Document:

Advisory Services Agreement, dated November 27, 2002

 Exhibit 10.24 
 ADVISORY SERVICES AGREEMENT 
 This Advisory Services Agreement (this “Agreement”) is
made as of November 27, 2002 (the “Effective Date”), by and among Bear Stearns Merchant Manager II, LLC, a Delaware limited liability company (“BSMB”), VS Holdings, Inc., a Delaware corporation
(“Holdings”) and Vitamin Shoppe Industries Inc., a New York corporation (“VSI” and, together with Holdings, the “Companies”). Certain capitalized terms used herein are defined in
Section 9 below. 
 WHEREAS, the Companies and BSMB/VSI Acquisition, Inc., a New York corporation, and certain securityholders of
VSI are parties to an agreement and plan of merger, dated as of October 8, 2002 (the “Merger Agreement”); and 
 WHEREAS, the Companies desire to retain BSMB with respect to the services described herein. 
 NOW, THEREFORE, the parties agree as
follows: 
 1. Term. The term of this Agreement (the “Term”) shall commence on the date hereof and shall terminate on
the first to occur of (a) the tenth anniversary of the Effective Date, (b) the consummation of a Company Sale, (c) the consummation of a Qualified Public Offering, and (d) such other date as to which BSMB and the Companies agree.

 2. Services. BSMB shall perform or cause to be performed such services for the Companies and their respective subsidiaries as
mutually agreed by BSMB and the Companies’ boards of directors, which may include, without limitation, the following: 
 (a) general
advisory and management services; 
 (b) identification, support, negotiation and analysis of acquisitions and dispositions by the Companies
or their subsidiaries; 
 (c) support, negotiation and analysis of financing alternatives, including, without limitation, in connection with
acquisitions, capital expenditures and refinancing of existing indebtedness; 
 (d) finance functions, including assistance in the
preparation of financial projections, and monitoring of compliance with financing agreements; 
 (e) marketing functions, including
monitoring of marketing plans and strategies; 
 (f) human resource functions, including searching, identifying and hiring of executives and
directors; and 
 (g) other services for the Company and its subsidiaries upon which the Companies’ boards of directors and BSMB agree.

 3. Advisory Fee. 
 (a) In consideration of BSMB’s undertaking to provide advisory services hereunder, the Companies shall pay BSMB an annual advisory fee (the “Advisory Fee”) in an amount for each fiscal year equal
to the greater of (i) $750,000 and (ii) 0.25% of the annual gross sales of VSI and its subsidiaries for such fiscal year, calculated as provided below and payable in advance in quarterly installments, for the period beginning on the date
hereof and ending upon the termination of this Agreement as provided in Section 1 hereof. The Companies shall be jointly and severally liable for payment of all Advisory Fees payable under this Agreement, and the Advisory Fees shall be payable
by the Companies whether or not the Companies actually request that BSMB provide the services described in Section 2 above. All Advisory Fees shall be fully earned when paid. 
 (b) The first installment of the Advisory Fee, for the period beginning on the date hereof and ending on the last Saturday in March 2003, shall be
payable on the date hereof (unless otherwise directed by BSMB) in an amount equal to $375,000 multiplied by a fraction, (i) the numerator of which is the actual number of days from and including the date hereof to and including the last
Saturday in March 2003, and (ii) the denominator of which is 180. 
 (c) Except as otherwise provided in Section 3(d), (e) or
(f) hereof, all subsequent payments of the Advisory Fee shall be in quarterly installments, payable within 15 days after the commencement of the fiscal quarter, in an amount equal to the greater of (i) $187,500, and (ii) 0.25% of the
gross sales of VSI and its subsidiaries for the preceding fiscal quarter, based on available internal financial statements of VSI and its subsidiaries. 
 (d) Within 45 days after the end of each fiscal year of VSI (commencing with the fiscal year ended on the last Saturday in December, 2003, VSI will certify the amount of its annual gross sales for the preceding fiscal
year to BSMB. To the extent that the aggregate installments of the Advisory Fees paid to BSMB with respect to such preceding fiscal year exceed the greater of (i) $750,000, and (ii) 0.25% of the gross sales of VSI and its subsidiaries for
the preceding fiscal year, then VSI may set off the amount of such excess (the “Excess Fee Amount”) against its obligation to pay the next installment of the Advisory Fee (and subsequent installments as needed to recover such Excess
Fee Amount in full). 
 (e) Upon a Company Sale or the consummation of a Qualified Public Offering, the Companies shall be obligated, jointly
and severally, to pay to BSMB the minimum Advisory Fees that would be payable to BSMB pursuant to Section 3 in respect of the remainder of the then current fiscal quarter and for the next four successive fiscal quarters. 
 (f) Notwithstanding anything to the contrary contained herein, the Companies shall accrue but not pay the Advisory Fee if and for so long as (i) any
such payment would constitute a default (or any event which might, with the lapse of time or the giving of notice or both, constitute a default) under the Companies’ financing agreements (a “Default”); provided that the
Companies shall be obligated to pay any accrued Advisory Fees deferred under this Section 2(f)(i) to the extent that such payment would not constitute a Default or (ii) BSMB instructs the Companies not to pay all or any portion of the
Advisory Fee during any fiscal year. Interest will accrue on all due and unpaid Advisory Fees not paid pursuant to clause (i) of the preceding sentence at 10% per annum until such Advisory Fees are paid, and such interest shall compound
annually. The Companies shall be jointly and severally liable for payment of such interest. 
 (g) In addition to the Advisory Fee, the
Companies shall be jointly and severally liable to reimburse BSMB, promptly upon request, for all reasonable out-of-pocket expenses incurred in the ordinary course of business by BSMB in connection with BSMB’s obligations hereunder, including
fees and expenses paid to consultants, subcontractors and other third parties in connection with such obligations. 
  

