Document:

Offer letter between Logitech Inc. and Erik K. Bardman dated September 14, 2009

 Exhibit 10.1 
 

 
 September 14, 2009 
 Erik K.
Bardman 
 Los Altos, CA 
 Dear Erik: 
 On behalf of Logitech Inc. (“Logitech”), and subject to the ratification of the Compensation Committee of the Board of Directors of Logitech International S.A.
(“Logitech International”), we are pleased to offer you employment with Logitech as Senior Vice President and Chief Financial Officer, reporting to Jerry Quindlen, President and Chief Executive Officer. In such position, you will have the
duties and authority at a level consistent with the duties and authority set forth on Exhibit A. 
 Your bi-weekly base salary will be $15,384.61,
payable every two weeks (annualized this amount is $400,000). You will also be eligible to participate in Logitech International’s Management Performance Bonus Plan, targeted at 65% of your base salary for a potential annual total compensation
of $660,000. 
 We will recommend that the Compensation Committee of Logitech International’s Board of Directors approve a grant to you of 100,000 stock
options on Logitech International shares. These options will vest over a 4-year period, with 25% vesting on your start date anniversary each year. The receipt of any grant shall be conditioned upon the subsequent execution by you of a Logitech stock
option grant agreement. Any future grant of employee equity incentives to you will be reviewed pursuant to the same general process employed for all executives of comparable status. 
 Logitech offers medical, dental and vision plans (effective on your date of hire), company-paid life insurance, voluntary life insurance, a Section 125 flexible spending plan, a 401(k) retirement savings plan,
short term disability, long-term disability, share purchase plan, as well as 20 days per year of combined accrued vacation and sick leave and 11 paid holidays. For additional information on Logitech’s comprehensive benefits programs, please log
on to our benefits website using instructions that will be provided to you. 
 In addition, we will recommend that the Compensation Committee of Logitech
International’s Board of Directors approve the entry into with you of a Change of Control Severance Agreement, in the form substantially as entered into with other Logitech non-CEO executive officers. 

 E. Bardman 
 September 14, 2009 
 Page 2 
 For your
information, Logitech’s performance reviews are conducted at the same time each year for all employees. It is also important for you to know that all of our compensation plans and programs are reviewed each year and may be subject to change.
Logitech reserves the right to cancel or change the benefit plans and programs it offers to its employees, including its executive officers, at any time. Any adjustment to your base salary or your target incentive bonus and other compensation shall
be in the sole discretion of the Logitech International Board of Directors or the Compensation Committee of the Board. 
 While it is our sincere hope and
belief that our working relationship will be mutually beneficial, we also want to advise you that Logitech is an at-will employer. Consequently, either Logitech or you can terminate the employment relationship at-will, at any time, with or without
cause, and with or without advance notice. 
 Federal regulations require us to verify your legal eligibility to work in the United States. Enclosed is the
employment eligibility verification form, which lists the acceptable types of identification. Please bring one type from “List A”, or one each from “List B” and “List C” with you on your first day. 
 Enclosed with this letter is Logitech’s New Hire Orientation Packet. We request that you bring the completed paperwork to Orientation on your first day. Also,
please be aware that your acceptance of employment with Logitech requires your signature on our “Employee Agreement Regarding Proprietary Information and Inventions,” a copy of which is enclosed. 
 This offer is valid through the end of the business day Friday, September 18, 2009 and conditional upon a start date of Monday, October 5, 2009. 
 Erik, we feel that the single most important factor of our success is our people and we look forward to having you on the Logitech team. If you have any questions, or
need clarification on any information contained in this letter, please do not hesitate to contact us. Please sign and return both pages of the offer letter to John Zwieg. 
 Sincerely yours, 
  

	
	 /s/    Martha D. Tuma

	Martha D. Tuma
	VP Worldwide Human Resources

 *********************************** 
 I accept the position of Senior Vice President and Chief Financial Officer, and will begin work Monday, October 5, 2009. I further acknowledge that the terms and conditions specified in this letter are the only
commitments Logitech is making relative to my employment and that all other promises, either verbal or written, are null and void. 
  

					
	 /s/    Erik K. Bardman
	 		 	 September 14, 2009

  

 2 

 E. Bardman 
 September 14, 2009 
 Page 3 
 EXHIBIT A 
 Duties and Authority 
  

	 	•	 	 Senior Vice President and Chief Financial Officer of Logitech. 

