Document:

Amendment No. 1 and Consent to Loan and Security Agreement

 Exhibit 10.2 
 [Execution] 
 AMENDMENT NO. 1 AND CONSENT TO LOAN AND SECURITY AGREEMENT 
 AMENDMENT NO. 1 AND CONSENT TO LOAN AND SECURITY AGREEMENT, dated as of June 12, 2006, by and among Wachovia Bank, National Association, a national
banking association, in its capacity as agent acting for and on behalf of the parties to the Loan Agreement (as hereinafter defined) as lenders (in such capacity, “Agent”), the parties to the Loan Agreement as lenders (each individually a
“Lender” and collectively, “Lenders”), Vitamin Shoppe Industries Inc., a New York corporation (“Vitamin Shoppe”), VS Direct Inc., a Delaware corporation (“VS Direct”, and together with Vitamin Shoppe, each
individually a “Borrower” and collectively, “Borrowers”), VS Holdings, Inc., a Delaware corporation (“Holdings”), and VS Parent, Inc., a Delaware corporation (“Parent”, as hereinafter further defined, and
together with Holdings, each individually a “Guarantor” and collectively, “Guarantors”). 
 W I T
N E S S E T H: 
 WHEREAS, Agent, Lenders, Borrowers and Holdings have entered into
financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders) have made and may make loans and advances and provide other financial accommodations to Borrowers as set forth in the Loan and Security Agreement, dated
November 15, 2005, by and among Agent, Lenders, Borrowers and Holdings and as amended hereby (as the same now exists, as amended hereby and as may hereafter be further amended, modified, supplemented, extended, renewed, restated or replaced,
the “Loan Agreement”; 
 WHEREAS, Borrowers have requested that Agent and Lenders (a) consent to the transactions contemplated
by the June 2006 Reorganization Documents (as hereinafter defined), (b) amend the Loan Agreement to (i) add Parent as an additional Guarantor under the Loan Agreement and the other Financing Agreements, and (ii) add the grant by
Parent to Agent, for itself and the benefit of Secured Parties, of a security interest in and lien upon the assets and properties of Parent, and (c) make certain other amendments to the Loan Agreement and the other Financing Agreements; and

 WHEREAS, the parties hereto desire to enter into this Amendment No. 1 to evidence and effectuate such amendments, subject to the
terms and conditions and to the extent set forth herein; 
 NOW, THEREFORE, in consideration of the foregoing, the mutual agreements and
covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. 
 (a) Additional Definitions. As used herein, the following
terms shall have the meanings given to them below, and the Loan Agreement and the other Financing Agreements are hereby amended to include, in addition and not in limitation, the following definitions: 
 (i) “Amendment No. 1” shall mean Amendment No. 1 and Consent to Loan and Security Agreement, dated as of
June 12, 2006, by and among Agent, Lenders, Borrowers and Guarantors, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced. 

 (ii) “Holdings” shall mean VS Holdings, Inc., a Delaware corporation,
survivor of the merger of VS Mergersub with and into VS Holdings, Inc., a Delaware corporation, together with its successors and assigns. 
 (iii) “June 2006 Reorganization Documents” shall mean, collectively, the following (as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced):
(a) the Certificate of Incorporation of Parent filed with the Secretary of State of the State of Delaware on or about June 12, 2006, (b) the Certificate of Incorporation of VS Mergersub filed with the Secretary of State of the State
of Delaware on or about June 12, 2006, (c) the By-Laws of Parent, (d) the Amended and Restated By-Laws of Holdings, effective as of June 12, 2006, (e) the By-Laws of VS Mergersub, (f) the Third Amended and Restated
Bylaws of Vitamin Shoppe, (g) the Amended and Restated By-Laws of VS Direct, (h) the Agreement and Plan of Merger, dated as of June 12, 2006, between VS Mergersub and Holdings; (i) the Certificate of Merger, dated as of
June 12, 2006, between VS Mergersub and Holdings filed with the Secretary of State of the State of Delaware on or about June 12, 2006, (j) the agreements, documents and instruments listed on Schedule 1 to Amendment No. 1,
and (k) all other agreements, documents and instruments at any time executed and/or delivered by any Borrower or Guarantor in connection with or related to any of the foregoing. 
 (iv) “VS Mergersub” shall mean VS Mergersub, Inc., a Delaware corporation, and its successors and assigns. 
 (b) Amendments to Definitions. 
 (i) Advisory Services Agreement. The definition of “Advisory Services Agreement” set forth in Section 1.5 of the Loan Agreement is hereby amended by deleting such definition in its entirety and
replacing it with the following: 
 “1.5 ‘Advisory Services Agreement’ shall mean the Advisory Services
Agreement, dated as of November 27, 2002, between Bear Stearns Merchant Manager II, LLC, Holdings and Vitamin Shoppe, as amended by Amendment No. 1 to Advisory Services Agreement, dated on or about June 12, 2006, among Bear Stearns
Merchant Manager II, LLC, Parent, Holdings and Vitamin Shoppe, as the same may be further amended, modified, or supplemented from time to time.” 
 (ii) Bank Product Providers. The definition of “Bank Product Providers” set forth in Section 1.14 of the Loan Agreement is hereby amended by deleting such definition in its entirety and replacing
it with the following: 
 “1.14 ‘Bank Product Providers’ shall mean Agent, the parties hereto from time
to time as Lenders, Wachovia (whether or not Wachovia is Agent or a 

  

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Lender) and any of their respective Affiliates that may, from time to time, provide any Bank Products to any Borrower or any Subsidiary of any
Borrower.” 
 (iii) Change of Control. The definition of “Change of Control” set forth in
Section 1.30 of the Loan Agreement is hereby amended by deleting clause (g) from such definition in its entirety and replacing it with the following: 
 “(g) Parent fails to own directly one hundred percent of the Voting Stock of Holdings or Holdings fails to own directly one hundred
percent of the Voting Stock of Vitamin Shoppe”. 
 (iv) Collateral. All references to the term
“Collateral” in the Loan Agreement or any of the other Financing Agreements shall be deemed and each such reference is hereby amended to include, in addition and not in limitation, the Collateral of Parent at any time subject to the
security interest or lien of Agent pursuant to the Financing Agreements, including the Collateral described in Section 12 of this Amendment No. 1. 
 (v) Existing Lenders. The definition of “Existing Lenders” set forth in Section 1.66 of the Loan Agreement is hereby
amended by deleting each reference to “Parent” and replacing it with “Holdings”. 
 (vi)
Guarantors. The definition of “Guarantors” set forth in Section 1.77 of the Loan Agreement is hereby amended by deleting the reference to “Parent” and replacing it with “Parent, Holdings” and all references
to the term “Guarantor” or “Guarantors” in the Loan Agreement and all of the other Financing Agreements shall be deemed and each such reference is hereby amended to include, in addition and not in limitation, Parent. 

(vii) Parent. The definition of “Parent” set forth in Section 1.112 of the Loan Agreement is hereby amended by
deleting such definition in its entirety and replacing it with the following: 
 “1.112 ‘Parent’ shall
mean VS Parent, Inc., a Delaware corporation, and its successors and assigns.” 
 (viii) Senior Secured Note
Indenture. The definition of “Senior Secured Note Indenture” set forth in Section 1.135 of the Loan Agreement is hereby amended by deleting the reference to “Parent” and replacing it with “Holdings”.

 (c) Interpretation. For purposes of this Amendment No. 1, unless otherwise defined herein, all capitalized
terms used herein which are defined in the Loan Agreement shall have the meanings given to such terms in the Loan Agreement. 
 2. Consent
to Reorganization. Notwithstanding anything to the contrary set forth in the Loan Agreement and the other Financing Agreements and subject to the terms and conditions set forth herein, Agent and Lenders hereby consent to: 
 (a) the formation of Parent by Holdings in accordance with the applicable June 2006 Reorganization Documents; 
  

