Document:

EX-10.10

 Exhibit 10.10 
  

             
 JPMorgan Chase Bank, National Association 

P.O. Box 161 
 60 Victoria Embankment 

London EC4Y 0JP 
 England 

December 7, 2015 
  

	To:	Vitamin Shoppe, Inc. 

 300 Harmon Meadow Blvd. 

Secaucus, New Jersey 07094 
  

	Re:	Master Confirmation—Capped Accelerated Share Repurchase 

 This master confirmation (this
“Master Confirmation”), dated as of December 7, 2015, is intended to set forth certain terms and provisions of certain Transactions (each, a “Transaction”) entered into from time to time between J.P. Morgan
Securities LLC (“JPMS”), as agent for JPMorgan Chase Bank, National Association, London Branch (“Dealer”) and Vitamin Shoppe, Inc., a Delaware corporation (“Counterparty”). This Master Confirmation,
taken alone, is neither a commitment by either party to enter into any Transaction nor evidence of a Transaction. The additional terms of any particular Transaction shall be set forth in (i) a Supplemental Confirmation in the form of Schedule A
hereto (a “Supplemental Confirmation”), which shall reference this Master Confirmation and supplement, form a part of, and be subject to this Master Confirmation, and (ii) a Trade Notification in the form of Schedule B hereto
(a “Trade Notification”), which shall reference the relevant Supplemental Confirmation and supplement, form a part of, and be subject to such Supplemental Confirmation. This Master Confirmation, each Supplemental Confirmation and
the related Trade Notification together shall constitute a “Confirmation” as referred to in the Agreement specified below. 
 The
definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Master
Confirmation. This Master Confirmation, each Supplemental Confirmation and the related Trade Notification evidence a complete binding agreement between Counterparty and Dealer as to the subject matter and terms of each Transaction to which this
Master Confirmation, such Supplemental Confirmation and such Trade Notification relate and shall supersede all prior or contemporaneous written or oral communications with respect thereto. 

This Master Confirmation, each Supplemental Confirmation and each Trade Notification supplement, form a part of, and are subject to an
agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Counterparty had executed the Agreement on the date of this Master Confirmation (but without any Schedule except for (i) the election of
New York law as the governing law (without reference to its choice of law provisions other than Title 14 of Article 5 of the New York General Obligations Law) and (ii) the election that subparagraph (ii) of Section 2(c) will not apply
to the Transactions). 
 The Transactions shall be the sole Transactions under the Agreement. If there exists any ISDA Master Agreement
between Dealer and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in
such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the Transactions shall not be considered Transactions under, or otherwise governed by, such existing or deemed ISDA
Master Agreement, and the occurrence of any Event of Default or Termination Event under the Agreement with respect to either party or any Transaction shall not, by itself, give rise to any right or obligation under any such other agreement or deemed
agreement. Notwithstanding anything to the contrary in any other agreement between the parties or their Affiliates, the Transactions shall not be “Specified Transactions” (or similarly treated) under any other agreement between the parties
or their Affiliates. 
 JPMorgan Chase Bank, National Association 

Organised under the laws of the United States as a National Banking Association. 

Main Office 1111 Polaris Parkway, Columbus, Ohio 43240 

Registered as a branch in England & Wales branch No. BR000746 

Registered Branch Office 25 Bank Street, Canary Wharf, London E14 5JP 

Authorised by the Office of the Comptroller of the Currency in the jurisdiction of the USA. 

Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct 

Authority and to limited regulation by the Prudential Regulation Authority. Details about the 

extent of our regulation by the Prudential Regulation Authority are available from us on request. 

 All provisions contained or incorporated by reference in the Agreement shall govern this Master
Confirmation, each Supplemental Confirmation and each Trade Notification except as expressly modified herein or in the related Supplemental Confirmation. 

If, in relation to any Transaction to which this Master Confirmation, a Supplemental Confirmation and a Trade Notification relate, there is
any inconsistency between the Agreement, this Master Confirmation, such Supplemental Confirmation, such Trade Notification and the Equity Definitions, the following will prevail for purposes of such Transaction in the order of precedence indicated:
(i) such Trade Notification; (ii) such Supplemental Confirmation; (iii) this Master Confirmation; (iv) the Equity Definitions; and (v) the Agreement. 

1. Each Transaction constitutes a Share Forward Transaction for the purposes of the Equity Definitions. Set forth below are the terms and conditions that,
together with the terms and conditions set forth in the Supplemental Confirmation and the Trade Notification relating to any Transaction, shall govern such Transaction. 

General Terms. 
  

			
	Trade Date:	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	Buyer:	  	Counterparty
		
	Seller:	  	Dealer
		
	Shares:	  	The common stock of Counterparty, par value USD 0.01 per share (Exchange symbol “VSI”).
		
	Exchange:	  	The New York Stock Exchange
		
	Related Exchange(s):	  	All Exchanges.
		
	Prepayment/Variable Obligation:	  	Applicable
		
	Prepayment Amount:	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	Prepayment Date:	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	Contract Fee:	  	For each Transaction, as set forth in the related Supplemental Confirmation. On the Prepayment Date, Buyer shall pay Seller an amount in USD equal to the Contract Fee in immediately available funds by wire transfer to an account
specified by Seller.

 Valuation. 

 

			
	Hedge Period:	  	For each Transaction, the period from, and including, the Hedge Period Start Date to, and including, the Hedge Completion Date for such Transaction. If, at any time during the Hedge Period for any Transaction, the weighted
average price at which Dealer, or an affiliate of Dealer, has until such time purchased Shares in connection with establishing its initial hedge position with respect to such Transaction equals to or exceeds the Hedging Threshold Price for such
Transaction, (i) Dealer shall have the right to terminate the Hedge Period for such Transaction as of such time and (ii) the Calculation Agent may make adjustments to the Minimum Share Threshold for such Transaction and any other variable or
term

  
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		  	relevant to the terms of such Transaction and, for the purposes of calculating the Number of Shares to be Delivered for such Transaction, shall adjust the Prepayment Amount for such Transaction, to preserve the fair value of such
Transaction to Dealer and ensure that Dealer’s, or its affiliate’s, initial theoretical delta for such Transaction is equal to the number of Shares purchased by Dealer or such affiliate during the Hedge Period for such Transaction at the
time of such termination.
		
	Hedge Period Start Date:	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	Hedge Completion Date:	  	For each Transaction, as set forth in the related Trade Notification, to be the earlier of (x) the Exchange Business Day on which Dealer, or an affiliate thereof, completes the establishment of Dealer’s initial hedge position
with respect to such Transaction, as determined by Dealer in its sole discretion and (y) the Hedge Period End Date.
		
	Hedge Period End Date:	  	For each Transaction, as set forth in the related Supplemental Confirmation. For each Transaction, Dealer shall deliver to Counterparty, no later than 5:00 p.m. (New York City time) on the Exchange Business Day immediately
following the Hedge Completion Date for such Transaction, a Trade Notification for such Transaction, substantially in the form of Schedule B hereto, setting forth, among other things, the Hedge Completion Date for such Transaction, the Hedge Period
Reference Price for such Transaction, the Minimum Shares for such Transaction and the Calculation Period Start Date for such Transaction.
		
	Hedge Period Reference Price:	  	For each Transaction, the arithmetic average of the VWAP Prices for all of the Exchange Business Days in the Hedge Period for such Transaction, subject to “Valuation Disruption” below.
		
	VWAP Price:	  	For any Exchange Business Day, the volume-weighted average price at which the Shares trade as reported in the composite transactions for United States exchanges and quotation systems, during the regular trading session for the
Exchange on such Exchange Business Day, excluding (i) trades that do not settle regular way, (ii) opening (regular way) reported trades in the consolidated system on such Exchange Business Day, (iii) trades that occur in the last ten minutes before
the scheduled close of trading on the Exchange on such Exchange Business Day and, if the Calculation Agent does not look to the Bloomberg Page to calculate the VWAP Price, the ten minutes before the scheduled close of the primary trading in the
market where the trade is effected, and (iv) trades on such Exchange Business Day that do not satisfy the requirements of Rule 10b-18(b)(3) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as determined in
good faith by the Calculation Agent (all such trades other than any trades described in clauses (i)

  
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		  	to (iv) above, “Rule 10b-18 Eligible Transactions”). The Calculation Agent shall refer to the Bloomberg Page “VSI US <Equity> AQR SEC” (or any successor thereto), unless, in its commercially
reasonable judgment, to do so would produce an erroneous result for such Exchange Business Day to determine the VWAP Price.
		
	Forward Price:	  	For each Transaction, the arithmetic average of the VWAP Prices for all of the Calculation Dates in the Calculation Period for such Transaction, subject to “Valuation Disruption” below.
		
	Forward Price Adjustment Amount:	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	Calculation Period:	  	For each Transaction, the period from, and including, the Calculation Period Start Date for such Transaction to, and including, the Termination Date for such Transaction.
		
	Calculation Period Start Date:	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	Termination Date:	  	For each Transaction, the Scheduled Termination Date for such Transaction; provided that Dealer shall have the right to designate any Calculation Date on or after the First Acceleration Date to be the Termination Date for all or any
part of such Transaction (an “Accelerated Termination Date”) by delivering notice (an “Accelerated Notice”) to Counterparty of any such designation prior to 6:00 p.m. (New York City time) on the Calculation Date
immediately following the designated Accelerated Termination Date. Dealer shall specify in each Acceleration Notice the portion of the Prepayment Amount that is subject to acceleration (which may be less than the full Prepayment Amount). If the
portion of the Prepayment Amount that is subject to acceleration is less than the full Prepayment Amount, then the Calculation Agent shall proportionally adjust the terms of the Transaction as appropriate in order to take into account the occurrence
of such Accelerated Termination Date (including cumulative adjustments to take into account all prior Accelerated Termination Dates). For the avoidance of doubt, such adjustments for an acceleration in respect of less than the full Prepayment Amount
shall be administrative in nature and not intended to adjust the settlement value of the remaining portion of the Transaction.
		
	Calculation Date:	  	For each Transaction, any date that is both an Exchange Business Day and is set forth as a Calculation Date in the related Supplemental Confirmation.
		
	Scheduled Termination Date:	  	For each Transaction, as set forth in the related Supplemental Confirmation, subject to postponement as provided in “Valuation Disruption” below.
		
	First Acceleration Date:	  	For each Transaction, as set forth in the related Supplemental Confirmation.

  
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	Valuation Disruption:	  	The definition of “Market Disruption Event” in Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words “at any time during the one-hour period that ends at the relevant Valuation Time, Latest
Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be” and inserting the words “at any time on any Scheduled Trading Day during the Hedge Period, Calculation Period or Settlement Valuation Period”
after the word “material,” in the third line thereof.
		
		  	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.
		
		  	Notwithstanding anything to the contrary in the Equity Definitions, if a Disrupted Day occurs (i) in the Hedge Period or the Calculation Period, the Calculation Agent may, in its good faith and commercially reasonable discretion,
postpone the Scheduled Termination Date, or (ii) in the Settlement Valuation Period, the Calculation Agent may, in its good faith and commercially reasonable discretion, extend the Settlement Valuation Period. If any such Disrupted Day is a
Disrupted Day because of a Market Disruption Event (or a deemed Market Disruption Event as provided herein), the Calculation Agent may also determine that (i) such Disrupted Day is a Disrupted Day in full, in which case the VWAP Price for such
Disrupted Day shall not be included for purposes of determining the Forward Price or the Settlement Price, as the case may be, or (ii) such Disrupted Day is a Disrupted Day only in part, in which case the VWAP Price for such Disrupted Day shall be
determined by the Calculation Agent based on Rule 10b-18 Eligible Transactions in the Shares on such Disrupted Day taking into account the nature and duration of the relevant Market Disruption Event, and the weighting of the VWAP Price for the
relevant Calculation Dates during the Calculation Period or the Settlement Valuation Period, as the case may be, shall be adjusted in a commercially reasonable manner by the Calculation Agent for purposes of determining the Forward Price or the
Settlement Price, as the case may be, with such adjustments based on, among other factors, the duration of any Market Disruption Event and the volume, historical trading patterns and price of the Shares. Any Exchange Business Day on which, as of the
date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be an Exchange Business Day; if a closure of the Exchange prior to its normal close of trading on any Exchange Business Day is scheduled
following the date hereof, then such Exchange Business Day shall be deemed to be a Disrupted Day in full.
		