  

	 	•	 	 Senior Vice President and Chief Financial Officer of Logitech International, with primary responsibility for the supervision of the financial aspects of Logitech
International’s investment in its subsidiaries. 

  

	 	•	 	 Such other duties and responsibilities as may be determined from time to time by the Board of Directors of Logitech International. 

  

 3Fourth Amended and Restated Employment and Non-Competition Agreement

 Exhibit 10.20 
 EXECUTION COPY 
 FOURTH AMENDED AND RESTATED EMPLOYMENT 
 AND NON-COMPETITION AGREEMENT 
 This
FOURTH AMENDED AND RESTATED EMPLOYMENT AND NON-COMPETITION AGREEMENT (this “Agreement”) made as of this 4th day of September, 2009, 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 Third Amended and Restated Employment Agreement with the Company and Holdings dated as of June 12,
2006 (the “Existing Agreement”); 
 WHEREAS, the parties have agreed that the Existing Agreement shall be deemed to have
been amended and restated and superceded by this Agreement as of the date hereof (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. Commencing upon the Effective Date, the Executive shall voluntarily resign, and hereby does resign, his position
as the Chief Executive Officer and a member of the Board of each of Parent, Holdings, VS Direct, Inc. and the Company and shall, commencing upon the Effective Date, serve as the Vice President of Corporate Strategy and Business Development of the
Company and shall perform such duties as requested by the Chief Executive Officer of the Company (the “CEO”) and the Chairman of the Board of Directors of the Company (the “Chairman”), including assisting the
Company in the areas of real estate, store operations, new product development, new business ventures and other matters as determined by the CEO and the Chairman. The Executive shall report directly to the Chairman and the CEO of the Company;
provided, however, that in performing such duties, the Executive shall at all times be subject to the authority of the Board of Directors of Parent, Holdings and 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. Commencing upon the Effective Date, 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 $300,000 per annum (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. 

 (B) Bonus. In addition to the Base Salary payable to the Executive hereunder, the
Executive may also be eligible to receive additional bonus or incentive compensation, at such times and in such amounts as shall be determined in the sole discretion of the Company. 
 (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 senior 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 described in Section 1, 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) Vacation. The Executive shall be entitled to vacation time in accordance with the plans, practices, policies,
and programs applicable to the Company’s senior management employees generally. 
 3. Term and Termination. The Executive’s
employment with the Company is and shall remain “at-will,” and the Executive’s employment with the Company may be terminated at any time by the Company or the Executive for any (or no) reason with or without notice. If the
Executive’s employment is terminated pursuant to this Section 3, 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, and 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 termination. For the
avoidance of doubt, Executive shall not be entitled to any additional severance upon the Executive’s termination of employment, except as otherwise may be provided for under any Company severance policies or plans then in effect, which shall
provide that Executive is entitled to severance in an amount equal to at least three months of Executive’s Base Salary and payable in accordance with such policies or plans. The Executive’s termination pursuant to this
Section 3 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. 
 4. Repurchase of Equity; Forfeiture of Certain
Stock Options. 
 (A) The Executive acknowledges and agrees that, as of the Effective Date, (i) the Executive’s
current equity holdings in Parent consists of the following: 1,142 shares of Series A Preferred Stock of Parent and 150,0000 shares of Common Stock of Parent (collectively, the “Acquired Securities”), (ii) the Executive is the
sole, legal owner of the 

  

