Document:

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                                                                   EXHIBIT 10.39

                      NON-STATUTORY STOCK OPTION AGREEMENT

               AGREEMENT (this "Agreement") entered into as of the 10th day of
March, 2003, by and between WH Holdings (Cayman Islands) Ltd., a Cayman Islands
company (the "Company"), and the undersigned employee (the "Employee") of the
Company or its Subsidiaries.

               WHEREAS, pursuant to the WH Holdings (Cayman Islands) Ltd. Stock
Option Plan (the "Plan"), the Committee designated under the Plan desires to
grant to the Employee an option to acquire Common Shares, par value $0.001 per
share, of the Company; and

               WHEREAS, the Employee desires to accept such option subject to
the terms and conditions of this Agreement.

               NOW, THEREFORE, in consideration of the premises and of the
mutual covenants and agreements contained herein, the Company and the Employee,
intending to be legally bound, hereby agree as follows:

               1. Grant of Option. On the terms and conditions hereinafter set
forth, the Company hereby grants to the Employee an option to purchase all (or
any part) of (i) 1,207,583 Shares at an exercise price of $0.44 per share and
(ii) 603,792 Shares at an exercise price of $1.76 per share (the aforementioned
clauses (i) and (ii) collectively, the "Option"). This Option is granted as of
the date hereof (the "Grant Date"). The Option is a Non-Statutory Stock Option.
This Option is granted pursuant to the Plan, and is governed by the terms and
conditions of the Plan. All defined terms used herein, unless specifically
defined in this Agreement, have the meanings assigned to them in the Plan.
Employee has previously been provided with a copy of that certain Private
Placement Memorandum dated July 15, 2002 regarding the offering of the Company's
12% Series A Cumulative Convertible Preferred Shares, as supplemented by
Supplements Nos. 1, 2 and 3 thereto (collectively, the "PPM"). To the Company's
knowledge, the disclosure of the Company's share ownership set forth in the PPM
beneath the caption "Share Ownership" therein accurately sets forth, in all
material respects, the share ownership of the Company as of the dates indicated
therein.

               2. Time of Exercise of Option.

               (a) The Option will become vested and exercisable (pro rata
according to the number of Shares exercisable at the relevant exercise prices
specified above) fifteen percent (15%) as of the date hereof, and thereafter, in
quarterly 5% increments (pro rata according to the number of Shares exercisable
at the relevant exercise prices

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specified above) commencing on June 30, 2003 and on each subsequent last day of
each following calendar quarter until the Option becomes fully vested and
exercisable as of June 30, 2007.

               (b) Notwithstanding the preceding or any other provision in this
Agreement or the Plan to the contrary, in the event that the Sponsors sell, for
cash, 100% of their investments in the debt and equity securities of the Company
and each of its Subsidiaries (whether by sale to an independent third party
(i.e., excluding either Sponsor, the Company or any of their respective
affiliates) or in connection with a liquidating distribution in connection with
a sale of all or substantially all of the assets of the Company) in connection
with either: (i) a Change in Control or (ii) an Initial Public Offering, the
previously unexercisable portion of the Option will immediately become 100%
vested and exercisable immediately prior to the closing of any such transaction.
In such event, Employee shall have the right, by giving notice five days before
such closing, to exercise the Option, in whole or in part, effective as of and
conditioned upon such closing. For purposes of the Plan and this Agreement,
"Sponsors" means Whitney & Co., LLC, Golden Gate Private Equity, Inc. and the
respective investment funds managed by each of them.

               3. Term of Options and Repurchase Rights.

               (a) The Option will expire 10 years from the date hereof, but
will be subject to earlier termination as provided below.

               (b) Upon Employee's termination of employment with the Company or
any of its Subsidiaries for whatever reason:

                      (i) the unexercisable portion of the Option hereby granted
will terminate on the date of such termination.

                      (ii) the exercisable portion of the Option hereby granted
will be treated as follows:

                             (A) Subject to the repurchase rights described in
(c) below and the Shareholders' Agreement, if the Employee is terminated for any
reason except for Cause, the exercisable portion of the Option hereby granted
will be exercisable for 30 days following the termination, unless the Employee
terminates employment on account of a "disability" as defined in Code Section
22(e) or if the Employee dies, in which case, such Employee or such Employee's
personal representative, respectively, may exercise the exercisable portion of
the Option hereby granted for 90 days following the termination of employment on
account of such disability or the Employee's death.

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                             (B) If the Employee is terminated for Cause, the
exercisable portion of the Option hereby granted will terminate on the date of
such termination.

               (c) The Company has the right to repurchase the Shares acquired
upon the exercise of Options for a period of 90 days after the Employee
terminates employment or 90 days after the Shares for which the Option is
exercised are acquired, whichever is later (the "Repurchase Period").
Notwithstanding anything to the contrary in the Shareholders' Agreement, the
purchase price per Share payable under Section 6(a) or (b) of the Shareholder's
Agreement where such Termination (as defined in the Shareholders' Agreement):

                      (i) was due to resignation or for Cause shall be the
amount equal to the lesser of: (A) the Fair Market Value at the time of such
termination; or (B) the relevant exercise price for such Shares;

                      (ii) was without Cause or because of death, disability or
Retirement (as defined below) shall be the amount equal to the greater of: (A)
the Fair Market Value at the time of such termination; or (B) the relevant
exercise price for such Shares.