		  	If a Disrupted Day occurs during the Hedge Period for any Transaction, the Calculation Period for any Transaction or the Settlement Valuation Period for any

  
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		  	Transaction, as the case may be, and each of the nine immediately following Scheduled Trading Days is a Disrupted Day (a “Disruption Event”), then the Calculation Agent, in its good faith and commercially reasonable
discretion, may deem such ninth Scheduled Trading Day (and each consecutive Disrupted Day thereafter) to be an Exchange Business Day that is not a Disrupted Day and determine the VWAP Price for such ninth Scheduled Trading Day using its good faith
estimate of the value of the Shares on such ninth Scheduled Trading Day based on the volume, historical trading patterns and price of the Shares and such other factors as it deems
appropriate.

 Settlement Terms. 

 

			
	Settlement Procedures:	  	For each Transaction:
		
		  	 (i)     if the Number of Shares to be Delivered for such Transaction is positive, Physical Settlement shall be
applicable to such Transaction; provided that Dealer does not, and shall not, make the agreement or the representations set forth in Section 9.11 of the Equity Definitions related to the restrictions imposed by applicable securities laws as a
result of the fact that Counterparty is the Issuer of the Shares with respect to any Shares delivered by Dealer to Counterparty under any Transaction; or

		
		  	 (ii)    if the Number of Shares to be Delivered for such Transaction is negative, then the Counterparty Settlement
Provisions in Annex A hereto shall apply to such Transaction.

		
	Number of Shares to be Delivered:	  	For each Transaction, a number of Shares (rounded down to the nearest whole number) equal to (i) the Prepayment Amount for such Transaction, divided by (ii)(A) the Forward Price for such Transaction minus (B) the
Forward Price Adjustment Amount for such Transaction; provided that the Number of Shares to be Delivered shall not be less than the Minimum Shares. The Number of Shares to be Delivered on the Settlement Date for any Transaction shall be
reduced, but not below zero (subject to the provisions below opposite the caption “Consequences of Excess Dividend” and Section 11 hereof), by any Shares delivered pursuant to “Initial Share Delivery” and “Minimum Share
Delivery” below. For the avoidance of doubt, if the Forward Price Adjustment Amount for any Transaction is a negative number, clause (ii) of the immediately preceding sentence shall be equal to (A) the Forward Price for such Transaction,
plus (B) the absolute value of the Forward Price Adjustment Amount.
		
	Excess Dividend Amount:	  	For the avoidance of doubt, all references to the Excess Dividend Amount shall be deleted from Section 9.2(a)(iii) of the Equity Definitions.

  
 6 

 
			
	Settlement Date:	  	For each Transaction, if the Number of Shares to be Delivered for all or such portion of such Transaction is positive, the date that is one Settlement Cycle immediately following the Termination Date for all or such portion of such
Transaction (the final Settlement Date, the “Final Settlement Date”).
		
	Settlement Currency:	  	USD
		
	Initial Share Delivery:	  	For each Transaction, Dealer shall deliver a number of Shares equal to the Initial Shares for such Transaction to Counterparty on the Initial Share Delivery Date for such Transaction in accordance with Section 9.4 of the Equity
Definitions, with such Initial Share Delivery Date deemed to be a “Settlement Date” for purposes of such Section 9.4.
		
	Initial Share Delivery Date:	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	Initial Shares:	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	Minimum Share Delivery:	  	For each Transaction, Dealer shall deliver a number of Shares equal to the excess, if any, of the Minimum Shares over the Initial Shares on the Minimum Share Delivery Date for such Transaction in accordance with Section 9.4 of the
Equity Definitions, with such Minimum Share Delivery Date deemed to be a “Settlement Date” for purposes of such Section 9.4.
		
	Minimum Share Delivery Date:	  	For each Transaction, the date one Settlement Cycle immediately following the Hedge Completion Date for such Transaction.
		
	Minimum Shares:	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	Minimum Share Threshold:	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	Hedging Threshold Price:	  	For each Transaction, as set forth in the related Supplemental Confirmation.

Share Adjustments. 
  

			
	Potential Adjustment Event:	  	In addition to the events described in Section 11.2(e) of the Equity Definitions, it shall constitute an additional Potential Adjustment Event if (x) the Scheduled Termination Date for any Transaction is postponed pursuant to
“Valuation Disruption” above (including, for the avoidance of doubt, pursuant to Section 7 hereof), (y) a Regulatory Disruption as described in Section 7 occurs or (z) a Disruption Event occurs. In the case of any event described in clause
(x), (y) or (z) above occurs, the Calculation Agent shall, in its commercially reasonable discretion, adjust any relevant terms of such Transaction as necessary to account for the economic effect on the Transaction of such postponement, Regulatory
Disruption or Disruption Event, as the case may be.

  
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	Excess Dividend:	  	Any dividend or distribution on the Shares (other than any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) of the Equity Definitions or any Extraordinary Dividend).
“Extraordinary Dividend” means the per Share cash dividend or distribution, or a portion thereof, declared by Counterparty on the Shares that is classified by the board of directors of Counterparty as an “extraordinary”
dividend.
		
	Consequences of Excess Dividend:	  	The declaration by the Issuer of any Excess Dividend, the ex-dividend date for which occurs or is scheduled to occur during the Relevant Dividend Period for any Transaction, shall result in an adjustment, by the Calculation Agent,
to the Minimum Shares and/or the Minimum Share Threshold as the Calculation Agent determines appropriate to preserve the fair value of such Transaction after taking into account such Excess Dividend.
		
	Method of Adjustment:	  	Calculation Agent Adjustment
		
	Relevant Dividend Period:	  	For each Transaction, the period from, and including, the Trade Date for such Transaction to, and including, the Relevant Dividend Period End Date for such Transaction.
		
	Relevant Dividend Period End Date:	  	For each Transaction, if the Number of Shares to be Delivered for such Transaction is negative, the last day of the Settlement Valuation Period; otherwise, the Termination Date for such
Transaction.

 Extraordinary Events. 

 

			
	Consequences of Merger Events:	  	
		
	 (a) Share-for-Share:
	  	Modified Calculation Agent Adjustment
		
	 (b) Share-for-Other:
	  	Cancellation and Payment
		
	 (c) Share-for-Combined:
	  	Component Adjustment
		
	Tender Offer:	  	Applicable; provided that (a) Section 12.1(d) of the Equity Definitions shall be amended by replacing “10%” in the third line thereof with “15%,” (b) Section 12.1(l) of the Equity Definitions shall be
amended by (i) deleting the parenthetical in the fifth line thereof, (ii) replacing “that” in the fifth line thereof with “whether or not such announcement” and (iii) adding immediately after the words “Tender Offer” in
the fifth line thereof “, and any publicly announced change or amendment to such an announcement (including, without limitation, the announcement of an abandonment of such intention)” and (c) Sections 12.3(a) and 12.3(d) of the Equity
Definitions shall each be amended by replacing each occurrence of the words “Tender Offer Date” by “Announcement Date.”
		
	Consequences of Tender Offers:	  	
		
	 (a) Share-for-Share:
	  	Cancellation and Payment

  
 8 

 
			
	 (b) Share-for-Other:
	  	Cancellation and Payment
		
	 (c) Share-for-Combined:
	  	Cancellation and Payment
		
	Nationalization, Insolvency or Delisting:	  	Cancellation and Payment; provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares are
not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on
any such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange.
		
	Additional Disruption Events:	  	
		
	 (a) Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of,
the formal or informal interpretation”, (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Positions” and (iii) immediately following the word “Transaction” in clause (X)
thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”; provided further that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by replacing the parenthetical beginning after the
word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing
statute)”.
		
	 (b) Failure to Deliver:
	  	Applicable
		
	 (c) Insolvency Filing:
	  	Applicable
		
	 (d) Loss of Stock Borrow:
	  	Applicable
		
	    Maximum Stock Loan Rate:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	    Hedging Party:
	  	Dealer
		
	    Determining Party:
	  	Dealer
		
	 (e) Hedging Disruption:
	  	Applicable
		
	    Hedging Party:
	  	Dealer
		
	    Determining Party:
	  	Dealer
		
	 (f) Increased Cost of Hedging:
	  	Applicable
		
	    Hedging Party:
	  	Dealer

  
 9 

											
		 		 		 		 	Determining Party:	  	Dealer
					
		 		 		 	(g) Increased Cost of Stock Borrow:	  	Applicable
						
		 		 		 		 	Initial Stock Loan Rate:	  	For each Transaction, as set forth in the related Supplemental Confirmation.
						
		 		 		 		 	Hedging Party:	  	Dealer
						
		 		 		 		 	Determining Party:	  	Dealer
				
		 		 	Hedging Adjustments:	  	For the avoidance of doubt, whenever the Calculation Agent is called upon to make an adjustment pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event, the Calculation Agent
shall make such adjustment by reference to the effect of such event on Dealer, assuming that Dealer maintains a commercially reasonable Hedge Position.
				
		 		 	 Non-Reliance/Agreements and

Acknowledgements Regarding
 Hedging Activities/Additional

Acknowledgements:
	  	Applicable
			
	2.	 	 Calculation Agent.
	  	Dealer; provided that following the occurrence of an Event of Default of the type described in Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, if Dealer, as the Calculation Agent,
fails to timely make any calculation, adjustment or determination required to be made by the Calculation Agent hereunder or to perform any obligation of the Calculation Agent hereunder and such failure continues for five (5) Exchange Business Days
following notice to the Calculation Agent by Counterparty of such failure, Counterparty shall have the right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to act as the Calculation Agent.
Upon request from Counterparty, the Calculation Agent shall promptly (but in no event later than within five (5) Exchange Business Days from the receipt of such request) provide Counterparty with a written explanation describing in reasonable detail
any calculation, adjustment or determination made by it (including any quotations, market data or information from external sources used in making such calculation, adjustment or determination, as the case may be, but without disclosing the
Calculation Agent’s proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information).
			
	3.	 	 Account Details. 
	  	
			
		 	(a)	 	 Account for payments to Counterparty: 

			
		 		 	To be provided separately.
			
		 		 	Account for delivery of Shares to Counterparty:
			
		 		 	To be provided separately.

  
 10 

					
		 	(b)	 	Account for payments to Dealer:
			
		 		 	Beneficiary Bank: JPMorgan Chase Bank NA New York
		 		 	Beneficiary Swift Code: CHASUS33 or ABA 021000021
		 		 	Favor of Ultimate Beneficiary Full Name: JPMCB NA OTC Derivatives
		 		 	Ultimate Beneficiary Account Number: 99997979
		 		 	Ultimate Beneficiary Swift Code: CHASUS33XXX
			
		 		 	Account for delivery of Shares to Dealer:
			
		 		 	To be provided separately.
		
	4.	 	 Offices. 

			
		 	(a)	 	The Office of Counterparty for each Transaction is: Inapplicable, Counterparty is not a Multibranch Party.
			
		 	(b)	 	The Office of Dealer for each Transaction is: London
			
		 		 	JPMorgan Chase Bank, National Association
		 		 	London Branch
		 		 	P.O. Box 161
		 		 	60 Victoria Embankment
		 		 	London EC4Y 0JP
		 		 	England
		
	5.	 	 Notices.

			
		 	(a)	 	Address for notices or communications to Counterparty:
			
		 		 	Vitamin Shoppe, Inc.
		 		 	300 Harmon Meadow Blvd.
		 		 	Secaucus, New Jersey 07094
		 		 	Attention: Brenda Galgano, EVP, Chief Financial Officer
		 		 	Telephone No.:  (201) 624-3263
		 		 	Facsimile No.:   (201) 624-3824
		 		 	Email Address:  brenda.galgano@vitaminshoppe.com
			
		 	(b)	 	Address for notices or communications to Dealer:
			
		 		 	JPMorgan Chase Bank, National Association
		 		 	EDG Marketing Support
		 		 	Email: edg_notices@jpmorgan.com
		 		 	            edg_ny_corporate_sales_support@jpmorgan.com
			
		 		 	With a copy to:

							
				
		 		 	 Attention:
	 	Jason Shrednick
		 		 	 Title:
	 	Executive Director
		 		 	 Telephone No:
	 	212-622-6392
		 		 	 Facsimile No:
	 	917-464-6770
		 		 	 Email Address:    
	 	jason.shrednick@jpmorgan.com

  
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	6.	Representations, Warranties and Agreements. 

