Document:

EX-10.17

 Exhibit 10.17 

FORM OF XPONENTIAL FITNESS, INC. EMPLOYEE STOCK PURCHASE PLAN 

Section 1. Purpose. This Xponential Fitness, Inc. Employee Stock Purchase Plan (the “Plan”) is intended to
provide employees of the Company and its Participating Subsidiaries with an opportunity to acquire a proprietary interest in the Company through the purchase of Shares. Initially, the Plan is not intended to qualify as an “employee stock
purchase plan” under Section 423 of the Code. From and after such date as the Committee, in its discretion, determines that the Plan is able to satisfy the requirements under Section 423 of the Code and that it will operate the Plan
in accordance with such requirements (such date, the “Section 423 Effective Date”), the Plan is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code and the Plan
shall be interpreted in a manner that is consistent with that intent. Except as specifically provided under Section 4, and unless the Plan is amended pursuant to Section 19(i), the operative terms of the Plan as in effect on the Effective
Date will remain the same on and after the Section 423 Effective Date. 
 Section 2. Definitions. 

(a) “Board” means the Board of Directors of the Company. 

(b) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance
thereunder. Any reference to a provision in the Code shall include any successor provision thereto. 
 (c) “Committee”
means the Compensation Committee of the Board, unless another committee is designated by the Board. If there is no compensation committee of the Board and the Board does not designate another committee, references herein to the “Committee”
shall refer to the Board. 
 (d) “Company” means Xponential Fitness, Inc., a Delaware corporation, including any successor
thereto. 
 (e) “Compensation” means the base salary, wages, annual cash bonuses and commissions paid to an Eligible
Employee by the Company or a Participating Subsidiary as compensation for services to the Company or Participating Subsidiary, before deduction for any salary deferral contributions made by the Eligible Employee to any
tax-qualified or nonqualified deferred compensation plan. 
 (f) “Corporate
Transaction” means a merger, consolidation, acquisition of property or stock, separation, reorganization or other corporate event described in Section 424 of the Code. 

(g) “Designated Broker” means the financial services firm or other agent designated by the Company to maintain ESPP Share
Accounts on behalf of Participants who have purchased Shares under the Plan. 

 (h) “Effective Date” means, once this Plan is adopted by the Board and
approved by the shareholders of the Company in accordance with Section 19(k), the later of (i) the date on which the registration statement covering the initial public offering of the Shares is declared effective by the Securities and
Exchange Commission and (ii) a date to be determined by the Committee. 
 (i) “Eligible Employee” means
(i) on and after the Section 423 Effective Date, an Employee who is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year, provided that the Committee (x) may exclude
from participation in the Plan or any Offering any Employees who are “highly compensated employees” or a sub-set of such “highly compensated employees” (within the meaning of
Section 414(q) of the Code) or who otherwise may be excluded from participation pursuant to Treasury Regulation Section 1.423-2(e) and (y) shall exclude any Employees located outside of the
United States to the extent permitted under Section 423 of the Code and (ii) prior to the Section 423 Effective Date, any Employee who is not otherwise excluded from participation in the Plan by the Committee. 

(j) “Employee” means any person who renders services to the Company or a Participating Subsidiary as an employee pursuant to
an employment relationship with such employer. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on military leave, sick leave or other leave of absence approved by the Company or a
Participating Subsidiary that meets the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months, and the individual’s right to reemployment
is not provided by statute or contract, the employment relationship shall be deemed to have terminated on the first day immediately following such three-month period. 

(k) “Enrollment Form” means an agreement pursuant to which an Eligible Employee may elect to enroll in the Plan, to authorize
a new level of payroll deductions, or to stop payroll deductions and withdraw from an Offering. 
 (l) “ESPP Share Account”
means an account into which Shares purchased with accumulated payroll deductions at the end of an Offering Period are deposited on behalf of a Participant. 

(m) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and
guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto. 
 (n) “Fair
Market Value” means, as of any date, the closing price of a Share on the Trading Day immediately preceding the date of determination (or, if there is no reported sale on such date, on the last preceding date on which any reported sale
occurred), on the principal stock market or exchange on which Shares are quoted or traded, or if Shares are not so quoted or traded, the fair market value of a Share as determined by the Committee, which such determination shall be conclusive and
binding on all persons. 

 (o) “Offering Date” means the first Trading Day of each Offering Period as
designated by the Committee. 
 (p) “Offering” or “Offering Period” means the period described in
Section 5. 
 (q) “Offering Period Limit” has the meaning set forth in Section 7. 

(r) “Participant” means an Eligible Employee who is actively participating in the Plan. 

(s) “Participating Subsidiaries” means the Subsidiaries that have been designated by the Committee as eligible to participate
in the Plan, and such other Subsidiaries that may be designated by the Committee from time to time in its sole discretion. 
 (t)
“Plan” means this Xponential Fitness Inc. Employee Stock Purchase Plan, as set forth herein, and as amended from time to time. 

(u) “Purchase Date” means the last Trading Day of each Offering Period. 

(v) “Purchase Price” means an amount equal to eighty-five (85%) (or such greater percentage as designated by the Committee)
of the Fair Market Value of a Share on the Purchase Date; provided that the Purchase Price per Share will in no event be less than the par value of the Shares. 

(w) “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules, regulations and guidance
thereunder. Any reference to a provision in the Securities Act includes any successor provision thereto. 
 (x) “Share”
means a share of the Company’s Class A common stock, $0.0001 par value. 
 (y) “Subsidiary” means (i) on and
after the Section 423 Effective Date, any corporation, domestic or foreign, in an unbroken chain of corporations beginning with the Company of which at the time of the granting of an option pursuant to Section 7, not less than 50% of the
total combined voting power of all classes of stock are held by the Company or a Subsidiary, whether or not such corporation exists now or is hereafter organized or acquired by the Company or a Subsidiary; provided, however, that a limited
liability company or partnership may be treated as a Subsidiary to the extent either (a) such entity is treated as a disregarded entity under Treasury Regulation Section 301.7701-3(a) by reason of
the Company or any other Subsidiary that is a corporation being the sole owner of such entity or (b) such entity elects to be classified as a corporation under Treasury Regulation
Section 301.7701-3(a) and such entity would otherwise qualify as a Subsidiary; or (ii) prior to the Section 423 Effective Date, in addition to the entities in clause (i), “Subsidiary”
shall also include any entity that, directly or indirectly, is controlled by, controls or is under common control with the Company, and its subsidiaries, and excluding, in each case, any entity for which the Committee or the Board has excluded its
employees from participation in this Plan. 

 (z) “Trading Day” means any day on which the national stock exchange upon
which the Shares are listed is open for trading. 
 Section 3. Administration. 

