Document:

Exhibit 10.1

 

AMENDMENT No. 2 TO OFFER LETTER
AGREEMENT

 

This AMENDMENT
NO. 2 TO OFFER LETTER AGREEMENT (the “Amendment”) is effective as of September 18, 2022 (“Amendment Effective
Date”), by and between BRAINSTORM CELL THERAPEUTICS INC., a Delaware corporation with a mailing address of 1325 Avenue of Americas,
28th Floor New York, NY 10019(the “Company”), and DR. STACY LINDBORG, an individual, with a mailing address of (the
 “Executive”).

 

WITNESSETH:

 

WHEREAS,
Company and Executive entered into that certain Offer Letter Agreement, effective as of June 1, 2020 (as amended, modified and supplemented
and as may be amended, restated, modified and supplemented from time to time, the “Agreement”); and

 

WHEREAS, Company and
Executive desire to amend and clarify the terms of their Agreement as provided in this Amendment.

 

NOW, THEREFORE, it is hereby agreed as follows:

 

1.             The terms of the Agreement are hereby amended as follows:

 

a.     Paragraph iv of the Agreement
is hereby amended by adding new clause (g) as follows, with defined terms having their respective meanings in the Agreement:

 

(g)   Equity
Grant. At the first Governance, Nominating and Compensation Committee (the “Compensation Committee”) meeting that
occurs on or after each anniversary of the Effective Date, you shall receive a grant of restricted stock under the Company’s 2014
Stock Incentive Plan (or any successor or other equity plan then maintained by the Company) comprised of up to 35,000 shares of restricted
common stock of the Company (such number subject to equitable and proportionate adjustment in the case of a stock split, reverse stock
split or similar corporate event as determined by the Compensation Committee in its sole discretion) (the “Equity Grant”).
Each Equity Grant shall be contingent upon your execution of one or more restricted stock agreements in such form and substance as may
reasonably be determined by the Company. Each Equity Grant shall vest as to twenty-five percent (25%) of the award on each of the first,
second, third and fourth anniversary of the date of grant, provided you remain continuously employed by the Company from the date of grant
through each applicable vesting date. Each Equity Grant shall be subject to accelerated vesting upon a Change of Control (as defined below)
of the Company and such other accelerated vesting as provided in this Agreement or the Plan (and any award agreement evidencing such grant,
to the extent such award agreement contains more preferential terms). In the event of your termination of employment, you shall retain
your right to any vested shares (after taking into account any accelerated vesting) and any portion of the Equity Grant that is not yet
vested (after taking into account such accelerated vesting) shall automatically be immediately forfeited to the Company, without the payment
of any consideration to you. In addition, you shall be entitled to receive additional equity or equity-based awards, including stock options,
as determined by the Board (or the Compensation Committee ) in its sole discretion.

 

b.     Paragraph iv of the Agreement
is hereby amended by adding new clause (h) as follows, with defined terms having their respective meanings in the Agreement:

 

     

     

    

 

(h)   “Change
of Control” means the first to occur of any of the following: (i) The sale, transfer, conveyance or other disposition by the
Company, in one or a series of related transactions, whereby an independent third party(s) becomes the beneficial owner of a majority
of the voting securities of the Company; (ii) any merger, consolidation or similar transaction involving the Company, other than a transaction
in which the stockholders of the Company immediately prior to the transaction hold immediately thereafter in the same proportion as immediately
prior to the transaction not less than 50% of the combined voting power of the then voting securities with respect to the election of
the Board of Directors of the resulting entity; or (iii) any sale of all or substantially all of the assets of the Company. Notwithstanding
the foregoing, no change in ACCBT Corp., ACC International Holdings Ltd. or their affiliates’ ownership of the Company shall be
deemed a Change of Control under this Agreement, and none of the following shall, either together or alone, constitute a Change of Control:
(A) the subscription for, or issuance of Company securities (whether or not constituting more than 50% of the Company’s issued and
outstanding securities (unless such subscription or issuance would result in a Change of Control under clause (i) above)); (B) the issuance
or exercise of Board appointment or nomination rights of any kind (whether or not relating to a majority of Board members); (C) preemptive
rights to purchase securities of the Company, or the exercise of such rights; (D) the right to consent to Company corporate actions; or
(E) the exercise of warrants or options.

