Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

THIRD AMENDMENT TO CREDIT AGREEMENT 

This THIRD AMENDMENT to the Credit Agreement referred to below, dated as of February 10, 2021 (this “Third
Amendment”) by and among HLF Financing SaRL, LLC, a Delaware limited liability company (the “Term Loan Borrower”), Herbalife Nutrition Ltd., a Cayman Islands exempted company incorporated with limited
liability with company number 116838 and with its registered office at Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (“Parent”),
Herbalife International Luxembourg S.à R.L., a Luxembourg private limited liability company (société à responsabilité limitée),
existing and organized under the laws of Luxembourg, having its registered office at 16, avenue de la Gare, L-1610 Luxembourg and registered with the Luxembourg Register of Commerce and Companies (R.C.S.
Luxembourg) under number B 88.006 (“HIL”), Herbalife International, Inc., a Nevada corporation (“HII” and, together with Parent, the Term Loan Borrower and HIL, the “Revolver
Borrowers”; the Revolver Borrowers, together with the Term Loan Borrower, are referred to herein as the “Borrowers”), certain subsidiaries of the Borrowers as Subsidiary Guarantors, the Lenders under the Credit
Agreement party hereto (consisting of at least the Required Term B Lenders (as defined in the Credit Agreement)), each Consenting Term Loan B Lender (as defined below), the Replacement Lender (as defined below) and Jefferies Finance LLC
(“Jefferies”) as the Term Loan B Agent and Collateral Agent (each as defined in the Credit Agreement). Capitalized terms not otherwise defined in this Third Amendment have the same meanings as specified in the Credit
Agreement (as defined below), as amended by this Third Amendment. 
 RECITALS 

WHEREAS, the Borrowers, the Subsidiary Guarantors, the several Lenders (as defined in the Credit Agreement) from time to time party thereto,
the Term Loan B Agent, Jefferies as the Collateral Agent, Coöperatieve Rabobank U.A., New York Branch, as the administrative agent for the Term Loan A Lenders and the Revolving Credit Lenders have entered into that certain Credit Agreement,
dated as of August 16, 2018 (together with all exhibits and schedules attached thereto, as amended by the First Amendment to Credit Agreement, dated as of December 12, 2019, as further amended by the Second Amendment to Credit Agreement,
dated as of March 19, 2020, and as further amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement” and as amended by this Third Amendment, the
“Amended Credit Agreement”); 
 WHEREAS, in connection with this Third Amendment, (i) Jefferies will act as
sole lead arranger and joint bookrunner and (ii) each of Coöperatieve Rabobank U.A., New York Branch, BBVA USA, BofA Securities, Inc., Citigroup Global Markets Inc., Citizens Bank, N.A., Fifth Third Bank, National Association and Mizuho
Bank, Ltd. will act as joint bookrunners (collectively, the “Joint Bookrunners”). The sole lead arranger and each of the joint bookrunners in such capacities accept such appointment and will perform the duties and exercise
the authority customarily associated with such roles. 
 WHEREAS, each Borrower, the undersigned Lenders (including the Replacement Lender)
which constitute the Required Lenders under the Credit Agreement and the Term Loan B Agent have agreed to amend the Credit Agreement as hereinafter set forth; 

 WHEREAS, each Term Loan A Lender and each Revolving Credit Lender under the Credit Agreement
immediately prior to the Third Amendment Effective Date that executes and delivers a signature page to this Third Amendment hereby agree to the terms and conditions of this Third Amendment; 

WHEREAS, each Term Loan B Lender under the Credit Agreement immediately prior to the Third Amendment Effective Date (collectively, the
“Existing Term Loan B Lenders”) that executes and delivers a consent to this Third Amendment in the form of the “Term Loan B Lender Consent” attached hereto as Annex I (a “Term Loan B Lender
Consent”) and selects Option A thereunder (the “Continuing Term Loan B Lenders”) hereby agree to the terms and conditions of this Third Amendment; 

WHEREAS, each Existing Term Loan B Lender that executes and delivers a Term Loan B Lender Consent and selects Option B thereunder (the
“Non-Continuing Term Loan B Lenders” and, together with the Continuing Term Loan B Lenders, the “Consenting Term Loan B Lenders”) hereby agree to the terms and
conditions of this Third Amendment and agrees that it shall execute, or shall be deemed to have executed, a counterpart of the Master Assignment and Acceptance Agreement substantially in the form attached hereto as Annex II (a
“Master Assignment”) and shall in accordance therewith sell all of its existing Term B Loans as specified in the applicable Master Assignment, as further set forth in this Third Amendment; 

WHEREAS, each Existing Term Loan B Lender that fails to execute and return a Term Loan B Lender Consent by 4:00 p.m. (New York City time), on
February 8, 2021 (the “Consent Deadline”) (each, a “Non-Consenting Term Loan B Lender”) shall, in accordance with Section 2.21(c) of the Credit
Agreement, assign and delegate, without recourse (in accordance with Section 2.21(d) and Section 9.4 of the Credit Agreement), all of its interests, rights and obligations under the Credit Agreement and the related Loan Documents in
respect of its existing Term B Loans to an assignee that shall assume such obligations as specified in the applicable Master Assignment, as further set forth in this Third Amendment; 

WHEREAS, each Loan Party party hereto (collectively, the “Reaffirming Parties”, and each, a “Reaffirming
Party”) expects to realize substantial direct and indirect benefits as a result of this Third Amendment becoming effective and the consummation of the transactions contemplated hereby and agrees to reaffirm its obligations, guaranties
and any security interests granted by it pursuant to the Credit Agreement, the Collateral Documents, and the other Loan Documents to which it is a party; 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, as well as other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Amendments to Credit
Agreement. The Credit Agreement is, effective as of the Third Amendment Effective Date (as defined below), and subject to the satisfaction of the conditions precedent set forth in SECTION 3 below, hereby amended as follows: 

(a) Amendments to Section 1.01: Definitions. 

  
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 (i) Section 1.01 of the Credit Agreement is hereby
amended by adding the following new definitions thereto in proper alphabetical order: 
 “Third Amendment”
means that certain Third Amendment to Credit Agreement, dated as of February 10, 2021 among the Borrowers, the Subsidiary Guarantors, the Term Loan B Agent and the Lenders party thereto. 

“Third Amendment Effective Date” means the date on which all of the conditions contained in
Section 3 of the Third Amendment have been satisfied or waived in accordance with the terms of the Third Amendment. 