(a) Administration of Plan. The Plan shall be administered by the Committee which shall have the authority to construe and interpret
the Plan, prescribe, amend and rescind rules relating to the Plan’s administration and take any other actions necessary or desirable for the administration of the Plan including, without limitation, adopting sub-plans applicable to particular
Participating Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The Committee may correct any defect or supply any omission or reconcile any inconsistency or ambiguity in the Plan.
The decisions of the Committee shall be final and binding on all persons. All expenses of administering the Plan shall be borne by the Company. Notwithstanding anything in the Plan to the contrary and without limiting the generality of the
foregoing, the Committee shall have the authority to change the minimum amount of Compensation for payroll deductions pursuant to Section 6(a), the frequency with which a Participant may elect to change their rate of payroll deductions pursuant
to Section 6(b), the dates by which a Participant is required to submit an Enrollment Form pursuant to Section 6(b) and Section 10(a), and the effective date of a Participant’s withdrawal due to termination of employment or
change in status pursuant to Section 11, and the withholding procedures pursuant to Section 19(n). 
 (b) Delegation of
Authority. To the extent permitted by applicable law, including under Section 157(c) of the Delaware General Corporation Law, the Committee may delegate to (i) one or more officers of the Company some or all of its authority under the
Plan and (ii) one or more committees of the Board some or all of its authority under the Plan. 
 Section 4.
Eligibility. In order to participate in an Offering, an Eligible Employee must deliver a completed Enrollment Form to the Company at least five (5) business days prior to the Offering Date (unless a different time is set by the
Company for all Eligible Employees with respect to such Offering) and must elect their payroll deduction rate as described in Section 6. Notwithstanding any provision of the Plan to the contrary, no Eligible Employee shall be granted an option
under the Plan if (i) immediately after the grant of the option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own stock of the Company
or hold outstanding options to purchase stock of the Company possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary or (ii) such option would permit such Eligible
Employee’s rights to purchase stock under all employee stock purchase plans (described in Section 423 of the Code) of the Company and its Subsidiaries to accrue at a rate that exceeds $25,000 of the Fair Market Value of such stock
(determined at the time the option is granted) for each calendar year in which such option is outstanding at any time, in accordance with the provisions of Section 423(b)(8) of the Code. 

 Section 5. Offering Periods. The Plan shall be implemented by a series of
Offering Periods, each of which shall be six (6) months in duration, with new Offering Periods commencing on January 1 and June 1 of each year. The Committee shall have, prior to the commencement of a particular Offering Period, the
authority to change the duration, frequency, start and end dates of Offering Periods (subject to a maximum Offering Period of twenty-seven (27) months). 

Section 6. Participation. 

(a) Enrollment; Payroll Deductions. An Eligible Employee may elect to participate in the Plan by properly completing an Enrollment
Form, which may be electronic, and submitting it to the Company, in accordance with the enrollment procedures established by the Committee. Participation in the Plan is entirely voluntary. By submitting an Enrollment Form, the Eligible Employee
authorizes payroll deductions from their paycheck in an amount equal to a percentage (of at least one percent (1%)) of their Compensation on each payday occurring during an Offering Period. Payroll deductions shall commence as soon as
administratively practicable following the Offering Date and end on the latest practicable payroll date on or before the Purchase Date. The Company shall maintain records of all payroll deductions but shall have no obligation to pay interest on
payroll deductions or to hold such amounts in a trust or in any segregated account. Unless expressly permitted by the Committee, a Participant may not make any separate contributions or payments to the Plan. 

(b) Election Changes. During an Offering Period, a Participant may decrease (but not increase) their rate of payroll deductions
applicable to such Offering Period only once. To make such a change, the Participant must submit a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen (15) days before the Purchase Date. A Participant may
decrease or increase their rate of payroll deductions for future Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen days before the start of the next Offering Period. 

(c) Automatic Re-enrollment. The deduction rate selected in the Enrollment Form shall remain in
effect for subsequent Offering Periods unless the Participant (i) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance with Section 6(b), (ii) withdraws from the Plan in accordance with Section 10,
or (iii) terminates employment or otherwise becomes ineligible to participate in the Plan. 
 Section 7. Grant of Option.
On each Offering Date, each Participant in the applicable Offering Period shall be granted an option to purchase, on the Purchase Date, a number of Shares determined by dividing the Participant’s accumulated payroll deductions by the applicable
Purchase Price; provided, that the maximum number of Shares that may be purchased by all Participants during an Offering Period shall be determined by the Committee in its sole discretion, provided that they are subject to the limitations set
forth in Section 4 and Section 13 of the Plan) (the “Offering Period Limit”). 

 Section 8. Exercise of Option/Purchase of Shares. A
Participant’s option to purchase Shares will be exercised automatically on the Purchase Date of each Offering Period. The Participant’s accumulated payroll deductions will be used to purchase the maximum number of whole Shares that can be
purchased with the amounts in the Participant’s notional account, subject to the Offering Period Limit and the limitations set forth in Section 4 and Section 13 of the Plan. No fractional Shares may be purchased, and any contributions
unused in a given Offering Period due to being less than the cost of a Share will be returned to the Participant as soon as administratively practicable after the Purchase Date, subject to earlier withdrawal by the Participant in accordance with
Section 10 or termination of employment or change in employment status in accordance with Section 11. During a Participant’s lifetime, the Participant’s option to purchase Shares under the Plan is exercisable only by the
Participant. 
 Section 9. Transfer of Shares. As soon as administratively practicable, but in no event later than thirty
(30) days, after each Purchase Date, the Company will arrange for the delivery to each Participant of the Shares purchased upon exercise of the Participant’s option. The Committee may permit or require that the Shares be deposited directly
into an ESPP Share Account established in the name of the Participant with a Designated Broker and may require that the Shares be retained with such Designated Broker for a specified period of time. Participants will not have any voting, dividend or
other rights of a shareholder with respect to the Shares subject to any option granted under the Plan until such Shares have been delivered pursuant to this Section 9. 

Section 10. Withdrawal. 

(a) Withdrawal Procedure. A Participant may withdraw from an Offering by submitting to the Company a revised Enrollment Form indicating
their election to withdraw at least fifteen (15) days before the Purchase Date. The accumulated payroll deductions held on behalf of a Participant in their notional account (that have not been used to purchase Shares) shall be paid to the
Participant promptly following receipt of the Participant’s Enrollment Form indicating their election to withdraw and the Participant’s option shall be automatically terminated. If a Participant withdraws from an Offering Period, no
payroll deductions will be made during any succeeding Offering Period, unless the Participant re-enrolls in accordance with Section 6(a) of the Plan. 

(b) Effect on Succeeding Offering Periods. A Participant’s election to withdraw from an Offering Period will not have any effect
upon the Participant’s eligibility to participate in succeeding Offering Periods that commence following the completion of the Offering Period from which the Participant withdraws. 

 Section 11. Termination of Employment; Change in Employment Status.
Notwithstanding Section 10, upon termination of a Participant’s employment for any reason prior to the Purchase Date, including death, disability or retirement, or a change in the Participant’s employment status following which the
Participant is no longer an Eligible Employee, the Participant will be deemed to have withdrawn from an Offering in accordance with Section 10 and the payroll deductions in the Participant’s notional account (that have not been used to
purchase Shares) shall be returned to the Participant, or in the case of the Participant’s death, to the person(s) entitled to such amounts by will or the laws of descent and distribution, and the Participant’s option shall be
automatically terminated. 
 Section 12. Interest. No interest shall accrue on or be payable with respect to the payroll
deductions of a Participant in the Plan. 
 Section 13. Shares Reserved for Plan. 

