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Exhibit 10.46    
    

 
  HERBALIFE LTD.    
    
    INDEMNIFICATION AGREEMENT    
    

        THIS INDEMNIFICATION AGREEMENT is made and entered into as
of                            , 2004, by and between Herbalife Ltd., a Cayman Islands
exempted company (the "Company"), and                        ("Indemnitee"), as an
"Agent" (as hereinafter defined) of the Company. 

RECITALS  

        A.    The
Company recognizes that competent and experienced individuals are reluctant to serve as directors or officers of corporations unless they are protected by
comprehensive liability insurance or indemnification, or both, due to increased exposure to litigation costs and risks resulting from their service to such corporations, and due to the fact that the
exposure frequently bears no reasonable relationship to the compensation of such directors and officers; 

        B.    The
Company and Indemnitee are aware of the substantial growth in the number of lawsuits filed against corporate officers and directors in connection with their
activities in such capacities and by reason of their status as such; 

        C.    The
Company and Indemnitee recognize that the statutes and judicial decisions regarding the duties of directors and officers are often difficult to apply, ambiguous or
conflicting, and therefore fail to provide such directors and officers with adequate or reliable advance knowledge or guidance with respect to the legal risks and potential liabilities to which they
may become personally exposed or information regarding the proper course of action to take in performing their duties in good faith for the Company; 

        D.    The
Company and Indemnitee recognize that plaintiffs often seek damages in such large amounts and the costs of litigation may be so enormous (whether or not the case is
meritorious), that the defense and/or settlement of such litigation is often beyond the financial resources of officers and directors or far outweighs the limited benefits of serving as a director and
officer of the Company; 

        E.    The
Company believes that it is unfair for its directors and officers and the directors and officers of its subsidiaries to assume the risk of huge judgments and other
Expenses which may occur in cases in which the director or officer received no personal profit and in cases where the director or officer was not culpable; 

        F.     The
Company, after reasonable investigation, has determined that the liability insurance coverage presently available to the Company and its subsidiaries is inadequate,
unreasonably expensive or both. The Company believes, therefore, that the interests of the Company and its shareholders would best be served by a combination of (i) such insurance as the
Company or its subsidiaries may hereafter obtain and (ii) the indemnification by the Company of the directors and officers of the Company and its subsidiaries; 

        G.    Applicable
law of the Cayman Islands and the Company's Memorandum and Articles of Association permit the Company to indemnify its directors, officers, employees and
agents and indemnify persons who serve or served, at the request of the Company, as the directors, officers, employees or agents of a subsidiary corporation, partnership, joint venture, trust or other
enterprise and reimburse or pay the expenses incurred in defending a civil or criminal action, suit or proceeding by the Company as they are incurred and in advance (subject to repayment under certain
circumstances as provided herein); 

        H.    In
order to induce and encourage highly experienced and capable individuals to serve as an officer or director of the Company, to take the business risks necessary for
the success of the Company and its subsidiaries and to otherwise promote the desirable end that such persons will resist what they consider unjustifiable lawsuits and claims made against them in
connection with good faith performance of their duties to the Company, secure in the knowledge that certain expenses, costs and liabilities 

 

incurred
by them in their defense of such litigation will be borne by the Company and that they will receive the maximum protection against such risks and liabilities as may be afforded by law, the
Board of Directors of the Company has determined, after due consideration and investigation of the terms and provisions of this Agreement and the various other options available to the Company and
Indemnitee in lieu hereof, that contractual indemnification as set forth herein is not only reasonable and prudent but necessary to promote and ensure the best interests of the Company, its
shareholders and its subsidiaries; 

        I.     The
Company desires and has requested Indemnitee to serve or continue to serve as a director or officer of the Company and/or one or more subsidiaries of the Company, as
the case may be, free from undue concern for the risks and personal liabilities arising out of or related to such services to the Company and/or one or more of its subsidiaries; and 

        J.     Indemnitee
has served or is willing to serve, or continue to serve, the Company and/or one or more of its subsidiaries, provided that he or she is furnished with the
indemnity provided for herein. 

TERMS AND CONDITIONS  

        NOW, THEREFORE, in consideration of the above premises and the mutual covenants and agreements set forth herein, the parties hereby agree as follows: 

        1.    Definitions.    As used in this Agreement: 

        (a)   The
term "Agent" of the Company shall include any person who is or was a director, officer, employee or other agent of
the Company or was a director, officer, employee or agent of a predecessor corporation of the Company or was a member, manager or managing member of a predecessor limited liability company or
affiliate of such limited liability company or is or was serving in any capacity at the request of the Company as a director, officer, employee, agent, partner, member, manager or fiduciary of, or in
any other capacity for, a subsidiary corporation or any partnership, joint venture, limited liability company, trust, or other enterprise. 

        (b)   The
term "Proceeding" shall include any threatened, pending or completed action, suit or proceeding, whether brought by
or in the name of the Company or otherwise, and whether of a civil, criminal, administrative or investigative nature including, but not limited to, actions, suits, investigations or proceedings
brought under and/or predicated upon the United States' Securities Act of 1933, as amended, and/or the Securities Exchange Act of 1934, as amended, and/or their respective state or
non-United States counterparts and/or any rule or regulation promulgated thereunder, in which Indemnitee may be or may have been involved as a party or otherwise, by reason of the fact
that Indemnitee is or was an Agent of the Company, by reason of any action taken by him or her or of any inaction on his or her part while acting as an Agent whether or not he or she is serving in
such capacity at the time any liability or expense is incurred for which indemnification or reimbursement can be provided under this Agreement. 

