Document:

Document

Exhibit 10.18
						
	Name:	[●]
	Number of [INSERT TYPE OF UNITS] subject to Awa	[●]
	Date of Gran	[●]

PLANET FITNESS, INC.
2015 OMNIBUS INCENTIVE PLAN

[INSERT RESTRICTED STOCK UNIT OR Performance SHARE UNIT, AS APPLICABLE] AGREEMENT
This agreement (this “Agreement”) evidences an award (the “Award”) of [INSERT TYPE OF UNITS] granted by Planet Fitness, Inc. (the “Company”) to the undersigned (the “Grantee”) pursuant to and subject to the terms of the Planet Fitness, Inc. 2015 Omnibus Incentive Plan (as amended from time to time, the “Plan”).
1.         Grant of [INSERT TYPE OF UNITS].  On the date of grant set forth above (the “Grant Date”) the Company granted to the Grantee an award consisting of the right to receive, without payment but subject to the terms and conditions provided herein and in the Plan, one share of Stock (a “Share”) with respect to each [INSERT TYPE OF UNITS] forming part of the Award, in each case, subject to adjustment pursuant to Section 7 of the Plan in respect of transactions occurring after the date hereof.
2.       Vesting, etc.   [INSERT TIME BASED OR Performance BASED VESTING CONDITIONS AND SCHEDULE, AS APPLICABLE] subject to the Grantee’s continued Employment with the Company] through the applicable vesting date.  If the Grantee’s Employment with the Company ceases for any reason, the Award, to the extent not already vested, will be automatically and immediately forfeited.
3.         Delivery of Shares.  The Company shall, as soon as practicable upon the vesting of the [INSERT TYPE OF UNITS] (but in no event later than March 15 of the year following the year in which such [INSERT TYPE OF UNITS), effect delivery of the Shares with respect to such vested [INSERT TYPE OF UNITS] to the Grantee. No Shares will be issued pursuant to this Award unless and until all legal requirements applicable to the issuance or transfer of such Shares have been complied with to the satisfaction of the Administrator.
4.         Dividends; Other Rights.   The Award shall not be interpreted to bestow upon the Grantee any equity interest or ownership in the Company prior to the date on which the Company actually delivers Shares to the Grantee (if any).  The Grantee is not entitled to vote any Shares by reason of the granting of this Award or to receive or be credited with any dividends declared and payable on any Shares prior to the date on which any such Share is delivered to the Grantee hereunder. The Grantee shall have the rights of a shareholder only as to those Shares, if any, that are actually delivered under this Award.
5.         Forfeiture; Recovery of Compensation.
(a)       The Administrator may cancel, rescind, withhold or otherwise limit or restrict the Award at any time if the Grantee is not in compliance with all applicable provisions of the Agreement and the Plan.
(b)        By accepting the Award, the Grantee expressly acknowledges and agrees that his or her rights (and those of any permitted transferee) under the Award, including to any Shares acquired under the Award or any proceeds from the disposition thereof, are subject to Section 6(a)(5) of the Plan (including any successor provision).  Nothing in the preceding sentence shall be construed as limiting the general application of Section 9 of this Agreement.
6.         Nontransferability.  Neither the Award nor the [INSERT TYPE OF UNITS] may be transferred except in accordance with Section 6(a)(3) of the Plan.
7.         Certain Tax Matters.
(a)       The Grantee expressly acknowledges and agrees that the Grantee’s rights hereunder, including the right to be issued Shares upon vesting, are subject to the Grantee promptly paying to the Company in cash (or by such other 

