Document:

WARRANT TO PURCHASE COMMON STOCK

 Exhibit 10.3 
  
 THIS WARRANT AND THE SHARES OF VOTING COMMON STOCK PURCHASABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY
NOT BE SOLD OR OFFERED FOR SALE UNLESS REGISTERED UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS WARRANT AND THE SHARES OF VOTING COMMON STOCK PURCHASABLE HEREUNDER ARE
SUBJECT TO AND HAVE THE BENEFIT OF A WARRANTHOLDERS RIGHTS AGREEMENT DATED AS OF JULY 16, 2003, AMONG CYBEX INTERNATIONAL, INC. AND THE STOCKHOLDERS AND WARRANTHOLDERS LISTED ON THE SIGNATURE PAGES THEREOF, A COPY OF WHICH IS ON FILE WITH CYBEX
INTERNATIONAL, INC. 
  
 Dated: July 16, 2003 
  
 WARRANT 
  
 To Purchase 176,619 Shares of Voting Common Stock of 
  
 CYBEX INTERNATIONAL, INC. 
  
 Expiring July 16, 2008 
  
 THIS IS TO CERTIFY THAT, for value received, THE CIT GROUP / BUSINESS CREDIT, INC. or registered assigns (“Holder”) is entitled to purchase from
CYBEX INTERNATIONAL, INC., a New York corporation (“Cybex”), at any time or from time to time after 9:00 a.m., Charlotte, North Carolina time, on the date hereof and prior to 5:00 p.m., Charlotte, North Carolina time, on the earlier of
July 16, 2008, and the Business Day preceding the date of redemption of this Warrant (the “Exercise Period”), at the place where the Warrant Agency is located, at the Exercise Price, the number of shares of voting common stock, par value
$0.10 per share (the “Voting Common Stock”) of Cybex shown above, all subject to adjustment to make accurate and upon the terms and conditions hereinafter provided, and is entitled also to exercise the other appurtenant rights, powers and
privileges hereinafter described. 
  
 This Warrant is one of one
or more warrants (the “Warrants”) of the same form and having the same terms as this Warrant, entitling the holders initially to purchase an aggregate of 176,619 shares of Voting Common Stock. The Warrant Shares following the closing of
the transactions contemplated by the Financing Agreement, will constitute two percent (2%) of the Voting Common Stock of Cybex outstanding on the date of such closing. The Warrants have been issued pursuant to the Financing Agreement dated as of
July 16, 2003 (as amended from time to time, the “Financing Agreement”), between Cybex and The CIT Group / Business Credit, Inc. (“CIT”), as lender, and the Holder is entitled to certain benefits as set forth therein and to

 
certain benefits described in the Warrantholders Rights Agreement. Cybex shall keep a copy of the Financing Agreement and the Warrantholders Rights
Agreement, and any amendments thereto, at the Warrant Agency and shall furnish, without charge, copies thereof to the Holder upon request. 
  
 Certain terms used in this Warrant are defined in Article VI. 
  
 1. ARTICLE I 
  
 EXERCISE OF WARRANTS 
  
 2.

  
 a. Section 1.1. Method of Exercise. 
  
 b. 
  
 To exercise this Warrant in whole or in part, the Holder shall deliver on any Business Day to Cybex, at the Warrant Agency,
(a) this Warrant, (b) a written notice of such Holder’s election to exercise this Warrant, which notice shall specify the number of shares of Voting Common Stock to be purchased (which shall be a whole number of shares if for less than all the
shares then issuable hereunder), the denominations of the share certificate or certificates desired and the name or names in which such certificates are to be registered, and (c) payment of the Exercise Price with respect to such shares. Such
payment may be made, at the option of the Holder, either (a) by cash, certified or bank cashier’s check or wire transfer in an amount equal to the product of (i) the Exercise Price times (ii) the number of Warrant Shares as to which this
Warrant is being exercised or (b) by receiving from Cybex the number of Warrant Shares equal to (i) the number of Warrant Shares as to which this Warrant is being exercised minus (ii) the number of Warrant Shares having a value, based on the Closing
Price on the trading day immediately prior to the date of such exercise, equal to the product of (x) the Exercise Price times (y) the number of Warrant Shares as to which this Warrant is being exercised. 
  
 Cybex shall, as promptly as practicable and in any event within seven (7)
Business Days after receipt of such notice and payment, execute and deliver or cause to be executed and delivered, in accordance with such notice, a certificate or certificates representing the aggregate number of shares of Voting Common Stock
specified in said notice together with cash in lieu of any fractions of a share as provided in Section 1.3. The share certificate or certificates so delivered shall be in such denominations as may be specified in such notice, and shall be issued in
the name of the Holder or such other name or names as shall be designated in such notice. This Warrant shall be deemed to have been exercised and such certificate or certificates shall be deemed to have been issued, and such Holder or any other
Person so designated to be named therein shall be deemed for all purposes to have become a holder of record of shares, as of the date the aforementioned notice and payment is received by Cybex. If this Warrant shall have been exercised only in part,
Cybex shall, at the time of delivery of such certificate or certificates, deliver to the Holder a new Warrant evidencing the rights to purchase the remaining shares of Voting Common Stock called for by this Warrant, which new Warrant shall in all
other respects 

  

 2 

 
be identical with this Warrant, or, at the request of the Holder, appropriate notation may be made on this Warrant which shall then be returned to the
Holder. Cybex shall pay all expenses, taxes and other charges payable in connection with the preparation, issuance and delivery of share certificates and new Warrants, except that, if share certificates or new Warrants shall be registered in a name
or names other than the name of the Holder, funds sufficient to pay all transfer taxes payable as a result of such transfer shall be paid by the Holder at the time of delivery of the aforementioned notice of exercise or promptly upon receipt of a
written request of Cybex for payment. 
  
 c. Section 1.2.
Shares to Be Fully Paid and Nonassessable. 
  
 d.

  
 All shares of Voting Common Stock issued upon the exercise of
this Warrant shall be validly issued, fully paid and nonassessable and, if such class of Common Stock is then listed on the American Stock Exchange or any other national securities exchange (as defined in the Exchange Act) or quoted on Nasdaq, shall
be duly listed or quoted thereon, as the case may be. 
  
 e.
Section 1.3. No Fractional Shares Required to Be Issued. 
  
 f. 
  
 Cybex shall not be required to issue fractions of
shares of Voting Common Stock upon exercise of this Warrant. If any fraction of a share would, but for this Section, be issuable upon final exercise of this Warrant, in lieu of such fractional share Cybex shall pay to the Holder, in cash, an amount
equal to the same fraction of the Market Price. 
  
 g. Section
1.4. Share Legend. 
  
 h. 
  
 Each certificate for shares of Voting Common Stock issued upon exercise of
this Warrant, unless at the time of exercise such shares are registered under the Securities Act, shall bear the following legend: 
  
 “This security has not been registered under the Securities Act of 1933 and may not be sold or offered for sale unless registered
under said Act and any applicable state securities laws or unless an exemption from such registration is available. This security is also subject to and has the benefit of a Warrantholders Rights Agreement dated as of July 16, 2003, among Cybex
International, Inc. and the Stockholders and Warrantholders listed on the signature pages thereof, copies of which are on file with Cybex International, Inc.” 
  
 Any certificate issued at any time in exchange or substitution for any certificate bearing such legend (except a new
certificate issued upon completion of a public offering pursuant to a registration statement under the Securities Act) shall also bear such legend unless, in the opinion of counsel selected by the holder of such certificate (who may be an employee
of such holder) 

  

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and reasonably acceptable to Cybex, the securities represented thereby need no longer be subject to restrictions on resale under the Securities Act.

  
 i. Section 1.5. Reservation. 
  
 j. 
  
 Cybex has duly reserved and will keep available for issuance upon exercise of the Warrants the total number of Warrant
Shares deliverable from time to time upon exercise of all Warrants from time to time outstanding. Cybex will not change the Voting Common Stock from par value $.10 per share to any higher par value which exceeds the Exercise Price then in effect,
and will, as promptly as practicable, reduce the par value of the Voting Common Stock upon any event described in Article IV that causes the Exercise Price then in effect to be lower than the then-current par value of the Voting Common Stock.

  
 3. ARTICLE II 
  
 WARRANT AGENCY; 
 TRANSFER, EXCHANGE AND REPLACEMENT OF WARRANTS 
  
 4. 
  
 a. Section 2.1. Warrant
Agency. 
  
 b. 
  
 As long as any of the Warrants remain outstanding, Cybex shall perform the
obligations of and be the warrant agency with respect to the Warrants (the “Warrant Agency”) at its address set forth in the Financing Agreement or at such other address as Cybex shall specify by notice to all Warrantholders. 

 
 c. Section 2.2. Ownership of Warrant. 
  
 d. 
  
 Cybex may deem and treat the person in whose name this Warrant is registered as the holder and owner hereof (notwithstanding
any notations of ownership or writing hereon made by any person other than Cybex) for all purposes and shall not be affected by any notice to the contrary, until due presentment of this Warrant for registration of transfer as provided in this
Article II. 
  
 e. Section 2.3. Transfer of Warrant.

  
 f. 
  
 Cybex agrees to maintain at the Warrant Agency books for the registration of
transfers of the Warrants, and transfer of this Warrant and all rights hereunder shall be registered, in whole or 

  

 4 

 
in part, on such books, upon surrender of this Warrant at the Warrant Agency, together with a written assignment of this Warrant duly executed by the Holder
or its duly authorized agent or attorney, with (if the Holder is a natural person) signatures guaranteed by a bank or trust company or a broker or dealer registered with the NASD, and funds sufficient to pay any transfer taxes payable upon such
transfer. Upon surrender and, if required, such payment, Cybex shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in the instrument of assignment (which shall be whole
numbers of shares only) and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be canceled. 
  
 g. Section 2.4. Division or Combination of Warrants. 
  
 h. 
  
 This Warrant may be divided or combined with other Warrants upon presentment hereof and of any Warrant or Warrants with which this Warrant is to be
combined at the Warrant Agency, together with a written notice specifying the names and denominations (which shall be whole numbers of shares only) in which the new Warrant or Warrants are to be issued, signed by the holders hereof and thereof or
their respective duly authorized agents or attorneys. Subject to compliance with Section 2.3 as to any transfer or assignment which may be involved in the division or combination, Cybex shall execute and deliver a new Warrant or Warrants in exchange
for the Warrant or Warrants to be divided or combined in accordance with such notice. 
  
 i. Section 2.5. Loss, Theft, Destruction of Warrant Certificates. 
  
 j. 
  
 Upon receipt of evidence satisfactory to Cybex of the ownership of and the loss, theft, destruction or mutilation of any Warrant and, in the case of any
such loss, theft or destruction, upon receipt of indemnity or security satisfactory to Cybex (it being understood and agreed that if the holder of such Warrant is CIT, then a written agreement of indemnity given by CIT alone shall be satisfactory to
Cybex and no further security shall be required) or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, Cybex will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of
like tenor and representing the right to purchase the same aggregate number of shares of Voting Common Stock. 
  
 k. Section 2.6. Expenses of Delivery of Warrants. 
  
 l. 
  
 Cybex shall pay all expenses, taxes (other than transfer taxes) and other charges payable in connection with the preparation, issuance and delivery of
Warrants hereunder. 
  
 5. ARTICLE III 
  

 5 

 6. 
  
 CERTAIN RIGHTS 
  
 7. 
  
 a. Section 3.1. Rights
and Obligations under the Warrantholders Rights Agreement. 
  
 b. 
  
