Document:

EX-10.21

 Exhibit 10.21 

LIFE TIME GROUP HOLDINGS, INC. 

2021 INCENTIVE AWARD PLAN 

RESTRICTED STOCK UNIT GRANT NOTICE 

Capitalized terms not specifically defined in this Restricted Stock Unit Grant Notice (the “Grant Notice”) have the meanings
given to them in the 2021 Incentive Award Plan (as amended from time to time, the “Plan”) of Life Time Group Holdings, Inc. (the “Company”). 

The Company hereby grants to the participant listed below (“Participant”) the Restricted Stock Units described in this Grant
Notice (the “RSUs”), subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement attached hereto as Exhibit A (the “Agreement”), both of which are incorporated into this Grant
Notice by reference. [Each RSU is hereby granted in tandem with a corresponding dividend equivalent to the extent a portion of such RSU is vested, as further described in Article II of the Agreement (the “Dividend Equivalents”).]1 
  

			
	Participant:	  	[Insert Participant Name]
		
	Grant Date:	  	[Insert Grant Date]
		
	Number of RSUs:	  	[Insert Number of RSUs]
		
	Vesting Commencement Date:	  	[Insert Vesting Commencement Date]
		
	Vesting Schedule:	  	[To be specified in individual agreements]

 [Withholding Tax Election: By accepting this Award electronically through the Plan service
provider’s online grant acceptance policy, the Participant understands and agrees that as a condition of the grant of the RSUs hereunder, the Participant is required to, and hereby affirmatively elects to (the “Sell to Cover
Election”), (1) sell that number of Shares determined in accordance with Section 2.5 of the Agreement as may be necessary to satisfy all applicable withholding obligations with respect to any taxable event arising in connection with
the RSUs, and (2) to allow the Agent (as defined in the Agreement) to remit the cash proceeds of such sale(s) to the Company. Furthermore, the Participant directs the Company to make a cash payment equal to the required tax withholding from the
cash proceeds of such sale(s) directly to the appropriate taxing authorities. The Participant has carefully reviewed Section 2.5 of the Agreement and the Participant hereby represents and warrants that on the date hereof
he or she is not aware of any material, nonpublic information with respect to the Company or any securities of the Company, is not subject to any legal, regulatory or contractual restriction that would prevent the Agent from conducting sales, does
not have, and will not attempt to exercise, authority, influence or control over any sales of Shares effected by the Agent pursuant to the Agreement, and is entering into the Agreement and this election to “sell to cover” in good faith and
not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1 (regarding trading of the Company’s securities on the basis of material nonpublic information) under the Securities Exchange Act of
1934, as amended (the “Exchange Act”). It is the Participant’s intent that this election to “sell to cover” comply with the requirements of Rule 10b5-1(c)(1)(i)(B)
under the Exchange Act and be interpreted to comply with the requirements of Rule 10b5-1(c) under the Exchange Act. 

 

	1 	 Note to Draft: To include if dividend equivalents will be granted in tandem.

 By accepting this Award electronically through the Plan service provider’s online grant
acceptance policy, Participant agrees to be bound by the terms and conditions of the Plan, the Agreement and the Grant Notice. Participant has reviewed the Agreement, the Plan and the Grant Notice in their entirety, has had an opportunity to obtain
the advice of counsel prior to executing the Grant Notice and fully understands all provisions of the Grant Notice, the Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of
the Administrator upon any questions arising under the Plan, the Grant Notice and the Agreement. 
  

									
	LIFE TIME GROUP HOLDINGS, INC.	 		 	PARTICIPANT
					
	 By:
	 	 	 		 	 By:
	 	 
	 Print Name:
	 	 	 		 	 Print Name:
	 	 
	 Title:
	 	 	 		 		 	

 EXHIBIT A 

TO RESTRICTED STOCK UNIT GRANT NOTICE 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to Participant the number of RSUs set forth in the
Grant Notice. 
 ARTICLE I. 

GENERAL 

Section 1.1 Defined Terms. Capitalized terms not specifically defined herein shall have the meanings
specified in the Plan or the Grant Notice. For purposes of this Agreement, 
 (a) “Cessation Date” shall mean the date of
Participant’s Termination of Service (regardless of the reason for such termination). 
 (b) “Participating Company”
shall mean the Company or any of its parents or Subsidiaries. 
 (c) “Proprietary Information” shall mean (a) the
name, address and/or contact information of any customer, supplier or affiliate of the Company or any information concerning the transactions or relations of any customer, supplier or affiliate of the Company or any of its shareholders; (b) any
information concerning any product, service, technology or procedure offered or used by the Company or any of its affiliates, or under development by or being considered for use by the Company or any of its affiliates; (c) any information
relating to marketing or pricing plans or methods, capital structure, or any business or strategic plans of the Company or any of its affiliates; (d) any inventions, innovations, trade secrets or other items covered by
Section 3.2 and Section 3.9; and (e) any other information which the Company or any of its affiliates has determined and communicated to the Participant in writing to be proprietary
information for purposes hereof; provided, however, that “Proprietary Information” shall not include any information that is or becomes generally known to the public other than through actions of the Participant in violation
of the restrictive covenants set forth in ARTICLE III. 
 Section 1.2 Incorporation of Terms of
Plan. The RSUs and the shares of Common Stock issued to Participant hereunder (“Shares”) are subject to the terms and conditions set forth in this Agreement and the Plan (including, without limitation, Section 10.6
thereof), which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. 

ARTICLE II. 
 AWARD OF
RESTRICTED STOCK UNITS 
 Section 2.1 Award of RSUs [and Dividend Equivalents] 

(a) In consideration of Participant’s past and/or continued employment with or service to a Participating Company and for other good and
valuable consideration, effective as of the grant date set forth in the Grant Notice (the “Grant Date”), the Company has granted to Participant the number of RSUs set forth in the Grant Notice, upon the terms and conditions set
forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as provided in Article VIII of the Plan. Each RSU represents the right to 

 
receive one Share at the times and subject to the conditions set forth herein. However, unless and until the RSUs have vested, Participant will have no right to the payment of any Shares subject
thereto. Prior to the actual delivery of any Shares, the RSUs will represent an unsecured obligation of the Company, payable only from the general assets of the Company. 

(b) [The Company hereby grants to Participant an Award of Dividend Equivalents with respect to each RSU granted pursuant to the Grant Notice
for all ordinary cash dividends that are paid to all or substantially all holders of the outstanding Shares between the Grant Date and the date when the applicable RSU is distributed or paid to Participant or is forfeited or expires. The Dividend
Equivalents for each RSU shall be equal to the amount of cash that is paid as a dividend on one Share. All such Dividend Equivalents shall be credited to Participant and be deemed to be reinvested in additional RSUs as of the date of payment of any
such dividend based on the Fair Market Value of a Share on such date. Each additional RSU that results from such deemed reinvestment of Dividend Equivalents granted hereunder shall be subject to the same vesting, distribution or payment, adjustment
and other provisions that apply to the underlying RSU to which such additional RSU relates.]2 

Section 2.2 Vesting of RSUs [and Dividend Equivalents]. 

(a) Subject to Participant’s continued employment with or service to a Participating Company on each applicable vesting date and subject
to the terms of this Agreement, the RSUs shall vest in such amounts and at such times as are set forth in the Grant Notice. [Each additional RSU that results from deemed reinvestments of Dividend Equivalents pursuant to
Section 2.1(b) shall vest whenever the underlying RSU to which such additional RSU relates vests.] 
 (b) In the
event Participant incurs a Termination of Service, except as may be otherwise provided by the Administrator or as set forth in a written agreement between Participant and the Company, Participant shall immediately forfeit any and all RSUs [and
Dividend Equivalents] granted under this Agreement that have not vested or do not vest on or prior to the date on which such Termination of Service occurs, and Participant’s rights in any such RSUs [and Dividend Equivalents] that are not so
vested shall lapse and expire. 
 Section 2.3 

(a) Distribution or Payment of RSUs. Participant’s RSUs shall be distributed in Shares (either in book-entry form or otherwise)
within 60 days following the vesting of the applicable RSU pursuant to Section 2.2. Notwithstanding the foregoing, the Company may delay a distribution or payment in settlement of RSUs if it reasonably determines that such
payment or distribution will violate federal securities laws or any other Applicable Law, provided that such distribution or payment shall be made at the earliest date at which the Company reasonably determines that the making of such
distribution or payment will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii), and provided further that no payment or distribution shall be delayed under
this Section 2.3(a) if such delay will result in a violation of Section 409A. 
 (b) All distributions shall
be made by the Company in the form of whole Shares, and any fractional share shall be distributed in cash in an amount equal to the value of such fractional share determined based on the Fair Market Value as of the date immediately preceding the
date of such distribution. 
  

	2 	 NTD: Insert for dividend equivalents. 

 Section 2.4 Conditions to Issuance of Certificates. The
Company shall not be required to issue or deliver any certificate or certificates for any Shares or to cause any Shares to be held in book-entry form prior to the fulfillment of all of the following conditions: (a) the admission of the Shares
to listing on all stock exchanges on which such Shares are then listed, (b) the completion of any registration or other qualification of the Shares under any state or federal law or under rulings or regulations of the Securities and Exchange
Commission or other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable, (c) the obtaining of any approval or other clearance from any state or federal governmental agency that
the Administrator shall, in its absolute discretion, determine to be necessary or advisable, and (d) the receipt of full payment of any applicable withholding tax in accordance with Section 2.5 by the Participating
Company with respect to which the applicable withholding obligation arises. 
 Section 2.5 Tax Withholding.
Notwithstanding any other provision of this Agreement: 
 (a) [As set forth in Section 9.5 of the Plan, the Company shall have the
authority and the right to deduct or withhold, or to require the Participant to remit to the Company, an amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to any taxable event
arising in connection with the RSUs. In satisfaction of such tax withholding obligations and in accordance with the Sell to Cover Election included in the Grant Notice, the Participant has irrevocably elected to sell the portion of the Shares to be
delivered under the RSUs necessary so as to satisfy the tax withholding obligations and shall execute any letter of instruction or agreement required by the Company’s transfer agent (together with any other party the Company determines
necessary to execute the Sell to Cover Election, the “Agent”) to cause the Agent to irrevocably commit to forward the proceeds necessary to satisfy the tax withholding obligations directly to the Company and/or its Affiliates.
Notwithstanding any other provision of this Agreement, the Company shall not be obligated to deliver any new certificate representing Shares to the Participant or the Participant’s legal representative or enter such Shares in book entry form
unless and until the Participant or the Participant’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income of the Participant resulting from the
grant or vesting of the RSUs or the issuance of Shares. In accordance with Participant’s Sell to Cover Election pursuant to the Grant Notice, the Participant hereby acknowledges and agrees: 

(i) The Participant hereby appoints the Agent as the Participant’s agent and authorizes the Agent to (1) sell on the
open market at the then prevailing market price(s), on the Participant’s behalf, as soon as practicable on or after the Shares are issued upon the vesting of the RSUs, that number (rounded up to the next whole number) of the Shares so issued
necessary to generate proceeds to cover (x) any tax withholding obligations incurred with respect to such vesting or issuance and (y) all applicable fees and commissions due to, or required to be collected by, the Agent with respect
thereto and (2) apply any remaining funds to the Participant’s federal tax withholding. 
 (ii) The Participant
hereby authorizes the Company and the Agent to cooperate and communicate with one another to determine the number of Shares that must be sold pursuant to subsection (i) above. 

(iii) The Participant understands that the Agent may effect sales as provided in subsection (i) above in one or more sales
and that the average price for executions resulting from bunched orders will be assigned to the Participant’s account. In addition, the Participant acknowledges that it may not be possible to sell Shares as provided by subsection (i) above
due to (1) a legal or contractual restriction applicable to the Participant or the Agent, (2) a market disruption, or (3) rules governing order execution priority on the national exchange where the

 
Shares may be traded. The Participant further agrees and acknowledges that in the event the sale of Shares would result in material adverse harm to the Company, as determined by the Company in
its sole discretion, the Company may instruct the Agent not to sell Shares as provided by subsection (i) above. In the event of the Agent’s inability to sell Shares, the Participant will continue to be responsible for the timely payment to
the Company and/or its Affiliates of all federal, state, local and foreign taxes that are required by applicable laws and regulations to be withheld, including but not limited to those amounts specified in subsection (i) above. 

(iv) The Participant acknowledges that regardless of any other term or condition of this
Section 2.5(a), the Agent will not be liable to the Participant for (1) special, indirect, punitive, exemplary, or consequential damages, or incidental losses or damages of any kind, or (2) any failure to perform
or for any delay in performance that results from a cause or circumstance that is beyond its reasonable control. 
 (v) The
Participant hereby agrees to execute and deliver to the Agent any other agreements or documents as the Agent reasonably deems necessary or appropriate to carry out the purposes and intent of this Section 2.5(a). The Agent
is a third-party beneficiary of this Section 2.5(a). 
 (vi) This
Section 2.5(a) shall terminate not later than the date on which all tax withholding obligations arising in connection with the vesting or settlement of the Award have been satisfied. 

(b) The Company shall not be obligated to deliver any certificate representing Shares issuable with respect to the RSUs to, or to cause any
such Shares to be held in book-entry form by, Participant or his or her legal representative unless and until Participant or his or her legal representative shall have paid or otherwise satisfied in full the amount of all federal, state, local and
foreign taxes applicable with respect to the taxable income of Participant resulting from the vesting or settlement of the RSUs or any other taxable event related to the RSUs. 