(ii) Section 1.01 of the Credit Agreement is hereby amended by deleting the definitions set forth
below in their entirety and replacing them with the following: 
 “Applicable Margin”: (a) with respect to
Term A Loans, the rate per annum equal to (i) for ABR Loans, 1.50%, and (ii) for Eurodollar Loans, 2.50%, (b) with respect to Term B Loans, the rate per annum equal to (i) for ABR Loans, 1.50%, and (ii) for Eurodollar
Loans, 2.50%, (c) with respect to Revolving Credit Loans, the rate per annum equal to (i) for ABR Loans, 1.50% and (ii) for Eurodollar Loans, 2.50%, (d) with respect to any Incremental Facility, the rate or rates per
annum set forth in the applicable Incremental Facility Amendment, (e) with respect to any Extended Revolving Credit Commitment or Extended Term Loan, the rate or rates per annum specified in the applicable Extension Offer and
(f) with respect to any Replacement Facility, the rate or rates per annum specified in the applicable Replacement Facility Amendment. 

“Applicable Prepayment Percentage”: (a) on or prior to August 10, 2021, 1.00%, and (b) thereafter, 0%. 

(b) Amendments to Section 5.14. Sections 5.14(b) of the Credit Agreement is hereby amended to delete the stricken
text (indicated textually in the same manner as the following example: stricken text) and insert the added
text (indicated textually in the same manner as the following example: added text) as shown below: 
 (b) the aggregate (without duplication) Loan Party Assets of the Loan Parties
as a group as of the last day of the most recently ended fiscal quarter is no less than 80.0%70.0% of total assets of Parent and its Restricted Subsidiaries on a
consolidated basis as of the last day of such fiscal quarter;” 
 SECTION 2. Continuation of Existing Loans; Non-Consenting Lenders; Other Terms and Agreements. 
 (a) Continuing Lenders. Each Existing
Term Loan B Lender selecting Option A on the Term Loan B Lender Consent hereby consents and agrees to this Third Amendment. 

  
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 (b) Non-Continuing Term Loan B Lenders. Each
Existing Term Loan B Lender selecting Option B on the Term Loan B Lender Consent hereto hereby consents and agrees (subject to the effectiveness of the assignment referred to in the following clause (ii)) to (i) this Third Amendment and
(ii) sell the entire principal amount of its existing Term B Loans via an assignment on the Third Amendment Effective Date pursuant to a Master Assignment. By executing a Term Loan B Lender Consent and selecting Option B, each Non-Continuing Term Loan B Lender shall be deemed to have executed a counterpart to the Master Assignment to give effect, solely upon the consent and acceptance by the Replacement Lender, to the assignment described
in the immediately preceding sentence. 
 (c) Non-Consenting Term Loan B Lenders. The Term
Loan Borrower hereby gives notice to each Non-Consenting Term Loan B Lender that, upon receipt of Term Loan B Lender Consents from the Existing Term Loan B Lenders constituting the Required Term B Lenders, if
such Non-Consenting Term Loan B Lender has not executed and delivered a Term Loan B Lender Consent on or prior to the Consent Deadline, such Non-Consenting Term Loan B
Lender shall, pursuant to Section 2.21(d) of the Credit Agreement, execute or be deemed to have executed a counterpart of the Master Assignment and shall in accordance therewith sell its Existing Terms B Loans as specified in the Master
Assignment. Pursuant to the Master Assignment, each Non-Consenting Term Loan B Lender shall sell and assign the principal amount of its Existing Term B Loans as set forth in Schedule I to the Master
Assignment, as such Schedule is completed by the Term Loan B Agent on or prior to the Third Amendment Effective Date, to Jefferies Finance LLC, as assignee (acting through any of its affiliates as it deems appropriate, in such capacity the
“Replacement Lender”) under such Master Assignment, solely upon the consent and acceptance by the Replacement Lender. The Replacement Lender shall be deemed to have consented to this Third Amendment with respect to such
purchased Term B Loans at the time of such assignment. 
 SECTION 3. Conditions of Effectiveness. The effectiveness of this Third
Amendment (including the amendments contained in SECTION 1 and agreements contained in SECTION 2) are subject to the satisfaction (or written waiver) of the following conditions (the date of satisfaction of such conditions being
referred to herein as the “Third Amendment Effective Date”): 
 (a) This Third Amendment shall have been duly
executed by the Borrowers, the Subsidiary Guarantors, the Required Lenders (with respect to the amendment set forth in Section 1(b) hereof only) and the Term Loan B Agent (which may include a copy transmitted by facsimile
or other electronic method), and delivered to the Term Loan B Agent, and the Lenders under the Credit Agreement consisting of at least the Required Term B Lenders immediately prior to the Third Amendment Effective Date. 

(b) Jefferies, as Repricing Arranger, shall have received all fees due and payable under that certain Arranger Fee Letter, dated as of
February 9, 2021, by and among the Borrowers and Jefferies (the “Third Amendment Fee Letter”). 
 (c) The Term
Loan B Agent shall have received favorable legal opinions of (A) Gibson, Dunn & Crutcher LLP, special counsel to the Loan Parties, (B) Snell & Wilmer, L.L.P., Nevada counsel to the Loan Parties, (C) Maples and
Calder, Cayman Islands counsel to the Loan Parties, and (D) DLA Piper Luxembourg S.à r.l., Luxembourg counsel to the Loan Parties, with respect to the capacity of the Luxembourg Loan Parties to enter into the Loan Documents and
subsistence of security interest, in each case in form and substance reasonably satisfactory to the Term Loan B Agent. 

  
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 (d) The Term Loan B Agent shall have received a certificate signed by a Responsible Officer
of the Borrowers as to the matters set forth in paragraphs (g) and (h) of this SECTION 3; 
 (e) The Term Loan B Agent shall have
received (I) a certificate dated as of the Third Amendment Effective Date of the corporate secretary or an assistant or associate corporate secretary or director (or such other officer reasonably acceptable to the Term Loan B Agent) of each of
the Loan Parties, in form and substance reasonably satisfactory to the Term Loan B Agent, certifying (i) that either (A) attached thereto is a true and complete and up to date copy of the articles or certificate of incorporation,
memorandum and articles of association or other comparable organizational documents including any certificate on change of name and all amendments thereto of such Loan Party certified (other than in the case of any Loan Party that is a Cayman
Islands exempted company) by the secretary of state (or comparable Governmental Authority) of its jurisdiction of organization (where applicable), and that the same has not been amended since the date of such certification or (B) the articles
or certificate of incorporation or other comparable organizational documents of such Loan Party most recently delivered to the Term Loan B Agent have not been amended and are in full force and effect, (ii) that either (A) attached thereto
is a true and complete copy of the bylaws or comparable governing documents of such Loan Party, as then in effect and as in effect at all times without amendment of supersession from the date on which the resolutions referred to in clause (iii)
below were adopted to and including the date of such certificate or (B) that the bylaws or comparable governing documents of such Loan Party most recently delivered to the Term Loan B Agent have not been amended and are in full force and effect
and (iii) that attached thereto is a true and complete copy of resolutions adopted by the board of directors or other comparable governing body or bodies of such Loan Party and, if applicable all the holders of the issued shares of such Loan
Party, authorizing the execution, delivery and performance of this Third Amendment and any related Loan Documents to which it is a party, which are in full force and effect without amendment or supersession as of the date of the certificate, and as
to the incumbency and genuineness of the signature of each officer, director or other comparable authorized manager or attorney of such Loan Party, executing this Third Amendment or any of such other Loan Documents, and attaching all such copies of
the documents described above together with, in the case of the Loan Parties incorporated in the Cayman Islands, copies of their internal registers of directors and officers and registers of mortgages and charges and (II) in respect of
(i) any Luxembourg Loan Party, (ii) WHBL Luxembourg S.à r.l., (iii) Herbalife Luxembourg Distribution S.à r.l., (iv) HLF Luxembourg Distribution S.à r.l. and (v) Herbalife Africa (together the “Luxembourg
Entities” and each a “Luxembourg Entity”), a manager’s certificate dated as of the Third Amendment Effective Date signed by a manager of the relevant Luxembourg Entity, certifying the following items: (A) an up-to-date copy of the articles of association of the relevant Luxembourg Entity; (B) an electronic true and complete certified excerpt of the Luxembourg Companies
Register pertaining to the relevant Luxembourg Entity dated as of the date of this Agreement; (C) an electronic true and complete certified certificate of non-registration of judgment (certificat de non-inscription d’une décision judiciaire) dated as of the date of this Agreement issued by the Luxembourg Companies Register and reflecting the situation no more than one Business Day prior to the
date of this Agreement; (D) with respect to the Luxembourg Loan Parties only, true, complete and up-to-date board resolutions approving the entry by the relevant
Luxembourg Loan 

