SEC Contract Filing

Filing Date: 2024-02-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>2
<FILENAME>ex103firstamendmenttotaxre.htm
<DESCRIPTION>EX-10.3
<TEXT>
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<title>Document</title></head><body><div id="i8ed8126bd2224a279f8d8c16db7d6ca0_35"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit 10.3</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%">FIRST AMENDMENT TO TAX RECEIVABLE AGREEMENT</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:41pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">This First Amendment to Tax Receivable Agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Amendment&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">) is made and entered into this 22</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:112%">nd </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> day of December 2023, by and between TSG PF Investment L.L.C., a Delaware limited liability company (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">TSG PF&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">), TSG PF Investment II L.L.C., a Delaware limited liability company (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">TSG PF II&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">), TSG6 Management L.L.C., a Delaware limited liability company (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">TSG Representative&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> and together with TSG PF and TSG PF II, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">TSG&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">), Planet Fitness, Inc., a Delaware corporation (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Planet&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">), The Christopher J. Rondeau Irrevocable GST Trust of 2012 and The Christopher J. Rondeau Revocable Trust of 2006 (together, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Rondeau</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Investors&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">) and The Marc Grondahl Revocable Trust of 2006 (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Grondahl Investor&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> and together with Rondeau Investors, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Founder Investors&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">), in order to amend certain provisions of the Tax Receivable Agreement, entered into as of August 5, 2015, by and between TSG, Planet, the Founder Investors, Pla-Fit Holdings, LLC, a Delaware limited liability company, each of the Indirect LLC Unit Holders, and each of the successors and assigns thereto (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">TRA&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">). TSG, Planet and the Founder Investors are sometimes referred to herein individually as a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Party&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> and collectively as &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Parties&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-si