On December 28, 2020, Town Sports International Holdings, Inc., entered into a credit agreement with the several lenders party thereto and Alter Domus (US) LLC, as administrative agent (the Administrative Agent") pursuant to which the Lenders agreed to provide senior secured first lien term loans in an aggregate principal amount of up to $100.0 million to the Company consisting of (a) initial senior secured first lien term loans in an aggregate principal amount of $5.0 million, which Initial Loans were drawn at closing, and (b) senior secured first lien delayed draw term loans in an aggregate principal amount of up to $95.0 million, in each case, subject to the terms and conditions set forth in the Credit Agreement. Pursuant to the Credit Agreement, the Company and the Board agreed to set the number of directors on the Board at five directors and provide KLIM with the right to nominate three directors to the Board. As a result, effective concurrently with the closing of the Credit Agreement, the Board increased the size of the Company's Board to five members; each of Martin Annese and Jeffery Crivello resigned from the Company's Board and any committees of the Board on which they respectively served; and the remaining members of the Board elected David Chene, Brian Dubin and Doug Logigian as members of the Board to fill the vacancies created by the increase in Board size (with the appointment of Doug Logigian to take effect ten days after transmission of the Information Statement on Form 14f-1 to all holders of Common Stock) and resignation of Martin Annese and Jeffery Crivello to serve until the Company's next annual meeting or their earlier resignation, termination or death.