As part of this process, YogaWorks entered into a contract with Serene Investment Management (“Serene”), under which Serene will act as a stalking-horse bidder and has agreed to acquire YogaWorks` digital and educational activities and intellectual property. YogaWorks expects an auction pursuant to Section 363 of the U.S. Banking Code, in which Serene`s sale contract defines the land for the auction, a procedure designed to receive the best bid, subject to court approval. 2.3 The entity reserves the right to revoke the membership of a member whose conduct is contrary to the character of the studio or considered prejudicial, considered acceptable or considered prejudicial to the studio, or constitutes a violation of the terms of sale, or if such a designation is contrary to the interests of the other members of the studio, to revoke the studio. suspend or refuse. Any member appointed in this way loses all right to membership and is not entitled to a refund for a period during which membership is suspended. YogaWorks is a leading provider of progressive, high-quality yoga that promotes physical and emotional well-being.