(c) Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs, regardless of any action the Company or
any other Participating Company takes with respect to any tax withholding obligations that arise in connection with the RSUs. No Participating Company makes any representation or undertaking regarding the treatment of any tax withholding in
connection with the awarding, vesting or settlement of the RSUs or the subsequent sale of Shares. The Participating Companies do not commit and are under no obligation to structure the RSUs to reduce or eliminate Participant’s tax liability.]3 
 (a) [The Participating Companies have the authority to deduct or withhold, or require
Participant to remit to the applicable Participating Company, an amount sufficient to satisfy any applicable federal, state, local and foreign taxes (including the employee portion of any FICA obligation) required by Applicable Law to be withheld
with respect to any taxable event arising pursuant to this Agreement. The Participating Companies may withhold or Participant may make such payment in one or more of the forms specified below: 

(i) by cash or check made payable to the Participating Company with respect to which the withholding obligation arises; 

 

	3 	 Note to Draft: To include for mandatory sell to cover election. 

 (ii) by the deduction of such amount from other compensation payable to
Participant; 
 (iii) with respect to any withholding taxes arising in connection with the vesting or settlement of the RSUs,
with the consent of the Administrator, by requesting that the Company withhold a net number of vested shares of Stock otherwise issuable pursuant to the RSUs having a then current Fair Market Value not exceeding the amount necessary to satisfy the
withholding obligation of the Participating Companies based on the maximum statutory withholding rates in Participant’s applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to
such taxable income; 
 (iv) with respect to any withholding taxes arising in connection with the vesting or settlement of
the RSUs, with the consent of the Administrator, by tendering to the Company vested shares of Stock having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Participating Companies based
on the maximum statutory withholding rates in Participant’s applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income; 

(v) with respect to any withholding taxes arising in connection with the vesting or settlement of the RSUs, through the
delivery of a notice that Participant has placed a market sell order with a broker acceptable to the Company with respect to shares of Stock then issuable to Participant pursuant to the RSUs, and that the broker has been directed to pay a sufficient
portion of the net proceeds of the sale to the Participating Company with respect to which the withholding obligation arises in satisfaction of such withholding taxes; provided that payment of such proceeds is then made to the applicable
Participating Company at such time as may be required by the Administrator, but in any event not later than the settlement of such sale; or 

(vi) in any combination of the foregoing. 

(b) With respect to any withholding taxes arising in connection with the RSUs, in the event Participant fails to provide timely payment of all
sums required pursuant to Section 2.5(a), the Company shall have the right and option, but not the obligation, to treat such failure as an election by Participant to satisfy all or any portion of Participant’s required
payment obligation pursuant to Section 2.5(a)(ii) or Section 2.5(a)(iii) above, or any combination of the foregoing as the Company may determine to be appropriate. The Company shall not be
obligated to deliver any certificate representing shares of Stock issuable with respect to the RSUs to Participant or his or her legal representative unless and until Participant or his or her legal representative shall have paid or otherwise
satisfied in full the amount of all federal, state, local and foreign taxes applicable with respect to the taxable income of Participant resulting from the vesting or settlement of the RSUs or any other taxable event related to the RSUs. 

(c) In the event any tax withholding obligation arising in connection with the RSUs will be satisfied under
Section 2.5(a)(iii), then the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on Participant’s behalf a whole number of shares from those shares of Stock
then issuable to Participant pursuant to the RSUs as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the tax withholding obligation and to remit the proceeds of such sale to the Participating Company with
respect to which the withholding obligation arises. Participant’s acceptance of this Award constitutes Participant’s instruction and authorization to the Company and such brokerage firm to complete the transactions described in this
Section 2.5(c), including the transactions described in the previous sentence, as applicable. The Company may refuse to issue any shares of Stock in settlement of the RSUs to Participant until the foregoing tax withholding
obligations are satisfied, provided that no payment shall be delayed under this Section 2.5(c) if such delay will result in a violation of Section 409A of the Code. 

 (d) Participant is ultimately liable and responsible for all taxes owed in connection with
the RSUs, regardless of any action any Participating Company takes with respect to any tax withholding obligations that arise in connection with the RSUs. No Participating Company makes any representation or undertaking regarding the treatment of
any tax withholding in connection with the awarding, vesting or payment of the RSUs or the subsequent sale of Shares. The Participating Companies do not commit and are under no obligation to structure the RSUs to reduce or eliminate
Participant’s tax liability.]4 
 Section 2.6 Rights
as Stockholder. Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates
representing such Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents or registrars and delivered to Participant (including through electronic delivery to a brokerage
account). Except as otherwise provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to such Shares, including, without limitation, the right to receipt of
dividends and distributions on such Shares. 
 ARTICLE III. 

RESTRICTIVE COVENANTS 

Section 3.1 Introduction. The parties acknowledge and agree that (a) the provisions and covenants
contained in this ARTICLE III (i) have been negotiated and are entered into in good faith as an ancillary agreement in connection with the grant of the RSUs [and Dividend Equivalents] contemplated by this Agreement, (ii) are
material to this Agreement, (iii) are provided for, among other things, the protection of the Company’s trade secrets, confidential and commercially-sensitive information, client and customer relationships, goodwill and reputation (which
is an honest and just purpose), (iv) are reasonable in geographic and temporal scope and (v) do not impose a greater restriction or restraint than is necessary to protect the Company’s trade secrets, confidential and commercially-sensitive
information, client and customer relationships and contacts, goodwill, reputation and other legitimate business interests, (b) the Participant (i) is employed or otherwise engaged as an independent contractor or other service provider by
the Company, (ii) has been and/or will be provided with confidential and commercially-sensitive information regarding the Company and its business during his or her employment and/or service with the Company, and (iii) provides special,
unique and extraordinary services to the Company, (c) the provisions of this ARTICLE III do not adversely affect the Participant’s ability to earn a living in any capacity, stifle the Participant’s ability to use his or her
inherent skills and experience, or otherwise impose undue hardship or oppression on the Participant, and (d) the entitlement to the benefits provided to the Participant under this Agreement, whether or not such benefits have vested and/or
become exercisable, constitute sufficient consideration for all of the Participant’s covenants contained in this ARTICLE III. 

Section 3.2 Confidential Information. Except as permitted by the Board, during the term of the
Participant’s employment and/or service with the Company and at all times thereafter, the Participant shall not divulge, furnish or make accessible to anyone or use in any way other than in the ordinary course of the business of the Company,
any confidential, proprietary or secret knowledge or information of the Company 
  

	4 	 Note to Draft: To include if no mandatory sell to cover election.

 
or any of its affiliates, whether developed by the Participant or others, including but not limited to (a) trade secrets, (b) confidential and proprietary plans, developments, research,
processes, designs, methods or material (whether or not patented or patentable), (c) customer and supplier lists, (d) strategic or other business, marketing or sales plans, (e) financial data and plans and (f) Proprietary Information.
The Participant acknowledges that the above-described knowledge and information constitute unique and valuable assets of the Company and represent a substantial investment of time and expense by the Company, and that any disclosure or other use of
such knowledge or information other than for the sole benefit of the Company would be wrongful and would cause irreparable harm to the Company. During the term of the Participant’s employment and/or service with the Company, the Participant
shall refrain from any acts or omissions that would reduce the value of such knowledge or information to the Company. The foregoing obligations of confidentiality shall not apply to any knowledge or information that (i) is now or subsequently
becomes generally publicly known for reasons other than the Participant’s violation of this Agreement, (ii) is independently made available to the Participant in good faith by a third party who has not violated a confidential relationship
with the Company, or (iii) is required to be disclosed by legal process, other than as a direct or indirect result of the breach of this Agreement by the Participant. 

Section 3.3 Ventures. If, during the Participant’s employment and/or service with the Company, the
Participant is engaged in or associated with the planning or implementing of any project, program or venture involving the Company, all rights in such project, program or venture shall belong to the Company, as applicable. Except as approved in
writing by the Board, the Participant shall not be entitled to any interest in any such project, program or venture or to any commission, finder’s fee or other compensation in connection therewith. The Participant shall have no interest, direct
or indirect, in any customer or supplier that conducts business with the Company, provided that a passive investment of less than 2.5% of the outstanding shares of capital stock of any customer or supplier listed on a national securities exchange or
publicly traded in the over-the-counter market shall not constitute a breach of this sentence. 

Section 3.4 Agreement Not to Compete. During the term of the Participant’s employment and/or service
with the Company and during the 18-month period following the date of termination thereof (the “Restricted Period”), regardless of the reason for such termination and regardless of whether the
termination is initiated by the Company or Participant, the Participant shall not, directly or indirectly, engage in any manner or capacity (including without limitation as a proprietor, owner, principal, agent, partner, officer, director, employee,
member of any association, consultant or otherwise) in any Company Business (as defined below) in the Territory (as defined below). For purposes of this ARTICLE III, (a) “Company” means Life Time Group Holdings, Inc. and any parent,
affiliated, related and/or direct or indirect subsidiary entity thereof, (b) “Company Business” means (i) the design, development, operation, management, advertisement, promotion, solicitation, marketing or sale of health and fitness
clubs or health and fitness club memberships, (ii) any services, products or programs offered by health and fitness clubs, including but not limited to personal training, nutritional supplements; health testing or health assessments; wellness
services or programs (whether direct to consumer or business to business); weight loss services or programs; kids activities; salons, spas, and medical spas; restaurants or cafes; athletic events and related services (including race timing and
registration), and (iii) any other product or service that grows into a material business for the Company (or is under development and is projected to grow into a material business for the Company) as of the Participant’s Cessation Date,
and (c) “Territory” means the United States, Canada and any other country in which the Company is then doing Company Business as of the Participant’s Cessation Date. Ownership by the Participant, as a passive investment, of less than
2.5% of the outstanding shares of capital stock of any corporation listed on a national securities exchange or publicly traded in the over-the-counter market shall not
constitute a breach of this Section 3.4. 

 Section 3.5 Agreement Not to Solicit or Hire Employees.
During the term of the Participant’s employment and/or service with the Company and during the Restricted Period, regardless of the reason for such termination and regardless of whether the termination is initiated by the Company or
Participant, the Participant shall not, in any manner or capacity (including without limitation as a proprietor, owner, principal, agent, partner, officer, director, stockholder, employee, member of any association, consultant or otherwise),
directly or indirectly, hire, engage or solicit for the purpose of employing or otherwise engaging any person who is then an employee of the Company or who was an employee of the Company as of the Participant’s Cessation Date or at any time in
the six-month period prior to such hiring, engagement or solicitation. 

Section 3.6 Agreement Not to Solicit Business Relations. During the term of the Participant’s employment
and/or service with the Company and during the Restricted Period, regardless of the reason for such termination and regardless of whether the termination is initiated by the Company or Participant, the Participant shall not, in any manner or
capacity (including without limitation as a proprietor, owner, principal, agent, partner, officer, director, stockholder, employee, member of any association, consultant or otherwise), directly or indirectly, solicit, request, advise or induce any
current or potential customer, member, supplier or other business contact of the Company to cancel, curtail or otherwise change its relationship with the Company. 

Section 3.7 Blue Pencil Doctrine. If the duration of, the scope of or any business activity covered by any
provision of this ARTICLE III is found by a court of competent jurisdiction to be in excess of what is valid and enforceable under applicable law, such provision shall be construed to cover only that duration, scope or activity that is valid and
enforceable, and all other provisions of this Article IV shall remain in full force and effect. The Participant hereby acknowledges that this Article IV shall be given the construction that renders its provisions valid and enforceable to the maximum
extent, not exceeding its express terms, possible under applicable law. Notwithstanding anything to the contrary, this Section 3.7 shall in no event apply to the extent its application would render this Article IV (or any portion thereof)
unenforceable under applicable law. 
 Section 3.8 Return of Records and Property. On or within thirty
(30) days of the Cessation Date or at any other time as required by the Company, the Participant shall promptly deliver to the Company any and all Company records and any and all Company property in the Participant’s possession or under
the Participant’s control, and all copies thereof, including without limitation manuals, books, blank forms, documents, letters, memoranda, notes, notebooks, reports, printouts, computer disks, computer tapes, source codes, data, tables or
calculations, keys, access cards, access codes, passwords, credit cards, personal computers, telephones and other electronic equipment belonging to the Company, and shall also permanently delete all Company email, all Company customer, member,
supplier or other business contacts’ information, and all other Company information from the Participant’s computer, mobile phone and other electronic devices. 

Section 3.9 Protectable Material; Trade Secrets. 

(a) All right, title and interest in all discoveries, inventions, improvements, innovations and other material that the Participant shall
conceive or originate individually or jointly or commonly with others during the term of the Participant’s employment and/or service with the Company (i) that are directly related to the business of the Company or to the Company’s
actual or demonstrably anticipated research or development, or that results from any work performed by the Participant for the Company, (ii) for which any equipment, supplies, facility or trade secret information of the Company was used and/or
(iii) which was not developed entirely on the Participant’s own time, whether or not patentable, copyrightable, or registrable as a trademark (“Protectable Material”), shall be the property of the Company and are hereby
assigned by the Participant to the Company (and the Participant agrees to assign all Protectable Material to the Company in the future), along with ownership of any and all patents, copyrights, trademarks and other intellectual property rights in
the Protectable Material. Upon request and without 

 
further compensation therefor, but at no expense to the Participant, the Participant shall execute any and all papers and perform all other acts necessary to assist the Company to obtain and
register patents, copyrights, trademarks and other intellectual property rights on the Protectable Materials in any and all countries. Where applicable, works of authorship created by the Participant for the Company in performing the
Participant’s duties and responsibilities hereunder shall be considered “works made for hire,” as defined in the U.S. Copyright Act. 

(b) All trade secret information conceived or originated by the Participant that arises during the term of the Participant’s employment
and/or service with the Company and out of the performance of the Participant’s duties and responsibilities to the Company or any related material or information shall be the property of the Company, and all rights therein are hereby assigned
by the Participant to the Company. 
 (c) Notwithstanding the foregoing, the Participant understands that pursuant to the Defend Trade
Secrets Act of 2016, the Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or local
government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. 
 Section 3.10
Non-Disparagement. The Participant will not malign, defame or disparage the reputation, character, image, products or services of the Company, or the reputation or character of the Company’s
directors, officers, employees, shareholders or agents, either orally or in writing, at any time; provided that nothing in this Section 3.10 shall be construed to limit or restrict the Participant from providing
truthful information to the extent required by applicable law in connection with any legal proceeding, government investigation or other legal matter. 