(a) Number of Shares. The maximum number of Shares available for issuance under the Plan shall not exceed in the aggregate 4,504,038
Shares, subject to adjustment as provided in Section 18. The Shares may be newly issued Shares, treasury Shares or Shares acquired on the open market. The total number of Shares available for purchase under the Plan shall be increased on the
first day of each Company fiscal year following the Effective Date in an amount equal to the lesser of (i) 500,449 Shares and (ii) 1% of the aggregate number of Shares, of the Company outstanding (on a fully diluted basis) on the last day of the
immediately preceding fiscal year]; provided that the maximum number of Shares that may be issued under the Plan in any event shall be 4,504,038 Shares (subject to any adjustment in accordance with Section 18). If any purchase of Shares
pursuant to an option under the Plan is not consummated, the Shares not purchased under such option will again become available for issuance under the Plan. 

(b) Over-subscribed Offerings. If the Committee determines that, on a particular Purchase Date, the number of Shares with respect to
which options are to be exercised exceeds either the number of Shares then available under the Plan or the Offering Period Limit, the Company shall make a pro rata allocation of the Shares remaining available for purchase in as uniform a manner as
practicable and as the Committee determines to be equitable. No option granted under the Plan shall permit a Participant to purchase Shares which, if added together with the total number of Shares purchased by all other Participants in such Offering
would exceed either the total number of Shares remaining available under the Plan or the Offering Period Limit. 
 Section 14.
Transferability. No payroll deductions credited to a Participant, nor any rights with respect to the exercise of an option or any rights to receive Shares hereunder may be assigned, transferred, pledged or otherwise disposed of in any way
(other than by will or the laws of descent and distribution, or as provided in Section 17) by the Participant. Any attempt to assign, transfer, pledge or otherwise dispose of such rights or amounts shall be without effect. 

 Section 15. Application of Funds. All payroll deductions received or held by the
Company under the Plan may be used by the Company for any corporate purpose to the extent permitted by applicable law, and the Company shall not be required to segregate such payroll deductions or contributions. 

Section 16. Statements. Participants will be provided with statements at least annually which shall set forth the contributions
made by the Participant to the Plan, the Purchase Price of any Shares purchased with accumulated funds, the number of Shares purchased, and any payroll deduction amounts remaining in the Participant’s notional account. 

Section 17. Designation of Beneficiary. If permitted by the Committee, a Participant may file, on forms supplied by the Committee,
a written designation of beneficiary who, in the event of the Participant’s death, is to receive any Shares from the Participant’s ESPP Share Account or any payroll deduction amounts remaining in the Participant’s notional account.

 Section 18. Adjustments Upon Changes in Capitalization; Dissolution or Liquidation; Corporate Transactions. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other
securities of the Company, or other change in the Company’s structure affecting the Shares occurs, then in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, the
Committee will, in such manner as it deems equitable, adjust the number of Shares and class of Shares that may be delivered under the Plan, the Purchase Price per Share and the number of Shares covered by each outstanding option under the Plan, and
the numerical limits of Section 7 and Section 13. 
 (b) Dissolution or Liquidation. Unless otherwise determined by the
Committee, in the event of a proposed dissolution or liquidation of the Company, any Offering Period then in progress will be shortened by setting a new Purchase Date and the Offering Period will end immediately prior to the proposed dissolution or
liquidation. The new Purchase Date will be before the date of the Company’s proposed dissolution or liquidation. Before the new Purchase Date, the Committee will provide each Participant with written notice, which may be electronic, of the new
Purchase Date and that the Participant’s option will be exercised automatically on such date, unless before such time, the Participant has withdrawn from the Offering in accordance with Section 10 (or deemed to have withdrawn in accordance
with Section 11). 
 (c) Corporate Transaction. In the event of a Corporate Transaction, each outstanding option will be assumed
or an equivalent option substituted by the successor corporation or a parent or Subsidiary of such successor corporation. If the successor corporation refuses to assume or substitute the option, the Offering Period with respect to which the option
relates will be shortened by setting a new Purchase Date on which the Offering Period will end. The new Purchase Date will occur before the date of the 

 
Corporate Transaction. Prior to the new Purchase Date, the Committee will provide each Participant with written notice, which may be electronic, of the new Purchase Date and that the
Participant’s option will be exercised automatically on such date, unless before such date, the Participant has withdrawn (or, pursuant to Section 11, been deemed to have withdrawn) from the Offering in accordance with Section 10.
Notwithstanding the foregoing, in the event of a Corporate Transaction, the Committee may also elect to terminate all outstanding Offering Periods in accordance with Section 19(i). 

Section 19. General Provisions. 

(a) Equal Rights and Privileges. Notwithstanding any provision of the Plan to the contrary and in accordance with Section 423 of
the Code, all Eligible Employees who are granted options under the Plan shall have the same rights and privileges. 
 (b) No Right to
Continued Service. Neither the Plan nor any compensation paid hereunder will confer on any Participant the right to continue as an Employee or in any other capacity. 

(c) Rights as Shareholder. A Participant will become a shareholder with respect to the Shares that are purchased pursuant to options
granted under the Plan when the Shares are transferred to the Participant or, if applicable, to the Participant’s ESPP Share Account. A Participant will have no rights as a shareholder with respect to Shares for which an election to participate
in an Offering Period has been made until such Participant becomes a shareholder as provided herein. 
 (d) Successors and Assigns.
The Plan shall be binding on the Company and its successors and assigns. 
 (e) Entire Plan. This Plan constitutes the entire plan
with respect to the subject matter hereof and supersedes all prior plans with respect to the subject matter hereof. 
 (f) Compliance
with Law. The obligations of the Company with respect to payments under the Plan are subject to compliance with all applicable laws and regulations. Shares shall not be issued with respect to an option granted under the Plan unless the exercise
of such option and the issuance and delivery of the Shares pursuant thereto shall comply with all applicable provisions of law, including, without limitation, the Securities Act, the Exchange Act, and the requirements of any stock exchange upon
which the Shares may then be listed. 
 (g) Disqualifying Dispositions. On and after the Section 423 Effective Date, each
Participant shall give the Company prompt written notice of any disposition or other transfer of Shares acquired pursuant to the exercise of an option acquired under the Plan, if such disposition or transfer is made within two years after the
Offering Date or within one year after the Purchase Date. 
 (h) Term of Plan. The Plan shall become effective on the Effective Date
and, unless terminated earlier pursuant to Section 19(i), shall have a term of ten years. 

 (i) Amendment or Termination. The Committee may, in its sole discretion, amend,
suspend or terminate the Plan at any time and for any reason. If the Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or once Shares have been purchased on the next Purchase Date or permit
Offering Periods to expire in accordance with their terms (and subject to any adjustment in accordance with Section 18). If any Offering Period is terminated before its scheduled expiration, all amounts that have not been used to purchase
Shares will be returned to Participants (without interest, except as otherwise required by law) as soon as administratively practicable. 

(j) Applicable Law. The laws of the State of Delaware shall govern all questions concerning the construction, validity and
interpretation of the Plan, without regard to such state’s conflict of law rules. 
 (k) Shareholder Approval. The Plan shall be
subject to approval by the shareholders of the Company within twelve (12) months before or after the date the Plan is adopted by the Board. 