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Acquired Securities, free and clear of any and all liens, claims and encumbrances whatsoever, other than the partial recourse promissory note issued on
November 27, 2002 by the Executive to Holdings (the “Note”) (iii) the Executive has not previously assigned, transferred, sold or otherwise disposed of, or attempted to assign, transfer, sell or otherwise dispose of, any
right, title or interest in the Acquired Securities to any other person or entity. Upon the Effective Date, (i) the Executive shall, and hereby does, contribute 75,497 of the Executive’s shares of Common Stock of Parent to Parent in
exchange for the reduction of the outstanding principal balance on the Note by $754,970, and (ii) the Executive shall, and hereby does, contribute 634 of the Executive’s shares of Series A Preferred Stock of Parent to Parent in exchange
for Parent reducing the remaining outstanding principal and accrued interest on the Note to zero. After the contributions described in this Section 4(A) have been completed, the Executive’s obligation to repay the outstanding
principal and accrued interest under the Note shall be, and herby is, deemed satisfied in full and the Note shall be cancelled and the Executive will deliver to the Parent certificates, duly endorsed in blank, representing the shares of Common Stock
of Parent and the shares of Series A Preferred Stock of Parent that were repurchased. 
 (B) The Executive hereby acknowledges
and agrees that, as of the Effective Date, the Executive holds fully vested stock options to purchase an aggregate of 409,207 shares of Common Stock of Parent as follows: (i) an option to purchase 204,604 shares of Common Stock of Parent at an
exercise price of $10 per share (“Tranche A”); (ii) an option to purchase 68,201 shares of Common Stock of Parent at an exercise price of $20 per share (“Tranche B”); (iii) an option to purchase 68,201
shares of Common Stock of Parent at an exercise price of $25 per share (“Tranche C”); and (iv) an option to purchase 68,201 shares of Common Stock of Parent at an exercise price of $30 per share (“Tranche D”).
Upon the Effective Date, the Executive hereby understands and agrees that a pro rata portion of the foregoing stock option tranches shall be forfeited and automatically cancelled without further action of the Company as follows: (I) 65,267
shares subject to Tranche A; (II) 21,756 shares subject to Tranche B; (III) 21,756 shares subject to Tranche C; and (IV) 21,756 shares subject to Tranche D. Except as provided above, the remaining portion of each of the stock option tranches set
forth above shall remain outstanding in accordance with all of the terms and conditions thereof and the applicable equity plan under which such stock options were granted. 
 (C) In the event of (i) a termination of the Executive’s employment with the Company for Cause (as defined below), (ii) as
a result of the Executive’s voluntary resignation within 12 months of the Effective Date, or (iii) in the event that Executive violates any provision of Sections 5, 6, 7, or 8, all remaining Acquired Securities, after taking into
account Section 4(B) (whether then held by Executive or his transferees) shall be subject to repurchase by Parent pursuant to this Section 4 (the “Repurchase Option”). For purposes hereof, a termination of
the Executive’s employment by the Company shall constitute a termination for “Cause” 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 

  

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significant policy, directive or decision of the Board of Directors of the Company in furtherance of a legitimate business purpose or willful refusal to
perform the duties reasonably assigned to the Executive by the Board of Directors of the Company 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. No action(s) or inaction(s) will constitute Cause under this section unless a resolution finding that Cause exists has been approved by the Board of Directors at a meeting at which the Executive is allowed
to appear with his legal counsel. In the event that the Executive terminates employment with the Company as a result of a voluntary resignation following the occurrence of an event that would be grounds for a termination for Cause, or in the event
Executive violates any provision of Sections 5, 6, 7, or 8, all outstanding stock options, whether vested or unvested, that are then held by the Executive shall thereupon terminate and expire as of the date of such termination without any
consideration being paid therefor. The Executive hereby understands and agrees that the foregoing shall serve as an amendment to all of the Executive’s outstanding stock options and that such amendment is being implemented in accordance with
all of the terms and conditions of the applicable award agreements and the equity plan under which such stock options were granted. 
 (D) 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 such amount may be adjusted to account for any subdivision (by any stock split, stock dividend, recapitalization
or otherwise) or proportionate reduction (by reverse stock split or otherwise), 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. 
 (E) 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 

  

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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. 
 (F) 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 shall pay for the Acquired Securities to be purchased by it pursuant to the Purchase Option by cash payable
by delivery of a check or a wire transfer of funds unless the terms of any financing arrangement entered into by Parent specifically prohibit the payment of cash to Executive, in which case the Parent will make payment (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 Parent, which subordinated promissory note shall mature on the third anniversary of the 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 4 to any of its subsidiaries; to the extent Parent is prohibited by law or by 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. 
 (G) All repurchases of Acquired Securities pursuant to this Section 4 shall be subject to all applicable restrictions under law or
contained in Parent’s and its subsidiaries’ financing agreements. 
 5. 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 (i) directly or indirectly, manufactures, markets or distributes (through wholesale, retail or direct marketing channels including, but not limited to, mail
order and internet distribution) (A) vitamins, minerals, nutritional supplements, herbal products, sports nutrition products, bodybuilding formulas or homeopathic remedies, or (B) any 

  

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other product category sold by the Company or its subsidiaries which represented twelve and one-half percent (12.5%) or more of the Company’s
consolidated gross revenue in the month preceding Executive’s termination or (ii) holds itself out as a business primarily marketing “eco friendly products” substantially in the same manner as the Company’s
“ecoshoppe” business concept (any such business being a “Competitive Business”; provided, that clause (ii) of the definition of Competitive Business shall only apply during the period in which the Company owns
the “ecoshoppe” business concept). 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. 
 For purposes of this Agreement, the Executive will not be deemed, directly or indirectly, to be
engaged in or assisting any other person or entity to engage in any Competitive Business, anywhere in the United States, if: 
  

	 	(i)	the Competitive Business derives less than twelve and one-half percent (12.5%) of its total annual revenues from products and services then under development or offered by the
Company in the United States or elsewhere; and 

  

	 	(ii)	Executive does not have any relationship with, provide advice to or assist in any way the portion, subsidiary or division of the Competitive Business engaged in selling or
developing the same products and services as the Company.

