courts therefrom) in
any suit, action or proceeding seeking to enforce any provision of, or based on any suit, action or proceeding arising out of or in connection with, this Note or the transactions contemplated hereby and irrevocably waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in
an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of
process on such party as provided in this Article 18 shall be deemed effective service of process on such party. EACH OF THE ISSUER AND, BY ACCEPTING THIS NOTE, THE HOLDER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS NOTE. 
  
  

	27 	 Holder notice addresses in Notes Register to include counsel copies. 

  
 -25- 

 ARTICLE 19 

TAX FORMS 
 The Holder
shall provide the Issuer with such tax forms or certificates reasonably requested by the Issuer for the purpose of establishing any available exemption from withholding taxes in respect of all amounts payable to such Holder hereunder. 

[Remainder of this page intentionally left blank] 

  
 -26- 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed by its officer
thereunto duly authorized. 
 Dated: [•], 2021 
  

			
	IFIT HEALTH & FITNESS INC
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 ACKNOWLEDGED AND AGREED

As of the date first above written:

		
	[•]	 	
		
	By:	 	
		
	By:	 	  

		 	Name:
		 	Title:

 Exhibit A 

IFIT HEALTH & FITNESS INC 

CONVERSION NOTICE 
 Reference is
made to the note issued by iFIT Health & Fitness Inc, a Delaware corporation, due [•], 2027, in an aggregate principal amount of [•] ($[•]) (the “Convertible Note”). In accordance with and pursuant to the
Convertible Note, the undersigned hereby elects to convert the Conversion Amount set forth below into shares of Common Stock of the Issuer (the “Common Stock”), [as of the date specified below][[upon/immediately prior to], and
subject to the occurrence of, [•]]. 
 Date of Conversion (if applicable):
_______________________________________________________________________ 
 Conversion Amount to be converted: _____________________ 

Please confirm the following information: 

Conversion Price: ________________________________________________________ 

Number of shares of Common Stock to be issued: _______________________________ 

Please issue the shares of Common Stock into which the Conversion Amount is being converted in the following name and to the following address: 

Issue to: _________________________________________ 

Address: _________________________________________ 

Telephone Number: ________________________________ 

Email: __________________________________________ 

Authorization: ____________________________________ 

By: _____________________________________________ 

Title: ____________________________________________ 

Dated: ___________________________________________ 

Account Number (if electronic book entry transfer): _____________________________ 

Transaction Code Number (if electronic book entry transfer): ______________________ 

Payment Instructions for cash payment in lieu of fractional shares: 

 Exhibit B 

IFIT HEALTH & FITNESS INC 

REGISTRATION OF TRANSFER NOTICE 

To the Secretary and General Counsel: 

(To be delivered via registered courier to iFIT Health & Fitness Inc, c/o Office of General Counsel, 1500 South 1000 West, Logan UT
84321, with an email copy sent to Everett@ifit.com and SWatterson@iconfitness.com) 
 Reference is made to the note issued by iFIT
Health & Fitness Inc, a Delaware corporation, due [•], 2027, in an aggregate principal amount of                
($                ) (the “Convertible Note”), registered in the name of the following registered holder (the “Transferor”). Capitalized terms
not otherwise defined shall have the meanings set forth in the Convertible Note. 
 Registered Holder:
_________________________________________ 
 Address: _________________________________________ 

Telephone Number: ________________________________ 

Email: __________________________________________ 

The Transferor hereby requests the registration of transfer of the Convertible Note in the following principal amount (must be equal to or
less than the amount set forth above): 
 _______________________________ ($ ___________________) 

To be registered to the following person as follows (the “Transferee”): 

Name of Transferee to be Registered: _________________________________________ 

Address: _________________________________________ 

Telephone Number: _________________________________ 

Email: __________________________________________ 

Certification of Transferor 

The undersigned Transferor hereby represents, warrants and certifies that: (a) if the date of this Notice is within 6 months of the
original issuance of the Convertible Note, the Transferee is a Permitted Transferee of the Transferor, and (b) to the best of its knowledge, the Transferee is not an Affiliate of a Person (or such Person) set forth in the attached Schedule
14.01 of the Convertible Note. 
  

	
	Name or Transferor: ____________________________
	By: __________________________________________
	Name: ________________________________________
	Title: _________________________________________
	Date: ________________

 Certification of Transferee 

The undersigned Transferee hereby represents, warrants and certifies that: (a) if the date of this Notice is within 6 months of the
original issuance of the Convertible Note, the Transferee is a Permitted Transferee of the Transferor, and (b) the Transferee is not an Affiliate of a Person (or such Person) set forth in the attached Schedule 14.01. The Transferee further
acknowledges and agrees that the Convertible Notes has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), that such Transferee is an accredited investor entitled to purchase the Convertible Note
without registration under the Securities Act or any state blue skys law, and that it shall not transfer such Convertible Notes, unless such transfer is pursuant to an effective registration statement under the Securities Act, or pursuant to an
available exemption from, or in a transaction not subject to, registration under the Securities Act. 
  

	
	Name or Transferee: ____________________________
	By: __________________________________________
	Name: ________________________________________
	Title: _________________________________________
	Date: ________________

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