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 (b) the formation of VS Mergersub by Parent in accordance with the applicable
June 2006 Reorganization Documents; 
 (c) the merger of VS Mergersub with and into Holdings, with Holdings as the
surviving corporation (the “Holdings Merger”), in accordance with the applicable June 2006 Reorganization Documents; and 
 (d) the exchange by each shareholder of Holdings of all of such shareholder’s shares of Capital Stock of Holdings for proportionate shares of Capital Stock of Parent. 
 3. Grant of Security Interest. The third to last sentence of Section 5.1 of the Loan Agreement is hereby amended by adding the following
clause (iv) at the end of such sentence: 
 “and, (iv) the promissory note, dated November 27, 2002, by
Thomas A. Tolworthy to Holdings (as assigned by indorsement to Parent) evidencing the Indebtedness of Thomas A. Tolworthy to Parent described in Section 9.10(l) hereof.” 
 4. Financial Statements and Other Information. Section 9.6(a) of the Loan Agreement is hereby amended by deleting each reference to
“Parent” and replacing it with “Holdings”. 
 5. Sale of Assets, Consolidation, Merger, Dissolution, Etc.
Section 9.7(a) of the Loan Agreement is hereby amended by inserting the following immediately prior to the period at the end of such Section: 
 “; and (iv) a Guarantor may merge into or with or consolidate with or dissolve or liquidate into another Guarantor so long as (A) a Guarantor is the surviving entity with respect thereto, such Guarantor
continues to be an organization of the type, domiciled in the state and bearing the same corporate name as existed prior to such merger or consolidation, and such Guarantor has otherwise complied with Section 9.1(b) of this Agreement (if
applicable) and all other terms of this Agreement, (B) no Default or Event of Default then exists or would occur as a result thereof, (C) no liens, other than those permitted under the terms of this Agreement with regard to such Guarantor,
on the assets of such Guarantor then exist, and (D) such Guarantor would not, as a result of such transaction and upon consummation thereof, be liable for any Indebtedness or other obligations of such other Guarantor, other than Indebtedness or
other obligations which are permitted under the terms of this Agreement with regard to such Guarantor.” 
 6. Indebtedness.
Section 9.9(q) of the Loan Agreement is hereby amended by deleting the reference to “Parent” and replacing it with “Holdings or Parent”. 
 7. Loans, Investments, Etc. Section 9.10(l) of the Loan Agreement is hereby amended by deleting such Section in its entirety and replacing it with the following: 
 “(l) the loan by Parent (as assigned from Holdings) to Thomas A. Tolworthy in the original principal amount of $1,500,000, plus
accrued interest,” 
  

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 8. Dividends and Redemptions. 
 (a) Section 9.11(d) of the Loan Agreement is hereby amended by deleting each reference to “Parent” and replacing it with
“Holdings or Parent”. 
 (b) Section 9.11(e) of the Loan Agreement is hereby amended by deleting each reference
to “Parent” and replacing it with “Holdings or Parent”. 
 (c) Section 9.11(f) of the Loan Agreement
is hereby amended by deleting each reference to “Parent” and replacing it with “Holdings or Parent”. 
 9.
Transactions with Affiliates. Section 9.12(b) of the Loan Agreement is hereby amended by deleting each reference to “Parent” and replacing it with “Holdings or Parent”. 
 10. Fixed Charge Coverage Ratio. Section 9.17 of the Loan Agreement is hereby amended by deleting the reference to “Parent” and
replacing it with “Holdings”. 
 11. Assumption of Obligations; Amendments to Guarantees and Financing Agreements.

 (a) Parent hereby expressly (i) agrees to perform, comply with and be bound by all terms, conditions and covenants of
the Loan Agreement and the other Financing Agreements applicable to Guarantors and as applied to Parent, with the same force and effect as if Parent had originally executed and been an original Guarantor signatory to the Loan Agreement and the other
Financing Agreements, (ii) is deemed to make and is in all respects bound by all representations and warranties made by Guarantors to Agent and Lenders set forth in the Loan Agreement or in any of the other Financing Agreements,
(iii) agrees that Agent, for itself and the benefit of Lenders, shall have all rights, remedies and interests, including security interests in and liens upon the Collateral granted to Agent pursuant to Section 12 hereof, under and pursuant
to the Loan Agreement and the other Financing Agreements, with respect to Parent and its properties and assets with the same force and effect as Agent, for itself and the benefit of Lenders, has with respect to Guarantors and their respective assets
and properties, as if Parent had originally executed and had been an original Guarantor signatory, as the case may be, to the Loan Agreement and the other Financing Agreements, and (iv) assumes and agrees to be directly liable to Agent and
Lenders for all Obligations under, contained in, or arising pursuant to the Loan Agreement or any of the other Financing Agreements to the same extent as if Parent had originally executed and had been an original Guarantor signatory, as the case may
be, to the Loan Agreement and the other Financing Agreements. 
 (b) Each Borrower, in its capacity as a Guarantor of the
payment and performance of the Obligations of the other Borrower, and Holdings hereby agrees that the Guarantees, each dated November 15, 2005, by Borrowers and Holdings in favor of Agent and Lenders (the “Existing Guarantees”) are
hereby amended to include Parent as an additional guarantor party signatory thereto, and Parent hereby agrees that the Existing Guarantees are hereby amended to include Parent as an additional guarantor party signatory thereto. Parent hereby
expressly (i) assumes and agrees to be directly liable to Agent and Lenders, jointly and severally with 

  

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Holdings and Borrowers, for payment and performance of all Obligations (as defined in each Existing Guarantee), (ii) agrees to perform, comply with and
be bound by all terms, conditions and covenants of the Existing Guarantees with the same force and effect as if Parent had originally executed and been an original party signatory to the Existing Guarantees as a Guarantor, and (iii) agrees that
Agent and Lenders shall have all rights, remedies and interests with respect to Parent and its property under the Existing Guarantees with the same force and effect as if Parent had originally executed and been an original party signatory as a
Guarantor to the Existing Guarantees. 
 12. Grant of Security Interest by Parent. To secure payment and performance of all
Obligations, Parent hereby grants to Agent, for itself and the benefit of the Secured Parties, a continuing security interest in, a lien upon, and a right of set off against, as security, all of the following personal property and fixtures, and
interests in personal property and fixtures, of Parent, whether now owned or hereafter acquired or existing, and wherever located, including: 
 (a) all Accounts; 
 (b) all general intangibles, including, all Intellectual Property and all
rights to registration of any domain name; 
 (c) all goods, including, Inventory and Equipment; 
 (d) all chattel paper, including, all tangible and electronic chattel paper; 
 (e) all instruments, including, all promissory notes; 
 (f) all documents; 
 (g) all deposit accounts; 
 (h) all letters of credit, banker’s acceptances and similar instruments and
including all letter-of-credit rights; 
 (i) all supporting obligations and all present and future liens, security interests,
rights, remedies, title and interest in, to and in respect of Receivables and other Collateral, including (i) rights and remedies under or relating to guaranties, contracts of suretyship, letters of credit and credit and other insurance related
to the Collateral, (ii) rights of stoppage in transit, replevin, repossession, reclamation and other rights and remedies of an unpaid vendor, lienor or secured party, (iii) goods described in invoices, documents, contracts or instruments
with respect to, or otherwise representing or evidencing, Receivables or other Collateral, including returned, repossessed and reclaimed goods, and (iv) deposits by and property of account debtors or other Persons securing the obligations of
account debtors; 
 (j) all (i) investment property (including securities, whether certificated or uncertificated,
securities accounts, security entitlements, commodity contracts or commodity accounts) and (ii) monies, credit balances, deposits and other property of Parent now or hereafter held or received by or in transit to Agent, any Lender or its
Affiliates or at any other depository or other institution from or for the account of Parent, whether for pledge, custody, transmission, collection or otherwise; 
  

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 (k) all commercial tort claims; 
 (l) to the extent not otherwise described above, all Receivables; 
 (m) all Records; and 
 (n) all products and proceeds of the foregoing, in any form, including insurance proceeds and all claims against third parties for loss or damage to or destruction of or other involuntary conversion of any kind or nature of any or all of
the other Collateral. 
 Notwithstanding anything herein to the contrary, in no event shall the Collateral include, and Parent shall not be deemed to have
granted a security interest in, (i) any personal (other than Accounts, Inventory and Intellectual Property) and real property, fixtures and interest of Parent which are not assignable or are incapable of being encumbered as a matter of law,
except for the products and proceeds thereof, (ii) Parent’s rights or interests in any license, contract or agreement with respect to Intellectual Property (which is not owned by Parent) to which Parent is a party or any of its rights or
interests thereunder to the extent, but only to the extent, that such a grant would, under applicable law, result in a breach of the terms of, or constitute a default under any license, contract or agreement to which Parent is a party (except for
the products and proceeds thereof); provided, however, upon the ineffectiveness, lapse or termination of any such provision, the Collateral shall include, and Parent shall be deemed to have granted a security interest in, all such rights and
interests as if such provision had never been in effect, (iii) the Capital Stock of any Foreign Subsidiary to the extent that such Capital Stock constitutes more than sixty-five percent (65%) of the Voting Stock of all classes of the
Capital Stock of such Foreign Subsidiary that are entitled to vote, except for the products and proceeds thereof as long as such products or proceeds do not cause the aggregate amount of the Voting Stock of such Foreign Subsidiary part of the
Collateral to exceed at any time sixty-five percent (65%) of the Voting Stock of all classes of the Capital Stock of such Foreign Subsidiary, and (iv) the promissory note, dated November 27, 2002, by Thomas A. Tolworthy to Holdings
(as assigned by indorsement to Parent) evidencing the Indebtedness of Thomas A. Tolworthy to Parent described in Section 9.10(l) of the Loan Agreement. Notwithstanding the foregoing, the Collateral shall exclude any rights to any Intellectual
Property, or License Agreements that would be cancelled or rendered invalid or unenforceable under applicable law by the grant of a security interest created pursuant to the terms of this Agreement, for as long as such prohibition or reason for
invalidity under applicable law exists, except for the products and proceeds thereof. If Parent is required to deliver an estoppel letter with respect to any leasehold to the landlord party to such lease (or to the mortgagor of such landlord), the
Collateral shall also exclude any rights to such leasehold to the extent necessary to permit Parent to certify that such leasehold is not subject to any assignment or hypothecation, and solely for purposes of such estoppel letter. 
 13. Acknowledgments. Each Borrower and each Guarantor hereby acknowledges, confirms and agrees that, as of the effective date of the transactions
contemplated by the June 2006 Reorganization Documents, by operation of law and as provided in the June 2006 Reorganization Documents, as the case may be, and this Amendment No. 1: (i) Holdings, as the surviving corporation pursuant to the
Holdings Merger, has continued and shall continue to be directly and primarily liable in all respects for the Obligations of Holdings arising prior to the effective time of the Holdings Merger; (ii) Agent shall continue to have valid and
perfected security interests, liens and rights in and to all of the assets and properties owned and acquired by 