 

2.             Except
as above amended, the Agreement is and shall remain in full force and effect and binding upon the parties.

 

3.             This Amendment
may be executed in counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. A
signed copy of this Amendment delivered by facsimile, e-mail or other means of electronic transmission will be deemed to have the same
legal effect as delivery of an original signed copy hereof.

 

4.             This Amendment shall be governed under the laws of the
State of New York.

 

     

     

    

 

IN WITNESS WHEREOF, this Amendment
has been executed as of the Amendment Effective Date.

 

 

	 	THE COMPANY:
	 	 
	 	BRAINSTORM CELL THERAPEUTICS INC.
	 	 
	 	 
	 	By:	/s/ Chaim Lebovits
	 	Name: Chaim Lebovits
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	THE EXECUTIVE:
	 	 
	 	 
	 	By:	/s/ Stacy Lindborg
	 	Name: Stacy LindborgEX-10.1

 Exhibit 10.1 

EXECUTIVE EMPLOYMENT AGREEMENT 

This Executive Employment Agreement (the “Agreement”) is entered into as of September 20, 2022 (the “Effective
Date”), by and between Ben Coates (“Executive”) and F45 Training Holdings, Inc. (the “Company”). 

WHEREAS, Executive is currently a member of the Company’s Board of Directors and has been appointed by the Board as interim Chief
Executive Officer effective July 24, 2022. 
 WHEREAS, Company desires to have Executive’s continue in such capacity, and
Executive desires to continue to serve in such capacity, for at least six months from the Effective Date pursuant to the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, it is hereby agreed by and between the parties
hereto as follows: 
 ARTICLE I 

DEFINITIONS 
 For purposes
of the Agreement, the following terms are defined as follows: 
 1.1. “Board” means the Board of Directors of the Company. 

1.2. “Cause” means any of the following events: (i) Executive’s material breach of Executive’s material obligations
under the Agreement; (ii) intentional misconduct in the performance of Executive’s duties to the Company or Executive’s material violation of any material written policy, employee handbook or code of conduct of the Company;
(iii) Executive’s material breach of any fiduciary duty that Executive owes to the Company or any affiliate; (iv) commission by Executive of (A) a felony or (B) a crime involving fraud, embezzlement, dishonesty, or moral
turpitude or (v) engaging in sexual harassment, sexual misconduct or discriminatory conduct in each case that is economically or reputationally injurious to the Company. The foregoing is an exclusive list of the acts or omissions that shall be
considered “Cause” provided, however, with respect to the acts or omissions set forth in clauses (i), (ii) and (iii) above, (x) the Board shall provide Executive with 30 days advance written notice detailing the basis for the
termination of employment for Cause, (y) during the 30 day period after Executive has received such notice, Executive shall have an opportunity to cure such alleged Cause events and to present his case to the full Board (with the assistance of
his own counsel) before any termination for Cause is finalized by a vote of a majority of the Board and (z) Executive shall continue to receive the compensation and benefits provided by this Agreement during the 30 day cure period; provided,
further, no act or failure to act of Executive shall be willful or intentional if performed in good faith with the reasonable belief that the action or inaction was in the best interest of the Company. Notwithstanding anything herein to the
contrary, Executive’s employment will be deemed to have been terminated for Cause if it is determined subsequent to Executive’s termination of employment that grounds for termination for Cause existed at the time of Executive’s
termination of employment. 
 1.3. “Code” means the Internal Revenue Code of 1986, as amended. 

