FORM OF STOCK APPRECIATION RIGHT AGREEMENT FOR THE 2010 LONG-TERM INCENTIVE PLAN



 Exhibit 4.7 
 GRANT NO.                         

LIFEVANTAGE CORPORATION 
 2010 LONG-TERM INCENTIVE PLAN 
 SAR AGREEMENT 

The Company hereby grants a Stock Appreciation Right with respect to its Shares to the Participant named below. The terms and conditions of the SAR are
set forth in this cover sheet, in the attached SAR Agreement and in the 2010 Long-Term Incentive Plan as it may be amended from time to time (the “Plan”). This cover sheet is incorporated into and a part of the attached SAR Agreement
(together, the “Agreement”). 
  
 Date of Award:
                    , [YEAR] 
 Name of Participant:
                                        

 Participant’s Social Security Number:
            -            -            

 Number of Shares Subject to SAR:              

Exercise Price per Share:
$            .             
 Fair Market Value of a Share on Date of Award:
$            .             
 Expiration Date:             , [YEAR] 
 Vesting Calculation Date:             , [YEAR] 
 Vesting Schedule: [TAILOR BELOW VESTING AS DESIRED AND DETERMINE WHETHER OR NOT ACCELERATED VESTING WILL BE PROVIDED IN ANY CIRCUMSTANCES] 
 Subject to all the terms of the Agreement and your continued Service through the applicable dates of vesting, your right to exercise this SAR shall vest as to one-fourth (1/4) of the total number of
Shares covered by this SAR, as shown above, on the first anniversary of the Vesting Calculation Date. Thereafter, the number of Shares which may be exercised under this SAR shall vest at the rate of one-forty-eighth (1/48) of the total number
of Shares covered by this SAR per calendar month on the last day of each of the thirty-five (35) months following the month of the first anniversary of the Vesting Calculation Date and the final one-forty-eighth (1/48) of the total number
of Shares covered by this SAR shall vest on the fourth anniversary of the Vesting Calculation Date. In all cases, the resulting aggregate number of vested Shares will be rounded down to the nearest whole number. No Shares subject to this SAR will
vest after your Service has terminated for any reason. 
 By signing this cover sheet, you agree to all of the terms and
conditions described in the Agreement and in the Plan and the Plan’s prospectus. You are also acknowledging receipt of this Agreement and a copy of the Plan and the Plan’s prospectus, a copy of which is also enclosed. 

 

							
	Company:	 	 	  	 	  	Participant:
				
	 By:
	 	  
	  		  	  

	Its:	 	  
	  		  	

 Attachments 







 LIFEVANTAGE CORPORATION 

2010 LONG-TERM INCENTIVE PLAN 
 SAR AGREEMENT 
  

					
			
	1.	  	The Plan and
Other Agreements	  	 The text of the Plan is incorporated in this Agreement by this reference. You and the Company agree to
execute such further
instruments and to take such further action as may reasonably be necessary to carry
out the intent of this Agreement. Unless otherwise defined in this Agreement, certain capitalized terms
used in this Agreement and the attached Notice of
Exercise are defined in the Plan.
  
 This Agreement, the attached Exhibits
and the Plan constitute the entire understanding between you and
the Company regarding this SAR. Any prior agreements, commitments or negotiations concerning this
SAR are superseded.

			
	2.	  	Code Section 409A	  	This SAR is not intended to constitute nonqualified deferred compensation under section 409A of the Code and will be interpreted accordingly.
			
	3.	  	Vesting	  	This SAR is only exercisable before it expires and then only with respect to the vested portion of the SAR. This SAR will vest according to the Vesting Schedule described in the
cover sheet of this Agreement.
			
	4.	  	Term	  	Your SAR will expire in all cases no later than the close of business at Company headquarters on the Expiration Date, as shown on the cover sheet. Your SAR may expire earlier if
your Service terminates, as described below or on the date on which the SAR is cancelled (and not substituted or assumed) pursuant to a Change in Control or merger or acquisition or reorganization or similar transaction involving the Company. You
are solely responsible for determining whether and when to exercise any vested portion of this SAR and also for keeping track of when your SAR expires and when it therefore can no longer be exercised. The Company has no obligation (and does not
intend) to provide you with any further notice of your SAR’s expiration dates. The Company will have no liability to you or to any other person if all or any portion of your SAR is not exercised before it expires for any
reason.
			