 This Warrant is entitled to the benefits and
subject to the terms of the Warrantholders Rights Agreement dated as of July 16, 2003, among Cybex and the Stockholders and Warrantholders listed on the signature pages thereof (as amended from time to time, the “Warrantholders Rights
Agreement”). Cybex shall keep or cause to be kept a copy of the Warrantholders Rights Agreement, and any amendments thereto, at the Warrant Agency and shall furnish, without charge, copies thereof to the Holder upon request. 
  
 8. ARTICLE IV 
  
 ANTIDILUTION PROVISIONS 
  
 a. Section 4.1. Adjustment Generally. 
  
 b. 
  
 The Exercise Price and the number of shares of Voting Common Stock (or other securities or property) issuable upon exercise of this Warrant shall be
subject to adjustment from time to time upon the occurrence of certain events as provided in this Article IV; provided that notwithstanding anything to the contrary contained herein, the Exercise Price shall not be less than the par value of
the Voting Common Stock, as such par value is reduced from time to time in accordance with Section 1.5. 
  
 c. Section 4.2. Common Stock Reorganization. 
  
 d. 
  
 If Cybex shall subdivide its outstanding shares of Common Stock (or any class thereof) into a greater number of shares or consolidate its outstanding
shares of Common Stock (or any class thereof) into a smaller number of shares (any such event being called a “Common Stock Reorganization”), then (a) the Exercise Price shall be adjusted, effective immediately after the effective date of
such Common Stock Reorganization, to a price determined by multiplying the Exercise Price in effect immediately prior to such effective date by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding on such
effective date before giving effect to such Common Stock Reorganization and the denominator of which shall be the number of shares of Common Stock outstanding after giving effect to such Common Stock Reorganization, and (b) the number of shares of
Voting Common Stock subject to purchase upon exercise of this Warrant shall be adjusted, effective at such time, to a number determined by 

  

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multiplying the number of shares of Voting Common Stock subject to purchase immediately before such Common Stock Reorganization by a fraction, the numerator
of which shall be the number of shares of Common Stock outstanding after giving effect to such Common Stock Reorganization and the denominator of which shall be the number of shares of Common Stock outstanding immediately before such Common Stock
Reorganization. The provisions of this Section 4.2 shall not operate to cause the aggregate Exercise Price of all Warrants (without giving effect to any exercise or redemption thereof) to be greater than $238,435.65. 
  
 e. Section 4.3. Common Stock Distribution. 
  
 f. 
  
 (a) If Cybex shall issue, sell or otherwise distribute any shares of Common Stock, other than pursuant to a Common Stock
Reorganization (which is governed by Section 4.2 hereof) (any such event, including any event described in paragraphs (b) and (c) below, being herein called a “Common Stock Distribution”), for a consideration per share less than the
Exercise Price then in effect or less than the Market Price (calculated with a Time of Determination of the date of such Common Stock Distribution before giving effect to such Common Stock Distribution), then, effective upon such Common Stock
Distribution, the Exercise Price shall be reduced, if such consideration per share shall be less than the Exercise Price then in effect but not less than such Market Price, to the lower of the prices (calculated to the nearest one-thousandth of one
cent) determined as provided in clauses (i) and (ii) below or, if such consideration per share shall be less than such Market Price, to the lowest of the prices (calculated to the nearest one-thousandth of one cent) determined as provided in clauses
(i) and (ii) below: 
  
 (i) by dividing (A) an
amount equal to the sum of (1) the number of shares of Common Stock outstanding immediately prior to such Common Stock Distribution multiplied by the then-existing Exercise Price, plus (2) the consideration, if any, received by Cybex upon such
Common Stock Distribution by (B) the total number of shares of Common Stock outstanding immediately after such Common Stock Distribution; and 
  
 (ii) by multiplying the Exercise Price in effect immediately prior to such Common Stock Distribution by a fraction, the numerator of which
shall be the sum of (A) the number of shares of Common Stock outstanding immediately prior to such Common Stock Distribution multiplied by such Market Price (calculated with a Time of Determination of the date of such Common Stock Distribution),
plus (B) the consideration, if any, received by Cybex upon such Common Stock Distribution, and the denominator of which shall be the product of (1) the total number of shares of Common Stock outstanding immediately after such Common Stock
Distribution multiplied by (2) such Market Price. 
  
 If any
Common Stock Distribution shall require an adjustment to the Exercise Price pursuant to the foregoing provisions of this paragraph (a), including by operation of paragraph (b) or (c) below, then, effective at the time such adjustment is made, the
number of shares of Voting Common Stock subject to purchase upon exercise of this Warrant shall be increased to a number determined by multiplying the number of shares of Voting Common Stock subject to 

  

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purchase immediately before such Common Stock Distribution by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding
immediately after giving effect to such Common Stock Distribution and the denominator of which shall be the sum of the number of shares outstanding immediately before giving effect to such Common Stock Distribution (both calculated on a Fully
Diluted Basis) plus the number of shares of Common Stock which the aggregate consideration received by Cybex with respect to such Common Stock Distribution would purchase at the Market Price (calculated with a Time of Determination of the date of
such Common Stock Distribution before giving effect to such Common Stock Distribution). In computing adjustments under this paragraph, fractional interests in Common Stock shall be taken into account to the nearest one-thousandth of a share.

  
 The provisions of this paragraph (a), including by operation
of paragraph (b) or (c) below, shall not operate to increase the Exercise Price or reduce the number of shares of Voting Common Stock subject to purchase upon exercise of this Warrant. 
  
 (b) If Cybex shall issue, sell, distribute or otherwise grant in any manner (including by assumption) any rights to
subscribe for or to purchase, or any warrants or options for the purchase of Common Stock or any stock or securities convertible into or exchangeable for Common Stock (such rights, warrants or options being herein called “Options” and such
convertible or exchangeable stock or securities being herein called “Convertible Securities”), whether or not such Options or the rights to convert or exchange any such Convertible Securities in respect of such Options are immediately
exercisable, and the price per share for which Common Stock is issuable upon the exercise of such Options or upon conversion or exchange of such Convertible Securities in respect of such Options (determined by dividing (i) the aggregate amount, if
any, received or receivable by Cybex as consideration for the granting of such Options, plus the minimum aggregate amount of additional consideration payable to Cybex upon the exercise of all such Options, plus, in the case of Options to acquire
Convertible Securities, the minimum aggregate amount of additional consideration, if any, payable upon the issuance or sale of such Convertible Securities and upon the conversion or exchange thereof, by (ii) the total maximum number of shares of
Common Stock issuable upon the exercise of such Options or upon the conversion or exchange of all such Convertible Securities issuable upon the exercise of such Options) shall be less than the Exercise Price then in effect or less than the Market
Price (calculated with a Time of Determination of the date of granting such Options before giving effect to such grant), then, for purposes of paragraph (a) above, the total maximum number of shares of Common Stock issuable upon the exercise of such
Options or upon conversion or exchange of the total maximum amount of such Convertible Securities issuable upon the exercise of such Options shall be deemed to have been issued as of the date of granting of such Options and thereafter shall be
deemed to be outstanding and Cybex shall be deemed to have received as consideration such price per share, determined as provided above, therefor. Except as otherwise provided in paragraph (d) below, no additional adjustment of the Exercise Price
shall be made upon the actual exercise of such Options or upon conversion or exchange of such Convertible Securities. 
  
 (c) If Cybex shall issue, sell or otherwise distribute (including by assumption) any Convertible Securities, whether or not the rights to exchange or
convert thereunder are immediately exercisable, and the price per share for which Common Stock is issuable upon such 

  

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conversion or exchange (determined by dividing (i) the aggregate amount received or receivable by Cybex as consideration for the issuance, sale or
distribution of such Convertible Securities, plus the minimum aggregate amount of additional consideration, if any, payable to Cybex upon the conversion or exchange thereof, by (ii) the total maximum number of shares of Common Stock issuable upon
the conversion or exchange of all such Convertible Securities) shall be less than the Exercise Price then in effect or less than the Market Price (calculated with a Time of Determination of the date of such issuance, sale or distribution before
giving effect to such issuance, sale or distribution), then, for purposes of paragraph (a) above, the total maximum number of shares of Common Stock issuable upon conversion or exchange of all such Convertible Securities shall be deemed to have been
issued as of the date of the issuance, sale or distribution of such Convertible Securities and thereafter shall be deemed to be outstanding and Cybex shall be deemed to have received as consideration such price per share, determined as provided
above, therefor. Except as otherwise provided in paragraph (d) below, no additional adjustment of the Exercise Price shall be made upon the actual conversion or exchange of such Convertible Securities. 
  
 (d) If (i) the purchase price provided for in any Option referred to in
paragraph (b) above or the additional consideration, if any, payable upon the conversion or exchange of any Convertible Securities referred to in paragraph (b) or (c) above or the rate at which any Convertible Securities referred to in paragraph (b)
or (c) above are convertible into or exchangeable for Common Stock shall change at any time (other than under or by reason of provisions designed to protect against dilution upon an event which results in a related adjustment pursuant to this
Article IV), or (ii) any of such Options or Convertible Securities shall have terminated, lapsed or expired, the Exercise Price then in effect shall forthwith be readjusted (effective only with respect to any exercise of this Warrant after such
readjustment) to the Exercise Price which would then be in effect had the adjustment made upon the issuance, sale, distribution or grant of such Options or Convertible Securities been made based upon such changed purchase price, additional
consideration or conversion rate, as the case may be (in the case of any event referred to in clause (i) of this paragraph (d)) or had such adjustment not been made (in the case of any event referred to in clause (ii) of this paragraph (d)).

  
 (e) If Cybex shall pay a dividend or make any other
distribution upon any capital stock of Cybex payable in Common Stock, Options or Convertible Securities, then, for purposes of paragraph (a) above, such Common Stock, Options or Convertible Securities shall be deemed to have been issued or sold
without consideration. 
  
 (f) If any shares of Common Stock,
Options or Convertible Securities shall be issued, sold or distributed for cash, the consideration received therefor shall be deemed to be the amount received by Cybex therefor. If any shares of Common Stock, Options or Convertible Securities shall
be issued sold or distributed for a consideration other than cash, the amount of the consideration other than cash received by Cybex shall be deemed to be the fair market value (as determined in good faith by the Board of Directors of Cybex) of such
consideration. If any shares of Common Stock, Options or Convertible Securities shall be issued in connection with any merger in which Cybex is the surviving corporation, the amount of consideration therefor shall be deemed to be the fair market
value (as determined in good faith by the Board of Directors of Cybex) of such portion of the assets and business of the non-surviving corporation 

  

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as shall be attributable to such Common Stock, Options or Convertible Securities, as the case may be. If any Options shall be issued in connection with the
issuance and sale of other securities of Cybex, together comprising one integral transaction in which no specific consideration is allocated to such Options by the parties thereto, such Options shall be deemed to have been issued without
consideration. 
  
 g. Section 4.4. Special Dividends.

  
 h. 
  
