Document:

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                                                                    Exhibit 10.1

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
ASSIGNED OR OTHERWISE DISPOSED OF UNLESS SO REGISTERED OR AN EXEMPTION FROM
REGISTRATION UNDER SAID ACT AND LAWS IS AVAILABLE.

                            WEIGHTWATCHERS.COM, INC.

                            AMENDED AND RESTATED NOTE

$28,500,000                                                      OCTOBER 1, 2000

         FOR VALUE RECEIVED, the undersigned, WEIGHTWATCHERS.COM, INC., a
Delaware corporation (the "Company"), promises to pay to the order of WEIGHT
WATCHERS INTERNATIONAL, INC., a Virginia corporation (the "Holder"), on
September 30, 2003 (the "Maturity Date") the principal amount of (a)
TWENTY-EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS ($28,500,000.00), or, if
less, (b) the aggregate unpaid principal amount of all loans made by the Holder
to the Company pursuant to this amended and restated promissory note (this
"Note").

         Until July 31, 2003, the Holder agrees, at any time or from time to
time, to loan the Company up to an aggregate principal amount of $28,500,000
(the "Commitment") within five business days of its receipt of a written request
therefor. This Note amends and restates as of the date hereof an existing
promissory note dated October 1, 2000 between the Company and the Holder (the
"Old Note") in the aggregate principal amount of $23,500,000, which included the
outstanding principal amount plus accrued interest on a pre-existing promissory
note dated November 24, 1999 for $10,000,000 between the Company and the Holder
(the "Prior Note"). As of October 1, 2000, the principal amount plus accrued
interest of the Prior Note was rolled over and subsumed into the Old Note and
the Prior Note was thereby cancelled. All loans made under this Note shall be in
an amount equal to $100,000 or an integral multiple thereof. The unpaid
principal amount of this Note from time to time outstanding since the Issuance
Date shall bear interest at a rate of 13% per annum, and such interest shall be
due and payable semi-annually in arrears on March 31 and September 30 of each
year, commencing on March 31, 2001. Interest will be computed on the basis of a
365-day year and the actual number of days elapsed including the first day but
excluding the payment date. All payments of principal of and interest on this
Note shall be payable in lawful currency of the United States of America. All
such payments shall be made by the Company to an account established by the
Holder and notified to the Company and shall be recorded on the books and
records of the Company and the Holder.

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         The Company agrees to pay to the Holder a commitment fee for the period
from and including the Issuance Date to July 31, 2003, computed at a rate of
0.50% per annum on the average daily unused portion of the Commitment payable
semi-annually in arrears on March 31 and September 30 of each year, commencing
March 31, 2001.

         The Company may skip the payment of the first semi-annual payment of
interest and the commitment fee without penalty. However, the amounts otherwise
due on March 31, 2001 shall then be paid on September 30, 2001 together with the
payments normally due on that date. The Company shall have the further option to
skip payment of this first semi-annual payment then otherwise due on September
30, 2001. In addition to the immediately preceding paragraph, the Company may
also skip the payment of the second semi-annual payment of interest and
commitment fee otherwise due on September 30, 2001 without penalty.

         However, the amounts otherwise due on September 30, 2001 in accordance
with the immediately two preceding paragraphs shall then be paid on March 31,
2002 together with (i) interest on the amounts otherwise due on September 30,
2001 accruing at a rate of 13% per annum from September 30, 2001 (computed on
the basis of a 365-day year and the actual number of days elapsed until paid
including the first day), and (ii) the payments normally due on March 31, 2002.

         If any payment on this Note becomes due and payable on a day other than
a day on which commercial banks in New York City are open for the transaction of
normal business (a "Business Day"), the maturity thereof shall be extended to
the next succeeding Business Day and, with respect to any payment of principal,
interest or commitment fees thereon, shall be payable at the then applicable
rate during such extension.

         The Holder is authorized to endorse on Schedule A attached hereto and
made a part hereof, the amount of each loan made pursuant to this Note
(including the outstanding principal and interest on the Prior Note) and the
date and amount of each payment or prepayment of principal thereof. Each such
endorsement shall constitute prima facie evidence of the accuracy of the
information endorsed.

         In addition to, but not in limitation of, the foregoing, the Company
further agrees to pay all expenses, including (i) the making of any loans under
this Note and (ii) reasonable attorneys' fees and legal expenses, incurred by
the Holder in connection with endeavoring to collect any amounts payable
hereunder which are not paid when due.

         1. Payment Provisions.

                  1.1 Payments on this Note. The Company shall make payments of
principal of, interest on and the commitment fees with respect to this Note when
due.

                  1.2 Optional Redemption. This Note may be redeemed at the
option of the Company, at any time or from time to time, in whole or in part,
without premium or penalty, at par plus accrued and unpaid interest, plus any
accrued and unpaid commitment fees.

                  1.3 Change of Control. Upon a Change of Control, the Holder
shall have the right to require the Company to repurchase this Note at a
purchase price equal to 101% of the

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principal amount thereof plus accrued and unpaid interest plus any accrued and
unpaid commitment fee to the date of purchase.

         2. Default. The entire unpaid principal of this Note, together with all
accrued and unpaid interest and any accrued and unpaid commitment fees shall
become and be immediately due and payable upon written demand of the Holder (or
in the case of an event specified in Sections 2(g) or (h), automatically without
notice), without any other notice or demand of any kind or any presentment or
protest, if any one of the following events (an "Event of Default") shall occur
and be continuing at the time of such demand, whether voluntarily or
involuntarily, or, without limitation, occurring or brought about by operation
of law or pursuant to or in compliance with any judgment, decree or order of any
court or any order, rule or regulation of any governmental body:

                  a.       The Company defaults in any payment of interest or
                           any commitment fee on this Note when the same becomes
                           due and payable, and such default continues for a
                           period of 30 days;

                  b.       The Company (i) defaults in the payment of the
                           principal of this Note when the same becomes due and
                           payable at its Stated Maturity or pursuant to the
                           provision of Section 1.3, (ii) defaults in the
                           payment of the principal of this Note when the same
                           becomes due and payable upon redemption, upon
                           declaration or otherwise, or (iii) fails to redeem or
                           purchase the Note when required pursuant to this
                           Note;

                  c.       The Company fails to comply with Section 3.8;

                  d.       The Company or any of its Subsidiaries fail to comply
                           with any other provision of Section 3, and such
                           failure continues for 30 days after the notice
                           specified below;

                  e.       The Company or any of its Subsidiaries fail to comply
                           with any of its agreements in this Note (other than
                           those referred to in (a), (b), (c) or (d) above) and
                           such failure continues for 60 days after the notice
                           specified below;

                  f.       Indebtedness of the Company or any of its
                           Subsidiaries is not paid within any applicable grace
                           period after final maturity or is accelerated by the
                           holders thereof because of a default and the total
                           amount of such Indebtedness unpaid or accelerated at
                           any time exceeds $1,000,000;

                  g.       The Company or any of its Subsidiaries pursuant to or
                           within the meaning of any Bankruptcy Law:

                                    1.       commences a voluntary case;

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                                    2.       consents to the entry of an order
                                             for relief against it in an
                                             involuntary case;

                                    3.       consents to the appointment of a
                                             custodian of it or for any
                                             substantial part of its property;
                                             or

                                    4.       makes a general assignment for the
                                             benefit of its creditors;

                           or takes any comparable action under any foreign laws
                           relating to insolvency;

                  h.       A court of competent jurisdiction enters an order or
                           decree under any Bankruptcy Law that:

                                    1.       is for relief against the Company
                                             or any of its Subsidiaries in an
                                             involuntary case;

                                    2.       appoints a custodian of the Company
                                             or any of its Subsidiaries or for
                                             any substantial part of its
                                             property; or

                                    3.       orders the winding up or
                                             liquidation of the Company or any
                                             of its Subsidiaries;

                           or any similar relief is granted under any foreign
                           laws and the order, decree or relief remains unstayed
                           and in effect for 60 consecutive days;

                  i.       Any judgment or decree for the payment of money in
                           excess of $1,000,000 is rendered against the Company
                           or any of its Subsidiaries (other than a judgment or
                           decree in a claim brought by any Person arising out
                           of, or relating to, the Company's or any of its
                           Subsidiaries' (A) use of the Weight Watchers
                           trademarks, service marks, trade names, brand names,
                           copyrights, program information, terminology or
                           materials, and/or other intellectual property as
                           provided in any license agreement between the Company
                           (or any of its Subsidiaries) and the Holder, or (B)
                           provision of services pursuant to any service
                           agreement between the Company (or any of its
                           Subsidiaries) and the Holder) and is not discharged
                           and either (1) an enforcement proceeding has been
                           commenced by any creditor upon such judgment or
                           decree or (2) there is a period of 60 days following
                           such judgment during which such judgment or decree is
                           not discharged, waived or the execution thereof
                           stayed; or

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                  A Default under Sections 2(d) or (e) is not an Event of
                  Default until the Holder notifies the Company of the Default
                  and the Company does not cure such Default within the time
                  specified after receipt of such notice.

         3. Covenants.

                  3.1 Limitation on Indebtedness.

                           a.       The Company and its Subsidiaries shall not
                                    Incur any Indebtedness which will result in
                                    the total Indebtedness of the Company and
                                    its Subsidiaries exceeding $35,000,000
                                    (including the amount of any principal and
                                    interest outstanding on this Note) at any
                                    time that there is any principal or interest
                                    outstanding on this Note. Notwithstanding
                                    the foregoing, for purposes of determining
                                    the total Indebtedness Incurred by the
                                    Company and its Subsidiaries at any time,
                                    any Indebtedness between the Company and any
                                    of its Subsidiaries, or between any of the
                                    Company's Subsidiaries, shall be excluded.

                           b.       This Note shall be senior and have a first
                                    priority over all other Indebtedness of the
                                    Company.

                  3.2 Limitation on Liens. The Company shall not, directly or
indirectly create, incur, assume or suffer to exist any Lien that secures
obligations on any asset or property of the Company and any of its Subsidiaries
or any income or profits therefrom, or assign or convey any right to receive
income therefrom except for (A) (i) Liens incurred in the ordinary course of
business for sums not overdue for a period of more than thirty (30) days (other
than Liens consented in writing by Holder), (ii) Liens incurred in the ordinary
course of business to finance the purchase, lease or improvement of property
(real or personal) or equipment, or (iii) Liens incurred with respect to this
Note or any Guarantee issued by the Holder or any Subsidiary of the Holder, or
(B) the amount of such Lien or Liens do not result in the total Indebtedness of
the Company exceeding $35,000,000 as hereinbefore provided.

                  3.3 Limitation on Distributions and Redemptions.

                           a.       The Company or any Subsidiary shall not,
                                    directly or indirectly, to (i) declare or
                                    pay any dividend or make any distribution on
                                    or in respect of its Capital Stock
                                    (including any payment in connection with
                                    any merger or consolidation involving the
                                    Company) or similar payment to the direct or
                                    indirect holders of its Capital Stock except
                                    (1) dividends or distributions payable
                                    solely in its Capital Stock (other than
                                    Disqualified Stock) or in options, warrants
                                    or other rights to purchase such Capital
                                    Stock and (2) dividends or distributions
                                    payable solely to the Company or a Wholly
                                    Owned Subsidiary, (ii) purchase, redeem,
                                    retire or otherwise acquire for value any
                                    Capital Stock of the Company or any Wholly
                                    Owned Subsidiary held by Persons other than
                                    the

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                                    Company, (iii) purchase, repurchase, redeem,
                                    defease or otherwise acquire or retire for
                                    value, prior to scheduled maturity,
                                    scheduled repayment or scheduled sinking
                                    fund payments any Indebtedness (other than
                                    Indebtedness represented by this Note and
                                    Indebtedness between the Company and any of
                                    its Subsidiaries, or between Subsidiaries of
                                    the Company) or (iv) make any Investment in
                                    any Person other than a Permitted
                                    Investment.

                           b.       The provisions of Section 3.3(a) shall not
                                    prohibit:

                                    The repurchase, redemption or other
                                    acquisition or retirement for value of any
                                    Equity Interests of the Company held by any
                                    director, officer or employee of the Company
                                    or any Subsidiary of the Company upon such
                                    director ceasing to be a director or upon
                                    the termination of such officer's or
                                    employee's employment with the Company or
                                    any Subsidiary of the Company; provided that
                                    the aggregate price paid for all such
                                    repurchased, redeemed, acquired or retired
                                    Equity Interests shall not exceed $1,000,000
                                    in any twelve-month period.

                  3.4 Limitation on Restrictions on Distributions from
Subsidiaries. The Company shall not, and shall not permit any Subsidiary to,
create or permit to exist or become effective any consensual encumbrance or
restriction on the ability of any Subsidiary to (i) pay dividends or make any
other distributions on its Capital Stock or pay any Indebtedness or other
obligation owed to the Company or any of its Subsidiaries, (ii) make any loans
or advances to the Company or any of its Subsidiaries, or (iii) transfer any of
its property or assets to the Company or any of its Subsidiaries.