	5.	  	Termination of Service - General	  	If, while the SAR is outstanding, your Service terminates for any reason, other than being terminated by the Company for Cause or due to your death or Disability, then the
unvested portion of your SAR shall be forfeited without consideration and shall immediately expire on your Termination Date and the vested portion of your SAR will expire at the earlier of (i) the close of business at Company headquarters on the
date that is three (3) months after your Termination Date, (ii) the Expiration Date set forth in the attached cover sheet and further described in the Term section above, or (iii) the date on which the SAR is cancelled (and not substituted or
assumed) pursuant to a Change in Control or merger or acquisition or reorganization or


  
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	 	  	 	  	similar transaction involving the Company. In no event is the SAR exercisable after the Expiration Date.
			
	6.	  	Termination of Service for Cause	  	If your Service is terminated by the Company for Cause or if you commit an act(s) of Cause while this SAR is outstanding, as determined by the Committee in its sole discretion,
then you shall immediately forfeit all rights to your SAR without consideration, including any vested portion of the SAR, and the entire SAR shall immediately expire, and any rights, payments and benefits with respect to the SAR shall be subject to
reduction or recoupment in accordance with the Clawback Policy and the Plan. For avoidance of doubt, your Service shall also be deemed to have been terminated for Cause by the Company if, after your Service has otherwise terminated, facts and
circumstances are discovered that would have justified a termination for Cause, including, without limitation, your violation of Company policies or breach of confidentiality or other restrictive covenants or conditions that may apply to you prior
to or after your Termination Date.
			
	7.	  	Termination of Service due to Death or Disability	  	If your Service terminates because of your death or Disability, then the unvested portion of your SAR shall be forfeited without consideration and shall immediately expire on
your Termination Date and the vested portion of your SAR will expire at the earlier of (i) the close of business at Company headquarters on the date that is twelve (12) months after your Termination Date, (ii) the Expiration Date set forth in the
attached cover sheet and further described in the Term section above, or (iii) the date on which the SAR is cancelled (and not substituted or assumed) pursuant to a Change in Control or merger or acquisition or similar transaction involving the
Company. In no event is the SAR exercisable after the Expiration Date. If your Service terminated due to your death, then your estate may exercise the vested portion of your SAR during the foregoing post-Service exercise period.
			
	8.	  	Leaves of Absence	  	 For purposes of this SAR, your continuous Service does not terminate when you go on a bona fide leave of absence that was
approved by the Company in writing, if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. Your continuous Service terminates in any event when the approved leave ends
unless you immediately return to active work.
  
 The Company determines
which leaves count for this purpose (along with determining the effect of a leave of absence on vesting of the SAR), and when your continuous Service terminates for all purposes under the Plan.

			
	9.	  	Notice of Exercise	  	 When you wish to exercise this SAR, you must notify the Company by filing a “Notice of Exercise” form at the address given
on the form. Your notice must specify the number of Shares you wish to exercise. Your notice must also specify how your Shares (if any Shares will be issued) should be registered (in your name only or in your and your spouse’s names as
community property or as joint tenants with right of survivorship). The



  
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	 	  	 	  	 notice can only become effective after it is received by the Company.

 
 If someone else wants to exercise this SAR after your death, that person must prove
to the Company’s
satisfaction that he or she is entitled to do so.

			
	10.	  	Form of Payment	  	Following exercise of a vested SAR, you will receive payment for the difference between the aggregate Fair Market Value of the Shares with respect to which the SAR is exercised
and the aggregate Exercise Price. This payment will be made as soon as reasonably practicable following your exercise and the receipt or retention of applicable withholding taxes by the Company. The form of payment will either be in cash and/or
Shares in the discretion of the Company having an aggregate equivalent fair market value.
			
	11.	  	Withholding Taxes	  	 You will be solely responsible for payment of any and all applicable taxes associated with this SAR.

You will not be allowed to exercise this SAR unless you make acceptable arrangements to pay any withholding or other taxes that may be due as a result of
the grant, exercise, vesting or dispositions of this SAR or the underlying Shares. Unless you make other arrangements, all applicable withholding taxes will be made from the payment described in the prior paragraph.