               (d) For purposes of this Agreement, (i) "Cause" shall have the
meaning ascribed to such term in any written employment agreement between
Employee and the Company or one or more of its Subsidiaries, as the same may be
amended or modified from time to time and (ii) "Retirement" shall mean
Employee's resignation from the service of the Company or its Subsidiaries, so
long as Employee does not engage in any employment or consulting activities with
any third party which require in excess of 10 hours per week during the
Repurchase Period.

               (e) The Company's repurchase option set forth in Section 4(c)
above shall terminate upon the consummation of an Initial Public Offering.

               4. Manner of Exercise of Option. The Option may be exercised by
delivery, via first class mail, fax or electronic mail of a Notice of Option
Exercise and related forms to the Company stating the number of Shares with
respect to which the Option is being exercised and accompanied by payment of the
Total Exercise Cost in cash or by check, bank draft or money order payable to
the order of the Company. The Company will cooperate in any reasonable manner
(including cooperating with Employee's broker) to allow Employee to exercise the
Option in any expedient manner, so long as such cooperation does not violate
applicable law or could not result in any adverse consequences to the Company.

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               5. Non-Transferability. The right of the Employee to exercise the
Option (as and when exercisable) may not be assigned or transferred by the
Employee other than (i) by will or the laws of descent and distribution or (ii)
with the prior written approval of the Committee (not to be unreasonably
withheld), for estate planning purposes. The Option may be exercised and the
Shares may be purchased during the lifetime of the Employee only by the Employee
(or the Employee's legal representative in the event that the Employee's
employment is terminated due to "disability" as defined in Code Section 22(e) or
any other permitted transferee of the Option). Any attempted assignment or
transfer, except as hereinabove provided, including without limitation any
purported assignment, whether voluntary or by operation of law, pledge,
hypothecation or other disposition contrary to the provisions hereof, or any
levy of execution, attachment, trustee process or similar process, whether legal
or equitable, upon the Option, will in each instance be null and void.

               6. Representation Letter and Investment Legend.

               (a) In the event that for any reason the issuance of the Shares
to be issued upon exercise of an exercisable Option will not be effectively
registered under the Securities Act upon any date on which the Option is
exercised, the Employee (or the person exercising the Option pursuant to
Paragraph 6) will give a written representation to the Company in the form of
paragraph 1 of Exhibit A attached hereto, and the Company will place the
Securities Act legend described in paragraph 2 of Exhibit A upon any certificate
for the Shares issued by reason of such exercise.

               (b) The Company will be under no obligation to qualify Shares or
to cause a registration statement or a post-effective amendment to any
registration statement to be prepared for the purpose of covering the issuance
of Shares.

               7. Adjustments of Shares and Options.

               (a) In the event of any change in the outstanding Shares by
reason of an acquisition, spin-off or reclassification, recapitalization or
merger, combination or exchange of Shares or other corporate exchange, Change of
Control or similar event, the Committee shall adjust appropriately the number or
kind of Shares or securities subject to the Option and exercise prices related
thereto and make such other revisions to the Option as it deems are equitably
required.

               (b) With respect to any merger or consolidation of the Company
into another corporation, the sale or exchange of all or substantially all of
the assets of the Company, a Change of Control or the recapitalization,
reclassification, liquidation or dissolution of the Company or any other similar
fundamental transaction involving the Company or any of its Subsidiaries (any of
the foregoing, a "Qualifying Event"), the

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Committee shall provide either: (i) that the Option cannot be exercised after
such Qualifying Event, provided that nothing in this Section 7(b) shall prohibit
Employee from exercising any then exercisable portion of the Option (including
any portion thereof which will become exercisable by virtue of such Qualifying
Event) prior to, or simultaneously with, the occurrence of such Qualifying Event
and that, upon the occurrence of such Qualifying Event, the Option will
terminate and be of no further force or effect and no longer be outstanding;
(ii) that the Option will remain outstanding after such Qualifying Event, and
from and after the consummation of such Qualifying Event, the Option will be
exercisable for the kind and amount of securities and/or other property
receivable as a result of such Qualifying Event by the holder of a number of
Shares for which the Option could have been exercised immediately prior to such
Qualifying Event; or (iii) the then exercisable portion of the Option (including
any portion thereof which will become exercisable by virtue of such Qualifying
Event) will be repurchased by the Company at a specific price (it being agreed
that, with respect to each Share for which all or any portion of the Option is
then exercisable, such specific price shall be equal to the Fair Market Value of
such Share less the applicable Exercise Price) and that, upon the occurrence of
such Qualifying Event, the Option will terminate and be of no further force or
effect and no longer be outstanding. In the event of any conflict or
inconsistency between the terms and conditions of this Section 7(b) and the
terms and conditions of Section 8 of the Plan, the terms and condition of this
Section 7(b) shall control.

