Document:

EX-10.3

 Exhibit 10.3 

September 12, 2012 
 Mr. Michael
Nathenson 
 6735 Aberdeen Avenue 
 Dallas, TX 75230 

Dear Mike: 
 On behalf of the Blue Buffalo Company Board, I am
delighted to offer you the position of Executive Vice President and Chief Financial Officer for Blue Buffalo. In this position, you will be responsible for the direction and management of the Company’s financial affairs and you will
report to the CEO. 
 Your salary, paid on the company’s normal payroll cycle, will be the equivalent of $300,000 per annum. You will also be eligible
for an annual bonus that at target will be paid at 66.7% of your base salary. The actual bonus formula, targets and personal objectives will be set on an annual basis. Bonus is payable to then-current employees at a date toward the end of the first
quarter for achievements in the previous year. We will work jointly with you to establish a simplified set of objectives for the remainder of 2012. 
 You
will also have access to the benefits offered to Blue Buffalo employees, including health care coverage (medical and dental) and a matching 401K, as well as, a car allowance given to senior management. Jane and I would be happy to explain these
benefits in greater detail. 
 You will be entitled to a $30,000 sign-on bonus upon the official start of your employment. In addition, the Company will
reimburse you or pay directly for IRS approved actual relocation related expenses up to a maximum of $30,000. 
 As the CFO of the Company, the Board wants
to align your incentives with shareholders’ interests. To accomplish this objective, within all the parameters of the equity incentive plan currently in effect at Blue Buffalo, I will recommend to the Board at its first meeting after your start
of employment the following equity incentive: 
  

	 	•	 	A number of options equivalent to 0.4% of the fully-diluted number of common shares of the Company on the date you start your employment (including all options in the option pool, whether granted or un-granted)

  

	 	•	 	A strike price set by an independent Fair Market Value analysis 

  

	 	•	 	Options with a 5-year vesting period (as has been the norm at Blue Buffalo), with 20% vesting after each year. Options have a 10-year term. 

Option holders are required to sign a confidentiality agreement as part of the option granting process and a joinder to the Investor Rights Agreement as part
of the exercise of any vested option. 

 As you know, there is a probability that the company will go public in the future. Should this occur, expect that
the Board will want to put in place an equity incentive program that is appropriate for a Public Company. This type of programs usually includes annual grants that are based on a dollar value ratio to salary following a set of benchmarks appropriate
for a company like Blue Buffalo. As the CFO of the Company, I expect that you will be very involved in establishing this program. 
 The Board believes it
is reasonable to provide you with protection in case of a change of control. As a matter of clarity, the fact that Invus’s ownership would drop below 50% by itself would not constitute a change in control if no other shareholder owns more than
50% of the company (e.g., Invus sells shares over time). In the event that your employment is terminated by the Company or its successor without Cause* or by you for Good Reason** both in connection with or within 12 months of a change in control,
and conditioned on your signing and not revoking a release of any and all claims in a form acceptable to the Company, then you shall be entitled to the following protection: 
  

	 	•	 	All unvested awards (options and/or equity) shall automatically and fully vest. The option agreement shall remain in effect in all other respects upon such acceleration. 

 

	 	•	 	All account balances in the company’s 401(k) plan including any unvested balances from Company matches shall automatically and fully vest. 

 

	 	•	 	Company to reimburse the actual cost of COBRA coverage for up to 24 months following termination and COBRA election by you. 

  

	*	“Cause” shall mean (i) the Optionee’s willful and continued failure to perform his or her duties with respect to the Company or any Subsidiary which continues beyond 10 days after a written demand
for substantial performance is delivered to the Optionee by the Company or the Subsidiary, as applicable, (ii) the Board of Directors’ good faith determination that Optionee has engaged in an act of dishonesty or breach of trust in
connection with the Optionee’s employment, (iii) conviction of, or plea of guilty or nolo contendere to, a misdemeanor involving moral turpitude or a felony, or (iv) any material breach by the Optionee of any agreement with the
Company or a Subsidiary or any Company policy or policy of a Subsidiary. 

	**	“Good Reason” shall mean any of the following events occurring without your prior written consent: (1) A material reduction in annual pay or incentive opportunities, or material reduction in benefits,
unless a reduction of similar proportional magnitude is adopted for all officers of the Company, (2) Removal from the position or any significant reduction in the nature or status of duties or responsibilities without Cause, provided however
that no such reduction will be deemed to exist solely as a consequence of the Company becoming a subsidiary, division or unit of another company, (3) transfer of principal place of employment to a location more than 50 miles from the
Company’s headquarters, which at the time of this letter is in Wilton CT. Any election to depart for Good Reason must be made in writing within 90 days of the occurrence of the event causing the departure. 

