Document:

EX-4.4

 Exhibit 4.4 
 Global Philips Performance Share Plan 
 For the Executive Committee
(excluding the Board of Management) 

 TERMS AND CONDITIONS 

OF 

GLOBAL PHILIPS PERFORMANCE SHARE PLAN 
 Article 1 
 Definitions 

In this Global Philips Performance Share Plan the following definitions shall apply: 

 

					
	 1.      Award
	  	:	  	the conditional right granted to eligible individuals to receive Shares, subject to (i) the achievement of Performance Conditions, and (ii) the terms and conditions of this
Plan.
			
	 2.      Business Day
	  	:	  	any day on which Euronext Amsterdam N.V. (or its successor) is open for business.
			
	 3.      Custody Account
	  	:	  	a custody account maintained in the name of a Participant other than a Nominee Account.
			
	 4.      Date of Grant
	  	:	  	the date at which an Award is granted pursuant to this Plan. The Dates of Grant of any Awards shall be the fourth Business Day after the day of publication of the Philips’
annual and/or quarterly results.
			
	 5.      Earnings
	  	:	  	earnings from continued operations attributable to shareholders adjusted for changes in accounting principles/policies during the Performance Period as well as any further
adjustments made in accordance with Article 2.
			
	 6.      Employing Company
	  	:	  	any company within the Philips group of companies and such other company as Philips may from time to time designate or approve.
			
	 7.      EPS Growth
	  	:	  	the growth of Earnings per Share over the Performance Period calculated applying the simple point-to-point method at year-end, based on the number of Shares outstanding (after
deduction of Shares held in treasury) on the day prior to the start of the Performance Period.
			
	 8.      Nominee Account
	  	:	  	a custody account maintained in the name of a Participant established by an administrator designated by Philips.
			
	 9.      Participant
	  	:	  	an individual who has accepted any Awards under this Plan.

  
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	 10.    Performance Conditions
	  	:	  	Relative TSR for 50% and EPS Growth for 50%; the targets for EPS Growth for each Award will be determined by the Supervisory Board.
			
	 11.    Performance Period
	  	:	  	the three (3) years starting on the first day of Philips’ financial year in which the relevant Award was granted.
			
	 12.    Philips
	  	:	  	Koninklijke Philips Electronics N.V.
			
	 13.    Philips Peer Group
	  	:	  	the peer group of companies as determined by the Shareholders Meeting excluding Philips to permit interpolation and adjusted in accordance with Article 2 from time to
time.
			
	 14.    Plan
	  	:	  	this Global Philips Performance Share Plan.
			
	 15.    Relative TSR
	  	:	  	relative total shareholder return of Philips compared to the Philips Peer Group measured over the Performance Period.
			
	 16.    Share
	  	:	  	a common share of Philips.
			
	 17.    Shareholders Meeting
	  	:	  	the shareholders meeting of Philips.
			
	 18.    Supervisory Board
	  	:	  	the supervisory board of Philips.
			
	 19.    Vesting Date
	  	:	  	the third anniversary of the Date of Grant of an Award.

 Article 2 
 Grant, Performance Conditions and Vesting of Awards 
  

	1.	An Award may be granted to an eligible individual, subject to (the acceptance by such individual of) the terms and conditions of such Award and any other Philips’
policies or guidelines that may apply from time to time to such individual. An Award offered to any such individual and the terms and conditions governing such Award shall be deemed accepted by such individual with effect from the Date of Grant in
case Philips has not received, in accordance with a procedure established by Philips, a notice of rejection of such Award within fourteen (14) days of the notice of grant or such later date as may be determined by Philips.

  

	2.	At the end of the Performance Period, the Supervisory Board will determine in its sole discretion the extent to which the Performance Conditions have been achieved and
will calculate the number of Shares (if any) that will vest for the relevant period. In doing so the Supervisory Board shall have a discretionary authority, and shall be entitled to take into account such facts and circumstances as it deems
appropriate in the context of such determination, an appropriate remuneration of the Participant, and/or in the interest of Philips. Furthermore the so-called ultimum remedium clause (best practice provision II.2.10) of the Dutch Corporate
Governance Code of 2008 shall apply. Any such determination shall be conclusive and binding. 