               8. No Special Employment Rights. Nothing contained in this
Agreement will be construed or deemed by any person under any circumstances to
bind the Company or any of its Subsidiaries to continue the employment of the
Employee for the period within which this Option may vest or for any other
period.

               9. Rights as a Shareholder. The Employee will have no rights as a
shareholder with respect to any Shares which may be purchased upon the exercise
of this Option unless and until a certificate or certificates representing such
Shares are duly issued and delivered to the Employee.

               10. Withholding Taxes. The Employee hereby agrees, as a condition
to any exercise of the Option, to provide to the Company an amount sufficient to
satisfy its obligation to withhold certain federal, state and local taxes
arising by reason of such exercise (the "Withholding Amount"), if any, by (a)
authorizing the Company to withhold the Withholding Amount from the Employee's
cash compensation, or (b) remitting the Withholding Amount to the Company in
cash; provided that, to the extent that the Withholding Amount is not provided
by one or a combination of such methods, the Company may at its election
withhold from the Shares delivered upon exercise of the Option that number of
Shares having a Fair Market Value as of the date immediately prior to the
issuance of such Shares equal to the Withholding Amount.

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               11. Execution of Shareholders' Agreement. The Employee
acknowledges that, in connection with his or her prior or future purchase of
Shares of the Company, unless such Shareholders' Agreement is no longer in
effect, he or she will execute and deliver the Shareholders' Agreement or a
joinder or counterpart signature page thereto. The Employee further agrees that
all Shares acquired by such Employee upon exercise of the Option will be subject
to the terms and conditions of the Shareholders' Agreement, if then in effect,
as modified hereby.

               12. Lock-Up Agreements. The Employee agrees that notwithstanding
anything to the contrary contained in this Agreement, in the event of an Initial
Public Offering or any other public offering of securities of the Company,
except to the extent that: (a) the Employee sells his or her Shares obtained
upon the exercise of the Option to the underwriters of the Company's securities
in connection with such offering or (b) the underwriters do not require the
following restrictions of all of the Company's directors and officers, such
Employee shall not (i) offer, hedge, pledge, sell or contract to sell any such
Shares, (ii) sell any option or contract to purchase any Shares, (iii) purchase
any option or contract to sell any Shares, (iv) grant any option, right or
warrant for the sale of any Shares, or (v) lend or otherwise dispose of or
transfer any Shares during the longer of (A) any black-out period requested by
underwriters conducting any such public offering of securities on behalf of the
Company and (B) during the seven days prior to and during the 180 day period
beginning on the effective date of such initial public offering or other public
offering of securities; provided, however, that such Employee shall, in any
event, be entitled to sell his or her Shares commencing on the expiration of the
black-out period described in the aforementioned clause (A) or (B).

                                    *********

                         [Signatures on Following Page]

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                                OPTION AGREEMENT

                           Counterpart Signature Page

               IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed, by its officer thereunto duly authorized, and the Employee has
executed this Agreement, all as of the day and year first above written.

WH HOLDINGS                                 EMPLOYEE
(CAYMAN ISLANDS) LTD.

By: /s/ STEPHAN KALUZNY                     /s/ CAROL HANNAH
   -----------------------------            ------------------------------------
    Title: Director                         CAROL HANNAH

Stephan Kaluzny                             Address:
--------------------------------
(print name)

                                            c/o Herbalife International, Inc.
                                            1800 Century Park East
                                            Los Angeles, CA 90067
                                            Facsimile Number: (310) 557-3906

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                                    EXHIBIT A

TO:  WH HOLDINGS (CAYMAN ISLANDS) LTD.

               The undersigned hereby irrevocably exercises the right to
purchase ______________ of the Common Shares, par value $0.001 per share
("Common Shares") of WH Holdings (Cayman Islands) Ltd., a Cayman Islands company
(the "Company"), evidenced by the attached Option, and herewith makes payment of
the relevant exercise price with respect to such shares in full, all in
accordance with the conditions and provisions of said Option.

               1. The undersigned hereby represents and warrants to and agrees
with the Company as follows:

               (a) The undersigned understands and acknowledges that an
investment in the Common Shares issuable upon exercise of this Option involves a
high degree of risk and that there are limitations on the liquidity of the
Common Shares issuable upon exercise of this Option. The undersigned is able to
bear the economic risk of an investment in the Common Shares issuable upon
exercise of this Option. The undersigned has adequate means of providing for the
undersigned's current needs and contingencies; is able to afford to hold the
Common Shares issuable upon exercise of this Option for an indefinite period;
and has such knowledge and experience in financial and business matters such
that the undersigned is capable of evaluating the merits and risks of the
investment in the Common Shares issuable upon exercise of this Option;

