Document:

Exhibit 10.51  

INDEMNIFICATION AGREEMENT  

        THIS INDEMNIFICATION AGREEMENT, dated as of December 13, 2004 (this "Agreement"), is made and entered into
by and among HERBALIFE LTD., a Cayman Islands exempted limited liability company (the "Company"), HERBALIFE INTERNATIONAL, INC., a Nevada
corporation (together with the Company, the "Indemnitors"), WHITNEY V, L.P., a Delaware limited partnership, WHITNEY STRATEGIC PARTNERS V, L.P., a
Delaware limited partnership (together, "Whitney"), and CCG INVESTMENTS (BVI), L.P., a British Virgin Islands limited partnership, CCG
ASSOCIATES-QP, LLC, a Delaware limited liability company, CCG ASSOCIATES-AI, LLC, a Delaware limited liability company, CCG INVESTMENT FUND-AI, L.P., a Delaware
limited partnership, CCG AV, LLC-SERIES C, a Delaware limited liability company, CCG AV, LLC-SERIES E, a Delaware limited liability company, CCG CI, LLC, a Delaware limited
liability company, and GGC Administration, LLC, a Delaware limited liability company (collectively, "Golden Gate Fund"). Whitney and Golden Gate Fund
are sometimes referred to herein collectively as the "Purchasers" and individually as a "Purchaser." 

RECITALS  

        WHEREAS, concurrently herewith, certain of the parties hereto are entering into a Termination Agreement (the "Termination
Agreement") to effectuate the termination of that certain Share Purchase Agreement by and among certain of the parties hereto, dated as of July 31, 2002 (the
"Share Purchase Agreement"). Capitalized terms used herein but not otherwise defined herein shall have the respective meanings ascribed thereto in the
Share Purchase Agreement. 

        WHEREAS,
prior to the execution of the Termination Agreement, the Company was permitted under the Credit Agreement to make certain Tax Amounts Payments to the Purchasers pursuant to and
subject to the terms and conditions of the Share Purchase Agreement. 

        WHEREAS,
the Company and certain of its subsidiaries are terminating the Credit Agreement and entering into a new credit agreement (the "New Credit
Agreement"), pursuant to which the Indemnitors will be permitted to make certain tax indemnity payments to the Purchasers in respect of Section 951 of the Internal
Revenue Code of 1986, as amended (the "Tax Code"), in an amount not to exceed $15 million in the aggregate per annum. 

        WHEREAS,
as a condition to consummating the transactions contemplated by the Termination Agreement, and as an inducement to do so, the parties hereto are entering into this Agreement to
provide for the terms and conditions pursuant to which the Indemnitors will provide the tax indemnity to the Purchasers permitted by the New Credit Agreement. 

        NOW,
THEREFORE, in consideration of the foregoing and the mutual premises and agreements contained herein, the parties hereto, intending to be legally bound hereby, agree as follows: 

        1.     Indemnification.

        1.1   Indemnification Obligation. Subject to the limitations set forth in Section 1.2, the Indemnitors shall, jointly
and severally, indemnify and hold harmless the Purchasers in respect of any and all federal income taxes, interest, penalties, claims, actions, causes of action, arbitrations, proceedings, losses,
damages, liabilities and expenses (including, without limitation, settlement costs, reasonable attorneys' fees and any other expenses of investigating or defending any actions or threatened actions)
(collectively "Losses") incurred by any Purchaser in connection with income of the Company that is (or would be) includible in the gross income of that
Purchaser (assuming, for this purpose, that each Purchaser is a "United States shareholder" as defined in Section 951(b) 

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of
the Tax Code) for a relevant taxable period under Section 951(a) of the Tax Code ("Section 951 Income"); provided, however, that this
indemnification obligation shall not extend to any Losses that are reimbursed to the Purchasers pursuant to the Share Purchase Agreement. The calculation of Section 951 Income by the
Indemnitors shall be determined as the amount of Section 951 Income allocated to each Purchaser multiplied by 35% or, if different, the then highest individual Federal Income tax rate. 