(l) Section 423. On and after the Section 423 Effective Date, the Plan is intended to qualify as an “employee stock purchase
plan” under Section 423 of the Code, and any provision of the Plan that is inconsistent with Section 423 of the Code shall be reformed to comply with Section 423 of the Code. 

(m) Section 409A; Limitation of Liability. Prior to the Section 423 Effective Date, the Plan and all options are intended to be
exempt from Section 409A of the Code as “short-term deferrals” within the meaning of Treasury Regulation §1.409A-1(b)(4), and on and after the Section 423 Effective Date, as
“statutory stock options” within the meaning of Treasury Regulation §1.409A-1(b)(5)(ii), and the Plan and the options will be interpreted and administered accordingly. Notwithstanding anything
to the contrary in the Plan, neither the Company nor the Committee, nor any person acting on behalf of the Company or the Committee, will be liable to any Participant or other person by reason of any acceleration of income, any additional tax, or
any other tax or liability asserted by reason of the failure of the Plan or any option to be exempt from or satisfy the requirements of Section 409A of the Code. 

(n) Withholding. To the extent required by applicable Federal, state or local law, a Participant must make arrangements satisfactory to
the Company for the payment of any withholding or similar tax obligations that arise in connection with the Plan. At any time, the Company or any Subsidiary may, but will not be obligated to, withhold from a Participant’s compensation the
amount necessary for the Company or any Subsidiary to meet applicable withholding obligations, including any withholding required to make available to the Company or any Subsidiary any tax deductions or benefits attributable to the sale or early
disposition of Shares by such Participant. In addition, the Company or any Subsidiary may, but will not be obligated to, withhold from the proceeds of the sale of 

 
Shares or any other method of withholding that the Company or any Subsidiary deems appropriate to the extent permitted by, where applicable, Treasury Regulation
Section 1.423-2(f). The Company will not be required to issue any Shares under the Plan until such obligations are satisfied. 

(o) Severability. If any provision of the Plan shall for any reason be held to be invalid or unenforceable, such invalidity or
unenforceability shall not affect any other provision hereof, and the Plan shall be construed as if such invalid or unenforceable provision were omitted. 

(p) Headings. The headings of sections herein are included solely for convenience and shall not affect the meaning of any of the
provisions of the Plan. 
 (q) Participating Subsidiaries. This Plan shall constitute the Employee Stock Purchase Plan of the Company
and each Participating Subsidiary. A Participating Subsidiary may withdraw from the Plan as of any Offering Date by giving written notice to the Board, which notice must be received by at least thirty (30) days prior to such Offering Date.EX-10.18

 Exhibit 10.18 

Employment Agreement 
 This Employment
Agreement (this “Agreement”) is dated as of July 1, 2021, and is made by and between Xponential Fitness, LLC, a Delaware limited liability company (the “Company”), and Anthony Geisler (“Executive”).

 Wituesseth: 
 Whereas,
the Company desires to continue to employ Executive, and Executive desires to continue to be so employed, in each case, on the terms and conditions set forth. 

Now, Therefore, in consideration of the foregoing premises and the mutual covenants and promises contained in this Agreement, and for other good
and valuable consideration, the Company and Executive agree as follows: 
  

	1.	 Agreement to Employ; No Conflicts 

Upon the terms and subject to the conditions of this Agreement, the Company agrees to employ Executive, and Executive accepts such employment
by the Company. Executive represents and warrants that (a) Executive is entering into this Agreement voluntarily, and that Executive’s employment compliance with the terms and conditions of this Agreement will not conflict with or result
in the breach by Executive of any agreement to which Executive is a party or by which Executive may be bound; (b) Executive has not violated, and in connection with Executive’s employment with the Company will not violate, any non-competition, non-solicitation or other similar covenant or agreement by which Executive is or may be bound; and (c) in connection with Executive’s employment by
the Company, Executive will not use any confidential or proprietary information Executive may have obtained in connection with Executive’s employment with any previous employer. 

 

	2.	 Term; Position and Responsibilities 

2.1 Term. Unless Executive’s employment shall sooner terminate pursuant to Section 7, the Company shall employ
Executive for a term commencing on the date of this Agreement (the “Commencement Date”) and ending on the first anniversary thereof (the “Initial Term”). Effective upon the expiration of the Initial Term and of each
Additional Term (as defined below), unless Executive’s employment shall sooner terminate pursuant to Section 7, Executive’s employment shall be deemed to be automatically extended, upon the same terms and conditions, for an additional
period of one year (each, an “Additional Term”), in each such case, commencing upon the expiration of the Initial Term or the then current Additional Term, as the case may be, unless, at least 60 days before the expiration of the
Initial Term or such Additional Term, as the case may be, either party shall have notified the other party in writing that such extension shall not take effect. The period during which Executive is employed pursuant to this Agreement shall be
referred to as the “Employment Period”. 
 2.2 Position and Responsibilities. During the Employment Period, Executive
shall serve as the Chief Executive Officer of the Company. Executive may also be designated an officer title of the parent or subsidiary entities of the Company for no additional consideration. Executive shall have such duties and responsibilities
as are customarily assigned to individuals serving in such position, and such other duties consistent with Executive’s position. Executive shall devote all of Executive’s skill, lmowledge and business time to the conscientious performance
of such duties and responsibilities, except for vacation time (as set forth in Section 6.2), absence for sickness or similar disability of himself or an immediate family member as allowed by law, and time spent performing services for any
charitable, religious or community organizations, so long as such services do not materially interfere with the performance of Executive’s duties. 

	3.	 Base Salary 

As compensation for the services to be performed by Executive during the Employment Period, the Company shall pay Executive a base salary at an
annualized rate of $600,000, payable in periodic installments on the Company’s regular payroll dates. The Board of Managers of the Company or the governing board of directors of the ultimate parent of the Company (such applicable board, the
“Board”) will review Executive’s base salary annually during the Employment Period (but will not decrease such base salary). The annual base salary payable to Executive under this Section 3, as the same may be increased
from time to time, shall be referred to as the “Base Salary”. 
  

	4.	 Annual Bonus 

4.1 Annual Bonus. Beginning with the 2021 calendar year, and for each subsequent calendar year of the Company that ends during the
Employment Period, Executive shall be entitled to (i) an annual cash bonus opportunity of 100% of Base Salary (pro-rated for any partial calendar year) (the “Bonus”), paid following the
close of each applicable calendar year in arrears, which shall be payable if the EBITDA performance targets set by the Board for the applicable calendar year are met. In the event that 100% of the Bonus performance target is not achieved, 50% of
such Bonus shall be payable upon achieving 90% of the applicable EBITDA performance target with such Bonus amount being pro-rated by linear interpolation to the extent the Company achieves between 90% and 100%
of such EBITDA performance target. In addition, 120% of the Bonus shall be payable upon achieving 110% of such EBITDA performance target with such Bonus being pro-rated by linear interpolation to the extent
the Company achieves between 100% and 110% of such EBITDA performance target. By way of example, if 95% of such EBITDA performance target is achieved, then 75% of such Bonus shall be payable. Such bonus shall be payable after completion of the audit
for such calendar year, but in no event later than 90 days of the subsequent calendar year to which such Bonus relates. Notwithstanding anything to the contrary contained in this Agreement or any applicable bonus plan, program or arrangement,
Executive shall be eligible to receive any such Bonus only if Executive is actively employed by the Company on the Bonus payout date. 
 4.2
Equity Grant. Subject to entering into a customary grant agreement, Executive will be granted (i) during the third quarter of 2021, RSUs with an initial value of $833,333 vesting over two years and (ii) during the first quarter of
2022, RSUs with an initial value of $3,000,000 vesting over three years. All such RSU grants will be subject to compensation committee approval, continued employment through the applicable grant date and other customary terms provided in the
applicable grant agreement. 
  