 1.4. “Covered Termination” means an Involuntary Termination Without Cause. For the
avoidance of doubt, neither (x) the termination of Executive’s employment as a result of Executive’s death or Disability nor (y) the expiration of this Agreement due to non-renewal pursuant
to the terms of Section 2.2 of this Agreement will be deemed to be a Covered Termination. 
 1.5. “Disability” shall mean a
termination of Executive’s employment due to Executive’s absence from Executive’s duties with the Company on a full-time basis for at least 180 consecutive days as a result of Executive’s incapacity due to physical or mental
illness which is determined to be total and permanent by a physician selected by the Company or its insurers. 
 1.6. “Involuntary
Termination Without Cause” means Executive’s dismissal or discharge by the Company other than for Cause or by reason of Executive’s death or Disability. 

1.7. “Section 409A” means Section 409A of the Code and the Department of Treasury regulations and other
interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. 

1.8. “Separation from Service” means Executive’s termination of employment constitutes a “separation from service”
within the meaning of Treasury Regulation Section 1.409A-1(h). 
 ARTICLE II 

EMPLOYMENT BY THE COMPANY 
 2.1.
Position and Duties. Subject to terms set forth herein, Executive shall continue to serve in an executive capacity and shall continue to perform such duties as are customarily associated with the position of Chief Executive Officer and such
other duties as are assigned to Executive by the Board and/or the Company’s Chief Executive Officer. During the term of Executive’s employment with the Company, Executive will devote Executive’s best efforts and substantially all of
Executive’s business time and attention (except for vacation periods and reasonable periods of illness or other incapacities permitted by the Company’s general employment policies or as otherwise set forth in this Agreement) to the
business of the Company. 
 2.2. Term. The Agreement shall commence on the Effective Date and shall terminate on the earlier of
(i) January 31, 2023 and (ii) the Executive no longer being employed with the Company. The period from the Effective Date until the termination of Executive’s employment under this Agreement is referred to as the
“Term.” 
 2.3. Employment at Will. Both the Company and Executive shall have the right to terminate Executive’s
employment with the Company at any time, with or without cause, and with or without prior notice. Upon certain terminations of Executive’s employment with the Company, Executive may become eligible to receive the severance benefits provided in
Article IV of this Agreement. 
 2.4. Employment Policies. The employment relationship between the parties shall also be governed by the
general employment policies and practices of the Company, including those relating to protection of confidential information and assignment of inventions, except that when the terms of this Agreement differ from or are in conflict with the
Company’s general employment policies or practices, this Agreement shall control. 

  
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 ARTICLE III 

COMPENSATION 
 3.1. Base Salary.
As of the Effective Date, Executive shall receive for services to be rendered hereunder an annual base salary of $1,500,000 (“Base Salary”), with (i) $1,000,000 payable on the regular payroll dates of the Company (but no
less often than monthly), subject to increase in the sole discretion of the Board or a committee of the Board and (ii) $500,000 paid in the form of an RSU award (based on the closing price on August 17, 2022) that vests in 12 equal installments
at the end of each calendar month. 
 3.2. Standard Company Benefits. During the Term, Executive shall be entitled to all rights and
benefits for which Executive is eligible under the terms and conditions of the standard Company benefits and compensation practices that may be in effect from time to time and are provided by the Company to its executive employees generally, as well
as any additional benefits provided to Executive consistent with past practice. Notwithstanding the foregoing, this Section shall not create or be deemed to create any obligation on the part of the Company to adopt or maintain any benefits or
compensation practices at any time. 
 3.3. Paid Time Off. During the Term, Executive shall be entitled to such periods of paid time off
(“PTO”) each year as provided from time to time under the Company’s PTO policies and as otherwise provided for executive officers, as it may be amended from time to time. 

