EXHIBIT 10.12 2003 EXECUTIVE STOCK AGREEMENT THIS EXECUTIVE STOCK AGREEMENT, dated as of July 23, 2003, is made by and among TOWN SPORTS INTERNATIONAL, INC., a New York corporation (the "Company"), RANDY STEPHEN (the "Executive"), BRUCKMANN, ROSSER,...2003 Executive Stock Agreement • June 16th, 2004 • Town Sports International Holdings Inc • Services-membership sports & recreation clubs • New York
