Document:

The Alkaline Water Company Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

WARRANT AMENDMENT AGREEMENT 

This Warrant Amendment Agreement
(the “Agreement”) is by and among The Alkaline Water Company Inc., a
Nevada corporation (the “Company”) and the undersigned holder of common
stock purchase warrants (“Existing Warrants”) of the Company (the
“Holder”) issued on March 4, 2016. 

WHEREAS:

A.                  The Holder currently holds the
Existing Warrants as set forth on the Holder’s signature page attached hereto;
and 

B.                  The Holder wishes to exercise
all of the Existing Warrants held by the Holder immediately in consideration for
the issuance of new common stock purchase warrants of the Company (“New
Warrants”) to the Holder pursuant to Regulation S promulgated under the
Securities Act of 1933, as amended (the “Securities Act”). 

NOW THEREFORE IN CONSIDERATION of
the mutual covenants contained in this Agreement, and for good and valuable
consideration the receipt and adequacy of which are hereby acknowledged, the
Holder and the Company agree as follows: 

ARTICLE I 
EXERCISE OF WARRANTS, 
AMENDMENTS AND OTHER
AGREEMENTS 

Section 1.1                  Exercise of
Existing Warrants. The Holder hereby agrees to exercise all of the Holder’s
Existing Warrants (the “Exercised Warrants”), as set forth on the Holder’s
signature page attached hereto, pursuant to the terms of the Existing Warrants.
At the Closing (as defined below), the Holder shall deliver the aggregate cash
exercise price for such Exercised Warrants to the bank account designated in
writing by the Company. This Agreement shall act as a duly executed Notice of
Exercise and no additional notice shall be required by the Holder for the
exercise of the Exercised Warrants. At the Closing, the Company shall issue to
the Holder the shares underlying the Exercised Warrants (the “Existing
Warrant Shares”) registered in the name and address set forth on the
Holder’s signature page hereto. At the Closing, the Company shall ensure that
there is an effective registration statement filed by the Company under the
Securities Act registering such Existing Warrant Shares for sale to the Holder
by the Company. 

Section 1.2                  Issuance of New
Warrants. The Holder shall be issued New Warrants in the form of the
Existing Warrants to purchase up to a number of shares of common stock of the
Company (the “Common Stock”) equal to the number of Exercised Warrants provided that (i) the exercise price thereunder shall
be US$0.60 per share, subject to adjustment therein, (ii) the expiry date of the
New Warrants shall be eighteen months following the Closing Date (as defined
below) and (iii) the New Warrants shall be non-transferable. The shares of
Common Stock underlying the New Warrants shall be referred to herein as the
“New Warrant Shares”. The closing of the exercise of the Existing
Warrants and other transactions contemplated hereunder shall be referred to as
the “Closing”. The date of the Closing shall be referred to as the
“Closing Date”. Notwithstanding anything in this Agreement to the
contrary, the Company shall not be required to file a registration statement
registering the New Warrants or New Warrant Shares for sale or resale under the
Securities Act.

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Section 1.3                  Resale
Restrictions. The Holder acknowledges and agrees that any resale of the New
Warrants and underlying New Warrant Shares (together, the “New
Securities”) will be subject to resale restrictions contained in or required
by the securities laws applicable to the Holder or proposed transferee. The
Holder hereby acknowledges and agrees that a legend may be placed on the
certificates representing the New Securities to the effect that the New
Securities represented by such certificates are subject to resale restrictions
contained in or required by the securities laws applicable to the Holder or
proposed transferee. The Holder hereby acknowledges and agrees to the Company
making a notation on its records or giving instructions to the registrar and
transfer agent of the Company in order to implement the restrictions on transfer
set forth and described in this Agreement. 