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 4. Transaction Fees. 
 (a) The Companies hereby agree, jointly and severally, to pay to BSMB upon the Effective Date a fee (the “Closing Fee”) for services rendered in connection with securing, structuring of and
negotiating the equity and debt financing for the transactions contemplated by the Merger Agreement and certain other management services, in an amount equal to $4,575,000. The Closing Fee shall be payable by wire transfer of immediately available
funds to BSMB or one or more of its designees. 
 (b) During the Term, the Companies shall provide BSMB a right of first offer to serve as
financial advisor in connection with any transaction relating to (i) an acquisition, divestiture, or other transaction, (ii) an initial public offering by Holdings or any of its subsidiaries or (iii) a debt or equity financing, by or
involving any of the Companies or their subsidiaries. If BSMB agrees to serve as the Companies’ financial advisor, BSMB shall be entitled to receive the customary amount charged by financial advisors for similar transactions plus the
reasonable out-of-pocket expenses of BSMB in connection with such acquisition, divestiture, financing or other transaction. BSMB may assign its rights under this Section 4(b) generally or in connection with any actual or prospective
transaction to any of The Bear Stearns Companies Inc. and its subsidiaries. If BSMB does not elect to serve as the Companies’ financial advisor, BSMB shall not receive any fees for any such financial advisory services performed for a
transaction described in this Section 4(b) if and to the extent that the Companies have retained another investment bank that is also providing the same services. 
 5. Personnel. BSMB shall provide and devote to the performance of this Agreement such partners, employees and agents of BSMB as BSMB shall deem appropriate to the furnishing of the services required.

 6. Liability. None of BSMB, any of its affiliates nor their respective partners, members, employees or agents (collectively, the
“BSMB Group”) shall be liable to the Companies or the Companies’ subsidiaries or affiliates for any loss, liability, damage or expense (collectively, a “Loss”) arising out of or in connection with the
performance of services contemplated by this Agreement, unless and then only to the extent that such Loss is determined by a court in a final order from which no appeal can be taken, to have resulted primarily from the gross negligence or willful
misconduct on the part of such member of the BSMB Group. BSMB makes no representations or warranties, express or implied, in respect of the services to be provided by the BSMB Group. Except as BSMB may otherwise agree in writing on or after the date
hereof: (i) each member of the BSMB Group shall have the right to, and shall have no duty (contractual or otherwise) not to, directly or indirectly: (A) engage in the same or similar business activities or lines of business as the
Companies or their subsidiaries and (B) do business with any client or customer of the Companies or their subsidiaries; (ii) no member of the BSMB Group shall be liable to the Companies or their subsidiaries or affiliates for breach of any
duty (contractual or otherwise) by reason of any such activities or of such person’s participation therein; and (iii) in the event that any member of the BSMB Group acquires knowledge of a potential transaction or matter that may be a
corporate opportunity for both (x) a Company or any of its subsidiaries, on the one hand, and (y) BSMB, on the other hand, or any other person, no member of the BSMB Group shall have any duty (contractual or otherwise) to communicate or
present such corporate opportunity to such Company or its subsidiaries and, notwithstanding any provision of this Agreement to the contrary, shall not be liable to any of the Companies, their subsidiaries or any of their affiliates for breach of any
duty (contractual or otherwise) by reasons of the fact that any member of the BSMB Group directly or indirectly pursues or acquires such opportunity for itself, directs such opportunity to another person, or does not present such opportunity to such
Company, its subsidiaries or any of their affiliates. In no event will any of the parties hereto be liable 

  