Section 3.11 Enforcement. The Participant acknowledges that the provisions of Article IV are reasonable and
necessary to protect the legitimate interests of the Company, and that any violation of those provisions by the Participant would cause real, immediate, substantial and irreparable harm to the Company to such an extent that monetary damages alone
would be an inadequate remedy therefor. Therefore, in the event of any actual or threatened breach of any provision of Article IV, the Company shall, in addition to any other remedies it may have, be entitled to injunctive and other equitable relief
to enforce such provisions and to restrain the Participant from violating or continuing to violate such provisions, and such relief may be granted without the necessity of proving actual monetary damages or posting bond. The Participant agrees that
the Restricted Period shall be tolled, and shall not run, during any period of time in which he or she is in violation of the terms of Section 3.4, Section 3.5 or
Section 3.6, in order that the Company and its affiliates shall have all of the agreed-upon temporal protection recited herein. No breach of any provision of this Agreement by the Company, or any other claimed breach of
contract or violation of law, or change in the nature or scope of the Participant’s employment and/or service relationship with the Company, shall operate to extinguish the Participant’s obligation to comply with ARTICLE III. The
Company (including, without limitation, its affiliates) are third party beneficiaries under this Agreement and shall have the right to enforce all of the Participant’s obligations to the Company under this Agreement, including without
limitation pursuant to ARTICLE III, and the Company shall be entitled to assign its rights under this Article IV without the Participant’s consent and any such assignees shall have the right to enforce all of the Participant’s
obligations to comply with this ARTICLE III. The Participant covenants and agrees that he or she has received adequate consideration for his or her obligations contained in ARTICLE III, and will not take the position that the covenants
contained in ARTICLE III are void for lack of consideration. The Participant will be responsible for any and all attorneys’ fees and costs the Company incurs in enforcing the Participant’s obligations contained in ARTICLE
III. 

 ARTICLE IV. 

OTHER PROVISIONS 
  

Section 4.1 Administration. The Administrator shall have the power to interpret the Plan, the Grant Notice and
this Agreement and to adopt such rules for the administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all
interpretations and determinations made by the Administrator will be final and binding upon Participant, the Company and all other interested Persons. To the extent allowable pursuant to Applicable Law, no member of the Committee or the Board will
be personally liable for any action, determination or interpretation made with respect to the Plan, the Grant Notice or this Agreement. 

Section 4.2 RSUs Not Transferable. The RSUs may not be sold, pledged, assigned or transferred in any manner
other than by will or the laws of descent and distribution, unless and until the Shares underlying the RSUs have been issued, and all restrictions applicable to such Shares have lapsed. No RSUs or any interest or right therein or part thereof shall
be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such
disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no
effect, except to the extent that such disposition is permitted by the preceding sentence. 
 Section 4.3
Adjustments. The Administrator may accelerate the vesting of all or a portion of the RSUs in such circumstances as it, in its sole discretion, may determine. Participant acknowledges that the RSUs and the Shares subject to the RSUs are
subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan, including Article VIII of the Plan. 

Section 4.4 Notices. Any notice to be given under the terms of this Agreement to the Company shall be
addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to Participant at Participant’s last email or physical address reflected on
the Company’s records. By a notice given pursuant to this Section 4.4, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via
email (to Participant only) or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 

Section 4.5 Titles. Titles are provided herein for convenience only and are not to serve as a basis for
interpretation or construction of this Agreement. 
 Section 4.6 Governing Law. The laws of the State of
Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 

Section 4.7 Conformity to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and this
Agreement are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the
Securities and Exchange Commission, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to Applicable Law. To the
extent permitted by Applicable Law, the Plan, the Grant Notice and this Agreement shall be deemed amended to the extent necessary to conform to Applicable Law. 

 Section 4.8 Amendment, Suspension and Termination. To the
extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided that, except as may otherwise be
provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the RSUs in any material way without the prior written consent of Participant. 

Section 4.9 Successors and Assigns. The Company may assign any of its rights under this Agreement to single
or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in Section 4.2 and the Plan, this Agreement shall be binding upon and inure to
the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

Section 4.10 Limitations Applicable to Section 16 Persons. Notwithstanding any other
provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the RSUs [(including RSUs that result from the deemed reinvestment of Dividend Equivalents), the Dividend Equivalents], the Grant
Notice and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the
Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

Section 4.11 Not a Contract of Employment. Nothing in this Agreement or in the Plan shall confer upon
Participant any right to continue to serve as an employee or other service provider of any Participating Company or shall interfere with or restrict in any way the rights of any Participating Company, which rights are hereby expressly reserved, to
discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent (a) expressly provided otherwise in a written agreement between a Participating Company and Participant or
(b) where such provisions are not consistent with applicable foreign or local laws, in which case such applicable foreign or local laws shall control. 

Section 4.12 Entire Agreement. The Plan, the Grant Notice and this Agreement (including any
exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. 

Section 4.13 Section 409A. This Award is not intended to constitute “nonqualified deferred
compensation” within the meaning of Section 409A and shall be interpreted consistent with such intent. However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator
determines that this Award (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other Person for failure to do
so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines
are necessary or appropriate for this Award either to be exempt from the application of Section 409A or to comply with the requirements of Section 409A. 

 Section 4.14 Agreement Severable. In the event that any
provision of the Grant Notice or this Agreement is held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of the Grant
Notice or this Agreement. 
 Section 4.15 Limitation on Participant’s Rights. Participation in the
Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any
underlying program, in and of itself, has any assets. Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs [and Dividend
Equivalents]. 
 Section 4.16 Clawback. The RSUs (including any proceeds, gains or other economic benefit
the Participant actually or constructively receives upon receipt or settlement of the RSUs or the receipt or resale of any Shares underlying the RSUs) will be subject to any Company claw-back policy as in effect from time to time, including any
claw-back policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder). 

Section 4.17 Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of
any electronic signature, subject to Applicable Law, each of which shall be deemed an original and all of which together shall constitute one instrument. 

. 
 * * * * *EX-10.34

 Exhibit 10.34 

Confidential 

LIFE TIME GROUP HOLDINGS, INC. 

THIRD AMENDED AND RESTATED STOCKHOLDERS AGREEMENT 

This Third Amended and Restated Stockholders Agreement (this “Agreement”) is entered into as of the Effective Date (as
defined herein), by and among (i) Life Time Group Holdings, Inc. (f/k/a LTF Holdings, Inc.), a Delaware corporation (“Parent”), (ii) Green LTF Holdings II LP, a Delaware limited partnership (“Green
Holdings”), LGP Associates VI-A LLC, a Delaware limited liability company (“LGP VI-A”) and LGP Associates
VI-B LLC, a Delaware limited liability company (“LGP VI-B” and, together with Green Holdings and LGP VI-A and
any transferee controlled directly or indirectly by Leonard Green & Partners, L.P. or any of its Affiliates, “LGP”), (iii) TPG VII Magni SPV, L.P., a Delaware limited partnership (“TPG Magni”), TPG VII
Magni Co-Invest, L.P., a Delaware limited partnership (“TPG Co-Invest”), and TPG Lonestar I, L.P., a [Delaware] limited partnership (“TPG
Lonestar” and, together with TPG Magni, TPG Co-Invest and any transferee controlled directly or indirectly by TPG Global LLC or any of its Affiliates, “TPG”), (iv) LNK Partners
III, L.P., a Delaware limited partnership (“LNK III”), LNK Partners III (Parallel), L.P., a Delaware limited partnership (“LNK Parallel III”), and LNK Life Time Fund, L.P., a Delaware limited partnership
(“LNK LTF” and, together with LNK III, LNK Parallel III and any transferee or holder of Shares that, in each case, is (x) advised by LNK Partners, LLC or (y) controlled directly or indirectly by any of its Affiliates,
“LNK”), (v) Teacher Retirement System of Texas, a public pension plan and entity of the State of Texas (together with any transferee controlled directly or indirectly by Teacher Retirement System of Texas or any of its
Affiliates, “TRS”), (vi) MSD EIV Private Life Time, LLC, a Delaware limited liability company (“MSD Private” and, together with any transferee controlled directly or indirectly by MSD Partners, L.P.,
“MSD Partners”), and MSD Life Time Investments, LLC, a Delaware limited liability company (“MSD Investments” and, together with MSD Partners, L.P. and any transferee controlled directly or indirectly by MSD Capital,
L.P. or any of their respective Affiliates, “MSD”), (vii) LifeCo LLC, an exempted limited liability company formed in Bermuda (together with any transferee controlled directly or indirectly by the LifeCo PTC Ltd. or any of
its Affiliates, “LifeCo”), (viii) Partners Group Series Access II, LLC, Series 61, a Delaware limited liability company (“PG Series 61”), Partners Group Private Equity (Master Fund), LLC, a Delaware limited
liability company (“PG Master”), Partners Group Access 83 PF LP, a Scottish limited partnership (“PG Access 83”), and Partners Group Private Equity II, LLC, a Delaware limited liability company (“PG Private
Equity II” and, together with PG Series 61, PG Master and PG Access 83 and any transferee controlled directly or indirectly by Partners Group (USA) Inc. or any of its Affiliates, “PG”), (ix) JSS LTF Holdings Limited, a
BVI corporation (“JSS LTF” and, together with any transferee controlled directly or indirectly by Mr. Joseph Yacoub Safra’s family or the J. Safra Group, “J. Safra”), (x) SLT Investors, LLC, a
Delaware limited liability company (together with any transferee controlled directly or indirectly by SLT Investors, LLC or any of its Affiliates, “SLT” and, together with LGP, TPG, LNK, TRS, MSD, LifeCo, PG, J. Safra, the
“Sponsors” and each, a “Sponsor”), and (xi) Bahram Akradi (“BA” and, together with the Sponsors, the “Parties” each a “Party”). Capitalized terms have the
meanings set forth in Section 4 hereof, unless otherwise defined herein. 
 WHEREAS, the Parties and the Persons
listed on Schedule 1 hereto (collectively, the “Management Stockholders” and, together with BA, the Sponsors and any other stockholders who from time to time become party to this Agreement by execution of a Joinder Agreement,
the “Stockholders”) previously entered into a Second Amended and Restated Stockholders Agreement, dated January 6, 2020 (the “Prior Agreement”); 

 WHEREAS, Parent is proposing to consummate an initial public offering (the “Initial
Public Offering”) of its common stock, par value $0.01 per share (the “Common Stock”), pursuant to an underwriting agreement, dated the Effective Date; 

WHEREAS, in connection with the Initial Public Offering, Parent and the Stockholders desire to (a) amend and restate the Prior Agreement
in its entirety in the form of this Agreement in accordance with Section 27 thereof and (b) provide for certain rights and obligations with respect to the Stockholders and the Shares (including any Shares hereafter issued to the
Stockholders or acquired by them); 
 WHEREAS the Board of Directors of Parent (the “Board”) has approved this Agreement;
and 
 WHEREAS, the Parties desire to enter into this Agreement effective upon the Effective Time (as defined herein). 

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree that the Prior Agreement is hereby amended and restated in its entirety as follows: 

1.    Board of Directors. 

(a)    Immediately after the Effective Time: 

(i)    the Board shall consist of the following 13 directors (including two vacancies): (A) three directors nominated
by LGP, who shall continue to be J. Kristofer Galashan and John G. Danhakl (with one vacancy); (B) three directors nominated by TPG, who shall continue to be Paul Hackwell and Jonathan Coslet (with one vacancy); (C) one director nominated
by LNK, who shall continue to be David A. Landau; (D) one director designated by MSD Partners, who shall continue to be Joel Alsfine; (E) one Additional Director (as defined below), who shall continue to be Jimena Almendares; (F) BA,
who shall initially be elected as the Chairman of the Board; (G) one director nominated by BA, who shall initially be Stuart Lasher; (H) one director nominated by LifeCo, who shall continue to be Alejandro Santo Domingo; and (I) one
director nominated by PG, who shall continue to be Andres Small; 
 (ii)    the foregoing directors of the Board shall
be divided into three classes of directors, each of whose members shall serve for staggered three-year terms as follows: (A) the class I directors shall initially include Bahram Akradi, Andres Small, Alejandro Santo Domingo and David A. Landau;
(B) the class II directors shall initially include Jonathan Coslet, J. Kristopher Galashan, Joel Alsfine and Stuart Lasher; and (C) the class III directors shall initially include John G. Danhakl, Paul Hackwell and Jimena Almendares; and

 (iii)    the initial term of the class I directors shall expire immediately following Parent’s 2022 annual
meeting of stockholders at which directors are 

  
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elected. The initial term of the class II directors shall expire immediately following Parent’s 2023 annual meeting of stockholders at which directors are elected. The initial term of the
class III directors shall expire immediately following Parent’s 2024 annual meeting at which directors are elected. 