        (c)   The
term "Expenses" shall be broadly construed and shall include all direct and indirect costs incurred, paid or accrued
of any type or nature whatsoever including, without limitation, (i) all attorneys' fees, retainers, court costs, transcripts, fees of experts, witness fees, travel expenses (including food and
lodging expenses while traveling), duplicating costs, printing and binding costs, telephone charges, postage, delivery service, freight or other transportation fees and expenses and related
disbursements; (ii) all other disbursements and out-of-pocket costs; (iii) reasonable compensation for time spent by Indemnitee for which he or she is not
otherwise compensated by the Company or any third party (provided the rate of compensation and estimated time involved is approved in advance by the Board of Directors), 

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actually
and reasonably incurred by Indemnitee in connection with either the investigation, defense or appeal of a Proceeding or establishing or enforcing a right to indemnification or advancement of
expenses under this Agreement, applicable Cayman Islands law, the law of other applicable jurisdictions, the Company's Memorandum and Articles of Association, or otherwise; and (iv) amounts
paid in settlement by or on behalf of Indemnitee to the extent permitted by Cayman Islands law or the law of other applicable jurisdictions; provided,  however, that "Expenses" shall not include any judgments, fines, penalties or excise taxes imposed under
the Employee Retirement Income Security Act of 1974, as amended, or other excise taxes or penalties actually levied against Indemnitee. 

        (d)   References
to "other enterprise" shall include, without limitation, employee benefit plans; references to
"fines" shall include, without limitation, any excise tax assessed with respect to any employee benefit plan; and any service as an Agent with respect
to any employee benefit plan, its participants or beneficiaries, and a person who acts in good faith and in a manner he or she reasonably believes to be in the interest of the participants and
beneficiaries of an employee benefit plan, shall be deemed to have acted in a manner that is in "the best interests of the Company" as referred to in this Agreement. 

        (e)   "Independent Legal Counsel" means a law firm, member of a law firm, or attorney that is experienced in matters of
corporate law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with
respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification or indemnity agreements); or (ii) any other party to the Proceeding giving
rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Legal Counsel" shall not include any person who,
under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights
under this Agreement. 

        2.    Agreement to Serve.    Unless Indemnitee is no longer an Agent, Indemnitee agrees to serve and/or continue to
serve as an Agent of the Company, at his or her will or under separate agreement, as the case may be, in the capacity Indemnitee currently serves as an Agent of the Company, for so long as he or she
is duly appointed or elected and qualified in accordance with the applicable provisions of the Memorandum and Articles of Association of the Company and/or under separate agreement until such time as
he or she tenders his or her resignation in writing; provided, however, that nothing contained in this
Agreement is intended to create any right or obligation to continued employment by Indemnitee in any capacity. 

        3.    Indemnification and Contribution.    The Company shall indemnify Indemnitee to the fullest extent permitted by
Cayman Islands law and the Memorandum and Articles of Association of the Company in effect on the date hereof, or as Cayman Islands law or the Memorandum and Articles of Association may from time to
time be amended (but, in the case of any such amendment, only to the extent such amendment permits the Company to provide broader indemnification rights than Cayman Island law and the Memorandum and
Articles of Association permitted the Company to provide before such amendment). Such indemnification shall include, without limitation, the following: 

        (a)    Indemnity in Third Party Proceedings.    The Company shall indemnify Indemnitee if Indemnitee is a party to or
is threatened to be made a party to or otherwise involved in any Proceeding (other than a Proceeding by or in the name of the Company to procure a judgment in its favor) by reason of the fact that he
or she is or was an Agent of the Company or by reason of any act or inaction by Indemnitee in any such capacity, against all Expenses or liabilities of any type whatsoever (including, but not limited
to, judgments, fines, and amounts 

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paid
in settlement) actually and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of such Proceeding, if Indemnitee acted in good faith and in a
manner Indemnitee reasonably believed to be in the best interests of the Company, and, with respect to any criminal Proceeding, in addition had no reasonable cause to believe that his or her conduct
was unlawful. The termination of any such Proceeding by judgment, order of court, settlement, conviction or upon a plea of nolo contendere, or its equivalent, does  not, of itself, create a presumption
that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in the best
interests of the Company, or that, with respect to any criminal Proceeding, that such person had reasonable cause to believe that his or her conduct was unlawful; 

        (b)    Indemnity in Derivative Actions.    The Company shall indemnify Indemnitee if Indemnitee is a party to or
threatened to be made a party to or otherwise involved in any Proceeding by or in the name of the Company to procure a judgment in its favor by reason of the fact that Indemnitee was or is an Agent of
the Company or by reason of any act or inaction by him or her in any such capacity, against all Expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines and
amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of such Proceeding, if Indemnitee acted in good faith and
in a manner he or she reasonably believed to be in the best interests of the Company; 