Based on our discussion to date, we’d expect you to start your employment full-time as of
September 24th, 2012. We look forward to you joining our management planning off-site in Kiawah Island during the last week of September. This would be an opportunity for you to hit the
ground running by starting to have impact on the 2013 financials of the company as well as bond with the management team from the beginning. 

  
 2 

 Mike, the whole Board joins me in expressing our enthusiasm at the prospect of your leading the Blue Buffalo
finance team, and taking a very senior executive role in guiding the future of the Company. We sincerely hope that you will be joining us in this exciting adventure. You now have the chance, and we now have the luck, to see you take a leadership
role in what we hope will continue to be the seminal company in the transformation of the pet food and pet care industry with a powerful and trusted brand. We look forward to our working together. 

Best regards, 
 /s/ William W. Bishop 

William W. Bishop 
 Chief Executive Officer 

Cc: Raymond Debbane, Chairman 
  

	
	ACCEPTED AND AGREED.
	
	 /s/ Mike Nathenson

	Mike Nathenson
	
	 September 13, 2012

	Date

  
 3EX-10.4

 Exhibit 10.4 

October 1, 2012 
 Mr. Kurt T.
Schmidt 
 131 Black River Road 
 Long Valley, NJ 07853-3066

 Dear Kurt: 
 On behalf of the Blue Buffalo Company Board, I
am delighted to offer you the position of Chief Executive Officer of Blue Buffalo. In this position, you will be responsible for the direction and management of all aspects of the Company and report directly to the Board. You will be appointed to
the Board as its sixth Director, joining the four Invus partners and Bill. 
 Your salary, paid on the company’s normal payroll cycle, will be the
equivalent of $600,000 per annum. You will also be eligible for an annual bonus that at target will be paid at 100% of your base salary, with the potential to earn up to 150% of your base for over-performance. We will set your actual bonus formula,
targets and personal objectives on an annual basis starting with the 2013 fiscal year. All bonuses are payable to then-current employees at a date toward the end of the first quarter for achievements in the prior year. 

As we discussed, it is critical for us to have our new CEO in place before the end of 2012. In order for you to join Blue Buffalo in the calendar year of
2012, we understand that you would need to walk away from your 2012 bonus at Nestle. To demonstrate to you our commitment and confidence in you, we are offering to make you whole on your 2012 bonus by paying you $1 million in cash in the form of a
signing bonus, upon you joining Blue Buffalo on or prior to December 1, 2012. Should Nestle require you to stay on longer to help with the transition, then we would expect Nestle to pay you the full year bonus. 

I would like to point out that the on-going cash compensation and the signing bonus described above are significantly higher than what we ever imagined paying
for the new CEO at the current stage and scale of the Company. But we are conscious of the significant short-term pay cut you would be taking, as well as of the unvested equity you would be walking away from, by joining Blue Buffalo. In recognition
of your circumstances and your fit with the Company, we have stretched for you in making this offer. 
 Based on our confidence in you and the
Company’s growth prospects, we expect that the Company will grow into this set of compensation parameters in a relatively short period of time. 
 We
believe that there is a tremendous value creation opportunity ahead of us at Blue Buffalo, which as the CEO of the Company you would lead over the next 5-10 years. Therefore, the Board wants to align your incentives with shareholders’ interests
by setting up a very significant equity incentive plan for you, which we would expect would deliver the lion’s share of your compensation going forward versus the short-term cash compensation described above. To accomplish this objective,
subject to all the parameters of the equity incentive plan currently in effect at Blue Buffalo, I will recommend to the Board at its first meeting after your start of employment the following equity incentive: 

	 	•	 	A number of options equivalent to 1.5% of the fully-diluted number of common shares of the Company on the date you start your employment (including all options in the option pool, whether granted or un-granted)

  

	 	•	 	At a strike price determined by an independent Fair Market Value analysis 

  

	 	•	 	Options with a 5-year vesting period (as has been the norm at Blue Buffalo), with 20% vesting after each year. Options have a 10-year term. 

 

	 	•	 	Option holders are required to sign a confidentiality agreement as part of the option granting process and a joinder to the Investor Rights Agreement as part of the exercise of any vested option. 