3.4. Equity Awards. Executive will be eligible to receive stock options and other equity incentive grants as determined by the Board or a
committee of the Board in its sole discretion. 
 ARTICLE IV 

SEVERANCE BENEFITS 
 4.1.
Severance Benefits. Upon Executive’s termination of employment prior to the end of the Term, Executive shall receive any accrued but unpaid Base Salary and other accrued and unpaid compensation, including any accrued but unpaid vacation.
If the termination is due to a Covered Termination, provided that Executive delivers an effective general release of all claims against the Company and its affiliates in a form acceptable to the Company (a “Release of Claims”) that
becomes effective and irrevocable within fifty (50) days following the Covered Termination, Executive shall be entitled to receive the severance benefits described in Section 4.1(a). 

(a) Covered Termination. If Executive’s employment terminates due to a Covered Termination, Executive shall receive the
following: 
 (i) An amount equal to the sum of 50% of Executive’s Base Salary, at the rate in effect at the time of
Executive’s termination of employment, less any amounts paid by the Company beginning at the Effective date and up to the date of termination. Payments shall be made in a single lump sum as soon as administratively practicable following the
date on which the Release of Claims becomes effective and, in any event, no later than the sixtieth (60th) day following the date of the Covered Termination; provided, however, if such sixty (60) day period falls in two different calendar
years, payment will be made in the later calendar year. 

  
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 (ii) All of Executive’s unvested stock option, restricted stock, restricted
stock units, performance stock units and other equity-based awards that would have become vested based on continued employment through the end of the original Term, shall become immediately vested on the date of Executive’s termination of
employment, provided that: (x) each such award shall be exercisable, to the extent applicable, in accordance with the provisions of the award agreement and plan pursuant to which such equity award was granted and (y) for performance-based
awards, any such vesting in respect of open periods of performance-based awards shall be calculated as set forth in the applicable award agreement, or, if not specified in the award agreement, based on the target level of performance. 

4.2. 280G Provisions. Notwithstanding anything in this Agreement to the contrary, if any payment or distribution Executive would receive
pursuant to this Agreement or otherwise (“Payment”) would (a) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (b) but for this sentence, be subject to the excise tax
imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall either be (i) delivered in full, or (ii) delivered as to such lesser extent which would result in no portion of such Payment being
subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax
basis, of the largest payment, notwithstanding that all or some portion the Payment may be taxable under Section 4999 of the Code. The accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date
of the change in control shall perform the foregoing calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The accounting firm shall provide its calculations to
the Company and Executive within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as requested by the Company or
Executive. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. Any reduction in payments and/or benefits pursuant to this Section 4.2 will occur in the
following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits
payable to Executive. 
 4.3. Section 409A. 

(a) Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed at the time of his Separation from Service
to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a
prohibited distribution under Section 409A(a)(2)(B)(i) of the Code which would subject Executive to a tax obligation under Section 409A of the Code, such portion of Executive’s benefits shall not be provided to Executive prior to the
earlier of (i) the expiration of the six- month period measured from the date of Executive’s Separation from Service or (ii) the date of Executive’s death. Upon the expiration of the
applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 4.3(a) shall be paid in a lump sum to Executive, and any remaining payments due under the Agreement shall be paid as otherwise provided herein.

  
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 (b) Any reimbursements payable to Executive pursuant to the Agreement shall be paid
to Executive no later than 30 days after Executive provides the Company with a written request for reimbursement, and to the extent that any such reimbursements are deemed to constitute “nonqualified deferred compensation” within the
meaning of Section 409A of the Code (i) such amounts shall be paid or reimbursed to Executive promptly, but in no event later than December 31 of the year following the year in which the expense is incurred, (ii) the amount of
any such payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and (iii) Executive’s right to such payments or reimbursement
shall not be subject to liquidation or exchange for any other benefit. 
 (c) For purposes of Section 409A of the Code
(including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive installment payments under the Agreement shall be treated as a
right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. 