  

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Holdings, as the surviving corporation of the Holdings Merger, and all such assets and properties shall be deemed included in the Collateral, and such
security interests, liens and rights and their perfection and priorities have continued and shall continue in all respects in full force and effect; and (iii) without limiting the generality of the foregoing, (A) none of the transactions
contemplated by the June 2006 Reorganization Documents shall in any way limit, impair or adversely affect the Obligations now or hereafter owed to Agent and Lenders or any security interests or liens in any assets or properties securing the same,
and (B) the security interests, liens and rights of Agent in and to the assets and properties of Holdings, as the surviving corporation of the Holdings Merger, have continued and, upon and after the consummation of the Holdings Merger shall
continue to secure all Obligations to Agent and Lenders of Holdings. 
 14. Authorization to File Financing Statements. Parent
irrevocably and unconditionally authorizes Agent (or its agent) to file at any time and from time to time such financing statements with respect to the Collateral naming Agent or its designee as the secured party and Parent as debtor, as Agent may
reasonably require, and including any other information with respect to Parent or otherwise required by part 5 of Article 9 of the Uniform Commercial Code of the State of Delaware as Agent may reasonably determine, together with any amendments and
continuations with respect thereto, which authorization shall apply to all financing statements filed on, prior to or after the date hereof. Parent hereby ratifies and approves all financing statements naming Agent or its designee as secured party
and Parent, as the case may be, as debtor with respect to the Collateral (and any amendments with respect to such financing statements) filed by or on behalf of Agent prior to the date hereof and ratifies and confirms the authorization of Agent to
file such financing statements (and amendments, if any). Parent hereby authorizes Agent to adopt on behalf of Parent any symbol required for authenticating any electronic filing. In the event that the description of the collateral in any financing
statement naming Agent or its designee as the secured party and Parent as debtor includes assets and properties of Parent that do not at any time constitute Collateral, whether hereunder, under any of the other Financing Agreements or otherwise, the
filing of such financing statement shall nonetheless be deemed authorized by Parent to the extent of the Collateral included in such description and it shall not render the financing statement ineffective as to any of the Collateral or otherwise
affect the financing statement as it applies to any of the Collateral, provided, that, the inclusion of the description of assets and properties of Parent that do not constitute Collateral in any financing statement shall not be deemed a grant of a
security interest in such asset or property of Parent in favor of Agent and Secured Parties. In no event shall Parent at any time file, or permit or cause to be filed, any correction statement or termination statement with respect to any financing
statement (or amendment or continuation with respect thereto) naming Agent or its designee as secured party and Parent as debtor without the prior written consent of Agent. 
 15. Representations and Warranties. Each Borrower and Guarantor (including Parent) hereby represents and warrants to Agent, Lenders and Issuing
Bank the following (which representations and warranties shall survive the execution and delivery hereof and the truth and accuracy of which, together with the representations and warranties in the other Financing Agreements, are a continuing
condition of the making of Revolving Loans and Issuing Bank’s providing of Letters of Credit): 
 (a) This Amendment
No. 1 and each other agreement, document and instrument to be executed and delivered by each Borrower and Guarantor in connection herewith or related hereto (collectively, the “Amendment Documents”) and each of the June 2006
Reorganization 

  

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Documents has been duly authorized, executed and delivered by all necessary corporate action on the part of each Borrower and Guarantor which is a party
hereto and thereto, and, if necessary, its stockholders and is in full force and effect as of the date hereof, and the agreements and obligations of each Borrower and Guarantor contained herein and therein constitute legal, valid and binding
obligations of such Borrower or Guarantor enforceable against it in accordance with their terms, subject, as to enforcement, to bankruptcy, insolvency, moratorium, reorganization and other laws of general application relating to or affecting
creditors’ rights and to general equitable principles. 
 (b) All of the representations and warranties contained herein,
in the Loan Agreement and in the other Financing Agreements are true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the date hereof and after giving effect hereto,
except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date).

 (c) No action of, or filing with, or consent of any Governmental Authority (other than the filing of UCC financing
statements), and no approval or consent of any other third party that has not been obtained (including without limitation the Senior Secured Note Trustee and the holders of the Senior Secured Notes), is required to authorize, or is otherwise
required in connection with, the execution, delivery and performance of this Amendment No. 1, the other Amendment Documents and the June 2006 Reorganization Documents. 
 (d) All necessary actions and proceedings in connection with this Amendment No. 1, the other Amendment Documents and the June 2006
Reorganization Documents and the transactions contemplated hereby and thereby have been duly and validly taken in accordance with the terms thereof, and all required consents thereto under any agreement, document or instrument to which each Borrower
and Guarantor is a party, and all applicable consents or approvals of Governmental Authorities, have been obtained. 
 (e) No
approval, consent, waiver, acknowledgment or agreement of any third party (including without limitation the Senior Secured Note Trustee and the holders of the Senior Secured Notes) that has not been obtained on or prior to the date hereof is
required to authorize, or is otherwise required in connection with, the execution, delivery and performance of this Amendment No. 1, the other Amendment Documents and the June 2006 Reorganization Documents. 
 (f) Neither the execution and delivery of this Amendment No. 1, the other Amendment Documents or the June 2006 Reorganization
Documents, nor the consummation of the transactions contemplated hereby or thereby, nor compliance with the provisions hereof or thereof: (i) shall result in the creation or imposition of any lien, claim, charge or encumbrance upon any of the
Collateral, except in favor of Agent; (ii) has violated or shall violate any law or regulation or any order or decree of any court or Governmental Authority in any material respect; (iii) does, or shall conflict with or result in the
breach of, or constitute a default in any respect under any material mortgage, deed of trust, security agreement, agreement or instrument to which any Borrower or Guarantor is a party or may be bound, including without limitation the Senior Secured
Note Indenture; (iv) shall violate any provision of the Certificate of Incorporation or By-Laws of any Borrower or Guarantor. 
  

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 (g) After giving effect to the transactions contemplated by the June 2006 Reorganization
Documents, (i) all of the issued and outstanding shares of Capital Stock of Parent shall be directly and beneficially owned and held by (A) the shareholders of Holdings immediately prior to the date hereof and (B) Holdings (which
shall retain one share of common stock and one share of preferred stock until such time as such shares are distributed to Parent as a dividend), (ii) all of the issued and outstanding shares of Capital Stock of Holdings shall be directly and
beneficially owned and held by Parent, and (iii) all of the issued and outstanding shares of Capital Stock of Vitamin Shoppe shall be directly and beneficially owned and held by Holdings, and in each case all of such shares have been duly
authorized and are fully paid and non-assessable, free and clear of all claims, liens, pledges and encumbrances of any kind, except for liens created hereunder, under the Loan Agreement and under the other Financing Agreements or as disclosed in
writing to Agent prior to the date hereof or as permitted by Section 9.8 of the Loan Agreement. 
 (h) No court of
competent jurisdiction has issued any injunction, restraining order or other order which prohibits the consummation of the transactions contemplated by the June 2006 Reorganization Documents or any part thereof, and no governmental action or
proceeding has been threatened or commenced, seeking any injunction, restraining order or other order which seeks to void or otherwise modify the transactions described in the June 2006 Reorganization Documents. 
 (i) As of the date hereof, Parent (i) is a corporation, duly formed and validly existing in good standing under the laws of the State
of Delaware; and (ii) is duly qualified to do business as a foreign corporation and is in good standing in each other jurisdiction wherein the character of the properties owned or licensed or the nature of the business of Parent makes such
qualification to do business necessary except for those jurisdictions where the failure to so qualify would not reasonably be expected to have a Material Adverse Effect. 
 (j) On the date hereof, after giving effect to the consummation of the transactions set forth in this Amendment No. 1 and the June
2006 Reorganization Documents, Borrowers and Guarantors taken as a whole are Solvent. 
 (k) After giving effect to this
Amendment No. 1, the transactions contemplated hereby and the transactions contemplated by the June 2006 Reorganization Documents, no Default or Event of Default exists or has occurred and is continuing on the date hereof. 
 16. Conditions Precedent. The amendments contained herein shall be effective as of the date hereof, but only upon the satisfaction of each of the
following conditions precedent, in a manner satisfactory to Agent: 
 (a) Agent shall have received this Amendment No. 1,
duly authorized, executed and delivered by each Borrower, each Guarantor and the Required Lenders; 
 (b) Agent shall have
received, in form and substance reasonably satisfactory to Agent, (i) the Pledge and Security Agreement by Parent in favor of Agent with respect to the shares of Capital Stock of Holdings, duly authorized, executed and delivered by Parent; and
(ii) originals of the stock certificates representing all of the issued and outstanding shares of the 