ARTICLE II 
REPRESENTATIONS AND WARRANTIES 

Section 2.1                  Representations
and Warranties of the Company. The Company hereby make the representations
and warranties set forth below to the Holder that as of the date of its
execution of this Agreement: 

(a)                  
Authorization; Enforcement. The Company has the requisite corporate power
and authority to enter into and to consummate the transactions contemplated by
this Agreement and otherwise to carry out its obligations hereunder and
thereunder. The execution and delivery of this Agreement by the Company and the
consummation by it of the transactions contemplated hereby have been duly
authorized by all necessary action on the part of such Company and no further
action is required by such Company, its board of directors or its stockholders
in connection therewith. This Agreement has been duly executed by the Company
and, when delivered in accordance with the terms hereof will constitute the
valid and binding obligation of the Company enforceable against the Company in
accordance with its terms except (i) as limited by general equitable principles
and applicable bankruptcy, insolvency, reorganization, moratorium and other laws
of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other
equitable remedies and (iii) insofar as indemnification and contribution
provisions may be limited by applicable law. 

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(b)                  No Conflicts. The
execution, delivery and performance of this Agreement by the Company and the
consummation by the Company of the transactions contemplated hereby do not and
will not: (i) conflict with or violate any provision of the Company’s
certificate or articles of incorporation, bylaws or other organizational or
charter documents, or (ii) conflict with, or constitute a default (or an event
that with notice or lapse of time or both would become a default) under, result
in the creation of any lien upon any of the properties or assets of the Company,
or give to others any rights of termination, amendment, acceleration or
cancellation (with or without notice, lapse of time or both) of, any material
agreement, credit facility, debt or other material instrument (evidencing
Company debt or otherwise) or other material understanding to which the Company
is a party or by which any property or asset of the Company is bound or
affected, or (iii) conflict with or result in a violation of any law, rule,
regulation, order, judgment, injunction, decree or other restriction of any
court or governmental authority to which the Company is subject (including
federal and state securities laws and regulations), or by which any property or
asset of the Company is bound or affected. 

(c)                  Organization;
Capitalization. The Company is a duly organized and validly existing
corporation in good standing under the laws of the State of Nevada. 

(d)                  Issuance of the New
Warrants. The New Warrants are duly authorized and, when issued and paid for
in accordance with this Agreement, will be duly and validly issued, fully paid
and nonassessable, free and clear of all liens imposed by the Company. The New
Warrant Shares underlying the New Warrants, when issued in accordance with the
terms of the New Warrants, will be validly issued, fully paid and nonassessable,
free and clear of all liens imposed by the Company. The Company has reserved
from its duly authorized capital stock the maximum number of shares issuable
pursuant to this Agreement and the Existing Warrants. 

Section 2.2                  Representations
and Warranties of the Holder. The Holder hereby makes the representations
and warranties set forth below to the Company that as of the date of its
execution of this Agreement: 

(a)                  Due Authorization. The
Holder represents and warrants that (i) the execution and delivery of this
Agreement by it and the consummation by it of the transactions contemplated hereby have been duly authorized by
all necessary action on its behalf and (ii) this Agreement has been duly
executed and delivered by the Holder and constitutes the valid and binding
obligation of the Holder, enforceable against it in accordance with its terms.

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(b)                  No Conflicts. The
execution, delivery and performance of this Agreement by the Holder and the
consummation by the Holder of the transactions contemplated hereby do not and
will not: (i) conflict with or violate any provision of the Holder’s
organizational or charter documents, or (ii) conflict with or result in a
violation of any agreement, law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority which would
interfere with the ability of the Holder to perform its obligations under this
Agreement. 

(c)                  Own Account. The
Holder understands that the New Securities, when issued, will be “restricted
securities” and have not been registered under the Securities Act or any
applicable state securities law and is acquiring the New Securities as principal
for its own account and not with a view to or for distributing or reselling such
Securities or any part thereof in violation of the Securities Act or any
applicable state securities law, has no present intention of distributing any of
such New Securities in violation of the Securities Act or any applicable state
securities law and has no direct or indirect arrangement or understandings with
any other persons to distribute or regarding the distribution of such New
Securities in violation of the Securities Act or any applicable state securities
law (this representation and warranty not limiting the Holder’s right to sell
the New Warrant Shares in compliance with applicable federal and state
securities laws). 