  
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	3.	Subject to the provisions of Article 2.2 and 2.4 an Award will vest based on two equally weighted Performance Conditions: 

 

	 	a.	50% of an Award will vest 0% - 200% depending on Relative TSR. The vesting levels for Relative TSR are outlined in the table below: 

 

																																	
	 TSR Philips
	  	321 - 
314	 	 	313 - 
312	 	 	311	 	 	310	 	 	39	 	 	38	 	 	37	 	 	36 - 
31	 
	 Vesting
	  	 	0	% 	 	 	60	% 	 	 	100	% 	 	 	120	% 	 	 	140	% 	 	 	160	% 	 	 	180	% 	 	 	200	% 

  

	 	b.	50% of an Award will vest 0% - 200% depending on EPS Growth. The vesting levels for EPS Growth are outlined in the table below: 

 

																	
	 Adjusted EPS Growth
	  	Below Minimum	 	 	Minimum	 	 	Target	 	 	Maximum	 
	 Vesting
	  	 	0	% 	 	 	40	% 	 	 	100	% 	 	 	200	% 

  

	4.	The Supervisory Board shall have the discretionary authority to determine: 

 

	 	a.	the adjustments to be made for changes in accounting principles/policies and/or whether any further adjustments in extraordinary circumstances (e.g. impairments,
restructuring activities, pension items) with a significant impact should be made and the number of Shares outstanding used for the calculation of EPS Growth; 

 

	 	b.	the composition – including any amendment thereof – of the Philips Peer Group and the vesting levels for Relative TSR from time to time, taking into account
the parameters set by the Shareholders Meeting; 

  

	 	c.	whether any unforeseen circumstances justify an adjustment of the vesting levels of the Performance Conditions considering circumstances that were not foreseen at the
Date of Grant, and 

  

	 	d.	to what extent and how any determination(s) made under a, b and c shall impact (the achievement of) the Performance Conditions of the relevant Award.

 Article 3 
 Termination of Employment 
  

	1.	Except as otherwise provided in this Article 3, in case a Participant is no longer employed by any Employing Company as a result of the termination of such
Participant’s employment with an Employing Company for any reason whatsoever prior to the applicable Vesting Date, such Participant’s Awards shall be forfeited effective as of the date of termination of such Participant’s employment
with the Employing Company without the Participant being entitled to any compensation or any obligation on the part of Philips or any Employing Company unless Philips determines, in its sole discretion, otherwise in writing to the Participant in
question. Any such determination shall be final, conclusive and binding and may be subject to such conditions as Philips may determine appropriate. 

  

	2.	In case a Participant is no longer employed by any Employing Company as a result of the termination of such Participant’s employment with an Employing Company for
reasons of: 

  

	 	(i)	death or 

  

	 	(ii)	legal incapacity, 

  
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 the estate of the Participant or his or her legal representative(s), as the case may be,
shall remain entitled to any Awards granted to such Participant nine (9) months or more prior to the date of such termination subject to the terms and conditions of this Plan. 

 

	3.	Subject to Article 3.4, in case a Participant is no longer employed by any Employing Company as a result of the termination of such Participant’s employment with
an Employing Company for reasons of: 

  

	 	(i)	disablement, 

  

	 	(ii)	retirement or 

  

	 	(iii)	the expiration of any temporary contract of employment, 

 such Participant shall remain entitled to any Awards granted to such Participant nine (9) months or more prior to the date of such termination subject to the terms and conditions of this Plan.

 For the purpose of this Plan, unless Philips determines, in its sole discretion, otherwise in writing to the Participant in
question, a Participant’s employment shall be deemed terminated as a result of “retirement” if such Participant’s employment is terminated and such Participant satisfies at the date of such termination the eligibility
requirements to receive an immediate (early) retirement benefit under an (early) retirement plan of an Employing Company under which such Participant was covered, provided that payment of such (early) retirement benefit commences immediately
following such termination. 
  

	4.	In case – in the reasonable opinion of Philips – a Participant joins a competitor of Philips or in case of bad mouthing, poaching or other harmful action
– which competitor or other harmful action may be further specified by Philips at the time of the termination of the employment – to Philips or any Employing Company during the first two (2) years after the date of termination of such
Participant’s employment, Philips has the discretion to decide that the Awards still outstanding will – in whole or in part – be forfeited with immediate effect, without the Participant being entitled to any compensation or any
obligation on the part of Philips or any Employing Company. 

 Article 4 

Non-transferability 
 The
Awards are strictly personal and may not be assigned, transferred (except that, in case of death of the Participant any Awards granted to such Participant at the date of his death shall pass to his heirs or legatees), pledged, hypothecated, or
otherwise encumbered or disposed of in any manner. The Participant may not engage in any transactions on any exchange on the basis of any Awards. Any violation of the terms of this Article 4 will cause the Awards to become immediately null and void
without further notice and without the Participant being entitled to any compensation. 

  
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 Article 5 
 Delivery and Holding of Shares 
  

	1.	Philips may require a Participant to maintain a Nominee Account in connection with this Plan. Nothing contained in this Plan shall obligate Philips to establish or
maintain or cause to establish or maintain a Nominee Account for any Participant. 

