EX-10.3




 Exhibit 10.3 

HERBALIFE LTD. 
 2014
STOCK INCENTIVE PLAN 
 STOCK APPRECIATION RIGHT AWARD AGREEMENT 

This Stock Appreciation Right Agreement (this “Agreement”) is dated as of December 22, 20222 (the “Grant
Date”), and is between Herbalife Nutrition Ltd. (formerly Herbalife Ltd., and referred to herein as the “Company”) and Michael O. Johnson (“Participant”). 

WHEREAS, the Company, by action of the Board and approval of its shareholders, established the Herbalife Ltd. 2014 Stock Incentive Plan (as
amended to date and as may be amended from time to time, the “Plan”); 
 WHEREAS, Participant is employed by the Company or
one or more of its Subsidiaries and the Company desires to encourage Participant to own Common Stock for the purposes stated in Section 1 of the Plan; and 

WHEREAS, Participant and the Company have entered into this Agreement to govern the terms of the Stock Appreciation Right Award (as defined
below) granted to Participant by the Company. 
 NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as follows:

 1. Grant. 
 (a) The Company hereby
grants to the Participant an Award of 783,699 Stock Appreciation Rights (the “Award”) in accordance with Section 9 of the Plan and subject to the terms and conditions set forth herein and in the Plan. Each Stock Appreciation
Right represents the right to receive, upon exercise of the Stock Appreciation Right pursuant to this Agreement, from the Company, a payment, paid in shares of Common Stock, equal to (i) the excess of the Fair Market Value, on the date of
exercise, of one share of Common Stock (as adjusted from time to time pursuant to Section 15 of the Plan) over the Base Price (as defined below) of the Stock Appreciation Right, divided by (ii) the Fair Market Value, on the date of
exercise, of one share of Common Stock, subject to terms and conditions set forth herein and in the Plan. 
 (b) The “Base
Price” for the Stock Appreciation Right shall be $14.45 per share (subject to adjustment as set forth in Section 15 of the Plan). 

(c) Except as otherwise defined herein, capitalized terms used herein shall have the meanings set forth in the Plan. 

2. Time for Exercise. 
 (a) Subject to
Paragraph 3 below, the Award will become vested and exercisable in accordance with the following schedule: (i) 100% of the Stock Appreciation Rights will become vested and exercisable on the second anniversary of the Grant Date (the
“Vesting Period”). 











 (b) If Participant is terminated as Chief Executive Officer or as a member of the Board
without Cause, a pro-rata portion of the Award shall vest and become exercisable based on the number of full months Participant was providing continuous service during the Vesting Period, contingent upon
Participant executing a general release of claims in favor of the Company and such release becoming effective and irrevocable in accordance with its terms. 

(c) If Participant voluntarily resigns as Chief Executive Officer without a new non-interim Chief
Executive Officer having been appointed by the Board, the Award, to the extent unvested, will be forfeited 
 (d) If, prior to the first
anniversary of the Grant Date, a new non-interim Chief Executive Officer has been appointed by the Board and Participant remains a member of the Board, 50% of the Award shall be forfeited and the remaining 50%
of the Award shall remain outstanding and eligible to vest subject to Participant’s continuous service as a member of the Board through the remainder of the Vesting Period. If, however, on or after the first anniversary of the Grant Date, a new
non-interim Chief Executive Officer has been appointed by the Board and Participant remains a member of the Board, the entire unvested portion of the Award shall remain outstanding and eligible to vest subject
to Participant’s continuous service as a member of the Board through the remainder of the Vesting Period. 
 (e) If a new non-interim Chief Executive Officer has been appointed by the Board and Participant voluntarily ceases to serve as a member of the Board, then the entire Award, to the extent then unvested, will be forfeited. 

(f) Section 15 of the Plan shall govern the treatment of the Award upon a Change in Control. 

3. Expiration. The Award shall expire on the tenth (10th) anniversary of the date hereof (the “Expiration Date”); provided, however,
that the Award may earlier terminate as provided in this Paragraph 3 and/or in Section 15 of the Plan. For purposes hereof, Participant shall be deemed to have provided continuous service for so long as Participant continues to serve as an
employee and/or member of the Board. 
 (a) Upon termination of Participant’s continuous service with the Company and/or its
Subsidiaries for any reason, that portion of the Award that is not vested and exercisable (after giving effect to any acceleration of vesting pursuant to this Agreement or otherwise) will terminate on the date of such termination of continuous
service. 
 (b) Upon termination of Participant’s continuous service with the Company and/or its Subsidiaries, that portion of the Award
that is vested and exercisable, will terminate in accordance with the following: 
 (i) if Participant’s continuous
service with the Company and/or its Subsidiaries is terminated for Cause, the vested and exercisable portion of the Award will terminate on the date of such termination; 