                  3.5 Limitation on Sales of Assets and Subsidiary Stock. The
Company shall not, and shall not permit any Subsidiary to, make any Asset
Disposition in excess of $10,000 unless (a) the Company or such Subsidiary
receives consideration at the time of such Asset Disposition at least equal to
the fair market value, as determined in good faith by the Board of Directors
(including as to the value of all non-cash consideration), of the shares and
assets subject to such Asset Disposition, (b) at least 85% of the consideration
thereof received by the Company or such Subsidiary is in the form of cash or
cash equivalents, and (c) an amount equal to 100% of the Net Available Cash from
such Asset Disposition is applied by the Company (or such Subsidiary, as the
case may be) to invest in Additional Assets within 120 days of receipt thereof.
On the 121st day after an Asset Disposition or on such earlier date as the Board
of Directors shall determine not to apply 100% of the Net Available Cash as set
forth in the preceding sentence, the Company shall redeem this Note, in whole or
in part, at a price equal to 100% of the principal amount thereof plus accrued
and unpaid interest with the aggregate amount of Net Available Cash which has
not been applied in accordance with the preceding sentence.

                  3.6 Limitation on Transactions with Shareholders and
Affiliates.

                           a.       The Company shall not, and shall not permit
                                    any Subsidiary of the Company to, directly
                                    or indirectly, enter into or conduct any

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                                    transaction or related series of
                                    transactions (including the purchase, sale,
                                    lease or exchange of any property or the
                                    rendering of any service) with any Affiliate
                                    of the Company (an "Affiliate Transaction")
                                    unless the terms of such transaction are no
                                    less favorable to the Company or such
                                    Subsidiary, as the case may be, than those
                                    that could be obtained at the time of such
                                    transaction in arm's-length dealings with a
                                    Person who is not such an Affiliate.

                           b.       The foregoing shall not prohibit (1) any
                                    transaction between the Company or any of
                                    its Subsidiaries, on the one hand, and any
                                    Permitted Holder, on the other hand, (2) any
                                    issuance of securities, or other payments,
                                    awards or grants in cash, securities or
                                    otherwise pursuant to, or the funding of,
                                    employment arrangements, stock options and
                                    stock ownership plans approved by the Board
                                    of Directors, (3) loans or advances to
                                    employees in the ordinary course of
                                    business, or (4) any transaction between the
                                    Company and a Wholly Owned Subsidiary or
                                    between Wholly Owned Subsidiaries.

                  3.7 Sale of Subsidiary Capital Stock. The Company (a) will
not, and will not permit any Subsidiary of the Company to, transfer, convey,
sell, lease or otherwise dispose of any Capital Stock of any Subsidiary to any
Person (other than the Company or a Wholly Owned Subsidiary) and (b) will not
permit any Subsidiary to issue any of its Capital Stock (other than, if
necessary, shares of its Capital Stock constituting directors' qualifying
shares) to any Person other than to the Company or a Wholly Owned Subsidiary.

                  3.8 Merger, Consolidation or Sale of Assets. The Company shall
not consolidate with or merge with or into, or sell, convey, transfer, lease or
otherwise dispose of all or substantially all its assets to, any Person (in one
transaction or a series of related transactions), or permit any Person to merge
with or into the Company and the Company will not permit any of its Subsidiaries
to enter into any such transaction or series of transactions if such transaction
or series of transactions, in the aggregate, would result in the sale,
assignment, conveyance, transfer, lease or other disposition of all or
substantially all of the properties and assets of the Company or the Company and
its Subsidiaries, taken as a whole, to any other Person or Persons without the
express written permission of the Holder, unless the principal amount of the
Note and any outstanding interest or commitment fee is paid in full prior to the
completion of any such transaction. In granting any such written permission the
Holder at a minimum will require the following:

                           1.                the resulting, surviving or
                                    transferee Person (the "Successor Company")
                                    shall be a corporation organized and
                                    existing under the laws of the United States
                                    of America or any state thereof and the
                                    Successor Company (if not the Company) shall
                                    expressly assume all the obligations of the
                                    Company under this Note;

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                           2.                immediately after giving effect
                                    to such transaction (and treating any
                                    Indebtedness which becomes an obligation of
                                    the Successor Company or any Subsidiary as a
                                    result of such transaction as having been
                                    incurred by the Successor Company or such
                                    Subsidiary at the time of such transaction),
                                    no Default or Event of Default shall have
                                    occurred and be continuing;

                           3.                immediately after giving effect
                                    to such transaction on a pro forma basis,
                                    the Successor Company shall have a
                                    Consolidated Net Worth equal to or greater
                                    than an amount which is not less than the
                                    Consolidated Net Worth of the Company prior
                                    to such transaction; and

                           4.                the Company shall have delivered
                                    to the Holder an Officers' Certificate and
                                    an Opinion of Counsel, each stating that
                                    such consolidation, merger or transfer
                                    complies with the terms of this Note and the
                                    Successor Company shall have delivered to
                                    the Holder an Officer's Certificate and an
                                    Opinion of Counsel, each stating that the
                                    assumption of the Note has been duly
                                    approved and authorized by the Board of
                                    Directors or Shareholders of such Successor
                                    Company as may be required by the Holder.

                  3.9 Periodic Reports. The Company shall provide the Holder
with three quarterly unaudited financial statements (within forty-five (45) days
of each quarter end) and audited annual reports containing all financial
information reasonably requested by Holder (within ninety (90) days of each year
end) including, without limitation, income statement, balance sheet, and cash
flows prepared in accordance with GAAP. Notwithstanding the foregoing, audited
annual reports with respect to calendar years 1999 and 2000 shall be provided by
the Company no later than May 31. 2001.

                  3.10 Corporate Existence. The Company shall do or cause to be
done all things necessary to preserve and keep in full force and effect its
corporate existence and the corporate, partnership, limited liability or other
existence of each of its Subsidiaries in accordance with the respective
organizational documents (as the same may be amended from time to time) of each
Subsidiary and the rights (charter and statutory) of the Company and each of its
Subsidiaries; provided, however, that the Company shall not be required to
preserve any such existence or right if such existence or right involves a
Wholly Owned Subsidiary.

                  3.11 Payment of Taxes and Other Claims. The Company shall pay
or discharge or cause to be paid or discharged, before the same shall become
delinquent, (a) all material taxes, assessments and governmental charges levied
or imposed upon it or any of its Subsidiaries or upon the income, profits or
property of it or any of its Subsidiaries and (b) all lawful claims for labor,
materials and supplies which, in each case, if unpaid, might by law become a
material Lien upon or a material liability affecting the property of it or any
of its Subsidiaries; provided, however, that the Company shall not be required
to pay or discharge or cause to be paid or discharged any such tax, assessment,
charge or claim whose amount, applicability or validity is

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being contested in good faith by appropriate proceedings and for which
appropriate provision has been made.

                  3.12 Maintenance of Properties and Insurance.

                  (a) The Company shall cause all material properties owned by
or leased by it or any of its Subsidiaries useful and necessary to the conduct
of its business or the business of any of its Subsidiaries to be improved or
maintained and kept in normal condition, repair and working order and shall
cause to be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all as in its judgment may be necessary, so that the
business carried on in connection therewith may be properly conducted at all
times; provided, however, that nothing in this Section 3.12 shall prevent the
Company or any of its Subsidiaries from discontinuing the use, operation or
maintenance of any of such properties, or disposing of any of them, if such
discontinuance or disposal is, in the judgment of the Board of Directors or of
the board of directors of any Subsidiary of the Company concerned, or of an
officer (or other agent employed by the Company or of any of its Subsidiaries)
of the Company or any of its Subsidiaries having managerial responsibility for
any such property, desirable in the conduct of the business of the Company or
any Subsidiary of the Company, and if such discontinuance or disposal is not
adverse in any material respect to the Holder.

                  (b) To the extent available at commercially reasonable rates,
the Company shall maintain, and shall cause its Subsidiaries to maintain,
insurance with responsible carriers against such risks and in such amounts, and
with such deductibles, retentions, self-insured amounts and co-insurance
provisions, as are customarily carried by similar businesses, of similar size.

                  3.13 Compliance Certificate; Notice of Default. The Company
shall deliver to the Holder, within 90 days after the close of each quarter, an
Officers' Certificate stating that a review of the activities of the Company and
its Subsidiaries during the preceding fiscal year has been made under the
supervision of the signing officers with a view to determining whether it has
kept, observed, performed and fulfilled, and has caused each of its Subsidiaries
to keep, observe, perform and fulfill its obligations under this Note and
further stating, as to each such officer signing such certificate, that, to the
best of his knowledge, the Company during such preceding fiscal year has kept,
observed, performed and fulfilled, and has caused each of its Subsidiaries to
keep, observe, perform and fulfill each and every such covenant contained in
this Note and no Default occurred during such year and at the date of such
certificate there is no Default which has occurred and is continuing or, if such
signers do know of such Default, the certificate shall describe its status, with
particularity and that, to the best of his or her knowledge, no event has
occurred and remains by reason of which payments on the account of the principal
of or interest on or commitment fee with respect to this Note is prohibited or
if such event has occurred, a description of the event and what action each is
taking or proposes to take with respect thereto. The Officers' Certificate shall
also notify the Holder should the Company elect to change the manner in which it
fixes its fiscal year end. The Company shall notify the Holder of any default or
defaults in the performance of any covenants or agreements under this Note
within five Business Days of becoming aware of any such default.

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                  3.14 Compliance with Laws. The Company shall comply, and shall
cause its Subsidiaries to comply, with all applicable statutes, rules,
regulations, orders of the relevant jurisdiction in which they are incorporated
and/or in which they carry on business, all political subdivisions thereof, and
of any relevant governmental regulatory authority, in respect of the conduct of
their respective businesses and the ownership of their respective properties,
except for such noncompliances as would not in the aggregate have a material
adverse effect on the financial condition or results of operations of the
Company and its Subsidiaries taken as a whole.

                  3.15 Waiver of Stay, Extension or Usury Laws. The Company
covenants (to the extent that it may lawfully do so) that it shall not at any
time insist upon, plead, or in any manner whatsoever claim or take the benefit
or advantage of, any stay or extension law or any usury law or other law that
would prohibit or forgive the Company from paying all or any portion of the
principal of and/or interest on this Note as contemplated herein, wherever
enacted, now or at any time hereafter in force, or which may affect the
covenants or the performance of this Note, and (to the extent that it may
lawfully do so) the Company hereby expressly waives all benefit or advantage of
any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Holder, but will suffer and permit
the execution of every such power as though no such law had been enacted.

                  3.16 Conduct of Business. The Company shall not, and shall not
permit any Subsidiary to, engage in any business, other than a Related Business.

                  3.17 Future Subsidiaries. Unless otherwise agreed to in
writing by Holder, after the Issuance Date, the Company will cause each
Subsidiary created or acquired by the Company and each of its Subsidiaries to
execute and deliver to the Holder a supplement to this Note (which shall also be
executed and delivered by the Company) pursuant to which such Subsidiary will
become a party to this Note and thereby be obligated, on a joint and several
basis, to make full and prompt payment of the principal of, premium, if any, and
interest on this Note.

                  3.18 Jurisdiction of Incorporation. The Company shall not
change its jurisdiction of incorporation or the jurisdiction of its tax
residency to a jurisdiction other than the United States of America or any state
thereof.

         4. Certain Definitions. For purposes of this Note, unless otherwise
specifically indicated herein, the term "consolidated" with respect to any
Person refers to such Person consolidated with its Subsidiaries. In addition,
for purposes of the following definitions and this Note generally, all
calculations and determinations shall be made in accordance with GAAP and shall
be based upon the consolidated financial statements of the Company and its
Subsidiaries prepared in accordance with GAAP. As used in this Note, the
following terms shall have the following meanings:

                  "Additional Assets" means (i) any property or assets (other
than Indebtedness and Capital Stock) in a Related Business; (ii) the Capital
Stock of a Person that becomes a Subsidiary as a result of the acquisition of
such Capital Stock by the Company or another Subsidiary of the Company; or (iii)
Capital Stock constituting a minority interest in any Person that at such time
is a Subsidiary of the Company; provided, however, that, in the case of clauses
(ii) and (iii), such Subsidiary is primarily engaged in a Related Business.

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                  "Affiliate" of any specified Person means any other Person,
directly or indirectly, controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition,
"control" when used with respect to any Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.