 If Cybex shall issue or distribute to any holder or holders of shares of
Common Stock evidences of indebtedness, any other securities of Cybex or any cash, property or other assets (excluding a Common Stock Reorganization or a Common Stock Distribution), whether or not accompanied by a purchase, redemption or other
acquisition of shares of Common Stock (any such nonexcluded event being herein called a “Special Dividend”), (a) the Exercise Price shall be decreased, effective immediately after the effective date of such Special Dividend, to a price
determined by multiplying the Exercise Price then in effect by a fraction, the numerator of which shall be the Market Price (calculated with a Time of Determination of the date of such effective date) less any cash and the then fair market value of
any evidences of indebtedness, securities or property or other assets issued or distributed in such Special Dividend with respect to one share of Common Stock, and the denominator of which shall be such Market Price and (b) the number of shares of
Voting Common Stock subject to purchase upon exercise of this Warrant shall be increased to a number determined by multiplying the number of shares of Voting Common Stock subject to purchase immediately before such Special Dividend by a fraction,
the numerator of which shall be the Exercise Price in effect immediately before such Special Dividend and the denominator of which shall be the Exercise Price in effect immediately after such Special Dividend. A reclassification of Common Stock
(other than a change in par value, or from par value to no par value or from no par value to par value) into shares of Common Stock and shares of any other class of stock shall be deemed a distribution by Cybex to the holders of such Common Stock of
such shares of such other class of stock and, if the outstanding shares of Common Stock shall be changed into a larger or smaller number of shares of Common Stock as part of such reclassification, a Common Stock Reorganization. 
  
 i. Section 4.5. Capital Reorganizations. 
  
 j. 
  
 If there shall be (i) any consolidation or merger to which Cybex is a party, other than a consolidation or a merger of which
Cybex is the continuing corporation and which does not result in any reclassification of, or change (other than a Common Stock Reorganization) in, outstanding shares of Common Stock, or (ii) any sale or conveyance of the property of Cybex as an
entirety or substantially as an entirety, or (iii) any recapitalization of Cybex (any such event being called a “Capital Reorganization”), then, effective upon the effective date of such Capital Reorganization, the Holder shall no longer
have the right to purchase Voting Common Stock, but shall have instead the right to purchase, upon exercise of this Warrant, the kind and amount of shares of stock and other securities and property (including cash) which the Holder would have owned
or have been entitled to receive pursuant to such Capital Reorganization if this Warrant 

  

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had been exercised immediately prior to the effective date of such Capital Reorganization. As a condition to effecting any Capital Reorganization, Cybex or
the successor or surviving corporation, as the case may be, shall (a) execute and deliver to each Warrantholder and to the Warrant Agency an agreement as to the Warrantholders’ rights in accordance with this Section 4.5, providing, to the
extent of any right to purchase equity securities hereunder, for subsequent adjustments as nearly equivalent as may be practicable to the adjustments provided for in this Article IV and (b) provide each Regulated Holder with an opinion of counsel
reasonably satisfactory to such Regulated Holder and such other assurances as any Regulated Holder may reasonably request to the effect that the ownership and exercise by any Regulated Holder of this Warrant after giving effect to such Capital
Reorganization shall not be prohibited by the BHC Act or the regulations thereunder. The provisions of this Section 4.5 shall similarly apply to successive Capital Reorganizations. 
  
 k. Section 4.6. Adjustment Rules. 
  
 l. 
  
 Any adjustments pursuant to this Article IV shall be made successively whenever an event referred to herein shall occur, except that, notwithstanding any
other provision of this Article IV, no adjustment shall be made to the number of shares of Voting Common Stock to be delivered to each Holder (or to the Exercise Price) if such adjustment represents less than 1% of the number of shares previously
required to be so delivered, but any lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which together with any adjustments so carried forward shall amount to 1% or more of the
number of shares to be so delivered. No adjustment shall be made pursuant to this Article IV in respect of (x) the issuance of stock options or Common Stock to employees, officers or directors of Cybex pursuant to employee stock ownership plans or
otherwise, including without limitation the Cybex 1995 Stock Incentive Plan and the Cybex Non-Employee Directors Stock Retainer Plan, or the exercise of any such options, provided that the aggregate amount of all such Common Stock and Common
Stock for which such options are exercisable does not exceed fifteen percent (15%) of the Common Stock on a Fully Diluted Basis on the date hereof and (y) the issuance from time to time of shares of Common Stock upon the exercise of (1) any of the
Warrants or (2) convertible securities outstanding on the date hereof. If Cybex shall take a record of the holders of its Common Stock for any purpose referred to in this Article IV, then (i) such record date shall be deemed to be the date of the
issuance, sale, distribution or grant in question and (ii) if Cybex shall legally abandon such action prior to effecting such action, no adjustment shall be made pursuant to this Article IV in respect of such action. 
  
 m. Section 4.7. Proceedings Prior to Any Action Requiring Adjustment.

  
 n. 
  
 As a condition precedent to the taking of any action which would require an
adjustment pursuant to this Article IV, Cybex shall take any action which may be necessary, including obtaining regulatory approvals or exemptions, in order that (a) Cybex may thereafter validly and legally issue as fully paid and nonassessable all
shares of Voting Common Stock which the 

  

 11 

 
holders of Warrants are entitled to receive upon exercise thereof and (b) the ownership and exercise of any Warrant by any Regulated Holder shall not be
prohibited by any Regulatory Requirement. 
  
 o. Section 4.8.
Notice of Adjustment. 
  
 p. 
  
 Not less than 10 nor more than 30 days prior to the record date or effective
date, as the case may be, of any action which requires or might require an adjustment or readjustment pursuant to this Article IV, Cybex shall give notice to each Warrantholder of such event, describing such event in reasonable detail and specifying
the record date or effective date, as the case may be, and, if determinable, the required adjustment and the computation thereof. If the required adjustment is not determinable at the time of such notice, Cybex shall give notice to each
Warrantholder of such adjustment and computation promptly after such adjustment becomes determinable. 
  
 9. ARTICLE V 
  
 PURCHASE, REDEMPTION AND CANCELLATION OF WARRANTS 
  
 10. 
  
 a. Section 5.1.
Purchase of Warrants by Cybex. 
  
 b. 
  
 Cybex shall have the obligation to purchase or otherwise acquire Warrants at
such times, in such manner and for such consideration as set forth below. 
  
 c. Section 5.2. Mandatory Redemption of Warrants. 
  
 d. 
  
 The Holder may at the
earlier to occur of (a) on or within 30 days after the date on which Cybex shall have delivered a Refinancing Notice (any such redemption pursuant to this clause (a) a “Refinancing Redemption”), (b) on or within 30 days after the repayment
in full of all principal of and premium and interest on the Notes (as defined in the Financing Agreement) and the termination of the Commitments under the Financing Agreement (any such redemption pursuant to this clause (b) a “Repayment
Redemption”) or (c) within 10 days of the date on which Cybex shall have delivered a Company Sale Notice or a Going Private Notice to the Holder (any such redemption pursuant to this clause (c) a “Restructuring Redemption”), by notice
to Cybex, demand a determination of the Redemption Price (a “Determination Notice”) for purposes of this Section 5.2. Within 10 days after the receipt of any Determination Notice from the Holder, Cybex shall give to the Holder notice of
the Redemption Price, including a reasonably detailed description of the method of calculation thereof, determined as of the day preceding such notice of the Redemption Price. At any time within 15 days after receipt of 

  

 12 

 
notice of the Redemption Price, the Holder may demand redemption of this Warrant, in whole or in part, at the Redemption Price by notice to Cybex, payable on
the closing date (or the third Business Day after receipt of notice of such demand in the case of a Repayment Redemption) of any such Refinancing, Company Sale or Going Private Transaction (such date, the “Redemption Due Date”) in
immediately available funds to the Holder upon surrender of this Warrant at the Warrant Agency Redemption, or, if requested by the Holder, without surrender of this Warrant, by wire transfer to any account in Charlotte, North Carolina, specified by
notice to Cybex. Thereupon, the right to purchase shares of Voting Common Stock theretofore represented by this Warrant as to which the Holder has demanded (and Cybex may effect) redemption shall terminate, and this Warrant shall represent the right
of the Holder to receive the full Redemption Price from Cybex in accordance with this Section. If, however, any Refinancing, Company Sale or Going Private Transaction does not close, Cybex shall not have an obligation to redeem the Holder’s
Warrants. Notwithstanding anything to the contrary stated above, in the event of a Refinancing Redemption or a Repayment Redemption, Cybex shall not be required to redeem Warrants for shares of Voting Common Stock to the extent, and only to the
extent, that the Redemption Price for all Warrants to be redeemed exceeds, in the aggregate, $300,000. The Holder’s right to demand redemption of this Warrant pursuant to this Section 5.2 shall be referred to hereinafter as the Holder’s
“Mandatory Redemption Right”. 
  
 e. Section 5.3.
Cancellation of Warrants. 
  
 f. 
  
 All Warrants purchased, redeemed or otherwise acquired by Cybex shall
thereupon be canceled and retired. The Warrant Agency shall cancel any Warrant surrendered for exercise or registration of transfer or exchange and deliver such canceled Warrants to Cybex. 
  
 g. Section 5.4. Notice of Company Sale or Going Private Transaction.

  
 h. 
  
 Cybex shall give notice to each of the Warrantholders of any intent by Cybex
to enter into a transaction that would result in a refinancing in the entirety of the Notes (as defined in the Financing Agreement) (such notice, the “Refinancing Notice”), a Company Sale of Cybex or a Going Private Transaction (such
notice, the “Company Sale Notice” or the “Going Private Notice,” as the case may be), not less than 30 days prior to the proposed closing date of such transaction, setting forth such proposed closing date and notifying each
Warrantholder of its rights under Section 5.2. 
  
 11. ARTICLE VI

  
 DEFINITIONS 
  
 12. 
  

 13 

 The following terms, as used in this Warrant, have the following meanings: 
  
 “BHC Act” means the Bank Holding Company Act of 1956, as amended.

  
 “Business Day” means any day excluding Saturday,
Sunday and any day on which banking institutions located in Charlotte, North Carolina are authorized by law or other governmental action to be closed, unless there shall have been an offering of Common Stock registered under the Securities Act, in
which case “Business Day” means (a) if Common Stock is listed or admitted to trading on a national securities exchange, a day on which the principal national securities exchange on which the Common Stock is listed or admitted to trading is
open for business or (b) if Common Stock is not so listed or admitted to trading, a day on which the New York Stock Exchange is open for business. 
  
 “Capital Reorganization” has the meaning set forth in Section 4.5. 
  
 “CIT” has the meaning set forth in the second paragraph of this Warrant. 
  
 “Closing Price” on any day means (a) if Common Stock is listed or
admitted for trading on a national securities exchange, the reported last sales price regular way or, if no such reported sale occurs on such day, the average of the closing bid and asked prices regular way on such day, in each case on the principal
national securities exchange on which Common Stock is listed or admitted to trading, or (b) if Common Stock is not listed or admitted to trading on any national securities exchange, the average of the closing bid and asked prices in the
over-the-counter market on such day as reported by Nasdaq or any comparable system or, if not so reported, as reported by any New York Stock Exchange member firm selected by Cybex for such purpose. 
  
 “Common Stock” means the Voting Common Stock. 
  
 “Common Stock Distribution” has the meaning set forth in Section
4.3(a). 
  
 “Common Stock Reorganization” has the
meaning set forth in Section 4.2. 
  
 “Company Sale”
means the occurrence of any of the following: (i) any person or group of persons (within the meaning of Section 13 or 14 of the Exchange Act), other than Holdings and the Principal Investors, shall have acquired beneficial ownership (within the
meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act), directly or indirectly, of at least 50.1% or (ii) Cybex shall agree to sell, lease or otherwise dispose of all or substantially all of its assets (other
than sales of inventory in the ordinary course of business) or to merge or consolidate Cybex with another entity other than a wholly owned subsidiary of Cybex where Cybex is the survivor. 
  
 “Convertible Securities” has the meaning set forth in Section 4.3(b). 
  
 “Cybex” has the meaning set forth in the first paragraph of this
Warrant. 
  
 “Determination Notice” has the meaning set
forth in Section 5.2. 
  