  

	 	(a)	Additional Representations, Warranties and Covenants of Each Party. In addition to the representations, warranties and covenants in the Agreement, each party represents, warrants and covenants to the other party,
as of the Trade Date of any Transaction, that: 

  

	 	(i)	It is an “eligible contract participant” (as such term is defined in the Commodity Exchange Act, as amended). 

  

	 	(ii)	Each party acknowledges that the offer and sale of each Transaction to it is intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of
Section 4(2) thereof. Accordingly, each party represents and warrants to the other that (A) it has the financial ability to bear the economic risk of its investment in each Transaction and is able to bear a total loss of its investment,
(B) it is an “accredited investor” as that term is defined under Regulation D under the Securities Act and (C) the disposition of each Transaction is restricted under this Master Confirmation, the Securities Act and state
securities laws. 

  

	 	(b)	Additional Representations, Warranties and Covenants of Counterparty. In addition to the representations, warranties and covenants in the Agreement, Counterparty represents, warrants and covenants to Dealer that:

  

	 	(i)	As of the Trade Date for each Transaction hereunder, Counterparty is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. Each of this Master Confirmation and the
Supplemental Confirmation for such Transaction has been duly authorized, executed and delivered by Counterparty and (assuming due authorization, execution and delivery thereof by Dealer) this Master Confirmation, as supplemented by such Supplemental
Confirmation, constitutes a valid and legally binding obligation of Counterparty. Counterparty has all corporate power to enter into this Master Confirmation, such Supplemental Confirmation and the Trade Notification for such Transaction and to
consummate the transactions contemplated hereby and thereby and to purchase the Shares and deliver any Settlement Shares in accordance with the terms hereof and thereof. 

 

	 	(ii)	As of the Trade Date for each Transaction hereunder, the execution and delivery by Counterparty of, and the performance by Counterparty of its obligations under, this Master Confirmation and the Supplemental
Confirmation for such Transaction, and the consummation of the transactions herein and therein contemplated, do not conflict with or violate (A) any provision of the certificate of incorporation, by-laws or other constitutive documents of
Counterparty, (B) any statute or order, rule, regulation or judgment of any court or governmental agency or body having jurisdiction over Counterparty or any of its subsidiaries or any of their respective assets or (C) any contractual
restriction binding on or affecting Counterparty or any of its subsidiaries or any of its assets. 

  

	 	(iii)	As of the Trade Date for each Transaction hereunder, all governmental and other consents that are required to have been obtained by Counterparty with respect to performance, execution and delivery of this Master
Confirmation and the Supplemental Confirmation for such Transaction have been obtained and are in full force and effect and all conditions of any such consents have been complied with. 

 

	 	(iv)	As of the Trade Date for each Transaction hereunder, (A) such Transaction is being entered into pursuant to a publicly disclosed Share buy-back program and its Board of Directors has approved the use of derivatives
to effect the Share buy-back program, and (B) there is no internal policy of Counterparty, whether written or oral, that would prohibit Counterparty from entering into any aspect of such Transaction, including, without limitation, the purchases
of Shares to be made pursuant to such Transaction. 

  
 12 

	 	(v)	As of the Trade Date for each Transaction hereunder, the purchase or writing of such Transaction and the transactions contemplated hereby will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act.

  

	 	(vi)	As of the Trade Date for each Transaction hereunder, it is not entering into such Transaction, and as of the date of any election with respect to any Transaction hereunder, it is not making such election, in each case
(A) on the basis of, and is not aware of, any material non-public information regarding Counterparty or the Shares, (B) in anticipation of, in connection with, or to facilitate, a distribution of its securities, a self tender offer or a
third-party tender offer in violation of the Exchange Act or (C) to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the
price of the Shares (or any security convertible into or exchangeable for the Shares). 

  

	 	(vii)	Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise
independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing; and (C) has total assets of at least USD 50,000,000 as of the date hereof.

  

	 	(viii)	As of the Trade Date for each Transaction hereunder, and as of the date of any election with respect to any Transaction hereunder, Counterparty is in compliance with its reporting obligations under the Exchange Act and
its most recent Annual Report on Form 10-K, together with all reports subsequently filed by it pursuant to the Exchange Act, taken together and as amended and supplemented to the date of this representation, do not, as of their respective filing
dates, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

  

	 	(ix)	Counterparty has made, and will make, all filings required to be made by it with the Securities and Exchange Commission, any securities exchange or any other regulatory body with respect to each Transaction.

  

	 	(x)	The Shares are not, and Counterparty will not cause the Shares to be, subject to a “restricted period” (as defined in Regulation M promulgated under the Exchange Act) at any time during any Regulation M Period
(as defined below) for any Transaction unless Counterparty has provided written notice to Dealer of such restricted period not later than the Scheduled Trading Day immediately preceding the first day of such “restricted period”;
Counterparty acknowledges that any such notice may cause a Disrupted Day to occur pursuant to Section 7 below; accordingly, Counterparty acknowledges that its delivery of such notice must comply with the standards set forth in Section 8 below.
Counterparty is not currently contemplating any “distribution” (as defined in Regulation M promulgated under the Exchange Act) of Shares, or any security for which Shares are a “reference security” (as defined in Regulation M
promulgated under the Exchange Act). “Regulation M Period” means, for any Transaction, (A) the Relevant Period (as defined below) for such Transaction, (B) the Settlement Valuation Period, if any, for such Transaction and
(C) the Seller Termination Purchase Period (as defined below), if any, for such Transaction. “Relevant Period” means, for any Transaction, the period commencing on the first day of the Hedge Period for such Transaction and
ending on the later of (1) the earlier of (x) the Scheduled Termination Date and (y) the last Additional Relevant Day (as specified in the related Supplemental Confirmation) for such Transaction, or such earlier day as elected by
Dealer and communicated to Counterparty on such day (or, if later, the First Acceleration Date without regard to any acceleration thereof pursuant to “Special Provisions for Acquisition Transaction Announcements” below) and (2) if
Section 15 is applicable to such Transaction, the date on which all deliveries owed pursuant to Section 15 have been made. 

  
 13 

	 	(xi)	As of the Trade Date, the Prepayment Date, the Initial Share Delivery Date, the Minimum Share Delivery Date, the Settlement Date, any Cash Settlement Payment Date and any Settlement Method Election Date for each
Transaction, Counterparty is not, and will not be, “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty
would be able to purchase a number of Shares with a value equal to the Prepayment Amount in compliance with the laws of the jurisdiction of Counterparty’s incorporation. 

 

	 	(xii)	Counterparty is not, and after giving effect to each Transaction will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

  

	 	(xiii)	[Reserved] 

  

	 	(xiv)	Other than pursuant to a Rule 10b5-1 repurchase plan entered into between Counterparty and Dealer or Dealer’s affiliates and pursuant to Allowed Purchases (as defined below), Counterparty has not entered, and will
not enter, into any repurchase transaction with respect to the Shares (or any security convertible into or exchangeable for the Shares) (including, without limitation, any agreements similar to the Transactions described herein) where any initial
hedge period, calculation period, relevant period, settlement valuation period or seller termination purchase period (each however defined) in such other transaction will overlap at any time (including, without limitation, as a result of extensions
in such initial hedge period, calculation period, relevant period, settlement valuation period or seller termination purchase period as provided in the relevant agreements) with any Relevant Period, any Settlement Valuation Period (if applicable) or
any Seller Termination Purchase Period (if applicable) under this Master Confirmation. In the event that the initial hedge period, relevant period, calculation period, settlement valuation period or seller termination purchase period in any other
transaction overlaps with any Relevant Period, any Settlement Valuation Period (if applicable) or any Seller Termination Purchase Period (if applicable) under this Master Confirmation as a result of any postponement of the Scheduled Termination Date
or extension of the Settlement Valuation Period pursuant to “Valuation Disruption” above or any analogous provision in such other transaction, Counterparty shall promptly amend such other transaction to avoid any such overlap.

  

	 	(xv)	Counterparty shall, at least one day prior to the first day of the Hedge Period, the Settlement Valuation Period, if any, or the Seller Termination Purchase Period, if any, for any Transaction, notify Dealer of the
total number of Shares purchased in Rule 10b-18 purchases of blocks pursuant to the once-a-week block exception set forth in paragraph (b)(4) of Rule 10b-18 under the Exchange Act (“Rule 10b-18”) by or for Counterparty or any of its
“affiliated purchasers” (as defined in Rule 10b-18) during each of the four calendar weeks preceding such day and during the calendar week in which such day occurs (“Rule 10b-18 purchase” and “blocks” each being used as
defined in Rule 10b-18), which notice shall be substantially in the form set forth in Schedule C hereto. 

  

	 	(xvi)	As of the Trade Date for each Transaction hereunder, and as of the date of any election with respect to any Transaction hereunder, there has not been any Merger Announcement (as defined below). 

 

	7.	Regulatory Disruption. In the event that Dealer concludes, in good faith and based on the advice of counsel, that it is appropriate with respect to any legal, regulatory or self-regulatory
requirements or related policies and procedures consistently applied (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer), for it to refrain from or decrease any market activity on
any Scheduled Trading Day or Days during the Calculation Period or, if applicable, the Settlement Valuation Period, Dealer may by written notice to Counterparty elect to deem that a Market Disruption Event has occurred and will be continuing on such
Scheduled Trading Day or Days. 

  
 14 

	8.	10b5-1 Plan. Counterparty represents, warrants and covenants to Dealer that: 

  

	 	(a)	Counterparty is entering into this Master Confirmation and each Transaction hereunder in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1 under the Exchange Act (“Rule
10b5-1”) or any other antifraud or anti-manipulation provisions of the federal or applicable state securities laws and that it has not entered into or altered and will not enter into or alter any corresponding or hedging transaction or
position with respect to the Shares. Counterparty acknowledges that it is the intent of the parties that each Transaction entered into under this Master Confirmation comply with the requirements of paragraphs (c)(1)(i)(A) and (B) of Rule 10b5-1
and each Transaction entered into under this Master Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c). 

  

	 	(b)	During the Hedge Period, the Calculation Period and the Settlement Valuation Period, if any, for any Transaction and in connection with the delivery of any Alternative Delivery Units for any Transaction, Dealer (or its
agent or Affiliate) may effect transactions in Shares in connection with such Transaction. The timing of such transactions by Dealer, the price paid or received per Share pursuant to such transactions and the manner in which such transactions are
made, including, without limitation, whether such transactions are made on any securities exchange or privately, shall be within the sole judgment of Dealer. Counterparty acknowledges and agrees that all such transactions shall be made in
Dealer’s sole judgment and for Dealer’s own account. 

  

	 	(c)	Counterparty does not have, and shall not attempt to exercise, any control or influence over how, when or whether Dealer (or its agent or Affiliate) makes any “purchases or sales” (within the meaning of Rule
10b5-1(c)(1)(i)(B)(3)) in connection with any Transaction, including, without limitation, over how, when or whether Dealer (or its agent or Affiliate) enters into any hedging transactions. Counterparty represents and warrants that it has consulted
with its own advisors as to the legal aspects of its adoption and implementation of this Master Confirmation, each Supplemental Confirmation and each Trade Notification under Rule 10b5-1. 

 

	 	(d)	Counterparty acknowledges and agrees that any amendment, modification, waiver or termination of this Master Confirmation, any Supplemental Confirmation or any Trade Notification must be effected in accordance with the
requirements for the amendment or termination of a “plan” as defined in Rule 10b5-1(c). Without limiting the generality of the foregoing, any such amendment, modification, waiver or termination shall be made in good faith and not as part
of a plan or scheme to evade the prohibitions of Rule 10b-5, and no such amendment, modification or waiver shall be made at any time at which Counterparty or any officer, director, manager or similar person of Counterparty is aware of any material
non-public information regarding Counterparty or the Shares. 

  

	 	(e)	Counterparty shall not knowingly or intentionally, directly or indirectly, communicate any information relating to the Shares or any Transaction (including, without limitation, any notices required by Section 10(a)) to
any employee of Dealer or JPMS, other than as set forth in the Communications Procedures attached as Annex B hereto. 