  
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 (ii) if Participant’s continuous service with the Company and/or its
Subsidiaries or affiliates is terminated by reason of Participant’s death or disability (as such term is defined in Section 22(e) of the Code), or for any other reason than for Cause, the vested and exercisable portion of the Award will
terminate on the Expiration Date. 
 (c) For purposes of this Agreement, the term “Cause” shall have the meaning ascribed to
such term in any written employment agreement between Participant and the Company or one or more of its Subsidiaries, as the same may be amended or modified from time to time, or if Participant is not party to any such written employment agreement,
then the term “Cause” shall mean the occurrence of any of the following acts or circumstances: (i) conviction of a felony, a crime of moral turpitude, dishonesty, breach of trust or unethical business conduct, or any crime involving
the Company or any of its Subsidiaries; (ii) willful misconduct, willful or gross neglect, fraud, misappropriation or embezzlement; (iii) performance of Participant’s duties in a manner that is detrimental to the Company or any of its
Subsidiaries, including, but not limited to that which results in, the severe deterioration of the financial performance of the Company or any of its Subsidiaries; (iv) failure to adhere to the reasonable/lawful directions of the Chief
Executive Officer of the Company or the Board, to adhere to the Company’s or any Subsidiary’s policies or practices or to devote substantially all of Participant’s business time and efforts to the business of the Company;
(v) breach of any provision of any agreement, including an employment agreement, between Participant and the Company or any of its Subsidiaries, which covers confidentiality or proprietary information or contains nonsolicitation or non-competition provisions; or (vi) breach in any material respect of the terms and provisions of Participant’s employment agreement, if any, or any agreement between Participant and the Company or any of
its Subsidiaries. 
 4. Method of Exercise. The Award may be exercised by delivery to the Company (attention: Secretary) of a notice of exercise in
the form specified by the Company specifying the number of shares with respect to which the Award is being exercised or in such other manner permitted by the Company. 

5. Fractional Shares. No fractional shares may be purchased upon any exercise. 

6. Compliance With Legal Requirements. 

(a) The Award shall not be exercisable and no Common Stock shall be issued or transferred pursuant to this Agreement or the Plan unless and
until the Tax Withholding Obligation (as defined below), and all legal requirements applicable to such issuance or transfer have, in the opinion of counsel to the Company, been satisfied. Such legal requirements may include, but are not limited to,
(i) registering or qualifying such Common Stock under any state or federal law or under the rules of any stock exchange or trading system, (ii) satisfying any applicable law or rule relating to the transfer of unregistered securities or
demonstrating the availability of an exemption from applicable laws, (iii) placing a restricted legend on the Common Stock issued pursuant to the exercise of the Award, or (iv) obtaining the consent or approval of any governmental
regulatory body. 

  
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 (b) Participant understands that the Company is under no obligation to register for resale
the Common Stock issued upon exercise of the Award. The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any exercise of the Award and/or any resales by Participant or other
subsequent transfers by Participant of any Common Stock issued as a result of the exercise of the Award, including without limitation (i) restrictions under an insider trading policy, (ii) restrictions that may be necessary in the absence
of an effective registration statement under the Securities Act of 1933, as amended, covering the Award and/or the Common Stock underlying the Award and (iii) restrictions as to the use of a specified brokerage firm or other agents for
exercising the Award and/or for such resales or other transfers. The sale of the shares underlying the Award must also comply with other applicable laws and regulations governing the sale of such shares. 

7. Shareholder Rights. Participant shall not be deemed a shareholder of the Company with respect to any of the Common Stock subject to the Award, except
to the extent that such shares shall have been purchased by and transferred to Participant. 
 8. Withholding Taxes. 

(a) Participant is liable and responsible for all taxes owed in connection with the Award, regardless of any action the Company may take with
respect to any tax withholding obligations that arise in connection with the Award, and Participant acknowledges and agrees that all taxes owed in connection with the Award may exceed the amount actually withheld by the Company, if any. The Company
does not make any representation or undertaking regarding the treatment of any tax withholding in connection with any aspect of the Award, including, but not limited to, the grant, vesting or settlement of the Award or the subsequent sale of Common
Stock issuable pursuant to the Award or the receipt of any dividends or dividend equivalent rights. The Company does not commit and is under no obligation to structure the Award to reduce or eliminate Participant’s tax liability or achieve a
particular tax result. 
 (b) Prior to any event in connection with the Award (e.g., vesting or settlement in respect of the Award) that the
Company determines may result in any domestic or foreign tax withholding obligation, whether national, federal, state or local, including any social tax obligation (the “Tax Withholding Obligation”), Participant is required to
arrange for the satisfaction of the amount of such Tax Withholding Obligation in a manner acceptable to the Company. Notwithstanding the foregoing, any Tax Withholding Obligations will be satisfied by the Company withholding a number of shares of
Common Stock that would otherwise be issued under the Award that the Company determines has a Fair Market Value sufficient to meet the Tax Withholding Obligations, unless Participant otherwise satisfies such Tax Withholding Obligations in a manner
satisfactory to the Company. 
 9. Assignment or Transfer Prohibited. The Award may not be assigned or transferred otherwise than by will or by the
laws of descent and distribution, and may be exercised during the life of Participant only by Participant or Participant’s guardian or legal representative. Neither the Award nor any right hereunder shall be subject to attachment, execution or
other similar processes. In the event of any attempt by Participant to alienate, assign, pledge, hypothecate or otherwise dispose of the Award or any right hereunder, except as provided for herein, or in the event of the levy or any attachment,
execution or similar process upon the rights or interests hereby conferred, the Company may terminate the Award by notice to Participant, and the Award shall thereupon become null and void. 