        (c)    Limitations on Indemnification.    No indemnification under this Paragraph 3 shall be made for any
claim, issue or matter as to which Indemnitee has been adjudged by a court of competent jurisdiction, after the exhaustion of all appeals therefrom, to be liable to the Company or for amounts paid in
settlement to the Company, unless and only to the extent that any court in which such Proceeding is brought or other court of competent jurisdiction determines upon application that, in view of all
the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such amounts as the court shall deem proper; 

        (d)    Indemnification of Expenses of Successful Party.    Notwithstanding any other provision of this Agreement, to
the extent that Indemnitee has been successful on the merits or otherwise in defense of any Proceeding or in defense of any claim, issue or matter therein, including the dismissal of an action without
prejudice, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her in connection with the investigation, defense or appeal of such Proceeding; 

        (e)    Indemnification for Expenses of a Witness.    Notwithstanding any other provision of this Agreement, the
Company shall indemnify Indemnitee if and whenever he or she is a witness or is threatened to be made a witness to any Proceeding to which Indemnitee is not a party, by reason of the fact that he or
she is or was an Agent or by reason of any action taken or not taken by him or her in such capacity, against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in
connection therewith; and 

        (f)    Contribution.    If the indemnification provided in this Agreement is unavailable and may not be paid to
Indemnitee for any reason other than statutory or common law limitations set forth in applicable law, then in respect of any threatened, pending or completed Proceeding in which the Company is jointly
liable with Indemnitee (or would be if joined in such action, suit, arbitration, proceeding, inquiry or investigation), the Company shall contribute to the amount of Expenses or liabilities of any
type whatsoever (including, but not limited to, judgments, fines, and amounts paid in settlement) actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is
appropriate to reflect (i) the relative benefits received by the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or
would be in joined 

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in
such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit, arbitration, proceeding, inquiry or investigation arose, and
(ii) the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitees who are jointly liable with Indemnitee (or would be if joined in such
action, suit or proceeding), on the one hand, and of Indemnitee, on the other, in connection with the events which resulted in such Expenses and liabilities (including, but not limited to, judgments,
fines, and amounts paid in settlement), as well as any other relevant equitable considerations. The relative fault referred to above shall be determined by reference to, among other things, the
parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses and liabilities (including, but not limited to, judgments,
fines, and amounts paid in settlement). The Company agrees that it would not be just and equitable if contribution pursuant to this subsection were determined by pro rata allocation or any other
method of allocation that does not take account of the foregoing equitable considerations. 

        4.    Advances of Expenses.    Subject to Paragraph 12 hereof, the Company shall advance all Expenses incurred
by or on behalf of Indemnitee in connection with the investigation, defense, settlement or appeal of any Proceeding to which Indemnitee is a party or is threatened to be made a party by reason of the
fact that Indemnitee is or was an Agent of the Company or is a witness of the Company in any Proceeding. Indemnitee hereby undertakes to repay such amounts advanced only if, and only to the extent
that, it shall ultimately be determined by a court of competent jurisdiction that Indemnitee is not entitled to be indemnified by the Company as authorized by this Agreement. The advances to be made
hereunder shall be paid by the Company to or on behalf of Indemnitee within ten (10) calendar days following delivery of a written request therefor by Indemnitee to the Company. The request
shall reasonably evidence the Expenses incurred by Indemnitee in connection therewith. Indemnitee's entitlement to advancement of Expenses shall include those incurred in connection with any
Proceeding by Indemnitee seeking a determination or adjudication pursuant to this Agreement. 

        5.    Independent Legal Counsel.    The Company agrees to pay the reasonable fees of the Independent Legal Counsel and
to fully indemnify such counsel against any and all expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 

        6.    Procedure for Indemnification.    

        (a)   Promptly
after receipt by Indemnitee of notice of the commencement of or the threat of commencement of any Proceeding, Indemnitee shall, if Indemnitee believes that
indemnification with respect thereto may be sought from the Company under this Agreement, notify the Company in writing of the commencement or threat of commencement thereof. The written notification
to the Company shall be addressed to the Board of Directors and shall include documentation or information which is necessary for the determination of entitlement to indemnification and which is
reasonably available to Indemnitee. Delay in so notifying the Company shall not constitute a waiver or release by Indemnitee or of any rights hereunder. In addition, Indemnitee shall give the Company
such information and cooperation as it may reasonably require and as shall be within Indemnitee's power. 

        (b)   Any
indemnification requested by Indemnitee under Paragraph 3 hereof shall be made no later than 60 calendar days after receipt of the written request of
Indemnitee, unless a determination is made within said 60-day period that Indemnitee has not met the relevant standards for indemnification set forth in Paragraph 3 hereof
(i) by the shareholders, (ii) by the Board of Directors of the Company by a majority vote of a quorum consisting of directors who are not parties to such Proceeding, (iii) if such
a majority of the Board of Directors so orders, by 

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Independent
Legal Counsel (selected by the Company and approved by Indemnitee, such approval not to be unreasonably withheld) in a written opinion or (iv) in the event such a majority of the
Board of Directors is not obtainable, by Independent Legal Counsel (selected by the Company and approved by Indemnitee, such approval not to be unreasonably withheld) in a written opinion. Upon making
a request for indemnification, Indemnitee shall be presumed to be entitled to indemnification under this Agreement and the Company shall have the burden of proof to overcome that presumption in
reaching any contrary determination. 