	5.	 Employee Benefits 

During the Employment Period, Executive (and, to the extent eligible, Executive’s dependents and beneficiaries) shall be entitled to
participate in any defined contribution plan, any insurance program and any medical and other health benefit plan, in each case, sponsored by the Company for its executive-level employees on terms and conditions set forth in such programs and plans
(as amended from time to time); provided, that if Executive elects to not participate in the Company’s medical or dental plans, the Company shall continue to pay for Executive’s current medical and dental plan (or any reasonable equivalent
plan acceptable to Executive) in lieu of participating in any such plans; provided, however, that the Company’s payment of medical and dental plan premiums will be taxable as wages to Executive if and to the extent such payments would result in
the imposition of excise taxes on the Company for the failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and the Health Care and Education Reconciliation Act of 2010, as
amended. 

  
 2 

	6.	 Expenses; Vacation 

6.1 Business Travel, Lodging. etc. The Company shall reimburse Executive for all other reasonable travel, lodging, meal and other
reasonable expenses incurred by Executive in connection with Executive’s performance of services hereunder upon submission of evidence, satisfactory to the Company, of the incurrence and purpose of each such expense, and otherwise in accordance
with the Company’s Board approved expense policy applicable to its employees as in effect from time to time. 
 6.2 Vacation.
During the Employment Period, Executive shall be entitled to paid vacation in accordance with a Board approved vacation policy, as may be amended from time to time and which is incorporated herein by this reference. 

 

	7.	 Termination of Employment 

7.1 Termination Due to Death or Disability. During the Employment Period, Executive’s employment shall automatically terminate in
the event of Executive’s death, and may be terminated by the Company due to Executive’s Disability. For purposes of this Agreement, “Disability” shall mean a physical or mental disability that prevents, regardless of any
reasonable accommodation, the performance by Executive of Executive’s duties for a continuous period of 90 days or longer, or for 180 days or more in any 12-month period. 

7.2 Termination by the Company. The Company may terminate Executive’s employment with the Company with or without Cause. For
purposes of this Agreement, “Cause” shall mean the following events or conditions, as determined by the Board in its reasonable judgment: (a) any material failure by Executive to substantially perform Executive’s duties
(other than any such breach or failure due to Executive’s physical or mental illness) and the continuance of such failure for more than 30 days following Executive’s receipt of written notice from the Company, which notice shall set forth
in reasonable detail the facts or circumstances constituting such failure; (b) any failure by Executive to cooperate, if reasonably requested by the Company, with any investigation or inquiry into Executive’s or the Company’s business
practices, whether internal or external, including, but not limited to, Executive’s refusal to be deposed or to provide testimony at any trial or inquiry and the continuance of such failure for more than 30 days following Executive’s
receipt of written notice from the Company, which notice shall set forth in reasonable detail the facts or circumstances constituting such failure; (c) Executive’s engaging in fraud, willful misconduct, or dishonesty that has caused or is
reasonably expected to result in material injury to the Company or any of its affiliates; (d) any material breach by Executive of any fiduciary duty owed to the Company or any of its affiliates; (e) Executive’s conviction of, or
entering a plea of guilty or nolo contendere to, a crime that constitutes a felony; or (f) any material breach by Executive of any of Executive’s obligations under this Agreement or under any other written agreement or covenant with the
Company or any of its affiliates, and the continuance of such failure for more than 30 days following Executive’s receipt of written notice from the Company, which notice shall set forth in reasonable detail the facts or circumstances
constituting such failure. A termination for Cause shall include a reasonable determination by the Company following the termination of the Employment Period that circumstances existed during the Employment Period that would have justified a
termination by the Company for Cause. 
 7.3 Termination by Executive. Executive may terminate Executive’s employment with the
Company with or without Good Reason. For purposes of this Agreement, “Good Reason” shall mean a termination by Executive of Executive’s employment if (a) any of the following events occur without Executive’s express
prior written consent; (b) within 60 days after Executive learns of the occurrence of such event, Executive gives written notice to the Company describing such event and demanding cure; and (c) such event is not fully cured within 30 days after
such notice is given: (i) a material diminution in Executive’s Base Salary, or any diminution in Executive’s Base Salary that is not proportionately imposed on other senior executives, (ii) the assignment to Executive of duties
that are significantly assume on the Commencement Date, (iii) Executive no longer reports to the Board, or (iii) a material breach of this Agreement by the Company. 

  
 3 

 7.4 Notice of Termination. Any termination of Executive’s employment by the
Company pursuant to Section 7.1 (other than in the event of Executive’s death) or Section 7.2 or by Executive pursuant to Section 7.3 shall be communicated by a personally delivered written Notice of Termination addressed to the
other party to this Agreement, or by Notice as provided in paragraph 11.7. A “Notice of Termination” shall mean a notice stating that Executive’s employment with the Company has been or will be terminated and the specific
provisions of this Section 7 under which such termination is being effected. 
 7.5 Date of Termination. As used in this
Agreement, the term “Date of Termination” shall mean (a) if Executive’s employment is terminated by Executive’s death, the date of Executive’s death; (b) if Executive’s employment is terminated by the
Company pursuant to Section 7.1 due to Executive’s Disability, 30 days after the date on which the Notice of Termination is given; provided, that, if Executive shall have returned to the performance of Executive’s duties on a
full-time basis during such 30-day period, such Notice of Termination shall be of no force or effect; (c) if Executive’s employment is terminated by the Company for Cause or by Executive for Good
Reason, the date any applicable cure period expires (and, if there is no applicable cure period, the date specified in the Notice of Termination): provided, that if a party is entitled to cure the nature of such termination and so cures prior to the
expiration of the applicable cure period, the Notice of Termination provided to such curing party shall be of no force or effect; or (d) if Executive’s employment is terminated for any other reason, the date specified in the Notice of
Termination (which shall be 30 days after the date of such notice) and, if no such notice is given, the date of termination of employment. 

