AMENDED AND RESTATED EXECUTIVE SEVERANCE AGREEMENTExecutive Severance Agreement • February 25th, 2015 • Town Sports International Holdings Inc • Services-membership sports & recreation clubs • New York
Amended and Restated Executive Severance Agreement, dated as of February 25, 2015 (this “Agreement”), between Town Sports International Holdings, Inc. (“Holdings” and collectively with its subsidiaries and affiliates being referred to as the “Company”) and [Name of Executive] (the “Executive”).
February 25, 2015Letter Agreement • February 25th, 2015 • Town Sports International Holdings Inc • Services-membership sports & recreation clubs • New York
This letter agreement (the “Agreement”) sets forth the terms of your continued employment through a transition period and your resignation in all capacities (except as otherwise specified in Section 1) from Town Sports International Holdings, Inc. (“TSI”) and its subsidiaries and affiliates (collectively, the “Company”). Effective February 25, 2015, you will become Executive Chairman of the Board of Directors of TSI (the “Board”). TSI is entering into this Agreement in order to induce you to serve as Executive Chairman, perform the duties described below and remain an employee of the Company through September 30, 2015 (such date, as it may be extended or accelerated pursuant to Section 3 below, being referred to herein as the “Departure Date”). The period from the date hereof through the Departure Date is referred to as the “Retention Period.”
February 25, 2015Letter Agreement • February 25th, 2015 • Town Sports International Holdings Inc • Services-membership sports & recreation clubs • New York
Town Sports International Holdings, Inc. (“TSI Holdings” and together with its subsidiaries and affiliates, the “Company”) is pleased to offer you a promotion into the position of Chief Executive Officer and President effective as of February 25, 2015 (the “Effective Date”). This letter agreement (this “Agreement”) set forth the terms of your continued employment.