(d)                  Purchaser Status. The
Holder is not in the United States, is not a U.S. Person, is not acquiring the
New Securities for the account or benefit of a U.S. Person, did not receive the
offer to buy the New Securities while in the United States and it (or its
authorized signatory) was outside of the United States at the time this
Agreement was executed. The Holder agrees that offers and sales of any of the
New Securities prior to the expiration of the period specified in Regulation S
(such period hereinafter referred to as the “Distribution Compliance
Period”) shall only be made in compliance with the safe harbor provisions
set forth in Regulation S, pursuant to the registration provisions of the
Securities Act or pursuant to an exemption therefrom, and all offers and sales
after the Distribution Compliance Period shall be made only in compliance with
the registration provisions of the Securities Act or an exemption therefrom, and
in each case only in accordance with applicable securities laws. The Holder is
not acquiring the New Securities as a result of, and will not itself engage in,
any “directed selling efforts” (as defined in Regulation S) in the United States
in respect of any of the New Securities which would include any
activities undertaken for the purpose of, or that could reasonably be expected
to have the effect of, conditioning the market in the United States for the sale
of any such securities. The Holder agrees that hedging transactions involving
any of the securities may not be conducted unless such transactions are in
compliance with the provisions of the Securities Act and in each case only in
accordance with applicable securities laws. 

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(e)                  General Solicitation.
The Holder is not entering into this Agreement as a result of any advertisement,
article, notice or other communication regarding the transactions contemplated
hereunder published in any newspaper, magazine or similar media or broadcast
over television or radio or presented at any seminar or any other general
solicitation or general advertisement. 

ARTICLE III 
MISCELLANEOUS 

Section 3.1                  Survival. All
warranties and representations (as of the date such warranties and
representations were made) made herein or in any certificate or other instrument
delivered by it or on its behalf under this Agreement shall be considered to
have been relied upon by the parties hereto and shall survive the exercise of
the Existing Warrants and the issuance of the New Securities. This Agreement
shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties; provided however that no party may assign this
Agreement or the obligations and rights of such party hereunder without the
prior written consent of the other parties hereto. 

Section 3.2                  Execution.
This Agreement may be executed in two or more counterparts, all of which when
taken together shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the
other party, it being understood that both parties need not sign the same
counterpart. In the event that any signature is delivered by facsimile
transmission or other means of electronic communication capable of producing a
printed copy, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same
force and effect as if such signature were an original thereof. 

Section 3.3                  Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any
respect, the validity and enforceability of the remaining terms and provisions
of this Agreement shall not in any way be affected or impaired thereby and the
parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing,
shall incorporate such substitute provision in this Agreement. 

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Section 3.4                  Governing Law.
This Agreement and all claims arising out of or relating to this Agreement are
governed exclusively by the laws of the State of Nevada and the federal laws of
the United States applicable therein. The Holder, in its personal or corporate
capacity and, if applicable, on behalf of each beneficial purchaser for whom the
Holder is acting, irrevocably attorns to the jurisdiction of the courts of the
State of Arizona. 

Section 3.4                  Entire
Agreement. The Agreement, together with the exhibits and schedules thereto,
contain the entire understanding of the parties with respect to the subject
matter hereof and supersede all prior agreements and understandings, oral or
written, with respect to such matters, which the parties acknowledge have been
merged into such documents, exhibits and schedules. 

Section 3.5                  Construction.
The headings herein are for convenience only, do not constitute a part of this
Agreement and shall not be deemed to limit or affect any of the provisions
hereof. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict
construction will be applied against any party. 

Section 3.6                  Termination.
This Agreement may be terminated by the Holder, as to such Holder’s obligations
hereunder, by written notice to the other parties, if the Closing has not been
consummated on or before January 31, 2018.

Section 3.7                  Fees and
Expenses. Except as expressly set forth herein, each party shall pay the
fees and expenses of its advisers, counsel, accountants and other experts, if
any, and all other expenses incurred by such party incident to the negotiation,
preparation, execution, delivery and performance of this Agreement. The Company
shall pay all transfer agent fees, stamp taxes and other taxes and duties levied
in connection with the delivery of the Existing Warrant Shares, the New Warrants
or the New Warrant Shares. 

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IN WITNESS WHEREOF, the Company
has caused this Agreement to be duly executed by its authorized signatory as of
the _____day of _________________________, 20____. 