(b)    Each Party shall vote all of such Party’s Shares and any other voting securities of Parent over which such
Party has voting control and shall take all other necessary or desirable actions within such Party’s control (whether in such Party’s capacity as a stockholder, director, member of a board committee, or officer of Parent or otherwise, and
including, without limitation, attendance at meetings in person or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of meetings), and Parent shall take all necessary or desirable actions within its control
(including, without limitation, calling special board and stockholder meetings) (collectively, in respect of the actions of each Party and Parent, “Necessary Action”), so that: 

(i)    LGP shall have the right to nominate three directors on the Board (the “LGP Directors” and each,
an “LGP Director”), and such nominated individuals shall be duly elected and appointed to such positions; provided, that if, following the Effective Time, LGP Sells, through one or more transactions, its Shares to one or more
Persons (other than an Affiliate) which results in aggregate gross proceeds received by LGP in an amount equal to at least its initial investment in Parent as set forth in Schedule 2 next to its name, and LGP continues to hold at least 15% of
the then issued and outstanding Shares of Parent, then LGP shall be entitled to nominate two directors on the Board; provided, further, that if LGP ceases to hold at least 15% but holds at least 10% of the then issued and outstanding Shares
of Parent, then LGP shall be entitled to nominate one director on the Board; provided, further, that if LGP ceases to hold at least 10% of the then issued and outstanding Shares of Parent, then LGP shall not be entitled to nominate any
directors on the Board; 
 (ii)    TPG shall have the right to nominate three directors on the Board (the “TPG
Directors” and each, a “TPG Director”), and such nominated individuals shall be duly elected and appointed to such positions; provided, that if, following the Effective Time, TPG Sells, through one or more
transactions, its Shares to one or more Persons (other than an Affiliate) which results in aggregate gross proceeds received by TPG in an amount equal to at least its initial investment in Parent as set forth in Schedule 2 next to its name,
and TPG continues to hold at least 15% of the then issued and outstanding Shares of Parent, then TPG shall be entitled to nominate two directors on the Board; provided, further, that if TPG ceases to hold at least 15% but holds at least 10%
of the then issued and outstanding Shares of Parent, then TPG shall be entitled to nominate one director on the Board; provided, further, that if TPG ceases to hold at least 10% of the then issued and outstanding Shares of Parent, then TPG
shall not be entitled to nominate any directors on the Board; 
 (iii)    LNK shall have the right to nominate one
director on the Board (the “LNK Director”), and such nominated individual shall be duly elected and appointed to such position; provided, that if, (A) following the Effective Time, LNK Sells, through one or more
transactions, its Shares to one or more Persons (other than an Affiliate) which results in aggregate gross proceeds received by LNK in an amount equal to at least its initial investment in Parent as set forth in Schedule 2 next to its name or
(B) following the third anniversary of the Effective Date, LNK ceases to hold at least 2% of the then issued and outstanding Shares of Parent, then, in each case, LNK shall not be entitled to nominate any director on the Board; 

  
 3 

 (iv)    MSD Partners shall have the right to nominate one director on
the Board (the “MSD Director”), and such nominated individual shall be duly elected and appointed to such position; provided, that if, (A) following the Effective Time, MSD Sells, through one or more transactions, its
Shares to one or more Persons (other than an Affiliate) which results in aggregate gross proceeds received by MSD in an amount equal to at least its initial investment in Parent as set forth in Schedule 2 next to its name or
(B) following the third anniversary of the Effective Date, MSD ceases to hold at least 2% of the then issued and outstanding Shares of Parent, then, in each case, MSD Partners shall not be entitled to nominate any director on the Board; 

(v)    LifeCo shall have the right to nominate one director on the Board (the “LifeCo Director”), and
such nominated individual shall be duly elected and appointed to such position; provided, that if, (A) following the Effective Time, LifeCo Sells, through one or more transactions, its Shares to one or more Persons (other than an
Affiliate) which results in aggregate gross proceeds received by LifeCo in an amount equal to at least its initial investment in Parent as set forth in Schedule 2 next to its name or (B) following the third anniversary of the Effective
Date, LifeCo ceases to hold at least 2% of the then issued and outstanding Shares of Parent, then, in each case, LifeCo shall not be entitled to nominate any director on the Board; 

(vi)    PG shall have the right to nominate one director on the Board (the “PG Director”), and such
nominated individual shall be duly elected and appointed to such position; provided, that if, (A) following the Effective Time, PG Sells, through one or more transactions, its Shares to one or more Persons (other than an Affiliate) which
results in aggregate gross proceeds received by PG in an amount equal to at least its initial investment in Parent as set forth in Schedule 2 next to its name or (B) following the third anniversary of the Effective Date, PG ceases to
hold at least 2% of the then issued and outstanding Shares of Parent, then, in each case, PG shall not be entitled to nominate any director on the Board; 

(vii)    BA shall: (A) have the right to nominate one director on the Board (the “BA Director”) and
(B) be entitled to nominate himself to serve as a director on the Board, and, in each case, such nominated individuals shall be duly elected and appointed to such positions; provided, that if BA ceases to serve as Chief Executive Officer
of Parent, then BA shall not be entitled to nominate any director on the Board (including himself); 
 (viii)    J.
Safra shall have the right to designate one observer (the “J. Safra Observer”) at all meetings of the Board, and such J. Safra Observer shall have the right to receive (at the same time as the directors of the Board) all materials
sent to the directors on the Board, subject to applicable law and any attorney-client privilege; provided, that if, following the Effective Time, J. Safra Sells, through one or more transactions, its Shares to one or more Persons (other than
an Affiliate) which results in aggregate gross proceeds received by J. Safra in an amount equal to at least its initial investment in Parent as set forth in Schedule 2 next to its name, then J. Safra shall not be entitled to designate any
observer to any meetings of the Board, nor shall it have the right to receive any materials sent to the directors on the Board; 

  
 4 

 (ix)    (A) the Board shall establish and maintain an audit
committee (the “Audit Committee”), a nominating and corporate governance committee (the “Nominating and Corporate Governance Committee”), a compensation committee (the “Compensation Committee”), and
any other committees of the Board required in accordance with applicable laws and stock exchange regulations, and (B) the Board may from time to time by resolution establish and maintain other committees of the Board. Subject to applicable laws
and stock exchange regulations, and subject to requisite independence requirements applicable to such committee, each Stockholder, the Board and Parent, as applicable, will take all Necessary Action so that, immediately after the Effective Time:
(x) the Audit Committee will initially be composed of three individuals consisting of Joel Alsfine (as the MSD Director), Stuart Lasher (as the BA Director) and Andres Small (as the PG Director), (y) the Nominating and Corporate Governance
Committee will be initially composed of five individuals consisting of John G. Danhakl (as a LGP Director), J. Kristofer Galashan (as a LGP Director), Paul Hackwell (as a TPG Director), Jonathan Coslet (as a TPG Director) and BA, and (z) the
Compensation Committee will be initially composed of five individuals consisting of BA, Stuart Lasher (as the BA Director), Jonathan Coslet (as a TPG Director), John G. Danhakl (as a LGP Director) and David Landau (as the LNK Director);
provided, that in respect of the Audit Committee, Stuart Lasher will be replaced within one year following the Effective Date and his replacement will be an independent director in accordance with the applicable stock exchange and Rule 10A-3 independence standards recommended by the Nominating and Corporate Governance Committee; provided, further, that, in respect of the Compensation Committee, it shall also have a subcommittee for
purposes of Section 16b-3 of the Exchange Act which shall initially consist of three individuals who shall be Jonathan Coslet (as a TPG Director), John G. Danhakl (as a LGP Director) and David Landau (as
the LNK Director); provided, further, that each individual named in this Section 1(b)(ix) to serve on a committee (or subcommittee) of the Board shall only serve for the initial term under which he or she has been nominated, and
upon the expiration of such term, the replacement or reappointment of such individual shall by determined by the Board of Directors and/or the Nominating and Corporate Governance Committee; 

(x)    upon any decrease in the number of directors that a Sponsor or BA is entitled to nominate for election to the
Board, such Sponsor or BA shall, upon request from Parent, use its reasonable best efforts to cause the appropriate number of its or his nominated director(s) to offer to tender a resignation from the Board. If such resignation is then accepted by
the Board, Parent shall cause the size of the Board to be reduced accordingly unless Parent, with the approval of a majority of the remaining directors of the Board, determines not to reduce the authorized size of the Board, in which case the Board
shall act in accordance with the bylaws of Parent then in effect to appoint or nominate a new director to the Board; 

(xi)    subject to the preceding clause (x), none of the Stockholders or Parent shall remove (A) any LGP Director
from the Board without the prior written consent of LGP; (B) any TPG Director from the Board without the prior written consent of TPG; (C) the LNK Director from the Board without the prior written consent of LNK; (D) BA or the BA
Director from the Board without the prior written consent of BA; (E) the MSD Director from the Board without the prior written consent of MSD Partners; (F) the LifeCo Director from the Board without the prior written consent of LifeCo; or
(G) the PG Director from the Board without the prior written consent of PG; 

  
 5 

 (xii)    subject to the subsequent clause (xiii), (A) in the event
that any LGP Director for any or no reason ceases to serve as a member of the Board during such member’s term of office, the resulting vacancy on the Board shall, subject to the other provisions of this Section 1(b),
be filled by LGP; (B) in the event that any TPG Director for any or no reason ceases to serve as a member of the Board during such member’s term of office, the resulting vacancy on the Board shall, subject to the other provisions of this
Section 1(b), be filled by TPG; (C) in the event that the LNK Director for any or no reason ceases to serve as a member of the Board during such member’s term of office, the resulting vacancy on the Board shall,
subject to the other provisions of this Section 1(b), be filled by LNK; (D) in the event that the Additional Director for any or no reason ceases to serve as a member of the Board during such member’s term of
office, the resulting vacancy on the Board shall, subject to the other provisions of this Section 1(b), be filled by nomination by the Nominating and Corporate Governance Committee; (E) in the event that the MSD
Director for any or no reason ceases to serve as a member of the Board during such member’s term of office, the resulting vacancy on the Board shall, subject to the other provisions of this Section 1(b), be filled by
MSD Partners; (F) in the event that the LifeCo Director for any or no reason ceases to serve as a member of the Board during such member’s term of office, the resulting vacancy on the Board shall, subject to the other provisions of this
Section 1(b), be filled by LifeCo; (G) in the event that the PG Director for any or no reason ceases to serve as a member of the Board during such member’s term of office, the resulting vacancy on the Board shall,
subject to the other provisions of this Section 1(b), be filled by PG; (H) in the event that the BA Director for any or no reason ceases to serve as a member of the Board during such member’s term of office, the
resulting vacancy on the Board shall, subject to the other provisions of this Section 1(b), be filled by BA; and (I) in the event that any director nominated hereunder (other than (1) an LGP Director, (2) a
TPG Director , (3) the LNK Director, (4) the MSD Director, (5) the LifeCo Director, (6) the PG Director or (7) the BA Director) for any or no reason ceases to serve as a member of the Board during such member’s term of
office, the resulting vacancy on the Board shall, subject to the other provisions of this Section 1(b), be filled by nomination by the Nominating and Corporate Governance Committee; and 

(xiii)    an individual nominated by a Sponsor or BA for election as a director to the Board or committee thereof (each,
a “Nominated Director”) pursuant to Section 1 shall comply with (A) any applicable laws, rules, regulations and requirements of the U.S. Securities and Exchange Commission (the “SEC”)
and the stock exchange on which Parent’s common stock is listed (the “Exchange”) and (B) the requirements of the charter for, and related guidelines of, the Nominating and Corporate Governance Committee. Notwithstanding
anything to the contrary in this Section 1(b), in the event that the Board determines in good faith, after consultation with outside legal counsel, that its nomination, appointment or election of a particular Nominated
Director pursuant to Section 1 would constitute a breach of its fiduciary duties to Parent’s stockholders or does not otherwise comply with any applicable laws, rules, regulations and requirements of the SEC and the
Exchange and any applicable requirements of the charter for, or related guidelines of, the Nominating and Corporate Governance Committee, then the Board shall inform the Sponsor or BA, as applicable, of such determination in writing and explain in
reasonable detail the basis for such determination and shall nominate another Nominated Individual designated for nomination, election or appointment to the Board by the Sponsor or BA, applicable (subject in each case to this
Section 1(b)(xiii)), and the Board and Parent shall take all of the actions required by this Section 1 with respect to the election of such substitute Nominated Director. It is hereby acknowledged
and agreed that the fact that a particular Nominated Director 

  
 6 

 
is an Affiliate, director, professional, partner, member, manager, employee or agent of the Sponsor or BA, or is not an independent director shall not in and of itself constitute an acceptable
basis for such determination by the Board. 
 2.    Representations and Warranties. Each Stockholder, severally
and not jointly, represents and warrants that (a) such Stockholder is the record owner of the number of Shares set forth opposite his, her, or its name on the Schedules attached hereto; (b) this Agreement has been duly authorized,
executed, and delivered by such Stockholder and, assuming the due authorization, execution, and delivery of the other parties hereto, constitutes the valid and binding obligation of such Stockholder, enforceable against such Stockholder in
accordance with its terms (subject to the availability of equitable remedies and to the laws of bankruptcy and other similar laws affecting creditors’ rights generally); and (c) other than as contemplated by this Agreement, such
Stockholder has not granted and is not a party to any proxy, voting trust, or other agreement that is inconsistent with, conflicts with, or violates any provision of this Agreement. No holder of Shares shall grant any proxy or become party to any
voting trust or other agreement that is inconsistent with, conflicts with, or violates any provision of this Agreement. 

3.    Registration Rights. 

(a)    Demand and Piggyback Rights. 

(i)    Right to Demand a Registered Offering. Upon the demand of either or both of LGP and/or TPG (each, a
“Demand Holder”), upon the express written consent of the other, Parent will use its commercially reasonable efforts to facilitate in the manner described in this Agreement a registered offering of the Shares requested by the Demand
Holder(s) to be included in such offering. A demand by one or both Demand Holders for a registered offering that will result in the imposition of a lockup on Parent and the Stockholders may not be made unless the Shares requested to be sold by the
Demand Holder(s) in such offering have an aggregate market value (based on the most recent closing price of the Common Stock at the time of the demand) of at least $100 million or such lesser amount if all Shares held by the Demand Holder(s)
are requested to be sold. Subject to Section 3(b)(v) below, any demanded registered offering will also include Shares to be sold by other Stockholders that exercise their related piggyback rights on a timely basis. 

(ii)    Right to Piggyback on a Non-Shelf Registered Offering. In
connection with any registered offering of Common Stock covered by a registration statement that is not a shelf registration statement (whether pursuant to the exercise of demand rights by a Demand Holder or at the initiative of Parent), subject to
Section 3(b)(v) below, the Management Stockholders and Parties may exercise piggyback rights to have included in such offering Shares held by them. Parent will facilitate in the manner described in this Agreement any such non-shelf registered offering. 
 (iii)    Right to Demand and be Included in a
Shelf Registration. Upon the demand of one or more Demand Holder, Parent will facilitate in the manner described in this Agreement a shelf registration of Shares held by such Demand Holder(s). Any shelf registration filed by Parent covering
Shares (whether pursuant to the exercise of demand rights by a Demand Holder or at the initiative of Parent) will also cover Shares held by each of the 

  
 7 

 
Management Stockholders and Parties (regardless of whether they demanded the filing of such shelf registration statement or not) in an amount equal to an equivalent percentage of their original
respective holdings as the percentage of the Demand Holders’ original respective holdings covered by such shelf registration. If at the time of such request Parent is a WKSI, such shelf registration may, at the request of the Demand Holders,
cover an unspecified number of Shares to be sold by Parent and/or the Management Stockholders and Parties. 