               (b) The undersigned is acquiring the Common Shares issuable upon
exercise of this Option for its own account for investment and not as a nominee
and not with a present view to the distribution thereof in violation of the
Securities Act of 1933, as amended (the "1933 Act"). The undersigned understands
that the undersigned must bear the economic risk of this investment indefinitely
unless such shares are registered pursuant to the 1933 Act and any applicable
state securities laws, or an exemption from such registration is available. The
undersigned has no plan or intention to sell the Common Shares issuable upon
exercise of this Option at any predetermined time, and has made no predetermined
arrangements to sell such shares;

               (c) The undersigned will not make any sale, transfer or other
disposition of the Common Shares issuable upon exercise of this Option in
violation of (1) the 1933 Act, the Securities Exchange Act of 1934, as amended,
any other applicable Federal or state securities laws or the rules and
regulations of the Securities and Exchange Commission or of any state securities
commissions or similar state authorities promulgated under any of the foregoing,
or (2) any applicable securities laws of jurisdictions outside the United States
and the rules and regulations thereunder.

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               2. The undersigned agrees not to offer, sell, transfer or
otherwise dispose of any of the Common Shares obtained on exercise of the
Option, except in accordance with the provisions of the Option, and consents
that the following legend may be affixed to the stock certificates for the
Common Shares hereby subscribed for, if such legend is applicable:

        "THE SALE, TRANSFER OR ENCUMBRANCE OF THE SECURITIES REPRESENTED BY THIS
        CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF A SHAREHOLDERS'
        AGREEMENT, DATED AS OF JULY 31, 2002 AMONG WH HOLDINGS (CAYMAN ISLANDS)
        LTD. AND CERTAIN HOLDERS OF ITS OUTSTANDING SHARE CAPITAL, AS SUCH
        AGREEMENT MAY BE AMENDED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO
        COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE
        TO THE SECRETARY OF WH HOLDINGS (CAYMAN ISLANDS) LTD.

        THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
        SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY PROVINCIAL
        OR STATE SECURITIES LAW, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED,
        HYPOTHECATED OR OTHERWISE DISPOSED OF UNTIL A REGISTRATION STATEMENT
        UNDER THE 1933 ACT AND APPLICABLE PROVINCIAL OR STATE SECURITIES LAWS
        SHALL HAVE BECOME EFFECTIVE WITH REGARD THERETO, OR AN EXEMPTION FROM
        REGISTRATION UNDER THE 1933 ACT OR APPLICABLE PROVINCIAL OR STATE
        SECURITIES LAWS IS AVAILABLE IN CONNECTION WITH SUCH OFFER, SALE OR
        TRANSFER."

               3. The undersigned requests that stock certificates for such
shares be issued, and a new option agreement representing any unexercised
portion hereof be issued in the name of the registered holder and delivered to
the undersigned at the address set forth below:

Dated:

-----------------------------------
Signature of Registered Holder

-----------------------------------
Name of Registered Holder (Print)

                                       2<PAGE>
                                                                   Exhibit 10.40

                       WH HOLDINGS (CAYMAN ISLANDS) LTD.

                               STOCK OPTION PLAN

            1.    Purpose of Plan.

            The WH Holdings (Cayman Islands) Ltd. Stock Option Plan (the "Plan")
is designed:

            (a)   to promote the long term financial interests and growth of WH
      Holdings (Cayman Islands) Ltd. (the "Company") and its affiliates by
      attracting and retaining employees with the training, experience and
      ability to enable them to make a substantial contribution to the success
      of the business of the Company and its affiliates;

            (b)   to motivate employees by means of growth-related incentives to
      achieve long range goals;

            (c)   to further the alignment of interests of participants with
      those of the equityholders of the Company through opportunities for
      increased ownership in the Company; and

            (d)   to be a written compensatory benefit plan within the meaning
      of Rule 701 promulgated under the Securities Act.

            2.    Definitions.

            As used in the Plan, the following words will have the following
meanings:

            (a)   "Affiliate" means, with respect to the Company, any
      corporation directly or indirectly controlling, controlled by, or under
      common control with, the Company or any other entity designated by the
      Committee in which the Company or an Affiliate has an interest.

            (b)   "Board" means the Board of Directors of the Company.

            (c)   "Change of Control" means an Organic Transaction as defined in
      the Amended and Restated Memorandum and Articles of Association of the
      Company.

            (d)   "Code" means the Internal Revenue Code of 1986, as amended.
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            (e)   "Committee" means one or more committees each comprised of not
      less than three members of the Board appointed by the Board to administer
      the Plan or a specified portion thereof; provided, however, that if, at
      any time, there will be only one director serving on the Board, the
      Committee may be composed of the sole director. Unless otherwise
      determined by the Board, if the Common Shares become registered under
      Section 12 of the Exchange Act and if the Committee is authorized to grant
      Options subject to Section 16 of the Exchange Act, each member of the
      Committee will be a "non-employee director" within the meaning of
      applicable Rule 16b-3 under the Exchange Act.

            (f)   "Common Shares" means the common shares, par value $0.001 per
      share, of the Company.

            (g)   "Employee" means a person, including an officer, in the
      regular full-time employment of the Company or one of its Affiliates who,
      in the opinion of the Committee, is, or is expected to be, primarily
      responsible for the management, growth or protection of some part or all
      of the business of the Company.