  

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Capital Stock of Holdings owned by Parent, together with stock powers duly executed in blank with respect thereto; 
 (c) Agent shall have received, in form and substance satisfactory to Agent, true, correct and complete photocopies of each of the June
2006 Reorganization Documents, duly authorized, executed and delivered by the parties thereto; 
 (d) Agent shall have
received, in form and substance reasonably satisfactory to Agent, a Secretary’s Certificate of Director’s Resolutions, Corporate Bylaws and Incumbency for each of Parent and Holdings evidencing the adoption and subsistence of resolutions
of the board of directors approving the execution, delivery and performance by each of Parent and Holdings of this Amendment No. 1, the other Amendment Documents and the June 2006 Reorganization Documents, as applicable; 
 (e) Agent shall have received an original good standing certificate and certificates of authority to do business (or their equivalent)
from the Secretary of State (or comparable official) of the jurisdiction of incorporation of Parent and each jurisdiction where Parent conducts business (if applicable); and 
 (f) After giving effect to the transactions contemplated by this Amendment No. 1, the other Amendment Documents and the June 2006
Reorganization Documents, no Default or Event of Default shall exist or shall have occurred and be continuing on the date hereof. 
 17.
Effect of this Amendment. This Amendment No. 1 and the other Amendment Documents constitute the entire agreement of the parties with respect to the subject matter hereof and thereof, and supersede all prior oral or written
communications, memoranda, proposals, negotiations, discussions, term sheets and commitments with respect to the subject matter hereof and thereof. Except as expressly amended pursuant hereto and except for the amendments expressly contained herein,
no other changes or modifications or waivers to the Financing Agreements are intended or implied, and in all other respects the Financing Agreements are hereby specifically ratified, restated and confirmed by all parties hereto as of the effective
date hereof. To the extent that any provision of the Loan Agreement or any of the other Financing Agreements are inconsistent with the provisions of this Amendment No. 1, the provisions of this Amendment No. 1 shall control. 
 18. Governing Law. The rights and obligations hereunder of each of the parties hereto shall be governed by and interpreted and determined in
accordance with the internal laws of the State of New York (but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of New York).

 19. Binding Effect. This Amendment No. 1 shall be binding upon and inure to the benefit of each of the parties hereto and
their respective successors and assigns. 
 20. Counterparts. This Amendment No. 1 may be executed in any number of counterparts,
but all of such counterparts shall together constitute but one and the same agreement. In making proof of this Amendment No. 1, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties
hereto. Delivery of an executed counterpart of this Amendment No. 1 by telecopier shall have the same force and 

  

 11 

 
effect as delivery of an original executed counterpart of this Amendment No. 1. Any party delivering an executed counterpart of this Amendment
No. 1 by telecopier also shall deliver an original executed counterpart of this Amendment No. 1, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this
Amendment No. 1 as to such party or any other party. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed and
delivered by their authorized officers as of the day and year first above written. 
  

			
	 BORROWERS

	
	 VITAMIN SHOPPE INDUSTRIES INC.

		
	 By:
	 	 /s/ Thomas Tolworthy

		
	 Title:
	 	 Chief Executive Officer

	
	 VS DIRECT INC.

		
	 By:
	 	 /s/ Thomas Tolworthy

		
	 Title:
	 	 Chief Executive Officer

	
	 GUARANTORS

	
	 VS PARENT, INC.

		
	 By:
	 	 /s/ Thomas Tolworthy

		
	 Title:
	 	 Chief Executive Officer

	
	 VS HOLDINGS, INC.

		
	 By:
	 	 /s/ Thomas Tolworthy

		
	 Title:
	 	 Chief Executive Officer

 [SIGNATURES CONTINUED ON NEXT PAGE] 

 [SIGNATURES CONTINUED FROM PREVIOUS PAGE] 
  

			
	 AGENT AND LENDERS

	
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as
Agent and a Lender

		
	By:	 	/s/ James O’Connell
	Title:	 	Vice President
	
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	/s/ Christine Marie Scott
	Title:	 	Director

 SCHEDULE 1 
 Additional June 2006 Reorganization Documents 
  

	1.	Allonge to Secured Partial Recourse Promissory Note, dated on or about June 12, 2006, by Holdings to Parent. 

  

	2.	Warrants Assignment and Assumption Agreement, dated on or about June 12, 2006, between Holdings and Parent. 

  

	3.	Stock Options Assignment and Assumption Agreement, dated on or about June 12, 2006 between Holdings and Parent. 

  

	4.	Amended and Restated Securityholders Agreement, dated on or about June 12, 2006, by and among Parent and the Securityholders set forth on Schedule of Current Investors attached
thereto.Third Amended and Restated Employment and Non-Competition Agreement

 Exhibit 10.11 
 THIRD AMENDED AND RESTATED EMPLOYMENT 
 AND NON-COMPETITION AGREEMENT 
 This THIRD AMENDED AND RESTATED EMPLOYMENT AND NON-COMPETITION AGREEMENT (this “Agreement”) made as of this 12th day of June 2006, by and among Thomas Tolworthy (the “Executive”), VS Parent, Inc., a Delaware corporation
(“Parent”) and VS Holdings, Inc., a Delaware corporation (“Holdings”), and Vitamin Shoppe Industries, Inc., a New York corporation (the “Company”). 
 W I T N E S S E T H: 
 WHEREAS, the Executive is a party to an existing Second Amended and Restated Employment Agreement with the Company and Holdings dated as of
October 8, 2002, as amended on November 27, 2002 and in June 2004 (the “Existing Agreement”); 
 WHEREAS, Holdings
and Parent have entered into a merger agreement whereupon Holdings will become a wholly owned subsidiary of Parent through a merger with VS Margersub, Inc. in which Holdings will be the surviving corporation (the “Merger”);

 WHEREAS, in connection with the Merger, the promissory note made by the Executive to the benefit of Holdings dated
November 27, 2002 in the principal amount of $1,500,000 (the “Partial Recourse Note”) will be indorsed and assigned to Parent; and 
 WHEREAS, the parties have agreed that the Existing Agreement shall be deemed to have been amended and restated and superceded by this Agreement upon the consummation of the Merger (the “Effective
Date”). 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in
consideration of the mutual covenants and obligations herein contained, the parties hereto agree as follows: 
 1. Position and
Responsibilities. The Executive shall serve as Chief Executive Officer of each of Parent, Holdings and the Company and, in such capacity, shall be responsible for the general management of the business, affairs and operations of Parent, Holdings
and the Company, shall perform such duties as are customarily performed by a chief executive officer of a company of a similar size, and shall have such power and authority as shall reasonably be required to enable him to perform his duties
hereunder; provided, however, that in exercising such power and authority and performing such duties, he shall at all times be subject to the authority of the Board of Directors of Parent, Holdings and the Company. The Executive shall
report to the Board of Directors of Parent, Holdings and the Company. The Executive shall not report or be subject to the authority of any officer or employee of Parent, Holdings or the Company. The Executive agrees to devote substantially all of
his business time, attention and services to the diligent, faithful and competent discharge of such duties for the successful operation of Parent’s, Holdings’ and the Company’s business. 
 2. Compensation; Salary, Bonus and Other Benefits. During the term of this Agreement, the Company shall pay the Executive the following
compensation, including the 