  

	2.	Subject to the terms and conditions of this Plan, and further to the Participants tax election, Philips will deliver Shares pursuant to an Award to a Participant on or
as soon as reasonably practicable after the relevant Vesting Date. In no event shall Philips have any obligation to deliver any Shares to a Participant prior to the relevant Vesting Date. 

 

	3.	Any Shares to be delivered pursuant to Article 5.2 will be credited to the Nominee Account. 

 

	4.	Except as may be otherwise approved in writing by Philips in its sole discretion, in case a Participant is no longer employed by any Employing Company as a result of
the termination of such Participant’s employment with an Employing Company, the Participant (or his or her estate or legal representatives, as the case may be) shall withdraw all Shares credited to the Participant’s Nominee Account within:

  

	 	(a)	one hundred and eighty (180) days of the date of such termination, or 

 

	 	(b)	five (5) years from the date of such termination in case of the termination of such Participant’s employment with an Employing Company for reasons of:

  

	 	i.	death, 

  

	 	ii.	legal incapacity, 

  

	 	iii.	disablement, 

  

	 	iv.	retirement, or 

  

	 	v.	the expiration of any temporary contract of employment. 

 In case the Participant (or his or her estate or legal representatives, as the case may be) fails to comply with the foregoing obligation, then the Participant (or his or her estate or legal
representatives, as the case may be) shall be deemed to have instructed Philips to sell or cause to sell such Shares after such period on a Business Day as determined by Philips in its sole discretion, which day will be communicated by Philips to
the Participant. 
  

	5.	Each Participant shall comply with any applicable “insider trading” laws and regulations and the Philips’ Rules of Conduct with respect to Inside
Information. 

 Article 6 
 Capital Dilution 
 Philips may make – but is not under any obligation to do so –
equitable adjustment or substitution of the number or kind of Shares subject to the Awards, as it, in its sole discretion, deems equitable to reflect any significant corporate event of or by Philips, for example a change in the outstanding Shares by
reason of any stock dividend or split, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other corporate change, or any distribution to holders of Shares other than regular cash dividends. 

  
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 Article 7 
 Dividend Equivalent 
 The Participant will have no rights to dividends in respect of Shares
comprised in an Award prior to the delivery of any such Shares. However, Awards will be adjusted for any payment of dividend by Philips during the Performance Period. Philips is entitled, in its sole discretion, to determine the manner in which the
number of Shares comprised in the Award will be increased. These additional Shares will only be delivered to the extent the Award vests. 
 Article 8 
 Costs and Taxes 

 

	1.	All costs of delivering any Shares under this Plan to a Participant’s Custody Account and any other costs connected with the Shares shall be borne by the
Participant. 

  

	2.	Any and all taxes, duties, levies, charges or social security contributions (“Taxes”) which arise under any applicable national, state, local or
supra-national laws, rules or regulations, whether already effective on the Date of Grant of any Award or becoming effective thereafter, and any changes or modifications therein and termination thereof which may result for the Participant in
connection with this Plan (including, but not limited to, the grant of the Award, the ownership of the Award and/or the delivery of any Shares under this Plan, the ownership and/or the sale of any Shares acquired under this Plan) shall be for the
sole risk and account of the Participant. 

  

	3.	Philips and any other Employing Company shall have the right to deduct or withhold (or cause to be deducted or withheld) from any salary payment or other sums due by
Philips or any other Employing Company to Participant, or requiring the Participant or beneficiary of the Participant, to pay to Philips an amount necessary to settle any Taxes and any costs determined by Philips necessary to be withheld in
connection with this Plan (including, but not limited to, the grant of the Award or the delivery of any Shares under this Plan). 

  

	4.	Philips shall not be required to deliver any Shares and Philips may delay (or cause to be delayed) the transfer of any Shares from a Nominee Account to a Custody
Account until Philips has received an amount, or the Participant has made such arrangements required by Philips necessary to satisfy any withholding of any Taxes and any costs to be borne by the Participant in connection with this Plan as determined
by Philips. 

  

	5.	Philips is herewith authorised by the Participant to sell (part of) Participant’s Shares credited to a Nominee Account and to maintain such part of the proceeds of
this sale as payment to Philips necessary to satisfy any withholding of any Taxes and any costs to be borne by the Participant in connection with this Plan as determined by Philips. 

  
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 Article 9 
 Dividend Payment on Shares 
 Philips is entitled, in its sole discretion, to determine the
manner in which dividend on any Shares delivered to a Participant pursuant to this Plan and deposited on the Nominee Account at the applicable record date, is paid to such Participant including, but not limited to, the payment of dividend by means
of a dividend reinvestment plan pursuant to which the dividend will be reinvested in the purchase of Shares. 
 Article 10

 Change of Control 
 In the event of a change of control situation, Philips shall have the discretion to accelerate the vesting of Awards, subject to the achievement of the Performance Conditions to the date of completion of
the change of control in accordance with the vesting levels, taking into account the principles of reasonableness and fairness and, unless Philips determines otherwise, the part of the Award which vest will be reduced on a time pro-rated basis.