            (h)   "Exchange Act" means the Securities Exchange Act of 1934, as
      amended.

            (i)   "Exercise Price" means the price at which a Participant may
      purchase a Common Share, as provided in the Option Agreement.

            (j)   "Fair Market Value" means the fair market value of a Share as
      of a particular date. If at any such time such Shares are not listed or
      admitted for trading on any national securities exchange or quoted on
      NASDAQ or a similar service, the Fair Market Value for such Shares means
      the fair market value of such Shares at such time as determined in good
      faith by the Committee. However, subsequent to an Initial Public Offering,
      the Fair Market Value of a Common Share will be the average of high bid
      and low asked prices of Common Shares as reported on the exchange on which
      it is listed as of such date, or if no such quotation is made on such
      date, the immediately preceding day on which there were quotations as
      reported in The Wall Street Journal.

            (k)   "Grant" means an award made to a Participant pursuant to the
      Plan and described in Paragraph 5.

            (l)   "Incentive Stock Option" means an Option which satisfies all
      of the applicable requirements of Code Section 422.

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            (m)   "Initial Public Offering" means the underwritten public
      offering by the Company of its Common Shares pursuant to a registration
      statement (other than a registration statement relating solely to an
      employee benefit plan or transaction covered by Rule 145 of the Securities
      Act) that has been filed under the Securities Act and declared effective
      by the Securities and Exchange Commission, or any other Federal agency at
      the time administering the Securities Act.

            (n)   "Non-Statutory Stock Option" means an Option which does not
      satisfy all of the applicable requirements of Code Section 422 or which by
      its terms is not intended to be treated as an Incentive Stock Option.

            (o)   "Option" means an option to purchase Common Shares.

            (p)   "Option Agreement" means an agreement between the Company and
      a Participant that sets forth the terms, conditions and limitations
      applicable to a Grant.

            (q)   "Optionee" means an individual who holds an Option.

            (r)   "Participant" means an Employee of the Company or one of its
      Affiliates, to whom one or more Grants have been made and such Grants have
      not all been forfeited or terminated under the Plan.

            (s)   "Preferred Shares" means Preferred Shares as defined in the
      Amended and Restated Memorandum and Articles of Association of WH Holdings
      (Cayman Islands) Ltd. and known as the "12% Series A Cumulative
      Convertible Preferred Shares".

            (t)   "Securities Act" means the Securities Act of 1933, as amended.

            (u)   "Share" means a share of Common Shares.

            (v)   "Shareholders' Agreement" means the shareholders' agreement,
      dated as of July 31, 2002, by and among WH Holdings (Cayman Islands) Ltd.,
      Whitney V, L.P., Whitney Strategic Partners V, L.P., and WH Investments
      Ltd., and CCG Investments (BVI), L.P., CCG Associates-QP, LLC, CCG
      Associates-AI, LLC, CCG GP Fund LLC, CCG Investment Fund-AI, LP, CCG AV,
      LLC-Series C, CCG AV, LLC-Series E and CCG CI, LLC, and certain other
      persons who may, from time to time, become party to the agreement.

            (v)   "Subsidiary" means any entity in an unbroken chain of entities
      beginning with the Company if each of the entities, or group of commonly

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      controlled entities, other than the last entity in the unbroken chain then
      owns 50% or more of the total combined voting power of the other entities
      in such chain.

            (w)   "Total Exercise Cost" means an amount equal to the Exercise
      Price multiplied by the number of Shares being purchased pursuant to the
      Option.

            3.    Administration of Plan.

            (a)   The Plan will be administered by the Committee. The Committee
      may adopt its own rules of procedure. Action of a majority of the members
      of the Committee taken at a meeting, or action taken without a meeting by
      unanimous written consent, will constitute action by the Committee. The
      Committee will have the power and authority to administer, construe and
      interpret the Plan, to make rules for carrying it out and to make changes
      to such rules.

            (b)   The Committee may employ attorneys, consultants, accountants,
      appraisers, brokers or other persons. The Committee, the Company, and the
      officers of the Company will be entitled to rely upon the advice, opinions
      or valuations of any such persons. All actions taken and all
      interpretations and determinations made by the Committee in good faith
      will be final and binding upon all Participants, the Company and all other
      interested persons. No member of the Committee will be personally liable
      for any action, determination or interpretation made in good faith with
      respect to the Plan or the Grants, and all members of the Committee will
      be fully protected by the Company with respect to any such action,
      determination or interpretation.

            4.    Eligibility.

            Subject to Paragraph 5(a), the Committee may from time to time make
      Grants under the Plan to such Employees of the Company or any of its
      Affiliates, and in such form and having such terms, conditions and
      limitations as the Committee may determine. Prior to participation in the
      Plan, the Committee may require any Participant to execute a Release and
      Waiver to Rights to payments and benefits under certain plans of Herbalife
      International, Inc. Grants may be made singly, in combination or in
      tandem. The terms, conditions and limitations of each Grant under the Plan
      will be set forth in an Option Agreement, in a form or forms approved by
      the Committee; provided, however, that such Option Agreement will contain
      provisions dealing with the treatment of Grants in the event of the
      termination, death or disability of a Participant, and may also include
      provisions concerning the treatment of Grants in the event of a Change of
      Control of the Company. Notwithstanding the foregoing, Incentive Stock
      Options may only be granted to Employees.