 
following annual salary, bonus and other fringe benefits, subject to all applicable federal and state withholding, payroll and other taxes. 
 (A) Salary. In consideration of the services to be rendered by the Executive to the Company, the Company shall pay to the Executive
a base salary of $475,000 per annum (such salary as it may be increased from time to time being hereinafter referred to as the “Base Salary”). Except as may otherwise be agreed, the Base Salary shall be payable in conformity with
the Company’s customary practices for executive compensation as such practices shall be established or modified from time to time but shall be payable not less frequently than monthly. The Executive shall receive such increases in his Base
Salary as the Board of Directors of the Company may from time to time approve in its discretion; provided, however, that the Executive’s Base Salary will be reviewed not less often than annually. The Executive’s Base Salary
may not be decreased without his written consent. 
 (B) Bonus. Each calendar year ending after the Effective Date
during the term of this Agreement, the Executive shall be eligible for a cash bonus award (the “Annual Cash Bonus”). 
 For each fiscal year
during the term of this Agreement, the Executive shall be eligible for an Annual Cash Bonus for any such fiscal year, payable to Executive within thirty days after Parent’s receipt of audited financial statements for Parent and its subsidiaries
for such fiscal year (but no later than the later of (i) the 15th day of the third month following
Executive’s taxable year in which such fiscal year ends or (ii) the 15th day of the third month following
the end of Parent’s taxable year in which such fiscal year ends), subject to Sections 5(C)(ii), 5(E) and 5(F), so long as Executive is employed by the Company on the last day of such fiscal year), based on the amount by which Parent’s
Consolidated EBITDA for such fiscal year exceeds the Minimum Consolidated EBITDA Target for such fiscal year, as follows: 
 (1) if Parent’s Consolidated EBITDA for a fiscal year is less than the Minimum Consolidated EBITDA Target for such fiscal year, Executive shall not be entitled to receive an Annual Cash Bonus for such fiscal year; 
 (2) if Parent’s Consolidated EBITDA for a fiscal year equals or exceeds the Maximum Consolidated EBITDA Target for such fiscal year,
Executive shall be entitled to receive an Annual Cash Bonus for such fiscal year equal to 100% of Executive’s Base Salary for such fiscal year; and 
 (3) if Parent’s Consolidated EBITDA for a fiscal year exceeds the Minimum Consolidated EBITDA Target but is less than the Maximum Consolidated EBITDA Target for such fiscal year, Executive shall be entitled to
receive an Annual Cash Bonus for such fiscal year equal to a percentage of Executive’s Base Salary for such fiscal year determined by multiplying one (1) by a fraction, the numerator of which is the difference between Parent’s
Consolidated EBITDA and the Minimum Consolidated EBITDA Target and the denominator of which is the difference between the Maximum Consolidated EBITDA Target and the Minimum Consolidated EBITDA Target, provided that such fraction shall in no event
exceed 1. 
  

 -2- 

 The “Minimum Consolidated EBITDA Target” and “Maximum Consolidated EBITDA Target”
(together, “Consolidated EBITDA Targets”) for any fiscal year shall be established by Parent’s Compensation Committee of the Board of Directors in consultation with the Executive not later than thirty days after the
commencement of the fiscal year. The Consolidated EBITDA Targets for any fiscal year may be adjusted by Parent’s Compensation Committee of the Board of Directors to reconcile targeted capital expenditures to reflect the actual (as
opposed to targeted number of new store openings occurring during such fiscal year, with the intent of neutralizing the impact of the pace of new store openings on Executive’s ability to achieve his bonus targets) (it being understood that
Parent’s Board of Directors may, but shall not be obligated to, make adjustments to address variances from budget store capital costs on a per store basis) and to adjust for the effect of extraordinary corporate transactions (acquisitions or
dispositions of businesses) during the fiscal year. 
 “Consolidated EBITDA” will be determined in good faith by Parent’s Board of
Directors following each fiscal year based on the audited financial statements of Parent and its subsidiaries for such fiscal year using the same methodology used in developing the Consolidated EBITDA Targets for such fiscal year, it being intended
that Consolidated EBITDA would be based on earnings before interest, taxes, depreciation, amortization and non-cash charges as calculated by Parent in its internal financial statements (“EBITDA”) for Parent and its subsidiaries.
Notwithstanding the foregoing, not later than 30 days after the commencement of the fiscal year, the Compensation Committee of Parent’s Board of Directors in consultation with the Executive may adjust the criteria to calculate Consolidated
EBITDA. 
 (C) Benefits. The Executive will be entitled to participate, in accordance with the provisions thereof, in
any health, disability and life insurance and other employee benefit plans and programs made available by the Company to its management employees generally. 
 (D) Reimbursement of Expenses. The Company shall reimburse the Executive for any and all out-of-pocket expenses reasonably incurred
by the Executive during the term of his employment in connection with his duties and responsibilities as Chief Executive Officer of the Company, provided that the Executive complies with the policies, practices and procedures of the Company for
submission of expense reports, receipts or similar documentation of such expenses. 
 (E) Automobile Allowance. The
Executive shall receive a monthly automobile allowance of $1,000 to be payable as a reimbursement for automobile expenses in accordance with the plans, practices, policies, and programs applicable to the Company’s management employees
generally. 
 (F) Vacation. The Executive shall be entitled to vacation time in accordance with the plans, practices,
policies, and programs applicable to the Company’s management employees generally. 
 (G) Loan. On the Effective
Date, Holdings shall indorse and assign to Parent the loan made to the Executive for $1,500,000 on November 27, 2002 (the “Loan”) originally made for the purchase by the Executive of (i) $750,000 aggregate purchase price
of 

  

 -3- 

 
Holdings’ Common Stock and (ii) $750,000 aggregate purchase price of Holdings’ Series A Preferred Stock (together the “Original
Acquired Securities”) evidenced by the partial recourse promissory note dated as of November 27, 2002 (the “Note”). As of the Effective Date, in connection with the Merger all of the outstanding capital stock of
Holdings will have been converted into a right to receive identical shares of capital stock of Parent. The Note is secured by a pledge of the capital stock of Parent received by the Executive in exchange for the Original Acquired Securities (the
“Acquired Securities”) (and the Executive will be prohibited from transferring the Acquired Securities unless the Loan and all accrued interest thereon is paid in full prior to or contemporaneous a proposed transfer), will be
recourse with respect to the first 25% of the amount due from time to time thereunder (with the amount due including, for the avoidance of doubt, any accrued interest thereon), has a maturity date of seven years from November 27, 2002 (the
“Original Effective Date”) and bears interest at the rate per annum equal to the applicable federal rate published by the United States Internal Revenue Service for purposes of sections 7872 and 1274(d) of the Internal Revenue Code
of 1986, as amended (the “Code”), that is the minimum rate that may be charged, as of the Original Effective Date, without such loan being considered a “below-market loan” as described in section 7872(a) of the Code. The
Executive will be required to make mandatory prepayments upon the transfer of any shares of Parent’s Common Stock or Series A Preferred Stock, upon a Company Sale and upon an initial public offering of Parent’s Common Stock (provided that
if the prepayment is in connection with an initial public offering, the Executive may elect to use shares of Parent’s Common Stock (valued at the initial public offering price) to pay the Loan). In the event that the Acquired Securities are
sold in repayment of the Loan, any amount by which the sale proceeds is less than the balance due on the Loan (including accrued interest) on that date shall be viewed as first payable by Executive to Parent under the recourse portion of the Loan.
By way of example and without limitation, if the Acquired Securities were sold for $1,125,000 when the balance due under the Note was equal to $1,500,000, the Executive would have personal liability to Parent under the recourse portion of the Note
for an amount equal to $375,000. 
 3. Term. The term of Executive’s employment hereunder shall commence on the Original
Effective Date and shall terminate five (5) years from the Original Effective Date (the “Initial Term”), unless earlier terminated as provided in Section 5 of this Agreement. Following the Initial Term, this Agreement and
the Executive’s employment hereunder shall automatically renew for successive one (1) year periods (each a “Renewal Term”), unless either the Company or the Executive shall notify the other in writing not later than six
(6) months prior to the end of the Initial Term or the then current Renewal Term that such party elects for this Agreement and the Executive’s employment hereunder to terminate at the end of the Initial Term or such Renewal Term, as
applicable; provided, however, that each Renewal Term shall be subject to earlier termination as provided in Section 5 of this Agreement. For purposes of this Agreement “Termination Date” shall mean the last day
of the Initial Term or the then current Renewal Term, as applicable. 
 4. Key Man Life Insurance. The Company may apply for and
obtain and maintain a Key Man Life Insurance policy in the name of the Executive in such amount as the Company may determine, the beneficiary of which shall be the Company. The Executive shall submit to physical examinations and answer reasonable
questions in connection with the application for and, if obtained, the maintenance of, as may be required, such insurance policy. 
  

 -4- 

 5. Termination. The Executive’s term of employment under this Agreement may be earlier
terminated as follows: 
 (A) At the Executive’s Option. The Executive may terminate his employment at any time
upon at least six months’ advance written notice to the Company. In such event, the Executive shall be entitled to no severance or other termination benefits from and after the termination of his employment, except as provided in
Section 5(I) hereof. 
 (B) At the Election of the Company With Cause. The Company may, unilaterally, terminate
the Executive’s employment hereunder “with cause” at any time during the term of this Agreement upon written notice to the Executive. Termination of the Executive’s employment by the Company shall constitute a termination
“with cause” under this Section 5(B) only if such termination is for one or more of the following causes: (i) wrongful misappropriation of Company assets of a material value; (ii) alcoholism or drug addiction, any of which
materially impairs the ability of the Executive to perform his duties and responsibilities hereunder or is seriously injurious to the business of the Company; (iii) the conviction of a felony; (iv) intentionally causing the Company to
violate a material local, state or federal law in any material respect; (v) gross negligence or willful misconduct in the conduct or management of the Company not remedied within thirty (30) days after receipt of written notice from the
Company which materially affects the Company; (vi) willful refusal to comply with any significant policy, directive or decision of the Board in furtherance of a legitimate business purpose or willful refusal to perform the duties reasonably
assigned to the Executive by the Board consistent with the Executive’s functions, duties and responsibilities set forth in Section 1 hereof, in each case, in any material respect, and only if not remedied within thirty (30) days after
receipt of written notice from the Company; or (vii) breach by the Executive of this Agreement, in any material respect, not remedied within thirty (30) days after receipt of written notice from the Company. In the event of a termination
“with cause” pursuant to the provisions of clauses (i) through (vii) above, inclusive, the Executive shall be entitled to no severance or other termination benefits, except as provided in Section 5(I) hereof. 
 (C) At the Election of the Company for Reasons Other than With Cause. The Company may, unilaterally, terminate the
Executive’s employment hereunder at any time during the term of this Agreement without cause upon five (5) business days prior written notice to the Executive of the Company’s election to terminate. Upon a termination under this
Section 5(C), the Company shall: 
 (i) Pay the Executive his Base Salary from the date of the termination of the
Executive’s employment through the earlier to occur of (1) the Termination Date and (2) the date that is twelve (12) months following Executive’s termination. Such payments shall be payable on a quarterly basis following the
Executive’s termination and shall be subject to all applicable federal and state withholding taxes. 
 (ii) Pay to the
Executive (x) the full amount of any unpaid Annual Cash Bonus for any calendar year of the Company prior to the calendar year in which the Executive’s employment is terminated, and (y) for the calendar year in which the
Executive’s employment is terminated, the pro rata amount of the Annual Cash Bonus calculated by multiplying (A) a fraction the numerator of which is the number of full calendar months that the 