  
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Party into, among others, the Loan Documents; (E) the relevant Luxembourg Entity is not subject to nor, as applicable, does it meet or threaten to meet the criteria of bankruptcy
(faillite), voluntary or judicial liquidation (liquidation volontaire ou judiciaire), composition with creditors (concordat préventif de la faillite), controlled management (gestion contrôlée),
reprieve from payment (sursis de paiement), general settlement with creditors or similar laws affecting the rights of creditors generally and no application has been made or is to be made by its manager or, as far as it is aware, by any other
person for the appointment of a commissaire, juge-commissaire, liquidateur, curateur or similar officer pursuant to any voluntary or judicial insolvency, winding-up, liquidation or
similar proceedings; (F) (with respect to the Luxembourg Loan Parties only) a true and complete specimen of signatures for each of the managers or authorized signatories having executed for and on behalf of the relevant Luxembourg Loan Party the
Loan Documents; (G) a certificate of the domiciliation agent or signed by a manager of the relevant Luxembourg Entity certifying, as the case may be, (i) due compliance by the relevant Luxembourg Entity with, and adherence to, the
provisions of the Luxembourg Law dated 31 May 1999 concerning the domiciliation of companies, as amended, and the related circulars issued by the Commission de Surveillance du Secteur Financier or (ii) that the premises of the
Luxembourg Entity are leased pursuant to a legal, valid and binding (and still in full force and effect) lease agreement and correspond to sufficient unshared office space, with a separate entrance and sufficient office equipment allowing it to
effectively carry out its business activities. 
 (f) The Term Loan B Agent shall have received a certificate as of a recent date of the good
standing of each of the Loan Parties (other than the Luxembourg Loan Parties) under the laws of its jurisdiction of organization, from the secretary of state (or comparable Governmental Authority) of such jurisdiction as well as corresponding
bring-down good standing certificates dated as of the Third Amendment Effective Date, save that, no such bring-down good standing certificate is required for any Loan Party that is a Cayman Islands exempted company where the above recent date
of the certificate of good standing initially provided is no earlier than 10 Business Days prior to the Third Amendment Effective Date; 

(g) No Default or Event of Default has occurred and is continuing both before and immediately after giving effect to the transactions
contemplated hereby; 
 (h) The representations and warranties of each Loan Party set forth in SECTION 5(b) of this Third Amendment
are true and correct and the representations and warranties of each Loan Party set forth in SECTIONS 5(a) and (c) of this Third Amendment are true and correct in all material respects on and as of the Third Amendment Effective
Date (immediately after giving effect to this Third Amendment) as if made on as of such date, except in the case of any representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and
warranties shall be true and correct in all material respects as of such earlier date; provided, that, in each case such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified by
materiality or “Material Adverse Effect”; 
 (i) The Term Loan B Agent shall have received a solvency certificate in the form of
Exhibit J of the Credit Agreement from a Responsible Officer of the Parent with respect to the solvency of the Parent and its Subsidiaries, on a consolidated basis, after giving effect to the Third Amendment; 

  
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 (j) Know Your Customer and Other Required Information. 

(i) The Term Loan B Agent have received, no later than one (1) Business Day prior to the Third Amendment Effective Date,
all documentation and other information about the Loan Parties as has been reasonably requested in writing at least three (3) Business Days prior to the Third Amendment Effective Date by the Term Loan B Agent with respect to applicable
“know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act. 
 (ii) At least
three (3) Business Days prior to the Third Amendment Effective Date, any Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall deliver a Beneficial Ownership Certification in relation to
such Borrower to any Lender that requests such Beneficial Ownership Certification in writing at least three (3) Business Days prior to the Third Amendment Effective Date. 

(k) All fees and expenses required to be paid hereunder or pursuant to the Credit Agreement, the Third Amendment Fee Letter or that certain
engagement letter, dated as of February 9, 2021, by and among the Borrower, Jefferies and the Joint Bookrunners shall have been paid in full in cash or will be paid in full in cash on the Third Amendment Effective Date, including, without
limitation, all reasonable and documented out-of-pocket expenses incurred by the Repricing Arranger, the Term Loan B Agent and their respective Affiliates in connection
with the execution and delivery of this Third Amendment. 
 (l) The Replacement Lender shall have executed and delivered the Master
Assignment contemplated under SECTION 2 above and all other conditions to the consummation of the assignments in accordance with SECTION 2 above shall have been satisfied and such assignments shall have been consummated or shall be
consummated substantially concurrently with the effectiveness of this Third Amendment. 
 (m) The Borrower shall have, substantially
concurrently with the effectiveness of this Third Amendment, paid to all Non-Consenting Term Loan B Lenders all interest, indemnities, fees, cost reimbursements and other Obligations (other than principal and
all other amounts paid to such Non-Consenting Term Loan B Lender under SECTION 2 above), if any, then due and owing to such Non-Consenting Term Loan B Lenders
under the Credit Agreement and the other Loan Documents (immediately prior to the effectiveness of this Third Amendment). 
 SECTION 4.
Post-Closing Matters. The Borrower shall and shall cause each Loan Party, as applicable, to within 30 days after the Third Amendment Effective Date (or such longer period as the Term Loan B Agent may determine in its reasonable discretion)
execute and deliver to the Term Loan B Agent supplements to any US IP Security Agreement, or new US IP Security Agreements (in the forms attached to the Security Agreement) as necessary, in each case as required by the Credit Agreement and the other
Loan Documents. The Term Loan B Agent is hereby authorized to file such supplements or US IP Security Agreements with the United States Patent and Trademark Office or United States Copyright Office, as applicable. 