                                       4
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            5.    Grants.

            (a)   The Committee may grant Incentive Stock Options only to
      Employees of the Company or any "subsidiary corporation" within the
      meaning of Code Section 424(f). The Plan provides for grants only to
      Employees for both Incentive Stock Options and Non-Statutory Stock
      Options.

            (b)   At the time of the Grant, the Committee will determine, and
      will include in the Option Agreement or other Plan rules, the Option
      exercise price and such other conditions and restrictions on the grant or
      exercise of the Option as the Committee deems appropriate.

            (c)   In addition to any other restrictions contained in the Plan,
      an Option granted under the Plan may not be exercised more than 10 years
      after the date it is granted. An Incentive Stock Option may not have an
      exercise price of less than 100% of the Fair Market Value of a Share on
      the date the Option is granted.

            (d)   If the aggregate Fair Market Value (determined on the date the
      Option is granted) of a Share subject to an Incentive Stock Option which
      is exercisable for the first time during any calendar year exceeds
      $100,000, then the portion of the Incentive Stock Option in excess of the
      $100,000 limitation will be treated as a Non-Statutory Stock Option. If an
      Incentive Stock Option is granted to a Participant who, at the time the
      Option is granted, is deemed to own more than 10% of the total combined
      voting power of all classes of shares of the Company or any "subsidiary
      corporation" of the Company (as more fully described in Code Section
      422(b)(6)), then (i) the exercise price of the Option may not be less than
      110% of the Fair Market Value of the Common Shares on the date the Option
      is granted, and (ii) such Option may not be exercisable after the
      expiration of five years from the date the Option is granted.

            (d)   Payment of the Option price will be made in cash or, if
      subsequent to an Initial Public Offering, through the delivery of
      irrevocable instructions to a broker to deliver promptly to the Company an
      amount equal to the Option price, in accordance with the terms of the
      Plan, the Option Agreement and of any applicable guidelines of the
      Committee in effect at the time, and subject to increase for any
      applicable withholding requirements.

            6.    Limitations and Conditions.

            (a)   The total number of Shares available for Grants under the Plan
      will be 18,717,546, reduced by any Shares granted under the WH Holdings
      (Cayman

                                       5
<PAGE>
      Islands) Ltd. Executive Officer Stock Option Plan, subject to adjustment
      in accordance with Paragraphs 7 or 8 hereof. If an Option expires, is
      canceled, forfeited or otherwise terminated without being exercised or
      settled, the Shares allocable to the unexercised portion of such Option
      shall remain available for grant under the Plan. Notwithstanding the
      foregoing, in no event shall the aggregate number of Shares to be issued
      hereunder in any rolling twelve month period exceed the number of Shares
      that the Company is permitted to issue pursuant to the exemption from
      registration provided by Rule 701 of the Securities Act.

            (b)   No Grants will be made under the Plan more than 10 years after
      the date the Plan is adopted by the Board or is approved by the
      shareholders of the Company, whichever is earlier, but the terms of Grants
      made on or before the expiration of the Plan may extend beyond such
      expiration. At the time a Grant is made or amended or the terms or
      conditions of a Grant are changed, the Committee may provide for
      limitations or conditions on such Grant.

            (c)   Nothing contained herein will affect the right of the Company
      to terminate any Participant's employment or services at any time or for
      any reason.

            (d)   Other than as specifically provided with regard to the death
      of a Participant or as hereinafter provided, no benefit under the Plan
      will be subject in any manner to anticipation, alienation, sale, transfer,
      assignment, pledge, encumbrance, or charge, and any attempt to do so will
      be void. No such benefit will, prior to receipt thereof by the
      Participant, be in any manner liable for or subject to the debts,
      contracts, liabilities, engagements, or torts of the Participant.

            (e)   Participants will not be, and will not have any of the rights
      or privileges of, equityholders of the Company in respect of any Shares
      purchasable in connection with any Grant unless and until certificates
      representing any such Shares have been issued by the Company to such
      Participants. Prior to an Initial Public Offering, each Participant will
      be required to enter into the Shareholders' Agreement with the Company, or
      execute a joinder to the Shareholders' Agreement in a form provided by the
      Company, upon the exercise of any Option under the Plan.

            (f)   No election as to benefits or exercise of Options, or other
      rights may be made during a Participant's lifetime by anyone other than
      the Participant except by a legal representative appointed for or by the
      Participant.

            (g)   Absent express provisions to the contrary, any Grant under the
      Plan will not be deemed compensation for purposes of computing benefits or

                                       6
<PAGE>
      contributions under any retirement plan of the Company or its Subsidiaries
      and will not affect any benefits under any other benefit plan of any kind
      now or subsequently in effect under which the availability or amount of
      benefits is related to level of compensation. The Plan is not an "employee
      benefit plan" under Section 3(3) of the Employee Retirement Income
      Security Act of 1974, as amended.