  

 -5- 

 
Executive was employed by the Company in such calendar year and the denominator of which is 12 and (B) an amount equal to the current fiscal year’s
Annual Cash Bonus determined at the time and in the manner set forth in Section 2(B). 
 (iii) Until the earlier to occur
of (x) a period of twelve months from the date of termination of Executive or (y) the time when the Executive becomes eligible for insurance coverage offered by any subsequent employer (the “Insurance Continuation
Period”), allow the Executive to continue to participate in all life, health, disability and similar insurance plans and programs of the Company to the extent that such continued participation is possible under the general terms and
provisions of such plans and programs, with the Company and the Executive paying the same portion of the cost of each such plan or program as existed at the time of the Executive’s termination. In the event that the Executive’s continued
participation in any group plans and programs is not permitted, then in lieu thereof, the Company shall require, with the same cost sharing, individual insurance policies providing comparable coverage for the Executive for the Insurance Continuation
Period; provided, that the Company shall not be obligated to pay for any such individual coverage more than three (3) times the Company’s cost of such group coverage. 
 Notwithstanding the foregoing, if during the period from the date of the termination of the Executive’s employment hereunder through
the end of the period for which any severance is payable pursuant to this Section 5(C) (the “Severance Period”), the Executive (i) becomes employed or (ii) performs 390 or more hours of consulting services for a
single client in any ninety (90) day period, the Executive shall promptly notify the Company of such employment or consulting engagement, and the severance payable pursuant to paragraphs 5(C)(i) and 5(C)(ii) hereof shall be reduced by the gross
amount of the compensation or consulting fees earned by the Executive during the Severance Period pursuant to such employment or consulting engagement. 
 (D) At the Election of the Executive for Certain Reasons. The Executive may terminate his employment immediately upon written notice to the Company upon the occurrence of a Change of Control (as defined below)
followed, within twelve (12) months after the date of the Change of Control, by a material adverse change in the Executive’s function, duties or responsibilities from those described in Section 1 hereof without the written consent of
the Executive which is not remedied by the Company within 30 days after Executive gives written notice to Parent’s Board of Directors of such change (an “Adverse Change in Status”). In the event the Executive exercises his
right to terminate his employment under this Section 5(D), the Company shall: 
 (i) pay to the Executive his Base Salary
from the date of the termination of the Executive’s employment for a period of twelve months following termination of Executive. Such payments shall be payable on a quarterly basis following the Executive’s termination and shall be subject
to all applicable federal and state withholding taxes. 
 (ii) pay to the Executive (x) the full amount of any unpaid
Annual Cash Bonus for any calendar year of the Company prior to the year in which the Executive’s employment is terminated, and (y) $100,000 for the calendar year of the Company in which the Executive’s employment is terminated.

  

 -6- 

 (iii) until the earlier to occur of (x) a period of twelve months following
termination of Executive or (y) the time when the Executive becomes eligible for insurance coverage offered by any subsequent employer (the “Extended Insurance Continuation Period”), allow the Executive to continue to
participate in all life, health, disability and similar insurance plans and programs of the Company to the extent that such continued participation is possible under the general terms and provisions of such plans and programs, with the Company and
the Executive paying the same portion of the cost of each such plan or program as existed at the time of the Executive’s termination. In the event that the Executive’s continued participation in any group plans and programs is not
permitted, then in lieu thereof, the Company shall acquire, with the same cost sharing, individual insurance policies providing comparable coverage for the Executive for the Extended Insurance Continuation Period; provided, that the Company
shall not be obligated to pay for any such individual coverage more than three (3) times the Company’s cost of such group coverage. 
 For the purposes of this Agreement, a “Change of Control” of the Company shall be deemed to have occurred if any person (including any individual, firm, partnership or other entity) together with all
Affiliates and Associates (as defined under Rule 12b-2 of the rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) of such person, becomes the Beneficial Owner (as defined in
Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company, Parent or Holdings representing a majority of the combined voting power of the Company’s, Parent’s or Holdings’ then outstanding
securities, but excluding (A) any person who is a direct or indirect shareholder of the Company as of the Original Effective Date or any Affiliate thereof, (B) a trustee or other fiduciary holding securities under an employee benefit plan
of the Company, Parent or Holdings, or any subsidiary of the Company, Parent or Holdings, or (C) Parent, Holdings, the Company or any subsidiary of Parent, Holdings or the Company. 
 (E) Disability of Executive. In the event of the disability of the Executive, the Company may, unilaterally, terminate the
Executive’s employment hereunder at any time upon written notice to the Executive. In the event the Executive’s employment is terminated pursuant to this Section 5(E), the Executive shall be entitled to no severance or other
termination benefits from and after the termination of his employment except as provided in Section 5(I) hereof. For purposes of this Agreement, “disability” shall mean the inability, by reason of bodily injury or physical or
mental disease, or any combination thereof, of the Executive to perform his customary or other comparable duties with the Company for ninety (90) consecutive days. In the event the parties are unable to agree as to whether the Executive is
suffering a disability, the Executive and the Company shall each select a physician and the two physicians so chosen shall make the determination or, if they are unable to agree, they shall select a third physician, and the determination as to
whether the Executive is suffering a disability shall be based upon the determination of a majority of the three physicians. Any other rights and benefits the Executive may have under employee benefit plans and programs of the Company generally in
the event of the Executive’s disability shall be determined in accordance with the terms of such plans and programs. 
 Notwithstanding the foregoing, in the event that the Executive’s employment is terminated pursuant to this Section 5(E), the Executive shall be entitled to receive (i) the full amount of any unpaid Annual Cash Bonus for any
calendar year of the Company prior 

  

 -7- 

 
to the year in which the Executive’s employment is terminated, and (ii) for the calendar year in which the Executive’s employment is
terminated, the pro rata amount of the Annual Cash Bonus calculated by multiplying (A) a fraction the numerator of which is the number of full calendar months that the Executive was employed by the Company in such calendar year and the
denominator of which is 12 and (B) an amount equal to the current fiscal year’s Annual Cash Bonus determined at the time and in the manner set forth in Section 2(B). 
 (F) Executive’s Death. The Executive’s employment shall be terminated upon the death of the Executive. Any rights and
benefits that the Executive’s estate or any other person may have under employee benefit plans and programs of the Company generally in the event of the Executive’s death shall be determined in accordance with the terms of such plans and
programs. In the event the Executive’s employment is terminated pursuant to this Section 5(F), the Executive shall be entitled to no severance or other termination benefits from and after the termination of his employment except as provide
in Section 5(I) hereof. 
 Notwithstanding the foregoing, in the event that the Executive’s employment is terminated
pursuant to this Section 5(F), the Executive (or his estate) shall be entitled to receive (i) the full amount of any unpaid Annual Cash Bonus for any calendar year of the Company prior to the year in which the Executive’s employment
is terminated, and (ii) for the calendar year in which the Executive’s employment is terminated, the pro rata amount of the Annual Cash Bonus calculated by multiplying (A) a fraction the numerator of which is the number of full
calendar months that the Executive was employed by the Company in such calendar year and the denominator of which is 12 and (B) an amount equal to the current fiscal year’s Annual Cash Bonus determined at the time and in the manner set
forth in Section 2(B). 
 (G) Accrued and Unpaid Base Salary. If the Executive’s employment is terminated
pursuant to this Section 5, the Executive (or his estate) shall be entitled to receive any and all accrued but unpaid Base Salary earned through the date of termination by the Executive pursuant to the terms of this Agreement. 
 (H) Reimbursement of Expenses. In the event of the Executive’s termination pursuant to this Section 5, the Company shall
reimburse the Executive (or his estate) for any and all out-of-pocket expenses reasonably incurred by the Executive consistent with Company policy prior to the date of such termination. 
 (I) Continuing Benefits. Termination pursuant to this Section 5 shall not modify or affect in any way whatsoever any vested
right of the Executive to benefits payable under any retirement or pension plan or under any other employee benefit plan of the Company, and all such benefits shall continue, in accordance with, and subject to, the terms and conditions of such
plans, to be payable in full to or on account of the Executive after such termination. 
 (J) Company’s
Obligation. The Company’s obligation to make the severance payments and provide benefits in each case required under this Section 5 is conditioned upon Executive’s (i) execution and delivery to the Company of a general
release covering employment-related claims (but not claims as a shareholder) in form satisfactory to the Company and (ii) continued observance in all material respects of the covenants contained Sections 7, 8, 9 and 10 of this Agreement.