  
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 SECTION 5. Representations and Warranties. To induce the other parties hereto to
enter into this Third Amendment, each Loan Party represents and warrants to each of the Term Loan B Lenders and the Term Loan B Agent that, as of the Third Amendment Effective Date: 

(a) This Third Amendment has been duly authorized, executed and delivered by each Loan Party and constitutes, and the Credit Agreement, as
amended by this Third Amendment constitutes, its legal, valid and binding obligation, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally, by general equitable principles or by principles of good faith and fair dealing; 

(b) The representations and warranties of each Loan Party set forth in Section 3 of the Credit Agreement (as amended
by this Third Amendment) and the other Loan Documents are true and correct in all material respects on and as of the Third Amendment Effective Date (immediately after giving effect to this Third Amendment) as if made on as of such date, except in
the case of any representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date; provided, that, in
each case such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified by materiality or “Material Adverse Effect”; provided, that the representations and warranties set
forth in Section 3.19 of the Credit Agreement are qualified by (i) the information disclosed under the heading “Other Matters” in note 5 (Contingencies) to the condensed consolidated financial statements of Parent and its
Subsidiaries in the 10-Q for the quarter ended September 30, 2020 and (ii) information publicly available as of the Third Amendment Effective Date, including as disseminated by Reuters or other news
sources, in respect of charges against former Herbalife officers Yanliang Li, also known as Jerry Li, and Hongwei Yang, also known as Mary Yang for violation of the FCPA; and 

(c) After giving effect to this Third Amendment and the transactions contemplated hereby, no Default or Event of Default has occurred and is
continuing. 
 SECTION 6. Borrower’s Consent. For purposes of Section 9.4 of the Credit Agreement, each
Borrower hereby consents to any assignee of the Replacement Lender or any of its respective Affiliates and Approved Funds (in each case otherwise being an Eligible Assignee) becoming a Term Loan B Lender in connection with the syndication of the
Term B Loans acquired by the Replacement Lender pursuant to SECTION 2 hereof, to the extent the inclusion of such assignee in the syndicate has been disclosed in writing to and agreed by the Borrower prior to the Third Amendment Effective
Date. 
 SECTION 7. Effects on Loan Documents. Except as specifically amended herein or contemplated hereby, all Loan Documents shall
continue to be in full force and effect and are hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this Third Amendment shall not operate as a waiver, release or discharge of any right, power or remedy of any
Lender or the Term Loan B Agent under any of the Loan Documents, nor constitute a waiver, release or discharge of any provision of the Loan Documents or in any way limit, impair or otherwise affect the rights and remedies of the Lenders or the Term
Loan B Agent under the Loan Documents. Each Borrower and each of the Subsidiary Guarantors 

  
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acknowledges and agrees that, on and after the Third Amendment Effective Date, this Third Amendment and each of the other Loan Documents to be executed and delivered by the Borrower in connection
herewith shall constitute a Loan Document for all purposes of the Amended Credit Agreement. On and after the Third Amendment Effective Date, each reference in the Amended Credit Agreement to “this Agreement”, “hereunder”,
“hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “Credit Agreement”, “thereunder”, “thereof” or words of like import
referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this Third Amendment, and this Third Amendment and the Credit Agreement as amended by this Third Amendment shall be read together and construed as
a single instrument. Nothing herein shall be deemed to entitle the Borrowers nor the Subsidiary Guarantors to a further consent to, or a further waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants
or agreements contained in the Credit Agreement as amended by this Third Amendment or any other Loan Document in similar or different circumstances. 

SECTION 8. Indemnification. Each Borrower hereby confirms that the indemnification provisions set forth in
Section 9.3 of the Credit Agreement as amended by this Third Amendment shall apply to this Third Amendment and the transactions contemplated hereby. 

SECTION 9. Repricing Arranger. The Borrowers and the Lenders party hereto agree (a) that Jefferies, in its capacity as arranger
with respect to this Third Amendment (acting through any of its affiliates as it deems appropriate, the “Repricing Arranger”), shall be entitled to the privileges, indemnification, immunities and other benefits afforded to
the Arrangers under the Credit Agreement as amended by this Third Amendment and (b) except as otherwise agreed to in writing by the Borrowers and the Repricing Arranger, the Repricing Arranger shall have no duties, responsibilities or
liabilities with respect to this Third Amendment, the Credit Agreement as amended by this Third Amendment or any other Loan Document. 

SECTION 10. Amendments; Execution in Counterparts; Severability. 

(a) This Third Amendment may not be amended nor may any provision hereof be waived except pursuant to a writing signed by each Borrower, each
of the Subsidiary Guarantors, the Lenders party hereto and the Term Loan B Agent; and 
 (b) To the extent any provision of this Third
Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or invalidating such
provision in any other jurisdiction or the remaining provisions of this Third Amendment in any jurisdiction. 
 SECTION 11.
Reaffirmation. Each of the Reaffirming Parties, as party to the Credit Agreement and certain of the Collateral Documents and the other Loan Documents, in each case as amended, supplemented or otherwise modified from time to time, hereby
(i) acknowledges and agrees that all of its obligations under the Credit Agreement, the Collateral Documents and the other Loan Documents to which it is a party are reaffirmed and remain in full force and effect on a continuous basis,
(ii) reaffirms (A) each Lien granted by it to the Term Loan B Agent or the 

  
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Collateral Agent for the benefit of the Secured Parties and (B) any guaranties made by it pursuant to the Credit Agreement, (iii) acknowledges and agrees that the grants of security
interests by it contained in the Collateral Documents shall remain, in full force and effect after giving effect to the Third Amendment and that such security interests secure, and shall continue to secure following the Third Amendment Effective
Date, the Obligations as described in the following clause (iv) and (iv) acknowledges and agrees that the Obligations include, among other things and without limitation, the prompt and complete payment and performance by the Borrower when due
and payable (whether at the stated maturity, by acceleration or otherwise) of principal and interest on, and premium (if any) on, the Term B Loans under the Credit Agreement as amended by this Third Amendment. Nothing contained in this Third
Amendment shall be construed as substitution or novation of the obligations outstanding under the Credit Agreement or the other Loan Documents, which shall remain in full force and effect, except to any extent modified hereby. 

SECTION 12. Term Loan B Agent. Each Borrower acknowledges and agrees that Jefferies, in its capacity as Term Loan B Agent under the
Credit Agreement, will serve as Term Loan B Agent under this Third Amendment and under the Credit Agreement as amended by this Third Amendment. 