 Article 11 
 General Provisions 
  

	1.	Philips shall have the authority to: i) interpret this Plan, ii) establish, amend, and rescind any terms and conditions of this Plan including any rules and regulations
relating to this Plan and/or establish supplements to comply with or suit country specific requirements, iii) determine the terms and conditions of any agreements entered into hereunder, and iv) make all other determinations necessary or advisable.
The terms and conditions of this Plan including any rules and regulations relating to this Plan, including any supplements thereto, in force from time to time are published on the website of Philips or its global plan administrator and apply to all
previous and future Awards granted under this Plan. Philips may delegate the authority to practice administrative and operational functions with respect to the Plan to officers or employees of subsidiaries of Philips and to service providers.

  

	2.	Philips may in its sole discretion but acting in good faith, resolve to recoup some or all of such incentive compensation -including any benefits derived therefrom- in
all appropriate cases (taking into account all relevant factors, including whether the assertion of a recoupment claim may in its opinion prejudice the interests of Philips and its group companies in any related proceeding or investigation), granted
to an individual under these terms and conditions, if: 

  

	 	a.	equity-based incentive compensation under these terms and conditions has been granted and/or has vested on the basis of incorrect financial or other data; or

  

	 	b.	in assessing the extent to which the Performance Conditions and/or any other condition imposed on the award was satisfied, such assessment was based on an error,
inaccurate or misleading information or assumptions and that such error, information or assumptions would have resulted or did in fact result either directly or indirectly in that Award vesting (or being capable of vesting) to a greater degree than
would have been the case had that error not been made; or 

  

	 	c.	there are circumstances which would warrant Philips or the Employing Company summarily dismissing (or requesting in court the termination of the employment of) that
individual – for instance on the basis of article 677 or 685 Dutch Civil Code – (whether or not Philips or the Employing Company has chosen to do so) where such circumstances arose in the period from the Date of Grant to the Vesting Date;
or 

  
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	 	d.	that individual was involved in, or directly or indirectly responsible for a serious violation of the Philips General Business Principles or applicable law; or

  

	 	e.	the Employing Company or the business unit in which the relevant individual works/worked, or for which he was responsible, suffered a material failure of risk
management, or 

  

	 	f.	something which occurred in the period from the Date of Grant to the Vesting Date has a sufficiently significant impact on the reputation of Philips or the group
members to justify the operation of a recoupment claim. 

 By accepting an Award under these terms and conditions,
the individual concerned agrees to fully co-operate with Philips and the Employing Company in order to give effect to this article. 
 Furthermore by accepting any Awards under this Plan, the individual provides an irrevocable power of attorney to Philips to transfer any Shares held by such individual in the account administered by
Philips’ global plan administrator and any other acts necessary or desirable to give effect to this article. This power of attorney is governed by Dutch law exclusively. 

 

	3.	No Participant shall have any rights or privileges of shareholders (including the right to receive dividends and to vote) with respect to Shares to be delivered
pursuant to Awards until such Shares are actually delivered to such Participant in accordance with Article 5 of this Plan. The Shares delivered shall carry the same rights as common shares of Philips traded on Euronext Amsterdam, on the day on which
these Shares are delivered. 

  

	4.	The (value of) Awards granted to, or Shares acquired by, a Participant pursuant to such Awards under this Plan shall not be considered as compensation in determining a
Participant’s benefits under any benefit plan of an Employing Company, including but not limited to, group life insurance, long-term disability, family survivors, or any retirement, pension or savings plan. 

 

	5.	Nothing contained in this Plan or in any Award made or agreement entered into pursuant hereto shall confer upon any Participant any right to be retained in employment
with any Employing Company, or to be entitled to any remuneration or benefits not set forth in this Plan or interfere with or limit in any way with the right of any Employing Company to terminate such Participant’s employment or to discharge or
retire a Participant at any time. 

  

	6.	If a provision of this Plan is deemed illegal or invalid, the illegality or invalidity shall not affect the remaining parts of this Plan, this Plan shall be construed
as if the illegal or invalid provisions had not been included in this Plan. 

  

	7.	Where the context requires, words in either gender shall include also the other gender. 

 

	8.	The English version of this Plan is leading. If there is a discrepancy between the contents of a translation and the English version of this Plan, the English version
of this Plan prevails. 

  
 9 

	9.	After approval of the Long-Term Incentive Plan (consisting of a Global Philips Performance Share Plan) for the Board of Management by the Shareholders Meeting, this
Plan will take effect as per January 1, 2013. 