        1.2   INDEMNIFICATION LIMITATION. Notwithstanding any provision contained herein to the contrary, the aggregate amount of all
payments to be made by the Indemnitors in satisfaction of claims for indemnification pursuant to this Agreement shall not exceed $15 million in any calendar year (the
"Annual Limit"). Any claims for indemnification due and payable pursuant to Section 1.1 of this Agreement in excess of the Annual Limit shall be
accrued as a general unsecured obligation of the Indemnitors and shall be due and payable on January 1 of the next following calendar year to the extent that such payment will not exceed the
Annual Limit for the calendar year in which the payment is
made. If the payment would exceed the Annual Limit for the calendar year in which the payment is to be made, then the Indemnitors shall pay the maximum amount of such claims for indemnification up to
the Annual Limit for the calendar year in which the claims are paid pro-rated among the Purchasers according to their respective ownership of the Company's common shares, and any remaining
amounts shall be accrued as a general unsecured obligation of the Indemnitors until paid in accordance with the provisions of this Section 1.2. 

        1.3   Claims. The Company shall, on an annual basis, within a reasonable period after filing the Company's
Form 10-K, provide each Purchaser with information regarding such Purchaser's share of the Company's estimated Section 951 Income for the prior year, together with a payment
as calculated in Section 1.1 above. The Company shall, within a reasonable period after filing the Company's U.S. Federal Income Tax returns for any given year, perform a final calculation
based on actual numbers and provide the Purchaser with a reconciliation of the allocable Section 951 Income for the taxable year, together with any additional payment that may be required
pursuant to any changes between the estimated amount and the final actual amount. Should the reconciliation of allocable Section 951 Income for the taxable year result in a payment that is less
than the originally estimated amount, each Purchaser shall remit such amount back to the Indemnitors. In addition, the Purchaser shall be entitled to claim payment for other Losses with respect to
Section 951 Income by providing a reasonable description of such Losses, subject to approval of the Company. Should a subsequent audit of the Company change the amount of Section 951
Income reported by the Company, a new calculation will be performed, pursuant to Section 1.1 above, and if warranted, an additional payment will be made. Should such audit result in a reduction
of Section 951 Income reported, a new calculation will be performed, pursuant to Section 1.1 above, and if warranted, Purchasers shall remit such difference to Company. 

        2.     Miscellaneous Provisions.

        2.1   Construction. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of
California, without giving effect to the conflicts of laws provisions thereof. 

        2.2   Notices. All notices, requests, demands and other communications called for or contemplated hereunder shall be in writing
and shall be deemed to have been duly given when delivered to the party to whom addressed or when sent by telecopy, telegram, telex or wire (if promptly confirmed by registered or certified mail,
return receipt requested, prepaid and 

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addressed)
to the parties, their successors in interest, or their assignees at the following addresses, or at such other addresses as the parties may designate by written notice in the manner
aforesaid: 

	

 	

 
	If to Whitney:	c/o Whitney & Co., LLC

177 Broad Street

Stamford, Connecticut 06901
	

 	

 
	 	Attention: Mr. James Fordyce
	

 	

 
	If to Golden Gate Fund:	c/o GGC Administration LLC

One Embarcadero Center Suite 3300

San Francisco, CA 94111
	

 	

 
	 	Attention: Mr. Jesse Rogers
	

 	

 
	If to the Indemnitors:	c/o Herbalife International, Inc.

1800 Century Park East

Los Angeles, California 90067
	

 	

 
	 	Attention: Brett R. Chapman, Esq.
	

 	

 
	With copies to:	Gibson, Dunn & Crutcher LLP

2029 Century Park East

Suite 4000

Los Angeles, CA 90067
	

 	

 
	 	Attention: Jonathan K. Layne, Esq.

        2.3   Assignment. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof
nor any of the documents executed in connection herewith may be assigned by any party without the consent of the other parties. 

        2.4   Amendments and Waivers. This Agreement may be modified only by a written instrument duly executed by each party. No
waiver of any right hereunder shall operate as a waiver of any other right or of the same or a similar right on another occasion. 