  

 -8- 

 6. Repurchase Option. 
 (A) If Executive voluntarily terminates his employment with the Company, then all of the Acquired Securities (whether then held by
Executive or his transferees) shall be subject to repurchase by Parent pursuant to this Section 6 (the “Repurchase Option”). 
 (B) The purchase price of the Acquired Securities subject to the Repurchase Option shall be the lesser of (i) the Fair Market Value of such Acquired Securities, and (ii) the Original Cost of such Acquired
Securities. As used herein, the term “Original Cost” means, with respect to the Acquired Securities, the original issue price thereof as of the original Effective Date of the Original Acquired Securities to which such Acquired Securities
relate, and “Fair Market Value” means the fair market value of the Acquired Securities, as determined by Parent’s Board of Directors in good faith; provided that if within 10 days after the Executive is notified of
Parent’s Board of Directors determination, Executive notifies Parent’s Board of Directors in writing that he objects to Parent’s Board ‘s determination and Executive and Parent’s Board of Directors are unable to reach
agreement upon the Fair Market Value of the Acquired Securities subject to repurchase, then the Fair Market Value shall be determined by an independent appraiser jointly selected by Parent’s Board of Directors and the Executive (and if
Executive and Parent’s Board of Directors are unable to agree upon the choice of an independent appraiser, they will select an independent appraiser by lot from a list comprised of four nationally-recognized appraisal or investment banking
firms, two of whom shall be selected by Parent’s Board of Directors and two of whom shall be selected by the Executive). The determination of the appraiser shall be set forth in a written report delivered to Parent and the Executive and shall
be conclusive and binding on the parties. The fees and expenses of the appraiser shall be borne equally by Parent and the Executive. 
 (C) Parent may elect to purchase all or any portion of the Acquired Securities that becomes subject to a Repurchase Option by delivering written notice (the “Purchase Notice”) to the holder or holders of such Acquired
Securities within 90 days after the Termination. The Purchase Notice will set forth the type and amount of Acquired Securities to be acquired from each holder, the aggregate consideration to be paid for such securities and the time and place for the
closing of the transaction. The amount of Acquired Securities to be purchased by Parent shall first be satisfied to the extent possible from the Acquired Securities held by the Executive at the time of delivery of the Purchase Notice. If the amount
of Acquired Securities then held by the Executive is less than the amount of Acquired Securities that Parent has elected to purchase, Parent shall purchase the remaining Acquired Securities elected to be purchased ratably from the Executive’s
transferees, in accordance with the amount of Acquired Securities held by such other holder(s) at the time of delivery of such Purchase Notice. 
 (D) The closing of the purchase of Acquired Securities pursuant to the Purchase Option shall take place on the date designated by Parent in the Purchase Notice, which date shall not be more than 30 days nor less than
five days after the delivery of the Purchase Notice. Parent may pay for the Acquired Securities to be purchased by it pursuant to the Purchase Option (i) by cash payable by delivery of a check or a wire transfer of funds or (ii) if the
terms of any financing arrangement entered into by Parent prohibit the payment of cash to Executive, then (1) by the issuance of a subordinated promissory note in the principal amount equal to 50% of the aggregate purchase price of the Acquired
Securities being purchased by 

  

 -9- 

 
Parent, which subordinated promissory note shall mature on the fifth anniversary of the Original Effective Date and accrue interest payable only at maturity
at a rate of 8% per annum, and which shall be subordinated to all of Parent’s existing financing arrangements and (2) by cash payable by delivery of a check or a wire transfer of funds equal to 50% of the aggregate purchase price of
such Acquired Securities. Parent may assign its rights under this Section 6 to any of its subsidiaries; to the extent Parent is prohibited by law or by its or its subsidiaries’ financing agreements from repurchasing any Acquired Securities
subject to the Purchase Option, Parent may assign its right to exercise the Purchase Option with respect to such Acquired Securities to any of its stockholders or their affiliates. The purchasers of Acquired Securities hereunder will be entitled to
receive customary representations and warranties from the sellers regarding such sale and to require all sellers’ signatures be guaranteed. 
 (E) All repurchases of Acquired Securities pursuant to this Section 6 shall be subject to all applicable restrictions under law or contained in Parent’s and its subsidiaries’ financing agreements.

 7. Noncompetition Covenant. Executive acknowledges and agrees with respect to the Company that the business of the Company is
conducted primarily in the United States (the “Territory”), and that the Company’s reputation and goodwill are an integral part of its business success throughout the Territory. If Executive deprives the Company of any of the
Company’s goodwill or in any manner utilizes its reputation and goodwill in competition with the Company, the Company will be deprived of the benefits it has bargained for. Accordingly, Executive agrees that during the term of Executive’s
employment by the Company and for a period of three (3) years thereafter (the “Non-competition Period”), the Executive shall not, without the Company’s prior written consent, directly or indirectly, own, manage, operate,
join, control or participate in the ownership, management, operation or control of, or be connected as a director, officer, employee, partner, consultant or otherwise with, any profit or non-profit business or organization in the Territory that,
directly or indirectly, manufactures, markets or distributes (through wholesale, retail or direct marketing channels including, but not limited to, mail order and internet distribution) (i) vitamins, minerals, nutritional supplements, herbal
products, sports nutrition products, bodybuilding formulas or homeopathic remedies or (ii) any other product category sold by the Company or its subsidiaries which represented four percent (4%) or more of the Company’s consolidated
gross revenue in the month preceding Executive’s termination (any such business being a “Competitive Business”). Notwithstanding the foregoing, Executive may be a passive owner (which shall not prohibit the exercise of any
rights as a shareholder) of not more than 5% of the outstanding stock of any class of any public corporation that engages in a Competitive Business. 
 8. Nonsolicitation. 
 (A) For a period commencing on the Original Effective Date and
ending on the fifth anniversary of the termination of the Executive’s employment, the Executive shall not directly or indirectly either for himself or for any other person, business, partnership, association, firm, company or corporation, hire
from the Company or its subsidiaries or attempt to hire, divert or take away from the Company or its subsidiaries, any of the business of the Company or its subsidiaries or officers or employees of the Company or its subsidiaries in existence from
time to time during his employment with the Company. 
  

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 (B) For a period commencing on the Original Effective Date and ending on the fifth
anniversary of the termination of the Executive’s employment, the Executive shall not, directly or indirectly, knowingly make any statement or other communication that impugns or attacks the reputation or character of the Company or its
subsidiaries or joint venture entities, or damages the goodwill of the Company or its subsidiaries or joint venture entities, or knowingly take any action, directly or indirectly, that would interfere with any contractual or customer or supplier
relationships of the Company or its subsidiaries or joint venture entities. 
 9. Nondisclosure Obligation. The Executive shall not at
any time, whether during or after the termination of his employment, reveal to any person, association or company marketing plans, strategies, pricing policies, product formulations and other specifications, customer lists and accounts, business
finances or financial information of the Company or its subsidiaries so far as they have come or may come to his knowledge, except as may be required in the ordinary course of performing his duties as an officer of the Company or as may be in the
public domain through no fault of his or as may be required by law. 
 10. Intellectual Property, Inventions and Patents. Executive
acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any confidential
information) and all registrations or applications related thereto, all other proprietary information and all similar or related information (whether or not patentable) which relate to the Company’s or its subsidiary’s actual or
anticipated business, research and development or existing or future products or services and which are conceived, developed or made by Executive (whether above or jointly with others) while employed by the Company whether before or after the date
of this Agreement (“Work Product”), belong to the Company or such subsidiary. Executive shall promptly disclose such Work Product to the Board and, at the Company’s expense, perform all actions reasonably requested by the Board
(whether during or after Executive’s employment with the Company) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments). 
 11. Remedies Upon Breach. The Executive agrees that any breach of Section 7, 8, 9 or 10 of this Agreement by him could cause irreparable
damage to the Company and that in the event of such breach the Company shall have, in addition to any and all remedies of law, the right to an injunction, specific performance or other equitable relief to prevent the violation of any obligations
hereunder, without the necessity of posting a bond, plus, if the Company finally prevails with respect to any dispute between the Company and the Executive as to the interpretation, terms, validity or enforceability of (including any dispute about
the amount of any payment pursuant to) this Agreement, the recovery of any and all costs and expenses incurred by the Company, including reasonable attorneys’ fees in connection with the enforcement of this Agreement. 
 12. Excise Taxes. Company and Executive acknowledge that certain payments to be made under this Agreement or in connection with stock options
granted to Executive pursuant to the Amended and Restated VS Holdings, Inc. 2002 Stock Option Plan (the “Plan”), as may be amended or assigned from time to time, may be subject to section 409A of the Code, Section 280G of the
Code, or other provisions of tax law which may impose penalties 