7.6 Payments Upon Certain Terminations. 

7.6.1 Termination Without Cause or for Good Reason. If (a) the Company shall terminate Executive’s employment without Cause or
(b) Executive shall terminate Executive’s employment for Good Reason, or Executive’s Termination is the result of disability resulting from an injury or death incurred in the course and scope of employment, in each case, during the
Employment Period, the Company shall pay to Executive: 
 (i) any accrued and unpaid Base Salary and accrued and unused
vacation earned through the Date of Termination, which shall be paid on the tenth day after the Date of Termination (or if such day is not a business day, the next business day after such day); plus 

(ii) as severance payments and provided that Executive executes and delivers (and does not revoke) a general release of all
claims in form and substance satisfactory to the Company within 60 days following the Date of Termination, Base Salary for twelve (12) months, plus the cost of COBRA coverage until Executive gets covered under different health insurance, and if the
Date of Termination occurs more than six months into the Company’s calendar year, a prorated Annual Bonus (which may be paid when other executives are paid annual bonuses), which shall be paid in periodic installments on the Company’s
regular payroll dates, beginning with the next payroll date immediately following the expiration of the 60th day following the Date of Termination (which first payment shall include any payments of Base Salary that should have been made during such 60-day period but for the 60-day release consideration period). In addition, any equity grants, stock options or Long Term Incentive benefits that are not fully vested shall
vest upon the Date of Termination. There shall be no obligation to mitigate damages, or offset, to severance payments. Notwithstanding the foregoing, the RSUs granted pursuant to Section 4.2 above shall only vest upon termination if the
business is achieving 90% of its budgeted EBITDA during the year of termination, provided, further, if the termination occurs during the first quarter of a fiscal year, the prior year’s performance will be used to determine if the business
achieved at least 90% of budgeted EBITDA. 

  
 4 

 7.6.2 Termination for Any Other Reason. If Executive’s employment is terminated
for any reason other than those specified in Section 7.6.1 during the Employment Period, the Company shall pay Executive on the tenth day after the Date of Termination or the expiration of the Employment Period, as the case may be (or, if such
day is not a business day, the next business day after such day), accrued and unpaid Base Salary and accrued and unused vacation earned through the Date of Termination. 

7.6.3 Effect of Termination on Other Plans and Programs. In the event that Executive’s employment with the Company is terminated
for any reason, Executive shall be entitled to receive all amounts payable and benefits accrued under any otherwise applicable plan, policy, program or practice of the Company in which Executive was a participant immediately before the Date of
Termination in accordance with the terms thereof; provided, that, if Executive’s employment is terminated without Cause or for Good Reason, Executive shall not be entitled to receive any payments or benefits under any such plan, policy, program
or practice providing any severance or cash bonus compensation, and the provisions of this Section 7.6 shall supersede such provisions of any such plan, policy, program or practice. 

7.7 Resignation Upon Termination. Effective as of any Date of Termination or otherwise as of the date of Executive’s termination of
employment with the Company, Executive shall resign, in writing, from all positions then held by Executive with the Company and its affiliates unless otherwise requested by the Company and agreed to by Executive. 

7.8 Cessation of Professional Activity. Upon delivery of a Notice of Termination by either party or a notice pursuant to
Section 2.1, the Company may relieve Executive of Executive’s responsibilities described in Section 2.2 and require Executive to immediately cease all professional activity on behalf of the Company, without such action constituting a
termination of Executive’s employment by the Company without Cause or giving grounds for Executive to terminate for Good Reason. 
  

	8.	 Restrictive Covenants 

8.1 Unauthorized Disclosure. During the Employment Period and following any termination thereof, without the prior written consent of
the Company, except to the extent required by an order of a court having competent jurisdiction or under subpoena from an appropriate government agency, in which event Executive shall use Executive’s best efforts to consult with the Company
before responding to any such order or subpoena, and except as required in performance of Executive’s duties, Executive shall not use or disclose any confidential or proprietary trade secrets, customer lists, drawings, designs, marketing plans,
management organization information (including, but not limited to, data and other information relating to members of the boards of directors of the Company, its parent or any subsidiary or affiliate thereof (the Company, its parent and their
respective subsidiaries and affiliates, the “Company Group”), the Company Group, or to the management of the Company Group), operating policies or manuals, business plans, financial records, or other financial, commercial, business
or technical information) relating to the Company Group or that the Company Group may receive belonging to customers or others who do business with the Company Group (collectively, “Confidential Information”) to any third Person (as
defined below) unless such Confidential Information has been previously disclosed to the public generally, is in the public domain, or has been rightfully received by Executive from a third party who is authorized to make such disclosure, in each
case, other than by reason of Executive’s breach of this Section 8.1. For purposes of this Agreement, “Person” shall mean any natural person, partnership, limited liability company, association, corporation, company,
trust, business trust, governmental authority or other entity. 

  
 5 

 8.2 Non-Solicitation of Employees. During the period
beginning on the Commencement Date and ending twelve months after the termination of Executive’s employment with the Company (the “Restriction Period’’), Executive shall not, directly or indirectly, for Executive’s
own account or for the account of any other Person, in any jurisdiction in which the Company Group has commenced during the Employment Period, (i) solicit for employment any natural person throughout the world who is or was employed by or
otherwise engaged to perform services for the Company Group (x) at any time during the Employment Period (in the case of such prohibited activity occurring during such time) or (y) during the twelve month period preceding such prohibited
activity (in the case of such prohibited activity occurring during the Restriction Period but after the date of Executive’s termination of employment with the Company), other than any such solicitation on behalf of the Company Group during the
Employment Period; or (ii) induce any employee of the Company Group to engage in any activity which Executive is prohibited from engaging in under any of this Section 8 or to terminate such employee’s employment with the Company. 

8.3 Non-Solicitation of Business Relationships. During the Employment Period, Executive shall
not, directly or indirectly, for Executive’s own account or for the account of any other Person, in any jurisdiction in which the Company Group has commenced or has actively made plans to commence operations, solicit, interfere with, or
otherwise attempt to establish any business relationship of a nature that is competitive with the business or relationship of the Company Group with any Person throughout the world which is or was a customer, client or franchisee of the Company
Group, other than any such activity on behalf of or at the request of the Company Group. 
 8.4 Words for Hire. 

8.4.1 Generally. Executive agrees that the Company shall own all right, title and interest (including, but not limited to, patent
rights, copyrights, trade secret rights and other rights throughout the world) in any inventions, works of authorship, ideas or information made or conceived or reduced to practice, in whole or in part, by Executive (either alone or with others)
during the Employment Period (collectively “Developments”); provided, however, that the Company shall not own Developments for which no equipment, supplies, facility, trade secret information or Confidential Information of the
Company was used and which were developed entirely on Executive’s time, and (a) which do not relate (i) to the business of the Company Group or (ii) to the actual or demonstrably anticipated research or development of the Company
Group, and (b) which do not result from any work performed by Executive for the Company. 
 8.4.2 Disclosure; Assignment. Subject
to Section 8.4.1, Executive will promptly and fully disclose to the Company, or any persons designated by it, any and all Developments made or conceived or reduced to practice or learned by Executive, either alone or jointly with others during
the Employment Period. Executive assigns all right, title and interest in and to any and all of these Developments to the Company. Executive shall further assist the Company, at the Company’s expense, to further evidence, record and perfect
such assignments, and to perfect, obtain, maintain, enforce, and defend any rights specified to be so owned or assigned. Executive irrevocably designates and appoints the Company and its agents as attorneys-in-fact to act for and on Executive’s behalf to execute and file any document and to do all other lawfully permitted acts to further the purposes of the foregoing with the same legal force and
effect as if executed by Executive. 