SECTION 13. Governing Law; Waiver of Jury Trial; Jurisdiction. This Third Amendment shall be construed in accordance with and governed
by the law of the State of New York (without regard to the conflicts of law provisions thereof). EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ITS RESPECTIVE RIGHTS TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF
ACTION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) ARISING OUT OF OR IN CONNECTION WITH THIS THIRD AMENDMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS THIRD AMENDMENT OR ANY OTHER LOAN DOCUMENT. The provisions of
Section 9.9 and Section 9.10 of the Credit Agreement as amended by this Third Amendment are incorporated herein by reference, mutatis mutandis. 

SECTION 14. Headings. Section headings in this Third Amendment are included herein for convenience of reference only, are not part of
this Third Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Third Amendment. 

SECTION 15. No Novation. By its execution of this Third Amendment, each of the parties hereto acknowledges and agrees that the terms of
this Third Amendment do not constitute a novation, but, rather, a supplement of the terms of the pre-existing indebtedness and related agreements, as evidenced by the Credit Agreement. 

SECTION 16. Counterparts; Electronic Signatures. This Third Amendment may be executed by one or more of the parties hereto on any
number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF or other electronic means shall have the same force and effect as manual
signatures delivered in person. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Third Amendment or any document to be signed in connection with this
Third Amendment and the transactions contemplated hereby 

  
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shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 [Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed
and delivered by their respective proper and duly authorized officers as of the day and year first above written. 
  

			
	BORROWERS:
	
	HLF FINANCING SaRL, LLC
		
	By:	 	 /s/ Richard Caloca
                        

	Name: Richard Caloca
	Title: Authorized Signatory
	
	HERBALIFE NUTRITION LTD.
		
	By:	 	 /s/ Richard Caloca

	Name: Richard Caloca
	Title: Treasurer
	
	HERBALIFE INTERNATIONAL LUXEMBOURG S.À R.L.
		
	By:	 	 /s/ Hélène Dekhar

	Name: Hélène Dekhar
	Title: Class A Manager
	
	HERBALIFE INTERNATIONAL, INC.
		
	By:	 	 /s/ Richard Caloca

	Name: Richard Caloca
	Title: Treasurer

 [Signature Page to Third Amendment] 

 
			
	SUBSIDIARY GUARANTORS:
	
	HERBALIFE INTERNATIONAL OF AMERICA, INC.
		
	By:	 	 /s/ Richard Caloca

	Name: Richard Caloca
	Title: Treasurer
	
	HERBALIFE INTERNATIONAL OF EUROPE, INC.
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Treasurer

	
	HERBALIFE TAIWAN, INC.
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Treasurer

	
	HERBALIFE INTERNATIONAL DO BRASIL LTDA.
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Treasurer

	
	HERBALIFE KOREA CO., LTD.
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Treasurer

 [Signature Page to Third Amendment] 

 
			
	HERBALIFE VENEZUELA HOLDINGS, LLC
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Authorized Signatory

	
	HERBALIFE MANUFACTURING LLC
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Treasurer

	
	WH LUXEMBOURG INTERMEDIATE HOLDINGS S.À R.L. LLC
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Treasurer

	
	HERBALIFE INTERNATIONAL (THAILAND), LTD.
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Treasurer

	
	HERBALIFE VH INTERMEDIATE INTERNATIONAL, LLC
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Authorized Signatory

 [Signature Page to Third Amendment] 

 
			
	HERBALIFE VH INTERNATIONAL LLC
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Authorized Signatory

	
	HLF FINANCING US, LLC
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Authorized Signatory

	
	HLF LUXEMBOURG HOLDINGS, INC.
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Treasurer

	
	WH CAPITAL CORPORATION
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Treasurer

	
	HV HOLDINGS LTD.
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Treasurer

	
	WH INTERMEDIATE HOLDINGS LTD.
		
	By:	 	 /s/ Richard Caloca

	 Name: Richard Caloca

	 Title: Treasurer

 [Signature Page to Third Amendment] 

 
			
	HBL LUXEMBOURG HOLDINGS S.À R.L.
		
	By:	 	 /s/ Hélène Dekhar 

	 Name: Hélène Dekhar

	 Title: Class A Manager

	
	WH LUXEMBOURG HOLDINGS S.À R.L.
		
	By:	 	 /s/ Hélène Dekhar

	 Name: Hélène Dekhar

	 Title: Class A Manager

	
	HBL LUXEMBOURG SERVICES S.À R.L.
		
	By:	 	 /s/ Hélène Dekhar

	 Name: Hélène Dekhar

	 Title: Class A Manager

	
	HLF FINANCING, INC.
		
	By:	 	 /s/ Richard Caloca 

	 Name: Richard Caloca

	 Title: Treasurer

 [Signature Page to Third Amendment] 

 
			
	JEFFERIES FINANCE LLC, as Term Loan B Agent, Collateral Agent and Replacement Lender
		
	 By:
	 	 /s/ Paul Chisholm

	 Name: Paul Chisholm

	 Title: Managing Director

 [Signature Page to Third Amendment] 

 
			
	COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as a Term Loan A Lender and a Revolving Credit Lender
		
	By	 	 /s/ Andre Baladi             

	Name: Andre Baladi
	Title: Managing Director
		
	By:	 	 /s/ Sarah Fleet            

	Name: Sarah Fleet
	Title: Executive Director

 [Signature Page to Third Amendment] 

 
			
	 MUFG Union Bank, N.A., as a Term Loan A Lender and a Revolving Credit Lender

 

	By	 	 /s/ Erik Siegfried

	Name: Erik Siegfried
	Title: Vice President

  
 [Signature Page to Third
Amendment] 

 
			
	 CITICORP NORTH AMERICA, INC., as a Term Loan A Lender and a Revolving Credit Lender

 

	By	 	 /s/ Brian Rolli             

	Name: Brian Rolli
	Title: Managing Director

  
 [Signature Page to Third
Amendment] 

 
			
	 BBVA USA, as a Term Loan A Lender and a Revolving Credit Lender

 

	 By
	 	 /s/ Charles
Randolph            

	 Name: Charles Randolph

	 Title: Senior Vice President

  
 [Signature Page to Third
Amendment] 

 
			
	 COMERICA BANK, as a Term Loan A Lender and

a Revolving Credit Lender

 
			
		
	By	 	 /s/ Liz V. Hulley

 

			
	Name: Liz V. Hulley
	Title: Vice President

  
 [Signature Page to Third
Amendment] 

 
			
	 BANK OF AMERICA, N.A., as a Term Loan A

Lender and a Revolving Credit Lender

 
			
		
	By	 	 /s/ David Barney

 
			
	Name: David Barney
	Title: Senior Vice President

  
 [Signature Page to Third
Amendment] 

 
			
	 MIZUHO BANK, LTD., as a Term Loan A Lender

and a Revolving Credit Lender

 
			
		
	By	 	 /s/ Tracy Rahn

 
			
	Name: Tracy Rahn
	Title: Executive Director

  
 [Signature Page to Third
Amendment] 

 
			
	Fifth Third Bank, National Association, as a Term
	Loan A Lender and a Revolving Credit Lender
		