(iv)    Demand and Piggyback Rights for Shelf Takedowns. Upon the demand of one or more Demand Holder made at any
time and from time to time, Parent will facilitate in the manner described in this Agreement a “takedown” of Shares off of an effective shelf registration statement. In connection with any underwritten shelf takedown (whether pursuant to
the exercise of such demand rights or at the initiative of Parent), subject to Section 3(b)(v) below, the Management Stockholders and Parties may exercise piggyback rights to have included in such takedown Shares held by
them that are registered on such shelf. Notwithstanding the foregoing, the Demand Holders may not demand a shelf takedown for an offering that will result in the imposition of a lockup on Parent and the Stockholders unless the Shares requested to be
sold by the Demand Holder(s) in such takedown have an aggregate market value (based on the most recent closing price of the Common Stock at the time of the demand) of at least $100 million or such lesser amount if all Shares held by the Demand
Holder(s) are requested to be sold. 
 (v)    Right to Reload a Shelf. Upon the written request of a Demand
Holder at such time when Parent is not a WKSI, Parent will file and seek the effectiveness of a post-effective amendment to an existing shelf registration statement in order to register up to the number of Shares previously taken down off of such
shelf and not yet “reloaded” onto such shelf registration statement. 
 (vi)    Limitations on Demand and
Piggyback Rights. 
 (A)    Any demand for the filing of a registration statement or for a registered offering or
takedown will be subject to the constraints of any applicable lockup arrangements, and such demand must be deferred until such lockup arrangements no longer apply. If a demand has been made for a non-shelf
registered offering or for an underwritten takedown, no further demands may be made so long as the related offering is still being pursued. Notwithstanding anything in this Agreement to the contrary, none of the Stockholders will have demand,
piggyback or other registration rights with respect to registered primary offerings by Parent (i) in connection with registrations on Form S-4 or Form S-8
promulgated by the SEC or any successor or similar forms, (ii) where the Shares are not being sold for cash or (iii) where the offering is a bona fide offering of securities other than Shares, even if such securities are convertible into
or exchangeable or exercisable for Shares. 
 (B)    The Stockholders shall not be permitted to sell any securities
pursuant to this Section 3 in connection with any underwritten offering of Shares following the Initial Public Offering at any time that the Board determines in good faith that it would be materially detrimental to Parent
or its stockholders for sales of securities to be made; provided that all Stockholders shall be treated consistently in connection with each such determination; and provided further, that Parent shall promptly notify each Management Stockholder and
Party in writing of any such action and provided further, that any such delay may not last more than sixty (60) days and such delays may not be in effect more than one hundred and twenty (120) days during any three hundred and sixty-five
(365) day period. 

  
 8 

 (b)    Notices, Cutbacks and Other Matters. 

(i)    Notifications Regarding Registration Statements. In order for one or more Demand Holders to exercise their
right to demand that a registration statement be filed, they must so notify Parent in writing indicating the number of Shares sought to be registered and the proposed plan of distribution. Parent will use its commercially reasonable efforts to keep
the Management Stockholders and Parties reasonably apprised of pertinent aspects of its pursuit of any registration, whether pursuant to a demand or otherwise, with respect to which a piggyback opportunity is available (and in any event, at least
five (5) days before the filing of a registration statement). Pending any required public disclosure and subject to applicable legal requirements, the parties will maintain the confidentiality of these discussions. 

(ii)    Notifications Regarding Registration Piggyback Rights. Any Management Stockholder or Party wishing to
exercise its piggyback rights with respect to a registration statement that is not a shelf registration statement must notify Parent of the number of Shares it seeks to have included in such registration statement. Such notice must be given as soon
as practicable, but in no event later than 5:00 pm, New York City time, on the second trading day prior to (i) if applicable, the date on which the preliminary prospectus intended to be used in connection with
pre-effective marketing efforts for the relevant offering is expected to be finalized, and (ii) in any case, the date on which the pricing of the relevant offering is expected to occur. No such notice is
required in connection with a shelf registration statement, as Shares held by all Stockholders will be included up to the applicable percentage. 

(iii)    Notifications Regarding Demanded Underwritten Takedowns. 

(A)    Parent will keep the Management Stockholders and Parties reasonably apprised of pertinent aspects of any
underwritten shelf takedown in order that they may have a reasonable opportunity to exercise their related piggyback rights (and in any event, at least five (5) days before the filing of a prospectus supplement). Without limiting Parent’s
obligation as described in the preceding sentence, having a reasonable opportunity requires that the Management Stockholders and Parties be notified by Parent of an anticipated underwritten takedown (whether pursuant to the exercise of demand rights
by a Demand Holder or made at Parent’s own initiative) no later than 5:00 pm, New York City time, on (i) if applicable, the second trading day prior to the date on which the preliminary prospectus or prospectus supplement intended to be
used in connection with pre-pricing marketing efforts for such takedown is finalized, and (ii) in all cases, the second trading day prior to the date on which the pricing of the relevant takedown occurs.

 (B)    Any Management Stockholder or Party wishing to exercise its piggyback rights with respect to an underwritten
shelf takedown must notify Parent of the number of Shares it seeks to have included in such takedown. Such notice must be given as soon as practicable, but in no event later than 5:00 pm, New York City time, on (i) if applicable, the trading
day prior to the date on which the preliminary prospectus or prospectus supplement 

  
 9 

 
intended to be used in connection with marketing efforts for the relevant offering is expected to be finalized, and (ii) in all cases, the trading day prior to the date on which the pricing
of the relevant takedown occurs. Any Management Stockholder or Party may elect to include in such notification to Parent a minimum price at which they are willing to sell their Shares in such underwritten shelf takedown and, to the extent a minimum
price is included, such Stockholder’s Shares will not be included in the underwritten shelf takedown to the extent such minimum price is not met. 

(C)    Pending any required public disclosure and subject to applicable legal requirements, the parties will maintain
appropriate confidentiality of their discussions regarding a prospective underwritten takedown. 
 (iv)    Plan of
Distribution, Underwriters and Counsel. If (A) a majority of the Shares proposed to be sold in an underwritten offering through a non-shelf registration statement or through a shelf takedown are being
sold by Parent for its own account and (B) such offering was initiated by Parent and not pursuant to the exercise of demand rights by a Demand Holder, Parent will be entitled to determine the plan of distribution and select the managing
underwriters for such offering. If such offering was initiated pursuant to the exercise of demand rights by a Demand Holder, such participating Demand Holder(s) will be entitled to determine the plan of distribution and select the managing
underwriters, and such participating Demand Holder(s) will also be entitled to select counsel for the selling Stockholders (which may be the same as counsel for Parent) and determine the price, underwriting discount and other financial terms of the
offering. Otherwise, the selling Stockholders holding a majority of the Shares requested to be included in such offering will be entitled to determine the plan of distribution and select the managing underwriters, and such majority will also be
entitled to select counsel for the selling Stockholders (which may be the same as counsel for Parent) and determine the price, underwriting discount and other financial terms of the offering. In the case of a shelf registration statement, the plan
of distribution will provide as much flexibility as is reasonably possible, including with respect to resales by transferee Stockholders. 

Notwithstanding anything herein to the contrary, no Stockholder may participate in any offering hereunder unless such Stockholder
(A) agrees to sell such Stockholder’s Shares on the same terms and conditions provided in any customary underwriting arrangements reasonably approved by the persons entitled hereunder to approve such arrangement pursuant to this
Section 3(b)(iv) and (B) accurately completes and executes in a timely manner all questionnaires, powers of attorney, indemnities, custody agreements, underwriting agreements and other documents reasonably required under the terms of such
underwriting arrangements; provided that all persons participating in such registration are required to complete and execute, on the same terms and conditions, such questionnaires, powers of attorney, indemnities, custody agreements, underwriting
agreements and other documents. 
 (v)    Cutbacks. If the managing underwriters advise Parent and the selling
Stockholders that, in their opinion, the number of Shares requested to be included in an underwritten offering exceeds the amount that can be sold in such offering without adversely affecting the distribution of the Shares being offered, such
offering will include only the number of Shares that the underwriters advise can be sold in such offering without adversely affecting the distribution of the Shares being offered. 

  
 10 

 (A)    In the case of a registered offering upon (x) the demand of
one or more Demand Holder or (y) an Other Sponsor Demand (as defined herein), the selling Stockholders (including those Stockholders exercising piggyback rights pursuant to Section 3(a)(ii)) collectively will have
first priority and will be subject to cutback pro rata based on the relative number of Shares owned by the respective holders thereof requesting to participate in such offering. To the extent of any remaining capacity, all other stockholders
having similar registration rights will have second priority and will be subject to cutback pro rata based on the relative number of Shares owned by the respective holders thereof requesting to participate in such offering. To the extent of
any remaining capacity, Parent will have third priority. Except as contemplated by the immediately preceding three sentences, other selling stockholders (other than transferees to whom a Stockholder has assigned its rights under this Agreement) will
be included in an underwritten offering only with the consent of Stockholders holding a majority of the Shares being sold in such offering. 

(B)    In the case of a registered offering upon the demand of any other stockholders having similar registration rights
not party to this Agreement, such other stockholders collectively will have first priority and will be subject to cutback pro rata based on the relative number of Shares owned by the respective holders thereof requesting to participate in
such offering. To the extent of any remaining capacity, the Stockholders will have second priority and will be subject to cutback pro rata based on the relative number of Shares owned by the respective holders thereof requesting to participate in
such offering. To the extent of any remaining capacity, Parent will have third priority. 
 (C)    In the case of a
registered offering upon the initiative of Parent, Parent will have first priority. To the extent of any remaining capacity, the selling Stockholders will have second priority and will be subject to cutback pro rata based on the relative
number of Shares owned by the respective holders thereof requesting to participate in such offering. To the extent of any remaining capacity, all other stockholders having similar registration rights will be subject to cutback pro rata based
on the relative number of Shares owned by the respective holders thereof requesting to participate in such offering. Except as contemplated by the immediately preceding sentence, other stockholders (other than transferees to whom a Stockholder has
assigned its rights under this Agreement) will be included in an underwritten offering only with the consent of LGP and TPG. 

(vi)    Lockups. 

(A)    Each Stockholder agrees with Parent (and only with Parent) that in connection with the Initial Public Offering, to
the extent any Stockholder has not signed a lockup agreement with the underwriters in such offering, each such Stockholder agrees with Parent (and only with Parent) that it shall be bound by virtue of their signing the Prior Agreement or a joinder
thereto to the underwriting agreement’s lockup restrictions applicable to management of Parent (which must apply, and continue to apply, in like manner to all of them) that are agreed to by Parent; provided, however, that in no event
shall such lockup restrictions last more than 180 days. 
 (B)    Each Stockholder agrees with Parent (and only with
Parent) that in connection with any underwritten offering of Shares following the Initial Public 

  
 11 

 
Offering, each participating Stockholder (and each other non-participating Party or Management Stockholder, to the extent requested by the underwriter(s)
in such offering) hereby agrees with Parent (and only with Parent) to be bound by the underwriting agreement’s lockup restrictions (which must apply, and continue to apply, in like manner to all of them) that are agreed to (a) by Parent,
if a majority of the Shares being sold in such offering are being sold for its account or (b) by the Demand Holder(s), if a majority of the Shares being sold in such offering are being sold by the Demand Holder(s), as applicable; provided,
however, that in no event shall such lockup restrictions last more than 90 days. 
 (C)    In connection with
any underwritten offering of Shares following the Initial Public Offering, Parent hereby agrees with each Stockholder, individually and not jointly, to be bound by the underwriting agreement’s lockup restrictions (which must apply, and continue
to apply, in like manner to Parent and each Stockholder) that are agreed to by the Demand Holder(s), if a majority of the Shares being sold in such offering are being sold by the Demand Holder(s); provided, however, that in no event shall
such lockup restrictions last more than 90 days. 
 (vii)    Expenses. All expenses incurred in connection with
any registration statement or registered offering covering Shares held by the Stockholders, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel (provided that Parent shall only be
responsible for the fees and disbursements of one outside counsel for all of the Stockholders) and of the independent certified public accountants, and the expense of qualifying such Shares under state blue sky laws, will be borne by Parent.
However, underwriters’, brokers’ and dealers’ discounts and commissions applicable to Shares sold for the account of a Stockholder will be borne by such Stockholder. 

(viii)    Coordination of Sales of Common Stock. Each Stockholder agrees with Parent (and only with Parent) that,
from the Effective Date until the 18-month anniversary of the consummation of the Initial Public Offering (such period, the “Coordination Period”), no Stockholder (other than a Demand Holder
pursuant to its demand rights hereunder), for so long as it holds greater than 1% of the then issued and outstanding Shares of Parent, will Transfer (including pursuant to Rule 144 under the Securities Act) any Shares other than (i) pursuant to
the exercise of piggyback rights under this Section 3, (ii) to Permitted Transferees or (iii) pursuant to an Other Sponsor Demand in accordance with Section 3(f). 

(ix)    Section 16 Officer Sales. Each Section 16 Officer agrees with Parent (and only with Parent) that, in
respect of the Shares owned by any Section 16 Officer, during the Coordination Period, a Section 16 Officer (other than BA) shall be permitted to Transfer up to the greater of (i) 50% of the Shares (including any RSUs or options
vesting in connection with the Initial Public Offering, including within 180 days thereof) he or she owned as of the Effective Date and (ii) the greatest percentage of Shares Transferred by either LGP or TPG since the Effective Date, including
pursuant to this Section 3, any Transfer to a Permitted Transferee or any other Sale. 

  
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 (c)    Facilitating Registrations and Offerings. 

(i)    General. If Parent becomes obligated under this Agreement to facilitate a registration and offering of
Shares on behalf of the Stockholders, Parent will do so with the same degree of care and dispatch as would reasonably be expected in the case of a registration and offering by Parent of Shares for its own account. Without limiting this general
obligation, Parent will fulfill its specific obligations as described in this Section 3. 