			
	12.	  	Restrictions on Exercise and Resale	  	 By signing this Agreement, you agree not to (i) exercise this SAR (“Exercise Prohibition”), or (ii) sell, transfer, dispose
of, pledge, hypothecate, make any short sale of, or otherwise effect a similar transaction of any Shares acquired under this SAR (each a “Sale Prohibition”) at a time when applicable laws, regulations or Company or underwriter trading
policies prohibit the exercise or disposition of Shares. The Company will not permit you to exercise this SAR to acquire Shares if the issuance of Shares at that time would violate any law or regulation. The Company shall have the right to designate
one or more periods of time, each of which generally will not exceed one hundred eighty (180) days in length (provided however, that such period may be extended in connection with the Company’s release (or announcement of release) of earnings
results or other material news or events), and to impose an Exercise Prohibition and/or Sale Prohibition, if the Company determines (in its sole discretion) that such limitation(s) is needed in connection with a public offering of Shares or to
comply with an underwriter’s request or trading policy, or could in any way facilitate a lessening of any restriction on transfer pursuant to the Securities Act or any state securities laws with respect to any issuance of securities by the
Company, facilitate the registration or qualification of any securities by the Company under the Securities Act or any state securities laws, or facilitate the perfection of any exemption from the registration or qualification requirements of the
Securities Act or any applicable state securities laws for the issuance or transfer of any securities. The Company may issue stop/transfer instructions and/or appropriately legend any stock certificates issued pursuant to this SAR in order to ensure
compliance with the foregoing. Any such Exercise



  
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	 	  	 	  	 Prohibition shall not alter the vesting schedule set forth in this Agreement other than to limit the periods
during which this SAR
shall be exercisable for the acquisition of Shares.
  
 If the sale of Shares
under the Plan is not registered under the Securities Act, but an exemption is available
which requires an investment or other representation, you shall represent and agree at the time of exercise that
the Shares being acquired upon exercise
of this SAR are being acquired for investment, and not with a view to
the sale or distribution thereof, and shall make such other representations as are deemed necessary or
appropriate by the Company and its counsel.

 
 You may also be required, as a condition of exercise of this SAR, to enter into any
Company shareholder
agreement or other agreements that are applicable to shareholders.

			
	13.	  	Transfer of SAR	  	Prior to your death, only you may exercise this SAR. You cannot transfer, assign, alienate, pledge, attach, sell, or encumber this SAR. For instance, you may not sell this SAR or
use it as security for a loan. If you attempt to do any of these things, this SAR will immediately become invalid and forfeited. You may, however, dispose of this SAR in your will or it may be transferred by the laws of descent and distribution.
Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from your spouse or former spouse, nor is the Company obligated to recognize such individual’s interest in your SAR in any other
way.
			
	14.	  	Retention Rights	  	 Your SAR or this Agreement does not give you the right to be retained by the Company (or any Parent or any Subsidiaries or
Affiliates) in any capacity. The Company (or any Parent and any Subsidiaries or Affiliates) reserves the right to terminate your Service at any time and for any reason.
  

This SAR and the Shares subject to the SAR are not intended to constitute or replace any pension rights or compensation and are not to be considered
compensation of a continuing or recurring nature, or part of your normal or expected compensation, and in no way represent any portion of your salary, compensation or other remuneration for any purpose, including but not limited to, calculating any
severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

			
	15.	  	Shareholder Rights	  	You, or your estate, shall have no rights as a shareholder of the Company with regard to the SAR until you have been issued the applicable Shares by the Company and have
satisfied all other conditions specified in Section 4(g) of the Plan. No adjustment shall be made for cash or stock dividends or other rights for which the record date is prior to the date when such applicable Shares are issued, except as provided
in the Plan.


  
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	16.	  	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in the Company stock, the number of Shares
covered by this SAR (rounded down to the nearest whole number) and
the Exercise Price per Share may be
adjusted pursuant to the Plan. Your SAR shall be subject to the terms of the agreement of merger, liquidation
or reorganization in the event the Company is subject to such corporate
activity.
			
	17.	  	Legends	  	All certificates representing the Shares issued under this Award (if any) may, where applicable, have endorsed thereon the following legends and any other legends the Company
determines appropriate:
			
		  		  	 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN AN
AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY
THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

			
		  		  	 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE
TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.”

			
	18.	  	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Colorado without reference to the conflicts of law provisions thereof and any action relating to this
Agreement must be brought in state or federal courts located in Salt Lake County, Utah.
			
	19.	  	Binding Effect; No Third Party Beneficiaries	  	This Agreement shall be binding upon and inure to the benefit of the Company and you and any respective heirs, representatives, successors and permitted assigns. This Agreement
shall not confer any rights or remedies upon any person other than the Company and you and any respective heirs, representatives, successors and permitted assigns. The parties agree that this Agreement shall survive the settlement or termination of
the Award.
			