  

	9.	Counterparty Purchases. Counterparty (or any “affiliate” or “affiliated purchaser” as defined in Rule 10b-18) shall not, without the prior written consent of Dealer, directly or
indirectly (including, without limitation, by means of a derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or equivalent interest,
including, without limitation, a unit of beneficial interest in a trust or limited partnership or a depository share), listed contracts on the Shares or securities that are convertible into, or exchangeable or exercisable for Shares (including,
without limitation, any Rule 10b-18 purchases of blocks (as defined in Rule 10b-18)) during any Relevant Period, any Settlement Valuation Period (if applicable) or any Seller Termination Purchase Period (if applicable), under this Master
Confirmation; provided that (x) purchases of Shares that do not constitute “Rule 10b-18 purchases” under subparagraphs (ii) or (iii) of Rule 10b-18(a)(13) and (y) repurchase or withholding of Shares to cover
amounts payable (including tax liabilities and/or payment of exercise price) in respect of the exercise, or as a result of the forfeiture, of employee stock options or the vesting of restricted stock or stock units (“Allowed
Purchases”), shall, in each case, not be subject to this Section 9. 

  
 15 

	10.	Special Provisions for Merger Transactions. Notwithstanding anything to the contrary herein or in the Equity Definitions: 

 

	 	(a)	Counterparty agrees that it: 

  

	 	(i)	will not during the period commencing on the Trade Date for any Transaction and ending on the last day of the Relevant Period or, if applicable, the later of the last day of the Settlement Valuation Period and the last
day of the Seller Termination Purchase Period, for such Transaction make, or permit to be made, to the extent within its control, any public announcement (as defined in Rule 165(f) under the Securities Act) of any Merger Transaction or potential
Merger Transaction (a “Merger Announcement”) unless such Merger Announcement is made prior to the opening or after the close of the regular trading session on the Exchange for the Shares, except to the extent required by any law,
rule or regulation applicable to Counterparty; 

  

	 	(ii)	shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) notify Dealer following any such Merger Announcement that such Merger Announcement has been made; and

  

	 	(iii)	shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) provide Dealer with written notice specifying (i) Counterparty’s average daily Rule 10b-18 Purchases
(as defined in Rule 10b-18) during the three full calendar months immediately preceding the announcement date of any Merger Transaction or potential Merger Transaction that were not effected through Dealer or its Affiliates and (ii) the number
of Shares purchased pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three full calendar months preceding the announcement date of any Merger Transaction or potential Merger Transaction. Such written notice shall be deemed
to be a certification by Counterparty to Dealer that such information is true and correct. In addition, Counterparty shall promptly notify Dealer of the earlier to occur of the completion of such transaction and the completion of the vote by target
shareholders. 

  

	 	(b)	Counterparty acknowledges that any such Merger Announcement or delivery of a notice with respect thereto may cause the terms of any Transaction to be adjusted or such Transaction to be terminated; accordingly,
Counterparty acknowledges that its delivery of such notice must comply with the standards set forth in Section 8 above. 

  

	 	(c)	Upon the occurrence of any Merger Announcement (whether made by Counterparty or a third party), the Calculation Agent may (i) make commercially reasonable adjustments to the terms of any Transaction, including,
without limitation, the Scheduled Termination Date or the Forward Price Adjustment Amount, and/or suspend the Hedge Period, the Calculation Period and/or any Settlement Valuation Period or (ii) treat the occurrence of such Merger Announcement
as an Additional Termination Event with Counterparty as the sole Affected Party and the Transactions hereunder as the Affected Transactions and with the amount under Section 6(e) of the Agreement determined taking into account the fact that the
Calculation Period or Settlement Valuation Period, as the case may be, had fewer Scheduled Trading Days than originally anticipated. 

“Merger Transaction” means any merger, acquisition or similar transaction involving a recapitalization as contemplated by Rule
10b-18(a)(13)(iv) under the Exchange Act. 

  
 16 

	11.	Special Provisions for Acquisition Transaction Announcements. Notwithstanding anything to the contrary herein or in the Equity Definitions: 

 

	 	(a)	If an Acquisition Transaction Announcement occurs on or prior to the Final Settlement Date for any Transaction, then the Calculation Agent shall make such adjustments to the exercise, settlement, payment or any other
terms of such Transaction as the Calculation Agent determines appropriate (including, without limitation and for the avoidance of doubt, adjustments that would allow the Number of Shares to be Delivered to be less than zero), at such time or at
multiple times as the Calculation Agent determines appropriate, to account for the economic effect on such Transaction of such event (including adjustments to account for changes in volatility, expected dividends, stock loan rate, value of any
commercially reasonable Hedge Positions in connection with the Transaction and liquidity relevant to the Shares or to such Transaction). If an Acquisition Transaction Announcement occurs after the Trade Date, but prior to the First Acceleration Date
of any Transaction, the First Acceleration Date shall be the date of such Acquisition Transaction Announcement. If the Number of Shares to be Delivered for any settlement of any Transaction is a negative number, then the terms of the Counterparty
Settlement Provisions in Annex A hereto shall apply. 

  

	 	(b)	“Acquisition Transaction Announcement” means (i) the announcement of an Acquisition Transaction or an event that, if consummated, would result in an Acquisition Transaction, (ii) an
announcement that Counterparty or any of its subsidiaries has entered into an agreement, a letter of intent or an understanding designed to result in an Acquisition Transaction, (iii) the announcement of the intention to solicit or enter into,
or to explore strategic alternatives or other similar undertaking that may include, an Acquisition Transaction, (iv) any other announcement that in the reasonable judgment of the Calculation Agent is reasonably likely to result in an
Acquisition Transaction, or (v) any announcement of any change or amendment to any previous Acquisition Transaction Announcement (including any announcement of the abandonment of any such previously announced Acquisition Transaction, agreement,
letter of intent, understanding or intention). For the avoidance of doubt, announcements as used in the definition of Acquisition Transaction Announcement refer to any public announcement whether made by the Issuer or a third party.

  

	 	(c)	“Acquisition Transaction” means (i) any Merger Event (for purposes of this definition the definition of Merger Event shall be read with the reference therein to “100%” being replaced by
“greater than 25%” and reference to “50%” being replaced by “75%” and without reference to the clause beginning immediately following the definition of Reverse Merger therein to the end of such definition), Tender Offer
or Merger Transaction or any other transaction involving the merger of Counterparty with or into any third party, (ii) the sale or transfer of all or substantially all of the assets of Counterparty, (iii) a recapitalization,
reclassification, binding share exchange or other similar transaction with respect to Counterparty, (iv) any acquisition by Counterparty or any of its subsidiaries where the aggregate consideration transferable by Counterparty or its
subsidiaries exceeds 25% of the market capitalization of Counterparty, (v) any lease, exchange, transfer, disposition (including, without limitation, by way of spin-off or distribution) of assets (including, without limitation, any capital
stock or other ownership interests in subsidiaries) or other similar event by Counterparty or any of its subsidiaries where the aggregate consideration transferable or receivable by or to Counterparty or its subsidiaries exceeds 25% of the market
capitalization of Counterparty or (vi) any transaction in which Counterparty or its board of directors has a legal obligation to make a recommendation to its shareholders in respect of such transaction (whether pursuant to Rule 14e-2 under the
Exchange Act or otherwise). 

  

	12.	Acknowledgments. 

  

	 	(a)	The parties hereto intend for: 

  

	 	(i)	each Transaction to be a “securities contract” as defined in Section 741(7) of the Bankruptcy Code and a “forward contract” as defined in Section 101(25) of the Bankruptcy Code, and the
parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 555, 556, 560 and 561 of the Bankruptcy Code; 

  
 17 

	 	(ii)	the Agreement to be a “master netting agreement” as defined in Section 101(38A) of the Bankruptcy Code; 

  

	 	(iii)	a party’s right to liquidate, terminate or accelerate any Transaction, net out or offset termination values or payment amounts, and to exercise any other remedies upon the occurrence of any Event of Default or
Termination Event under the Agreement with respect to the other party or any Extraordinary Event that results in the termination or cancellation of any Transaction to constitute a “contractual right” (as defined in the Bankruptcy Code);
and 

  

	 	(iv)	all payments for, under or in connection with each Transaction, all payments for the Shares (including, for the avoidance of doubt, payment of the Prepayment Amount) and the transfer of such Shares to constitute
“settlement payments” and “transfers” (as defined in the Bankruptcy Code). 

  

	 	(b)	Counterparty acknowledges that: 

  

	 	(i)	during the term of any Transaction, Dealer and its Affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to
establish, adjust or unwind its hedge position with respect to such Transaction; 

  

	 	(ii)	Dealer and its Affiliates may also be active in the market for the Shares and Share-linked transactions other than in connection with hedging activities in relation to any Transaction; 

 

	 	(iii)	Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in Counterparty’s securities shall be conducted and shall do so in a manner that it deems appropriate
to hedge its price and market risk with respect to the Forward Price and the VWAP Price; 

  

	 	(iv)	any market activities of Dealer and its Affiliates with respect to the Shares may affect the market price and volatility of the Shares, as well as the Hedge Period Reference Price, the Forward Price, VWAP Price and
Settlement Price, each in a manner that may be adverse to Counterparty; and 

  

	 	(v)	each Transaction is a derivatives transaction in which it has granted Dealer an option; Dealer may purchase shares for its own account at an average price that may be greater than, or less than, the price paid by
Counterparty under the terms of the related Transaction. 

  

	13.	No Collateral, Netting or Setoff. Notwithstanding any provision of the Agreement or any other agreement between the parties to the contrary, the obligations of Counterparty hereunder are not secured by any
collateral. Obligations under any Transaction shall not be netted, recouped or set off (including pursuant to Section 6 of the Agreement) against any other obligations of the parties, whether arising under the Agreement, this Master
Confirmation, any Supplemental Confirmation or any Trade Notification, or under any other agreement between the parties hereto, by operation of law or otherwise, and no other obligations of the parties shall be netted, recouped or set off (including
pursuant to Section 6 of the Agreement) against obligations under any Transaction, whether arising under the Agreement, this Master Confirmation, any Supplemental Confirmation or any Trade Notification, or under any other agreement between the
parties hereto, by operation of law or otherwise, and each party hereby waives any such right of setoff, netting or recoupment. 

  

	14.	Delivery of Shares. Notwithstanding anything to the contrary herein, Dealer may, by prior notice to Counterparty, satisfy its obligation to deliver any Shares or other securities on any date due (an
“Original Delivery Date”) by making separate deliveries of Shares or such securities, as the case may be, at more than one time on or prior to such Original Delivery Date, so long as the aggregate number of Shares and other
securities so delivered on or prior to such Original Delivery Date is equal to the number required to be delivered on such Original Delivery Date. 

  
 18 

	15.	Alternative Termination Settlement. In the event that (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to any
Transaction or (b) any Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to holders of Shares
consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the
Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case
that resulted from an event or events outside Counterparty’s control), if either party would owe any amount to the other party pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity
Definitions (any such amount, a “Payment Amount”), then, in lieu of any payment of such Payment Amount, unless Counterparty makes an election to the contrary no later than the Early Termination Date or the date on which such
Transaction is terminated or cancelled, Counterparty or Dealer, as the case may be, shall deliver to the other party a number of Shares (or, in the case of a Nationalization, Insolvency or Merger Event, a number of units, each comprising the number
or amount of the securities or property that a hypothetical holder of one Share would receive in such Nationalization, Insolvency or Merger Event, as the case may be (each such unit, an “Alternative Delivery Unit”)) with a value
equal to the Payment Amount, as determined by the Calculation Agent over a commercially reasonable period of time (and the parties agree that, in making such determination of value, the Calculation Agent may take into account a number of factors,
including, without limitation, the market price of the Shares or Alternative Delivery Units on the Early Termination Date or the date of early cancellation or termination, as the case may be, and, if such delivery is made by Dealer, the prices at
which Dealer purchases Shares or Alternative Delivery Units to fulfill its delivery obligations under this Section 15); provided that in determining the composition of any Alternative Delivery Unit, if the relevant Nationalization, Insolvency
or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash; and provided further that Counterparty may elect that the provisions of
this Section 15 above providing for the delivery of Shares or Alternative Delivery Units, as the case may be, shall not apply only if Counterparty represents and warrants to Dealer, in writing on the date it notifies Dealer of such election,
that, as of such date, Counterparty is not aware of any material non-public information regarding Counterparty or the Shares and is making such election in good faith and not as part of a plan or scheme to evade compliance with the federal
securities laws. If delivery of Shares or Alternative Delivery Units, as the case may be, pursuant to this Section 15 is to be made by Counterparty, paragraphs 2 through 7 of Annex A hereto shall apply as if (A) such delivery were a
settlement of such Transaction to which Net Share Settlement applied, (B) the Cash Settlement Payment Date were the Early Termination Date or the date of early cancellation or termination, as the case may be, and (C) the Forward Cash
Settlement Amount were equal to (x) zero minus (y) the Payment Amount owed by Counterparty. For the avoidance of doubt, if Counterparty validly elects for the provisions of this Section 15 relating to the delivery of Shares or
Alternative Delivery Units, as the case may be, not to apply to any Payment Amount, the provisions of Article 12 of the Equity Definitions, or the provisions of Section 6(d)(ii) of the Agreement, as the case may be, shall apply. If delivery of
Shares or Alternative Delivery Units, as the case may be, is to be made by Dealer pursuant to this Section 15, the period during which Dealer purchases Shares or Alternative Delivery Units to fulfill its delivery obligations under this Section 15
shall be referred to as the “Seller Termination Purchase Period.” 