        (c)   Notwithstanding
a determination under Paragraph 6(b) above that Indemnitee is not entitled to indemnification with respect to any specific Proceeding, Indemnitee
shall have the right to apply to any court of competent jurisdiction for the purpose of enforcing Indemnitee's right to indemnification pursuant to this Agreement, which determination shall be made de
novo and Indemnitee shall not be prejudiced by reason of a determination that he or she is not entitled to indemnification. To the maximum extent allowed by applicable law, the burden of proving that
indemnification or advances are not appropriate shall be on the Company. To the maximum extent allowed by applicable law, neither the failure of the Company (including its Board of Directors, its
shareholders, or Independent Legal Counsel) to have made a determination prior to the commencement of such action that indemnification or advances are proper in the circumstances because Indemnitee
has met the applicable standard of conduct, nor an actual determination by the Company (including its Board of Directors, its shareholders, or Independent Legal Counsel) that Indemnitee has not met
such applicable standard of conduct, shall be a defense to the action or create any presumption that Indemnitee has not met the applicable standard of conduct. 

        (d)   If
an initial determination is made or deemed to have been made pursuant to the terms of this Agreement that Indemnitee is entitled to indemnification, the Company shall
be bound by such determination in the absence of (i) a misrepresentation or omission of a material fact by Indemnitee in
the request for indemnification or (ii) a specific finding (which has become final) by a court of competent jurisdiction that all or any part of such indemnification is expressly prohibited by
law. 

        (e)   To
the maximum extent permitted by applicable law, the Company shall indemnify Indemnitee against all Expenses incurred in connection with any hearing or proceeding
under this Paragraph 6 unless a court of competent jurisdiction finds that each of the claims and/or defenses of Indemnitee in any such proceeding was frivolous or made in bad faith. 

        7.    Indemnity Hereunder Not Exclusive.    The provisions for indemnification and advancement of Expenses contained
in this Agreement shall not be deemed exclusive of any other rights which Indemnitee may have under any provision of applicable law, the Company's Memorandum and Articles of Association, the
organizational documents or by-laws of any affiliate of the Company, any vote of shareholders or disinterested directors, other agreements, insurance, or other financial arrangements or
otherwise, both as to action in his or her official capacity and as to action in another capacity while occupying his or her position as an Agent of the Company, except that indemnification, unless
ordered by a court pursuant to Paragraph 3 hereof or for the advancement of Expenses pursuant to Paragraph 4 hereof, may not be made to or on behalf of Indemnitee if a final adjudication
establishes that his or her acts or omissions involved (a) any fraud or dishonesty of such Indemnitee, (b) such Indemnitee's conscious, intentional or willful breach of his obligation to
act honestly, lawfully and in good faith with a view to the best interests of the Company or subsidiary, or (c) any claims or rights of action to recover any gain, personal profit, or other
advantage to which the Indemnitee is not legally entitled and was material to the cause of action. The indemnification provided under this Agreement shall continue as to Indemnitee for any action
taken or not taken while serving as an Agent of the Company even though Indemnitee may have ceased to serve in such capacity. 

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        8.    Partial Indemnification.    If Indemnitee is entitled under any provision of this Agreement to indemnification
by the Company for some or a portion of the Expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, and amounts paid in settlement) incurred by him or her in
the investigation, defense, settlement or appeal of a Proceeding but not entitled, however, to indemnification for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the
portion thereof to which Indemnitee is entitled. 

        9.    Assumption of Defense.    In the event the Company shall be obligated to pay the Expenses of any Proceeding
against Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee (such approval not to be unreasonably withheld), upon
the delivery to Indemnitee of written notice of the Company's election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company,
the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same proceeding, provided that (a) Indemnitee
shall have the right to employ his or her counsel in such Proceeding at Indemnitee's expense, and (b) if (i) the employment of counsel by Indemnitee has been previously authorized in
writing by the Company, (ii) the Company shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or
(iii) the Company shall not, in fact, have employed counsel to assume the defense of such Proceeding, then the fees and expenses of Indemnitee's counsel shall be at the expense of the Company.
The Company shall not settle any action or claim that would impose any penalty or limitation on Indemnitee without Indemnitee's prior written consent. Neither the Company nor Indemnitee will
unreasonably withhold its or his or her consent to any proposed settlement. 