 14 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor Federal
statute, and the rules and regulations of the Securities and Exchange Commission (or its successor) thereunder, all as the same shall be in effect at the time. 
  

“Exercise Price” means $1.35, which is an amount equal to the average of the market closing price per share of the Voting Common Stock for
the 30 day period ending on the day before the date hereof, subject to adjustment pursuant to Article IV. 
  
 “Financing Agreement” has the meaning set forth in the second paragraph of this Warrant. 
  
 “Fully Diluted Basis” means, with respect to any determination or
calculation, that such determination or calculation is performed on a fully diluted basis determined in accordance with generally accepted accounting principles as in effect from time to time. 
  
 “Going Private Transaction” means a “Rule 13e-3
transaction” (as defined in the Exchange Act) with respect to Cybex as issuer. 
  
 “Holder” has the meaning set forth in the first paragraph of this Warrant. 
  
 “Mandatory Redemption Right” has the meaning set forth in Section 5.2. 
  
 “Market Price” as at any date of determination means the average of the daily Closing Prices of a share of Common
Stock for the 30 consecutive days ending on the most recent day prior to the Time of Determination. “Time of Determination” means the time and date of the earliest of (x) the determination of the stockholders entitled to receive such
issuance, sale, distribution or grant, (y) the determination of the Holders to exercise their rights set forth in Sections 5.2 hereof and (z) the commencement of “ex-dividend” trading in respect thereof. 
  
 “NASD” means the National Association of Securities Dealers, Inc.

  
 “Nasdaq” means the National Association of
Securities Dealers, Inc. Automated Quotation System. 
  
 “Options” has the meaning set forth in Section 4.3(b). 
  
 “Person” means any natural person, corporation, limited partnership, general partnership, joint stock company, joint venture, association, company, trust, bank, trust company, land trust, business trust or
other organization, whether or not a legal entity, and any government agency or political subdivision thereof. 
  
 “Redemption Due Date” has the meaning set forth in Section 5.2 hereof. 
  

 15 

 “Redemption Price” means, as of any date of determination, a price for each share of Voting
Common Stock issuable upon exercise of the Warrants equal to the excess of (a) the Market Price over (b) the Exercise Price then in effect. 
  
 “Regulated Holder” means the Holder or a holder of Warrant Shares, if such Holder or holder of Warrant Shares is effectively restricted or
prohibited from holding, exercising or transferring, in whole or in part, this Warrant or Warrant Shares by reason of any Regulatory Requirement, including without limitation if such Holder or holder of Warrant Shares is a bank holding company
within the meaning of the BHC Act or a subsidiary thereof subject to Regulation Y under the BHC Act. 
  
 “Regulatory Requirement” means any existing or future Federal or state statute, rule, regulation, guideline, order, request or directive
(whether or not having the force of law and whether or not failure to comply therewith would be unlawful), including without limitation, the BHC Act and the regulations thereunder. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and rules and regulations of the Securities and
Exchange Commission thereunder. 
  
 “Special Dividend”
has the meaning set forth in Section 4.4. 
  
 “Subsidiary” of any Person means any corporation, partnership, joint venture, association, limited liability company or other business entity of which more than 50% of the total voting power of shares of stock or other interests
therein entitled to vote in the election of members of the board of directors, partnership committee, board of managers or trustees or other managerial body thereof is at the time owned or controlled, directly or indirectly, by such Person or one or
more of the other Subsidiaries of such Person or a combination thereof. Unless otherwise specified, “Subsidiary” means a Subsidiary of Cybex and “Subsidiaries” means all Subsidiaries of Cybex. 
  
 “Voting Common Stock” has the meaning set forth in the first
paragraph of this Warrant, subject to change pursuant to Article IV. 
  
 “Warrant Agency” has the meaning set forth in Section 2.1. 
  
 “Warrant Shares” means the shares of Voting Common Stock issuable upon the exercise of the Warrants. 
  
 “Warrantholder” means a holder of a Warrant. 
  
 “Warrantholders Rights Agreement” has the meaning set forth in Section 3.1. 
  
 “Warrants” has the meaning set forth in the second paragraph of this Warrant. 
  
 All references herein to “days” shall mean calendar days unless
otherwise specified. 
  

 16 

 13. ARTICLE VII 
  

MISCELLANEOUS 
  
 14. 
  
 a. Section 7.1. Notices. 
  
 b. 
  
 Notices and other communications provided for herein shall be in writing and may be given by mail, courier, confirmed telex or facsimile transmission and
shall, unless otherwise expressly required, be deemed given when received or, if mailed, four Business Days after being deposited in the United States mail with postage prepaid and properly addressed. In the case of the Holder, such notices and
communications shall be addressed to its address as shown on the books maintained by the Warrant Agency, unless the Holder shall notify the Warrant Agency that notices and communications should be sent to a different address (or telex or facsimile
number), in which case such notices and communications shall be sent to the address (or telex or facsimile number) specified by the Holder. In the case of Cybex, such notices and communications shall be addressed to its address as shown in the
Financing Agreement. 
  
 c. Section 7.2. Waivers;
Amendments. 
  
 d. 
  
 No failure or delay of the Holder in exercising any power or right hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of
any other right or power. No notice or demand on Cybex in any case shall entitle Cybex to any other or future notice or demand in similar or other circumstances. The rights and remedies of the Holder are cumulative and not exclusive of any rights or
remedies which it would otherwise have. The provisions of this Warrant may be amended, modified or waived with (and only with) the written consent of Cybex and Holder. The provisions of the Financing Agreement and the Warrantholders Rights Agreement
may be amended, modified or waived only in accordance with the respective provisions thereof. 
  
 Any such amendment, modification or waiver effected pursuant to and in accordance with the provisions of this Section or the applicable provisions of the Financing Agreement or the Warrantholders Rights Agreement
shall be binding upon the holders of all Warrants and Warrant Shares, upon each future holder thereof and upon Cybex. In the event of any such amendment, modification or waiver Cybex shall give prompt notice thereof to all holders of Warrants and
Warrant Shares and, if appropriate, notation thereof shall be made on all Warrants thereafter surrendered for registration of transfer or exchange. 
  
 e. Section 7.3. GOVERNING LAW. 
  

 17 

 f. 
  
 THIS WARRANT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO RULES OF CHOICE OF LAW.

  
 g. Section 7.4. Transfer; Covenants to Bind Successor
and Assigns. 
  
 h. 
  
 All covenants, stipulations, promises and agreements in this Warrant
contained by or on behalf of Cybex or the Holder shall bind its successors and assigns, whether so expressed or not. This Warrant shall be transferable and assignable by the Holder hereof in whole or from time to time in part to any other Person and
the provisions of this Warrant shall be binding upon and inure to the benefit of the Holder hereof and its successors and assigns. 
  
 i. Section 7.5. Severability. 
  
 j. 
  
 In case any one or more of the provisions contained in this Warrant shall be invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
  
 k. Section 7.6. Section Headings. 
  
 l. 
  
 The section headings used herein are for convenience of reference only, are not part of this Warrant and are not to affect the construction of or be taken
into consideration in interpreting this Warrant. 
  
 m.

  
 n. Section 7.7. Tax Basis. 
  
 o. 
  
 Cybex and the Holder agree pursuant to Treasury Regulation Section 1.1273-2 that, for Federal income tax purposes, the
aggregate purchase price for the Warrants is $0.00. Neither Cybex nor the Holder hereof shall voluntarily take any action inconsistent with the agreement set forth in this Section 7.7. 
  
 p. 
  

 18 

 [rest of page intentionally left blank] 
  

 19 

 IN WITNESS WHEREOF, Cybex has caused this Warrant to be executed in its corporate name by one of its
officers thereunto duly authorized, and its corporate seal to be hereunto affixed, attested by its Secretary or an Assistant Secretary, all as of the day and year first above written. 
  

	CYBEX INTERNATIONAL, INC.
		
	 By:
	 	 /s/ Arthur W. Hicks, Jr.

	 Name:
	 	 Arthur W. Hicks, Jr.

	 Title:
	 	 Chief Financial Officer

  
 [Corporate Seal] 
  
 ATTEST: 
  

	 /s/ James H. Carll

	 Name: James H. Carll

	 Title: SecretaryWARRANTHOLDERS RIGHTS AGREEMENT DATED JULY 16, 2003

 Exhibit 10.4 
  
 WARRANTHOLDERS RIGHTS AGREEMENT 
  
 WARRANTHOLDERS RIGHTS AGREEMENT dated as of July 16, 2003 among CYBEX INTERNATIONAL, INC., a New York corporation (together with its successors,
“Cybex”), THE CIT GROUP / BUSINESS CREDIT, INC. (“CIT”) (CIT and such other warrantholders of Cybex as may, from time to time, become parties to this Agreement in accordance with the provisions hereof, the
“Warrantholders”) and the stockholders of Cybex identified on the signature pages hereof. 
  
 WHEREAS, on the date hereof, Cybex has issued and outstanding [8,830,962] shares of Voting Common Stock (as defined herein), the Signing
Stockholders (defined below) are the beneficial owners of [2,793,256] shares of Voting Common Stock, there are outstanding options to purchase [324,750] shares of Voting Common Stock and there are outstanding warrants to purchase
[263,501] shares of Voting Common Stock, and CIT purchased and is the beneficial owner of the Warrants (as defined herein) to purchase [176,619] shares of Voting Common Stock, which constitutes two percent (2%) of the issued and
outstanding Voting Common Stock of Cybex; and 
  
 WHEREAS, Cybex
wishes to provide to the Warrantholders and the holders of the Conversion Shares the rights described herein; 
  
 NOW THEREFORE the parties hereto agree as follows: 
  
 1. ARTICLE I 
  
 DEFINITIONS 
  
 2. 
  
 a. Section 1.1. Definitions. 
  
 b. 
  
 Unless otherwise defined herein, the following terms used in this Agreement shall have the meanings specified below.

  
 “Affiliate” means, with respect to any Person, any
of (i) a director or executive officer of such Person, (ii) a spouse, parent, sibling or descendant of such Person (or a spouse, parent, sibling or descendant of any director or executive officer of such Person) and (iii) any other Person that,
directly or indirectly, controls, or is controlled by or is under common control with such Person. For the purpose of this definition, “control” (including the terms “controlling”, “controlled by” and “under common
control with”), as used with respect to any Person, means 

 
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities or by contract or agency or otherwise. 
  
 “BHC Act” means the Bank Holding Company Act of 1956, as amended. 
  
 “Commission” means the Securities and Exchange Commission or any other Federal agency at the time administering the Securities Act. 
  
 “Common Stock” means the Voting Common Stock. 
  
 “Conversion Shares” means (i) any shares of Voting Common Stock or other securities issued upon the exercise of
any Warrants and (ii) any securities issued with respect to any of such shares or other securities referred to in clause (i) upon the conversion thereof into other securities or by way of stock dividend or stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise; provided that any of such securities shall cease to be Conversion Shares when such securities shall have (x) been disposed of pursuant to a
Public Sale or (y) ceased to be outstanding. 
  
 “Debt”
of a Person means at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person
to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business, (iv) all Capital Leases of such Person, (v) all obligations of such Person to purchase securities (or other
property) which arise out of or in connection with the sale of the same or substantially similar securities (or property), (vi) all non-contingent obligations of such Person to reimburse any bank or other Person in respect of amounts paid under a
letter of credit or similar instrument, (vii) all equity securities of such Person (other than the Warrants) subject to repurchase or redemption otherwise than at the sole option of such Person, (viii) all Debt secured by a Lien on any asset of such
Person, whether or not such Debt is otherwise an obligation of such Person, and (ix) all Debt of others Guaranteed by such Person. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, or any successor Federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Securities Exchange Act of 1934 shall include a reference to the comparable section, if any, of any such successor Federal statute. 
  