 6. Nonsolicitation. 
 (A) During Executive’s employment and ending on the third 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. 
 7. 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. 
 8. 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 

  

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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). 
 9. Remedies Upon Breach. The Executive agrees that any breach of Section 5, 6, 7 or 8 of this Agreement by him could cause irreparable damage to the Company and that in the event of such breach the Company may 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. 
 10. Reasonableness of Covenants. In signing this Agreement, Executive gives the Company assurance that Executive has carefully read and considered
all of the terms and conditions of this Agreement, including the restraints imposed under Sections 5, 6, 7 or 8 hereof, and agrees that he has received sufficient consideration for the enforceability of such Sections. Executive agrees that
these restraints are necessary for the reasonable and proper protection of the Company and its affiliates and their trade secrets and confidential information and that each and every one of the restraints is reasonable in respect to subject matter,
length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent Executive from obtaining other suitable employment during the period in which Executive is bound by the restraints. Executive
acknowledges that each of these covenants has a unique, very substantial and immeasurable value to the Company and its affiliates and that Executive has sufficient assets and skills to provide a livelihood while such covenants remain in force.
Executive further covenants that Executive will not challenge the reasonableness or enforceability of any of the covenants set forth in Sections 5, 6, 7 or 8 hereof, and that Executive will reimburse the Company and its affiliates for all
costs (including reasonable attorneys’ fees) incurred in connection with any action to enforce any of the provisions of Sections 5, 6, 7 or 8 hereof if either the Company and/or its affiliates prevails on any material issue involved in
such dispute or if Executive challenges the reasonableness or enforceability of any of the provisions of Sections 5, 6, 7 or 8 hereof. It is also agreed that each of the Company’s affiliates will have the right to enforce all of
Executive’s obligations to that affiliate under this Agreement, including without limitation pursuant to Sections 5, 6, 7 or 8 hereof. 
 11. 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 Company agrees to advance the expenses incurred in defending any such proceeding and the Executive agrees to repay such advanced expenses
when required pursuant to the Company’s certificate of incorporation and by-laws. 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. 
  

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 12. 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). 
 13. Acknowledgements. The Executive hereby acknowledges that the enforcement of the provisions of Sections 5 and 6 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 5 and 6 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. 
 14. 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. 
 15. Governing Law; Jurisdiction. This Agreement, the rights and obligations of the parties hereto, and any claims or
disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of New York without regard to its choice of law provisions. Each of the parties agrees that any dispute between the parties shall be resolved only
in the courts of the State of New York located in New York, New York or the United States District Court for the Southern District of New York and the appellate courts having jurisdiction of appeals in such courts. In that context, and without
limiting the generality of the foregoing, each of the parties hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement or Executive’s employment by the Company or any affiliate, or for the recognition
and enforcement of any judgment in respect thereof (a “Proceeding”), to the exclusive jurisdiction of the courts of the State of New York located in New York, New York, the court of the United States of America for the Southern
District of New York, and appellate courts having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such New York State court or, 

  

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to the extent permitted by law, in such federal court, (b) consents that any such Proceeding may and shall be brought in such courts and waives any
objection that the Executive or the Company may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same,
(c) waives all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or Executive’s employment by the Company or any affiliate of the Company, or the
Executive’s or the Company’s performance under, or the enforcement of, this Agreement, (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such party at the Executive’s or the Company’s address as provided in Section 20 hereof, and (e) agrees that nothing in this Agreement shall affect the right to
effect service of process in any other manner permitted by the laws of the State of New York. 
 16. 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. 
 17. 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 17. 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.