                  "Asset Disposition" means any sale, lease, transfer or other
disposition (or series of related sales, leases, transfers or dispositions) of
shares of Capital Stock of a Subsidiary (other than directors' qualifying
shares), property or other assets (each referred to for the purposes of this
definition as a "disposition") by the Company or any of its Subsidiaries
(including any disposition by means of a merger, consolidation or similar
transaction) other than (i) a disposition by a Subsidiary to the Company or by
the Company or a Subsidiary to a Wholly Owned Subsidiary, (ii) a disposition of
inventory in the ordinary course of business, (iii) the sale of Temporary Cash
Investments in the ordinary course of business, and (iv) a disposition of
obsolete equipment or property, or equipment or property that is no longer
useful in the business of the Company and its Subsidiaries and that is disposed
of in the ordinary course of business.

                  "Attributable Indebtedness" in respect of a Sale/Leaseback
Transaction means, as at the time of determination, the present value
(discounted at the interest rate borne by this Note, compounded annually) of the
total obligations of the lessee for rental payments during the remaining term of
the lease included in such Sale/Leaseback Transaction (including any period for
which such lease has been extended).

                  "Bankruptcy Law" means Title 11, United States Code, or any
similar U.S. Federal and state laws relating to bankruptcy, insolvency, winding
up, administration, receivership and other similar matters.

                  "Board of Directors" means the Board of Directors of the
Company.

                  "Capital Stock" of any Person means any and all shares,
interests, rights to purchase, warrants, options, participation or other
equivalents of or interests in (however designated) equity of such Person,
including, without limitation, any Preferred Stock and if such Person is a
partnership, partnership interests, but excluding any debt securities
convertible into such equity.

                  "Capitalized Lease Obligations" means an obligation that is
required to be classified and accounted for as a capitalized lease for financial
reporting purposes in accordance with GAAP, and the amount of Indebtedness
represented by such obligation shall be the capitalized amount of such
obligation determined in accordance with GAAP; and the Stated Maturity thereof
shall be the date of the last payment of rent or any other amount due under such
lease.

                  "Change of Control" means the occurrence of any of the
following events:

                  (i) any Person (other than a Permitted Holder) is or becomes
         the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the
         United States Securities Exchange Act of 1934, as amended (the
         "Exchange Act"), except that such Person shall be deemed

                                       11
<PAGE>   12
         to have "beneficial ownership" of all shares that any such Person has
         the right to acquire, whether such right is exercisable immediately or
         only after the passage of time) of more than 35% of the total voting
         power of the Voting Stock of the Company;

                  (ii) the first day within any period of two consecutive years,
         individuals who at the beginning of such period constituted the Board
         of Directors or the board of directors of the Company (together with
         any new directors whose election by such board of directors or whose
         nomination for election by the shareholders of the Company or the
         Company was approved by a majority of the directors of the Company,
         then still in office who were either directors at the beginning of such
         period or whose election or nomination for election was previously so
         approved) cease for any reason (other than by voluntary resignation,
         death or disability) to constitute a majority of such board of
         directors then in office;

                  (iii) upon any merger or consolidation of the Company with or
         into any Person or any sale, transfer or other conveyance of all or
         substantially all of the assets of the Company, on a consolidated
         basis, in one transaction or a series of related transactions, if,
         immediately after giving effect to such transaction or series of
         related transactions, any Person (other than a Permitted Holder) is or
         becomes the owner, directly or indirectly, of more than 35% of the
         total voting power in the aggregate normally entitled to vote in the
         election of directors, managers, or trustees, as applicable, of the
         transferee or surviving entity;

                  (iv) a sale or disposition (other than a transfer to one or
         more Wholly Owned Subsidiaries of the Company), whether directly or
         indirectly, by the Company of all or substantially all of its assets;
         or

                  (v) the pro rata distribution by the Company to its
         stockholders of substantially all of its assets.

                  "Company" means WeightWatchers.com, Inc. (the maker of this
Note).

                  "Consolidated Net Worth" means the total of the amounts shown
on the balance sheet of the Company and its Subsidiaries, determined on a
consolidated basis in accordance with GAAP, as of the end of the most recent
fiscal quarter of the Company ending prior to the taking of any action for the
purpose of which the determination is being made, as (i) the par or stated value
of all outstanding Capital Stock of the Company plus (ii) paid-in capital or
capital surplus relating to such Capital Stock plus (iii) any retained earnings
or earned surplus less (A) any accumulated deficit and (B) any amounts
attributable to Disqualified Stock.

                  "Currency Agreement" means in respect of a Person any foreign
exchange contract, currency swap agreement or other similar agreement as to
which such Person is a party or a beneficiary.

                  "Default" means any event which is, or after notice or passage
of time or both would be, an Event of Default.

                                       12
<PAGE>   13
                  "Disqualified Stock" means, with respect to any Person, any
Capital Stock which by its terms (or by the terms of any security into which it
is convertible or for which it is exchangeable) or upon the happening of any
event (i) matures or is mandatorily redeemable pursuant to a sinking fund
obligation or otherwise, (ii) is convertible or exchangeable for Indebtedness or
Disqualified Stock or (iii) is redeemable at the option of the holder thereof,
in whole or in part, in each case on or prior to the first anniversary of the
Stated Maturity of the Notes.

                  "GAAP" means generally accepted accounting principles in the
United States in effect as of the Issuance Date.

                  "Guarantee" means any obligation, contingent or otherwise, of
any Person directly or indirectly guaranteeing any Indebtedness or other
obligation of any other Person and any obligation, direct or indirect,
contingent or otherwise, of such Person (i) to purchase or pay (or advance or
supply funds for the purchase or payment of) such Indebtedness or other
obligation of such other Person (whether arising by virtue of partnership
arrangements, or by agreement to keep-well, to purchase assets, goods,
securities or services, to take-or-pay, or to maintain financial statement
conditions or otherwise) or (ii) entered into for purposes of assuring in any
other manner the obligee of such Indebtedness or other obligation of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or
in part); provided, however, that the term "Guarantee" shall not include
endorsements for collection or deposit in the ordinary course of business. The
term "Guarantee" used as a verb has a corresponding meaning.

                  "Incur" means issue, assume, Guarantee, incur or otherwise
become liable for; provided, however, that any Indebtedness or Capital Stock of
a Person existing at the time such person becomes a Subsidiary (whether by
merger, consolidation, acquisition or otherwise) shall be deemed to be incurred
by such Subsidiary at the time it becomes a Subsidiary.

                  "Indebtedness" means, with respect to any Person on any date
of determination (without duplication):

                  (i) the principal of and premium (if any) in respect of
         indebtedness of such Person for borrowed money;

                  (ii) the principal of and premium (if any) in respect of
         obligations of such Person evidenced by bonds, debentures, notes or
         other similar instruments;

                  (iii) all obligations of such Person in respect of letters of
         credit or other similar instruments (including reimbursement
         obligations with respect thereto);

                  (iv) all obligations of such Person to pay the deferred and
         unpaid purchase price of property or services (except trade payables),
         which purchase price is due more than six months after the date of
         placing such property in service or taking delivery and title thereto
         or the completion of such services;

                  (v) all Capitalized Lease Obligations and all Attributable
         Indebtedness of such Person;

                                       13
<PAGE>   14
                  (vi) the amount of all obligations of such Person with respect
         to the redemption, repayment or other repurchase of any Disqualified
         Stock or, with respect to any Subsidiary of such Person, any Preferred
         Stock (but excluding, in each case, any accrued dividends);

                  (vii) all Indebtedness of other Persons secured by a Lien on
         any asset of such Person, whether or not such Indebtedness is assumed
         by such Person; provided, however, that the amount of such Indebtedness
         shall be the lesser of (A) the fair market value of such asset
         at such date of determination and (B) the amount of such Indebtedness
         of such other Persons;

                  (viii) all Indebtedness of other Persons to the extent
         Guaranteed by such Person; and

                  (ix) to the extent not otherwise included in this definition,
         net obligations of such Person under Currency Agreements and Interest
         Rate Agreements.

         For the avoidance of doubt, the term "Indebtedness" shall not be deemed
to include the trade liabilities of any Person.

                  "Interest Rate Agreement" means with respect to any Person any
interest rate protection agreement, interest rate future agreement, interest
rate option agreement, interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate hedge agreement or
other similar agreement or arrangement as to which such Person is party or a
beneficiary.

                  "Investment" in any Person means any direct or indirect
advance, loan (other than advances to customers in the ordinary course of
business that are recorded as accounts receivable on the balance sheet of such
Person) or other extension of credit (including by way of Guarantee or similar
arrangement) or capital contribution to (by means of any transfer of cash or
other property to others or any payment for property or services for the account
or use of others), or any purchase or acquisition of Capital Stock, Indebtedness
or other similar instruments issued by such Person.

                  "Issuance Date" means October 1, 2000.

                  "Lien" means any mortgage, pledge, security interest,
encumbrance, lien or charge of any kind (including any conditional sale or other
title retention agreement or lease in the nature thereof) whether or not
recorded, filed or otherwise perfected under applicable law.

                  "Net Available Cash" from an Asset Disposition means cash
payments received (including any cash payments received by way of deferred
payment of principal pursuant to a note or installment receivable or otherwise,
but only as and when received, but excluding any other consideration received in
the form of assumption by the acquiring person of Indebtedness or other
obligations relating to such properties or assets or received in any other
noncash form) therefrom, in each case net of (i) all legal, title and recording
tax expenses, commissions and other fees and expenses incurred, and all Federal,
state, provincial, foreign and local taxes required to be paid or accrued as a
liability under GAAP, as a consequence of such Asset

                                       14
<PAGE>   15
Disposition, (ii) all payments made on any Indebtedness which is secured by any
assets subject to such Asset Disposition, in accordance with the terms of any
Lien upon such assets, or which must by its terms, or in order to obtain a
necessary consent to such Asset Disposition, or by applicable law be repaid out
of the proceeds from such Asset Disposition, (iii) all distributions and other
payments required to be made to minority interest holders in Subsidiaries or
joint ventures as a result of such Asset Disposition, and (iv) the deduction of
appropriate amounts to be provided by the seller as a reserve, in accordance
with GAAP, against any liabilities associated with the assets disposed of in
such Asset Disposition and retained by the Company or any Subsidiary of the
Company after such Asset Disposition.

                  "Officers' Certificate" means a certificate signed on behalf
of the Company by two officers of the Company, one of whom must be the principal
executive officer, the principal financial officer, the treasurer or the
principal accounting officer of the Company that meets the requirements of
Section 8.5.

                  "Opinion of Counsel" means a written opinion from legal
counsel which and who are reasonably acceptable to, and addressed to, the Holder
complying with the requirements of Section 8.5.

                  "Permitted Holder" means Artal Luxembourg S.A., the Holder or
any of their respective Affiliates.

                  "Permitted Investment" means an Investment by the Company or
any of its Subsidiaries in:

                  (1) any Subsidiary or Person that will, upon the making of the
         Investment, become or remain a Wholly Owned Subsidiary of the Company
         (provided the primary business of such Subsidiary is a Related
         Business);

                  (2) any Subsidiary or Person if as a result of such Investment
         such other Person is merged or consolidated with or into, or transfers
         or conveys all or substantially all its assets to the Company or a
         Wholly Owned Subsidiary of the Company (provided such merger,
         consolidation, transfer or conveyance complies with Section 3.8 above);

                  (3) cash and Temporary Cash Investments;

                  (4) receivables owing to the Company or any Subsidiary if
         created or acquired in the ordinary course of business and payable or
         dischargeable in accordance with customary trade terms (provided that
         such trade terms may include concessionary trade terms as the Company
         or any Subsidiary deems reasonable under the circumstances);

                  (5) payroll, travel and similar advances to cover matters that
         are expected at the time of such advances to be treated as expenses for
         accounting purposes and that are made in the ordinary course of
         business;

                  (6) stock, obligations or securities received in the
         settlement of debts created in the ordinary course of business and
         owing to the Company or any Subsidiary or in the satisfaction of
         judgments;

                                       15
<PAGE>   16
                  (7) any Person to the extent such Investment represents the
         non-cash portion of the consideration received for in an Asset
         Disposition as permitted pursuant to Section 3.5;

                  (8) Investments the payment for which consists of Capital
         Stock of the Company (other than Disqualified Stock); and

                  (9) any Investment acquired by the Company or any of its
         Subsidiaries (a) in exchange for any other Investment or accounts
         receivable held by the Company or any such Subsidiary in connection
         with or as a result of a bankruptcy, workout, reorganization or
         recapitalization of the issuer of such Investment or accounts
         receivable, or (b) as a result of a foreclosure by the Company or any
         such Subsidiary with respect to any secured Investment or other
         transfer of title with respect to any secured Investment in default.

                  "Person" means any individual, corporation (including the
Company), partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization, government or any
agency or political subdivision thereof or any other entity.

                  "Preferred Stock", as applied to the Capital Stock of any
corporation, means Capital Stock of any class or classes (however designated)
which is preferred as to the payment of dividends, or as to the distribution of
assets upon any voluntary or involuntary liquidation or dissolution of such
corporation, over shares of Capital Stock of any other class of such
corporation.