        10.    Liability Insurance.    The Company shall, from time to time (including prior to the expiration of a Liability
Insurance (as defined below) policy), make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of Liability Insurance with
reputable insurance companies providing the Agents of the Company with coverage for any liability asserted against them and for Expenses and liabilities incurred by them in such capacity or arising
out of their status as such, or to ensure the Company's performance of its indemnification obligations under this Agreement (collectively, for purposes of this Paragraph 10,
"Liability Insurance"). Among other considerations, the Company will weigh the costs of obtaining such insurance coverage against the protection
afforded by such coverage. To the extent the Company maintains Liability Insurance, Indemnitee shall be covered by such policies in such a manner as to provide Indemnitee the same rights and benefits
as are accorded to the most favorably insured of the Company's directors, if Indemnitee is a director; or of the Company's most favorably insured officers, if Indemnitee is not a director of the
Company but is an officer; or of the Company's most favorably insured key employees, agents, or fiduciaries, if Indemnitee is not an officer or director but is a key employee, agent or fiduciary.
Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain such insurance if (a) the Company determines in good faith that (i) such insurance is not
reasonably available, (ii) the premium costs for such insurance are substantially disproportionate to the amount of coverage provided, or (iii) the coverage provided by such insurance is
limited by exclusions so as to provide an insufficient benefit, or (b) Indemnitee is covered by similar insurance maintained by a subsidiary or parent of the Company or other person under
common control with the Company. Notwithstanding any other provision of the Agreement, the Company shall not be obligated to indemnify Indemnitee for Expenses or liabilities (including, but not
limited to, judgments, fines, or amounts paid in settlement), which have been paid directly to Indemnitee by Liability Insurance. If the Company has Liability Insurance in effect at the time the
Company receives from Indemnitee any notice of the commencement of a Proceeding, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the
procedures set forth in 

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the
respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding
in accordance with the terms of such policies. 

        11.    Security/Financial Arrangements.    To the extent requested by Indemnitee and approved by the Company (which
approval shall not be unreasonably withheld), the Company may from time to time provide security or other financial arrangements to Indemnitee for the Company's obligations hereunder through an
irrevocable bank line of credit, funded trust, other collateral or other financial arrangement. Any such security or other financial arrangement, once provided to Indemnitee, may not be revoked or
released without the prior written consent of Indemnitee. 

        12.    Exceptions to Indemnification.    Notwithstanding any provision herein to the contrary, the Company shall not
be obligated pursuant to the terms of this Agreement: 

        (a)   To
indemnify or advance Expenses to Indemnitee with respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense, except
(i) with respect to Proceedings brought to establish or enforce a right to indemnification under this Agreement or any applicable law or otherwise or (ii) in specific cases if the Board
of Directors has approved the initiation or bringing of such proceedings or claims; 

        (b)   To
indemnify Indemnitee for any Expenses incurred by Indemnitee with respect to any proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a
court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous; 

        (c)   To
indemnify Indemnitee under this Agreement for any amounts paid in settlement of a Proceeding effected without the Company's written consent; or 

        (d)   To
indemnify Indemnitee on account of any Proceeding with respect to (i) remuneration paid to Indemnitee if it is determined by final judgment or other final
adjudication that such remuneration was in violation of law, (ii) which final judgment is rendered against Indemnitee for an accounting of profits made from the purchase or sale by Indemnitee
of securities of the Company pursuant to the provisions of Section 16(b) of the Unites States' Securities Exchange Act of 1934, as amended, the provisions of Section 304 of the United
States' Sarbanes-Oxley Act of 2002 or similar provisions of any federal, state or local statute, or (iii) which it is determined by final judgment or other final adjudication that Indemnitee
defrauded or stole from the Company or converted to his or her own personal use and benefit business or properties of the Company or was otherwise knowingly dishonest or in breach of his fiduciary
duties to the Company. 

        13.    Duration and Interpretation of Agreement.    It is understood that the parties hereto intend this Agreement to
be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by law. This Agreement shall continue so long as Indemnitee shall be subject
to any possible Proceeding by reason of the fact that he or she is or was an Agent and shall be applicable to Proceedings commenced or continued after execution of this Agreement, whether arising from
acts or omissions occurring before or after such execution. 

        14.    Severability.    If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions of any
paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby, and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such
provision held to be invalid, illegal or unenforceable that are not themselves 

8

 

invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provisions held invalid, illegal or unenforceable and to give effect to Paragraph 13
hereof. 

        15.    Modification and Waiver.    No supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any provision hereof (whether or not similar)
nor shall such waiver constitute a continuing waiver. 

        16.    Successor and Assigns.    The terms of this Agreement shall be binding upon the Company and its successors and
assigns and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors, administrators and other legal representatives. 

        17.    Notices.    All notices or other communications provided for by this Agreement shall be made in writing and
shall be deemed properly delivered when (i) delivered personally or by messenger (including air courier), or (ii) by the mailing of such notice to the party entitled thereto, registered
or certified mail, postage prepaid to the parties at the following addresses (or to such other addresses designated in writing by one party to the other): 

	Company:	Herbalife Ltd.

1800 Century Park East

Los Angeles, CA 90067

Attention:  General Counsel
	

Indemnitee:	
[Name]

1800 Century Park East

Los Angeles, CA 90067

        18.    Governing Law.    Notwithstanding the fact that Indemnitee's right to indemnification pursuant to the Company's
Memorandum and Articles of Association may be governed by the laws of the Cayman Islands or with respect to other rights of indemnification, other applicable law, the validity, construction and
enforceability of this Agreement shall be governed by the laws of the State of California USA, regardless of whether either of the parties shall not be or hereafter becomes a resident of another state
or country, except as to any matters which are required to be governed by the laws of any other jurisdiction. 

        19.    Consent of Jurisdiction.    The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of
the courts of the State of California for all purposes in connection with any action or Proceeding which arises out of or relates to this Agreement and agree that any action instituted under this
Agreement shall be brought only in the state courts of the State of California. 