  

	16.	 Calculations and Payment Date upon Early Termination. The parties acknowledge and agree that in calculating (a) the Close-Out
Amount pursuant to Section 6 of the Agreement and (b) the amount due upon cancellation or termination of any Transaction (whether in whole or in part) pursuant to Article 12 of the Equity Definitions as a result of an Extraordinary Event,
Dealer may (but need not) determine such amount based on (i) expected losses assuming a commercially reasonable (including, without limitation, with regard to reasonable legal and regulatory guidelines) risk bid were used to determine loss or
(ii) the price at which one or more market participants would offer to sell to the Seller a block of shares of Common Stock equal in number to the Seller’s hedge position in relation to the Transaction. Notwithstanding anything to the
contrary in Section 6(d)(ii) of the Agreement or Article 12 of the Equity Definitions, all amounts 

  
 19 

	 	
calculated as being due in respect of an Early Termination Date under Section 6(e) of the Agreement or upon cancellation or termination of the relevant Transaction under Article 12 of the
Equity Definitions will be payable on the day that notice of the amount payable is effective; provided that if Counterparty elects to receive or deliver Shares or Alternative Delivery Units in accordance with Section 15, such Shares or
Alternative Delivery Units shall be delivered on a date selected by Dealer as promptly as practicable. 

  

	17.	Limit on Beneficial Ownership. Notwithstanding any other provisions hereof, Dealer may not be entitled to take delivery of any Shares deliverable hereunder to the extent (but only to the extent) that,
after such receipt of any Shares hereunder, the Equity Percentage would exceed 8.0%. Any purported delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery the Equity Percentage would
exceed 8.0%. If any delivery owed to Dealer hereunder is not made, in whole or in part, as a result of this provision, Counterparty’s obligation to make such delivery shall not be extinguished and Counterparty shall make such delivery as
promptly as practicable after, but in no event later than one Business Day after, Dealer gives notice to Counterparty that, after such delivery, the Equity Percentage would not exceed 8.0%. The “Equity Percentage” as of any day is the
fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject to aggregation with Dealer for purposes of the “beneficial ownership” test under
Section 13 of the Exchange Act, or any “group” (within the meaning of Section 13) of which Dealer is or may be deemed to be a part beneficially owns (within the meaning of Section 13 of the Exchange Act), without
duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the
denominator of which is the number of Shares outstanding on such day. 

  

	18.	Maximum Share Delivery. Notwithstanding anything to the contrary in this Master Confirmation, in no event shall Dealer be required to deliver any Shares, or any Shares or other securities comprising
Alternative Delivery Units, in respect of any Transaction in excess of the Maximum Number of Shares set forth in the Supplemental Confirmation for such Transaction. 

 

	19.	Additional Termination Events. 

  

	 	(a)	The occurrence of an event described in paragraph III of Annex B hereto will constitute an Additional Termination Event, with Counterparty as the sole Affected Party and the Transactions specified in such paragraph III
as the Affected Transactions. 

  

	 	(b)	Notwithstanding anything to the contrary in Section 6 of the Agreement, if a Termination Price is specified in the Supplemental Confirmation for any Transaction, then an Additional Termination Event will occur
without any notice or action by Dealer or Counterparty if the price of the Shares on the Exchange at any time falls below such Termination Price, with Counterparty as the sole Affected Party and such Transaction as the sole Affected Transaction.

  

	20.	Non-confidentiality. Dealer and Counterparty hereby acknowledge and agree that, subject to Section 8(e), each is authorized to disclose every aspect of this Master Confirmation, any Supplemental
Confirmation, any Trade Notification and the transactions contemplated hereby and thereby to any and all persons, without limitation of any kind, and there are no express or implied agreements, arrangements or understandings to the contrary.

  

	21.	[Reserved.] 

  

	22.	 Assignment and Transfer. Notwithstanding anything to the contrary in the Agreement, Dealer may assign any of its rights or duties
hereunder to (x) any one or more of its affiliates which has a long-term senior unsecured debt rating or long-term issuer rating from each of Moody’s Investors Service and Standard & Poor’s Ratings Services at least as high
as those of Dealer at the time of such assignment or (y) any one or more of its affiliates so long as such affiliates’ obligations hereunder are guaranteed on a full an unconditional basis by JPMorgan Chase & Co., in each case,
without the prior written consent of Counterparty; provided that, Dealer may not assign its rights and obligations hereunder and under the Agreement if such assignment would, as of the date of such assignment, result in (i) Counterparty
being required to pay the assignee an amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) of the 

  
 20 

	 	
Agreement greater than the amount in respect of which Counterparty would have been required to pay to Dealer in the absence of such assignment or (ii) Counterparty receiving a payment from
which an amount has been withheld or deducted, on account of a Tax under Section 2(d)(i) of the Agreement in excess of that which Issuer would have been required to so withhold or deduct in the absence of such assignment, unless the assignee
would be required to make additional payments pursuant to Section 2(d)(i)(4) of the Agreement. Notwithstanding any other provision in this Master Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver
any Shares or other securities to or from Counterparty, Dealer may designate any of its Affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to perform Dealer’s obligations in respect of any Transaction
and any such designee may assume such obligations. Dealer may assign the right to receive Settlement Shares to any third party who may legally receive Settlement Shares. Dealer shall be discharged of its obligations to Counterparty only to the
extent of any such performance. For the avoidance of doubt, Dealer hereby acknowledges that notwithstanding any such designation hereunder, to the extent any of Dealer’s obligations in respect of any Transaction are not completed by its
designee, Dealer shall be obligated to continue to perform or to cause any other of its designees to perform in respect of such obligations. 

  

	23.	Amendments to the Equity Definitions. 

  

	 	(a)	Section 11.2(a) of the Equity Definitions is hereby amended by deleting the words “a diluting or concentrative” and replacing them with the word “an”; and adding the phrase “or such
Transaction” at the end of the sentence. 

  

	 	(b)	Section 11.2(c) of the Equity Definitions is hereby amended by (i) replacing the words “a diluting or concentrative” with “an” in the fifth line thereof, (ii) adding the phrase
“or such Transaction” after the words “the relevant Shares” in the same sentence, (iii) deleting the words “dilutive or concentrative” in the sixth to last line thereof, and (iv) deleting the phrase
“(provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)” and replacing it with the phrase “(and, for the avoidance of
doubt, adjustments may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares).” 

 

	 	(c)	Section 11.2(e)(vii) of the Equity Definitions is hereby amended by deleting the words “a diluting or concentrative” and replacing them with the words “a material”; and adding the phrase
“or the relevant Transaction” at the end of the sentence. 

  

	 	(d)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (i) deleting from the fourth line thereof the word “or” after the word “official” and inserting a comma therefor, and
(ii) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or (C) at Dealer’s option, the occurrence of any of the events specified in Section 5(a)(vii)
(1) through (9) of the ISDA Master Agreement with respect to that Issuer.” 

  

	 	(e)	Section 12.9(b)(iv) of the Equity Definitions is hereby amended by: 

  

	 	(i)	deleting (1) subsection (A) in its entirety, (2) the phrase “or (B)” following subsection (A) and (3) the phrase “in each case” in subsection (B); and 

 

	 	(ii)	replacing the phrase “neither the Non-Hedging Party nor the Lending Party lends Shares” with the phrase “such Lending Party does not lend Shares” in the penultimate sentence. 

 

	 	(f)	Section 12.9(b)(v) of the Equity Definitions is hereby amended by: 

  

	 	(i)	adding the word “or” immediately before subsection “(B)” and deleting the comma at the end of subsection (A); and 

 

	 	(ii)	(1) deleting subsection (C) in its entirety, (2) deleting the word “or” immediately preceding subsection (C), (3) deleting the penultimate sentence in its entirety and replacing it with the
sentence “The Hedging Party will determine the Cancellation Amount payable by one party to the other” and (4) deleting clause (X) in the final sentence. 

  
 21 

	24.	Extraordinary Dividend. If Counterparty declares any Extraordinary Dividend that has an ex-dividend date during the period commencing on the Trade Date for any Transaction and ending of the last day of the
Relevant Period or, if applicable, the later of the last day of the Settlement Valuation Period and the last day of the Seller Termination Purchase Period, for such Transaction, then prior to or on the date on which such Extraordinary Dividend is
paid by Counterparty to holders of record, Counterparty shall pay to Dealer, for each Transaction under this Master Confirmation, an amount in cash equal to the product of (i) the amount of such Extraordinary Dividend and (ii) the
theoretical short delta number of shares as of the opening of business on the related ex-dividend date, as determined by the Calculation Agent, required for Dealer to hedge its exposure to such Transaction. 

 

	25.	Status of Claims in Bankruptcy. Dealer acknowledges and agrees that none of this Master Confirmation, any Supplemental Confirmation or any Trade Notification is intended to convey to Dealer rights against
Counterparty with respect to any Transaction that are senior to the claims of common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that nothing herein shall limit or shall be deemed to
limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements with respect to any Transaction; provided further that nothing herein shall limit or shall be deemed to limit
Dealer’s rights in respect of any transactions other than any Transaction. 

  

	26.	Wall Street Transparency and Accountability Act. In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that
neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, nor any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the
date of this Master Confirmation, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement any Trade Notification, any Supplemental Confirmation, this Master Confirmation
or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event under any Trade Notification, any Supplemental Confirmation, this Master Confirmation, the Equity
Definitions incorporated herein, or the Agreement (including, without limitation, rights arising from Change in Law, Loss of Stock Borrow, Increased Cost of Stock Borrow, Hedging Disruption, Increased Cost of Hedging, or Illegality).

  

	27.	Agreements regarding the Trade Notification. 

  

	 	(i)	Counterparty accepts and agrees to be bound by the contractual terms and conditions as set forth in the Trade Notification for any Transaction hereunder, absent manifest error. Upon receipt of any such Trade
Notification, Counterparty shall promptly execute and return such Trade Notification to Dealer; provided that Counterparty’s failure to so execute and return such Trade Notification shall not affect the binding nature of such Trade
Notification, and the terms set forth therein shall be binding on Counterparty to the same extent, and with the same force and effect, as if Counterparty had executed a written version of such Trade Notification. 

 

	 	(ii)	Counterparty and Dealer agree and acknowledge that (A) the transactions contemplated by this Master Confirmation will be entered into in reliance on the fact that this Master Confirmation, each Supplemental
Confirmation hereunder and the related Trade Notification form a single agreement between Counterparty and Dealer, and Dealer would not otherwise enter into such transactions, (B) this Confirmation is a “qualified financial contract”,
as such term is defined in Section 5-701(b)(2) of the General Obligations Law of New York (the “General Obligations Law”); (C) such Trade Notification, regardless of whether such Trade Notification is transmitted
electronically or otherwise, constitutes a “confirmation in writing sufficient to indicate that a contract has been made between the parties” hereto, as set forth in Section 5-701(b)(3)(b) of the General Obligations Law; and
(D) this Master Confirmation as supplemented by each Supplemental Confirmation hereunder constitutes a prior “written contract”, as set forth in Section 5-701(b)(1)(b) of the General Obligations Law, and each party hereto intends
and agrees to be bound by this Master Confirmation and any such Supplemental Confirmation. 