  

	10.	This Plan shall be governed by and construed in accordance with the laws of The Netherlands, without regard to its principles of conflict of laws.

  
 • • • • •

  
 10EX-10.11

 Exhibit 10.11 

 

			
	Deutsche Bank	 	

  

					
		 		 	Deutsche Bank AG New York
		 		 	60 Wall Street
		 		 	New York, NY 10005
			
		 		 	+1 212-250-2500

  

			
		  	Revised as of November 20, 2012
		
	Date:	  	July 8, 2011
		
	To:	  	Town Sports International, LLC
	Attention:	  	Dan Gallagher
	Facsimile no.:	  	(212) 246-8422
		
	Our Reference:	  	Global No. N1539871N (previously N1317383N)
		
	Re:
	  	Interest Rate Swap Transaction - This confirmation supersedes and replaces all prior communication between the parties hereto with respect to the Transaction described
below

 Ladies and Gentlemen: 
 The purpose of this letter agreement is to set forth the terms and conditions of the Transaction entered into between Deutsche Bank AG (“DBAG”) and Town Sports International, LLC
(“Counterparty”) on the Trade Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation” as referred to in the Agreement specified below. 

The definitions and provisions contained in the 2006 ISDA Definitions (the “Definitions”) as published by the International Swaps and
Derivatives Association, Inc. are incorporated by reference herein. In the event of any inconsistency between the Definitions and this Confirmation, this Confirmation will govern. 
 For the purpose of this Confirmation, all references in the Definitions or the Agreement to a “Swap Transaction” shall be deemed to be references to this Transaction. 

1. This Confirmation, together with the Agreement, evidences a complete and binding agreement between DBAG (“Party A”) and Counterparty
(“Party B”) as to the terms of the Transaction to which this Confirmation relates. This Confirmation, together with all other documents referring to the ISDA Master Agreement (Multicurrency-Cross Border) as amended from time to time (the
“ISDA Form”) (each a “Confirmation”) confirming Transactions (each a “Transaction”) entered into between us (notwithstanding anything to the contrary in a Confirmation), shall supplement, form a part of, and be subject
to an agreement in the form of the ISDA Form as if Party A and Party B had executed an agreement on the Trade Date of the first such Transaction between us in such form with any amendments thereto mentioned in this Confirmation, with the Schedule
thereto (i) specifying only that (a) the governing law is the laws of the State of New York, provided, that such choice of law shall be superseded by any choice of law provision specified in the Agreement upon its execution, and
(b) the Termination Currency is U.S. Dollars and (ii) incorporating the addition to the definition of “Indemnifiable Tax” contained in (page 48 of) the ISDA “User’s Guide to the 1992 ISDA Master Agreements” (the
“Agreement”). In the event of any inconsistency between the terms of this Confirmation, and the terms of the Agreement, this Confirmation will prevail for the purpose of the Transaction. 

Chairman of the Supervisory Board: Paul Achleitner 
 Management Board: Jurgen Fitschen (Co-Chairman), Anshuman Jain (Co-Chairman), Stefan Krause, Stephan Leithner, Stuart Lewis, Rainer Neske, Henry Ritchotte Deutsche Bank Aktiengesellschaft domiciled in
Frankfurt am Main; HRB No 30 000, Frankfurt am Main, Local Court, VAT ID No DE114103379; www.db com 

 2. The terms of the particular Transaction to which this Confirmation relates are as follows: 

 

			
	 Notional Amount:
	  	USD 160,000,000.00
		
	 Trade Date:
	  	July 1, 2011
		
	 Effective Date:
	  	July 13, 2011
		
	 Termination Date:
	  	May 13, 2015, subject to adjustment in accordance with the Modified Following Business Day Convention
	Fixed Amounts:
		
	 Fixed Rate Payer:
	  	Counterparty
		
	 Fixed Rate Payer Period End Dates:
	  	The 13th Business Day of each month of each year through and including the Termination Date, subject to adjustment in accordance with the Modified Following Business Day
Convention
		
	 Fixed Rate Payer Payment Dates:
	  	The 13th Business Day of each month of each year through and including the Termination Date, subject to adjustment in accordance with the Modified Following Business Day
Convention
		
	 Fixed Rate:
	  	1.693%
		
	 Fixed Rate Day Count Fraction:
	  	Actual/360
		
	 Fixed Rate Payer Business Days:
	  	New York, London
		
	 Fixed Rate Payer Business Day Convention:
	  	Modified Following
	
	Floating Amounts:
		
	 Floating Rate Payer:
	  	DBAG
		
	 Floating Rate Payer Period End Dates:
	  	The 13th Business Day of each month of each year through and including the Termination Date, subject to adjustment in accordance with the Modified Following Business Day
Convention
		
	 Floating Rate Payer Payment Dates:
	  	The 13th Business Day of each month of each year through and including the Termination Date, subject to adjustment in accordance with the Modified Following Business Day
Convention
		
	 Floating Rate Option:
	  	The greater of 1.25% or USD-LIBOR-BBA
		
	 Designated Maturity:
	  	1 month
		
	 Spread:
	  	None
		
	 Floating Rate Day Count Fraction:
	  	Actual/360
		
	 Reset Dates:
	  	The first Business Day in each Calculation Period.
		