	By	 	 /s/ Peter Samboul

	Name: Peter Samboul
	Title: Managing Director

 [Signature Page to Third Amendment] 

 
			
	STANDARD CHARTERED BANK, as a Term
	Loan A Lender and a Revolving Credit Lender
		
	By	 	 /s/ James Beck

	Name: James Beck
	Title: Associate Director

 [Signature Page to Third Amendment] 

 
			
	 CITIZENS BANK N.A., as a Term Loan A Lender

and a Revolving Credit Lender

		
	By	 	 /s/ Darran Wee

	Name: Darran Wee
	Title: Senior Vice President

 [Signature Page to Third Amendment] 

 ANNEX I 

TERM LOAN B LENDER CONSENT TO 

THIRD AMENDMENT TO CREDIT AGREEMENT 
  

			
	[NAME OF TERM LENDER], as a Term Loan B Lender

 
			
		
	By	 	  

 
			
	Name:	 	
	Title:	 	

 
			
	
	[[For Term Loan B Lenders requiring a second signature block]

 
			
		
	By	 	  

 
			
	Name:	 	
	Title:]	 	

 PROCEDURE FOR TERM LOAN B LENDERS: 

The above-named Term Loan B Lender elects to: 

OPTION A – CONSENT TO THIRD AMENDMENT AND CONTINUATION OF EXISTING TERM B LOANS : ☐ Consent and agree to this Third Amendment and
continue as a Term Loan B Lender under the Credit Agreement after giving effect to the Third Amendment. 
 OPTION B – CONSENT TO THIRD
AMENDMENT ONLY: ☐ Consent to the Third Amendment and agree to sell all of its existing Term B Loans to the Replacement Lender pursuant to the Master Assignment. 
  

  
 ANNEX I 

 ANNEX II 

FORM OF MASTER ASSIGNMENT AND ACCEPTANCE AGREEMENT 

FOR HERBALIFE NUTRITION LTD. CREDIT AGREEMENT 

This Master Assignment and Acceptance Agreement (the “Master Assignment”) is dated as of the Effective Date set forth
below and is entered into between the Assignor named below (the “Assignor”) and the Assignee named below (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Credit Agreement identified below (as amended by the First Amendment to Credit Agreement, dated as of December 12, 2019, as further amended by the Second Amendment to Credit Agreement, dated as of March 19, 2020, as further
amended by the Third Amendment to Credit Agreement, dated as of February 10, 2021, and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Master Assignment as
if set forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the
Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Term Loan B Agent as contemplated below
(i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest
identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit, and guarantees included in such facilities) and (ii) to the extent permitted
to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any
other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity, related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor to the Assignee pursuant to clauses (i) and (ii) above being
referred to herein collectively as the “Assigned Interest”). Each such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Master Assignment, without representation or warranty by
the Assignor. 
 By purchasing the Assigned Interest, the Assignee agrees that, for purposes of that certain Third Amendment to Credit
Agreement dated as of February 10, 2021 (the “Third Amendment”), by and among the Borrowers, the Subsidiary Guarantors, the Required Term B Lenders, the Replacement Lender and the Consenting Term Loan B Lenders referred
to therein, the Term Loan B Agent, it shall be deemed to have consented and agreed to the Third Amendment. 
  

	1.	 Assignors:   Each person identified on Schedule I hereto 

  
 ANNEX II-1 

	2.	 Assignees:   Jefferies Finance LLC and is an Affiliate/Approved Fund of Jefferies Finance LLC

  

	3.	 Term Loan Borrower:   HLF Financing SaRL, LLC 

 

	4.	 Term Loan B Agent:   Jefferies Finance LLC 

 

	5.	 Credit Agreement:   The Credit Agreement dated as of August 16, 2018 (as amended by the
First Amendment to Credit Agreement, dated as of December 12, 2019, as further amended by the Second Amendment to Credit Agreement, dated as of March 19, 2020, as further amended by the Third Amendment to Credit Agreement, dated as
of February 10, 2021, and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; terms defined therein being used herein as therein defined),
among HLF Financing SaRL, LLC a Delaware limited liability company (“TL Borrower”), Herbalife Nutrition Ltd., a Cayman Islands exempted company incorporated with limited liability (“Parent”), Herbalife International
Luxembourg S.à R.L., a Luxembourg private limited liability company (société à responsabilité limitée), existing and organized under the laws of Luxembourg, having its registered office at 16, avenue
de la Gare, L-1610 Luxembourg and registered with the Luxembourg Register of Commerce and Companies (R.C.S. Luxembourg) under number B 88.006 (“HIL”), Herbalife International, Inc., a
Nevada corporation (“HII” and, together with Parent, TL Borrower and HIL, the “Revolver Borrowers”; the Revolver Borrowers, together with the TL Borrower, are referred to herein as the “Borrowers”),
the several banks and other financial institutions or entities from time to time parties thereto as lenders, Jefferies Finance LLC (“Jefferies”), as administrative agent for the Term Loan B Lenders (together with its successors and
permitted assigns in such capacity, the “Term Loan B Agent”) and collateral agent (together with its successors and permitted assigns in such capacity, the “Collateral Agent”), and Coöperatieve Rabobank U.A.,
New York Branch (“Rabobank”), as administrative agent for the Term Loan A Lenders (together with its successors and permitted assigns in such capacity, the “Term Loan A Agent”; the Term Loan A Agent together with
the Term Loan B Agent, the “Term Loan Administrative Agents” and each, a “Term Loan Administrative Agent”), an Issuing Bank and as administrative agent for the Revolving Credit Lenders (together with its successors
and permitted assigns in such capacity, the “Revolver Administrative Agent” and, together with the Term Loan Administrative Agents, the “Administrative Agents”; the Term Loan Administrative Agents, the Collateral
Agent and the Revolver Administrative Agent are referred to herein collectively as the “Agents” and each, an “Agent”). 