 “Initiating Holders” has the meaning set forth in Section 3.1
hereof. 
  
 “Investment” means any investment in any
Person, whether by means of share purchase, capital contribution, loan, time deposit or otherwise. 
  
 “Other Shares” has the meaning set forth in Section 3.1. 
  

 2 

 “Person” means a corporation, an association, a partnership, a trust, a limited liability
company, an organization, a business, an individual, a government or a subdivision thereof or a governmental agency. 
  
 “Public Sale” means any sale of Common Stock to the public pursuant to an offering registered under the Securities Act or to the public through
a broker, dealer or market maker pursuant to the provisions of Rule 144 (or any successor provision then in effect) adopted under the Securities Act. 
  
 “Registrable Securities” means any Conversion Shares until the date (if any) on which such Conversion Shares shall have been transferred or
exchanged and new certificates for them not bearing a legend restricting further transfer shall have been delivered by Cybex and subsequent disposition of them shall not require registration or qualification of them under the Securities Act or any
similar state law then in force. 
  
 “Registration
Expenses” means all expenses incident to Cybex’ performance of or compliance with Sections 3.1 through 3.5 hereof, including (i) all registration, filing and NASD fees, (ii) all fees and expenses of complying with securities or blue sky
laws, (iii) all word processing, duplicating and printing expenses, (iv) all messenger and delivery expenses, (v) the reasonable fees and disbursements of counsel for Cybex and of its independent public accountants, including the expenses of any
special audits or “cold comfort” letters required by or incident to such performance and compliance, (vi) the fees and disbursements of any one counsel and any one accountant retained by the holder or holders of more than 50% of the
Registrable Securities being registered or, in the case of any registration effected pursuant to Section 3.1, as the Initiating Holders shall have selected to represent all holders of the Registrable Securities being registered), (vii)
premiums and other costs of policies of insurance (if any) against liabilities arising out of the public offering of the Registrable Securities being registered if Cybex desires such insurance and (viii) any fees and disbursements of underwriters
customarily paid by issuers or sellers of securities, but not including underwriting discounts and commissions and transfer taxes, if any, provided that, in any case where Registration Expenses are not to be borne by Cybex, such expenses
shall not include (i) salaries of Cybex personnel or general overhead expenses of Cybex, (ii) auditing fees, (iii) premiums or other expenses relating to liability insurance required by underwriters of Cybex or (iv) other expenses for the
preparation of financial statements or other data, to the extent that any of the foregoing either is normally prepared by Cybex in the ordinary course of its business or would have been incurred by Cybex had no public offering taken place.

  
 “Regulated Holder” means any holder of Warrants or
Conversion Shares, if such holder is effectively restricted or prohibited from holding, exercising or transferring, in whole or in part, the Warrants or Conversion Shares by reason of any Regulatory Requirement, including without limitation if such
holder is a bank holding company within the meaning of the BHC Act or a subsidiary thereof subject to Regulation Y under the BHC Act. 
  
 “Regulatory Change” means, with respect to any Regulated Holder, (i) any change on or after the date hereof in United States federal or state or
foreign laws or regulations (including the 

  

 3 

 
BHC Act and Regulation Y thereunder); (ii) the adoption on or after the date hereof of any interpretation or ruling applying to such Regulated Holder,
individually or as a member of a class, under any United States federal or state or foreign laws or regulations by any court or governmental or regulatory authority charged with the interpretation or administration thereof; or (iii) the modification
on or after the date hereof of any agreement or commitment with any such governmental or regulatory authority that is applicable to or binding upon such Regulated Holder. 
  
 “Regulatory Requirement” means any existing or future Federal or state statute, rule, regulation, guideline,
order, request or directive (whether or not having the force of law and whether or not failure to comply therewith would be unlawful), including without limitation, the BHC Act and the regulations thereunder. 
  
 “Restricted Payment” means (i) any dividend or other distribution
on any shares of Cybex’ capital stock (except dividends payable solely in shares of its capital stock of the same class) or (ii) any payment on account of the purchase, redemption, retirement or acquisition of (a) any shares of the Cybex’
capital stock or (b) any warrant or other right to acquire shares of Cybex’ capital stock. 
  
 “Restricted Securities” means the Warrants, the Conversion Shares and any securities obtained upon exchange for or upon conversion or transfer
of or as a distribution on Warrants, the Conversion Shares or any such securities; provided that particular securities shall cease to be Restricted Securities when such securities shall have (x) been disposed of pursuant to a Public Sale, (y)
been otherwise transferred or exchanged and new certificates for them not bearing a legend restricting further transfer shall have been delivered by Cybex and subsequent disposition of them shall not require registration or qualification of them
under the Securities Act or any similar state law then in force or (z) ceased to be outstanding. Whenever any particular securities cease to be Restricted Securities, the holder thereof shall be entitled to receive from the issuer thereof or its
transfer agent, without expense (other than transfer taxes, if any), new securities of like tenor not bearing a legend of the character set forth in Section 2.2. 
  
 “Securities Act” means the Securities Act of 1933, or any similar Federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Securities Act of 1933 shall include a reference to the comparable section, if any, of any such similar Federal statute.

  
 “Signing Stockholders” means the Stockholders who
are party hereto other than the Warrantholders. 
  
 “Stockholders” means the holders of the Common Stock of Cybex. 
  
 “Subsidiary” means any partnership or corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons
performing similar functions are at the time directly or indirectly owned by Cybex. 
  

 4 

 “Voting Common Stock” means the common stock, par value $.10 per share, of Cybex. 

 
 “Warrant Securityholder” means at any time any Warrantholder or
any holder of Conversion Shares. 
  
 “Warrantholders”
has the meaning set forth in the introductory paragraph. 
  
 “Warrants” means the Warrant or Warrants originally issued to CIT, as such Warrants may be transferred or otherwise assigned, but only to the extent not theretofore exercised, redeemed or expired in accordance with their
respective terms. 
  
 All references herein to “days”
shall mean calendar days unless otherwise specified. 
  
 3.
ARTICLE II 
  
 TRANSFER OF SHARES; PAYMENTS TO WARRANT SECURITYHOLDERS

  
 4. 
  
 a. Section 2.1. General. 
  
 b. 
  
 Except as otherwise provided in this Agreement or by law, each Stockholder may transfer its shares of Common Stock at any
time to any Person. 
  
 c. Section 2.2. Restrictions on
Transfer; Legend on Certificates. 
  
 d. 
  
 (a) Except as otherwise provided in this Agreement, Restricted Securities
shall not be transferable except (i) pursuant to an effective registration statement under the Securities Act, (ii) pursuant to Rule 144 or 144A (or any successor provisions) under the Securities Act or (iii) pursuant to a transaction that is
otherwise exempt from the registration requirements of the Securities Act. 
  
 (b) Unless otherwise expressly provided herein, each certificate for Restricted Securities and each certificate issued in exchange for or upon transfer of any thereof shall be stamped or otherwise imprinted with a
legend in substantially the following form: 
  
 “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD OR OFFERED FOR SALE UNLESS REGISTERED UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR UNLESS AN EXEMPTION FROM

  

 5 

 
SUCH REGISTRATION IS AVAILABLE. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO AND HAVE THE BENEFIT OF A WARRANTHOLDERS RIGHTS AGREEMENT
DATED AS OF JULY 16, 2003 AMONG CYBEX INTERNATIONAL, INC. AND THE WARRANTHOLDERS AND STOCKHOLDER PARTIES THERETO, COPIES OF WHICH ARE ON FILE WITH CYBEX INTERNATIONAL, INC.” 
  
 (c) Any other provision of this Agreement to the contrary notwithstanding, no transfer of any Restricted Securities other
than pursuant to a Public Sale may be made to any Person unless such Person shall have agreed in writing that such Person, as a holder of Restricted Securities, and the Restricted Securities it acquires shall be bound by and be entitled to the
benefits of all the provisions of this Agreement applicable to such Restricted Securities (and upon such agreement such Person shall be entitled to such benefits). Any purported transfer of Restricted Securities without compliance with the
applicable provisions of this Agreement shall be void and of no effect, and the purported transferee shall have no rights as a Warrantholder or Shareholder (as applicable) or under this Agreement. In the event of such non-complying transfer, Cybex
shall not transfer any such Restricted Securities on its books or recognize the purported transferee as a shareholder or warrantholder, as the case may be, for any purpose, until all applicable provisions of this Agreement have been complied with.

  
 e. Section 2.3. Permitted Transfers. 
  
 f. 
  
 The restrictions on transfer provided in Section 2.2(a) shall not be applicable to (i) any transfer in compliance with
federal and all applicable state securities laws to an Affiliate of the holder of Restricted Securities, from an Affiliate of such holder to such holder or between Affiliates of such holder (if any such Affiliate to whom shares of Restricted
Securities have been transferred by a holder thereof ceases to be an Affiliate of such holder of Restricted Securities, such Restricted Securities shall immediately be transferred back to the transferor thereof), (ii) any transfer upon the death of
any holder of Restricted Securities to such holder’s executors, administrators or testamentary trustees or (iii) any transfer to a trust the beneficiaries of which include only the holder of such Restricted Securities or such holder’s
spouse, parents, siblings or descendants (any transferee referred to in (i), (ii) or (iii) above being referred to herein as a “Permitted Transferee”); provided that no such transfer shall be made to any Permitted Transferee unless
such Permitted Transferee shall have agreed in writing that such Permitted Transferee, as a Stockholder or Warrantholder (as the case may be), and the shares of Common Stock or Warrants it acquires shall be bound by and be entitled to the benefits
of all the provisions of this Agreement applicable to Common Stock or Warrants (as the case may be), and upon such agreement such Permitted Transferee shall be entitled to such benefits. 
  
 g. Section 2.4. Tag-along Rights. 
  
 h. 
  

 6 

 If any Signing Stockholder or any of its Affiliates (any such Person for purposes of this Section 2.4,
the “Transferor”) wishes to transfer shares of Voting Common Stock or any portion thereof, in an amount in excess of 10% of the outstanding Voting Common Stock of Cybex, to any Person (the “Transferee”), in a single transaction,
or a series of transactions, the Transferor shall first give to Cybex and each Warrant Securityholder (pursuant to a list provided by Cybex) a written notice (a “Transfer Notice”), executed by it and the Transferee and containing (i) the
number of shares of Common Stock that the Transferee proposes to acquire from the Transferor, (ii) the name and address of the Transferee, (iii) the proposed purchase price, terms of payment and other material terms and conditions of such proposed
transfer, (iv) an estimate, in the Transferor’s reasonable judgment, of the fair market value of any non-cash consideration offered by the Transferee and (v) an offer by the Transferee or Transferor to purchase, upon the purchase by the
Transferee of any shares of Common Stock owned by the Transferor and for the same per share consideration, that number of Conversion Shares (or if such number is not an integral number, the next integral number which is greater than such number) of
each Warrant Securityholder which shall be the product of (x) the aggregate number of Conversion Shares either then owned, or issuable upon exercise of Warrants then owned, by such Warrant Securityholder and (y) a fraction, the numerator of which
shall be the number of shares of Common Stock indicated in the Transfer Notice as subject to purchase by the Transferee and the denominator of which shall be the sum of (A) the total number of shares of Common Stock then owned by the Transferor and
its Affiliates plus (B) the total number of Conversion Shares either then owned, or issuable upon exercise of Warrants then owned, by each Warrant Securityholder. Each Warrant Securityholder shall have the right, for a period of 15 days after the
Transfer Notice is given, to accept such offer in whole or in part, exercisable by delivering a written notice to the Transferor and Cybex within such 15-day period, stating therein the number of shares of Common Stock (which may be the number of
shares set forth in the offer by the Transferor or Transferee, as the case may be, or a portion thereof) to be sold by such Warrant Securityholder to the Transferor or Transferee, as the case may be. Prior to the earlier of (x) the end of such
15-day period or (y) the acceptance or rejection by each Warrant Securityholder of the Transferee’s or Transferor’s offer, as the case may be, neither the Transferor nor its Affiliates will complete any sale of shares of Common Stock to
the Transferee. Thereafter, for a period of 90 days after the prohibition under the preceding sentence shall have terminated, the Transferor may sell to the Transferee for the consideration stated and on the terms set forth in the Transfer Notice
the shares of Common Stock stated in the Transfer Notice as subject to purchase by the Transferee, provided that the Transferor or Transferee, as the case may be, shall simultaneously purchase the number of shares of Common Stock as
calculated above from those Warrant Securityholders who have accepted the Transferor’s or Transferee’s offer, as the case may be. The provisions of this Section 2.4 shall not apply to transfers between the Transferor and any of its
Affiliates or between Affiliates of the Transferor. 
  
 i. Section
2. 5. Restrictions on Transfer by Regulated Holders. 
  
 j.