means as may be acceptable to the Administrator in its discretion) all taxes required to be withheld.  No Shares will be transferred pursuant to the vesting of the [INSERT TYPE OF UNITS] unless and until the Grantee has remitted to the Company an amount sufficient to satisfy any federal, state or local withholding tax requirements, or has made other arrangements satisfactory to the Administrator with respect to such taxes.  The Grantee authorizes the Company and its Affiliates to withhold such amounts from any amounts otherwise owed to the Grantee, but nothing in this sentence shall be construed as relieving the Grantee of any liability for satisfying his or her obligations under the preceding provisions of this Section.  The Company shall have no liability or obligation relating to the foregoing.
(b)        The Grantee expressly acknowledges that because this Award consists of an unfunded and unsecured promise by the Company to deliver Shares in the future, subject to the terms hereof, it is not possible to make a so-called “83(b) election” with respect to the Award.
(c)        The Award is intended to be exempt from the requirements of Section 409A and the Plan and this Agreement shall be administered and interpreted in a manner consistent with this intent.  Notwithstanding the foregoing, in no event shall the Company or any of its Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Grantee on account of non-compliance with Section 409A.
8.         Effect on Employment. Neither the grant of the [INSERT TYPE OF UNITS], nor the delivery of Shares upon vesting of the Award, will give the Grantee any right to be retained in the employ or service of the Company or any of its Affiliates, affect the right of the Company or any of its Affiliates to discharge or discipline the Grantee at any time, or affect any right of the Grantee to terminate his or her employment at any time.
9.        Provisions of the Plan.  This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference.  A copy of the Plan as in effect on the Grant Date has been furnished to the Grantee. By acceptance of the Award, the Grantee agrees to be bound by the terms of the Plan and this Agreement.  In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan shall control.
10.       Acknowledgments.   By accepting the Award, the Grantee agrees to be bound by, and agrees that the Award and the [INSERT TYPE OF UNITS] are subject in all respects to, the terms of the Plan.  The Grantee further acknowledges and agrees that (i) this Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument, (ii) this Agreement may be executed and exchanged using facsimile, portable document format (PDF) or electronic signature, which, in each case, shall constitute an original signature for all purposes hereunder and (iii) such signature by the Company will be binding against the Company and will create a legally binding agreement when this Agreement is countersigned by the Grantee.  By executing this Agreement, the Grantee acknowledges and agrees that the Grantee has received and understands the Company’s Executive Compensation Recoupment Policy (as such policy is amended, amended and restated or superseded from time to time, the “Clawback Policy”), that the Clawback Policy applies and will continue to apply to the Grantee during and after the Grantee’s employment in accordance with its terms, and that the Grantee has complied with and will continue to comply with the terms of the Clawback Policy.

[Signature page follows.]

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer.

PLANET FITNESS, INC. By:_
Name:  Christopher Rondeau
Title:     CEO

Dated:  [●]

Acknowledged and Agreed:

By:_
Name: [●],

[Signature Page to [INSERT TYPE OF UNITS] Agreement]

SCHEDULE A

[INSERT ADDITIONAL VESTING OR PERFORMANCE TERMS, AS APPLICABLE]Document

Exhibit 10.23
February 23, 2022
Shane McGuiness
Via Electronic Delivery
Dear Shane, 
We are delighted to offer you the opportunity to join the Planet Fitness Corporate team! We believe your skills, knowledge and experiences are the right combination for success in the role of President, Corporate Clubs. This letter will confirm our offer of employment to you with Pla-Fit Franchise, LLC (the “Company”), under the terms and conditions that follow:
1. POSITION AND DUTIES:
Effective as of the date that the transaction contemplated by that certain Equity Purchase Agreement by and among Planet Fitness, Inc., Sunshine Fitness Group Holdings, LLC, TSG7 A AIV III Holdings-A, L.P., and certain other parties thereto (the “Transaction”) is closed, and contingent on the closing of the Transaction, you will be employed by the Company, on a full-time basis, in the role of President, Corporate Clubs. You agree to perform the duties of your position and such other duties as may reasonably be assigned to you. You also agree to comply at all times with the Company’s policies, practices and procedures, including, but not limited to, the Planet Fitness Code of Ethics. 
2. COMPENSATION AND BENEFITS:
The Company will pay you a bi-weekly salary of $18,269.24 ($475,000 annualized), subject to applicable withholdings. Your salary shall be payable in accordance with the regular payroll practices of the Company and subject to adjustment from time to time by the Company in its discretion, though the Company agrees that your base salary will be no less than $475,000 annualized.
Bonus Compensation: Effective for 2022, you are eligible to participate in the Planet Fitness Corporate Bonus Plan. You shall be eligible to earn an annual bonus, the amount of any such bonus to be determined by the Company in its sole discretion, initially set at 60% of your Base Salary. The final calculation of your bonus is based upon achievement of Company goals and personal goals within an Individual Goal Plan for the performance period, prorated for active service within the plan year. Except as set forth in the Planet Fitness, Inc. Executive Severance & Change in Control Policy (the “Severance Policy”), to be eligible for a bonus payout, you must be employed by the Company on the date that the bonus is paid. The Company retains the right to modify its bonus plans at any time.
Sign-On Award: On or within seven days of your start date, you will be granted a special one-time new hire award (the “Sign-On Award”) based on a target fair value of $7.5 Million and comprised of 25% restricted stock units and 75% performance share units. The restricted stock unit grant is subject to cliff vesting on the fifth anniversary of the closing of the transaction. The performance share unit grant is subject to a three-year performance period and will be settled as follows: 50% to be settled promptly following the certification of applicable performance targets in 2025; 25% settled on or about January 1, 2026; and 25% settled on or about January 1, 2027.  The maximum payout on the performance share units is 200%.
Notwithstanding anything to the contrary in the Severance Policy, with respect to the Sign-On Award, any then-unvested RSUs will vest upon an Involuntary Termination, as defined in the Severance Policy, on a pro-rated basis based on the number of months completed during the service period. With respect to the then unvested PSUs, a pro-rated number of the PSUs will similarly vest upon an Involuntary Termination on a pro-rated basis based on the number of months completed during the performance period and shall remain eligible to vest and settle at the end of the performance period based on actual achievement of the applicable performance metrics. For the avoidance of doubt, if an Involuntary Termination occurs upon or within 24 months after the consummation of a Change of Control (as such terms are defined in the Severance Policy), your Sign-On Award and any other Annual Long Term Incentive Award shall be treated in accordance with Section 4.2(d) of the Severance Plan.