 18. Entire Agreement. This Agreement 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 

  

 -9- 

 
hereto agree and acknowledge that Sections 5 and 6 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. 
 19. 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 Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. 
 20. 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. 
 2101 91st.
Street 
 North Bergen, New Jersey 07047 
 Attention:  James M. Sander 
 Facsimile: (201) 624-3824 
 with copies (which shall not constitute notice) to: 
 Irving Place Capital 
 277 Park Avenue, 39th Floor 
 New York, New York 10172 
 Attention:  Douglas R. Korn and Richard L. Perkal 
 Facsimile: (212) 551-4542 
 and

 Kirkland & Ellis LLP 
 601 Lexington Avenue 
 New York, NY 10022 
 Attention:  Michael T. Edsall, Esq. 
 Facsimile: (212) 446-6460 
 If to the Executive: 
 Thomas Tolworthy

 1 Bethpage Court 
 Cortlandt
Manor, NY 10567 
 Facsimile: (914) 525-5094 
  

 -10- 

 with copies to: 
 Wendi S. Lazar 
 Outten & Golden LLP 
 3 Park Ave., 29th Floor 
 New York, NY
10016 
 Facsimile: (212) 977-4005 
 21. Survival of Obligations. The provisions of Sections 4, 5, 6, 7 and 8 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. 
 22. Arbitration. Any dispute, controversy, or claim arising out of or in connection with this Agreement shall be determined and settled by a panel
of three arbitrators, one to be chosen by Executive, one to be chosen by the Company, and one to be chosen by mutual agreement of the arbitrators chosen by Executive and the Company, 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 22 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 5, 6, 7 and 8 of this
Agreement. 
 23. 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. 
 24.
Release. In consideration for the Executive’s continued employment with the Company, the Executive, for and on behalf of the Executive and the Executive’s heirs, dependents, executors, administrators, trustees, legal
representatives, agents, successors and assigns (collectively, the “Releasing Parties”), hereby irrevocably and unconditionally releases, acquits and forever discharges the Company, Parent, and Holdings, and all of its or their
past, present and/or future subsidiaries, divisions, affiliates, employee benefit plans, successors and assigns and all of its or their past, present and/or future shareholders, officers, managers, partners, directors, employees, agents,
representatives, attorneys, affiliates, predecessors, successors, assigns, as applicable, and all other persons acting by, through, under, or in concert with any of them (collectively, the “Releasees”), from and against any and all
actions, causes of action, suits, debts, liens, contracts, agreements, obligations, promises, liabilities, claims, rights, demands, damages, controversies, losses, costs, and expenses (including attorneys’ fees) of any and all kinds, whether
known or unknown, suspected or unsuspected, or fixed or contingent (collectively, the “Claims”), which the Releasing Parties now have, own, hold, or claim to have, own, or hold, or at any time heretofore had, owned, held, or claimed
to have, own, or hold, against the Releasees, or any of them in connection with or in any manner related to, or arising in connection with all matters relating to the Executive’s employment by the Company prior to the 

  

 -11- 

 
Effective Date and all changes to the terms and conditions of the Executive’s employment with the Company. It is the intention of the Company and the
Releasing Parties in executing this Agreement that this Agreement shall be effective as a bar to each and every Claim hereinabove mentioned or implied, and each of the Company and the Releasing Parties hereby knowingly and voluntarily waive any and
all such Claims. Each of the Company and the Releasing Parties expressly consent that this Agreement shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and
unsuspected claims, demands, charges and causes of action (notwithstanding any state statute that expressly limits the effectiveness of a general release of the unknown, unsuspected and unanticipated claims), if any, as well as those relating to any
other claims, demands and causes of action hereinabove mentioned or implied. The foregoing release shall not apply to the Executive’s rights with respect to accrued and vested benefits under any employee benefit plan of the Company. The Company
agrees to release Executive from all claims of which the Board of Directors has actual knowledge as of the Effective Date of this Agreement. 
 [END OF PAGE] 
 [SIGNATURE PAGE FOLLOWS] 
  

 -12- 

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

  

			
	VITAMIN SHOPPE INDUSTRIES, INC.
		
	By:	 	/s/ James M. Sander
		 	Name: James M. Sander
		 	Title: Vice President and General Counsel

  

			
	VS HOLDINGS, INC.
		
	By:	 	/s/ James M. Sander
		 	Name: James M. Sander
		 	Title: Vice President and General Counsel

  

			
	VS PARENT, INC.
		
	By:	 	/s/ James M. Sander
		 	Name: James M. Sander
		 	Title: Vice President and General Counsel
	
	/s/ Thomas Tolworthy
	Thomas Tolworthy

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