        2.5   Entire Agreement. This Agreement contains the entire understanding of the parties, supersedes all prior agreements and
understandings relating to the subject matter hereof. 

        2.6   Severability. Any provision of this Agreement which is invalid, illegal or unenforceable in any jurisdiction shall, as to
that jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions hereof in such jurisdiction or rendering that
or any other provision of this Agreement invalid, illegal or unenforceable in any other jurisdiction. 

        2.7   Counterparts. This Agreement may be executed by the parties in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

        2.8   Section Headings. The headings of each Section, subsection or other subdivision of this Agreement are for reference only
and shall not limit or control the meaning thereof. 

[The Remainder of this Page Intentionally Left Blank] 

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HERBALIFE LTD.
	

 	
 	

 	
 	

 	

 
	 	 	By:	 	/s/  BRETT R. CHAPMAN       

	 	 	 	 	Name: Brett R. Chapman
	 	 	 	 	Title: General Counsel
	

 	
 	
HERBALIFE INTERNATIONAL, INC.
	

 	
 	

 	
 	

 	

 
	 	 	By:	 	/s/  BRETT R. CHAPMAN       

	 	 	 	 	Name: Brett R. Chapman
	 	 	 	 	Title: General Counsel
	

 	
 	
WHITNEY V, L.P.
	

 	
 	

 	
 	

 	

 
	 	 	By:	 	Whitney Equity Partners V, LLC,

Its General Partner
	

 	
 	

 	
 	

 	

 
	 	 	By:	 	/s/  DANIEL J. O'BRIEN       

	 	 	 	 	Name: Daniel J. O'Brien
	 	 	 	 	A Managing Member
	

 	
 	
WHITNEY STRATEGIC PARTNERS V, L.P.
	

 	
 	

 	
 	

 	

 
	 	 	By:	 	Whitney Equity Partners V, LLC,

Its General Partner
	

 	
 	

 	
 	

 	

 
	 	 	By:	 	/s/  DANIEL J. O'BRIEN       

	 	 	 	 	Name: Daniel J. O'Brien
	 	 	 	 	A Managing Member

        [Signature Page to Indemnification Agreement] 

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CCG INVESTMENTS (BVI), L.P.

CCG ASSOCIATES—QP, LLC

CCG ASSOCIATES—AI, LLC

CCG INVESTMENT FUND—AI, LP

CCG AV, LLC—SERIES C

CCG AV, LLC—SERIES E

CCG CI, LLC
	

 	
 	

 	

 
	 	 	By:	Golden Gate Capital Management, L.L.C.
	 	 	Its:	Authorized Representative
	

 	
 	

 	

 
	 	 	By:	/s/  KEN DIEKROEGER       

	

 	
 	

 	

 
	 	 	Name:	Ken Diekroeger

	 	 	Its:	Managing Member
	

 	
 	

 	

 

[Signature Page to Indemnification Agreement] 

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GGC ADMINISTRATION, LLC
	

 	
 	

 	

 
	 	 	By:	Ken Diekroeger
	 	 	Its:	Managing Director
	

 	
 	

 	

 

[Signature Page to Indemnification Agreement] 

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Exhibit 10.15    
    

         

  

 
  Performance Share Plan
  2004 through 2006 Performance Term    
    

Eligibility and Participation  

        Eligibility for the Performance Share Plan ("PSP") is intended to be restricted to Participants whose actions most directly affect the long-term
success of the Company. Participation will be determined based on nomination by the Chief Executive Officer and approval by the Personnel and Compensation Committee. Participation levels are as
follows: 

	Participants
 
	 	Initial Award Basis

as Percent of Salary
	 
	President & CEO	 	125	%
	Corporate Executive Officers	 	100	%
	Senior Corporate and Segment Executives	 	75	%

Plan Concept  

        The Performance Share Plan ("PSP") is a long-term incentive compensation plan designed to reward executives ("Participants") for the achievement of a
pre-determined goal measured over a three-year period ("Performance Period"). The goal for the 2004-2006 Performance Period is the average percentage increase in
Total Business Return ("TBR") as defined below. 