  
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 10. Committee Authority. Any question concerning the interpretation of this Agreement or the Plan,
any adjustments required to be made under this Agreement or the Plan, and any controversy that may arise under this Agreement or the Plan shall be determined by the Committee (including any subcommittee or other person(s) to whom the Committee has
delegated its authority) in its sole and absolute discretion. All decisions by the Committee shall be final and binding. 
 11. Application of the
Plan. The terms of this Agreement are governed by the terms of the Plan, as it exists on the Grant Date and as the Plan is amended from time to time. In the event of any conflict between the provisions of this Agreement and the provisions of the
Plan, the terms of the Plan shall control, except as expressly stated otherwise herein. As used herein, the term “Section” generally refers to provisions within the Plan, and the term “Paragraph” refers to provisions of this
Agreement. 
 12. No Right to Continued Employment. Nothing in the Plan, in this Agreement or any other instrument executed pursuant thereto or hereto
shall confer upon Participant any right to continued employment or other service with the Company or any of its subsidiaries or affiliates. 
 13. Data
Privacy. Participant understands that the Company and one or more of its Subsidiaries or affiliates may collect, maintain, process and disclose certain personal information about Participant for the exclusive purpose of implementing,
administering and, managing the Plan. Such information may include, but is not limited to: Participant’s name, home address, email address, telephone number, date of birth, social insurance number, compensation, job title, any shares of Common
Stock or directorships held in the Company, details of all equity awards or any other entitlement to shares of Common Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor. Participant further understands
that such personal information will be transferred to one or more third parties selected by the Company to assist the Company with the implementation, administration and management of the Plan. Participant understands that such data will be held
only as long as is necessary to implement, administer and manage his or her participation in the Plan, including to maintain records regarding participation. 

14. Undertaking. Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company reasonably may
request in order to carry out the intent or accomplish the purposes of this Agreement and the Plan. 
 15. Electronic Delivery. The Company may, in
its sole discretion, decide to deliver any documents related to the Award made under the Plan by electronic means or to request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive such
documents by electronic delivery and, if requested, to agree to participate in the Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company, and such consent shall remain in
effect throughout Participant’s term of service with the Company and thereafter until withdrawn by Participant. If 

  
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the attempted electronic delivery of such documents fails, Participant will be provided with a paper copy of the documents. Participant acknowledges that he or she may receive from the Company a
paper copy of any documents that were delivered electronically at no cost to him or her by contacting the Company by telephone or in writing. Participant may revoke his or her consent to the electronic delivery of documents or may change the
electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail
address by telephone, postal service or electronic mail. Participant agrees that the foregoing online or electronic participation in the Plan shall have the same force and effect as documentation executed in hardcopy written form. Finally,
Participant understands that he or she is not required to consent to electronic delivery of documents. 
 16. Entire Agreement. This Agreement and the
Plan together set forth the entire agreement and understanding between the parties as to the subject matter hereof and supersede all prior oral and written and all contemporaneous or subsequent oral discussions, agreements and understandings of any
kind or nature. 
 17. Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or
otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 
 18. Insider Trading
Restrictions. Participant acknowledges that Participant is subject to insider trading laws and regulations which may affect his or her ability to accept, acquire, sell or otherwise dispose of Common Stock or rights to Common Stock (e.g., Stock
Units or Stock Appreciation Rights) during such times Participant is considered to have “material nonpublic information” regarding the Company as defined in U.S. federal and state securities laws and regulations. Any restrictions under
these laws or regulations are separate from and in addition to any restrictions that may be imposed under the Company’s Insider Trading Compliance Policy. Participant acknowledges that it is his or her responsibility to comply with all
applicable insider trading laws and regulations and to review the Company’s Insider Trading Compliance Policy and comply with the restrictions therein. Participant is advised to review the Company’s Insider Trading Policy and speak to his
or her personal advisor on this matter. 
 19. No Waiver. No waiver of any provision of this Agreement will be valid unless in writing and signed by
the person against whom such waiver is sought to be enforced, nor will failure to enforce any right hereunder constitute a continuing waiver of the same or a waiver of any other right hereunder. 

20. Successors and Assigns. The provisions of this Agreement will inure to the benefit of, and be binding on, the Company and its successors and assigns
and Participant and Participant’s legal representatives, heirs, legatees, distributes, assigns and transferees by operation of law, whether or not any such person will have become a party to this Agreement and agreed in writing to join herein
and be bound by the terms and conditions hereof. 
 [signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

					
		 	                                	  	HERBALIFE NUTRITION LTD.
			
	 /s/ Michael O. Johnson
	 		  	 /s/ Henry C. Wang

	Michael O. Johnson	 		  	Corporate Secretary


  
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