	 Compounding:
	  	Inapplicable
		
	Business Days:	  	New York and London

  

			
	N1539871N	 	2

 3. Additional Provision 
 A) CROSS DEFAULT 
 The “Cross Default” provisions of Section 5(a)(vi) of the
ISDA Form will apply to DBAG and Counterparty; provided however, that, Section 5(a)(vi)(1) is amended by deleting in the seventh line thereof the words “, or becoming capable at such time of being declared,”; provided
further, that, with respect to Section 5(a)(vi)(2), “Cross Default” shall not include any default that: (A) is the result of mistake, administrative or back office error, wire transfer difficulties or an error, omission or
problem of an administrative or operational nature, and such default is cured within three (3) Local Business Days of such party’s receipt of written notice of its default; or (B) was caused solely because such party was precluded
from performing its obligations under the relevant Specified Indebtedness, or was unable to so perform, using reasonable means, directly or through the office of the party through which it was acting for purposes of the relevant Specified
Indebtedness, by reason of force majeure, act of state, illegality or impossibility and such default was cured within three (3) Local Business Days of the termination of such force majeure, act of state, illegality or impossibility;
provided, however, in either case the party availing itself of such provision to excuse a default for the grace period so provided had, in the case of a payment default, the necessary funds on hand to effect any such payment that is excused
for the grace period specified above. 
 “Threshold Amount” means in relation to Counterparty, USD 10,000,000 and in relation to DBAG,
3 percent of the ordinary shareholders’ funds of DBAG appearing as such on its most recently published audited accounts. 
 B)
ADDITIONAL TERMINATION EVENTS 
 Each of the following shall constitute an Additional Termination Event: 

1. Counterparty’s obligations to DBAG under this Agreement: 
 (i) cease to be secured pursuant to the Security Documents (as such term is defined in the Credit Agreement) at any time for any reason; or 

(ii) cease to be equally and ratably secured with Counterparty’s obligations to the Lender (as such term is defined in the Credit
Agreement) under the Credit Agreement pursuant to the relevant Security Documents at any time for any reason; or 
 (iii) cease
to be guaranteed by the Subsidiary Guarantors (as such term is defined in the Credit Agreement) at any time for any reason. 
 For the purpose
of the foregoing Termination Events, the Affected Party shall be Counterparty. 
 2. Any collateral under Credit Support
Documents is released at any time when DBAG, or an Affiliate of DBAG is not a party to the Credit Agreement, unless such release will not have a material adverse effect on DBAG in respect of this Agreement or the release of such collateral was
provided for pursuant to the terms of the Credit Agreement in effect when DBAG or an Affiliate of DBAG was a party to such Credit Agreement or DBAG shall have consented in writing prior to such release (such consent not to be unreasonably withheld).

 As used herein and throughout this Agreement, “Credit Agreement” means that USD 300,000,000 Credit and Guarantee Agreement dated as
of May 11, 2011 among Town Sports International Holdings, Inc., Town Sports International, LLC, as the Borrower, Various Lenders and Deutsche Bank Trust Company Americas, as Administrative Agent, Deutsche Bank Securities Inc. and Keybank
National Association, as Joint Lead Arrangers and Joint Book Running Managers, and Keybank National Association as Syndication Agent as may be amended, modified, restated or replaced from time to time. 

  

			
	N1539871N	 	3

 C) CREDIT SUPPORT DOCUMENTS / PROVIDER 
 Credit Support Document: The Security Documents referenced in the Credit Agreement and herein shall be deemed to be Credit Support Documents, with respect to the Counterparty for the purposes of
this Agreement. 
 Credit Support Provider: The Subsidiary Guarantors as defined in the Credit Agreement and herein shall be deemed to be
Credit Support Providers, with respect to the Counterparty for the purposes of this Agreement. 
 D) AGREEMENT TO DELIVER DOCUMENTS

 For the purpose of Section 4(a)(ii) of this Agreement, Party B agrees to deliver true and complete copies of all documents delivered
to the Lenders under the Credit Agreement if DBAG or an Affiliate of DBAG is not a party to such Credit Agreement. This delivery obligation will be covered by the representation of Party B as described in Section 3(d). 