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to any other party hereto for any punitive, exemplary, indirect, special, incidental or consequential damages, including lost profits or savings, whether or
not such damages are foreseeable, or in respect of any liabilities relating to any third party claims (whether based in contract, tort or otherwise) other than for the Claims (as defined in Section 7 below) relating to the services which
may be provided by BSMB hereunder. 
 7. Indemnity. The Companies and their subsidiaries shall defend, indemnify and hold harmless
each member of the BSMB Group from and against any and all Losses arising from any claim by any person with respect to, or in any way related to, this Agreement (including attorneys’ fees) (collectively, “Claims”) resulting
from any act or omission of any member of the BSMB Group except to the extent that such Loss is determined by a court in a final order from which no appeal can be taken to have resulted primarily from the gross negligence or willful misconduct by
such member of the BSMB Group. The Companies and their subsidiaries shall defend at their own cost and expense any and all suits or actions (just or unjust) which may be brought against the Companies and their subsidiaries or any member of the BSMB
Group, or in which any member of the BSMB Group may be impleaded with others upon any Claims, or upon any matter, directly or indirectly, related to or arising out of this Agreement or the performance of the obligations hereunder by the BSMB Group,
except that if such damage shall be proven to be the direct result of gross negligence or willful misconduct by a member of the BSMB Group then such member of the BSMB Group shall reimburse the Companies and their subsidiaries for the costs of
defense and other costs incurred by the Companies and their subsidiaries. 
 8. Notices. All notices hereunder shall be in writing and
shall be delivered personally or mailed by United States mail, postage prepaid, addressed to the parties as follows: 
 To the
Companies: 
 c/o Vitamin Shoppe Industries Inc. 
 4700 Westside Avenue 
 North Bergen, NJ 07047 
 Attention: Chief Executive Officer 
 Fax:
(201) 866-5227 
 with a copy to 
 VS Holdings, Inc. 
 c/o BSMB/VSI Acquisition, Inc. 
 383 Madison Avenue, 40th Floor 
 New York, New York 10179 
 Attention: Richard L. Perkal 
 Fax:
(212) 272-7425 
 To BSMB: 
 Bear Stearns Merchant Manager II, LLC 
 c/o Bear, Stearns & Co., Inc. 
 383 Madison Avenue, 40th Floor 
 New York, New
York 10179 
 Attention: Richard L. Perkal 
 Fax: (212) 272-7425 
  

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 9. Certain Definitions. For purposes of this Agreement, 
 “Company Sale” means the consummation of a transaction, whether in a single transaction or in a series of related transactions, with an
independent third party or group of independent third parties pursuant to which such party or parties (a) acquire (whether by merger, consolidation, or transfer or issuance of capital stock or otherwise) capital stock of Holdings (or any
surviving or resulting corporation) possessing the voting power to elect a majority in voting power of the board of directors of Holdings (or such surviving or resulting corporation), or (b) acquire assets constituting all or substantially all
of the assets of Holdings and its subsidiaries (as determined on a consolidated basis). 
 “Public Offering” means any
offering by Holdings of its capital stock or equity securities to the public pursuant to an effective registration statement under the Securities Act of 1933, as amended; provided that a Public Offering shall not include an offering made in
connection with a business acquisition or combination or an employee benefit plan. 
 “Qualified Public Offering” means the
consummation of an underwritten Public Offering of shares, of Holdings’ common stock, in which the aggregate gross proceeds to Holdings and any selling stockholders for the sale of such shares exceed $80,000,000. 
 10. Assignment. Except as provided in Section 4(b), no party hereto may assign any obligations hereunder to any other party without
the prior written consent of the other parties (which consent shall not be unreasonably withheld); provided that BSMB may, without the consent of the Companies, assign its rights under this Agreement to any of its affiliates. 
 11. No Waiver. The failure of a party to this Agreement to insist upon strict adherence to any term of this Agreement on any occasion shall not be
considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any waiver must be in writing. 
 12. Successors. This Agreement and all the obligations and benefits hereunder shall inure to the successors and assigns of the parties.

 13. Counterparts. This Agreement may be executed and delivered by each party hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original and all of which taken together shall constitute but one and the same agreement. 
 14.
Entire Agreement; Modification; Governing Law. The terms and conditions hereof constitute the entire agreement between the parties hereto with respect to the subject matter of this Agreement and supersede all previous communications, either
oral or written, representations or warranties of any kind whatsoever, except as expressly set forth herein. No modifications of this Agreement nor waiver of the terms or conditions thereof shall be binding upon either party unless approved in
writing by an authorized representative of such party. All issues concerning this agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of New York. 
 [END OF PAGE] 
 [SIGNATURE PAGE FOLLOWS] 
  

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

  

			
	VS HOLDINGS, INC.
		
	By:	 	 /s/    Thomas Tolworthy

		 	 
	Name:	 	Thomas Tolworthy
	Title:	 	President
	
	VITAMIN SHOPPE INDUSTRIES INC.
		