        20.    Subrogation.    In the event of payment under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights. 

        21.    Counterparts.    This Agreement may be executed in one or more counterparts, each of which will be deemed an
original but both of which together will constitute one and the same instrument. 

9

 

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

	 	 	Company:
	

 	
 	

HERBALIFE LTD.,

a Cayman Islands exempted company
	

 	
 	

By:	

  

	 	 	Name:	  

	 	 	Title:	  

	

 	
 	
Indemnitee:
	

 	
 	

  
 Name:

10

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Exhibit 10.46

HERBALIFE LTD. INDEMNIFICATION AGREEMENTQuickLinks
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Exhibit 10.47    
    

 
  HERBALIFE LTD.
  2004 STOCK INCENTIVE PLAN    
    

        1.    Purpose.    The purpose of this Herbalife Ltd. 2004 Stock Incentive Plan (the
"Plan") is to enable Herbalife Ltd. (the "Company") to attract, motivate, reward and retain its
directors, officers, employees and consultants, and to further align the interests of such persons with those of the stockholders of the Company by providing for or increasing the proprietary interest
of such persons in the Company. 

        2.    Definitions.    As used in the Plan, the following terms shall have the meanings set forth below: 

        (a)   "Award" means a grant of an Option, a Stock Appreciation Right, Restricted Stock, a Restricted Stock Unit or a
Performance Unit granted to a Participant pursuant to the provisions of the Plan. 

        (b)   "Award Agreement" means a written agreement or other instrument as may be approved from time to time by the Committee
evidencing the grant of each Award. 

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

        (d)   "Change of Control" means the first to occur of: 

          (i)  an
acquisition (other than directly from the Company) of Common Shares or other voting securities of the Company by any "person" (as the term person is used for
purposes of Section 13(d) or 14(d) of the Exchange Act), other than the Company, any Subsidiary, any employee benefit plan of the
Company or any Subsidiary, or any person in connection with a transaction described in clause (iii) of this Section 2(d), immediately after which such person has "beneficial ownership"
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the then outstanding Common Shares or the combined voting power of the Company's then
outstanding voting securities; 

         (ii)  the
individuals who, as of the Effective Date, are members of the Board (the "Incumbent Board"), cease for any reason to
constitute at least a majority of the members of the Board; provided, however, that if the election, or nomination for election by the Company's common stockholders, of any new director was approved
by a vote of at least a majority of the Incumbent Board, such new director shall, for purposes of the Plan, be considered as a member of the Incumbent Board; or 

        (iii)  the
consummation of: (A) a merger, consolidation or reorganization with or into the Company, unless the stockholders of the Company, immediately before such
merger, consolidation or reorganization, own directly or indirectly immediately following such merger, consolidation or reorganization, at least 50% of the combined voting power of the outstanding
voting securities of the entity resulting from such merger or consolidation or reorganization in substantially the same proportion as their ownership of the voting securities immediately before such
merger, consolidation or reorganization; (B) a complete liquidation or dissolution of the Company; or (C) the sale, lease, transfer or other disposition of all or substantially all of
the assets of the Company to any person (other than a transfer to a Subsidiary). 

        (e)   "Code" means the Internal Revenue Code of 1986, as amended from time to time, and the rulings and regulations issued
thereunder. 

        (f)    "Committee" means the Compensation Committee of the Board. 

        (g)   "Common Shares" means the Company's common shares, par value $.002, subject to adjustment as provided in
Section 10. 

        (h)   "Directors Plan" means the WH Holdings (Cayman Islands) Ltd. Independent Directors Stock Option Plan. 

 

        (i)    "Fair Market Value" means, as of any date, the closing price for a Common Share reported for that date by the New York
Stock Exchange (or such other stock exchange or quotation system on which such shares are then listed or quoted) or, if no Common Shares are traded on the New York Stock Exchange (or such other stock
exchange or quotation system) on the date in question, then for the next preceding date for which such shares traded on the New York Stock Exchange (or such other stock exchange or quotation system).
In the event that the Common Shares are not listed or quoted on any stock exchange or quotation system, the Fair Market Value shall be determined by the Committee in its discretion. 

        (j)    "Incentive Stock Option" means a stock option that is intended to qualify as an "incentive stock option" within the
meaning of Section 422 of the Code. 

        (k)   "Option" means an Incentive Stock Option and/or a stock option that is not intended to qualify as an Incentive Stock
Option, in each case, granted pursuant to Section 6. 

        (l)    "Participant" means any individual described in Section 3 to whom Awards have been granted from time to time by
the Committee and any authorized transferee of such individual. 

        (m)  "Performance Award" means an Award, the grant, issuance, retention, vesting or settlement of which is subject to
satisfaction of one or more Qualifying Performance Criteria. 

        (n)   "Performance Unit" means a bonus opportunity awarded under Section 9 pursuant to which a Participant may become
entitled to receive an amount based on satisfaction of such performance criteria as are specified in the Award Agreement. 

        (o)   "Prior Plan" means the WH Holdings (Cayman Islands) Ltd. Stock Incentive Plan. 

        (p)   "Restricted Stock" means Common Shares granted pursuant to Section 8. 

        (q)   "Restricted Stock Unit" means an Award granted to a Participant pursuant to Section 8, pursuant to which Common
Shares may be issued in the future. 