        TBR
is equal to the increase in value of the business over a period of time plus the cash flow generated by its operations after payment of capital expenditures ("Cash Flow"). This
measurement approach is similar in concept to an investor's two-part return from capital gains and dividends referred to as the total shareholder return on a stock investment. 

        The
business value at the beginning of the Performance Period is calculated based upon Operating Profit After Tax ("OPAT") multiplied by ten ("Value"). This simple valuation approach is
based upon a discounted cash flow perpetuity calculation using a ten percent discount rate. As shown in the example below, if a business produces an OPAT of $10 million it has a Value of
$100 million. This valuation methodology is also applied to the OPAT at the end of each year of the Performance Period. The difference between the base year Value and Value calculated for each
year of the Performance Period is the proxy for the change in shareholder value ("Value Change"). The Cash Flow is added to the Value Change to derive the TBR. The TBR percentage is calculated by
dividing the TBR by the initial base year Value. The performance metric is the three-year average TBR percentage over the Performance Period. 

Calculation of Targeted Performance Share Award  

        The awards will be 50% in cash and 50% in stock. The total award will be equal to the value of the pre-determined award for each Participant adjusted
for the TBR percentages achieved. The number of shares of the Participant's stock award will be determined by using the average price of the shares 30 trading days prior to the beginning of the
Performance Period. At Company performance of less than 75% of target TBR, no award will be paid. The maximum payout will be 125% of target TBR. 

 

Example:  

	 
	 	Base Year
	 	Year 1
	 	Year 2
	 	Year 3
	 
	 
	 	(millions)
 
	 
	OPAT	 	$	10.0	 	$	12.0	 	$	13.0	 	$	15.0	 
	Value (OPATx10)	 	$	100.0	 	$	120.0	 	$	130.0	 	$	150.0	 
	Value Change to Base Value (VC)	 	 	 	 	$	20.0	 	$	30.0	 	$	50.0	 
	

Cash Flow (CF)	
 	
 	

 	
 	
$	

5.0	
 	
$	

10.0	
 	
$	

15.0	
 
	

TBR: (VC + CF)	
 	
 	

 	
 	
$	

25.0	
 	
$	

40.0	
 	
$	

65.0	
 
	TBR/Base Year Value	 	 	 	 	 	25	%	 	40	%	 	65	%
	Average TBR %	 	 	 	 	 	43%	 

	

Base Salary	
 	
$	

100,000	
 	

 	
 
	Participation Rate (senior corporate executive)	 	 	75	%	 	 
	Initial Award Basis	 	$	75,000	 	 	 
	TBR Percentage	 	 	43	%	 	 
	Corporate Weight (senior corporate executive)	 	 	100	%	 	 
	Total Individual Target Award (awarded in cash and stock)	 	$	32,250	 	($75,000x43%x100%	)

        The
weights assigned to the TBR for corporate and segment executives are as follows: 

	Executive officers (including President/CEO) and senior corporate executives	 	100% Corporate TBR
	Segment executives	 	75% Segment TBR and 25% Corporate TBR

Performance Period  

        Company performance will be measured over three fiscal years, with a new Performance Period beginning every fourth year. 

Performance Measurement  

        At the beginning of each Performance Period the Participants and the financial targets will be submitted for approval by the Committee. At the end of the
Performance Period awards will be made as soon as practicable following the approval of the award amounts by the Committee. 

Deferral of Award  

        Participants may have the right to defer up to 100 percent of their cash and/or stock payout under the Performance Share Plan pursuant to the Deferred
Compensation Plans in effect at the time. 

Termination of Employment  

        If a Participant terminates employment for any reason during the Performance Period, or after the Performance Period but prior to the payment of the award, then
the award will be forfeited, unless deemed otherwise by the Committee. 

Discretion of the Committee  

        The Committee may, in its discretion, amend or change the Plan or the goals, objectives, measurements or targets for the Plan at any time. 

2

QuickLinks

Exhibit 10.15

Performance Share Plan 2004 through 2006 Performance Term

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