4.4. Mitigation. Executive shall not be required to mitigate damages or the amount of any payment provided under this Agreement by seeking other
employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by Executive as a result of employment by another employer or by any retirement benefits received by Executive after
the date of the Covered Termination, or otherwise. 
 4.5. Equity Coordination. For the avoidance of doubt, except as provided for in
Section 4.1(a)(ii) above, all equity awards, including stock options, restricted stock units and other equity-based compensation granted by the Company to Executive under the Company’s equity-based compensation plans shall be subject to
the terms of such plans and Executive’s equity award agreements with respect thereto. 
 ARTICLE V 

PROPRIETARY INFORMATION OBLIGATIONS 

5.1. Agreement. All Company Innovations shall be the sole and exclusive property of the Company without further compensation and are “works
made for hire” as that term is defined under the United States copyright laws. Executive shall promptly notify the Company of any Company Innovations that Executive solely or jointly Creates. “Company Innovations” means all
Innovations, and any associated intellectual property rights, which Executive may solely or jointly Create, during Executive’s employment with the Company, which (i) relate, at the time Created, to the Company’s business or actual or
demonstrably anticipated research or development, or (ii) were developed on any amount of the Company’s time or with the use of any of the Company’s equipment, supplies, facilities or trade secret information, or (iii) resulted
from any work Executive performed for the Company. Executive is notified that Company Innovations does not include any Innovation which qualifies fully under the provisions of California Labor Code Section 2870. “Create” means
to create, conceive, reduce to practice, derive, develop or make. “Innovations” means processes, machines, manufactures, compositions of matter, improvements, inventions (whether or not protectable under patent laws), works of
authorship, information fixed in any tangible medium of expression (whether or not protectable under copyright laws), mask works, trademarks, trade names, trade dress, trade secrets, know-how, ideas

  
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(whether or not protectable under trade secret laws), and other subject matter protectable under patent, copyright, moral rights, mask work, trademark, trade secret or other laws regarding
proprietary rights, including new or useful art, combinations, discoveries, formulae, manufacturing techniques, technical developments, discoveries, artwork, software and designs. Executive hereby assigns (and will assign) to the Company all Company
Innovations. Executive shall perform (at the Company’s expense), during and after Executive’s employment, all acts reasonably deemed necessary or desirable by the Company to assist the Company in obtaining and enforcing the full benefits,
enjoyment, rights and title throughout the world in the Company Innovations. Such acts may include execution of documents and assistance or cooperation (i) in the filing, prosecution, registration, and memorialization of assignment of patent,
copyright, mask work or other applications, (ii) in the enforcement of any applicable Proprietary Rights, and (iii) in other legal proceedings related to the Company’s Innovations. “Proprietary Rights” means patents,
copyrights, mask work, moral rights, trade secrets and other proprietary rights. No provision in this Agreement is intended to require Executive to assign or offer to assign any of Executive’s rights in any invention for which Executive can
establish that no trade secret information of the Company were used, and which was developed on Executive’s own time, unless the invention relates to the Company’s actual or demonstrably anticipated research or development, or the
invention results from any work performed by Executive for the Company. 
 5.2. Remedies. Executive’s duties under this Article V
shall survive termination of Executive’s employment with the Company and the termination of this Agreement. Executive acknowledges that a remedy at law for any breach or threatened breach by Executive of Article V, as well as
Executive’s obligations pursuant to Section 6.2 and Article VII below, would be inadequate, and Executive therefore agrees that the Company shall be entitled to seek injunctive relief in case of any such breach or threatened breach.

 ARTICLE VI 
 OUTSIDE
ACTIVITIES 
 6.1. Other Activities. 

(a) Except as otherwise provided in Section 6.1(b), Executive shall not, during the term of this Agreement undertake or engage in
any other employment, occupation or business enterprise, other than those for which Executive is currently engaged prior to the Effective Date and ones in which Executive is a passive investor, unless he obtains the prior written consent of the
Board. 
 (b) Executive may engage in civic and
not-for-profit activities so long as such activities do not materially interfere with the performance of Executive’s duties hereunder. In addition, subject advance
approval by the Board (which approval shall not be unreasonably withheld), Executive shall be allowed to serve as a member of the board of directors of one (1) for-profit entity at any time during the
term of this Agreement, so long as such service does not materially interfere with the performance of Executive’s duties hereunder; provided, however, that the Board, in its discretion, may require that Executive resign from such director
position if it determines that such resignation would be in the best interests of the Company. 