	 	THE ALKALINE WATER COMPANY INC. 
	 	  
	 	  
	 	By:    
      ______________________________________________________
	 	           Name:
    
	 	           Title:
    

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[HOLDER SIGNATURE PAGES TO 
WARRANT AMENDMENT AGREEMENT] 

IN WITNESS WHEREOF, the
undersigned has duly executed this Agreement, or if the undersigned is not an
individual, has caused this Agreement to be duly executed by its authorized
signatory, as of the date that the Company has caused this Agreement to be duly
executed by its authorized signatory, as indicated above. 

Name of Holder:
_____________________________________________________________________________________________________________________
Signature
of Holder:
__________________________________________________________________________________________________________________
Signature
of Authorized Signatory of Holder:
_______________________________________________________________________________________________
Name
of Authorized Signatory:
__________________________________________________________________________________________________________
Title
of Authorized Signatory:
___________________________________________________________________________________________________________
Email
Address of Holder:
_______________________________________________________________________________________________________________

Registration Name and Address for Existing Warrant Shares and
New Warrants:

__________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________

Tax
ID#: ____________

Address for Delivery of Certificates representing Existing
Warrant Shares and New Warrants for Holder (if not same as above):

__________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________

Number
of Existing Warrants Being Exercised: ______________

Aggregate Exercise Price (@ US$0.50 per Existing Warrant
Share): US$ ______________

New Warrants (100% of Existing Warrants Being Exercised):
_________________

8hlf-ex1046_810.htm

 

Exhibit 10.46

HERBALIFE LTD.
2014 STOCK INCENTIVE PLAN

STOCK UNIT AWARD AGREEMENT

STOCK UNIT AWARD AGREEMENT (this “Agreement”) dated _______ (the “Grant Date”), between HERBALIFE LTD. (the “Company”) and ____________  (“Participant”).

WHEREAS, the Company, by action of the Board and approval of its shareholders established the Herbalife Ltd. 2014 Stock Incentive Plan (the “Plan”);

WHEREAS, Participant is employed by the Company or one or more of its Subsidiaries and the Company desires to encourage Participant to own Common Shares for the purposes stated in Section 1 of the Plan;

WHEREAS, Participant and the Company have entered into this Agreement to govern the terms of the Stock Unit Award (as defined below) granted to Participant by the Company.  

NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as follows:

1. Grant.  

(a)The Company hereby grants to Participant an Award of ____________ Stock Units (the “Award”) in accordance with Section 9 of the Plan and subject to the conditions set forth in this Agreement and the Plan (as amended from time to time).  Each Stock Unit represents the right to receive one Common Share (as adjusted from time to time pursuant to Section 12 of the Plan) subject to the fulfillment of the vesting and other conditions set forth in this Agreement.  By accepting the Award, Participant irrevocably agrees on behalf of Participant and Participant’s successors and permitted assigns to all of the terms and conditions of the Award as set forth in or pursuant to this Agreement and the Plan (as such Plan may be amended from time to time).

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

2. Vesting.

(a)Participant’s Stock Units and rights in and to the Common Shares subject to the Stock Units shall not be vested as of the Grant Date and shall be forfeitable unless and until otherwise vested pursuant to the terms of this Agreement.  Subject to Participant’s continued employment with the Company and/or its subsidiaries or affiliates the Award (or as otherwise provided in Paragraph 5) shall become vested in accordance with the following schedule:  (i) twenty percent (20%) of the Stock Units subject to the Award shall vest on the first anniversary of the Grant Date, (ii) twenty percent (20%) of the Stock Units subject to the Award 

 

 

shall vest on the second anniversary of the Grant Date, and (iii) the remaining sixty percent (60%) of the Stock Units subject to the Award shall vest on third anniversary of the Grant Date (each such date a “Vesting Date”).  Stock Units that have vested and are no longer subject to forfeiture are referred to herein as “Vested Units.”  Stock Units that are not vested and remain subject to forfeiture are referred to herein as “Unvested Units.”