  
 (a) Notwithstanding anything else set forth herein to the
contrary, in the event of any reasonable determination in good faith by any Regulated Holder that, by reason of any Regulatory Requirement, such Regulated Holder is effectively restricted or prohibited from 

  

 7 

 
holding, exercising or transferring (as the case may be) any Warrant or Conversion Shares (or any portion thereof), Cybex shall use reasonable good faith
efforts to take such action as it may determine is reasonably necessary and appropriate to permit such Regulated Holder to hold, exercise or transfer (as the case may be) such Warrant or Conversion Shares (or any portion thereof) in such manner as
is necessary to comply with such Regulatory Requirement. All such actions shall be taken at the expense of Regulated Holder. Regulated Holder shall give written notice to Cybex of any reasonable determination by it hereunder and the transfer or
other action it believes may be necessary or appropriate to permit it to comply with such Regulatory Requirement. In the event of a Regulatory Change, the effect of which is to permit such Regulated Holder to hold, exercise or transfer such Warrant
or Conversion Shares in any other manner, the foregoing proviso shall be deemed modified to permit the holding, exercise or transfer of such Warrant or Conversion Shares in such other manner. 
  
 (b) Nothing in this Agreement (including without limitation Section 2.4)
shall require any Regulated Holder to make a transfer of Warrants or Conversion Shares in a manner not permitted by Section 2.6(a) (an “Impermissible Transfer”). If any provision of this Agreement (including without limitation Section 2.4)
would otherwise require any Regulated Holder to make an Impermissible Transfer as a condition precedent to making a transfer of Warrants or Conversion Shares in a manner permitted by Section 2.6(a) (a “Permissible Transfer”), then such
Regulated Holder shall not be required to make such Impermissible Transfer as a condition precedent to making such Permissible Transfer. 
  
 k. Section 2.6. No Inconsistent Agreements. 
  
 l. 
  
 Cybex has not entered into and will not enter into any stockholders rights agreement, registration rights agreement or similar arrangements the
performance by Cybex of the terms of which would in any manner restrict or limit, or materially conflict with, the performance by Cybex of its obligations under this Agreement. 
  
 5. ARTICLE III 
  
 REGISTRATION RIGHTS 
  
 a. 
  
 b. Section 3.1. Registration on Request. 
  
 c. 
  
 (a) The demand registration rights set forth in this section 3.1 may be exercised only at such time or times when Cybex shall not then be eligible to
register Registrable Securities on Form S-3 (or any similar or successor form). At any time or from time to time on or after the date hereof, on not more than two (2) occasions, upon the written request of the holder or holders 

  

 8 

 
of twenty percent (20%) of all outstanding Conversion Shares and Warrants (such majority determined, for purposes of this Section 3.1, by calculating the
number of Conversion Shares for which such Warrants are then exercisable) (the “Initiating Holders”), requesting that Cybex effect the registration under the Securities Act of all or part of such Initiating Holders’ Registrable
Securities and specifying the intended method of disposition thereof, Cybex will promptly give written notice of such requested registration to all holders of Warrants and Registrable Securities, and thereupon Cybex will use its reasonable best
efforts to effect the registration under the Securities Act of: 
  
 (i) the Registrable Securities which Cybex has been so requested to register by such Initiating Holders for disposition in accordance with the intended method of disposition stated in such request; 
  
 (ii) all other Registrable Securities the holders of which
shall have made a written request to Cybex for registration thereof within 20 days after the giving of such written notice by Cybex (which request shall specify the intended method of disposition of such Registrable Securities); and 
  
 (iii) all shares of Common Stock which Cybex may elect to
register in connection with the offering of Registrable Securities pursuant to this Section 3.1, whether for its own account or for the account of a holder of Common Stock, 
  
 all to the extent requisite to permit the disposition (in accordance with the intended methods thereof as aforesaid) as expeditiously as
possible of the Registrable Securities and the additional shares of Common Stock, if any, to be so registered, provided that the Warrant Securityholders as a class shall be entitled to not more than two (2) registrations upon request pursuant
to this Section 3.1 nor more than one such registration during any 12 month period; provided, however, that no registration upon request pursuant to which less than 50% of the Registrable Shares requested to be registered by such Initiating Holders
are sold shall be counted as a requested registration for purposes of this Section 3.1. 
  
 (b) Registrations under this Section 3.1 shall be on such appropriate registration form of the Commission (i) as shall be selected by Cybex and (ii) as shall permit the disposition of such Registrable Securities in
accordance with the intended method or methods of disposition specified in their request for such registration. Cybex agrees to include in any such registration statement all information which holders of Registrable Securities being registered shall
reasonably request. 
  
 (c) Cybex will pay all Registration
Expenses in connection with any registration requested pursuant to this Section 3.1. 
  
 (d) A registration requested pursuant to this Section 3.1 shall not be deemed to have been effected (i) unless a registration statement with respect thereto has become effective; provided that a registration
which does not become effective after Cybex has filed a registration statement with respect thereto solely by reason of the refusal to proceed by the Initiating Holders 

  

 9 

 
(other than a refusal to proceed based upon the advice of counsel relating to a matter with respect to Cybex) shall be deemed to have been effected by Cybex
at the request of the Initiating Holders unless the Initiating Holders shall have elected to pay all Registration Expenses in connection with such registration, (ii) if, after it has become effective, such registration is interfered with by any stop
order, injunction or other order or requirement of the Commission or other governmental agency or court for any reason, other than by reason of some act or omission by any Warrantholder or Warrant Securityholder, or (iii) the conditions to closing
specified in the purchase agreement or underwriting agreement entered into in connection with such registration are not satisfied, other than by reason of some act or omission by any Warrantholder or Warrant Securityholder. 
  
 (e) If a requested registration pursuant to this Section 3.1 involves an
underwritten offering, the underwriter or underwriters thereof shall be selected by the holders of at least a majority (by a number of shares) of the Registrable Securities as to which registration has been requested and shall be reasonably
acceptable to Cybex. 
  
 (f) If a requested registration pursuant
to this Section 3.1 involves an underwritten offering, and the managing underwriter shall advise Cybex (with a copy of any such notice to each holder of Registrable Securities requesting registration) that, in its opinion, the number of securities
requested to be included in such registration (including securities proposed to be sold for the account of Cybex) exceeds the number which can be sold in such offering within a price range acceptable to the Initiating Holders, Cybex will include in
such registration, to the extent of the number which Cybex is so advised can be sold in such offering, (i) first, Registrable Securities requested to be included in such registration by the holder or holders of Registrable Securities, pro
rata among such holders requesting such registration on the basis of the number of such securities requested to be included by such holders, (ii) second, all shares proposed to be included by Cybex in such registration and (iii) third, all
shares other than Registrable Shares (any such shares with respect to any registration, “Other Shares”) requested to be included in such registration by the holder or holders thereof. 
  
 d. Section 3.2. Incidental Registration. 
  
 e. 
  
 (a) If Cybex at any time proposes to register any of its securities under the Securities Act (other than (x) by a
registration on Form S-4 or S-8 or any successor or similar forms or (y) pursuant to Section 3.1 or (z) pursuant to Section 3.3) whether for its own account or for the account of the holder or holders of shares other than Registrable Shares (any
such shares with respect to any registration, “Other Shares”) requested to be included in such registration by the holder or holders thereof, it will each such time give prompt written notice to all Warrant Securityholders of its intention
to do so and of such holders’ rights under this Section 3.2. Upon the written request of any such holder made within 20 days after the receipt of any such notice (which request shall specify the Registrable Securities intended to be disposed of
by such holder and the intended method of disposition thereof), Cybex will use its reasonable best efforts to effect the registration under the Securities Act of all of the Registrable Securities which Cybex has been so requested to register by the
holders thereof, to the extent requisite to permit the 

  

 10 

 
disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered, by inclusion of such
Registrable Securities in the registration statement which covers the securities which Cybex proposes to register; provided that if, at any time after giving written notice of its intention to register any securities and prior to the
effective date of the registration statement filed in connection with such registration, Cybex shall determine for any reason either not to register or to delay registration of such securities, Cybex may, at its election, give written notice of such
determination to each holder of Registrable Securities and, thereupon, (i) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from
its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any Warrant Securityholder or Warrant Securityholders entitled to do so to request that such registration be effected as a
registration under Section 3.1, and (ii) in the case of a determination to delay registering, shall be permitted to delay registering any Registrable Securities, for the same period as the delay in registering such other securities.
No registration effected under this Section 3.2 shall relieve Cybex of its obligation to effect any registration upon request under Sections 3.1 or 3.3, nor shall any such registration hereunder be deemed to have been effected pursuant
to Sections 3.1 or 3.3. Cybex will pay all Registration Expenses in connection with each registration of Registrable Securities pursuant to this Section 3.2. 
  
 (b) If Cybex at any time proposes to register any of its securities under the Securities Act as contemplated by Section 3.2 and such securities are to be
distributed by or through one or more underwriters, Cybex will, if requested by any holder of Registrable Securities as provided in this Section 3.2, use its best efforts to arrange for such underwriters to include all the Registrable Securities to
be offered and sold by such holder among the securities to be distributed by such underwriters, provided that if the managing underwriter of such underwritten offering shall inform Cybex and holders of the Registrable Securities requesting
such registration and all other holders of any other shares of Common Stock which shall have exercised, in respect of such underwritten offering, registration rights comparable to the rights under this Section 3.2 by letter of its belief that
inclusion in such distribution of all or a specified number of such securities proposed to be distributed by such underwriters would interfere with the successful marketing of the securities being distributed by such underwriters (such letter to
state the basis of such belief and the approximate number of such Registrable Securities and such Other Shares proposed so to be registered which may be distributed without such effect), then Cybex may, upon written notice to all holders of such
Registrable Securities and holders of such Other Shares, reduce pro rata (if and to be extent stated by such managing underwriter to be necessary to eliminate such effect) the number of such Registrable Securities and Other Shares the
registration of which shall have been requested by each holder thereof so that the resultant aggregate number of such Registrable Securities and Other Shares so included in such registration, together with the number of securities to be included in
such registration for the account of Cybex, shall be equal to the number of shares stated in such managing underwriter’s letter. 
  
 f. Section 3.3. Short-Form Registration on Form S-3. 
  
 g. 
  