E) SET-OFF 
 Section 6(f) of the
Agreement is deleted in its entirety and replaced with the following: 
 “(f) Upon the designation of any Early Termination Date, the party
that is not the Defaulting Party or Affected Party (“X”) may, without prior notice to the Defaulting or Affected Party (“Y”), set off any sum or obligation (whether or not arising under this Agreement, whether matured or
unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by Y to X (the “X Set Off Amount”) against any sum or obligation (whether or not arising under this
Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by X to Y (the “Y Set Off Amount”). X will give notice to the other
party of any set off effected under this Section 6(f). 
 For this purpose, either the X Set Off Amount or the Y Set Off Amount (or the
relevant portion of such set off amounts) may be converted by X into the currency in which the other set off amount is denominated at the rate of exchange at which X would be able, acting in a reasonable manner and in good faith, to purchase the
relevant amount of such currency. 
 If a sum or obligation is unascertained, X may in good faith estimate that obligation and set-off in
respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. 
 Nothing in this
Section 6(f) will be effective to create a charge or other security interest. This Section 6(f) will be without prejudice and in addition to any right of set-off, combination of accounts, lien or other rights to which any party is at any
time otherwise entitled (whether by operation of law, contract or otherwise).” 
 F) General Conditions to Payment. 

Without limiting the rights of a Non-defaulting Party under Section 6, if an Event of Default with respect to a party has occurred and is continuing
and consequently the Non-defaulting Party does not make a scheduled payment or delivery by reason of the condition specified in Section 2(a)(iii)(1), the Non-defaulting Party shall have the right to suspend performance (including payments and
deliveries) under any Transaction; provided that the Non-defaulting Party shall provide written notice to the Defaulting Party within five (5) Local Business Day of its exercising its right to suspend performance under Section 2(a)(iii);
and provided that in no event shall any such suspension continue for longer than ninety (90) Local Business Days with respect to such Transaction unless an Early Termination Date shall have been declared and notice provided to the Defaulting
Party thereof. 

  

			
	N1539871N	 	4

 G) Illegality. The parties agree that for the avoidance of doubt, for purposes of
Section 5(b)(i) of the Agreement, “any applicable law” shall include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any rules and regulations promulgated thereunder and any similar law or regulation, without
regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the date hereof, and the
consequences specified in the Agreement, including without limitation, the consequences specified in Section 6 of the Agreement, shall apply to any Illegality arising from any such act, rule or regulation. 

H) Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010: In connection with Section 739 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date, the parties hereby specifically reserve the right to terminate, renegotiate, modify,
amend or supplement the Transaction to the extent that the enactment of the Dodd-Frank Wall Street Transparency and Accountability Act of 2010 or any similar legislation, rule or regulation (the “Applicable Act”), or any requirement
under the Applicable Act or an amendment made by the Applicable Act, constitutes a Termination Event or other similar event under the Transaction that would give rise to such a right to terminate, renegotiate, modify, amend or supplement the
Transaction in accordance with its terms. 
 I) No Waiver of Rights. 

(i) Without limiting Section 9(d) or (f) of the Agreement, the parties hereby agree that no payment or delivery by a party made
pursuant this Confirmation shall be presumed to preclude such party’s right to challenge the determination of the amount of such payment or delivery obligation at a later date or be deemed to be a waiver of any Event of Default or Termination
Event that exists as of the date of any such payment or delivery and no failure of a party to invoke any dispute resolution procedures that may otherwise be available to such party in connection with any such payment or delivery shall be deemed to
constitute a waiver of such party’s right to assert that the demand for such payment or delivery constitutes a breach of this Agreement or to constitute a waiver of such party’s right to bring a suit or proceeding in respect thereof.”

 (ii) Section 9(f) of this Agreement shall be amended by the addition of the following at the end of the provision:

 “(1) Failure by a party to expressly reserve any right, power or privilege it has under this Agreement, and/or
(2) continued performance by a party of its obligations or enjoyment of any rights under this Agreement shall not in any way undermine or prejudice the effectiveness of this Section.” 

4. Account Details: 
 Account Details for DBAG: 
  

			
	 USD DBAG Payment Instructions:
	  	
	 Account With:
	  	DB Trust Co. Americas, New York
	 SWIFT Code:
	  	BKTRUS33
	 Favor Of:
	  	Deutsche Bank AG, New York
	 Account Number:
	  	01 473 969

 Account Details for Counterparty: 

 

			
	 Payment Instructions:
	  	Please provide

  

			
	N1539871N	 	5

 5. Offices: 
 The Office for DBAG for this Transaction is New York, New York 
 The Office of
Counterparty for this Transaction New York, New York 
  

			
	6. Calculation Agent:	  	DBAG, provided that if an Event of Default or a Potential Event of Default has occurred and is continuing with respect to DBAG, the Calculation Agent shall be a recognized
dealer in the relevant derivatives market designated by Counterparty. The Calculation Agent shall act in good faith and in a commercially reasonable manner. The Calculation Agent shall, upon request by Counterparty, provide a written explanation of
any calculation, determination or adjustment made by it including, where applicable, a description of the methodology and the basis for such calculation, determination or adjustment in reasonable detail.