  
 6 

 8.4.3 Copyright Act; Moral Rights. In addition, and not in contravention of
Section 8.4.1 or Section 8.4.2, Executive acknowledges that all original works of authorship which are made by him (solely or jointly with others) within the scope of employment and which are protectable by copyright are “works
made for hire,” as that term is defined in the United States Copyright Act (I 7 USC § 101). To the extent allowed by law, this Section 8.4.3 includes all rights of paternity, integrity, disclosure and withdrawal and any other
rights that may be known as or referred to “moral lights” (collectively, “Moral Rights”). To the extent Executive retains any such Moral Rights under applicable law, Executive waives such Moral Rights and consents
to any action consistent with the terms of this Agreement with respect to such Moral Rights, in each case, to the full extent of such applicable law. Executive will confirm any such waivers and consents from time to time as requested by the Company.

 8.4.4 Authorized Disclosure. Section 1883(b) of Title 18 of the United States Code states “An individual shall not be
held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (i) is made (ii) in confidence to a Federal, State, or local government official, either directly or indirectly, or to
an attorney and (hi solely for the purposes of reporting or investigating a suspended violation of law or (iii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.”
Accordingly, the Company and Executive have the right to disclose in confidence trade secrets to Federal, State, and local government officials, or to au attorney, for the sole purpose of reporting or investigating a suspected violation of law. The
Company and Executive also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. Nothing in this Agreement is intended to
conflict with Section 1883(b) of Title 18 of the United States Code or create liability for disclosures of trade secrets that are expressly allowed by Section 1883(b) of Title 18 of the United States Code. 

8.4.5 Section 2870 of the California Labor Code. Notwithstanding anything to the contrary contained in this Agreement, Executive may use
Executive’s own ideas, knowledge, aud experience to develop Developments that qualify under the provisions of Section 2870 of the California Labor Code, which provisions are set forth below, and all rights to such Developments that qualify
under Section 2870 and are so developed shall belong solely to Executive; provided, that such Developments are developed without the use of Company resources and outside of the scope of the services provided under this Agreement.
Section 2870 of the California Labor Code reads in its entirety, as follows: “(a) Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or
her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for inventions that either:
(1) Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or (2) Result from any work performed by the
employee for the employer; (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the
public policy of this state and is unenforceable”. 
 8.5 Nondisparagement. Executive agrees that Executive shall neither,
directly or indirectly, engage in any conduct or make any statement (including through social media) disparaging or criticizing in any way the Company Group, or any of their personnel, nor engage in any other conduct or make any other statement that
could be reasonably expected to impair the goodwill or the reputation of the Company Group, in each case, except to the extent required by law, and then only after consultation with the Company to the extent possible. The Company Group agrees that
it shall instruct the directors and officers of the Company not to, directly or indirectly, engage in any conduct or make any statement (including through social media) disparaging or criticizing Executive in any way, nor engage in any other conduct
or make any other statement that could be reasonably expected to impair the goodwill or the reputation of Executive, in each case, except to the extent required by law, and then only after consultation with Executive to the extent possible. 

  
 7 

 8.6 Return of Documents. In the event of the termination of Executive’s
employment, Executive shall deliver to the Company (a) all property of the Company Group then in Executive’s possession; and (b) all documents and data of any nature and in whatever medium of the Company Group, and Executive shall not
take with Executive any such property, documents or data or any reproduction thereof, or any documents containing or pertaining to any Confidential Information. 

8.7 Confidentiality of Agreement; Governmental Agency Exception. The parties to this Agreement agree not to disclose its terms to any
Person, other than their attorneys, accountants, financial advisors or, in Executive’s case, members of Executive’s immediate family or, in the Company’s case, for any reasonable purpose that is reasonably related to its business
operations: provided, that this Section 8.7 shall not be conditions of this Agreement. Notwithstanding anything to the contrary contained in this Agreement, this Agreement does not limit Executive’s ability to communicate with any
government agency or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or other information, without notice to the Company or its affiliates. This Agreement does
not limit Executive’s right to receive an award for information provided to any government agencies. 
  

	9.	 Certain Acknowledgments; Injunctive Relief with Respect to Covenants 

9.1 Certain Acknowledgements. Executive acknowledges and agrees that Executive will have a prominent role in the development of the
goodwill of the Company Group, and has and will establish and develop relations and contacts with the principal business relationships of the Company Group in the United States of America and the rest of the world, all of which constitute valuable
goodwill of, and could be used by Executive to compete unfairly with, the Company Group and that (a) in the course of Executive’s employment with the Company, Executive will obtain confidential and proprietary information and trade secrets
concerning the business and operations of the Company Group in the United States of America and the rest of the world that could be used to compete unfairly with the Company Group; (b) the covenants and restrictions contained in Section 8
are intended to protect the legitimate interests of the Company Group in their respective goodwill, trade secrets and other confidential and proprietary information; and (c) Executive desires to be bound by such covenants and restrictions. 

9.2 Injunctive Relief. Executive acknowledges and agrees that the covenants, obligations and agreements of Executive contained in
Section 8 relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants, obligations or agreements will cause the Company Group irreparable injury for which adequate remedies are not available at
law. Therefore, Executive agrees that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) to restrain Executive from committing any violation of such covenants,
obligations or agreements. These injunctive remedies are cumulative and in addition to any other rights and remedies the Company Group may have. 
  

	10.	 Entire Agreement 

This Agreement constitutes the entire agreement between the Company and Executive with respect to the subject matters addressed, and supersedes
all undertakings and agreements, whether oral or in writing, previously entered into by the Company and Executive with respect thereto. All previous correspondence and proposals (including, but not limited to, summaries of proposed terms) and all
previous offer letters, promises, representations, understandings, arrangements and agreements relating to such subject matter (including, but not limited to, those made to or with Executive by any other person) are merged and superseded. 

  
 8 

	11.	 General Provisions 

11.1 Binding Effect: Assignment. This Agreement shall be binding on and inure to the benefit of the Company and its respective
successors and permitted assigns. This Agreement shall also be binding on and inure to the benefit of Executive and Executive’s heirs, executors, administrators and legal representatives. This Agreement shall not be assignable by any party
without the prior written consent of the other parties, except as provided pursuant to this Section 11.1. The Company may effect such an assignment without prior written approval of Executive (i) to any direct or indirect subsidiary of the
Company or (ii) upon the transfer of all or substantially all of its business and/or assets (by whatever means). 
 11.2
Indemnity. Section 7.2 of the Limited Liability Company of Xponential Fitness, LLC, dated September 26, 2017, as amended from time to time, is incorporated by reference herein and made a part hereof, and as so incorporated, shall remain
in full force and effect in accordance with its terms. 
 11.3 Governing Law; Waiver of Jury Trial. 