                  "Related Business" means any business related, ancillary or
complementary to the businesses of the Company's and its Subsidiaries' (i) use
of the Weight Watchers trademarks, service marks, trade names, brand names,
copyrights, program information, terminology or materials, and/or other
intellectual property as provided in any license agreement between the Company
(or any Subsidiary) and the Holder, or (ii) provision of services pursuant to
any service agreement between the Company (or any Subsidiary) and the Holder.

                  "Sale/Leaseback Transaction" means an arrangement relating to
property now owned or hereafter acquired whereby the Company or a Subsidiary
transfers such property to a Person and the Company or a Subsidiary leases it
from such Person.

                  "Stated Maturity" means, with respect to any security, the
date specified in such security as the fixed date on which the payment of
principal of such security is due and payable, including pursuant to any
mandatory redemption provision (but excluding any provision providing for the
repurchase of such security at the option of the holder thereof upon the
happening of any contingency beyond the control of the issuer unless such
contingency has occurred).

                  "Subsidiary" of any Person means any corporation, association,
partnership or other business entity of which more than 50% of the total voting
power of shares of Capital Stock or other interests (including partnership
interests) entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof

                                       16
<PAGE>   17
is at the time owned or controlled, directly or indirectly, by (i) such Person,
(ii) such Person and one or more Subsidiaries of such Person or (iii) one or
more Subsidiaries of such Person.

                  "Temporary Cash Investments" means any of the following: (i)
any Investment in direct obligations of the United States of America or any
agency thereof or obligations Guaranteed by the United States of America or any
agency thereof, (ii) Investments in time deposit accounts, certificates of
deposit and money market deposits maturing within 180 days of the date of
acquisition thereof issued by a bank or trust company which is organized under
the laws of the United States of America or any state thereof having capital,
surplus and undivided profits aggregating in excess of $250 million and whose
long-term debt, or whose parent holding company's long-term debt, is rated "A"
(or such similar equivalent rating) or higher by at least one nationally
recognized statistical rating organization (as defined in Rule 436 under the
Securities Act), (iii) repurchase obligations with a term of not more than 30
days for underlying securities of the types described in clause (i) above
entered into with a bank meeting the qualifications described in clause (ii)
above, (iv) Investments in commercial paper, maturing not more than 180 days
after the date of acquisition, issued by a corporation (other than an Affiliate
of the Company) organized and in existence under the laws of the United States
of America or any foreign country recognized by the United States of America
with a rating at the time as of which any investment therein is made of "P-1"
(or higher) according to Moody's Investors Service, Inc. or "A-1" (or higher)
according to Standard and Poor's Ratings Group, (v) Investments in securities
with maturities of six months or less from the date of acquisition issued or
fully guaranteed by any state, commonwealth or territory of the United States of
America, or by any political subdivision or taxing authority thereof, and rated
at least "A" by Standard & Poor's Ratings Group or "A" by Moody's Investors
Service, Inc., and (vi) Investments in mutual funds whose investment guidelines
restrict such funds' investments to those satisfying the provisions of clauses
(i) through (v) above.

                  "Voting Stock" of a corporation means all classes of Capital
Stock of such corporation then outstanding and normally entitled to vote in the
election of directors.

                  "Wholly Owned Subsidiary" means a Subsidiary of the Company
all the Capital Stock of which (other than directors' qualifying shares) is
owned by the Company or another Wholly Owned Subsidiary.

         6. Loss, Theft, Destruction or Mutilation.

                  Upon receipt of evidence satisfactory to the Company of the
loss, theft, destruction or mutilation of this Note and, in the case of such
loss, theft or destruction, upon delivery to the Company of an indemnity
undertaking reasonably satisfactory to the Company, or, in the case of any such
mutilation, upon surrender of this Note to the Company, the Company will issue a
new note, of like tenor and principal amount, in lieu of or in exchange for such
lost, stolen, destroyed or mutilated Note. Upon the issuance of any substitute
Note, the Company may require the payment to it of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other reasonable expenses in connection therewith.

                                       17
<PAGE>   18
         5. Notices and Demands.

                  All notices, demands and other communications provided for in
this Note or made under this Note shall be in writing and shall be deemed to
have been duly given if delivered by hand (whether by overnight courier or
otherwise) or sent by registered or certified mail, return receipt requested,
postage prepaid, to the Person to whom it is directed:

                  (a)      If to Holder, to it at the following address:

                           Weight Watchers International, Inc.
                           175 Crossways Park West
                           Woodbury, NY  11797-2055
                           Attn:  General Counsel

                   (b)     If to the Company, to it at the following address:

                           WeightWatchers.com, Inc.
                           888 Seventh Ave., 8th Floor
                           New York, New York 10106
                           Attn: General Counsel

If a party desires to change its address for the purpose of receipt of notice,
or to change the person to receive a copy of notice, such notice or change of
address or recipient shall be given in the manner specified herein.

         6. Present Intent. By acceptance of this Note, the Holder acknowledges
that this Note is being acquired without a present intention of resale or
distribution, and that this Note will not be transferred, pledged or otherwise
disposed of by the Holder in the absence of an effective registration statement
under the Securities Act of 1933, as amended (the "Securities Act"), or an
opinion of counsel (including in-house counsel) reasonably satisfactory to the
Company that such registration is, under the circumstances, not required.

         7. Miscellaneous Provisions.

                  7.1 No Oral Modifications. Neither this Note nor any term of
this Note may be changed, waived, discharged or terminated orally, but may only
be amended or modified by an instrument in writing signed by the Holder and the
Company.

                  7.2 Binding Effect. This Note shall be binding upon and inure
to the benefit of the Company, the Holder of this Note and their respective
heirs, successors and assigns.

                  7.3 Governing Law, Jurisdiction; Jury Trial Waiver. This Note
shall be governed by, and construed and interpreted in accordance with, the law
of the State of New York. The Company hereby irrevocably submits to the
exclusive jurisdiction of the United States District Court for the Southern
District of New York located in the borough of Manhattan in the City of New
York, or, if such court does not have jurisdiction, the Supreme Court of the
State of New York, New York County, for the purposes of any suit, action or
other proceeding arising out of this Note. The Company hereby further agrees
that service of any process, summons, notice or

                                       18
<PAGE>   19
document by U.S. registered mail to its address set forth in Section 6 shall be
effective service of process for any action, suit or proceeding in New York with
respect to any matters to which it has submitted to jurisdiction as set forth
above in the immediately preceding sentence. Each of the parties hereto
irrevocably and unconditionally waives, to the extent permitted by applicable
law, any objection to the laying of venue of any action, suit or proceeding
arising out of this Note in (a) the United States District Court for the
Southern District of New York or (b) the Supreme Court of the State of New York,
New York County, and hereby further irrevocably and unconditionally waives, to
the extent permitted by applicable law, and agrees not to plead or claim in any
such court that any such action, suit or proceeding brought in any such court
has been brought in an inconvenient forum. To the extent permitted by applicable
law, the Company waives the right to trial by jury in any such action or
proceeding.

                  7.4 Recourse. Recourse under this Note shall be to the assets
of the Company only and in no event to the officers, directors or stockholders
of the Company.

                  7.5 Statements Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Note shall include:

                  (1) statement that the Person making such certificate or
         opinion has read such covenant or condition;

                  (2) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                  (3) a statement that, in the opinion of such Person, such
         Person has made such examination or investigation as is necessary to
         enable such Person to express an informed opinion as to whether or not
         such covenant or condition has been complied with; and

                  (4) a statement as to whether or not, in the opinion of each
         such Person, such condition or covenant has been complied with;
         provided, however, that with respect to matters of fact an Opinion of
         Counsel may rely on an Officers' Certificate or certificates of public
         officials.

                  7.6 Assignability. The Holder may sell, assign, transfer or
otherwise hypothecate ("Transfer") this Note to any other Person. If any
interest in this Note is Transferred in compliance with this Section 8.6, this
Note shall be cancelled and the Company shall execute and deliver a new note (in
substantially the form of this Note) to each Person to whom an interest in this
Note has been Transferred in an aggregate principal amount equal to such
Person's interest in this Note.

                  7.7 Costs. The Company will pay all reasonable costs and
expenses of collection, including attorneys' fees and disbursements, appraiser's
fees and court costs, incurred or paid by the Holder in enforcing this Note, to
the extent permitted by law, including all costs and reasonable attorneys' fees
incurred in any appeal, bankruptcy proceeding, or other proceeding.

                                       19
<PAGE>   20
         IN WITNESS WHEREOF, the Company has caused this Note to be executed in
its corporate name by its duly authorized officer as of this 3rd day of May,
2001.

                                   WEIGHTWATCHERS.COM, INC.

                                   By:
                                      --------------------------------------
                                       Name:       Sharon A. Fordham
                                       Title:      Chief Executive Officer

Agreed and Accepted:

WEIGHT WATCHERS INTERNATIONAL, INC.

By:
   --------------------------------------------------
     Name:
          -------------------------------------------
     Title:
           ------------------------------------------

                                       20
<PAGE>   21
                                   SCHEDULE A

                          SCHEDULE OF PRINCIPAL AMOUNT

                  The initial principal amount of this Note as of the Issuance
Date was $10,355,503. The following decreases/increases in the principal amount
of this Note have been made:

<TABLE>
<CAPTION>
                        Decrease in           Increase in                                            Notation Made
                        Principal             Principal             Total Principal Amount           by or on
Date of Decrease        Amount at             Amount at             at Maturity Following            behalf of
Increase                Maturity              Maturity              such Decrease/Increase           Holder
---------               -----------           -----------           ----------------------           -------------

<S>                     <C>                   <C>                   <C>                              <C>
10/16/00                                      $   200,000           $10,555,503

10/25/00                                      $   300,000           $10,855,503

11/1/00                                       $ 2,700,000           $13,555,503

11/29/00                                      $ 2,500,000           $16,055,503

12/18/00                                      $ 1,100,000           $17,155,503

1/5/01                                        $   900,000           $18,055,503

1/22/01                                       $ 2,000,000           $20,055,503

2/15/01                                       $ 1,300,000           $21,355,503

3/16/01                                       $ 1,000,000           $22,355,503

4/6/01                                        $   600,000           $22,955,503

4/23/01                                       $   544,497           $23,500,000
</TABLE>

                                       21<PAGE>   1

                                                                    Exhibit 10.2

                                WARRANT AGREEMENT

                             Dated as of May 3, 2001

                                     between

                            WEIGHTWATCHERS.COM, INC.

                                       and

                       WEIGHT WATCHERS INTERNATIONAL, INC.
<PAGE>   2
                                WARRANT AGREEMENT
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                               Page
<S>                                                                                            <C>
Section 1. Defined Terms ...................................................................      1

         1.1      Certain Definitions ......................................................      1
         1.2      Rules of Construction ....................................................      3

Section 2. Issuance, Form, Execution, Delivery and Registration of Warrant Certificates ....      4

         2.1      Issuance of Warrants .....................................................      4
         2.2      Execution of Warrant Certificates ........................................      4
         2.3      Registration, Registration of Transfers and Exchanges ....................      4
         2.4      Form of Warrant Certificates .............................................      5
         2.5      Restrictive Legends ......................................................      5
         2.6      Offices for Exercise, etc ................................................      5
         2.7      Cancellation .............................................................      6
         2.8      Lost, Stolen, Destroyed, Defaced or Mutilated Warrant Certificates .......      6

Section 3. Terms of Warrants; Exercise of Warrants .........................................      6

         3.1      Exercise Period ..........................................................      6
         3.2      Manner of Exercise .......................................................      7
         3.3      Issuance of Warrant Shares ...............................................      7
         3.4      Fractional Warrant Shares ................................................      8
         3.5      Sufficient Authorized Share Capital ......................................      8
         3.6      Payment of Taxes .........................................................      8

Section 4. Adjustment of Exercise Price and Number of Warrant Shares Issuable ..............      8

         4.1      Adjustments ..............................................................      8
         4.2      Superseding Adjustment ...................................................     12
         4.3      Minimum Adjustment .......................................................     13
         4.4      Notice of Adjustment .....................................................     13
         4.5      Notice of Certain Transactions ...........................................     13
         4.6      Adjustment to Warrant Certificate ........................................     14
         4.7      Challenge to Good Faith Determination ....................................     14
         4.8      Treasury Stock ...........................................................     14

Section 5. Holders' Rights and Obligations .................................................     14

         5.1      Registration Rights ......................................................     14
         5.2      Other Rights and Obligations .............................................     14
</TABLE>
<PAGE>   3
<TABLE>
<S>                                                                                            <C>
Section 6. Miscellaneous ...................................................................     14

         6.1      Notices to the Company and WWI ...........................................     14
         6.2      Amendments ...............................................................     15
         6.3      Severability .............................................................     15
         6.4      Successors ...............................................................     15
         6.5      Termination ..............................................................     15
         6.6      Governing Law ............................................................     16
         6.7      Jurisdiction; Venue ......................................................     16
         6.8      Benefits of This Agreement ...............................................     16
         6.9      Counterparts .............................................................     16
         6.10     Table of Contents ........................................................     16
         6.11     MUTUAL WAIVER OF JURY TRIAL ..............................................     16
</TABLE>

Exhibits

EXHIBIT A  -        Form of Note

EXHIBIT B  -        Form of Warrant Certificate

                                     - ii -
<PAGE>   4
                  WARRANT AGREEMENT, dated as of May 3, 2001 (the "Agreement"),
between WeightWatchers.com, Inc., a Delaware corporation (the "Company"), and
Weight Watchers International, Inc., a Virginia corporation ("WWI").

