EXECUTIVE SEVERANCE AGREEMENTExecutive Severance Agreement • February 29th, 2008 • Town Sports International Holdings Inc • Services-membership sports & recreation clubs • New York
Executive Severance Agreement, dated as of , 2008 (this “Agreement”), between Town Sports International, LLC (the “Company”) and (the “Executive”).
January 22, 2008 Mr. Richard Pyle c/o Town Sports International Holdings, Inc. 5 Penn Plaza — 4th Floor New York, NY 10001 Dear Richard:Letter Agreement • February 29th, 2008 • Town Sports International Holdings Inc • Services-membership sports & recreation clubs • New York
This letter agreement (the “Agreement”) confirms the terms that Town Sports International, LLC (the “Company”) is offering you in connection with your resignation from the employ of the Company and its affiliates from all officer and other positions that you currently hold with the Company and its affiliates, including Town Sports International Holdings, Inc. (“TSI Holdings”). The payments and benefits offered to you under this Agreement are made in consideration for the promises and obligations you undertake by signing this Agreement, specifically the non-solicitation and non-compete obligations set forth in Section 12 of this Agreement.