  
 ANNEX II-2 

	6.	 Assigned Interest:   As indicated on Schedule I hereto. 

Effective Date: February 10, 2021 
 The
Assignee agrees to deliver to the Term Loan B Agent a completed administrative questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about each Borrower, the Loan Parties and their Affiliates or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s
compliance procedures and applicable laws, including Federal and state securities laws. 
 [Signature page follows] 

  
 ANNEX II-1 

 The terms set forth in this Master Assignment are hereby agreed to: 

 

			
	ASSIGNOR
	
	  

	[NAME OF ASSIGNOR]
	
	By: JEFFERIES FINANCE LLC, as the Term Loan B Agent pursuant to Section 2.21 of the Credit Agreement
		
	By:	 	  

		 	Name:
		 	Title:
	
	ASSIGNEE
	
	  

	JEFFERIES FINANCE LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Consented to and Accepted: 

JEFFERIES FINANCE LLC, 
     as Term Loan B
Agent 
  

			
	By:	 	  

		 	Name:
		 	Title:

  
 ANNEX II-1 

 Consented to: 

Term Loan Borrower 
 HLF FINANCING SaRL, LLC 

 

			
	By:	 	  

		 	Name:
		 	Title:

  
 ANNEX II-1 

 ANNEX 1 

ANNEX 1 TO MASTER ASSIGNMENT 

CREDIT AGREEMENT DATED AS OF AUGUST 16, 2018 (AS AMENDED BY THE FIRST AMENDMENT TO CREDIT AGREEMENT, DATED AS OF DECEMBER 12, 2019,
AS FURTHER AMENDED BY THE SECOND AMENDMENT TO CREDIT AGREEMENT, DATED AS OF MARCH 19, 2020, AS FURTHER AMENDED BY THE THIRD AMENDMENT TO CREDIT AGREEMENT, DATED AS OF FEBRUARY 10, 2021, AND AS FURTHER AMENDED, RESTATED, AMENDED AND
RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME) AMONG HLF FINANCING SaRL, LLC, HERBALIFE NUTRITION LTD., HERBALIFE INTERNATIONAL LUXEMBOURG S.À R.L., HERBALIFE INTERNATIONAL, INC., THE SEVERAL BANKS AND OTHER FINANCIAL
INSTITUTIONS OR ENTITIES FROM TIME TO TIME PARTIES THERETO AS LENDERS, JEFFERIES FINANCE LLC, AS ADMINISTRATIVE AGENT FOR THE TERM LOAN B LENDERS AND COLLATERAL AGENT, AND COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, AS ADMINISTRATIVE AGENT FOR
THE TERM LOAN A LENDERS, AN ISSUING BANK AND AS ADMINISTRATIVE AGENT FOR THE REVOLVING CREDIT LENDERS 
 STANDARD TERMS AND CONDITIONS FOR

 MASTER ASSIGNMENT 

ARTICLE I REPRESENTATIONS AND WARRANTIES. 

SECTION 1. Assignor. Each Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned
Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Master Assignment and to
consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit
Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrowers, any of the
other Loan Parties or their respective Subsidiaries and Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrowers, any of the other Loan Parties or their respective
Subsidiaries and Affiliates or any other Person of any of their respective obligations under any Loan Document or any other instrument or documents furnished pursuant hereto or thereto. 

SECTION 2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Master Assignment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit
Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to
the extent of the Assigned Interest, shall 

  
 ANNEX II-1 

 
have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the
person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements referred to in Section 3.1 or delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Master
Assignment and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, (vi) it is not a Disqualified Lender or an
Affiliate of a Disqualified Lender and (viii) attached to the Master Assignment hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee and
(b) agrees that (i) it will, independently and without reliance on any Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under the Loan Documents, (ii) that it appoints and authorizes the Agents to take such action on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to
the Agents by the terms thereof, together with such powers as are reasonably incidental thereto, and (iii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender. 
 ARTICLE II PAYMENTS. FROM AND AFTER THE EFFECTIVE DATE,
THE ADMINISTRATIVE AGENTS SHALL MAKE ALL PAYMENTS IN RESPECT OF THE ASSIGNED INTEREST (INCLUDING PAYMENTS OF PRINCIPAL, INTEREST, FEES AND OTHER AMOUNTS) TO THE ASSIGNOR FOR AMOUNTS WHICH HAVE ACCRUED TO BUT EXCLUDING THE EFFECTIVE DATE AND TO THE
ASSIGNEE FOR AMOUNTS WHICH HAVE ACCRUED FROM AND AFTER THE EFFECTIVE DATE. 
 ARTICLE III GENERAL PROVISIONS.
THIS MASTER ASSIGNMENT SHALL BE BINDING UPON, AND INURE TO THE BENEFIT OF, THE PARTIES HERETO AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS. THIS MASTER ASSIGNMENT MAY BE EXECUTED IN ANY NUMBER OF COUNTERPARTS, WHICH TOGETHER SHALL CONSTITUTE ONE
INSTRUMENT. DELIVERY OF AN EXECUTED COUNTERPART OF A SIGNATURE PAGE OF THIS MASTER ASSIGNMENT BY EMAIL OR TELECOPY OR OTHER ELECTRONIC METHOD SHALL BE EFFECTIVE AS DELIVERY OF A MANUALLY EXECUTED COUNTERPART OF THIS MASTER ASSIGNMENT. THIS MASTER
ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 [Remainder of page
intentionally left blank] 