                              W I T N E S S E T H:

                  WHEREAS, WWI has agreed to amend and restate the loan (the
"Amended Loan") between the Company and WWI to permit the Company to borrow up
to an aggregate principal amount of $28.5 million pursuant to the terms of the
Note attached hereto as Exhibit A; and

                  WHEREAS, in order to induce WWI to enter into the Amended
Loan, the Company has agreed to enter into this Agreement and issue an
additional 444,444 Warrants to WWI.

                  NOW, THEREFORE, in consideration of the premises and the
mutual agreements herein set forth, and for the purpose of defining the
respective rights and obligations of the Company and the Holders (as defined
below), the parties hereto agree as follows:

                  SECTION 1. DEFINED TERMS.

                  1.1 Certain Definitions. As used in this Agreement, the
following terms shall have the following respective meanings:

                  "Affiliate" means, as applied to any Person, any other Person
         directly or indirectly controlling, controlled by, or under direct or
         indirect common control with, such Person. For purposes of this
         definition, "control" (including, with correlative meanings, the terms
         "controlling," "controlled by" and "under common control with"), as
         applied to any Person, is defined to mean the possession, directly or
         indirectly, of the power to direct or cause the direction of the
         management and policies of such Person, whether through the ownership
         of voting securities, by contract or otherwise.

                  "Board" means the Board of Directors of the Company.

                  "Business Day" means a day other than a Saturday, Sunday or
         other day on which commercial banks in New York City are authorized or
         required by law to close.

                  "Cashless Exercise" has the meaning specified in Section 3.2
         hereof.

                  "Cashless Exercise Ratio" means a fraction, the numerator of
         which is the excess of the Current Market Value (as defined below) per
         share of Common Stock on the Exercise Date over the Exercise Price per
         share as of the Exercise Date and the denominator of which is the
         Current Market Value per share of Common Stock on the Exercise Date.

                  "Combination" has the meaning specified in Section 4.1(d)
         hereof.
<PAGE>   5
                                                                               2

                  "Commission" means the Securities and Exchange Commission.

                  "Common Stock" means the common stock, par value $0.01 per
         share, of the Company.

                  "Current Market Value," per share of Common Stock or any other
         security at any date, means (i) if the security is not registered under
         the Exchange Act, the fair market value of the security (without any
         discount for lack of liquidity, the amount of such security offered to
         be purchased or the fact that such securities may represent a minority
         interest in a private company or a company under the control of another
         Person) as determined in good faith by the Board and certified in a
         board resolution that is delivered to the Holders, and, if requested by
         the Majority Holders, determined to be fair, from a financial point of
         view, to the holders of such security or another security exercisable
         for such security, by an Independent Financial Expert (as set forth in
         such Independent Financial Expert's written fairness opinion); or (ii)
         if the security is registered under the Exchange Act, the average of
         the last reported sale price of the security (or the equivalent in an
         over-the-counter market) for each Business Day during the period
         commencing 15 Business Days before such date and ending on the date one
         day prior to such date, or if the security has been registered under
         the Exchange Act for less than 15 consecutive Business Days before such
         date, the average of the daily closing bid prices (or such equivalent)
         for all of the Business Days before such date for which daily closing
         bid prices are available (provided, however, that if the closing bid
         price is not determinable for at least 10 Business Days in such period,
         the "Current Market Value" of the security shall be determined as if
         the security were not registered under the Exchange Act). The Company
         shall pay the fees and expenses of any Independent Financial Expert in
         the determination of Current Market Value.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
         amended (or any successor act), and the rules and regulations
         promulgated thereunder.

                  "Exercise Date" means the date on which a Warrant is exercised
         by the Holder thereof.

                  "Exercise Price" means the purchase price per Warrant Share to
         be paid upon the exercise of each Warrant, which price shall be $7.14
         per Warrant Share as adjusted in accordance with the terms hereof.

                  "Expiration Date" means May 2, 2011.

                  "Holder" means the holder of a Warrant, which shall initially
         be WWI.

                  "Independent Financial Expert" means a nationally recognized
         investment bank that does not (and whose directors, executive officers
         and 5% stockholders do not) have a direct or indirect financial
         interest in the Company, the Holders, or any of their respective
         subsidiaries or Affiliates, which has not been for at least five years,
         and at the time it is called upon to give independent financial advice
         to the Company is not (and none of its directors, executive officers or
         5% stockholders is), a promoter, director, or officer of the Company,
         the Holders or any of their respective subsidiaries or Affiliates. The
<PAGE>   6
                                                                               3

         Independent Financial Expert may be compensated and indemnified by the
         Company for opinions or services it provides as an Independent
         Financial Expert.

                  "Issue Date" means May 3, 2001, the date on which the Warrants
         are first issued.

                  "Majority Holders" means the Holders of a majority of the then
         outstanding Warrants.

                  "Officer" means the principal executive officer, the principal
         financial officer, the treasurer or the principal accounting officer of
         the Company.

                  "Person" means any individual, corporation, partnership, joint
         venture, limited liability company, association, joint-stock company,
         trust, unincorporated organization, government or any agency or
         political subdivision thereof or any other entity.

                  "Repurchase Price" means, in respect of a Warrant, (i) the
         excess of the Current Market Value of a share of Common Stock of the
         Company over the Exercise Price per share of Common Stock, multiplied
         by (ii) the number of Warrant Shares that would be obtained if one
         Warrant was exercised on the date of repurchase.

                  "Right" has the meaning specified in Section 4.1(g) hereof.

                  "Securities Act" means the Securities Act of 1933, as amended
         (or any successor act), and the rules and regulations promulgated
         thereunder.

                  "Successor Company" has the meaning specified in Section
         4.1(d) hereof.

                  "Warrant Certificates" means the certificates evidencing the
         Warrants to be delivered pursuant to this Agreement, substantially in
         the form of Exhibit B hereto.

                  "Warrant Registrar" has the meaning specified in Section 2.3
         hereof.

                  "Warrant Shares" has the meaning specified in Section 2.1
         hereof.

                  "Warrants" shall mean the Warrants issued hereunder and all
         warrants issued upon transfer, division or combination of, or in
         substitution for, any thereof. All Warrants shall at all times be
         identical as to terms and conditions and date, except as to the number
         of shares of Common Stock for which they may be exercised.

                  1.2 Rules of Construction. Unless the text otherwise required.

                           (i) a term has the meaning assigned to it;

                           (ii) an accounting term not otherwise defined has the
         meaning assigned to it in accordance with United States generally
         accepted accounting principles ("U.S. GAAP") as in effect from time to
         time;

                           (iii) "or" is not exclusive;
<PAGE>   7
                                                                               4

                           (iv) "including" means including, without limitation;
         and

                           (v) words in the singular include the plural and
         words in the plural include the singular.

                  SECTION 2. ISSUANCE, FORM, EXECUTION, DELIVERY AND
REGISTRATION OF WARRANT CERTIFICATES.

                  2.1 Issuance of Warrants. Each Warrant Certificate shall
evidence the number of Warrants specified therein, and each Warrant evidenced
thereby shall represent the right, subject to the provisions contained herein
and therein, to purchase from the Company (and the Company shall issue and sell
to such holder of the Warrant) one share of Common Stock of the Company (the
shares purchasable upon exercise of a Warrant being hereinafter referred to as
the "Warrant Shares," subject to adjustment as provided in Section 4 hereof).

                  2.2 Execution of Warrant Certificates. The Warrant
Certificates shall be executed on behalf of the Company by one Officer of the
Company. Such signatures may be the manual or facsimile signatures of the
present or any future such Officers. Typographical and other minor errors or
defects in any such reproduction of any such signature shall not affect the
validity or enforceability of any Warrant Certificate.

                  In case any Officer of the Company who shall have signed any
of the Warrant Certificates shall cease to be such Officer before the Warrant
Certificate so signed shall be delivered by the Company, such Warrant
Certificate nevertheless may be delivered or disposed of as though the Person
who signed such Warrant Certificate had not ceased to be such Officer of the
Company; and any Warrant Certificate may be signed on behalf of the Company by
such Persons as, at the actual date of the execution of such Warrant
Certificate, shall be the proper Officers of the Company, although at the date
of the execution and delivery of this Agreement any such Person was not such an
Officer.

                  2.3 Registration, Registration of Transfers and Exchanges. The
Company will keep, at the office or agency maintained by the Company for such
purpose, a register or registers in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration
of, and registration of transfer and exchange of, Warrants as provided herein.
Each person designated by the Company from time to time as a Person authorized
to register the transfer and exchange of the Warrants is hereinafter called,
individually and collectively, the "Warrant Registrar." The Company hereby
initially appoints itself as Warrant Registrar. Upon written notice to the
Holders and any acting Warrant Registrar, the Company may appoint a successor
Warrant Registrar for such purposes.

                  The Company will at all times designate one Person (who may be
the Company and who need not be a Warrant Registrar) to act as repository of a
master list of names and addresses of the holders of Warrants (the "Warrant
Register"). The Company will act as such repository unless and until some other
Person is, by written notice from the Company to the Holders and the Warrant
Registrar, designated by the Company to act as such. In the event the Warrant
Registrar is not the repository, the Company shall cause the Warrant Registrar
to furnish to such repository, on a current basis, such information as to all
registrations of transfer and
<PAGE>   8
                                                                               5

exchanges effected by the Warrant Registrar, as may be necessary to enable such
repository to maintain the Warrant Register on as current a basis as is
practicable.

                  When Warrants are presented to the Company with a request to
register the transfer of the Warrants or exchange Warrants for an equal number
of Warrants of other authorized denominations, the Company shall register the
transfer or make the exchange as requested if the requirements under this
Warrant Agreement as set forth herein for such transactions are met; provided,
however, that the Warrants presented or surrendered for registration of transfer
or exchange shall be duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Company, duly executed by the holder
thereof or by his attorney, duly authorized in writing.

                  All Warrants issued upon any registration of transfer or
exchange of Warrants shall be the valid obligations of the Company, evidencing
the same obligations, and entitled to the same benefits under this Agreement, as
the Warrants surrendered upon such registration of transfer or exchange.

                  2.4 Form of Warrant Certificates. The Warrant Certificates to
be delivered pursuant to this Agreement shall be substantially in the form set
forth in Exhibit B attached hereto. Such Warrant Certificates shall represent
such of the outstanding Warrants as shall be specified therein and each shall
provide that it shall represent the aggregate amount of outstanding Warrants
from time to time endorsed thereon and that the aggregate amount of outstanding
Warrants represented thereby may from time to time be decreased or increased, as
appropriate. Any endorsement of a Warrant Certificate to reflect the amount of
any increase or decrease in the amount of outstanding Warrants represented
thereby shall be made by the Company in accordance with instructions given by
the holder thereof.

                  2.5 Restrictive Legends. The Warrant Certificates shall bear
the following legend (the "Private Placement Legend") on the face thereof:

                  THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE OR
OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION
HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT.

                  2.6 Offices for Exercise, etc. So long as any of the Warrants
remain outstanding, the Company will designate: (a) an office or agency where
the Warrant Certificates may be presented for exercise, (b) an office or agency
where the Warrant Certificates may be presented for registration of transfer and
for exchange, and (c) an office or agency where notices and demands to or upon
the Company in respect of the Warrants or of this Agreement may be served. The
Company may from time to time change such designation, as it may deem desirable
or expedient. The Company will give to the Holders and the Warrant Registrar
written notice of the location of any such office or agency and of any change of
location thereof. The Company
<PAGE>   9
                                                                               6

hereby designates its office at the address set forth in Section 6.1, as the
initial agency maintained for such purpose.

                  2.7 Cancellation. All Warrant Certificates surrendered for the
purpose of exercise (in whole or in part), exchange, substitution or transfer
shall, if surrendered to the Company or to any of its agents, be delivered to
the Company for cancellation or in cancelled form, or if surrendered to the
Company shall be cancelled by it, and no Warrant Certificates shall be issued in
lieu thereof except as expressly permitted by any of the provisions of this
Agreement. If the Company purchases or acquires Warrants and if the Company so
chooses, the Company may cancel and retire the Warrant Certificates evidencing
said Warrants.