  

	 	(iii)	Counterparty and Dealer further agree and acknowledge that this Master Confirmation as supplemented by each Supplemental Confirmation hereunder constitutes a contract “for the sale or purchase of a security”,
as set forth in Section 8-113 of the Uniform Commercial Code of New York. 

  
 22 

	28.	Waiver of Jury Trial. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING RELATING TO THE AGREEMENT,
THIS MASTER CONFIRMATION, EACH SUPPLEMENTAL CONFIRMATION, EACH TRADE NOTIFICATION, THE TRANSACTIONS HEREUNDER AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT, THIS MASTER CONFIRMATION, ANY SUPPLEMENTAL CONFIRMATION, ANY TRADE NOTIFICATION
AND THE TRANSACTIONS HEREUNDER. EACH PARTY (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH A SUIT, ACTION OR PROCEEDING,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HAVE BEEN INDUCED TO ENTER INTO THE TRANSACTIONS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS PROVIDED HEREIN. 

 

	29.	Counterparts. This Master Confirmation may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Master Confirmation by
signing and delivering one or more counterparts. 

  

	30.	Role of Agent. Each party agrees and acknowledges that (a) JPMS, an Affiliate of Dealer, has acted solely as agent and not as principal with respect to this Master Confirmation and each Transaction
and (b) JPMS has no obligation or liability, by way of guaranty, endorsement or otherwise, in any manner in respect of any Transaction (including, if applicable, in respect of the settlement thereof). Each party agrees it will look solely to
the other party (or any guarantor in respect thereof) for performance of such other party’s obligations under any Transaction. JPMS is authorized to act as agent for Dealer. 

 

	31.	Tax Matters. 

  

	 	(i)	Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Act. “Tax” and “Indemnifiable Tax”, each as defined in Section 14 of
the Agreement, shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or
official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection
with the implementation of such Sections of the Code (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of
Section 2(d) of the Agreement. 

  

	 	(ii)	HIRE Act. “Tax” and “Indemnifiable Tax”, each as defined in Section 14 of the Agreement, shall not include any tax imposed on payments treated as dividends from sources within the United
States under Section 871(m) of the Code or any regulations issued thereunder. 

  

	 	(iii)	Tax documentation. Counterparty shall provide to Dealer a valid U.S. Internal Revenue Service Form W-9, or any successor thereto, (i) on or before the date of execution of this Confirmation and
(ii) promptly upon learning that any such tax form previously provided by Counterparty has become obsolete or incorrect. Additionally, Counterparty shall, promptly upon request by Dealer, provide such other tax forms and documents
reasonably requested by Dealer. 

  
 23 

 

             
  

 Please confirm that the foregoing correctly sets forth the terms of our agreement by
executing this Master Confirmation and returning it to us. 
 Very truly yours, 

 

			
	J.P. MORGAN SECURITIES LLC, as agent for JPMorgan Chase Bank, National Association
		
	By:	 	 /s/ Jason Shrednick

	Name:	 	Jason Shrednick
	Title:	 	Executive Director

  

			
	Accepted and confirmed as of the date first set forth above:
	
	VITAMIN SHOPPE, INC.
		
	By:	 	 /s/ Brenda Galgano

	Name:	 	Brenda Galgano
	Title:	 	Executive Vice President, Chief Financial Officer

 

             
  

 SCHEDULE A 

FORM OF SUPPLEMENTAL CONFIRMATION 

JPMorgan Chase Bank, National Association 
 P.O. Box 161 

60 Victoria Embankment 
 London EC4Y 0JP 

England 

[            ], 20[    ] 

 

	To:	Vitamin Shoppe, Inc. 

 300 Harmon Meadow Blvd. 

Secaucus, New Jersey 07094 
  

	Re:	Supplemental Confirmation—Capped Accelerated Share Repurchase 

 The purpose of this
Supplemental Confirmation is to confirm the terms and conditions of the Transaction entered into between J.P. Morgan Securities LLC, as agent for JPMorgan Chase Bank, National Association, London Branch (“Dealer”), and Vitamin
Shoppe, Inc., a Delaware corporation (“Counterparty”) on the Trade Date specified below. This Supplemental Confirmation is a binding contract between Dealer and Counterparty as of the relevant Trade Date for the Transaction
referenced below. 
 1. This Supplemental Confirmation supplements, forms part of, and is subject to the Master Confirmation, dated as of December 7,
2015 (the “Master Confirmation”), between Dealer and Counterparty, as amended and supplemented from time to time. All provisions contained in the Master Confirmation govern this Supplemental Confirmation except as expressly modified
below. 
 2. The terms of the Transaction to which this Supplemental Confirmation relates are as follows: 

 

			
	Trade Date:	  	[                 ], 20[    ]
		
	Closing Date:	  	The date on which the initial issuance of Convertible Notes is consummated as determined in accordance with the Purchase Agreement.
		
	Convertible Notes:	  	The 2.25% Convertible Senior Notes due 2020 (as originally issued by Counterparty pursuant to an indenture to be dated December 9, 2015 between Counterparty and Wilmington Trust, N.A., as trustee) in an aggregate principal amount of
USD 125,000,000.
		
	Purchase Agreement:	  	The Purchase Agreement relating to the sale of the Convertible Notes between Counterparty and Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC, as representatives of the Initial Purchasers named
therein, dated as of the Trade Date.
		
	Forward Price Adjustment Amount:	  	USD [            ]

  
 JPMorgan Chase Bank,
National Association 
 Organised under the laws of the United States as a National Banking Association. 

Main Office 1111 Polaris Parkway, Columbus, Ohio 43240 

Registered as a branch in England & Wales branch No. BR000746 

Registered Branch Office 25 Bank Street, Canary Wharf, London E14 5JP 

Authorised by the Office of the Comptroller of the Currency in the jurisdiction of the USA. 

Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct 

Authority and to limited regulation by the Prudential Regulation Authority. Details about the 

extent of our regulation by the Prudential Regulation Authority are available from us on request. 

A-1 

			
	Hedge Period Start Date:	  	[                 ], 20    
		
	Hedge Period End Date: 	  	[                 ], 20    , subject to “Valuation Disruption” as set forth in the Master Confirmation.
		
	Calculation Period Start Date:	  	As set forth in the Trade Notification for the Transaction, to be the Scheduled Trading Day immediately following the Hedge Completion Date.
		
	Scheduled Termination Date:	  	The [    ]th Scheduled Trading Day immediately following the Hedge Completion Date.
		
	First Acceleration Date:	  	The [    ]th Scheduled Trading Day immediately following the Hedge Completion Date.
		
	Prepayment Amount:	  	USD [            ]
		
	Prepayment Date:	  	[                 ], 20[    ]
		
	Initial Shares:	  	[                ] Shares; provided that if, in connection with the Transaction, Dealer is unable to borrow or otherwise acquire a number of
Shares equal to the Initial Shares for delivery to Counterparty on the Initial Share Delivery Date, the Initial Shares delivered on the Initial Share Delivery Date shall be reduced to such number of Shares that Dealer is able to so borrow or
otherwise acquire. All Shares delivered to Counterparty in respect of the Transaction pursuant to this paragraph shall be the “Initial Shares” for purposes of “Number of Shares to be Delivered” in the Master
Confirmation.
		
	Initial Share Delivery Date:	  	[                 ], 20[    ]
		
	Minimum Shares:	  	As set forth in the Trade Notification for the Transaction, to be a number of Shares (rounded down to the nearest whole number) equal to (a) the Prepayment Amount, divided by (b) the Minimum Share Threshold.
		
	Minimum Share Threshold:	  	[    ]% of the Hedge Period Reference Price.
		
	Hedging Threshold Price:	  	If any Initial Shares are delivered under the relevant Transaction, the price per share equal to the quotient of (A) the Prepayment Amount divided by (B) the product of the percentage contained in the definition of the
Minimum Share Threshold and the Initial Shares. If no Initial Shares are delivered under the relevant Transaction, infinity.
		
	Maximum Stock Loan Rate:	  	[    ] basis points per annum
		
	Initial Stock Loan Rate:	  	[    ] basis points per annum
		
	Maximum Number of Shares:	  	[                ] Shares
		
	Contract Fee:	  	USD [            ]
		
	Termination Price:	  	USD [            ] per Share

  
 A-2 

			
	Additional Relevant Days:	  	The [    ] Exchange Business Days immediately following the Calculation Period.
		
	Reserved Shares:	  	[                ] Shares

 3. Calculation Dates: 
  

					
	1.	  	2.	  	3.
	4.	  	5.	  	6.
	7.	  	8.	  	9.
	10.	  	11.	  	12.
	13.	  	14.	  	15.
	16.	  	17.	  	18.
	19.	  	20.	  	21.
	22.	  	23.	  	24.
	25.	  	26.	  	27.
	28.	  	29.	  	30.
	31.	  	32.	  	33.
	34.	  	35.	  	36.
	37.	  	38.	  	39.
	40.	  	41.	  	42.
	43.	  	44.	  	45.
	46.	  	47.	  	48.
	49.	  	50.	  	51.
	52.	  	53.	  	54.
	55.	  	56.	  	57.
	58.	  	59.	  	60.
	61.	  	62.	  	63.
	64.	  	65.	  	66.
	67.	  	68.	  	69.
	70.	  	71.	  	72.
	73.	  	74.	  	75.
	76.	  	77.	  	78.
	79.	  	80.	  	81.
	82.	  	83.	  	84.

  
 A-3 

 From and including the First Acceleration Date, each Exchange Business Day shall be a Calculation Date. 

4. Notwithstanding anything to the contrary in the Agreement or the Master Confirmation, in the event the offering of Convertible Notes is not consummated for
any reason by 5:00 p.m. (New York City time) on December 9, 2015 (or such later date as agreed upon by the parties) (December 9, 2015 or such later date, the “Early Unwind Date”), the Transaction shall automatically terminate
(the “Early Unwind”) on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction, including, for the avoidance of doubt, any obligation of
Dealer to deliver any Shares and Counterparty’s obligation to make any payment with respect thereto, shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make any
claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date; provided that if such
offering of the Convertible Notes is not consummated as a result of a failure by Counterparty to satisfy any condition specified in Section 5 of the Purchase Agreement, Counterparty shall reimburse Dealer for any costs or expenses (including
market losses) relating to the unwinding of its hedging activities in connection with the Transaction (including any loss or cost incurred as a result of its terminating, liquidating, obtaining, reestablishing or adjusting any hedge or related
trading position) and purchase from Dealer any Shares acquired by Dealer or one of more of its affiliates in connection with the establishment of Dealer’s initial hedge position with respect to the Transaction at the price equal to
Dealer’s or such affiliate’s cost of acquiring such Shares (as determined by Dealer in its sole judgment). The amount of any such reimbursement shall be determined by the Calculation Agent in its sole good faith discretion. The Calculation
Agent shall notify Counterparty of such amount and Counterparty shall pay such amount in immediately available funds on the Early Unwind Date. Dealer and Counterparty represent and acknowledge to the other that, subject to the proviso
included in this Section 3, upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged. 
 5.
Notwithstanding Section 9 of the Master Confirmation, Counterparty may purchase Shares pursuant to a publicly announced stock buyback program during the Calculation Period, so long as (i) on any day such purchases are conducted solely
through the same broker or dealer used by Dealer in effecting purchases of Shares in connection with this Transaction; (ii) on any Exchange Business Day during the Calculation Period, such purchases do not exceed [    ]% of
the ADTV (as defined in Rule 10b-18(a)(1)) on such Exchange Business Day, and (iii) such purchases otherwise comply with other provisions of Rule 10b-18 and other applicable laws, rules and regulation. 

6. Counterparty represents and warrants to Dealer that neither it nor any “affiliated purchaser” (as defined in Rule 10b-18 under the Exchange Act)
has made any purchases of blocks pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act during either (i) the four full calendar weeks immediately preceding the Trade Date or (ii) during the calendar week in which the Trade
Date occurs, except as set forth in any notice delivered pursuant to Section 6(b)(xv) of the Master Confirmation. 
 7. This Supplemental Confirmation
may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Supplemental Confirmation by signing and delivering one or more counterparts. 

  
 A-4 

 

             
  

 Please confirm that the foregoing correctly sets forth the terms of our agreement by
executing this Supplemental Confirmation and returning it to us. 
 Very truly yours, 

 

			
	J.P. MORGAN SECURITIES LLC, as agent for JPMorgan Chase Bank, National Association
		
	By:	 	  

	Authorized Signatory
	Name:	 	

  

			
	Accepted and confirmed as of the Trade Date:
	
	VITAMIN SHOPPE, INC.
		