            (h)   Unless the Committee determines otherwise, no benefit or
      promise under the Plan will be secured by any specific assets of the
      Company or any of its Subsidiaries, nor will any assets of the Company or
      any of its Subsidiaries be designated as attributable or allocated to the
      satisfaction of the Company's obligations under the Plan.

            7.    Adjustments.

            In the event of any change in the outstanding Shares by reason of an
acquisition, spin-off or reclassification, recapitalization or merger,
combination or exchange of Shares or other corporate exchange, Change of Control
or similar event, or as required under any Option Agreement, the Committee may
adjust appropriately the number or kind of Shares or securities subject to the
Plan and available for or covered by Grants and Option prices related to
outstanding Grants and make such other revisions to outstanding Grants as it
deems are equitably required. Any such adjustments for Incentive Stock Options
must meet the requirements of Code Section 424(a).

            8.    Merger, Consolidation, Exchange, Acquisition, Liquidation or
Dissolution.

            In its absolute discretion, and on such terms and conditions as it
deems appropriate, coincident with or after the grant of any Option, the
Committee may provide, with respect to the merger or consolidation of the
Company into another corporation, the exchange of all or substantially all of
the assets of the Company for the securities of another corporation, a Change of
Control or the recapitalization, reclassification, liquidation or dissolution of
the Company, either (a) that such Option cannot be exercised after such event,
in which case the Committee may also provide (but will be under no obligation to
provide), either by the terms of such Option or by a resolution adopted prior to
the occurrence of such event, that for some period of time prior to such event,
such Option will be exercisable as to all Shares subject thereto which are
exercisable, or, by virtue of the event, become exercisable, notwithstanding
anything to the contrary herein (but subject to the provisions of Paragraph
6(b)) or that the Option will be repurchased by the Company at a specific price
and that, upon the occurrence of such event, such Option will terminate and be
of no further force or effect, or (b) that even if the Option will remain
exercisable after such event, from and after such event, any such Option will be

                                       7
<PAGE>
exercisable only for the kind and amount of securities and/or other property, or
the cash equivalent thereof, receivable as a result of such event by the holder
of a number of Shares for which such Option could have been exercised
immediately prior to such event, or that the Option will be repurchased by the
Company at a specific price.

            In addition, in the event of a Change of Control, the Committee may,
in its absolute discretion and on such terms and conditions as it deems
appropriate, provide, either by the terms of such Option or by a resolution
adopted prior to the occurrence of the Change of Control, that such Option will
be exercisable as to all or any portion of the Shares subject thereto,
notwithstanding anything to the contrary herein (but subject to the provisions
of Paragraph 6(b)).

            9.    Securities Law Requirements.

            (a)   Shares shall not be issued under the Plan unless the issuance
      and delivery of the Shares comply with (or are exempt from) all applicable
      requirements of law, including (without limitation) the Securities Act,
      the rules and regulations promulgated thereunder, state securities laws
      and regulations and the regulations of any stock exchange or other
      securities markets on which the Company's securities may then be traded.

            (b)   The Company each year shall furnish to Optionees and
      shareholders who have received Shares under the Plan its balance sheet and
      income statement, if required to do so pursuant to Rule 701 of the
      Securities Act unless such Optionees or shareholders are key Employees
      whose duties with the Company assure them access to equivalent
      information. Such balance sheet and income statement need not be audited.

            10.   Amendment and Termination.

            The Board will have the authority to make such amendments to any
terms and conditions applicable to outstanding Grants as are consistent with the
Plan provided that, except for adjustments under Paragraph 7 or 8, no such
action will modify such Grant in a manner adverse to the Participant without the
Participant's consent except as such modification is provided for or
contemplated in the terms of the Grant.

            The Board may amend, suspend or terminate the Plan except that no
such action, other than an action under Paragraph 7 or 8, may be taken which
would, without shareholder approval (but only if such approval is necessary for
exemption under Section 16(b) of the Exchange Act or to meet the applicable
requirements of Code Section 422), increase the aggregate number of Shares
available for Grants under the Plan, change the

                                       8
<PAGE>
eligible class of individuals, decrease the price of outstanding Options, change
the requirements relating to the Committee or extend the term of the Plan.

            11.   Withholding Taxes.

            The Company will have the right to deduct from any cash payment made
under the Plan any federal, state or local income or other taxes required by law
to be withheld with respect to such payment. The Participant must pay to the
Company such amount as may be requested by the Company for the purpose of
satisfying any liability for such withholding taxes before the obligation of the
Company to deliver certificates for the Shares upon the exercise of an Option
arises. Any Option Agreement may provide that the Participant may elect, in
accordance with any conditions set forth in such Option Agreement, to pay a
portion or all of such withholding taxes in Shares.