(b)In the event of a Change of Control, the Committee as constituted immediately before such Change of Control may, in its sole discretion, accelerate the vesting of this Award upon such Change of Control or take such other actions as provided in Section 13 of the Plan.

3. Settlement of Stock Units.

(a)Subject to any deferral pursuant to Paragraph 3(b), each Vested Unit will be settled by the delivery of one Common Share (subject to adjustment under Section 12 of the Plan) to Participant or, in the event of Participant’s death, to Participant’s estate, heir or beneficiary, following the applicable Vesting Date; provided that the Participant has satisfied all of the tax withholding obligations described in Paragraph 7, and that Participant has completed, signed and returned any documents and taken any additional action that the Company deems appropriate to enable it to accomplish the delivery of the Common Shares.  

(b)Subject to the satisfaction all of the tax withholding obligations described in Paragraph 7, Participant may elect to defer the receipt of any Common Shares issuable pursuant to Vested Units by submitting to the Company an election to defer receipt in the forms attached hereto as Exhibit A.  In the event Participant intends to defer the receipt of any Common Shares, Participant must submit to the Company a deferral election form within thirty (30) days following the Grant Date.  Participant hereby represents that Participant understands the effect of any such deferral under relevant federal, state and local tax laws.

(c)The date upon which Common Shares are to be issued under either Paragraph 3(a) or 3(b) above is referred to as the “Settlement Date.”  The issuance of the Common Shares hereunder may be effected by the issuance of a stock certificate, recording shares on the stock records of the Company or by crediting shares in an account established on Participant’s behalf with a brokerage firm or other custodian, in each case as determined by the Company.  Fractional shares will not be issued pursuant to the Award.  

(d)Notwithstanding the above, (i) for administrative or other reasons, the Company may from time to time temporarily suspend the issuance of Common Shares in respect of Vested Units, (ii) the Company shall not be obligated to deliver any shares of the Common Stock during any period when the Company determines that the delivery of shares hereunder would violate any federal, state or other applicable laws, (iii) the Company may issue Common Shares hereunder subject to any restrictive legends that, as determined by the Company’s counsel, are necessary to comply with securities or other regulatory requirements and (iv) the date on which shares are issued hereunder may include a delay in order to provide the Company such time as it determines appropriate to address tax withholding and other administrative matters.

2

 

4. Shareholder Rights.  Prior to any issuance of Common Shares in settlement of the Award, no Common Shares will be reserved or earmarked for Participant or Participant’s account nor shall Participant have any of the rights of a stockholder with respect to such Common Shares.  Except as set forth in Paragraph 5, the Participant will not be entitled to any privileges of ownership of the Common Shares (including, without limitation, any voting rights) underlying Vested Units and/or Unvested Units unless and until Common Shares are actually delivered to Participant hereunder.  

5. Dividend Equivalent Rights.  From and after the Grant Date and unless and until the Award is forfeited or otherwise transferred back to the Company, Participant will be credited with additional Stock Units having a value equal to dividends declared by the Company, if any, with record dates that occur prior to the settlement of the Award as if the Common Shares underlying the Award had been issued and outstanding, based on the Fair Market Value of a Common Share on the applicable dividend payment date.  Any such additional Stock Units shall be considered part of the Award and shall also be credited with additional Stock Units as dividends, if any, are declared, and shall be subject to the same restrictions and conditions as the Stock Units subject to the Award with respect to which they were credited (including, but not limited to, the forfeiture provisions set forth in Paragraph 6).  Notwithstanding the foregoing, no such additional Stock Units will be credited with respect to any dividend declared by the Company in connection with which the Award is adjusted pursuant to Section 12 of the Plan.

6. Effect of Termination of Employment.  Except as provided in the Plan, upon a termination of Participant’s employment with the Company for any reason, the Unvested Units shall be forfeited by Participant and cancelled and surrendered to the Company without payment of any consideration to Participant.

7. Withholding Taxes.  

(a)Participant is liable and responsible for all taxes owed in connection with the Award, regardless of any action the Company takes with respect to any tax withholding obligations that arise in connection with the Award.  The Company does not make any representation or undertaking regarding the treatment of any tax withholding in connection with the grant, vesting or settlement of the Award or the subsequent sale of Common Shares issuable pursuant to the Award.  The Company does not commit and is under no obligation to structure the Award to reduce or eliminate Participant’s tax liability.  