  

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or excise taxes on certain types of compensation or payments made to Executive (collectively “Penalty Taxes”). During the period of
employment and thereafter, the Company, in its sole discretion, may propose any amendments or changes to the terms of this Agreement or the Plan for the purpose of avoiding the imposition of any such Penalty Taxes. Executive shall fully cooperate
with any such amendments or changes proposed by Company in order to avoid the imposition of any Penalty Taxes on any payments made to or received by Executive, including but not limited to requesting that Company’s shareholders approve the
payment of any moneys due to Executive hereunder and/or under the Plan. 
 13. Indemnification. If the Executive becomes a party to or
is threatened to be made a party to any threatened, pending or completed action, suit or proceeding by reason of the fact that he is or was an officer, director, agent or employee of the Company or is or was serving at the request of the Company as
an officer, director, agent or employee of another corporation or other entity, he shall be indemnified by the Company to the maximum extent permitted by applicable law and not inconsistent with the provisions of the certificate of incorporation and
by-laws of the Company. The right of indemnification herein provided for shall not be deemed exclusive of any other rights to which the Executive may be entitled as a matter of law and any rights of indemnity under any policy of insurance carried by
the Company. 
 14. Indemnification and Reimbursement of Payments on Behalf of Executive. The Executive shall be solely responsible
for all applicable taxes imposed upon him as a result of any payment made to him by the Company, Parent or Holdings, including any such payments that are subject to withholding taxes. In the event the Company, Parent or Holdings is required to make
any payment of such taxes, Executive shall indemnify the Company, Parent and Holdings for any amounts so paid (excluding any interest and penalties related thereto). 
 15. Acknowledgements. The Executive hereby acknowledges that the enforcement of the provisions of Sections 7 and 8 hereof may potentially interfere with his ability to pursue a proper livelihood. The Executive
recognizes and agrees that the enforcement of this Agreement is necessary to ensure the preservation, protection and continuity of the business, trade secrets and goodwill of the Company. The Executive agrees that, due to the proprietary nature of
the Company’s business, the restrictions set forth in this Agreement are reasonable as to time and scope. The Executive acknowledges that the provisions set forth in Sections 7 and 8 hereof are in addition and not in limitation of the
provisions set forth in that certain Non-compete, Non-solicitation and Confidentiality Agreement entered into among Holdings, the Company and Executive as of November 27, 2002. The Executive hereby acknowledges that he has been advised to
consult with an attorney before executing this Agreement and that he has done so or, after careful reading and consideration, he has chosen not to do so of his own volition. 
 16. Consent and Waiver by Third Parties. The Executive hereby represents and warrants that his employment with the Company on the terms and
conditions set forth herein and his execution and performance of this Agreement do not constitute a breach or violation of any other agreement, obligation or understanding with any third party. The Executive represents that he is not bound by any
agreement or any other existing or previous business relationship which conflicts with, or may conflict with, the performance of his obligations hereunder or prevent the full performance of his duties and obligations hereunder. 
  

 -12- 

 17. Governing Law. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of New York, without giving effect to any conflict of law provisions thereof. 
 18. Severability. In case
any one or more of the provisions contained in this Agreement for any reason shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement
but this Agreement shall be construed as if such invalid, illegal or unenforceable provisions has never been contained herein. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively
broad as to the scope, activity or subject so as to be unenforceable at law, such provision or provisions shall be construed and reformed by the appropriate judicial body of limiting and reducing such provision or provisions, so as to be enforceable
to the maximum extent compatible with the applicable law as it shall then appear. 
 19. Waivers and Modifications. This Agreement may
be modified, and the rights and remedies of any provisions hereof may be waived, only in accordance with this Section 19. No modification or waiver by the Company shall be effective without the consent of at least a majority of the Board of
Directors then in office at the time of such modification or waiver. No waiver by either party of any breach by the other or any provision hereof shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any other
provision of this Agreement. Moreover, in the event that the Company determines reasonably and in good faith that there is any provision of this Agreement that could cause Executive or the Company to be subject to the provisions of section 409A of
the Code, such provision shall be interpreted and resolved in the manner the Company reasonably and in good faith deems necessary to prevent the application of Section 409A, provided that the Company shall act in a good faith to minimize the
amount of any the reduction in any benefits or compensation paid to or received by Executive (including either the delay or acceleration in the payment thereof) in order to prevent the imposition of Section 409A from applying to such provision.

 20. Entire Agreement. This Agreement, together with the Exhibits attached hereto, sets forth all of the terms of the understandings
between the parties with reference to the subject matter set forth herein and, as of the Effective Date, supersedes all prior agreements and understandings, both written and oral, between the Company and the Executive, including, without limitation,
the Existing Agreement, and may not be waived, changed, discharged or terminated orally or by any course of dealing between the parties, but only by an instrument in writing signed by the party against whom any waiver, change, discharge or
termination is sought. Notwithstanding the foregoing, the parties hereto agree and acknowledge that Sections 7 and 8 hereof shall not in any way limit the provisions set forth in that certain Non-compete, Non-solicitation and Confidentiality
Agreement entered into among Holdings, the Company and Executive as of November 27, 2002. 
 21. Assignment. The Executive
acknowledges that the services to be rendered by him are unique and personal. Accordingly, the Executive may not assign any of his rights or delegate any of his duties or obligations under this Agreement. The Company shall have the right to assign
this Agreement to its successors and assigns, and the rights and obligations of the 

  

 -13- 

 
Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. 
 22. Notices. All notices hereunder shall be (i) delivered by hand, (ii) sent by first-class certified mail, postage prepaid, return receipt
requested, (iii) delivered by overnight commercial courier, or (iv) transmitted by telecopy or facsimile machine, to the following address of the party to whom such notice is to be made, or to such other address as such party may designate in the
same manner provided herein: 
 If to the Company, Parent or Holdings: 
 Vitamin Shoppe Industries Inc. 
 4700 Westside
Avenue 
 North Bergen, New Jersey 07047 
 Attention:    Ronald M. Neifield 
 Facsimile:    (201) 868-0727 
 with copies to: 
 Bear Stearns Merchant
Banking 
 c/o Bear, Stearns & Co. Inc. 
 383 Madison Avenue, 40th Floor 
 New York, New York 10179 
 Attention:    Douglas R. Korn and Richard L. Perkal 
 Facsimile:    (212) 272-7425 
 and 
 Kirkland & Ellis LLP 
 153 E
53rd Street 
 New York, NY 10022 
 Attention:    Michael T. Edsall, Esq. 
 Facsimile:    (212) 446-4900 
 If to the Executive: 
 Thomas Tolworthy 
 1 Bethpage Court 
 Cortlandt Manor, NY 10567 
 Facsimile:    (914) 525-5094 
 23. Survival of Obligations. The provisions of Sections 6, 7, 8, 9 and 10 shall survive the termination or expiration of this Agreement as a continuing agreement of the Company, Holdings, Parent and the
Executive. The existence of any claim or cause of action by Executive against the Company shall not constitute and shall not be asserted as a defense to the enforcement by the Company of this Agreement. 
  

 -14- 

 24. Arbitration. Any dispute, controversy, or claim arising out of or in connection with this
Agreement shall be determined and settled by arbitration pursuant to the rules then in effect of the American Arbitration Association. Any award rendered shall be final and conclusive upon the parties and a judgment thereon may be entered in a court
having competent jurisdiction. Notwithstanding the foregoing, nothing in this Section 24 shall prevent the parties from exercising their right to bring an action in any court of competent jurisdiction for injunctive or other provisional relief
to compel the other party hereto to comply with its obligations under Sections 7, 8 and 9 of this Agreement. 
 25. Effect of
Agreement. As of the Effective Date, the Company, Parent, Holdings and Executive agree that the Existing Agreement shall be superceded by this Agreement and that the Existing Agreement shall have no further force and effect. 
 [END OF PAGE] 
 [SIGNATURE PAGE
FOLLOWS] 
  

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

  

					
	VITAMIN SHOPPE INDUSTRIES, INC.
		
	By:	 	/s/ Ronald Neifield
		 	 Name:
	 	 Ronald Neifield

		 	 Title:
	 	 General Counsel and Vice President

  

					
	VS HOLDINGS, INC.
		
	By:	 	/s/ Ronald Neifield
		 	 Name:
	 	 Ronald Neifield

		 	 Title:
	 	 General Counsel and Vice President

  

					
	VS PARENT, INC.
		
	By:	 	/s/ Ronald Neifield
		 	 Name:
	 	 Ronald Neifield

		 	 Title:
	 	 General Counsel and Vice President

  

	
	
	/s/ Thomas Tolworthy
	Thomas Tolworthy

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