        (r)   "Stock Appreciation Right" means a right granted pursuant to Section 7 that entitles the Participant to receive,
in cash or Common Shares or a combination thereof, as determined by the Committee, an
amount equal to or otherwise based on the excess of (i) the Fair Market Value of a specified number of Common Shares at the time of exercise over (ii) the exercise price of the right, as
established by the Committee on the date of grant. 

        (s)   "Subsidiary" means any corporation (other than the Company) in an unbroken chain of corporations beginning with the
Company where each of the corporations in the unbroken chain other than the last corporation owns stock possessing at least 50% or more of the total combined voting power of all classes of stock in
one of the other corporations in the chain, and if specifically determined by the Committee in the context other than with respect to Incentive Stock Options, may include an entity in which the
Company has a significant ownership interest or that is directly or indirectly controlled by the Company. 

        3.    Eligibility.    Any person who is a current or prospective director, officer or employee of the Company or of
any Subsidiary shall be eligible for selection by the Committee for the grant of Awards hereunder. In addition any person who has been retained to provide consulting, advisory or other services to the
Company or to any Subsidiary shall be eligible for selection by the Committee for the grant of Awards hereunder. Options intending to qualify as Incentive Stock Options may only be granted to
employees of the Company or any Subsidiary. 

        4.    Effective Date and Termination of Plan    

        This
Plan was adopted by the Board of the Company as of November 5, 2004, and it will become effective (the "Effective Date") when
it is approved by the Company's stockholders, which approval 

2

 

must
be obtained within twelve (12) months of the adoption of this Plan. No Awards shall be granted pursuant to the Plan after the tenth (10th) anniversary of the Effective Date.
Notwithstanding the foregoing, the Plan may be terminated at such earlier time as the Board may determine. Termination of the Plan will not affect the rights and obligations of the Participants and
the Company arising under Awards theretofore granted and then in effect. 

        5.    Shares Subject to the Plan and to Awards    

        (a)    Aggregate Limits.    The aggregate number of Common Shares issuable pursuant to all Awards shall not exceed
5,000,000, plus (i) any Common Shares that were authorized for issuance under either the Prior Plan or the Directors Plan that, as of the Effective Date, remain available for issuance under the
Prior Plan or the Directors Plan (not including any Common Shares that are subject to, as of the Effective Date, outstanding awards under either the Prior Plan or the Directors Plan or any Common
Shares that prior to the Effective Date were issued pursuant to awards granted under either the Prior Plan or
the Directors Plan) and (ii) any Common Shares subject to an award outstanding as of the Effective Date under either the Prior Plan or the Directors Plan that on or after such date cease to be
subject to such awards as a result of the cancellation, expiration or forfeiture of such award; provided, however, that no more than an aggregate of 1,500,000 of such Common Shares may be issued
pursuant to Awards of Restricted Stock, Restricted Stock Units and Performance Units. The aggregate number of Common Shares available for grant under this Plan, the number of Common Shares subject to
outstanding Awards, and the number of Common Shares set forth in the proviso of the preceding sentence shall be subject to adjustment as provided in Section 10. The Common Shares issued
pursuant to Awards granted under this Plan may be shares that are authorized and unissued or shares that were reacquired by the Company, including shares purchased in the open market. 

        (b)    Issuance of Shares.    For purposes of this Section 5, the aggregate number of Common Shares available
for Awards under this Plan at any time shall not be reduced by (i) shares subject to Awards that have been terminated, expired unexercised, forfeited or settled in cash, (ii) shares
subject to Awards that have been retained by the Company in payment or satisfaction of the exercise price, purchase price or tax withholding obligation of an Award, or (iii) shares subject to
Awards that otherwise do not result in the issuance of Common Shares in connection with payment or settlement of an Award. In addition, Common Shares that have been delivered (either actually or by
attestation) to the Company in payment or satisfaction of the exercise price, purchase price or tax withholding obligation of an Award shall be available for Awards under this Plan. 

        (c)    Tax Code Limits.    The aggregate number of Common Shares subject to Awards granted under this Plan during any
calendar year to any one Participant shall not exceed 1,250,000, which number shall be calculated and adjusted pursuant to Section 10 only to the extent that such calculation or adjustment will
not affect the status of any Award intended to qualify as "performance based compensation" under Section 162(m) of the Code. The aggregate number of Common Shares that may be issued pursuant to
the exercise of Incentive Stock Options granted under this Plan shall not exceed 5,000,000, which number shall be calculated and adjusted pursuant to Section 10 only to the extent that such
calculation or adjustment will not affect the status of any Option intended to qualify as an "incentive stock option" under Section 422 of the Code. The maximum amount payable pursuant to that
portion of a Performance Unit granted under this Plan for any calendar year to any Participant that is intended to satisfy the requirements for "performance based compensation" under
Section 162(m) of the Code shall not exceed $5,000,000. 

        6.    Options.    Options may be granted at any time and from time to time to Participants selected by the Committee.
No Participant shall have any rights as a stockholder with respect to any Common Shares subject to Option hereunder until such shares have been issued. Each Option shall be evidenced 

3

 

by
an Award Agreement. Options granted pursuant to the Plan may, but need not be identical; provided that each Option must contain and be subject to the following terms and conditions: 

        (a)    Purchase Price.    The purchase price under each Option shall be established by the Committee; provided that in
no event will the purchase price be less than the Fair Market Value of a Common Share on the date of grant, except for Options granted to an employee of a company acquired by the Company in assumption
and substitution of options held by such employee at the time such company is acquired. 