11.3.1 Governing Law; Consent to Jurisdiction. This Agreement shall be governed in all respects, including as to interpretation,
substantive effect and enforceability, by the internal laws of the State of California, without regard to conflicts of laws provisions thereof that would require application to the laws of another jurisdiction other than those that mandatorily
apply. Each party irrevocably submits to the jurisdiction of the courts of the State of California and the federal courts of the United States of America located in Orange County, California solely in respect of the interpretation and enforcement of
the provisions of this Agreement and in respect of the transactions contemplated. Each party waives and agrees not to assert, as a defense in any action, suit or proceeding for the interpretation and enforcement hereof, or in respect of any such
transaction, that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement may not be enforced in or by such courts. Each party consents to and
grants any such court jurisdiction over the person of such parties and over the subject matter of any such dispute and agree that the mailing of process or other papers in connection with any such action or proceeding in the manner provided in
Section 11.6 or in such other manner as may be permitted by law, shall be valid and sufficient service. 
 11.3.2 Waiver of Jury
Trial. Each party acknowledges and agrees that any controversy which may arise under this Agreement is likely to involve complicated and difficult issues, and therefore each party irrevocably and unconditionally waives any right such party may
have to a trial by jury in respect of any litigation directly or indirectly arising out of or relating to this Agreement, or the breach, termination or validity of this Agreement, or the transactions contemplated by this Agreement. Each party
certifies and acknowledges that (a) no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver; (b) each
such party understands and has considered the implications of this waiver; (c) each such party makes this waiver voluntarily; and (d) each such party has been induced to enter into this Agreement by, among other things, the mutual waivers
and certifications in this Section 11.3.2. 
 11.4 Taxes. All amounts payable and benefits provided hereunder shall be subject to
any and all applicable taxes, as required by applicable Federal, state, local and foreign laws and regulations. 
 11.5 Amendments;
Waiver. No provision of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is approved by a Person authorized by the Company and is agreed to in writing by Executive. No waiver by any party at
any time of any breach by any other party of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior
or subsequent time. No waiver of any provision of this Agreement shall be implied from any course of dealing between or among the parties hereto or from any failure by any party hereto to assert its rights hereunder on any occasion or series of
occasions. 

  
 9 

 11.6 Legal Advice; Severability; Blue Pencil. Executive acknowledges that Executive
has been advised to seek independent legal counsel for advice regarding the effect of the provisions of this Agreement, and has either obtained such advice of independent legal counsel, or has voluntarily and without compulsion elected to enter into
and be bound by the terms of this Agreement without such advice of independent legal counsel. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions shall not be affected. Executive and the Company agree that the covenants contained in Section 8 are reasonable covenants under the circumstances, and further agree that if, in the opinion
of any court of competent jurisdiction such covenants are not reasonable in any respect, such court shall have the right, power and authority to excise or modify such provision or provisions of these covenants as to the court shall appear not
reasonable and to enforce the remainder of these covenants as so amended. 
 11.7 Notices. Any notice or other communication required
or permitted to be delivered under this Agreement shall be (a) in writing; (b) delivered personally, by courier service or by certified or registered mail, first class postage prepaid and return receipt requested with a copy by electronic
mail; (c) deemed to have been received on the date of delivery or, if so mailed, on the third business day after the mailing thereof; and (d) addressed as follows (or to such other address as the party entitled to notice shall hereafter
designate in accordance with the terms hereof): 
  

	 	(i)	 If to the Company: Xponential Fitness, LLC 

17877 Von Karman Avenue, Suite 100 

Irvine, CA 92614 
 Attention:
Chairman of the Board 
 with a copy (which shall not constitute notice) to: 

Buchalter, A Professional Corporation 

1000 Wilshire Boulevard, Suite 1500 

Los Angeles, CA 90017 
 Attention:
Jeremy Weitz, Esq. 
 Tel: (213) 891-5285 

Fax: (213) 630-5651 
  

	 	(ii)	 If to Executive, to the last home address, or personal fax on file with the Company. 

11.8 Survival. The Company and Executive agree that certain provisions of this Agreement shall survive the expiration of the Employment
Period in accordance with their terms, including, but not limited to, Sections 7.6, 8, 9, 10, and 11. 
 11.9 Further Assurances. Each
party hereto agrees with the other party hereto that it will cooperate with such other party and will execute and deliver, or cause to be executed and delivered, all such other instruments and documents, and will take such other actions, as such
other parties may reasonably request from time to time to effectuate the provisions and purpose of this Agreement. 

  
 10 

 11.10 Section 409A. The parties intend that any amounts payable under this Agreement
comply with or are exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) (including under Treasury Regulation§§ l.409A-l(b)(4)
(“short-term deferrals”) and (b)(9) (“separation pay plans,” including the exceptions under subparagraph (iii) and subparagraph (v)(D)) and other applicable provisions of Treasury Regulation§§ l.409A-l through A-6). For purposes of Section 409A, each of the payments that may be made under this Agreement shall be deemed to be a separate payment for purposes of
Section 409A. This Agreement shall be administered, interpreted and construed in a manner that does not result in the imposition of additional taxes, penalties or interest under Section 409A. The Company and Executive agree to negotiate in
good faith to make amendments to the Agreement, as the parties mutually agree are necessary or desirable to avoid the imposition of taxes, penalties or interest under Section 409A. Neither the Company nor Executive shall have the right to
accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A. Notwithstanding the foregoing, the Company does not guarantee any particular tax effect, and Executive
shall be solely responsible and liable for the satisfaction of all taxes, penalties and interest that may be imposed on or for the account of Executive in connection with the Agreement (including any taxes, penalties and interest under
Section 409A), and neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold Executive (or any beneficiary) harmless from any or all of such taxes, penalties or interest. With respect to the time of
payments of any amounts under the Agreement that are “deferred compensation” subject to Section 409A, references in the Agreement to “termination of employment” (and substantially similar phrases) shall mean
“separation from service” within the meaning of Section 409A. For the avoidance of doubt, it is intended that any expense reimbursement made to Executive hereunder shall be exempt from Section 409A. Notwithstanding the
foregoing, if any expense reimbursement made hereunder shall be determined to be “deferred compensation” within the meaning of Section 409A, then (i) the amount of the indemnification payment or expense reimbursement
during one taxable year shall not affect the amount of the expense reimbursement during any other taxable year, (ii) the expense reimbursement shall be made on or before the last day of Executive’s taxable year following the year in which
the expense was incurred and (iii) the right to expense reimbursement shall not be subject to liquidation or exchange for another benefit. 

11.11 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together
shall constitute one and the same instrument. The parties agree to accept a signed facsimile copy or “PDF” of this Agreement as a fully binding original. 

11.12 Headings. The section and other headings contained in this Agreement are for the convenience of the parties only and are not
intended to be a part hereof or to affect the meaning or interpretation of any terms. 
 [Signature Page Follows] 

  
 II 

 IN WITNESS WHEREOF, the Company has executed this Agreement by its authorized
representative, and Executive has executed this Agreement, in each case effective as of the date first above written. 
  

			
	COMPANY:
	
	XPONENTIAL FITNESS, LLC
		
	By:	 	 /s/ John Meloun

	Name: John Meloun
	Title: CFO
	
	EXECUTIVE:
		
	By:	 	 /s/ Anthony Geisler

	Name: Anthony Geisler
	Title: CEO

 [Signature Page to Employment Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}]]