	By:	 	  

	Authorized Signatory
	Name:	 	

  
 JPMorgan Chase Bank,
National Association 
 Organised under the laws of the United States as a National Banking Association. 

Main Office 1111 Polaris Parkway, Columbus, Ohio 43240 

Registered as a branch in England & Wales branch No. BR000746 

Registered Branch Office 25 Bank Street, Canary Wharf, London E14 5JP 

Authorised by the Office of the Comptroller of the Currency in the jurisdiction of the USA. 

Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct 

Authority and to limited regulation by the Prudential Regulation Authority. Details about the 

extent of our regulation by the Prudential Regulation Authority are available from us on request. 

A-5 

 

             
  

 SCHEDULE B 

FORM OF TRADE NOTIFICATION 
 JPMorgan
Chase Bank, National Association 
 P.O. Box 161 
 60 Victoria
Embankment 
 London EC4Y 0JP 
 England 

[            ], 20[    ] 

 

			
	To:	  	Vitamin Shoppe, Inc.
		  	300 Harmon Meadow Blvd.
		  	North Bergen, NJ 07094
		
	Re:	  	Trade Notification—Capped Accelerated Share Repurchase

 The purpose of this Trade Notification is to notify you of certain terms in the Transaction entered into
between J.P. Morgan Securities LLC, as agent for JPMorgan Chase Bank, National Association, London Branch (“Dealer”), and Vitamin Shoppe, Inc., a Delaware corporation (“Counterparty”) on the Trade Date specified
below. 
 This Trade Notification supplements, forms part of, and is subject to the Supplemental Confirmation dated as of
[            ], 20[    ] (the “Supplemental Confirmation”) between Dealer and Counterparty, as amended and supplemented from time to time. The
Supplemental Confirmation is subject to the Master Confirmation dated as of December 7, 2015 (the “Master Confirmation”) between JPMorgan and Counterparty, as amended and supplemented from time to time. 

 

			
	Hedge Completion Date:	  	[                 ], 20[    ]
		
	Calculation Period Start Date:	  	[                 ], 20[    ]
		
	Hedge Period Reference Price:	  	USD [            ]
		
	Minimum Shares:	  	[                ] Shares

  
 JPMorgan Chase Bank,
National Association 
 Organised under the laws of the United States as a National Banking Association. 

Main Office 1111 Polaris Parkway, Columbus, Ohio 43240 

Registered as a branch in England & Wales branch No. BR000746 

Registered Branch Office 25 Bank Street, Canary Wharf, London E14 5JP 

Authorised by the Office of the Comptroller of the Currency in the jurisdiction of the USA. 

Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct 

Authority and to limited regulation by the Prudential Regulation Authority. Details about the 

extent of our regulation by the Prudential Regulation Authority are available from us on request. 

B-1 

 

             
  

 
			
	Very truly yours,
	
	J.P. MORGAN SECURITIES LLC, as agent for JPMorgan Chase Bank, National Association
		
	By:	 	  

	Authorized Signatory
	Name:	 	

  
 JPMorgan Chase Bank,
National Association 
 Organised under the laws of the United States as a National Banking Association. 

Main Office 1111 Polaris Parkway, Columbus, Ohio 43240 

Registered as a branch in England & Wales branch No. BR000746 

Registered Branch Office 25 Bank Street, Canary Wharf, London E14 5JP 

Authorised by the Office of the Comptroller of the Currency in the jurisdiction of the USA. 

Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct 

Authority and to limited regulation by the Prudential Regulation Authority. Details about the 

extent of our regulation by the Prudential Regulation Authority are available from us on request. 

B-2 

 SCHEDULE C 

FORM OF CERTIFICATE OF RULE 10B-18 PURCHASES 

[Letterhead of Counterparty] 
 JPMorgan Chase
Bank, National Association 
 P.O. Box 161 
 60 Victoria
Embankment 
 London EC4Y 0JP 
 England 

 

	Re:	Capped Accelerated Share Repurchase 

 Ladies and Gentlemen: 

In connection with our entry into the Master Confirmation, dated as of December 7, 2015, between J.P. Morgan Securities LLC, as agent for
JPMorgan Chase Bank, National Association, London Branch and Vitamin Shoppe, Inc., a Delaware corporation, as amended and supplemented from time to time (the “Master Confirmation”), we hereby represent that set forth below is the
total number of shares of our common stock purchased by or for us or any of our affiliated purchasers in Rule 10b-18 purchases of blocks (all as defined in Rule 10b-18 under the Securities Exchange Act of 1934) pursuant to the once-a-week block
exception set forth in Rule 10b-18(b)(4) during the four full calendar weeks immediately preceding the first day of the [Hedge Period][Settlement Valuation Period][Seller Termination Purchase Period] (as defined in the Master Confirmation) and the
week during which the first day of such [Hedge Period][Settlement Valuation Period][Seller Termination Purchase Period] occurs. 
 Number of Shares:
             
 We understand that you will use this information in calculating trading volume
for purposes of Rule 10b-18. 
 Very truly yours, 
  

			
	VITAMIN SHOPPE, INC.
		
	By:	 	  

	Authorized Signatory
	Name:	 	

  
 C-1 

 ANNEX A 

COUNTERPARTY SETTLEMENT PROVISIONS 

1. The following Counterparty Settlement Provisions shall apply to any Transaction to the extent indicated under the Master Confirmation: 

 

			
	Settlement Currency:	  	USD
		
	Settlement Method Election:	  	Applicable; provided that (i) Section 7.1 of the Equity Definitions is hereby amended by deleting the word “Physical” in the sixth line thereof and replacing it with the words “Net Share” and (ii) the
Electing Party may make a settlement method election only if the Electing Party represents and warrants to Dealer in writing on the date it notifies Dealer of its election that, as of such date, the Electing Party is not aware of any material
non-public information regarding Counterparty or the Shares and is electing the settlement method in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws.
		
	Electing Party:	  	Counterparty
		
	Settlement Method Election Date:	  	The earlier of (i) the Scheduled Termination Date and (ii) the second Exchange Business Day immediately following the Accelerated Termination Date (in which case the election under Section 7.1 of the Equity Definitions shall be made
no later than 10 minutes prior to the open of trading on the Exchange on such second Exchange Business Day), as the case may be.
		
	Default Settlement Method:	  	Cash Settlement
		
	Forward Cash Settlement Amount:	  	An amount equal to (a) the Number of Shares to be Delivered, multiplied by (b) the Settlement Price.
		
	Settlement Price:	  	An amount equal to the sum of the average of the VWAP Prices for the Exchange Business Days in the Settlement Valuation Period, plus USD 0.05, subject to Valuation Disruption as specified in the Master Confirmation (in each
case, plus interest on such amount during the Settlement Valuation Period at the rate of interest for Counterparty’s long term, unsecured and unsubordinated indebtedness, as determined by the Calculation Agent).
		
	Settlement Valuation Period:	  	A number of Scheduled Trading Days selected by Dealer in its reasonable discretion, beginning on the Scheduled Trading Day immediately following the earlier of (i) the Scheduled Termination Date or (ii) the Exchange Business Day
immediately following the Termination Date.
		
	Cash Settlement:	  	If Cash Settlement is applicable, then Buyer shall pay to Dealer the absolute value of the Forward Cash Settlement Amount on the Cash Settlement Payment Date.
		
	Cash Settlement Payment Date:	  	The Exchange Business Day immediately following the last day of the Settlement Valuation Period.
		
	Net Share Settlement Procedures:	  	If Net Share Settlement is applicable, Net Share Settlement shall be made in accordance with paragraphs 2 through 7 below.

  
 Annex A-1 

 2. Net Share Settlement shall be made by delivery on the Cash Settlement Payment Date of a number
of Shares satisfying the conditions set forth in paragraph 3 below (the “Registered Settlement Shares”), or a number of Shares not satisfying such conditions (the “Unregistered Settlement Shares”), in either case
with a value equal to 101% (in the case of Registered Settlement Shares) or 105% (in the case of Unregistered Settlement Shares) of the absolute value of the Forward Cash Settlement Amount, with such Shares’ value based on the value thereof to
Dealer (which value shall, in the case of Unregistered Settlement Shares, take into account a commercially reasonable illiquidity discount), in each case as determined by the Calculation Agent. If all of the conditions for delivery of either
Registered Settlement Shares or Unregistered Settlement Shares have not been satisfied, Cash Settlement shall be applicable in accordance with paragraph 1 above notwithstanding Counterparty’s election of Net Share Settlement. 

3. Counterparty may only deliver Registered Settlement Shares pursuant to paragraph 2 above if: 

(a) a registration statement covering public resale of the Registered Settlement Shares by Dealer (the “Registration
Statement”) shall have been filed with the Securities and Exchange Commission under the Securities Act and been declared or otherwise become effective on or prior to the date of delivery, and no stop order shall be in effect with respect to
the Registration Statement; a printed prospectus relating to the Registered Settlement Shares (including, without limitation, any prospectus supplement thereto, the “Prospectus”) shall have been delivered to Dealer, in such
quantities as Dealer shall reasonably have requested, on or prior to the date of delivery; 
 (b) the form and content of the Registration
Statement and the Prospectus (including, without limitation, any sections describing the plan of distribution) shall be satisfactory to Dealer; 

(c) as of or prior to the date of delivery, Dealer and its agents shall have been afforded a reasonable opportunity to conduct a due diligence
investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities and the results of such investigation are satisfactory to Dealer, in its discretion; and 

(d) as of the date of delivery, an agreement (the “Underwriting Agreement”) shall have been entered into with Dealer in
connection with the public resale of the Registered Settlement Shares by Dealer substantially similar to underwriting agreements customary for underwritten offerings of equity securities, in form and substance satisfactory to Dealer, which
Underwriting Agreement shall include, without limitation, provisions substantially similar to those contained in such underwriting agreements relating, without limitation, to the indemnification of, and contribution in connection with the liability
of, Dealer and its Affiliates and the provision of customary opinions, accountants’ comfort letters and lawyers’ negative assurance letters. 

4. If Counterparty delivers Unregistered Settlement Shares pursuant to paragraph 2 above: 

(a) all Unregistered Settlement Shares shall be delivered to Dealer (or any Affiliate of Dealer designated by Dealer) pursuant to the
exemption from the registration requirements of the Securities Act provided by Section 4(2) thereof; 
 (b) as of or prior to the date
of delivery, Dealer and any potential purchaser of any such shares from Dealer (or any Affiliate of Dealer designated by Dealer) identified by Dealer shall be afforded a commercially reasonable opportunity to conduct a due diligence investigation
with respect to Counterparty customary in scope for private placements of equity securities (including, without limitation, the right to have made available to them for inspection all financial and other records, pertinent corporate documents and
other information reasonably requested by them); 
 (c) as of the date of delivery, Counterparty shall enter into an agreement (a
“Private Placement Agreement”) with Dealer (or any Affiliate of Dealer designated by Dealer) in connection with the private placement of such shares by Counterparty to Dealer (or any such Affiliate) and the private resale of such
shares by Dealer (or any such Affiliate), substantially similar to private placement purchase agreements customary for private placements of equity securities, in form and substance commercially reasonably satisfactory to Dealer, which Private
Placement 

  
 Annex A-2 

 
Agreement shall include, without limitation, provisions substantially similar to those contained in such private placement purchase agreements relating, without limitation, to the indemnification
of, and contribution in connection with the liability of, Dealer and its Affiliates and the provision of customary opinions, accountants’ comfort letters and lawyers’ negative assurance letters, and shall provide for the payment by
Counterparty of all fees and expenses of Dealer (and any such Affiliate) in connection with such resale, including, without limitation, all fees and expenses of counsel for Dealer, and shall contain representations, warranties, covenants and
agreements of Counterparty reasonably necessary or advisable to establish and maintain the availability of an exemption from the registration requirements of the Securities Act for such resales; and 

(d) in connection with the private placement of such shares by Counterparty to Dealer (or any such Affiliate) and the private resale of such
shares by Dealer (or any such Affiliate), Counterparty shall, if so requested by Dealer, prepare, in cooperation with Dealer, a private placement memorandum in form and substance reasonably satisfactory to Dealer. 