(ii)    Registration Statements. In connection with each registration statement that is demanded by a Demand
Holder or as to which piggyback rights otherwise apply, Parent will: 
 (A)    (1) prepare and file (or
confidentially submit) with the SEC a registration statement covering the applicable Shares, (2) prepare and file (or confidentially submit) such amendments or supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective for a period ending when all of the Shares covered by such registration statement have been disposed of in accordance with the intended methods of distribution by the
sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration statement relates to an underwritten public offering, such longer
period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with the sale of Shares by an underwriter or dealer), (3) seek the effectiveness thereof, and (4) file with the SEC
prospectuses and prospectus supplements as may be required, all in consultation with the Demand Holders or Other Sponsors, as applicable, and as reasonably necessary in order to permit the offer and sale of the such Shares in accordance with the
applicable plan of distribution; 
 (B)    (1) within a reasonable time prior to the filing of any registration
statement, any prospectus, any amendment to a registration statement, amendment or supplement to a prospectus or any free writing prospectus, provide copies of such documents to the selling Stockholders and to the underwriter or underwriters of an
underwritten offering, if applicable, and to their respective counsel; fairly consider such reasonable changes in any such documents prior to or after the filing thereof as the counsel to the Stockholders or the underwriter or the underwriters may
request; and make such of the representatives of Parent as shall be reasonably requested by the selling Stockholders or any underwriter available for discussion of such documents; 

(2)    within a reasonable time prior to the filing of any document which is to be incorporated by reference into a
registration statement or a prospectus, provide copies of such document to counsel for the Stockholders and underwriters; fairly consider such reasonable changes in such document prior to or after the filing thereof as counsel for such Stockholders
or such underwriter shall request; and make such of the representatives of Parent as shall be reasonably requested by such counsel available for discussion of such document; 

(C)    cause each registration statement and the related prospectus and any amendment or supplement thereto, as of the
effective date of such registration statement, amendment or supplement and during the distribution of the registered Shares (x) to comply in all material respects with the requirements of the Securities Act and the rules and regulations of the
SEC and (y) not to contain any 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; 

  
 13 

 (D)    notify each selling Stockholder promptly, and, if requested by
such Stockholder, confirm such advice in writing, (1) when a registration statement has become effective and when any post-effective amendments and supplements thereto become effective if such registration statement or post-effective amendment
is not automatically effective upon filing pursuant to Rule 462 under the Securities Act, (2) of the issuance by the SEC or any state securities authority of any stop order, injunction or other order or requirement suspending the effectiveness
of a registration statement or the initiation or threatening of any proceedings for that purpose, (3) if, between the effective date of a registration statement and the closing of any sale of securities covered thereby pursuant to any agreement
to which Parent is a party, the representations and warranties of Parent contained in such agreement cease to be true and correct in all material respects or if Parent receives any notification with respect to the suspension of the qualification of
the Shares for sale in any jurisdiction or the initiation of any proceeding for such purpose, and (4) of the happening of any event during the period a registration statement is effective as a result of which such registration statement or the
related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, if required by applicable law, prepare and file a
supplement or amendment to such registration statement or prospectus so that, as thereafter delivered to the purchasers of Shares registered thereby, such registration statement or prospectus will not contain an untrue statement of a material fact
or omit to state any fact necessary to make the statements therein not misleading; 
 (E)    furnish counsel for each
underwriter, if any, and for the selling Stockholders copies of any correspondence with the SEC or any state securities authority relating to the registration statement or prospectus; 

(F)    otherwise comply with all applicable rules and regulations of the SEC, including making available to its security
holders an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar provision then in force); and 

(G)    use all reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a registration
statement at the earliest possible time. 
 (iii)    Non-Shelf Registered
Offerings and Shelf Takedowns. In connection with any non-shelf registered offering or shelf takedown that is demanded by a Demand Holder or Other Sponsors, as applicable, or as to which piggyback rights
otherwise apply, Parent will: 
 (A)    cooperate with the selling Stockholders and the sole underwriter or managing
underwriter of an underwritten offering of Shares, if any, to facilitate the timely preparation and delivery of certificates representing the Shares, if any, to be sold and not bearing any restrictive legends; and enable such Shares to be in such
denominations (consistent with the provisions of the governing documents thereof) and registered in such names as the selling Stockholders or the sole underwriter or managing underwriter of an underwritten offering of Shares, if any, may reasonably
request at least five days prior to any sale of such Shares; 

  
 14 

 (B)    furnish to each selling Stockholder and to each underwriter, if
any, participating in the relevant offering, without charge, as many copies of the applicable prospectus, including each preliminary prospectus, and any amendment or supplement thereto and such other documents as such selling Stockholder or
underwriter may reasonably request in order to facilitate the public sale or other disposition of the Shares; Parent hereby consents to the use of the prospectus, including each preliminary prospectus, by each such selling Stockholder and
underwriter in connection with the offering and sale of the Shares covered by the prospectus or the preliminary prospectus; 

(C)    (1) use all reasonable efforts to register or qualify the Shares being offered and sold, no later than the
time the applicable registration statement becomes effective, under all applicable state securities or “blue sky” laws of such jurisdictions as each underwriter, if any, or any selling Stockholder holding Shares covered by a registration
statement, shall reasonably request; (2) use all reasonable efforts to keep each such registration or qualification effective during the period such registration statement is required to be kept effective; (3) comply with the provisions of
the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in the registration statement and
(4) do any and all other acts and things which may be reasonably necessary or advisable to enable each such underwriter, if any, and selling Stockholder to consummate the disposition in each such jurisdiction of such Shares owned by such
selling Stockholder; provided, however, that Parent shall not be obligated to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to consent to be subject to general
service of process (other than service of process in connection with such registration or qualification or any sale of Shares in connection therewith) in any such jurisdiction; 

(D)    cause all Shares being sold to be qualified for inclusion in or listed on the principal U.S. securities exchange
on which the Common Stock is then so qualified or listed; 
 (E)    cooperate and assist in any filings required to be
made with the Financial Industry Regulatory Authority (“FINRA”) and in the performance of any due diligence investigation by any underwriter in an underwritten offering; 

(F)    use all reasonable efforts to facilitate the distribution and sale of any Shares to be offered pursuant to this
Agreement, including without limitation by making road show presentations, holding meetings with and making calls to potential investors and taking such other actions as shall be requested by the selling Stockholders or the lead managing underwriter
of an underwritten offering; and 

  
 15 

 (G)    enter into customary agreements (including, in the case of an
underwritten offering, underwriting agreements in customary form, and including provisions with respect to indemnification and contribution in customary form and consistent with the provisions relating to indemnification and contribution contained
herein) and take all other customary and appropriate actions in order to expedite or facilitate the disposition of such Shares and in connection therewith: 

(1)    make such representations and warranties to the selling Stockholders and the underwriters, if any, in form,
substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings; 

(2)    obtain opinions of counsel to Parent and updates thereof (which counsel and opinions (in form, scope and substance)
shall be reasonably satisfactory to the lead managing underwriter, if any) addressed to each selling Stockholder and the underwriters, if any, covering the matters customarily covered in opinions requested in sales of securities or underwritten
offerings and such other matters as may be reasonably requested by such Stockholders and underwriters; 
 (3)    obtain
“cold comfort” letters and updates thereof from Parent’s independent certified public accountants addressed to the selling Stockholders, if permissible, and the underwriters, if any, which letters shall be customary in form and shall
cover matters of the type customarily covered in “cold comfort” letters to underwriters in connection with primary underwritten offerings; 

(4)    to the extent requested by a Demand Holder, cause Parent’s directors and executive officers to enter into
lockup agreements in customary form; provided, however, that in no event shall such lockup restrictions last more than 90 days; and 

(5)    to the extent requested and customary for the relevant transaction, enter into a securities sales agreement with
the Stockholders providing for, among other things, the appointment of such representative as agent for the selling Stockholders for the purpose of soliciting purchases of Shares, which agreement shall be customary in form, substance and scope and
shall contain customary representations, warranties and covenants. 
 The above shall be done at such times as customarily occur in similar
registered offerings or shelf takedowns. 

  
 16 

 (iv)    Due Diligence. In connection with each registration and
offering of Shares to be sold by Stockholders, Parent will, in accordance with customary practice, make available for inspection by representatives of the Stockholders participating in such offering and underwriters and any counsel or accountant
retained by such Stockholder or underwriters all relevant financial and other records, pertinent corporate documents and properties of Parent and cause appropriate officers, managers and employees of Parent to supply all information reasonably
requested by any such representative, underwriter, counsel or accountant in connection with their due diligence exercise. 

(v)    Information from Stockholders. Each Stockholder that holds Shares covered by any registration statement
will furnish to Parent such information regarding itself as is required to be included in the registration statement, the ownership of Shares by such Stockholder and the proposed distribution by such Stockholder of such Shares as Parent may from
time to time reasonably request in writing. 
 (d)    Indemnification. 

(i)    Indemnification by Parent. In the event of any registration under the Securities Act by any registration
statement pursuant to rights granted in this Agreement of Shares held by the Stockholders, Parent will hold harmless the Stockholders and each underwriter of such securities and each other person, if any, who controls any Stockholder or such
underwriter within the meaning of the Securities Act, against any losses, claims, damages, or liabilities (including legal fees and costs of court), joint or several, to which the Stockholders or such underwriter or controlling person may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages, or liabilities (or any actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact
(A) contained, on its effective date, in any registration statement under which such securities were registered under the Securities Act or any amendment or supplement to any of the foregoing, or which arise out of or are based upon the
omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading or (B) contained in any preliminary prospectus, if used prior to the effective date of such
registration statement, or in the final prospectus (as amended or supplemented if Parent shall have filed with the SEC any amendment or supplement to the final prospectus), or which arise out of or are based upon the omission or alleged omission (if
so used) to state a material fact required to be stated in such prospectus or necessary to make the statements in such prospectus not misleading; and will reimburse the Stockholders and each such underwriter and each such controlling person for any
legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, or liability; provided, however, that Parent shall not be liable to any Stockholder or its underwriters or
controlling persons in any such case to the extent that any such loss, claim, damage, or liability 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 amendment or supplement, or prospectus in reliance upon and in conformity with information furnished to Parent through a written instrument duly executed by the Stockholders or such underwriter specifically for use in the preparation thereof.

  
 17 

 (ii)    Indemnification by the Stockholders. Each
Stockholder will indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 3(d)(i)) Parent, each director of Parent, each officer of Parent who shall sign the registration statement, and any person who
controls Parent within the meaning of the Securities Act, (A) with respect to any statement or omission from such registration statement, or any amendment or supplement to it, or prospectus if such statement or omission was made in reliance
upon and in conformity with information furnished to Parent through a written instrument by such Stockholder for use in the preparation of such registration statement or amendment or supplement or prospectus, and (B) with respect to compliance
by such Stockholder with applicable laws in effecting the sale or other disposition of the securities covered by such registration statement; provided that such obligation shall be limited to the net amount of proceeds received by such Stockholder
from the sale of Shares pursuant to such registration statement. 
 (iii)    Indemnification Procedures.
Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in Section 3(d)(i) and Section 3(d)(ii), the indemnified party will, if a
resulting claim is to be made or may be made against an indemnifying party, give written notice to the indemnifying party of the commencement of the action. The failure of any indemnified party to give notice shall not relieve the indemnifying party
of its obligations in this Section 3(d), except to the extent that the indemnifying party is actually prejudiced by the failure to give notice. If any such action is brought against an indemnified party, the indemnifying
party will be entitled to participate in and to assume the defense of the action with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to such indemnified party of its election to assume defense
of the action, the indemnifying party will not be liable to such indemnified party for any legal or other expenses incurred by the latter in connection with the action’s defense. An indemnified party shall have the right to employ separate
counsel in any action or proceeding and participate in the defense thereof, but the fees and expenses of such counsel shall be at such indemnified party’s expense unless (A) the employment of such counsel has been specifically authorized
in writing by the indemnifying party, (B) the indemnifying party has not assumed the defense and employed counsel reasonably satisfactory to the indemnified party within 30 days after notice of any such action or proceeding, or (C) the
named parties to any such action or proceeding (including any impleaded parties) include the indemnified party and the indemnifying party and the indemnified party shall have been advised by such counsel that there may be one or more legal defenses
available to the indemnified party that are different from or additional to those available to the indemnifying party (in which case the indemnifying party shall not have the right to assume the defense of such action or proceeding on behalf of the
indemnified party), it being understood, however, that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general
allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to all local counsel which is necessary, in the good faith opinion of both counsel for the indemnifying party and
counsel for the indemnified party in order to adequately represent the indemnified parties) for the indemnified party and that all such fees and expenses shall be reimbursed upon written request and presentation of invoices. Whether or not a defense
is assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its consent. No indemnifying party will consent to entry of any judgment or enter into any settlement without the
consent of the indemnified party which (x) does not include as an unconditional term the giving by the claimant or plaintiff, to the indemnified party, of a release from all liability in respect of such claim or litigation or (y) involves
the imposition of equitable remedies or the imposition of any non-financial obligations on the indemnified party. 

  
 18 

 (iv)    Contribution. If the indemnification required by this
Section 3(d) from the indemnifying party is unavailable to or insufficient to hold harmless an indemnified party in respect of any indemnifiable losses, claims, damages, liabilities, or expenses, then the indemnifying party
shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities, or expenses in such proportion as is appropriate to reflect (A) the relative benefit of the indemnifying and
indemnified parties and (B) if the allocation in clause (A) is not permitted by applicable law, in such proportion as is appropriate to reflect the relative benefit referred to in clause (A) and also the relative fault of the
indemnified and indemnifying parties, in connection with the actions which resulted in such losses, claims, damages, liabilities, or expenses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and
the indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact, has been made by, or relates to information supplied by, such
indemnifying party or parties, and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses, claims, damage, liabilities,
and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. Parent and the Stockholders agree that it would not be just and
equitable if contribution pursuant to this Section 3(d)(iv) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the prior
provisions of this Section 3(d)(iv). Notwithstanding the provisions of this Section 3(d)(iv), no Stockholder indemnifying party shall be required to contribute an amount in excess of the net amount
of proceeds received by such Stockholder from the sale of Shares pursuant to such registration statement. 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 a fraudulent misrepresentation. 
 (v)    Non-Exclusive Remedy. The indemnification and contribution provided for under this Agreement will be in addition to any other rights to indemnification or contribution that any indemnified party may have
pursuant to law or contract (and Parent and its subsidiaries shall be considered the indemnitors of first resort in all such circumstances to which this Section 3 applies) and will remain in full force and effect regardless
of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of Shares and the termination or expiration of this Agreement. 