  
 ANNEX II-2 

 SCHEDULE I Assigned Interest 

On File with the Term Loan B Agent 

  
 SCHEDULE Ipromisorynoterevised2020

PROMISSORY NOTE Principal Loan Date Maturity Loan No Call / Coll Account Officer Initials $4,000,000.00 12-17-2020 12-17-2021 18172001 LNS References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing "***" has been omitted due to text length limitations. Borrower: ADDVANTAGE TECHNOLOGIES GROUP INC (TIN: 73-1351610); ADDVANTAGE TRITON, LLC (TIN: 81-3651007); and NAVE COMMUNICATIONS COMPANY (TIN: 52-2182495) 1430 BRADLEY LANE STE 196 CARROLLTON, TX 75007 Lender: Vast Bank, N.A. dba Valley National Bank Elgin 110 N Elgin Ave Tulsa, OK 74120 Principal Amount: $4,000,000.00 Date of Note: December 17, 2020 PROMISE TO PAY. ADDVANTAGE TECHNOLOGIES GROUP INC; ADDVANTAGE TRITON, LLC; and NAVE COMMUNICATIONS COMPANY ("Borrower") jointly and severally promise to pay to Vast Bank, N.A. dba Valley National Bank ("Lender"), or order, in lawful money of the United States of America, the principal amount of Four Million & 00/100 Dollars ($4,000,000.00) or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance. Interest shall be calculated from the date of each advance until repayment of each advance. PAYMENT. Borrower will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on December 17, 2021. In addition, Borrower will pay regular quarterly payments of all accrued unpaid interest due as of each payment date, beginning January 17, 2021, with all subsequent interest payments to be due on the same day of each quarter after that. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any unpaid collection costs; and then to any late charges. Borrower will pay Lender at Lender's address shown above or at such other place as Lender may designate in writing. VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from time to time based on changes in an independent index which is the Wall Street Journal Prime Rate (the "Index"). The Index is not necessarily the lowest rate charged by Lender on its loans. Lender will tell Borrower the current Index rate upon Borrower's request. The interest rate change will not occur more often than each Day. Borrower understands that Lender may make loans based on other rates as well. The Index currently is 3.250% per annum. Interest on the unpaid principal balance of this Note will be calculated as described in the "INTEREST CALCULATION METHOD" paragraph using a rate equal to the Index, adjusted if necessary for any minimum and maximum rate limitations described below, resulting in an initial rate of 4.000% per annum based on a year of 360 days. If Lender determines, in its sole discretion, that the Index has become unavailable or unreliable, either temporarily, indefinitely, or permanently, during the term of this Note, Lender may amend this Note by designating a substantially similar substitute index. Lender may also amend and add a positive or negative margin (percentage added to or subtracted from the substitute index value) as part of the rate determination. In making these amendments, Lender may take into consideration any then-prevailing market convention for selecting a substitute index and margin for the specific Index that is unavailable or unreliable. Such an amendment to the terms of this Note will become effective and bind Borrower 10 business days after Lender gives written notice to Borrower without any action or consent of the Borrower. NOTICE: Under no circumstances will the interest rate on this Note be less than 4.000% per annum or more than the maximum rate allowed by applicable law. INTEREST CALCULATION METHOD. Interest on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding (but not including February 29 in leap years). All interest payable under this Note is computed using this method. PREPAYMENT. Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law. Except for the foregoing, Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower's obligation to continue to make payments of accrued unpaid interest. Rather, early payments will reduce the principal balance due. Borrower agrees not to send Lender payments marked "paid in full", "without recourse", or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender's rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes "payment in full" of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: Vast Bank, N.A. dba Valley National Bank, 13112 S. Memorial Drive Bixby, OK 74008. LATE CHARGE. If a payment is 15 days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled payment or $50.00, whichever is greater. INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity, the interest rate on this Note shall be increased by adding an additional 5.000 percentage point margin ("Default Rate Margin"). The Default Rate Margin shall also apply to each succeeding interest rate change that would have applied had there been no default. However, in no event will the interest rate exceed the maximum interest rate limitations under applicable law. DEFAULT. Each of the following shall constitute an event of default ("Event of Default") under this Note: Payment Default. Borrower fails to make any payment when due under this Note. Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's property or Borrower's ability to repay this Note or perform Borrower's obligations under this Note or any of the related documents. False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. Insolvency. The dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower. Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note. Change In Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower. Adverse Change. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of this Note is impaired. Insecurity. Lender in good faith believes itself insecure. Cure Provisions. If any default, other than a default in payment, is curable and if Borrower has not been given a notice of a breach of the same provision of this Note within the preceding twelve (12) months, it may be cured if Borrower, after Lender sends written notice to Borrower demanding cure of such default: (1) cures the default within ten (10) days; or (2) if the cure requires more than ten (10) days, immediately initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount. DocuSign Envelope ID: 1147B95E-ACF0-499D-950C-BF448435D37F 

 

PROMISSORY NOTE (Continued)Loan No: 18172001 Page 2 ATTORNEYS' FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender that amount. This includes, subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is a lawsuit, including without limitation all attorneys' fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by law. JURY WAIVER. Lender and Borrower hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Lender or Borrower against the other. GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Oklahoma without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of Oklahoma. CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of TULSA County, State of Oklahoma. RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts. COLLATERAL. Borrower acknowledges this Note is secured by a Commercial Security Agreement from Borrowers/Grantors to Lender. LINE OF CREDIT. This Note evidences a revolving line of credit. Advances under this Note may be requested either orally or in writing by Borrower or as provided in this paragraph. Lender may, but need not, require that all oral requests be confirmed in writing. All communications, instructions, or directions by telephone or otherwise to Lender are to be directed to Lender's office shown above. The following person or persons are authorized, except as provided in this paragraph, to request advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender's address shown above, written notice of revocation of such authority: JOSEPH E HART, President of ADDVANTAGE TECHNOLOGIES GROUP INC; JARROD M WATSON, Chief Financial Officer of ADDVANTAGE TECHNOLOGIES GROUP INC; JOSEPH E HART, President of ADDVANTAGE TECHNOLOGIES GROUP INC, Manager of ADDVANTAGE TRITON LLC; JARROD M WATSON, Chief Financial Officer of ADDVANTAGE TECHNOLOGIES GROUP INC, Manager of ADDVANTAGE TRITON LLC; JOSEPH E HART, President of NAVE COMMUNICATIONS COMPANY; JARROD M WATSON, Chief Financial Officer of NAVE COMMUNICATIONS COMPANY. along with a monthly Borrowing Base and Loan Officer's approval. Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrower's accounts with Lender. The unpaid principal balance owing on this Note at any time may be evidenced by endorsements on this Note or by Lender's internal records, including daily computer print-outs. Lender will have no obligation to advance funds under this Note if: (A) Borrower or any guarantor is in default under the terms of this Note or any agreement that Borrower or any guarantor has with Lender, including any agreement made in connection with the signing of this Note; (B) Borrower or any guarantor ceases doing business or is insolvent; (C) any guarantor seeks, claims or otherwise attempts to limit, modify or revoke such guarantor's guarantee of this Note or any other loan with Lender; (D) Borrower has applied funds provided pursuant to this Note for purposes other than those authorized by Lender; or (E) Lender in good faith believes itself insecure. COMMERCIAL LOAN LATE CHARGE. If a payment is 15 days or more late, I will be charged $50.00 or 5% of the past due amount. However, Lender may charge the maximum delinquency charge authorized by law as it may be increased during the term of this loan.. NON-USE FEE. Quarterly non-use fee of 25 basis points. PRIOR NOTE. Renewal of Loan #18172001. SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower's heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and its successors and assigns. GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Each Borrower understands and agrees that, with or without notice to Borrower, Lender may with respect to any other Borrower (a) make one or more additional secured or unsecured loans or otherwise extend additional credit; (b) alter, compromise, renew, extend, accelerate, or otherwise change one or more times the time for payment or other terms of any indebtedness, including increases and decreases of the rate of interest on the indebtedness; (c) exchange, enforce, waive, subordinate, fail or decide not to perfect, and release any security, with or without the substitution of new collateral; (d) apply such security and direct the order or manner of sale thereof, including without limitation, any non-judicial sale permitted by the terms of the controlling security agreements, as Lender in its discretion may determine; (e) release, substitute, agree not to sue, or deal with any one or more of Borrower's sureties, endorsers, or other guarantors on any terms or in any manner Lender may choose; and (f) determine how, when and what application of payments and credits shall be made on any other indebtedness owing by such other Borrower. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender's security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint and several. PRIOR TO SIGNING THIS NOTE, EACH BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. EACH BORROWER AGREES TO THE TERMS OF THE NOTE. BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. BORROWER: ADDVANTAGE TECHNOLOGIES GROUP INC By: JOSEPH E HART, President of ADDVANTAGE TECHNOLOGIES GROUP INC ADDVANTAGE TRITON, LLC ADDVANTAGE TECHNOLOGIES GROUP INC, Manager of ADDVANTAGE TRITON, LLC By: JOSEPH E HART, President of ADDVANTAGE TECHNOLOGIES GROUP INC NAVE COMMUNICATIONS COMPANY By: JOSEPH E HART, President of NAVE COMMUNICATIONS COMPANY DocuSign Envelope ID: 1147B95E-ACF0-499D-950C-BF448435D37F

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