5. Dealer, itself or through an Affiliate (the “Selling Agent”) or any underwriter(s), will sell all, or such lesser portion
as may be required hereunder, of the Registered Settlement Shares or Unregistered Settlement Shares and any Makewhole Shares (as defined below) (together, the “Settlement Shares”) delivered by Counterparty to Dealer pursuant to
paragraph 6 below commencing on the Cash Settlement Payment Date and continuing until the date on which the aggregate Net Proceeds (as such term is defined below) of such sales, as determined by Dealer, is equal to the absolute value of the Forward
Cash Settlement Amount (such date, the “Final Resale Date”). If the proceeds of any sale(s) made by Dealer, the Selling Agent or any underwriter(s), net of any fees and commissions (including, without limitation, underwriting or
placement fees) customary for similar transactions under the circumstances at the time of the offering, together with carrying charges and expenses incurred in connection with the offer and sale of the Shares (including, without limitation, the
covering of any over-allotment or short position (syndicate or otherwise)) (the “Net Proceeds”) exceed the absolute value of the Forward Cash Settlement Amount, Dealer will refund, in USD, such excess to Counterparty on the date
that is three (3) Currency Business Days following the Final Resale Date, and, if any portion of the Settlement Shares remains unsold, Dealer shall return to Counterparty on that date such unsold Shares. 

6. If the Calculation Agent determines that the Net Proceeds received from the sale of the Registered Settlement Shares or Unregistered
Settlement Shares or any Makewhole Shares, if any, pursuant to this paragraph 6 are less than the absolute value of the Forward Cash Settlement Amount (the amount in USD by which the Net Proceeds are less than the absolute value of the Forward Cash
Settlement Amount being the “Shortfall” and the date on which such determination is made, the “Deficiency Determination Date”), Counterparty shall on the Exchange Business Day next succeeding the Deficiency
Determination Date (the “Makewhole Notice Date”) deliver to Dealer, through the Selling Agent, a notice of Counterparty’s election that Counterparty shall either (i) pay an amount in cash equal to the Shortfall on the day
that is one Currency Business Day after the Makewhole Notice Date, or (ii) deliver additional Shares. If Counterparty elects to deliver to Dealer additional Shares, then Counterparty shall deliver additional Shares in compliance with the terms
and conditions of paragraph 3 or paragraph 4 above, as the case may be (the “Makewhole Shares”), on the first Clearance System Business Day which is also an Exchange Business Day following the Makewhole Notice Date in such number as
the Calculation Agent reasonably believes would have a market value on that Exchange Business Day equal to the Shortfall. Such Makewhole Shares shall be sold by Dealer in accordance with the provisions above; provided that if the sum of the
Net Proceeds from the sale of the originally delivered Shares and the Net Proceeds from the sale of any Makewhole Shares is less than the absolute value of the Forward Cash Settlement Amount then Counterparty shall, at its election, either make such
cash payment or deliver to Dealer further Makewhole Shares until such Shortfall has been reduced to zero. 

  
 Annex A-3 

 7. Notwithstanding the foregoing, in no event shall the aggregate number of Settlement Shares for
any Transaction be greater than the Reserved Shares for such Transaction minus the amount of any Shares actually delivered by Counterparty under such Transaction (the result of such calculation, the “Capped Number” for such
Transaction). Counterparty represents and warrants (which shall be deemed to be repeated on each day that a Transaction is outstanding) that the aggregate Capped Number for all Transactions under this Master Confirmation is equal to or less than the
number of Shares determined according to the following formula: 
 A – B 

 

					
	Where	 	A =	  	the number of authorized but unissued shares of Counterparty that are not reserved for future issuance on the date of the determination of the aggregate Capped Number for all Transactions under this Master Confirmation;
and
			
		 	B =	  	the maximum number of Shares required to be delivered to third parties if Counterparty elected Net Share Settlement of all transactions in the Shares (other than Transactions in the Shares under this Master Confirmation) with all
third parties that are then currently outstanding and unexercised.

 “Reserved Shares” for any Transaction under this Master Confirmation shall be
set forth in the Supplemental Confirmation for such Transaction. 
 If at any time, as a result of this paragraph 7, Counterparty
fails to deliver to Dealer any Settlement Shares, Counterparty shall, to the extent that Counterparty has at such time authorized but unissued Shares not reserved for other purposes, promptly notify Dealer thereof and deliver to Dealer a number of
Shares not previously delivered as a result of this paragraph 7. Counterparty agrees to use its best efforts to cause the number of authorized but unissued Shares to be increased, if necessary, to an amount sufficient to permit Counterparty to
fulfill its obligation to deliver any Settlement Shares. 

  
 Annex A-4 

 ANNEX B 

COMMUNICATIONS PROCEDURES 

December 7, 2015 
  

	 	I.	Introduction 

 Vitamin Shoppe, Inc. (“Counterparty”) and J.P. Morgan
Securities LLC, as agent for JPMorgan Chase Bank, National Association, London Branch (“Dealer”) have adopted these communications procedures (the “Communications Procedures”) in connection with entering into the
Master Confirmation (the “Master Confirmation”), dated as of December 7, 2015, between Dealer and Counterparty relating to Capped Accelerated Share Repurchase transactions. These Communications Procedures supplement, form part
of, and are subject to the Master Confirmation. 
  

	 	II.	Communications Rules 

 For each Transaction, from the Trade Date for such Transaction
until the date all payments or deliveries of Shares have been made with respect to such Transaction, Counterparty and its Employees and Designees shall not engage in any Program-Related Communication with, or disclose any Material Non-Public
Information to, any EDG Trading Personnel. Except as set forth in the preceding sentence, the Master Confirmation shall not limit Counterparty and its Employees and Designees in their communication with Affiliates and Employees of Dealer, including,
without limitation, Employees who are EDG Permitted Contacts. 
  

	 	III.	Termination 

 If, in the sole judgment of any EDG Trading Personnel or any Affiliate or
Employee of Dealer participating in any Communication with Counterparty or any Employee or Designee of Counterparty, such Communication would not be permitted by these Communications Procedures, such EDG Trading Personnel or Affiliate or Employee of
Dealer shall immediately terminate such Communication. In such case, or if such EDG Trading Personnel or Affiliate or Employee of Dealer determines following completion of any Communication with Counterparty or any Employee or Designee of
Counterparty that such Communication was not permitted by these Communications Procedures, such EDG Trading Personnel or such Affiliate or Employee of Dealer shall promptly consult with his or her supervisors and with counsel for Dealer regarding
such Communication. If, in the reasonable judgment of Dealer’s counsel following such consultation, there is more than an insignificant risk that such Communication could materially jeopardize the availability of the affirmative defenses
provided in Rule 10b5-1 under the Exchange Act with respect to any ongoing or contemplated activities of Dealer or its Affiliates in respect of any Transaction pursuant to the Master Confirmation, it shall be an Additional Termination Event pursuant
to Section 19(a) of the Master Confirmation, with Counterparty as the sole Affected Party and all Transactions under the Master Confirmation as Affected Transactions. 
  

	 	IV.	Definitions 

 Capitalized terms used and not otherwise defined herein shall have the
meanings ascribed to them in the Master Confirmation. As used herein, the following words and phrases shall have the following meanings: 

“Communication” means any contact or communication (whether written, electronic, oral or otherwise) between Counterparty or
any of its Employees or Designees, on the one hand, and Dealer or any of its Affiliates or Employees, on the other hand. 

“Designee” means a person designated, in writing or orally, by Counterparty to communicate with Dealer on behalf of
Counterparty. 
 “EDG Permitted Contact” means any of Mr. David Aidelson, Mr. Gregory Batista, Mr. Elliot
Chalom, Mr. Steven Seltzer, Mr. Noah Wynkoop and Mr. Jason Shrednick or any of their designees; provided that JPMorgan may amend the list of EDG Permitted Contacts by delivering a revised list of EDG Permitted Contacts to
Counterparty. 

  
 Annex B-1 

 “EDG Trading Personnel” means Mr. Graham Orton, Mr. Michael Tatro and
any other Employee of the public side of the Equity Derivatives Group of J.P. Morgan Chase & Co.; provided that JPMorgan may amend the list of EDG Trading Personnel by delivering a revised list of EDG Trading Personnel to
Counterparty; and provided further that, for the avoidance of doubt, the persons listed as EDG Permitted Contacts are not EDG Trading Personnel. 

“Employee” means, with respect to any entity, any owner, principal, officer, director, employee or other agent or
representative of such entity, and any Affiliate of any of such owner, principal, officer, director, employee, agent or representative. 

“Material Non-Public Information” means information relating to Counterparty or the Shares that (a) has not been widely
disseminated by wire service, in one or more newspapers of general circulation, by communication from Counterparty to its shareholders or in a press release, or contained in a public filing made by Counterparty with the Securities and Exchange
Commission and (b) a reasonable investor might consider to be of importance in making an investment decision to buy, sell or hold Shares. For the avoidance of doubt and solely by way of illustration, information should be presumed
“material” if it relates to such matters as dividend increases or decreases, earnings estimates, changes in previously released earnings estimates, significant expansion or curtailment of operations, a significant increase or decline of
orders, significant merger or acquisition proposals or agreements, significant new products or discoveries, extraordinary borrowing, major litigation, liquidity problems, extraordinary management developments, purchase or sale of substantial assets
and similar matters. 
 “Program-Related Communication” means any Communication the subject matter of which relates to the
Master Confirmation or any Transaction under the Master Confirmation or any activities of Dealer (or any of its Affiliates) in respect of the Master Confirmation or any Transaction under the Master Confirmation. 

  
 Annex B-2ex418k07441001_12102015.htm

Exhibit 4.1

 

THIRD AMENDMENT TO THE

TAX BENEFITS PRESERVATION PLAN

 

Third Amendment to the Tax Benefits Preservation Plan (this “Amendment”), dated as of December 8, 2015, by and between Steel Excel Inc., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (the “Rights Agent”), which is replacing Computershare Trust Company, N.A. (“Computershare”) as rights agent under the Plan (as hereinafter defined).

Background

 

A.           The Company and Computershare (through its predecessor Registrar and Transfer Company) are parties to that certain Tax Benefits Preservation Plan, dated as of December 21, 2011, and as amended on May 1, 2012 and June 25, 2015 (collectively, the “Plan”).  Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them by the Plan.

 

B.           The Company has replaced Computershare as transfer agent and registrar of its Common Stock, $.001 par value (the “Common Stock”), effective as of the close of business on November 12, 2015 and has appointed the Rights Agent as successor transfer agent and registrar of its Common Stock to begin services on November 13, 2015.

C.           In connection with serving as transfer agent and registrar, the Rights Agent has agreed to serve as Rights Agent under the Plan subject to all the terms and conditions of the Plan.

 

NOW THEREFORE, in consideration of the mutual promises, agreements and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.           Amendment.  The Plan shall be amended by deleting all references to Computershare Trust Company, N.A. (or its predecessor Registrar and Transfer Company) in the Plan as rights agent and replacing it with American Stock Transfer & Trust Company, LLC.

2.            Acknowledgement of American Stock Transfer & Trust Company.    The Rights Agent has reviewed the Plan and agrees to serve as Rights Agent subject to all the terms and conditions of the Plan.  The Rights Agent agrees to be vested with the same powers, rights, duties and responsibilities as if it had been originally named rights agent under the Plan, without further act or deed.

3.           Counterparts.  This Amendment may be executed in counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. A signature to this Amendment executed and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

4.           Severability.  If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

5.           Governing Law.  This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State.

6.           Descriptive Headings.  Descriptive headings of the several sections of this Amendment are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

7.           Plan in Full Force and Effect as Amended.  Except as specifically amended hereby, all of the terms and conditions of the Plan shall be in full force and effect. All references to the Plan in any other document or instrument shall be deemed to mean such Plan as amended by this Amendment. The parties hereto agree to be bound by the terms and obligations of the Plan, as amended by this Amendment, as though the terms and obligations of the Plan were set forth herein.

 

  

  

  

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be duly executed as of the date first written above.

 

 

	
By:    

	
STEEL EXCEL INC.

 

  /s/  James F. McCabe, Jr.

	  	
Name: James F. McCabe, Jr.

	  	
Title:   Chief Financial Officer

	  	  
	  	  
	
  By:   

	
AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

 

  /s/  Jennifer Donovan

	  	
Name: Jennifer Donovan

	  	
Title:   Senior Vice President

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