                  2.8 Lost, Stolen, Destroyed, Defaced or Mutilated Warrant
Certificates. Upon receipt by the Company (or any agent of the Company if
requested by the Company) of evidence satisfactory to it of the loss, theft,
destruction, defacement or mutilation of any Warrant Certificate and of
indemnity satisfactory to it (which may include posting a bond) and, in the case
of mutilation or defacement, upon surrender thereof to the Company for
cancellation, then, in the absence of notice to the Company that such Warrant
Certificate has been acquired by a bona fide purchaser or holder in due course,
the Company shall execute in exchange for or in lieu of the lost, stolen,
destroyed, defaced or mutilated Warrant Certificate, a new Warrant Certificate
representing a like number of Warrants, bearing a number or other distinguishing
symbol not contemporaneously outstanding. Upon the issuance of any new Warrant
Certificate under this Section, the Company may require the payment from the
holder of such Warrant Certificate of a sum sufficient to cover any tax, stamp
tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Warrant Registrar) in
connection therewith. Every substitute Warrant Certificate executed and
delivered pursuant to this Section in lieu of any lost, stolen or destroyed
Warrant Certificate shall constitute an additional contractual obligation of the
Company, whether or not the lost, stolen or destroyed Warrant Certificate shall
be at any time enforceable by anyone, and shall be entitled to the benefits of
(but shall be subject to all the limitations of rights set forth in) this
Agreement equally and proportionately with any and all other Warrant
Certificates duly executed and delivered hereunder. The provisions of this
Section 2.8 are exclusive with respect to the replacement of lost, stolen,
destroyed, defaced or mutilated Warrant Certificates and shall preclude (to the
extent lawful) any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the
replacement of lost, stolen, destroyed, defaced or mutilated Warrant
Certificates.

                  SECTION 3. TERMS OF WARRANTS; EXERCISE OF WARRANTS.

                  3.1 Exercise Period. Subject to the terms of this Agreement,
each Holder shall have the right until 5:00 p.m., New York City time, on the
Expiration Date to receive from the Company the number of fully paid and
nonassessable Warrant Shares which the Holder may at the time be entitled to
receive on exercise of such Warrants and payment of the Exercise Price then in
effect for such Warrant Shares. Each Warrant not exercised prior to 5:00 p.m.,
New York City time, on the Expiration Date shall become void and all rights
thereunder and all rights in respect thereof under this Agreement shall cease as
of such time.
<PAGE>   10
                                                                               7

                  The Company shall give notice not less than 90, and not more
than 120, days prior to the Expiration Date to the Holders of the outstanding
Warrants to the effect that the Warrants will terminate and become void as of
5:00 p.m., New York City time, on the Expiration Date; provided, however, that
the failure by the Company to give such notice as provided in this Section shall
not affect such termination and becoming void of the Warrants as of 5:00 p.m.,
New York City time, on the Expiration Date.

                  3.2 Manner of Exercise. A Warrant may be exercised at any time
prior to the Expiration Date upon (i) surrender to the Company of the Warrant
Certificates, together with the form of election to purchase properly completed
and executed by the Holder thereof and (ii) payment to the Company of the
Exercise Price for each share of Common Stock or other securities issuable upon
exercise of such Warrants. The Exercise Price may be paid (i) in cash or by
certified or official bank check or by wire transfer to an account designated by
the Company for such purpose (a "Cash Exercise") or (ii) without the payment of
cash, by reducing the number of shares of Common Stock that would be obtainable
upon the exercise of a Warrant and payment of the Exercise Price in cash so as
to yield a number of shares of Common Stock upon the exercise of such Warrant
equal to the product of (a) the number of shares of Common Stock for which such
Warrant is exercisable as of the date of exercise (if the Exercise Price were
being paid in cash) and (b) the Cashless Exercise Ratio. An exercise of a
Warrant in accordance with clause (ii) of the immediately preceding sentence is
herein called a "Cashless Exercise." In the event of a Cashless Exercise of
Warrants, the Company will purchase from the Holder thereof such number of
Warrants as would have entitled the Holder thereof to receive the excess of the
number of shares of Common Stock deliverable upon a Cash Exercise over the
number of shares of Common Stock deliverable upon a Cashless Exercise, for a
purchase price equal to the Exercise Price multiplied by the excess of the
number of shares of Common Stock purchasable upon a Cash Exercise over the
number of shares of Common Stock purchasable upon a Cashless Exercise. The
Company agrees to offset the purchase price referred to in the immediately
preceding sentence with the obligation to pay the Exercise Price in respect of
the shares of Common Stock deliverable upon a Cashless Exercise. Upon surrender
of a Warrant Certificate representing more than one Warrant in connection with
the holder's option to elect a Cashless Exercise, the number of shares of Common
Stock deliverable upon a Cashless Exercise shall be equal to the number of
shares of Common Stock issuable upon the exercise of Warrants that the Holder
specifies are to be exercised pursuant to a Cashless Exercise multiplied by the
Cashless Exercise Ratio. All provisions of this Agreement shall be applicable
with respect to a surrender of a Warrant Certificate pursuant to a Cashless
Exercise for less than the full number of Warrants represented thereby. Upon
surrender of the Warrant Certificate and payment of the Exercise Price in
accordance with this Agreement, the Company will issue shares of Common Stock of
the Company for each Warrant evidenced by such Warrant Certificate, subject to
adjustment as described herein. Whenever there occurs a Cashless Exercise, the
Company shall deliver to the Holder a certificate setting forth the Cashless
Exercise Ratio.

                  3.3 Issuance of Warrant Shares. Subject to Section 2.8, upon
the surrender of Warrant Certificates and payment of the Exercise Price, as set
forth above, the Company shall issue shares of Common Stock in such name or
names as the Holder may designate, for the number of full Warrant Shares so
purchased upon the exercise of such Warrants or other securities or property to
which it is entitled, registered or otherwise to the Person or Persons entitled
to receive the same, together with cash as provided in Section 3.4 in respect of
any
<PAGE>   11
                                                                               8

fractional Warrant Shares otherwise issuable upon such exercise. Such shares of
Common Stock shall be deemed to have been issued and any Person so designated
shall be deemed to have become a holder of record of such Warrant Shares as of
the date of the surrender of such Warrant Certificates and payment of the per
share Exercise Price or upon a Cashless Exercise.

                  The Company hereby agrees that no service charge will be made
for registration of transfer or exchange upon surrender of any Warrant
Certificate at the office maintained for that purpose. Holders may be required
to make payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration or transfer or
exchange of Warrant Certificates.

                  3.4 Fractional Warrant Shares. The Company shall not be
required to issue fractional Warrant Shares on the exercise of Warrants. If more
than one Warrant shall be exercised in full at the same time by the same Holder,
the number of full Warrant Shares which shall be issuable upon such exercise
shall be computed on the basis of the aggregate number of Warrant Shares
purchasable pursuant thereto. If any fraction of a Warrant Share would, except
for the provisions of this Section 3.4, be issuable on the exercise of any
Warrant (or specified portion thereof), the Company may, at its option, pay an
amount in cash equal to the Current Market Value for one Warrant Share on the
Business Day immediately preceding the date the Warrant is exercised, multiplied
by such fraction.

                  3.5 Sufficient Authorized Share Capital. The Company has and
will maintain an authorized share capital sufficient for the issuance of such
number of shares of Common Stock as will be issuable upon the exercise of all
outstanding Warrants. Such shares of Common Stock, when issued and paid for in
accordance with the Warrant Agreement, will be duly and validly issued, fully
paid and nonassessable, free of preemptive rights and free from all liens,
charges and security interests with respect to the issue thereof.

                  3.6 Payment of Taxes. The Company will pay all documentary
stamp taxes attributable to the initial issuance of the Warrants and the Warrant
Shares issuable upon the exercise of Warrants; provided, however, that the
Company shall not be required to pay any tax or taxes which may be payable in
respect of any transfer involved in the issue of any Warrant Certificates or
Warrant Shares in a name other than that of the Holder of a Warrant Certificate
surrendered upon the exercise of a Warrant, and the Company shall not be
required to issue or deliver such Warrant Certificates unless or until the
Person or Persons requesting the issuance thereof shall have paid to the Company
the amount of such tax or shall have established to the satisfaction of the
Company that such tax has been paid.

                  SECTION 4. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT
SHARES ISSUABLE.

                  4.1 Adjustments. The Exercise Price and the number of Warrant
Shares purchasable upon the exercise of Warrants shall be subject to adjustment
from time to time as follows:

                  (a) Changes in Shares of Common Stock. In the event that at
any time or from time to time after the date hereof the Company shall (i) pay a
dividend or make a distribution on
<PAGE>   12
                                                                               9

its shares of Common Stock in shares of Common Stock or other shares of capital
stock, (ii) subdivide its outstanding shares of Common Stock into a larger
number of shares of Common Stock, (iii) combine its outstanding shares of Common
Stock into a smaller number of shares of Common Stock or (iv) increase or
decrease the number of shares of Common Stock outstanding by reclassification of
its shares of Common Stock, then the number of shares of Common Stock
purchasable upon exercise of each Warrant immediately after the happening of
such event shall be adjusted (including by adjusting the definition of "Warrant
Shares") so that, after giving effect to such adjustment, the Holder of each
Warrant shall be entitled to receive the number of shares of Common Stock upon
exercise that such Holder would have owned or have been entitled to receive had
such Warrants been exercised immediately prior to the happening of the events
described above (or, in the case of a dividend or distribution of shares of
Common Stock, immediately prior to the record date therefor). An adjustment made
pursuant to this Section 4.1(a) shall become effective immediately after the
effective date, retroactive to the record date therefor in the case of a
dividend or distribution in shares of Common Stock, and shall become effective
immediately after the effective date in the case of a subdivision, combination
or reclassification.

                  (b) Cash Dividends and Other Distributions. In case at any
time or from time to time after the date hereof the Company shall distribute to
holders of shares of Common Stock (i) any dividend or other distribution of
cash, evidences of its indebtedness, shares of its capital stock or any other
properties or securities or (ii) any options, warrants or other rights to
subscribe for or purchase any of the foregoing (other than, in each case set
forth in (i) and (ii), (x) any dividend or distribution described in Section
4.1(a) or (y) any rights, options, warrants or securities described in Section
4.1(c)) then the number of Warrant Shares purchasable upon the exercise of each
Warrant shall be increased to a number determined by multiplying the number of
shares of Common Stock issuable immediately prior to the record date upon
exercise of each Warrant by a fraction, the numerator of which shall be the sum
of (x) any cash distributed per Warrant Share and (y) the Current Market Value
of the portion, if any, of the distribution applicable to one Warrant Share
consisting of evidences of indebtedness, shares of stock, securities, other
property, warrants, options or subscription of purchase rights and the
denominator of which shall be the Current Market Value of the shares of Common
Stock comprising one Warrant Share immediately after such dividend or other
distribution. Such adjustment shall be made whenever any distribution is made
and shall become effective as of the date of distribution, retroactive to the
record date for any such distribution; provided, however, that the Company is
not required to make an adjustment pursuant to this Section 4.1(b) if at the
time of such distribution the Company makes the same distribution to Holders of
Warrants as it makes to holders of shares of Common Stock pro rata based on the
number of shares of Common Stock for which such Warrants are exercisable
(whether or not currently exercisable). No adjustment shall be made pursuant to
this Section 4.1(b) which shall have the effect of decreasing the number of
Warrant Shares purchasable upon exercise of each Warrant.

                  (c) Rights Issue. In the event that at any time or from time
to time after the date hereof the Company shall issue, sell, distribute or
otherwise grant any rights to subscribe for or to purchase, or any options or
warrants for the purchase of, or any securities convertible or exchangeable
into, shares of Common Stock to all holders of shares of Common Stock, entitling
such holders to subscribe for or purchase shares of Common Stock or stock or
securities convertible into shares of Common Stock within 60 days after the
record date for such issuance,
<PAGE>   13
                                                                              10

sale, distribution or other grant, as the case may be, and the sum of (a) the
offering price of such right, option, warrant or other security (on a per share
basis) and (b) any subscription, purchase, conversion or exchange price per
share of Common Stock (the "Consideration") is lower at the record date for such
issuance than the then Current Market Value per share of such Common Stock, the
number of shares of Common Stock thereafter purchasable shall be increased to a
number determined by multiplying the number of shares of Common Stock issuable
immediately prior to the record date upon exercise of each Warrant by a
fraction, the numerator of which shall be the number of shares of Common Stock
outstanding on the date of issuance of such rights, options, warrants or
securities plus the number of additional shares of Common Stock offered for
subscription or purchase or into or for which such securities are convertible or
exchangeable, and the denominator of which shall be the number of shares of
Common Stock outstanding on the date of issuance of such rights, options,
warrants or securities plus the total number of shares of Common Stock which
could be purchased at the Current Market Value with the aggregate of the
Consideration with respect to such issuance, sale, distribution or other grant.
Such adjustment shall be made whenever such rights, options or warrants are
issued and shall become effective retroactively immediately after the record
date for the determination of stockholders entitled to receive such rights,
options, warrants or securities; provided however, that the Company is not
required to make an adjustment pursuant to this Section 4.1(c) if the Company
shall make the same distribution to Holders of Warrants. No adjustment shall be
made pursuant to this Section 4.1(c) which shall have the effect of decreasing
the number of Warrant Shares purchasable upon exercise of each Warrant.