(e)    Rule 144. If Parent is subject to the requirements of Section 13, 14 or 15(d) of the Exchange Act,
Parent covenants that it will file any reports required to be filed by it under the Securities Act and the Exchange Act (or, if Parent is subject to the requirements of Section 13, 14 or 15(d) of the Exchange Act but is not required to file
such reports, it will, upon the request of a Demand Holder, make publicly available such information) and it will take such further action as any Stockholder may reasonably request, so as to enable such Stockholder to sell Shares without
registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such Rule may be amended from time to 

  
 19 

 
time, or (b) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Stockholder, Parent will deliver to such Stockholder a written statement as to whether it
has complied with such requirements. 
 (f)    Other Sponsor Demand Rights. Subject to the terms and conditions
of this Agreement, if, following 18 months from the Effective Date, the Other Sponsors have not effected (or been offered to effect) any Sale of at least twenty-five percent (25%) of their Shares pursuant to the exercise of their piggyback
registration rights under Section 3(a), then the Other Sponsors individually or as a group (for so long as it or they collectively hold(s) in the aggregate a number of Shares representing not less than 10% of the then
issued and outstanding Shares of Parent) may provide notice (each, an “Other Sponsor Demand”) at any time requesting that Parent effect the registration (an “Other Sponsor Demand Registration”) under the Securities
Act of any or all of the Shares held by the Other Sponsors (provided however, that the Shares requested to be sold by in such offering have an aggregate market value (based on the most recent closing price of the Common Stock at the time of the
demand) of at least $100 million), which Other Sponsor Demand shall specify the number of such Shares to be registered and the intended method or methods of disposition of such Shares. Parent shall use its commercially reasonable efforts to effect
the registration of such Shares under the Securities Act and applicable state securities laws, and to keep such registration effective for so long as is necessary to permit the disposition of such Shares, in accordance with the intended method or
methods of disposition stated in such Other Sponsor Demand. The Other Sponsors shall be limited to, and shall have the right to request not more than, one Other Sponsor Demand during any consecutive 12-month
period; provided, however, that no revoked or withdrawn Other Sponsor Demand shall be counted for determining the number of Other Sponsor Demands requested if (x) the Other Sponsors reimburse Parent for all of its out-of-pocket costs and expenses reasonably incurred in connection with any such revoked or withdrawn Other Sponsor Demand incurred through the date of such revocation or
withdrawal and (y) such revocation or withdrawal shall have been made prior to the commencement of any significant marketing efforts or “road shows” by Parent or the underwriters in connection with such Other Sponsor Demand. Upon
receipt of an Other Sponsor Demand, Parent shall promptly give written notice of such Other Sponsor Demand to each other Management Stockholder and Party who shall have piggyback registration rights with respect to such Other Sponsor Demand
(including any Demand Holder) in accordance with Section 3(a) but subject to Section 3(b)(v), and Parent shall use its commercially reasonable efforts to effect the registration under the
Securities Act and applicable state securities laws of the Shares which Parent has been so requested to register by the Other Sponsors (and the Demand Holders, if applicable), subject to the terms and conditions of this Section 3. 

(g)    TRS Provisions. With respect to TRS only, Parent shall use its commercially reasonable efforts to cause any
documentation required for TRS to participate in an underwritten offering under this Section 3 to be subject to limitations substantially similar to those contained in Section 10. Notwithstanding any other provisions of this
Section 3, each Stockholder hereby agrees that the entry by TRS into such modified documentation shall not be deemed to breach any of the provisions of this Section 3. 

  
 20 

 4.    Definitions. The following terms, as used herein, have the
following respective meanings: 
 “Affiliate” means, with respect to any Person, any other Person who or which, directly or
indirectly, controls, is under common control with or is controlled by that Person. For the purposes of this definition, “control,” as used with respect to any Person, shall mean the power, directly or indirectly, either (a) to vote
more than 50% of the securities having ordinary voting power for the election of directors of such Person, or (b) to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting
securities, by contract or otherwise. For purposes of this definition, MSD Capital, L.P. and MSD Partners, L.P. shall be deemed to be Affiliates of each other. Notwithstanding the foregoing, with respect to LifeCo, each Person who is, or who is
organized for the benefit of, a member of the Santo Domingo family, together with any other Person serving as a trustee or investment manager or advisor (in their role as such) for any such Person, shall be an Affiliate of LifeCo. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to close. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
regulations promulgated thereunder. 
 “Other Sponsor” means any Sponsor other than LGP and TPG. 

“Other Stockholders” means any Stockholder other than LGP or TPG. 

“Permitted Transferee” means, with respect to any Stockholder, (i) any Affiliate of such Stockholder, (ii) any
director, officer or employee of such Stockholder or any Affiliate of such Stockholder, (iii) any direct or indirect member or general or limited partner of such Stockholder that is the transferee of Shares pursuant to a pro rata distribution
of Shares by such Stockholder to its partners or members, as applicable (or any subsequent transfer of such Shares by the transferee to another Permitted Transferee), (iv) a transfer of Shares to the executor or administrator of the estate of a
deceased Stockholder, or to a successor trustee of a revocable living trust established by a Stockholder, upon his or her death for purposes of the administration of such Stockholder’s estate, and to the devisee, legatee or beneficiary of the
estate, or such trust, or (v) a transfer of Shares by a Stockholder, a Family Member (as defined below) or a Permitted Entity (as defined below) to (A) such Stockholder or such Stockholder’s spouse, issue, or sibling (each, a
“Family Member”) (but in the case of a sibling, not in excess of 2% of the outstanding Shares on the date of transfer); (B) any trust, partnership, limited liability company or other entity established for the benefit of such
Stockholder, one or more Family Members, or one or more charitable organizations (but in the case of a trust, partnership, limited liability company or other entity established for the primary benefit of a sibling of a Stockholder, not in excess of
2% of the outstanding Shares on the date of transfer) (a “Permitted Entity”) if such Shares are controlled by any one or more of the following: such Stockholder, a Family Member, Eric Buss or Stuart Lasher (each, a
“Permitted Control Person”); or (C) a Permitted Entity if no Permitted Control Person (other than such Stockholder) is living and legally competent (provided that, if such Shares held by such Permitted Entity described
in subsection (C) are controlled by any Person who is, or at any time was, an employee or service provider of Parent or any of its Subsidiaries, the Permitted Entity shall give notice to Parent as soon as reasonably practicable following
acquisition of control by such Person and the Permitted Entity shall, upon Parent’s request, transfer control of such Shares to a person who is not, and has not ever been, an employee or service provider of Parent or

  
 21 

 
any of its Subsidiaries); provided, that any Shares transferred to a Stockholder’s spouse shall be immediately transferred back to such Stockholder should his or her spouse cease to
be his or her spouse; and provided, further, that any Permitted Entities that are trusts which hold Shares will prohibit the trustee from distributing, selling, exchanging, mortgaging, leasing, pledging or otherwise disposing of any
Shares to any Person that is not a Permitted Transferee or taking any other actions that are not permitted under this Agreement. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, trust, association,
unincorporated organization, or other entity. 
 “Sale” means a Transfer for value and the terms “Sell”
and “Sold” shall have correlative meanings. 
 “SEC” means the United States Securities and Exchange
Commission or any other federal agency at the time administering the Securities Act. 
 “Section 16
Officer” means any individual who has been designated by the Board as an “officer” of Parent, as defined in Rule 16a-1(f) of the Exchange Act. 

“Securities Act” means the Securities Act of 1933, as amended, and the regulations promulgated thereunder. 

“Shares” means (a) any shares of Common Stock; (b) any capital stock or other equity securities issued or issuable
directly or indirectly with respect to shares of Common Stock by way of stock dividend to stock split or in connection with a combination of shares, recapitalization, merger, consolidation, or other reorganization; and (c) any shares of Common
Stock or other shares of any class or series of capital stock of Parent held by a Stockholder. 
 “Subsidiary” means, with
respect to any Person, any corporation, limited liability company, partnership, association or other business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination
thereof, or (b) if a limited liability company, partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly
or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association
or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the managing director or general partner of such
limited liability company, partnership, association or other business entity. 
 “Transfer” means any direct or indirect
transfer, donation, sale, assignment, pledge, hypothecation, grant of a security interest in or other disposal or attempted disposal of all or any portion of a security, any interest or rights in a security, or any rights under this Agreement. 

  
 22 

 “WKSI” means a well-known seasoned issuer, as defined in Rule 405 under the
Securities Act. 
 5.    Term of Agreement. 

(a)    Termination of this Agreement. This Agreement shall remain in effect until (i) terminated
automatically (without any action by any party to this Agreement) as to each Stockholder when such Stockholder (together with its Affiliates) ceases to hold any Shares or (ii) following the Coordination Period, as to a Party, upon written
notice by such Party to Parent; provided however, that in the case of a termination pursuant to this clause (ii), such Party may elect in such written notice that such termination be applicable only to Section 1 of this
Agreement with respect to such Party (it being understood that such Party may subsequently elect in a written notice to terminate the entire Agreement with respect to such Party). Notwithstanding any termination of this Agreement, however, the
provisions of this Agreement shall survive any termination to the extent necessary for any Person to enforce any right of such Person that accrued hereunder prior to or on account of such termination, including, for the avoidance of doubt any
provisions of Section 10 of this Agreement. 
 (b)    Removal of Restrictive Legends.
Parent shall remove any restrictive legends on any Shares held by any Stockholder promptly upon request by such Stockholder if such legend is not, in the reasonable determination of Parent upon the advice of legal counsel, required to comply with
applicable securities laws; provided that Parent may require an opinion of legal counsel reasonably acceptable to Parent prior to any such removal other than in connection with a transfer made pursuant to an effective registration statement.

 6.    Injunctive Relief and Remedies. Each of the parties hereto acknowledges that it will be impossible to
measure in money the damage to Parent and to the other parties hereto if there is a failure to comply with this Agreement. It is therefore agreed that Parent or any other party hereto, in addition to any other rights or remedies that it may have,
shall be entitled to immediate injunctive relief and to specific performance to enforce this Agreement and that if any action or proceeding is brought in equity to enforce it, no party will urge as a defense that there is an adequate remedy at law.
Parent hereby agrees with each Stockholder, severally and not jointly, that Parent will enforce the provisions of this Agreement against any such party in breach. 

7.    Governing Law; Waiver of Jury Trial. 

(a)    Subject to Section 10 only with respect to TRS, this Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware applicable to agreements made and to be performed in Delaware; provided, however, that the provisions in Section 10 and related matters are governed
under Texas law. 
 (b)    EACH PARTY TO THIS AGREEMENT WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
BROUGHT BY ANY OF THEM AGAINST THE OTHER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, OR ANY OTHER AGREEMENTS EXECUTED AND DELIVERED PURSUANT TO OR IN CONNECTION HEREWITH OR THE NEGOTIATION, BREACH, VALIDITY, TERMINATION OR
PERFORMANCE HEREOF AND THEREOF OR THE 

  
 23 

 
TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. FURTHER, (I) NO PARTY TO THIS AGREEMENT SHALL SEEK A JURY TRIAL IN ANY SUCH ACTION AND (II) NO PARTY WILL SEEK TO CONSOLIDATE ANY SUCH
ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH PARTY TO THIS AGREEMENT CERTIFIES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT OR INSTRUMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS SET FORTH ABOVE IN THIS SECTION 7(b). NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. 

8.    Assignment; Successors and Heirs. This Agreement shall not be assignable, but shall be binding upon and inure
to the benefit of the successors of Parent and the Stockholders. 
 9.    Notices. Any notice or other
communication under this Agreement shall be considered given and received when (a) delivered personally in writing or by a reputable overnight courier service, (b) received by registered mail, return receipt requested, or (c) sent by
facsimile, with a copy confirmed by registered mail, return receipt requested, or by a reputable overnight courier service by the parties at the following addresses and facsimile numbers (or at such other addresses and facsimile numbers as a party
may specify by notice to the others): 
 If to Parent: 

Life Time Group Holdings, Inc. 

2902 Corporate Place 

Chanhassen, MN 55317 

Attention: Tom Bergmann and Stuart McFarland 

Tel: (952) 401-2511 

Email: [***] and [***] 
 with
copies (which shall not constitute notice) to: 
 Leonard Green & Partners, L.P. 

11111 Santa Monica Blvd., #2000 

Los Angeles, CA 90025 

Attention: John G. Danhakl and J. Kristofer Galashan 

Tel: (310) 954-0444 

Fax: (310) 954-0404 

TPG Capital, L.P. 
 345
California Street, Suite 3300 
 San Francisco, CA 94104 

Attention: Adam Fliss 
 Tel:
(415) 743-1500 
 Fax: (415) 743-1501 

and 

  
 24 

 Latham & Watkins LLP 

1271 Avenue of the Americas 

New York, NY 10020 
 Attention:
Howard A. Sobel, Esq., John Giouroukakis, Esq. and 
 Jason M. Licht, Esq. 

Tel: (212) 906-1200 

Fax: (212) 751-4864 

If to BA: 

Bahram Akradi 
 2902 Corporate
Place 
 Chanhassen, MN 55317 

Tel: [●] 
 Fax: [●]

 If to LGP: 

Leonard Green & Partners, L.P. 