 11 

 In addition to the rights provided the holders of Registrable Securities in Sections 3.1 and 3.2 above,
if the registration of Registrable Securities under the Securities Act can be effected on Form S-3 (or any similar or successor form promulgated by the Commission), Cybex will so notify each holder of Registrable Securities, including each holder
who has a right to acquire Registrable Securities, and then will, as expeditiously as possible, use its reasonable best efforts to effect qualification and registration under the Securities Act on said Form S-3 of all or such portion of the
Registrable Securities as the holder or holders shall specify, such specification to be made by any such holder within 20 days after the receipt of such notice; provided, however, that the market value of the Registrable Securities to be sold in any
such registration shall be estimated to be at least [$200,000] at the time of filing such registration statement; and provided further, that Cybex shall not be required to effect more than two (2) such registrations pursuant to this Section
3.3 in any twelve-month period; provided that if, at any time after giving written notice of its intention to register any securities and prior to the effective date of the registration statement filed in connection with such registration,
Cybex shall determine for any reason either not to register or to delay registration of such securities, Cybex may, at its election, give written notice of such determination to each holder of Registrable Securities and, thereupon, (i) in the case
of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay the Registration Expenses in connection therewith), without
prejudice, however, to the rights of any Warrant Securityholder or Warrant Securityholders entitled to do so to request that such registration be effected as a registration under Section 3.1, and (ii) in the case of a determination to delay
registering, shall be permitted to delay registering any Registrable Securities, for the same period as the delay in registering such other securities. No registration effected under this Section 3.3 shall relieve Cybex of its
obligation to effect any registration upon request under Sections 3.1 or 3.2, nor shall any such registration hereunder be deemed to have been effected pursuant to Sections 3.1 or 3.2.. Cybex will pay all Registration Expenses in connection with any
registration pursuant to this Section 3.3. 
  
 h. Section 3.4.
Registration Procedures. 
  
 i. 
  
 (a) If and whenever Cybex is required to effect the registration of any
Registrable Securities under the Securities Act as provided in Sections 3.1, 3.2 and 3.3, Cybex shall, as expeditiously as possible: 
  
 (i) prepare and (within 30 days after the end of the period within which requests for registration may be given to Cybex or in any event
as soon thereafter as possible; provided that, in the case of a registration pursuant to Section 3.1, such filing to be made within 30 days after the initial request of an Initiating Holder of Registrable Securities or in any event as soon
thereafter as possible; provided further that, in the case of a registration pursuant to Section 3.3, such filing to be made within 10 business days after the request of an Initiating Holder of Registrable Securities or in any event as soon
thereafter as possible) file with the Commission the requisite registration statement to effect such registration (including such audited financial statements as may be required by the Securities Act) and thereafter use its best efforts to cause
such registration statement 

  

 12 

 
to become and remain effective; provided that Cybex may discontinue any registration of its securities which are not Registrable Securities at any
time prior to the effective date of the registration statement relating thereto; provided further that before filing such registration statement or any amendments thereto, Cybex will furnish to the counsel selected by the holders of
Registrable Securities which are to be included in such registration copies of all such documents proposed to be filed, which documents will be subject to the review of such counsel; 
  
 (ii) prepare and file with the Commission 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 and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement until the expiration of ninety (90) days after such registration statement becomes effective; 
  
 (iii) furnish to each seller of Registrable Securities covered by such registration statement and each underwriter, if any, of the
securities being sold by such seller such number of conformed copies of such registration statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus contained in such
registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents, as
such seller and underwriter, if any, may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such seller; 
  
 (iv) use its best efforts to register or qualify all Registrable Securities and other securities covered by
such registration statement under blue sky or similar laws of such jurisdictions as any seller thereof and any underwriter of the securities being sold by such seller shall reasonably request, to keep such registrations or qualifications in effect
for so long as such registration statement remains in effect, and take any other action which may be reasonably necessary or advisable to enable such seller and underwriter to consummate the disposition in such jurisdictions of the securities owned
by such seller, except that Cybex shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this subdivision (iv) be obligated to be
so qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction; 
  
 (v) use its best efforts to cause all 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 seller or sellers thereof to consummate the disposition of such Registrable Securities; 
  
 (vi) furnish to each seller of Registrable Securities a signed counterpart, addressed to such seller and the
underwriters, if any, of 
  

 13 

 (A) an opinion of counsel for Cybex, dated the effective date of such registration
statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under the underwriting agreement), reasonably satisfactory in form and substance to such seller, and 
  
 (B) a “comfort” letter, dated the effective date
of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement), signed by the independent public accountants who have certified Cybex’
financial statements included in such registration statement, 
  
 covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of the accountants’ letter, with respect to events subsequent to the date of such financial
statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in underwritten public offerings of securities to the extent that Cybex is required to deliver or cause the
delivery of such opinion or “comfort” letters to the underwriters in an underwritten public offering of Registrable Securities; 
  
 (vii) notify the holders of Registrable Securities and the managing underwriter or underwriters, if any, promptly and confirm such advice
in writing promptly thereafter: 
  
 (A) when the
registration statement, the prospectus or any prospectus supplement related thereto or post-effective amendment to the registration statement has been filed, and, with respect to the registration statement or any post-effective amendment thereto,
when the same has become effective; 
  
 (B) of
any request by the Commission for amendments or supplements to the registration statement or the prospectus or for additional information; 
  
 (C) of the issuance by the Commission of any stop order suspending the effectiveness of the registration or the initiation of any
proceedings by any Person for that purpose; and 
  
 (D) of the receipt by Cybex of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any
proceeding for such purpose; 
  
 (viii) notify
each seller of Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon Cybex’ discovery that, or upon the happening of any event as
a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required 

  

 14 

 
to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and at the request of any
such seller promptly prepare and furnish to such seller and each underwriter, if any, a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such
securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then
existing; 
  
 (ix) make every reasonable effort
to obtain the withdrawal of any order suspending the effectiveness of the registration statement at the earliest possible moment; 
  
 (x) otherwise use its best efforts to comply with all applicable rules and regulations of the Commission, and make available to its
security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months, but not more than eighteen months, beginning with the first full calendar quarter after the effective date of such registration
statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act; 
  
 (xi) make available for inspection by a representative of the holders of Registrable Securities participating in the
offering, any underwriter participating in any disposition pursuant to the registration and any attorney or accountant retained by such selling holders or underwriter (each, an “Inspector”), all financial and other records, pertinent
corporate documents and properties of Cybex (the “Records”), and cause Cybex’ officers, directors and employees to supply all information reasonably requested by any such Inspector in connection with such registration; provided
that Cybex shall not be required to comply with this subdivision (xi) if there is a reasonable likelihood, in the judgment of Cybex, that such delivery could result in the loss of any attorney-client privilege related thereto; and provided
further that Records which Cybex determines, in good faith, to be confidential and which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors (other than to any holder of Registrable Securities participating in
the offering) unless (x) such Records have become generally available to the public or (y) the disclosure of such Records may be necessary or appropriate (A) to comply with any law, rule, regulation or order applicable to any such Inspectors or
holder of Registrable Securities, (B) in response to any subpoena or other legal process or (C) in connection with any litigation to which such Inspectors or any holder of Registrable Securities is a party (provided that Cybex is provided
with reasonable notice of such proposed disclosure and a reasonable opportunity to seek a protective order or other appropriate remedy with respect to such Records); 
  
 (xii) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities
covered by such registration statement from and after a date not later than the effective date of such Registration Statement; and 
  

 15 

 (xiii) use its best efforts to comply with all applicable rules and regulations of the
American Stock Exchange and to maintain its right to list securities on such exchange. 
  
 Cybex may require each seller of Registrable Securities as to which any registration is being effected to furnish Cybex such information regarding such seller and the distribution of such securities as Cybex may from time to time reasonably
request in writing for purposes of preparing the relevant registration statement and amendments and supplements thereto. 
  
 (b) Each holder of Registrable Securities agrees by acquisition of such Registrable Securities that, upon receipt of any notice from Cybex of the
occurrence of any event of the kind described in subdivision (viii) of Section 3.3(a), such holder will forthwith discontinue such holder’s disposition of Registrable Securities pursuant to the registration statement relating to such
Registrable Securities until such holder’s receipt of the copies of the supplemented or amended prospectus contemplated by subdivision (viii) of Section 3.3(a). In the event Cybex shall give any such notice, the periods specified in subdivision
(ii) of Section 3.3(a) shall be extended by the length of the period from and including the date when each seller of any Registrable Securities covered by such registration statement shall have received such notice to the date on which each such
seller has received the copies of the supplemented or amended prospectus contemplated by subdivision (viii) of Section 3.3(a). 
  
 (c) If any such registration or comparable statement refers to any holder of Registrable Securities by name or otherwise as the holder of any securities
of Cybex, then such holder shall have the right to require, in the event that such reference to such holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to
such holder. 
  
 (d) Cybex shall not be obligated to effect the
registration of Registrable Securities pursuant to Sections 3.1, 3.2 and 3.3 unless all holders of Registrable Securities being registered consent to reasonable conditions imposed by Cybex as Cybex shall determine with the advice of counsel,
including, without limitation: 
  
 (i) conditions requiring such
holder to comply with all prospectus delivery requirements of the Securities Act and with all anti-stabilization, anti-manipulation and similar provisions of Section 10 of the Exchange Act and any rules issued thereunder by the Commission, and to
furnish to the Company information about sales made in such public offering; 
  
 (ii) conditions prohibiting such holders upon receipt of telegraphic or written notice from the Company (until further notice) from effecting sales of shares, such notice being given to permit the Company to correct
or update a registration statement or prospectus; 
  
 (iii)
conditions requiring that at the end of the period during which the Company is obligated to keep the registration statement effective under Section 5, the holders of shares included in the registration statement shall discontinue sales of shares
pursuant to 

  

 16 

 
such registration statement upon receipt of notice form the Company of its intention to remove from registration the shares covered by such registration
statement that remain unsold, and requiring such holders to notify the Company of the number of shares registered that remain unsold immediately upon receipt of notice from the Company; and 
  
 j. Section 3.5. Underwritten Offerings. 
  
 k. 
  
 (a) If requested by the underwriters for any underwritten offering by holders of Registrable Securities pursuant to a
registration requested under Section 3.1, Cybex will enter into an underwriting agreement with such underwriters for such offering, such agreement to be satisfactory in substance and form to Cybex, each such holder and the underwriters, and to
contain such representations and warranties by Cybex and such other terms as are generally prevailing in agreements of such type, including, without limitation, indemnities to the effect and to the extent provided in Section 3.5. The holders of the
Registrable Securities will cooperate with Cybex in the negotiation of the underwriting agreement. 
  
 (b) Each holder of Registrable Securities agrees by acquisition of such Registrable Securities not to sell, make any short sale of, loan, grant any option
for the purchase of, effect any public sale or distribution of or otherwise dispose of any equity securities of Cybex, during the ten days prior to and the 90 days after the effective date of any underwritten registration pursuant to Section 3.1,
3.2 or 3.3 except as part of such underwritten registration, whether or not such holder participates in such registration, and except as otherwise permitted by the managing underwriter of such underwriting (if any). Each holder of Registrable
Securities agrees that Cybex may instruct its transfer agent to place stop transfer notations in its records to enforce this Section 3.4(b). 
  
 (c) No Person may participate in any underwritten offering hereunder unless such Person (i) agrees to sell such Person’s securities on the basis
provided in any underwriting arrangements approved, subject to the terms and conditions hereof, by the Person or a majority of the Persons entitled to approve such arrangements and (ii) completes and executes all agreements, questionnaires,
indemnities and other documents (other than powers of attorney) required under the terms of such underwriting arrangements. 
  
 l. Section 3.6. Current Public Information. 
  
 m. 
  