 7. Representations 
 Each party will be deemed to represent to the other party on the date on which it enters into this Transaction that (absent a written agreement between the parties that expressly imposes affirmative
obligations to the contrary for this Transaction): 
 (A) Non-Reliance. It is acting for its own account, and it has made its own
independent decisions to enter into this Transaction and as to whether this Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication
(written or oral) of the other party as investment advice or as a recommendation to enter into this Transaction; it being understood that information and explanations related to the terms and conditions of this Transaction shall not be considered
investment advice or a recommendation to enter into this Transaction. No communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of this Transaction. 

(B) Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent
professional advice), and understands and accepts, the terms, conditions and risks of this Transaction. It is also capable of assuming, and assumes, the risks of this Transaction. 
 (C) Status of Parties. The other party is not acting as a fiduciary for, or an adviser to it in respect of this Transaction. 
 (D) Eligible Contract Participant. It is an “eligible contract participant” within the meaning of the Commodity Exchange Act, Section 1a(12). 

8. Tax Matters 
  

	(A)	Payer Tax Representations. For the purpose of Section 3(e) of the Agreement, each of Party A and Party B makes the following representation:

 It is not required by any applicable law, as modified by the practice of any relevant governmental revenue
authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of the Agreement) to be made by it

  

			
	N1539871N	 	6

 
to the other party under the Agreement. In making this representation, it may rely on (i) the accuracy of any representation made by the other party pursuant to Section 3(f) of the
Agreement; (ii) the satisfaction of the agreement of the other party contained in Section 4(a)(i) or 4(a)(iii) of the Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i)
or 4(a)(iii) of the Agreement; and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of the Agreement, provided that it shall not be a breach of this representation where reliance is placed on clause
(ii) and the other party does not deliver a form or document under Section 4(a)(iii) of the Agreement by reason of material prejudice to its legal or commercial position. 

 

	(B)	Payee Tax Representations. For the purpose of Section 3(f) of the Agreement, Party A and Party B will make the following representation specified
below. 

 (i) Party A. It is a “foreign person” (as that term is used in Section 1.6041-4(a)(4) of
the United States Treasury Regulations) for U.S. federal income tax purposes, and each payment received or to be received by it will be effectively connected with its conduct of a trade or business in the United States. 

(ii) Party B. It is a “U.S. person” (as that term is used in Section 1.1441-4(a)(3)(ii) of the United States Treasury
Regulations) for U.S. federal income tax purposes (or, if Party B is disregarded entity for U.S. federal income tax purposes, its beneficial owner is). 
  

	(C)	Tax Forms. For the purposes of Section 4(a)(i) and (ii) of the Agreement, each party agrees to deliver the following documents, as applicable:

  

							
		 	Party required to deliver document	  	Form/Document/Certificate	  	Date by which to be delivered
		 	Party A	  	Internal Revenue Service Form W-8ECI.	  	Upon execution and delivery of this Confirmation, promptly upon reasonable demand by Party B; and promptly upon learning that any such form previously provided by Party A has become
obsolete or incorrect.
		 	Party B	  	Internal Revenue Service Form W-9.	  	Upon execution and delivery of this Confirmation, promptly upon reasonable demand by Party A; and promptly upon learning that any such form previously provided by Party B has become
obsolete or incorrect.

 9. Please confirm that the foregoing correctly sets forth the terms of our agreement by having an authorized officer sign
this Confirmation and return it via facsimile or e-mail to: 
  

	
	 Attention: Derivative Documentation
  

Telephone: 44 20 7547 4755
  

Facsimile: 44 20 7545 9761
  

E-mail: Derivative.Documentation@db.com

  

			
	N1539871N	 	7

 This message will be the only form of Confirmation dispatched by us. If you wish to exchange hard copy forms
of this Confirmation, please contact us. 
 Yours sincerely, 
 Deutsche Bank AG 

					
			
		 	By:	 	 /s/    Jon Abela

		 		 	Name: Jon Abela
		 		 	Authorized Signatory

  

			
		
	By:	 	 /s/    Paul Carter

	Name:	 	Paul Carter
	Authorized Signatory

 Confirmed as of the date first written above: 

 

			
	Town Sports International LLC
		
	By:	 	 /s/    Kieran Sikso

	Name:	 	Kieran Sikso
	Title:	 	VP Finance

  

			
	N1539871N	 	8

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