11111 Santa Monica Blvd., #2000 

Los Angeles, CA 90025 

Attention: John G. Danhakl and J. Kristofer Galashan 

Tel: (310) 954-0444 

Fax: (310) 954-0404 

with a copy (which shall not constitute notice) to: 

Latham & Watkins LLP 

1271 Avenue of the Americas 

New York, NY 10020 
 Attention:
Howard A. Sobel, Esq. and John Giouroukakis, Esq. 
 Tel: (212) 906-1200 

Fax: (212) 751-4864 

If to TPG: 
 TPG
Capital, L.P. 
 345 California Street, Suite 3300 

San Francisco, CA 94104 

Attention: Adam Fliss 
 Tel:
(415) 743-1500 
 Fax: (415) 743-1501 

  
 25 

 If to LNK: 

LNK Partners LLC 
 81 Main
Street 
 White Plains, NY 10601 

Attention: David Landau; Kayvan Heravi 

If to TRS: 

Teacher Retirement System of Texas 

1000 Red River Street 
 Austin,
TX 78701 
 Attention: General Counsel 

If to MSD: 

On or prior to March 1, 2022: 

MSD Partners 
 645 Fifth Ave.,
21st Floor 
 New York, New York 10022-5910 

Tel: (212) 303-7822 

Attention: Marcello Liguori 

Email: mliguori@msdpartners.com 

After March 1, 2022: 

MSD Partners 
 One Vanderbilt
Avenue, 26th Floor 
 New York, New York 10017 

Tel: (212) 303-7822 

Attention: Marcello Liguori 

Email: [***] 
 If to
LifeCo: 
 LifeCo LLC 

c/o Conyers Trust Company (Bermuda) Limited 

Richmond House, 12 Par-la-Ville Road 

Hamilton, Bermuda 
 Attention:
Andrea Jackson 
 with copies (which shall not constitute notice) to: 

Quadrant Capital Advisors Inc. 

499 Park Avenue, 24th Floor 

New York, NY 10022 
 Attention:
Russell Bryant; Ben Brooksby; Leslie 
 Maazel; Robert Stano; David Williams 

  
 26 

 If to J. Safra: 

JSS LTF Holdings Limited 
 c/o
Diva Machado 
 Banque J. Safra Sarasin (Luxembourg) SA 

17 - 21, Boulevard Joseph II 
 L-1840 Luxembourg 
 Tel: +352 45 478 1359 

If to SLT: 
 SLT
Investors, LLC 
 c/o Simon Property Group 

225 West Washington Street 

Indianapolis, IN 46204-3438 

Attention: General Counsel 

Tel: (317) 636-1600 

If to PG: 

Partners Group 
 c/o Anthony
Shontz 
 1200 Entrepreneurial Drive 

Broomfield, CO 80021 
 Email:
[***] 
 with copies (which shall not constitute notice) to: 

Andres Small 
 1114 Avenue of
the Americas, 37th Floor 
 New York, NY 10021 

Email: [***] 
 Justin Skidmore

 1200 Entrepreneurial Drive 

Broomfield, CO 80021 
 Email:
[***] 
 and 

Ropes & Gray LLP 
 1211
Avenue of the Americas 
 New York, New York 10036 

Fax: (646) 728-1620 

Attention: Isabel Dische 

Email: Isabel.dische@ropesgray.com 

  
 27 

 If to a Management Stockholder: 

(At the address listed on Schedule 1). 

10.    Acknowledgement of Status of TRS as an Entity of the State of Texas. Parent and each Stockholder agrees
that, as applied to TRS only, TRS’ obligations under this Agreement and the agreements, instruments, and documents contemplated hereby (collectively, “Applicable Agreements”) are made subject to each of the following: 

(a)    Governing Law. In connection with issues of Texas law referenced in this
Section 10, TRS’ obligations, liabilities, and authority under any Applicable Agreement shall be governed by and construed in accordance with the substantive laws of the State of Texas applicable to agreements made and
to be performed in Texas. 
 (b)    Reservation of Immunities. To the extent TRS is entitled to sovereign status
or protection under Texas law (by comity or otherwise), the Eleventh Amendment to the Constitution of the United States of America, or both, TRS hereby reserves all immunities, privileges, defenses, rights, or actions arising out of its sovereign
status under Texas law (by comity or otherwise) or under the Eleventh Amendment to the Constitution of the United States of America, and no waiver of any such immunities, privileges, defenses or rights, or actions shall be implied or otherwise
deemed to exist by reason of TRS’ execution or delivery of any of this Agreement or any agreements contemplated hereby or by reason of any of express or implied provision hereof or thereof. 

(c)    Indemnification. TRS has advised that Texas law limits or prohibits any indemnification obligations under
any Applicable Agreements, whether express or implied, that may be attributed to TRS. 
 (d)    Submission to
Jurisdiction. Any Applicable Agreements providing for the submission by TRS to jurisdiction or consent to venue in any jurisdiction other than in Travis County, Texas are and shall be void and of no force of effect with respect to TRS. Parent
and each Stockholder hereby consents to and agrees to submit to the jurisdiction of such courts in Travis County, Texas and agree that any claim or suit against TRS must be brought or filed in such courts. Parent and each Stockholder hereby waives
and agrees not to assert any claim that (i) such party is not personally subject to the jurisdiction of such courts, (ii) such party and such party’s property is immune from any legal process issued by such courts, or (iii) any
litigation commenced in such courts has been brought in an inconvenient forum. 
 (e)    Arbitration. Without
limiting the foregoing, TRS does not have the authority to submit to arbitration, and does not agree to submit to arbitration under this Agreement or any of the agreements contemplated hereby. 

11.    Modification and Waiver. No amendment, modification, or waiver of this Agreement shall be effective unless
made in a written instrument that specifically references this Agreement and that is signed by Parent, LGP and TPG; provided that any amendment, 

  
 28 

 
modification, or waiver to any provision of this Agreement that is disproportionately adverse to a Stockholder (relative to any other Stockholder) shall require the approval of such Stockholder,
and, for the avoidance of doubt, nothing herein shall limit the applicability of Section 10 to Parent, new Stockholders or existing Stockholders. The waiver on the part of any party hereto of a breach of any provision of
this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly provided for in such waiver and shall be effective only to the extent
specifically set forth in such waiver. Except as expressly provided herein, the failure of Parent or any Stockholder to enforce at any time, or for any period of time, any provisions of this Agreement shall not be construed as a waiver of any
provision or of the right of any such Person to enforce each and every provision of this Agreement. 

12.    Counterparts; Facsimile or PDF. This Agreement may be executed in one or more counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. This Agreement may be executed by facsimile or electronic transmission in portable document format (.pdf), each of which
shall be deemed an original. 
 13.    Third Parties. Nothing expressed or implied in this Agreement is intended
or shall be construed to confer on any Person, other than Parent and the Stockholders, any rights hereunder. 

14.    Complete Agreement; Modification and Termination; Joinder. This Agreement contains a complete statement of
all the arrangements among the parties with respect to its subject matter, supersedes all existing agreements among them concerning that subject matter, and cannot be changed except in writing signed by the parties that have the right to effect such
amendment under this Agreement, other than for the purpose of adding additional holders of Shares, from time to time, which may be accomplished through the execution of a Joinder, or terminated except in a writing signed by all of the parties or
pursuant to its terms. 
 15.    Effectiveness of Agreement. This Agreement shall become effective (such time, the
“Effective Time”, and such date, the “Effective Date”) immediately prior to the effectiveness of Parent’s registration statement on Form S-1 related to the Initial Public
Offering. However, to the extent the Initial Public Offering is not consummated, the provisions of this Agreement shall be without any force or effect. For the avoidance of doubt, the Stockholders will not have piggyback or other registration
rights with respect to the Initial Public Offering. 
 16.    Spousal Consent. Subject to the following sentence,
each Stockholder who is married or has a domestic partner who constitutes a spouse under applicable law shall cause his or her spouse to execute and deliver to Parent a spousal consent in substantially the form attached hereto as Exhibit B (a
“Spousal Consent”) immediately following such Stockholder’s signature to this Agreement (or any Joinder). Each Stockholder represents and warrants that if such Stockholder has not delivered a signature page with the consent of
his or her spouse, he or she (i) is not a resident of a state the laws of which may provide such Stockholder’s spouse with a marital or community property interest in such Stockholder’s Shares or (ii) is not married and does not
have a domestic partner who constitutes a spouse under applicable law and, as such, no 

  
 29 

 
person has or will have a marital or community property interest in such Stockholder’s Shares. If any Stockholder who is not exempted by the preceding sentence gets married or obtains a
domestic partner who constitutes a spouse under applicable law, such Stockholder shall promptly cause his or her spouse to execute and deliver to Parent a Spousal Consent. 

*    *    *    *    * 

  
 30 

 IN WITNESS WHEREOF, the parties hereto have executed this Third Amended and Restated
Stockholders Agreement as of the date first above written. 
  

	
	PARENT:
	
	LIFE TIME GROUP HOLDINGS, INC.
	
	By:                                     
                                         
    
	Name: Bahram Akradi
	Title:   Chief Executive Officer

 [Signature Page to Third Amended and Restated Stockholders Agreement] 

 [ADDITIONAL SIGNATURE BLOCKS TO COME] 

[Signature Page to Third Amended and Restated Stockholders Agreement] 

 SCHEDULE 1 

Management Stockholders 
  

			
	 Name and Address
	  	 Total Number of Shares of Common
Stock

		
	 Bahram Akradi Revocable Trust U/A dated February 7, 2006

2902 Corporate Place 
Chanhassen, MN 55317
	  	[***]
		
	 Bahram Akradi 2018 GST Family Trust
 2902
Corporate Place 
Chanhassen, MN 55317
	  	[***]
		
	 SG1 Investment Limited Partnership
 2902
Corporate Place 
Chanhassen, MN 55317
	  	[***]
		
	 Michael Burgess
 [***]
	  	[***]
		
	 Tom Bergmann
 2902 Corporate Place

Chanhassen, MN 55317
	  	[***]
		
	 Eric Buss
 2902 Corporate Place 
Chanhassen,
MN 55317
	  	[***]
		
	 Jeff Zwiefel
 2902 Corporate Place

Chanhassen, MN 55317
	  	[***]
		
	 Radmilla Kest
 [***]
	  	[***]
		
	 James Spolar
 [***]
	  	[***]
		
	 Stephan Rowland
 [***]
	  	[***]

 Schedule 1-1 

 SCHEDULE II 

Initial Investment of Sponsors 
  

					
	 Sponsor
	  	Initial Investment Amount	 
	 1. LGP
	  	$	515,000,000	 
	 2. TPG
	  	$	515,000,000	 
	 3. LNK
	  	$	125,000,000	 
	 4. MSD
	  	$	275,000,000	 
	 5. Santo Domingo
	  	$	200,000,000	 
	 6. PG
	  	$	150,000,000	 
	 8. J. Safra
	  	$	75,000,000	 

 EXHIBIT A 

FORM OF JOINDER 

Dated as of                     

 WHEREAS, Life Time Group Holdings, Inc., a Delaware corporation, and certain holders of its Common Stock, $0.01 par value per share, are
parties to the Third Amended and Restated Stockholders Agreement, dated as of [●], 2021 (the “Stockholders Agreement”), a copy of which is attached hereto as Exhibit A; and 

WHEREAS, pursuant to an agreement of even date herewith,
                             (the “New Stockholder”) is acquiring from
                                         
       ,              shares of Common Stock; and 

WHEREAS, it is a condition to such acquisition that the New Stockholder has become a party to the Stockholders Agreement and agrees to be
bound by the terms of the Stockholders Agreement; and 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the New Stockholder agrees as follows: 
 1.    By [its][his][her] execution of this Joinder, the New
Stockholder hereby becomes a party to the Stockholders Agreement and agrees that [it][he][she] will be bound by, and be entitled to the benefits and obligations of, all of the terms and conditions of the Stockholders Agreement as if [it][he][she]
had originally been named as [a Sponsor][a Management Stockholder][a Stockholder] therein;[ provided, that the board and/or observer nomination or designation rights, as applicable, set forth in Section 1 shall not
transfer to the transferee]. Execution and delivery of this Joinder by the New Stockholder shall also constitute execution and delivery by [it][him][her] of the Stockholders Agreement, without further action of any party. 

2.    By [its][his][her] execution of this Joinder, the notice provision of the Stockholders Agreement shall include the
following contact details of the New Stockholder: 
  

	 	Name:	 [●] 

	 	Address:	 [●] 

	 	Tel:	 [●] 

	 	Fax:	 [●] 

*    *    *    *    * 

 IN WITNESS WHEREOF, the New Stockholder has executed this Joinder as of the date first above
written. 
  

			
	[NAME OF ENTITY]
		
	By:	 	  

 
			
	Name:
	Title:
	
	or
	
	  

	[Name of Individual]

 Acknowledged and Accepted 

as of the date first above written: 
  

			
	LIFE TIME GROUP HOLDINGS, INC.
		
	By:	 	  

			
	Name:	 	
	Title:	 	

 EXHIBIT B 

SPOUSAL CONSENT AND ACKNOWLEDGMENT 

TO THE 
 THIRD AMENDED AND
RESTATED STOCKHOLDERS AGREEMENT 
 OF 

LIFE TIME GROUP HOLDINGS, INC. 

I acknowledge that I have read the foregoing Third Amended and Restated Stockholders Agreement of Life Time Group Holdings, Inc., dated as of
[●], 2021 (the “Stockholders Agreement”), and that I understand its contents. I am aware that by its provisions my spouse agrees to sell all shares of common stock of Life Time Group Holdings, Inc. held by my spouse on this
date, or hereafter acquired, upon the occurrence of certain events. I am further aware that included in such sale shall be any interest I have in any such shares (including, without limitation, any right or interest by operation of applicable
community or marital property laws) and such interest of any of my heirs, legatees or other transferees. I hereby consent to such sale, approve the provisions of the Stockholders Agreement, agree to sell any interest I may have in any such shares as
required by the Stockholders Agreement, agree that those shares and my interest in them are subject to the provisions of the Stockholders Agreement and direct the personal representative of my estate to promptly comply with all of the provisions of
the Stockholders Agreement. I further covenant and agree that I will take no action at any time to hinder the operation of the Stockholders Agreement as to the shares of capital stock of Life Time Group Holdings, Inc. or any interest which I or any
of my heirs, legatees or other transferees may have in them. 
  

							
	Date:                             	 		 	Spouse:	 	  

				
		 		 		 	  

				
		 		 		 	[Print or type name as signed above]

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