            12.   Governing Law.

            The Plan will be governed by and construed and enforced in
accordance with the laws of the state of New York, without regard to the
conflicts of laws principles thereof.

            13.   Non-U.S. Persons. Without amending the Plan, the Committee may
grant Options to eligible employees who are foreign nationals on such terms and
conditions different from those specified in this Plan as may in the judgment of
the Committee be necessary or desirable to foster and promote achievement of the
purposes of the Plan, and, in furtherance of such purposes, the Committee may
make such modifications, amendments, procedures, subplans and the like as may be
necessary or advisable to comply with provisions of laws in other countries in
which the Company or its Affiliates operates or has employees.

            14.   Effective Date and Termination Date.

            The Plan will be effective on July 31, 2002 and will terminate on
July 31, 2012, subject to earlier termination pursuant to Paragraph 10.

                                       9
<PAGE>
                                   APPENDIX A

                      PROVISIONS FOR CALIFORNIA RESIDENTS

      The following sections shall supplement the sections set forth in the
Plan, in the event of a conflict and shall supercede the applicable provision:

            15.   Miscellaneous.

            (a)   Compliance with Securities Laws; Listing and Registration.
      This Plan is intended to comply with Section 25102(o) of the California
      Corporations Code. Any provision of this Plan which is inconsistent with
      Section 25102(o), including without limitation any provision of this Plan
      that is more restrictive than would be permitted by Section 25102(o) as
      amended from time to time, shall, without further act or amendment by the
      Board or the Committee, be reformed to comply with the requirements of
      Section 25102(o). If at any time the by the Board or the Committee
      determines that the delivery of Shares under the Plan is or may be
      unlawful under the laws of any applicable jurisdiction, or federal or
      state securities laws, the right to exercise an Option or receive shares
      of Shares pursuant to an Option shall be suspended until the Board or the
      Committee determines that such delivery is lawful. The Company shall have
      no obligation to effect any registration or qualification of the Shares
      under federal or state laws.

            The Company may require that a Optionee, as a condition to exercise
      of an Option, and as a condition to the delivery of any share certificate,
      make such written representations (including representations to the effect
      that such person will not dispose of the Shares so acquired in violation
      of federal or state securities laws) and furnish such information as may,
      in the opinion of counsel for the Company, be appropriate to permit the
      Company to issue the Shares in compliance with applicable federal and
      state securities laws. The certificates for any Shares issued pursuant to
      this Plan may bear a legend restricting transferability of the Shares
      unless such Shares are registered or an exemption from registration is
      available under the Securities Act of 1933 and applicable state securities
      laws.

            (b)   Financial Statements. The Company will provide financial
      statements to each Option recipient annually during the period such
      individual has Options outstanding, or as otherwise required under Section
      260.140.46 of Title10 of the California Code of Regulations.
      Notwithstanding the foregoing, the Company will not be required to provide
      such financial statements to Option recipients when issuance is limited to
      key employees whose services in connection with the Company assure them
      access to equivalent information.

                                       10
<PAGE>
            (c)   Voting Rights. The Company will comply with Section 260.140.1
      of Title10 of the California Code of Regulations with respect to the
      voting rights of Stock.

            (d)   Company's Repurchase Option. At the discretion of the by the
      Board or the Committee, the Company may reserve to itself and/or its
      assignee(s) in the Option Agreement a right to repurchase shares held by
      an Optionee following such Optionee's termination at any time within
      ninety (90) days after such Optionee's termination date (or in the case of
      securities issued upon exercise of an option after the termination date,
      within ninety (90) days after the date of such exercise) for cash and/or
      cancellation of purchase money indebtedness, at: (A) with respect to
      vested shares, the Fair Market Value of such Shares on the Optionee's
      termination date, provided, that such right to repurchase vested shares
      terminates following an initial public offering; or (B) with respect to
      unvested shares, the Optionee's exercise price, provided, that to the
      extent the Optionee is not an officer, director or consultant of the
      Company or of a Parent or Subsidiary of the Company such right to
      repurchase unvested shares at the exercise price lapses at the rate of at
      least twenty percent (20%) per year over five (5) years from the date of
      grant of the option.

            (e)   Number of Shares. At no time shall the total number of Shares
      issuable upon exercise of all outstanding options and the total number of
      Shares provided for under any stock bonus or similar plan of the Company
      exceed the applicable percentage calculated in accordance with 260.140.45
      of Title 10 of the California Code of Regulations.

            (f)   Exercise Price. The Exercise Price of a Non-Statutory Option
      shall not be less than 85% of the Fair Market Value of a Share on the date
      of grant. Subject to the preceding sentence, the Exercise Price under any
      Option shall be determined by the Committee in its sole discretion. If a
      Non-Statutory Stock Option is granted to a Participant who, at the time
      the Option is granted, is deemed to own more than 10% of the total
      combined voting power of all classes of shares of the Company or any
      "subsidiary corporation" of the Company (as more fully described in Code
      Section 422(b)(6)), then the Exercise Price of the Option may not be less
      than 110% of the Fair Market Value of the Shares on the date the Option is
      granted.

                                       11

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