	20.	  	Voluntary Participant	  	You acknowledge that you are voluntarily participating in the Plan.
			
	21.	  	No Rights to Future Awards	  	Your rights, if any, in respect of or in connection with this SAR or any other Awards are derived solely from the discretionary decision of the Company to permit you to participate
in the Plan and to benefit from a discretionary


  
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	 	  	 	  	future Award. By accepting this SAR, you expressly acknowledge that there is no obligation on the part of the
Company to continue the Plan and/or grant any additional Awards to
you or benefits in lieu of SARs or any
other Awards even if Awards have been granted repeatedly in the past. All decisions with respect to future
Awards, if any, will be at the sole discretion of the Committee.
			
	22.	  	Future Value	  	The future value of the underlying Shares is unknown and cannot be predicted with certainty. If the underlying Shares do not increase in value after the Date of Award, the SAR will
have little or no value. If you exercise the SAR and obtain Shares, the value of the Shares acquired upon exercise may increase or decrease in value, even below the Exercise Price.
			
	23.	  	No Advice Regarding Grant	  	The Company has not provided any tax, legal or financial advice, nor has the Company made any recommendations regarding your participation in the Plan, or your acquisition or sale
of the underlying Shares. You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.
			
	24.	  	No Right to Damages	  	You will have no right to bring a claim or to receive damages if any portion of the SAR is cancelled or expires unexercised. The loss of existing or potential profit in the SAR will
not constitute an element of damages in the event of the termination of your continuous Service for any reason, even if the termination is in violation of an obligation of the Company or a Parent or a Subsidiary or an Affiliate to
you.
			
	25.	  	Data
Privacy	  	You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other
form, of your personal data as described in this document by the
Company for the exclusive purpose of
implementing, administering and managing your participation in the Plan. You understand that the Company
holds certain personal information about you, including, but not limited to, name, home address and
telephone
number, date of birth, social security or insurance number or other identification number, salary, nationality,
job title, any shares of stock or directorships held in the Company, details of all Awards or any other
entitlement to
Shares awarded, cancelled, purchased, exercised, vested, unvested or outstanding in your favor
for the purpose of implementing, managing and administering the Plan (“Data”). You understand that the Data
may be transferred to any
third parties assisting in the implementation, administration and management of the
Plan, that these recipients may be located in your country or elsewhere and that the recipient country may have
different data privacy laws and protections
than your country. You authorize the recipients to receive, possess,
use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering
and managing your participation in the Plan, including any
requisite transfer of such Data, as may be required
to a broker or other third party with whom you may elect to deposit any Shares acquired under the Plan.


  
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	26.	  	Other Information	  	You agree to receive shareholder information, including copies of any annual report, proxy statement and periodic report, from the Company’s website at www.lifevantage.com, if
the Company wishes to provide such information through its website. You acknowledge that copies of the Plan, Plan prospectus, Plan information and stockholder information are also available upon written or telephonic request to the Committee and/or
the Board.
			
	27.	  	Nondisclosure of Confidential Information	  	 You acknowledge that the businesses of the Company is highly competitive and that the Company’s strategies, methods, books,
records, and documents, technical information concerning its products, equipment, services, and processes, procurement procedures and pricing techniques, the names of and other information (such as credit and financial data) concerning former,
present or prospective customers and business affiliates, all comprise confidential business information and trade secrets which are valuable, special, and unique assets which the Company uses in its business to obtain a competitive advantage over
competitors. You further acknowledge that protection of such confidential business information and trade secrets against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position. You
acknowledge that by reason of your duties to and association with the Company, you have had and will have access to and have and will become informed of confidential business information which is a competitive asset of the Company. You hereby agree
that you will not, at any time during or after employment, make any unauthorized disclosure of any confidential business information or trade secrets of the Company, or make any use thereof, except in the carrying out of services responsibilities.
You shall take all necessary and appropriate steps to safeguard confidential business information and protect it against disclosure, misappropriation, misuse, loss and theft. Confidential business information shall not include information in the
public domain (but only if the same becomes part of the public domain through a means other than a disclosure prohibited hereunder). The above notwithstanding, a disclosure shall not be unauthorized if (i) it is required by law or by a court of
competent jurisdiction or (ii) it is in connection with any judicial, arbitration, dispute resolution or other legal proceeding in which your legal rights and obligations as a service provider or under this Agreement are at issue; provided, however,
that you shall, to the extent practicable and lawful in any such events, give prior notice to the Company of your intent to disclose any such confidential business information in such context so as to allow the Company an opportunity (which you will
not oppose) to obtain such protective orders or similar relief with respect thereto as may be deemed appropriate. Any information not specifically related to the Company would not be considered confidential to the Company.