As you know, our objective is to take the Company public in the next 12-18 months. Should this occur, the Board would put in place an equity incentive program
that is appropriate for a Public Company. This type of program usually includes annual grants that are based on a dollar value ratio to salary following a set of benchmarks appropriate for a company like Blue Buffalo. 

The Board believes it is reasonable to provide you with protection in case of a change of control. As a matter of clarity, the fact that Invus’ ownership
would drop below 50% by itself would not constitute a change in control if no other shareholder owns more than 50% of the company (e.g., Invus sells shares over time). In the event that there is a change of control (i.e., the Company is acquired by
a strategic buyer): 
  

	 	•	 	All unvested awards (options and/or equity) shall automatically and fully vest. The option agreement shall remain in effect in all other respects upon such acceleration. 

 

	 	•	 	All account balances in the company’s 401(k) plan including any unvested balances from Company matches shall automatically and fully vest. 

 

	 	•	 	Company to reimburse the actual cost of COBRA coverage for up to 24 months following termination and COBRA election by you. 

As the CEO, you would be the only employee of the Company to have this automatic vesting feature. In return, should this type of a strategic sale occur, you
would commit to working with the buyer to ensure a smooth transition. 
 As we discussed, the Company would also reimburse you or pay directly for IRS
approved customary relocation expenses related to your furniture and car in Switzerland. Since you would be a dual US and Swiss tax filer for the current year, the Company would reimburse you for reasonable out-of-pocket expenses to complete your
Swiss tax filing expenses for 2012. 
 You will also have access to the benefits offered to Blue Buffalo employees, including healthcare coverage (medical
and dental) and a matching 401K, as well as, a car allowance given to senior management. Blue Buffalo is currently self-insured, which is backed further by a reinsurance contract. Its PPO plan is administered by Meritain, an Aetna company. As you
will see, the health plan in place is quite robust with a $5 million per annum cap on the claims on any individual insured and the pre-existing condition exclusion does not apply to children under 19 years of age, which should hopefully allow a
seamless transition to the Blue Buffalo health plan for your family. Please see the summaries attached to this letter for more information. You can also check to see which, if any, of your current healthcare providers are in network. Bill and Jane
(VP Finance and HR) would be happy to explain these benefits in greater detail. 

  
 2 

 Kurt, the whole Board joins me in expressing our enthusiasm at the prospect of you leading the next chapter of
the Blue Buffalo story. We have no doubt that you do and will continue to have many different career options, many of which may pay higher current cash compensation than our offer. However we sincerely believe that Blue Buffalo is a very unique
opportunity for you to apply your skills and background to grow BLUE into one of the iconic brands in one of the largest consumer categories. As the next CEO of Blue Buffalo, you will be instrumental in telling the Blue Buffalo story to the world by
taking the Company public and leading it as a public entity. Over the past decade, we believe that under Bill’s leadership, Blue Buffalo has built a powerful brand and competitive position within the pet food space and has put in place true
competitive assets that set the foundation for sustained growth in the future. In this role, you have the opportunity to build on this wonderful foundation, open new avenues of growth in areas such as the veterinary channel and international
markets, in order to scale it to become a multi-billion dollar company. We are sure this will require a lot of hard work but you will also have tremendous fun. We structured our offer, so that as a result of your and the team’s hard work, if
the Company meets or exceeds its financial objectives, you have the potential to be rewarded with a wealth creation opportunity that I have every confidence you would be hard pressed to find the equivalent of elsewhere - regardless of the size of
company. 
 Should you accept this offer, Bill and we, as Invus, will make every effort to make your transition as seamless as possible to ensure your and
the Company’s success. As you may have already sensed, we have enjoyed a very open, fair and collaborative working relationship with Bill as a true partner and hope to do the same with you. 

In order for you to have maximum impact on 2013, we would welcome you to join the Company as early in 2012 as possible based on the transition plan you work
out with Nestle. While we understand that you will be finalizing this transition plan over the next few days, please note that our offer is contingent upon your employment starting no later than Feb 1, 2013. 

  
 3 

 We sincerely hope that you will be joining us in this exciting adventure. We look forward to our working
together. 
 Best regards, 
 /s/ Raymond Debbane 

Raymond Debbane 
 Chairman, Blue Buffalo 

President & CEO, Invus 
 cc: William W. Bishop, Founder
and CEO, Blue Buffalo 
  

	
	ACCEPTED AND AGREED:
	
	 /s/ Kurt Schmidt

	Kurt Schmidt
	
	 October 3, 2012

	Date

  
 4

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