 Cybex will timely file all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the
Commission thereunder, and will take such further action as any holder or holders of Registrable Securities may reasonably request, all to the extent required to enable such holders to sell Registrable Securities pursuant to Rule 144 adopted by the
Commission under the Securities Act (as such rule may be amended from time to time) or any similar rule or regulation hereafter adopted by the Commission and pursuant to Form S-3 or any similar short form registration statement. Upon written
request, the Company 

  

 17 

 
will deliver to such holders a written statement as to whether it has complied with such requirements. 
  
 n. Section 3.7. Indemnification. 
  
 o. 
  
 (a) Cybex agrees to indemnify and hold harmless each holder of Registrable Securities whose Registrable Securities are
covered by any registration statement, its directors, officers, affiliates and partners, and each other Person, if any, who controls such holder within the meaning of the Securities Act (and any broker or dealer through whom such shares may be
sold), against any losses, claims, damages, expenses or liabilities, joint or several, to which any such indemnified party may become subject under the Securities Act or under any other statute or at common law or otherwise, insofar as such losses,
claims, damages, expenses or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any
registration statement under which such securities were registered under the Securities Act or any filing with any State securities commission or agency, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any
amendment or supplement thereto, or 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 any violation by Cybex of any rule or regulation
promulgated under the Securities Act or any State securities laws or regulations applicable to Cybex and relating to action or inaction required of Cybex in connection with such registration, and Cybex will reimburse each such indemnified party for
any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, liability, action or proceeding, whether or not resulting in any liability; provided that Cybex shall not be
liable in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission
made in such registration statement or such State securities commission or agency filing, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with written information
furnished to Cybex by or on behalf of such holder or controlling person specifically for use in the preparation thereof. In addition, Cybex shall indemnify any underwriter of such offering and each other Person, if any, who controls any such
underwriter within the meaning of the Securities Act in substantially the same manner and to substantially the same extent as the indemnity herein provided to each Indemnified Party. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of such holder or any such director, officer, affiliate, partner, underwriter or controlling person and shall survive the transfer of such securities by such holder. 
  
 (b) Each prospective seller of Registrable Securities hereunder shall
indemnify and hold harmless (in the same manner and to the same extent as set forth in subdivision (a) of this Section 3.7) Cybex, each director of Cybex, each officer of Cybex who has signed or otherwise participated in the preparation of the
registration statement, and each other Person, if any, who controls Cybex within the meaning of the Securities Act, with respect to any untrue statement or alleged untrue statement in, or omission or alleged omission to state a material fact
required to be 

  

 18 

 
stated therein or necessary in order to make the statements therein not misleading from, such registration statement, or filing with any State securities
commission or agency, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereof, if such untrue statement or alleged untrue statement or omission or alleged omission was made in
reliance upon and in conformity with written information furnished to Cybex by or on behalf of such seller specifically for use in the preparation of such registration statement, filing, preliminary prospectus, final prospectus, summary prospectus,
amendment or supplement. Any such indemnity shall remain in full force and effect, regardless of any investigation made by or on behalf of Cybex or any such director, officer or controlling person and shall survive the transfer of such securities by
such seller. The amount payable by any prospective seller of Registrable Security with respect to the indemnification set forth in this subsection (b) in connection with any offering of securities will not exceed the amount of net proceeds received
by such prospective seller pursuant to such offering. 
  
 (c)
Promptly after receipt by an indemnified party of notice of the commencement of any action or proceeding involving a claim referred to in the preceding subdivisions of this Section 3.7, such indemnified party will, if a claim in respect thereof is
to be made against an indemnifying party, give written notice to the latter of the commencement of such action; provided that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of
its obligations under the preceding subdivisions of this Section 3.7, except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, unless in
such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, the indemnifying party shall be entitled to participate in and to assume the defense
thereof, jointly with any other indemnifying party similarly notified, to the extent that the indemnifying party may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof. No
indemnifying party shall, without the consent of the indemnified party, consent to entry of any judgment or enter into any settlement of any such action which does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such indemnified party of a release from all liability in respect to such claim or litigation. No indemnified party shall consent to entry of any judgment or enter into any settlement of any such action the defense of which has been assumed by an
indemnifying party without the consent of such indemnifying party. 
  
 (d) If the indemnification provided for in the preceding subdivisions of this Section 3.7 is unavailable to an indemnified party in respect of any expense, loss, claim, damage or liability referred to therein, then each indemnifying party,
in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such expense, loss, claim, damage or liability (i) in such proportion as is appropriate to reflect the relative
benefits received by Cybex on the one hand and the holder or underwriter, as the case may be, on the other from the distribution of the Registrable Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law,
in such proportion as 

  

 19 

 
is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of Cybex on the one hand and of the
holder or underwriter, as the case may be, on the other in connection with the statements or omissions which resulted in such expense, loss, damage or liability, as well as any other relevant equitable considerations. The relative benefits received
by Cybex on the one hand and the holder or underwriter, as the case may be, on the other in connection with the distribution of the Registrable Securities shall be deemed to be in the same proportion as the total net proceeds received by Cybex from
the initial sale of the Registrable Securities by Cybex to the purchaser bear to the gain realized by the selling holder or the underwriting discounts and commissions received by the underwriter, as the case may be. The relative fault of Cybex on
the one hand and of the holder or underwriter, as the case may be, on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission to state a material fact relates
to information supplied by Cybex, by the holder or by the underwriter and parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided that the foregoing
contribution agreement shall not inure to the benefit of any indemnified party if indemnification would be unavailable to such indemnified party by reason of the proviso contained in the first sentence of subdivision (a) of this Section 3.7, and in
no event shall the obligation of any indemnifying party to contribute under this subdivision (d) exceed the amount that such indemnifying party would have been obligated to pay by way of indemnification if the indemnification provided for under
subdivisions (a) or (b) of this Section 3.7 had been available under the circumstances. 
  
 Cybex and the holders of Registrable Securities agree that it would not be just and equitable if contribution pursuant to this subdivision (d) were determined by pro rata allocation (even if the holders
and any underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph and subdivision (c) of this Section
3.7. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal
or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. 
  
 Notwithstanding the provisions of this subdivision (d), no holder of Registrable Securities or underwriter shall be required to contribute any amount in
excess of the amount by which (i) in the case of any such holder, the net proceeds received by such holder from the sale of Registrable Securities or (ii) in the case of an underwriter, the total price at which the Registrable Securities purchased
by it and distributed to the public were offered to the public exceeds, in any such case, the amount of any damages that such holder or underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission.
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. 
  

 20 

 6. ARTICLE IV 
  

MISCELLANEOUS 
  
 7. 
  
 a. Section 4.1. Notices. 
  
 b. 
  
 All notices and other communications provided for hereunder shall be dated and in writing and shall be deemed to have been given (i) if given by telecopy,
when such telecopy is transmitted to the telecopy number specified in this Section and telephonic confirmation of receipt thereof is obtained or (ii) if given by mail, prepaid overnight courier or any other means, when received at the address
specified in this Section or when delivery at such address is refused. Such notices shall be addressed to the appropriate party to the attention of the person who executed this Agreement at the address or telecopy number set forth under such
party’s signature below (or to the attention of such other person or to such other address or telecopy number as such party shall have furnished to each other party in accordance with this Section 4.1). 
  
 c. Section 4.2. Binding Nature of Agreement. 
  
 d. 
  
 This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto or their
successors in interest, except as expressly otherwise provided herein. 
  
 e. Section 4.3. Descriptive Headings. 
  
 f.

  
 The descriptive headings of the several sections and
paragraphs of this Agreement are inserted for reference only and shall not limit or otherwise affect the meaning hereof. 
  
 g. Section 4.4. Specific Performance. 
  
 h. 
  
 Without limiting the rights of each party hereto to pursue all other legal and equitable rights available to such party for the other parties’
failure to perform their obligations under this Agreement, the parties hereto acknowledge and agree that the remedy at law for any failure to perform their obligations hereunder would be inadequate and that each of them, respectively, shall be
entitled to specific performance, injunctive relief or other equitable remedies in the event of any such failure. 
  
 i. Section 4.5. GOVERNING LAW. 
  

 21 

 j. 
  
 THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO CHOICE OF LAW RULES. EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF ANY FEDERAL COURT OF THE SOUTHERN DISTRICT OF NEW YORK OR ANY STATE COURT LOCATED IN NEW YORK COUNTY, STATE OF NEW YORK FOR
PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH SUCH PARTY MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO IRREVOCABLY CONSENTS TO
SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 6.1. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 
  
 k. Section 4.6. Counterparts. 
  
 l. 
  
 This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original, but
all such counterparts shall together constitute one and the same instrument. 
  
 m. Section 4.7. Severability. 
  
 n. 
  
 In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions contained herein shall not be in any way impaired thereby, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law. 
  
 o. Section 4.8. Entire Agreement. 
  
 p. 
  
 This Agreement is intended by the parties hereto as a final and complete expression of their agreement and understanding in
respect to the subject matter contained herein. This 

  

 22 

 
Agreement supersedes all prior agreement and understandings, written or oral, between the parties with respect to such subject matter. 
  
 q. Section 4.9. Amendment to Waiver. 
  
 r. 
  
 Any provision of this Agreement may be amended if, but only if, such amendment is in writing and is signed by Cybex and the
Warrantholders. Any provision may be waived if, but only if, such waiver is in writing and is signed by the party or parties waiving such provision and for whose benefit such provision is intended. 
  
 s. Section 4.10. No Third Party Beneficiaries. 
  
 t. 
  
 Nothing in this Agreement shall convey any rights upon any person or entity which is not a party or an assignee of a party
to this Agreement. 
  
 u. Section 4.11. Transferability of
Registration Rights. 
  
 For all purposes of this Agreement,
the holders of Registrable Securities shall include not only the Warrantholder but also any assignee or transferee of the Warrantholder. The Warrantholder may assign or transfer its rights under this Agreement to any Person to whom the Warrantholder
transfers any Registrable Shares, provided, however, that such assignee or transferee agrees in writing to be bound by all of the provision of this Agreement 
  

 23 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of the date
first above written. 
  

	CYBEX INTERNATIONAL, INC.
	
	 By: /s/ Arthur W. Hicks, Jr.

	 Name: Arthur W. Hicks, Jr.

	 Title: Chief Financial Officer

		
	 Address:
	 	 10 Trotter Drive

	 	 	 Medway, MA

	 Telecopy:
	 	 508-533-5799

	 Telephone:
	 	 508-533-4300

	
	UM HOLDINGS LTD.
	
	 By: /s/ Arthur W. Hicks, Jr.

	 Name: Arthur W. Hicks, Jr.

	 Title: Vice-President

		
	 Address:
	 	 56 Haddon Avenue

	 	 	 Haddonfield, NJ 08033

	 Telecopy:
	 	 856-354-2216

	 Telephone:
	 	 856-354-2200

	THE CIT GROUP / BUSINESS CREDIT, INC.
	
	 By: /s/ Richard S. Cassels

	 Name: Richard S. Cassels

	 Title: Senior Vice President

		
	 Address:
	 	 The CIT Group / Business Credit, Inc.

	 	 	 Two Wachovia Center, 23rd Floor

	 	 	 301 S. Tryon Street

	 	 	 Charlotte, NC 28202

	 	 	 Attn: Regional Credit Manager

	 Telecopy:
	 	 704-339-2208

	 Telephone:
	 	 704-339-3044

  

 25

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