 
 The Company will be entitled to enforce its rights under this Agreement
specifically, to recover damages by reason of any breach of any provision of



  
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	 	  	 	  	this Agreement and to exercise all other rights to which it may be entitled. You agree and acknowledge that
money damages may not be an adequate remedy for breach of the
provisions of this Agreement and that the
Company may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific
performance and/or injunctive relief in order to enforce or prevent any violations of the
provisions of this
Agreement.
			
	28.	  	Further Assistance	  	You agree to provide assistance reasonably requested by the Company in connection with actions taken by you while providing services to the Company, including but not limited to
assistance in connection with any lawsuits or other claims against the Company arising from events during the period in which you rendered service to the Company.
			
	29.	  	Notice	  	All notices, requests, demands, claims, and other communications under this Agreement shall be in writing. Any notice, request, demand, claim, or other communication under this
Agreement shall be deemed duly given if (and then two business days after) it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient at the address set forth below the
recipient’s signature to this Agreement. Either party to this Agreement may send any notice, request, demand, claim, or other communication under this Agreement to the intended recipient at such address using any other means (including personal
delivery, expedited courier, messenger service, telecopy, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication shall be deemed to have been duly given unless and until it actually is received by the
intended recipient. Either party to this Agreement may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other party notice in the manner set forth in this
section.

  
  

In consideration of the Company granting you this SAR, please acknowledge your agreement to fully comply with all of the terms and
conditions described above and in the Plan and Plan prospectus by signing this Agreement in the space provided in the cover sheet and returning it promptly to: 
 LIFEVANTAGE CORPORATION 
 Attention: Corporate Secretary 

9815 S. MONROE STREET, SUITE 100 
 SANDY, UTAH 84070 

  
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 LIFEVANTAGE CORPORATION 

NOTICE OF EXERCISE OF STOCK APPRECIATION RIGHT (“SAR”) BY PARTICIPANT 

Lifevantage Corporation 
 9815 S. Monroe Street,
Suite 100 
 Sandy, Utah 84070 

Attention: Corporate Secretary 
  

					
	Re:	  	Exercise of SAR	  	 
		  	  
	  	
		  	[PRINT NAME OF PARTICIPANT]	  	

 Pursuant to the SAR Agreement dated
            ,             between Lifevantage Corporation, a Colorado corporation, (the “Company”) and me, made
pursuant to the 2010 Long-Term Incentive Plan (the “Plan”), I hereby request to exercise my SAR with respect to             shares (whole number only and must be not less than
twenty-five Shares or the remaining number of vested Shares subject to this SAR) of common stock of the Company (the “Shares”), at the exercise price of $            per Share. I
further understand and agree that I will timely satisfy any and all applicable tax withholding obligations as a condition of this SAR exercise. 
 If Shares will be issued to me as a result of this exercise of my SAR, with the number of any Shares determined by the Committee, then please issue such Shares as follows: 

 

							
	Check one:	  	 ̈	  	The Shares certificate is to be issued and registered in my name only.
			
		  	 ̈	  	The Shares certificate is to be issued and registered in my name and my spouse’s name.
				
		  		  	  
	  	
		  		  	[PRINT SPOUSE’S NAME, IF CHECKING SECOND BOX]
		  		  	Check one (if checked second box above):	  	
			
		  		  	 ̈ Community Property or  ̈ Joint Tenants
With Right of Survivorship

 I acknowledge that I have received, understand and continue to be bound by all of the terms and
conditions set forth in the Plan, Plan prospectus and in the SAR Agreement. 
  

					
	Dated:
                                        
	  	 	  	 
	  
	  		  	  

	(Participant’s Signature)	  		  	(Spouse’s Signature)**
		  		  	 **Spousemust sign this Notice of Exercise if listed above.

	  
	  		  	  

	(Full Address)	  		  	(Full Address)

  

	*THIS	NOTICE OF EXERCISE MAY BE REVISED BY THE COMPANY AT ANY TIME WITHOUT NOTICE.