Annual Long Term Incentive Award: Beginning in March 2022, you are eligible to receive an annual long term incentive award (the “Annual Awards”), equal to 100% of your annual base pay amount.  The Annual Awards will be comprised of 33 1/3% restricted stock units, 33 1/3% performance share units and 33 1/3% stock options, with the restricted stock unit, performance share unit and exercise price of options to be determined by the closing share price on your grant date. Stock options will be valued in a manner consistent with the valuation of stock options granted to other senior executives of the Company.  The restricted stock unit grant and stock option grant are each subject to vesting of 25% annually over a period of four years beginning on your grant date.  The performance share unit grant is subject to 100% vesting on the third anniversary of your grant date, subject to the achievement of defined performance metrics.
The Sign-On Award and the Annual Awards are governed by, and subject to the terms of, our 2015 Omnibus Incentive Plan (the “Plan”) and subject to Company guidelines, stock ownership requirements and Board approval. Under the terms of the Plan, your eligibility to receive the Annual Awards and whether you are granted Annual Awards are subject to final review and approval by the Board of Directors in their discretion. 
Participation in Employee Benefit Plans: You will be entitled to participate in all employee benefit plans in effect from time to time for employees of the Company generally, except to the extent such plans are duplicative of benefits otherwise provided you under this Agreement. Your participation will be subject to the terms of the applicable plan documents and generally applicable Company policies.
Paid Vacation Time: You are eligible for a vacation benefit of four (4) weeks of vacation time per calendar year, prorated based on your date of hire and accrued on a bi-weekly basis. In addition, you are eligible for five floating holidays per calendar year. The company’s Paid Time-Off Policy is available upon request.
Business Expenses: The Company will reimburse you for all reasonable business-related expenses incurred or paid by you in the performance of your duties and responsibilities for the Company, subject to policies established by the Company. 
3. CONFIDENTIAL INFORMATION AND RESTRICTED ACTIVITIES:
Planet Fitness believes in the protection of confidential and proprietary information. Consequently, you will be required, as a condition of your employment with the Company, to sign the Company’s standard Confidentiality, Non-Competition and Inventions Agreement before or upon hire.  Should you become a Participant in the Severance Policy, the restrictive covenants in the Severance Policy shall supersede any similar provisions in the Confidentiality, Non-Competition and Inventions Agreement.
4. AT-WILL EMPLOYMENT:
By signing below, you acknowledge that you will be employed by the Company on an at-will basis which means that both you and the Company will retain the right to terminate the employment relationship at any time, with or without notice or cause. This offer letter is not meant to constitute a contract of employment for a specific duration or term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company. 
5. TERMINATION OF EMPLOYMENT – SEVERANCE:
In the event of an Involuntary Termination of your employment, as defined in the Severance Policy, you will be eligible to participate in the Severance Policy so long as you meet the eligibility requirements of Article 3 of the Severance Policy. 
6. WORK ELIGIBILITY:
Your offer is contingent upon proof of eligibility to work legally in the United States. Furthermore, by signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for Planet Fitness.
7. CONTINGENT OFFER:
Your offer and continued employment are contingent upon our satisfactory completion of a background check. 

8. CHOICE OF LAW:
Any disputes about the provisions in this Letter shall be governed by and construed in accordance with the laws of the State of Florida, without regard to the conflict of laws principles thereof.  In the event of any alleged breach or threatened breach of provisions in this Letter, the parties hereby consent and submit to the exclusive jurisdiction of the federal and state courts in and of the State of Florida.  
This Agreement shall supersede and replace all prior agreements and understandings, oral or written, between you and the Company or any of its affiliates, including Sunshine Fitness Management LLC, regarding your employment.  If the foregoing is acceptable to you, please sign this letter in the space provided and return it to me by February 25, 2022.
Sincerely yours,

PLA-FIT FRANCHISE, LLC            Accepted and Agreed:

By:  /s/ Kathy Gentilozzi                               Signature:  /s/ Shane McGuiness                                

Kathy Gentilozzi                                                       Shane McGuiness      Date: 2/25/22
Chief People Officer

By:  /s/ Chris Rondeau                    

Chris Rondeau
Chief Executive Officer

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