  
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 6.2. Competition/Investments. During the term of Executive’s employment by the Company,
Executive shall not (except on behalf of the Company) directly or indirectly, whether as an officer, director, stockholder, partner, proprietor, associate, representative, consultant, or in any capacity whatsoever engage in, become financially
interested in, be employed by or have any business connection with any other person, corporation, firm, partnership or other entity whatsoever which are known by Executive to compete directly with the Company, throughout the world, in any line of
business engaged in (or planned to be engaged in) by the Company; provided, however, that anything above to the contrary notwithstanding, Executive may own, as a passive investor, securities of any competitor corporation, so long as Executive’s
direct holdings in any one such corporation do not, in the aggregate, constitute more than 1% of the voting stock of such corporation. If it is determined by a court of competent jurisdiction in any state that any restriction in this
Section 6.2 is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the
maximum extent permitted by the law of that state. 
 ARTICLE VII 

NONINTERFERENCE 
 Executive
shall not during the term of Executive’s employment by the Company, either on Executive’s own account or jointly with or as a manager, agent, officer, employee, consultant, partner, joint venturer, owner or stockholder or otherwise on
behalf of any other person, firm or corporation, directly or indirectly solicit, induce attempt to solicit any of (i) its customers or clients to terminate their relationship with the Company or to cease purchasing services or products from the
Company or (ii) its officers or employees or offer employment to any person who is an officer or employee of the Company; provided, however, that a general advertisement to which an employee of the Company responds shall in no event be
deemed to result in a breach of this Article VII. If it is determined by a court of competent jurisdiction in any state that any restriction in this Article VII is excessive in duration or scope or is unreasonable or unenforceable under
the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that state. 

ARTICLE VIII 
 GENERAL
PROVISIONS 
 8.1. Notices. Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of personal
delivery (including personal delivery by facsimile) or the third day after mailing by first class mail, to the Company at its primary office location and to Executive at Executive’s address as listed on the Company’s books and records.

 8.2. Tax Withholding. Executive acknowledges that all amounts and benefits payable under this Agreement are subject to deduction and
withholding to the extent required by applicable law. 
 8.3. Severability. Whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had
never been contained herein. 

  
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 8.4. Waiver. If either party should waive any breach of any provisions of this Agreement, they
shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 
 8.5.
Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company and is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter, and will supersede all prior
agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect to the subject matter hereof. This Agreement is entered into without reliance on any promise or representation other
than those expressly contained herein or therein, and cannot be modified or amended except in a writing signed by a duly-authorized officer of the Company and Executive. 

8.6. Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party,
but all of which taken together will constitute one and the same Agreement. 
 8.7. Headings. The headings of the sections hereof are inserted
for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 
 8.8. Successors and Assigns.
This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign his rights or
delegate his duties or obligations hereunder without the prior written consent of the Company. 
 8.9. Executive Acknowledgement. Executive
acknowledges that (a) he has consulted with or has had the opportunity to consult with independent counsel of his own choice concerning this Agreement, and has been advised to do so by the Company, and (b) that he has read and understands
the Agreement, is fully aware of its legal effect, and has entered into it freely based on his own judgment. 
 8.10. Choice of Law. All
questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of the State of Texas without regard to the conflicts of law provisions thereof. 

[Signature page follows] 

  
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 In Witness Whereof, the parties have executed this Agreement as of the date first
written above. 
  

			
	F45 TRAINING HOLDINGS, INC.
		
	By:	 	/s/ Patrick Grosso
		 	Patrick Grosso
		
	Title:	 	Chief Legal Officer

  

	
	Accepted and Agreed:
	
	/s/ Ben Coates
	Ben Coates

  
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