                  If the Company at any time shall issue two or more securities
as a unit and one or more of such securities shall be rights, options or
warrants for or securities convertible or exchangeable into, shares of Common
Stock subject to this Section 4.1(c), the consideration allocated to each such
security shall be determined in good faith by the Board.

                  (d) Combination; Liquidation. (i) Except as provided in clause
(ii) below, in the event of certain consolidations, mergers or demergers of the
Company, or the sale of all or substantially all of the assets of the Company to
another Person (a "Combination"), each Warrant will thereafter be exercisable
for the right to receive the kind and amount of shares of stock or other
securities or property to which such holder would have been entitled as a result
of such Combination had the Warrants been exercised immediately prior thereto.
Unless clause (ii) is applicable to a Combination, if any Warrants shall be
outstanding after a Combination, the Company shall provide that the surviving or
acquiring Person (the "Successor Company") in such Combination will enter into
an agreement with the Holders confirming the Holders' rights pursuant to this
Section 4.1(d) and providing for adjustments, which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Section
4. The provisions of this Section 4.1(d) shall similarly apply to successive
Combinations involving any Successor Company.

                  (ii) In the event of (A) a Combination, and, in connection
therewith, the consideration payable to the holders of shares of Common Stock in
exchange for their shares is payable solely in cash or (B) a dissolution,
liquidation or winding-up of the Company, then the holders of the Warrants will
be entitled to receive distributions on an equal basis with the holders of
shares of Common Stock or other securities issuable upon exercise of the
Warrants, as if the Warrants had been exercised immediately prior to such event,
less the Exercise Price. Upon
<PAGE>   14
                                                                              11

receipt of such payment, if any, the Warrants will expire and the rights of
holders thereof will cease.

                  (iii) In the case of any such Combination, the surviving or
acquiring Person as described in this Section 4.1(d) and, in the event of any
dissolution, liquidation or winding-up of the Company, the Company, shall
promptly pay to the Holders of the Warrants the amounts to which they are
entitled as described above upon surrender of the Warrant Certificates. The
Company shall make payment to the Holders by delivering a check, or by wire
transfer of same-day funds, in such amount as is appropriate (or, in the case of
consideration other than cash, such other consideration as is appropriate) to
such Person or Persons as it may be directed in writing by the Holders
surrendering such Warrants.

                  (e) Tender Offers; Exchange Offers. In the event that the
Company or any subsidiary of the Company shall purchase shares of Common Stock
pursuant to a tender offer or an exchange offer for a price per share of Common
Stock that is greater than the then Current Market Value per share of Common
Stock in effect at the end of the trading day immediately following the day on
which such tender offer or exchange offer expires, then the Company, or such
subsidiary of the Company, shall, within 10 Business Days of the expiry of such
tender offer or exchange offer, offer to purchase Warrants for comparable
consideration per share of Common Stock based on the number of shares of Common
Stock which the Holders of such Warrants would receive upon exercise of such
Warrants (the "Offer") (such amount less the Exercise Price in respect of such
share, the "Per Share Consideration"); provided, however, if a tender offer is
made for only a portion of the outstanding shares of Common Stock, then such
offer shall be made for such shares of Common Stock issuable upon exercise of
the Warrants in the same pro rata proportion.

                  The Offer shall remain open for a period of 20 Business Days
following its commencement and no longer, except to the extent that a longer
period is required by applicable law (the "Offer Period"). No later than five
Business Days after the termination of the Offer Period (the "Purchase Date"),
the Company shall purchase such Warrants for the applicable Per Share
Consideration.

                  (f) Other Events. If any event occurs as to which the
foregoing provisions of this Section 4 are not strictly applicable or, if
strictly applicable, would not, in the good faith judgment of the Board, fairly
and adequately protect the purchase rights of the Warrants in accordance with
the essential intent and principles of such provisions, then the Board shall
make such adjustments in the application of such provisions, in accordance with
such essential intent and principles, as shall be reasonably necessary, in the
good faith opinion of the Board, to protect such purchase rights as aforesaid.

                  (g) When No Adjustment Required. Without limiting any other
exception contained in this Section 4.1, and in addition thereto, no adjustment
need be made for:

                           (i) (A) grants to, exercises of Rights by, or
         issuances of equity securities to employees, directors, consultants or
         advisors of the Company or any of its subsidiaries and (B) exercises of
         Rights by, or issuances of equity securities in connection with Rights
         previously issued to former employees, former directors, former
         consultants (to the extent
<PAGE>   15
                                                                              12

         that all such securities, other than those permitted by clause (ii)
         below, do not have an aggregate value in excess of 15% of the equity
         value of the Company on a fully diluted basis, as determined in good
         faith by the Board). As used herein, "Right" shall mean any right,
         option, warrant or convertible or exchangeable security containing the
         right to subscribe for or acquire one or more shares of Common Stock,
         excluding the Warrants;

                           (ii) options, warrants or other agreements or rights
         to purchase capital stock of the Company entered into or granted prior
         to the date of the issuance of the Warrants or any issuance of capital
         stock pursuant thereto or in connection therewith;

                           (iii) bona fide public offerings or private
         placements;

                           (iv) rights to purchase shares of Common Stock
         pursuant to a Company plan for reinvestment of dividends or interest;
         and

                           (v) a change in the par value of shares of Common
         Stock (including a change from par value to no par value or vice
         versa).

                  (h) Adjustment of Exercise Price. Whenever the number of
shares of Common Stock purchasable upon the exercise of each Warrant is
adjusted, as provided under this Section 4, the Exercise Price per share of
Common Stock payable upon exercise of such Warrant shall be adjusted (calculated
to the nearest $0.01) so that it shall equal the price determined by multiplying
such Exercise Price immediately prior to such adjustment by a fraction the
numerator of which shall be the number of shares of Common Stock purchasable
upon the exercise of each Warrant immediately prior to such adjustment and the
denominator of which shall be the number of shares of Common Stock so
purchasable immediately thereafter. Following any adjustment to the Exercise
Price pursuant to this Section 4, the amount payable, when adjusted, shall never
be less than the par value per share of Common Stock at the time of such
adjustment.

                  If after an adjustment, a Holder of a Warrant upon exercise of
it may receive shares of two or more classes of capital stock of the Company,
the Company shall determine the allocation of the adjusted Exercise Price
between such classes of shares in a manner that the Board deems fair and
equitable to the Holders. After such allocation, the exercise privilege and the
Exercise Price of each class of shares shall thereafter be subject to adjustment
on terms comparable to those applicable to shares of Common Stock under this
Section 4.

                  Such adjustment shall be made successively whenever any event
listed above shall occur.

                  4.2 Superseding Adjustment. Upon the expiration of any rights,
options, warrants or conversion or exchange privileges which resulted in the
adjustments pursuant to this Section 4, if any thereof shall not have been
exercised, the number of Warrant Shares purchasable upon the exercise of each
Warrant shall be readjusted as if (A) the only shares of Common Stock issuable
upon exercise of such rights, options, warrants, conversion or exchange
privileges were the shares of Common Stock, if any, actually issued upon the
exercise of such rights, options, warrants or conversion or exchange privileges
and (B) shares of Common Stock actually issued, if any, were issuable for the
consideration actually received by the Company
<PAGE>   16
                                                                              13
upon such exercise plus the aggregate consideration, if any, actually received
by the Company for the issuance, sale or grant of all such rights, options,
warrants or conversion or exchange privileges whether or not exercised;
provided, however, that no such readjustment shall (except by reason of an
intervening adjustment under Section 4.1(a)) have the effect of decreasing the
number of Warrant Shares purchasable upon the exercise of each Warrant by an
amount in excess of the amount of the adjustment initially made in respect of
the issuance, sale or grant of such rights, options, warrants or conversion or
exchange privileges.

                  4.3 Minimum Adjustment. The adjustments required by the
preceding Sections of this Section 4 shall be made whenever and as often as any
specified event requiring an adjustment shall occur, except that no adjustment
of the number of shares of Common Stock purchasable upon exercise of Warrants
that would otherwise be required shall be made (except in the case of a
subdivision or combination of shares of Common Stock, as provided for in Section
4.1(a)) unless and until such adjustment either by itself or with other
adjustments not previously made increases or decreases by at least 1% of the
number of shares of Common Stock purchasable upon exercise of Warrants
immediately prior to the making of such adjustment. Any adjustment representing
a change of less than such minimum amount shall be carried forward and made as
soon as such adjustment, together with other adjustments required by this
Section 4 and not previously made, would result in a minimum adjustment. For the
purpose of any adjustment, any specified event shall be deemed to have occurred
at the close of business on the date of its occurrence. In computing adjustments
under this Section 4, fractional interests in shares of Common Stock shall be
taken into account to the nearest one-hundredth of a share.

                  4.4 Notice of Adjustment. Whenever the number of shares of
Common Stock and other property, if any, purchasable upon exercise of Warrants
is adjusted, as herein provided, the Company shall deliver to the Holders a
certificate setting forth, in reasonable detail, the event requiring the
adjustment and the method by which such adjustment was calculated (including a
description of the basis on which the Board determined the fair market value of
any evidences of indebtedness, other securities or property or warrants or other
subscription or purchase rights), and specifying the number of shares of Common
Stock purchasable upon exercise of Warrants after giving effect to such
adjustment. The Company shall promptly deliver a copy of such certificate to
each Holder.

                  4.5 Notice of Certain Transactions. In the event that the
Company shall propose (a) to pay any dividend payable in securities of any class
to the holders of its shares of Common Stock or to make any other distribution
to the holders of its shares of Common Stock, (b) to offer the holders of its
shares of Common Stock rights to subscribe for or to purchase any securities
convertible into shares of Common Stock or shares of Common Stock or shares of
stock of any class or any other securities, rights or options, (c) to effect any
reclassification of its shares of Common Stock, capital reorganization or
Combination or (d) to effect the voluntary or involuntary dissolution,
liquidation or winding-up of the Company, or in the event of a tender offer or
exchange offer described in Section 4.1(e), the Company shall within 5 Business
Days of making such proposal, tender offer or exchange offer send to the Holders
a notice of such proposed action or offer, such notice to be mailed by the
Company to the Holders at their addresses as they appear in the Warrant
Register, which shall specify the record date for the purposes of such dividend,
distribution or rights, or the date such issuance or event is to take place and
the date of participation therein by the holders of shares of Common Stock, if
any such
<PAGE>   17
                                                                              14

date is to be fixed, and shall briefly indicate the effect of such action on the
shares of Common Stock and on the number and kind of any other shares of stock
and on other property, if any, and the number of shares of Common Stock and
other property, if any, purchasable upon exercise of each Warrant after giving
effect to any adjustment which will be required as a result of such action. Such
notice shall be given by the Company as promptly as possible and, in the case of
any action covered by clause (a) or (b) above, at least 10 Business Days prior
to the record date for determining holders of the shares of Common Stock for
purposes of such action and, in the case of any other such action, at least 20
Business Days prior to the date of the taking of such proposed action or the
date of participation therein by the holders of shares of Common Stock,
whichever shall be the earlier.

                  4.6 Adjustment to Warrant Certificate. The form of Warrant
Certificate need not be changed because of any adjustment made pursuant to this
Section 4, and Warrant Certificates issued after such adjustment may state the
same Exercise Price and the same number of shares of Common Stock as are stated
in any Warrant Certificates issued prior to the adjustment. The Company,
however, may at any time in its sole discretion make any change in the form of
Warrant Certificate that it may deem appropriate to give effect to such
adjustments and that does not affect the substance of the Warrant Certificate,
and any Warrant Certificate thereafter issued, whether in exchange or
substitution for an outstanding Warrant Certificate or otherwise, may be in the
form as so changed.

                  4.7 Challenge to Good Faith Determination. Whenever the Board
shall be required to make a determination in good faith of the Current Market
Value of any item under Section 4, such determination may be challenged in good
faith by the Majority Holders.

                  4.8 Treasury Stock. The sale or other disposition of any
issued shares of Common Stock owned or held by or for the account of the Company
shall be deemed an issuance thereof and a repurchase thereof and designation of
such shares as treasury stock shall be deemed to be a redemption thereof for the
purposes of this Agreement.

                  SECTION 5. HOLDERS' RIGHTS AND OBLIGATIONS.