	 By:
	 	 /s/    Thomas Tolworthy

		 	 
	Name:	 	Thomas Tolworthy
	Title:	 	President
	
	BEAR STEARNS MERCHANT MANAGER II, LLC
		
	By:	 	JDH Management LLC,
		 	its Manager
		
	By:	 	 /s/    Richard L. Perkal

		 	 
	Name:	 	Richard L. Perkal
	Title:Promissory Note

 Exhibit 10.47 
 PROMISSORY NOTE 
  

			
	$44,155.00	  	 April 6, 2006
 Van Nuys, California

 Public Media Works, Inc., a California corporation (“Maker”), promises to pay to
Stephen Brown (“Holder”), the principal amount of Forty Four Thousand One Hundred Fifty Five Dollars ($44,155.00), with interest on such amount until paid, at the rate set forth below and payable pursuant to terms and conditions
contained herein. The amount owed by Maker under this Note is for the repayment to Holder for the amounts loaned and advanced by Holder to Maker for Maker’s obligations described on Exhibit A, and represent all obligations owed by Maker to
Holder. 
 INTEREST RATE. The amount of outstanding principal shall bear interest at a rate of six percent (6%) per annum.
Interest shall accrue on the principal balance from and after the date hereof and shall be calculated on the basis of a 365-day year. 
 TERM. The term of this Note shall be for a period beginning on the date hereof and ending on September 6, 2006 (the “Maturity Date”). 
 PAYMENT. All outstanding principal and interest shall be due and payable as follows: (i) the amount of $15,000 shall be paid on or
before July 6, 2006; (ii) the amount of $15,000 shall be paid on or before August 6, 2006; and the balance shall be paid on or before the Maturity Date. Any payment hereunder shall be applied first to the payment of costs and charges
of collection, if any, then to accrued interest, and the balance, if any, shall be then applied to reduction of principal. Principal and interest are payable in lawful money of the United States of America. 
 Maker may prepay this Note in full or in part at any time without a prepayment charge. 
 DEFAULT/ACCELERATION. If any one or more of the following events shall occur (hereinafter called an “Event of Default”), namely: (i) Maker shall fail to make timely payment on the
Maturity Date and such failure is not cured within five (5) business days of written notice by Holder to Maker; or (ii) Maker shall make an assignment for the benefit of his creditors, or shall file or commence, or have filed or commenced
against him any proceeding for any relief under any bankruptcy or insolvency law, or a receiver or trustee shall be appointed for Maker; THEN, upon the occurrence of any such Event of Default, or upon the expiration of the term of this Note, Holder
at its election, and without presentment, demand or notice of any kind, all of which are expressly waived by Maker, may declare the entire outstanding balance of principal and interest thereon immediately due and payable, together with all costs of
collection, including attorneys’ fees, in addition to all of its other rights and remedies, all of which are cumulative. 

 NO WAIVER BY HOLDER. The acceptance by Holder of any payment under this Note after the date
such payment is due, or the failure to declare an Event of Default as herein provided, shall not constitute a waiver of any of the terms of this Note or the right to require the prompt payment when due of future or succeeding payments or to declare
an Event of Default for any failure to so pay or for any other default. 
 WAIVERS. Maker and any endorsers, guarantors and
sureties of this Note hereby waive diligence, demand, presentment, notice of nonpayment, protest and notice of protest and expressly agree that this Note and any payment hereunder may be renewed, modified or extended from time to time and at any
time and consent to the acceptance or release of security for this Note or a release of any party or guarantor, all without in any way affecting their liability and waive the right to plead any and all statutes of limitations as a defense to any
demand on this Note, or on any guaranty thereof, or to any agreement to pay the same to the full extent permissible by law. 
 MISCELLANEOUS. The terms of this Note shall inure to the benefit of and bind the parties hereto and their successors and assigns. Maker represents and warrants to Holder that the obligations hereunder arise out of or in
connection with business purposes and do not relate to any personal, family or household purpose. As used herein the term “Maker” shall include the undersigned Maker and any other person or entity who may subsequently become liable for the
payment hereof. The term “Holder” shall include the named Holder as well as any other person or entity to whom this Note is conveyed, transferred or assigned. Holder may not assign this Note without the Maker’s prior written consent.
Each person signing this Note on behalf of Maker represents and warrants that he has full authority to do so and that this Note binds Maker. 
 GOVERNING LAW. This Note shall be governed by and construed and enforced in accordance with the internal laws of the State of California without giving any effect to principles of conflict of laws. This Note shall be deemed
made and entered into in Van Nuys, California. 
 NO ASSIGNMENT. Holder may not assign this Note or Maker’s obligations
hereunder. 
  

			
	MAKER:
	
	Public Media Works, Inc.
		
	By:	 	 /s/ Corbin Bernsen

		 	Corbin Bernsen, CEO

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