(b)Prior to any event in connection with the Award (e.g., vesting or payment in respect of the Award) that the Company determines may result in any domestic or foreign tax withholding obligation, whether national, federal, state or local, including any social tax obligation (the “Tax Withholding Obligation”), Participant is required to arrange for the satisfaction of the amount of such Tax Withholding Obligation in a manner acceptable to the Company.  

3

 

(c)Unless the Committee provides otherwise, at any time not less than five (5) business days before any Tax Withholding Obligation arises (e.g., a Settlement Date), Participant shall notify the Company of Participant’s election to pay Participant’s Tax Withholding Obligation by wire transfer, cashier’s check or other means permitted by the Company.  In such case, Participant shall satisfy his or her tax withholding obligation by paying to the Company on such date as it shall specify an amount that the Company determines is sufficient to satisfy the expected Tax Withholding Obligation by (i) wire transfer to such account as the Company may direct, (ii) delivery of a cashier’s check payable to the Company, Attn: General Counsel, at the Company’s principal executive offices, or such other address as the Company may from time to time direct, or (iii) such other means as the Company may establish or permit (including by means of a “same day sale” program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company and applicable law).  Participant agrees and acknowledges that prior to the date the Tax Withholding Obligation arises, the Company will be required to estimate the amount of the Tax Withholding Obligation and accordingly may require the amount paid to the Company under this Paragraph 7(c) to be more than the minimum amount that may actually be due and that, if Participant has not delivered payment of a sufficient amount to the Company to satisfy the Tax Withholding Obligation (regardless of whether as a result of the Company underestimating the required payment or Participant failing to timely make the required payment), the additional Tax Withholding Obligation amounts shall be satisfied such other means as the Committee deems appropriate.

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

9. Assignment or Transfer Prohibited.  The Award (whether or not vested) may not be assigned or transferred otherwise than by will or by the laws of descent and distribution; provided, however, Participant may assign or transfer the Award to the extent permitted under the Plan, provided that the Award shall be subject to all the terms and condition of the Plan, this Agreement and any other terms required by the Committee as a condition to such transfer.  Neither the Award nor any right hereunder shall be subject to attachment, execution or other similar process.  In the event of any attempt by Participant to alienate, assign, pledge, hypothecate or otherwise dispose of the Award or any right hereunder, except as provided for herein, or in the event of the levy or any attachment, execution or similar process upon the rights or interests hereby conferred, the Company may terminate the Award by notice to Participant, and the Award shall thereupon become null and void.

4

 

10. Committee Authority.  Any question concerning the interpretation of this Agreement or the Plan, any adjustments required to be made under this Agreement or the Plan, and any controversy that may arise under this Agreement or the Plan shall be determined by the Committee in its sole and absolute discretion.  All decisions by the Committee shall be final and binding.

11. Application of the Plan.  The terms of this Agreement are governed by the terms of the Plan, as it exists on the date of hereof and as the Plan is amended from time to time.  In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the terms of the Plan shall control, except as expressly stated otherwise herein.  As used herein, the term “Section” generally refers to provisions within the Plan, and the term “Paragraph” refers to provisions of this Agreement.  

12. No Right to Continued Employment.  Nothing in the Plan, in this Agreement or any other instrument executed pursuant thereto or hereto shall confer upon Participant any right to continued employment with the Company or any of its Subsidiaries or affiliates.

13. Further Assurances.  Each party hereto shall cooperate with each other party, shall do and perform or cause to be done and performed all further acts and things, and shall execute and deliver all other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan.

14. Entire Agreement.  This Agreement and the Plan together set forth the entire agreement and understanding between the parties as to the subject matter hereof and supersede all prior oral and written and all contemporaneous or subsequent oral discussions, agreements and understandings of any kind or nature.

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

[signature page follows]

5

 

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

 

	
 
	
 
	
HERBALIFE LTD.

	
 
	
 
	
 

	
Name
	
 
	
 

 

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