                  5.1 Registration Rights. The parties hereby agree and
acknowledge that the Holders will have registration rights with respect to
Warrant Shares in accordance with the provisions of the Registration Rights
Agreement, dated as of September 29, 1999, among the Company, WWI, H.J. Heinz
Company ("Heinz") and Artal Luxembourg S.A. ("Artal").

                  5.2 Other Rights and Obligations. The parties hereby agree
that the Warrants shall have the rights and be subject to the obligations set
forth in the Stockholders' Agreement, dated as of September 29, 1999 (the
"Stockholders' Agreement"), among the Company, WWI, Heinz and Artal with respect
to shares of Common Stock held by WWI. The parties hereby agree and acknowledge
that the Warrant Shares shall accordingly be subject to the provisions of the
Stockholders' Agreement.

                  SECTION 6. MISCELLANEOUS.

                  6.1 Notices to the Company and WWI. Any notice or demand
authorized by this Agreement to be given or made by the Holder of any Warrant
Certificate to or on the
<PAGE>   18
                                                                              15

Company shall be sufficiently given or made (i) five business days after
deposited in the mail, first class or registered, postage prepaid, (ii) one
business day after being timely delivered to a next-day air courier or (ii) when
receipt is acknowledged by the addressee, if telecopied, addressed (until
another addresses is filed in writing by the Company with the Holders), as
follows:

                           WeightWatchers.com, Inc.
                           888 Seventh Ave., 8th Floor
                           New York, New York 10106
                           Attention:  General Counsel
                           Telecopy: (212)  315-0709

                  Any notice pursuant to this Agreement to be given by the
Company to any Holder shall be sufficiently given or made (i) five business days
after deposited in the mail, first-class or registered, postage prepaid, (ii)
one business day after being timely delivered to a next-day air courier or (ii)
when receipt is acknowledged by the addressee, if telecopied, addressed (until
another or additional address is filed in writing by a Holder with the Company)
to the Holder as follows:

                           Weight Watchers International, Inc.
                           175 Crossways Park West
                           Woodbury, New York 11797
                           Attention:  General Counsel
                           Telecopy:   (516) 390-1719

                  6.2 Amendments. Except as set forth herein, the provisions of
this Agreement may only be amended or waived with the prior written consent of
the Company and each Holder; provided that the Company and the Majority Holders
may amend or waive this Agreement except to the extent such waiver or amendment
would constitute an adverse amendment or waiver to a non-consenting Holder's
rights hereunder in a material respect.

                  6.3 Severability. The provisions of this Agreement are
severable, and if any clause or provision shall be held invalid, illegal or
unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such clause or
provision in any other jurisdiction or any other clause or provision of this
Agreement in any jurisdiction.

                  6.4 Successors. All the covenants and provisions of this
Agreement by or for the benefit of the Company or the Holders shall bind and
inure to the benefit of their respective permitted successors and assigns
hereunder.

                  6.5 Termination. This Agreement (other than the Company's
obligations with respect to Warrants previously exercised and the Company's and
the Holders' rights and obligations set forth in Sections 5.1 and 5.2) shall
terminate at 5:00 p.m., New York City time on the Expiration Date.
<PAGE>   19
                                                                              16

                  6.6 Governing Law. This Warrant Agreement and the Warrants
shall be governed by, and construed and interpreted in accordance with, the law
of the State of New York.

                  6.7 Jurisdiction; Venue. The parties to this Agreement agree
that jurisdiction and venue in any action brought by any party hereto pursuant
to this Agreement shall properly lie and shall be brought in any federal or
state court located in the State of New York. By execution and delivery of this
Agreement, each party hereto irrevocably submits to the jurisdiction of such
courts for itself or himself and in respect of its or his property with respect
to such action. The parties hereto irrevocably agree that venue would be proper
in such court, and hereby irrevocably waive any objection that such court is an
improper or inconvenient forum for the resolution of such action.

                  6.8 Benefits of This Agreement. (a) Nothing in this Agreement
shall be construed to give to any Person other than the Company and the Holders
of any legal or equitable right, remedy or claim under this Agreement; but this
Agreement shall be for the sole and exclusive benefit of the Company and the
Holders.

                  (b) Prior to the exercise of the Warrants, no Holder of a
Warrant Certificate, as such, shall be entitled to any rights of a stockholder
of the Company, including, without limitation, the right to receive dividends or
subscription rights, the right to vote, to consent, to exercise any preemptive
right, to receive any notice of meetings of stockholders for the election of
directors of the Company, to share in the assets of the Company in the event of
the liquidation, dissolution or winding up of the Company's affairs or any other
matter or to receive any notice of any proceedings of the Company, except as may
be specifically provided for herein.

                  6.9 Counterparts. This Agreement may be executed in any number
of counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one
and the same instrument.

                  6.10 Table of Contents. The table of contents and headings of
the Sections of this Agreement have been inserted for convenience of reference
only, are not intended to be considered a part hereof and shall not modify or
restrict any of the terms or provisions hereof.

                  6.11 MUTUAL WAIVER OF JURY TRIAL. THE PARTIES HERETO WAIVE ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR
DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT OR ANY DOCUMENTS RELATED
HERETO.
<PAGE>   20
                                                                              17

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed, as of the day and year first above written.

                                       WEIGHTWATCHERS.COM, INC.

                                       By:
                                          -------------------------------------
                                       Name:    Sharon A. Fordham
                                       Title:   Chief Executive Officer

                                       WEIGHT WATCHERS INTERNATIONAL, INC.

                                       By:
                                          -------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

<PAGE>   21

                                    EXHIBIT A

                       [Form of Amended and Restated Note]
<PAGE>   22
                                    EXHIBIT B

                          [Form of Warrant Certificate]

            THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE OR OTHER
SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN
MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT.

No. 03                                                          444,444 Warrants

                               WARRANT CERTIFICATE

                            WEIGHTWATCHERS.COM, INC.

            THIS CERTIFIES THAT, Weight Watchers International, Inc., a Virginia
corporation ("WWI"), is the owner of 444,444 Warrants (the "Warrants") as
described above, transferable only on the books of WeightWatchers.com, Inc., a
Delaware corporation (the "Company"), by the holder thereof in person or by his
or her duly authorized attorney, on surrender of the Certificate properly
endorsed. Each Warrant entitles the holder thereof (the "Holder"), at its option
and subject to the provisions contained herein and in the Warrant Agreement,
dated as of May 3, 2001 (the "Warrant Agreement"), between the Company and WWI,
to purchase from the Company, one Warrant Share per Warrant at the exercise
price per share of $ 7.14 (the "Exercise Price"), or by Cashless Exercise. This
Warrant is subject to the terms and provisions contained in the Warrant
Agreement, to all of which terms and provisions the Holder of this Warrant
Certificate consents by acceptance hereof. The Warrant Agreement is hereby
incorporated herein by reference and made a part hereof. Reference is hereby
made to the Warrant Agreement for a full statement of the respective rights,
limitations of rights, duties and obligations of the Company and the Holders of
the Warrants. Capitalized terms used but not defined herein shall have the
meanings ascribed thereto in the Warrant Agreement. This Warrant Certificate
shall terminate and become void as of 5:00 p.m. on May 2, 2011 (the "Expiration
Date") or upon the exercise hereof as to all the shares of Common Stock subject
hereto. The Exercise Price and the number of Warrant Shares purchasable upon
exercise of the Warrants shall be subject to adjustment from time to time as set
forth in the Warrant Agreement.

            Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof and such further provisions shall
for all purposes have the same effect as though fully set forth at this place.

            This Warrant Certificate shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York.

            IN WITNESS WHEREOF, the Company has caused this Warrant Certificate
to be executed on behalf of the Company on the date set forth below.

Dated: May 3, 2001

                                    WEIGHTWATCHERS.COM, INC.

                                    By:
                                       ---------------------------------
                                    Name: Sharon A. Fordham
                                    Title:      Chief Executive Officer
<PAGE>   23
                         [FORM OF REVERSE OF WARRANT CERTIFICATE]

            This Warrant Certificate is issued under and in accordance with the
Warrant Agreement. A copy of the Warrant Agreement may be obtained for
inspection by the Holder hereof upon written request to the Company, 888 Seventh
Ave., 8th Floor, New York, New York 10106.

            Warrants may be exercised at any time until 5:00 p.m., New York City
time on the Expiration Date. Subject to the terms of the Warrant Agreement, the
Warrants may be exercised in whole or in part by surrender of this Warrant
Certificate with the form of election to purchase Warrant Shares attached hereto
duly executed and with the simultaneous payment of the Exercise Price (i) in
cash to the Company at the office of the Company or (ii) by Cashless Exercise.
Payment of the Exercise Price in cash shall be made in cash or by certified or
official bank check payable to the order of the Company or by wire transfer of
same-day funds to an account designated by the Company for such purpose. Payment
by Cashless Exercise shall be made by the surrender of a Warrant or Warrants
represented by one or more Warrant Certificates and without payment of the
Exercise Price in cash, in exchange for the issuance of such number of shares of
Common Stock equal to the product of (1) the number of shares of Common Stock
for which such Warrants would otherwise then be nominally exercised if payment
of the Exercise Price were being made in cash and (2) the Cashless Exercise
Ratio.

            The Warrant Agreement provides that upon the occurrence of certain
events the number of shares of Common Stock issuable upon the exercise of each
Warrant shall, subject to certain conditions, be adjusted.

            In the event the Company enters into a Combination following which
this Warrant remains outstanding, the Holder hereof will be entitled to receive
upon exercise of the Warrants the shares of capital stock or other securities or
other property of such surviving entity as such Holder would have been entitled
to receive upon or as the result of such Combination had the Holder exercised
its Warrants immediately prior to such Combination; provided, however, that in
the event that, in connection with such Combination, consideration to holders of
shares of Common Stock in exchange for their shares is payable solely in cash or
in the event of the dissolution, liquidation or winding-up of the Company, the
Holder hereof will be entitled to receive distributions on an equal basis with
the holders of shares of Common Stock or other securities issuable upon exercise
of the Warrants, as if the Warrants had been exercised immediately prior to such
events, less the Exercise Price.

            The Company may require payment of a sum sufficient to pay all
taxes, assessments or other governmental charges in connection with the transfer
or exchange of the Warrant Certificates pursuant to Section 3.6 of the Warrant
Agreement but not for any exchange or original issuance (not involving a
transfer) with respect to the exercise of the Warrants or the Warrant Shares.

            Upon any partial exercise of the Warrants, there shall be issued to
the Holder hereof a new Warrant Certificate in respect of the Warrant Shares as
to which the Warrants shall not have been exercised. This Warrant Certificate
may be exchanged at the office of the Company by presenting this Warrant
Certificate properly endorsed with a request to exchange this Warrant
Certificate for other Warrant Certificates evidencing an equal number of
Warrants. In the event any fractional Warrant Shares would have to be issued
upon the exercise of the Warrants, the Company may, at its option, pay an amount
in cash equal to the Current Market Value for one Warrant Share on the Business
Day immediately preceding the date the Warrant is exercised, multiplied by such
fraction, in lieu of issuing such fractional share.

            The Warrants do not entitle any holder hereof to any of the rights
of a stockholder of the Company. All shares of Common Stock issuable by the
Company upon the exercise of the Warrants shall, upon such issue, be duly and
validly issued and fully paid and non-assessable.

            The Holder of this Warrant Certificate may be deemed and treated by
the Company as the absolute owner of the Warrant Certificate for all purposes
whatsoever and the Company shall not be affected by notice to the contrary.
<PAGE>   24
                   FORM OF ELECTION TO PURCHASE WARRANT SHARES

                     (to be executed only upon exercise of Warrants)

                                       [     ]

            The undersigned hereby irrevocably elects to exercise ____________
Warrants at an exercise price per Warrant Share of $________ to acquire an equal
number of Warrant Shares on the terms and conditions specified in the within
Warrant Certificate and the Warrant Agreement therein referred to, surrenders
this Warrant Certificate and all right, title and interest therein to
WeightWatchers.com, Inc., and directs that the shares of Common Stock
deliverable upon the exercise of such Warrants be registered or placed in the
name and at the address specified below and delivered thereto.

Date:  ________________, ____

                                 _______________________________(1)
                                    (Signature of Owner)

                                 _______________________________
                                 (Street Address)

                                 _______________________________
                                 (City)    (State)    (Zip Code)

________
(1)   The signature must correspond with the name as written upon the face of
      the within Warrant Certificate in every particular, without alteration or
      enlargement or any change whatever.
<PAGE>   25
                                                                               2

Securities and/or check to be issued to:

      Please insert social security or identifying number:

      Name:
           -------------------------------------------------------------

      Street Address:
                     ---------------------------------------------------

      City, State and Zip Code:
                               -----------------------------------------

Any unexercised Warrants evidenced by the within Warrant Certificate to be
issued to:

      Please insert social security or identifying number:

      Name:
           -------------------------------------------------------------

      Street Address:
                     ---------------------------------------------------

      City, State and Zip Code:
                               -----------------------------------------

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