        (b)    Payment of Purchase Price.    Unless otherwise provided for by the Committee and set forth in the applicable
Award Agreement, the purchase price of any Option may be paid (i) in cash, (ii) by the delivery, either actually or by attestation, of previously owned Common Shares or (iii) by a
combination the foregoing. In addition, the purchase price may be paid through such cashless exercise procedures permitted and established by the Committee. 

        (c)    Option Vesting.    The Committee shall have the right to make the timing of the ability to exercise any Option
subject to continued employment, the passage of time and/or such performance requirements as deemed appropriate by the Committee; provided that in no event shall any Option become fully exercisable
sooner than one (1) year after the date of grant, except in the event of the Participant's death or disability or a Change of Control.

        (d)    Option Term.    Each Option shall expire within a period of not more than ten (10) years from the date
of grant. 

        (e)    Termination of Employment.    The Award Agreement evidencing the grant of each Option shall set forth the terms
and conditions applicable to such Option upon a termination or change in the status of the employment or service of the Participant with the Company or a Subsidiary, which shall be as the Committee
may, in its discretion, determine. 

        (f)    Incentive Stock Options.    Notwithstanding anything to the contrary in this Section 6, in the case of
the grant of an Option intending to qualify as an Incentive Stock Option, if the Participant owns stock possessing more than 10% of the combined voting power of all classes of stock of the Company (a
"10% Shareholder"), the purchase price of such Option must be at least 110% of the Fair Market Value of a Common Share on the date of grant and the
Option must expire within a period of not more than five (5) years from the date of grant. Notwithstanding anything in this Section 6 to the contrary, Options designated as Incentive
Stock Options shall not be eligible for treatment under the Code as Incentive Stock Options to the extent that either (i) the aggregate Fair Market Value of the Common Shares (determined as of
the time of grant) with respect to which such Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Subsidiary) exceeds
$100,000, taking Options into account in the order in which they were granted, or (ii) such Options remain exercisable and unexercised for more than three (3) months following a
termination of employment (or such other period of time provided in Section 422 of the Code). 

        (g)    No Repricing.    Other than in connection with a change in the Company's capitalization (as described in
Section 10), the Company may not, without the approval of stockholders, "reprice" any Options. For
purposes of this Plan, the term "reprice" means reducing the exercise price of outstanding Options or canceling outstanding Options and granting new Options to the holders of canceled Options. 

        7.    Stock Appreciation Rights.    Stock Appreciation Rights may be granted to Participants from time to time either
in tandem with or as a component of other Awards or not in conjunction with other Awards. The provisions of Stock Appreciation Rights may, but need not be the same with respect to each grant or each
recipient. Any Stock Appreciation Right granted in tandem with an Option may be granted at the same time such Option is granted or at any time thereafter before the exercise or 

4

 

expiration
of such Option. All Stock Appreciation Rights under the Plan shall be subject to the same terms and conditions applicable to Options (as set forth in Section 6); provided, however,
that Stock Appreciation Rights granted in tandem with a previously granted Option shall be subject to the terms and conditions of such Option. Subject to the provisions of Section 6, the
Committee may impose such other conditions or restrictions on any Stock Appreciation Right as it shall deem appropriate, including, but not limited to, a limit on the amount payable with respect to
any Stock Appreciation Right. Stock Appreciation Rights may be settled in Common Shares, cash, or combination thereof, as determined by the Committee. Other than in connection with a change in the
Company's capitalization (as described in Section 10), the Company may not, without the approval of stockholders, reprice any Stock Appreciation Rights. 

        8.    Restricted Stock and Restricted Stock Units.    Restricted Stock and Restricted Stock Units may be granted at
any time and from time to time to Participants selected by the Committee. Restricted Stock is an award of Common Shares the issuance, retention, vesting and/or transferability of which is subject
during specified periods of time to such conditions (including continued employment or performance conditions) and terms as the Committee deems appropriate. Restricted Stock Units are Awards
denominated in units of Common Shares under which the issuance of Common Shares is subject to such conditions (including continued employment or performance conditions) and terms as the Committee
deems appropriate. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement. Unless determined otherwise by the Committee, the value of each Restricted Stock
Unit will be equal to one Common Share. Restricted Stock and Restricted Stock Units granted pursuant to the Plan may, but need not be identical, but each grant of Restricted Stock and Restricted Stock
Units must contain and be subject to the following terms and conditions: 

        (a)    Number of Shares Subject to Award.    Each Award Agreement evidencing a grant of Restricted Stock or Restricted
Stock Units shall contain provisions regarding the number of Common Shares or Restricted Stock Units subject to such Award or a formula for determining such number and restrictions on the
transferability of the shares or units. Common Shares issued under a Restricted Stock Award may be issued in the name of the Participant and held by the Participant or held by the Company, in each
case, as the Committee may provide. 

        (b)    Form of Payment.    To the extent determined by the Committee, Restricted Stock and Restricted Stock Units may
be satisfied or settled in Common Shares, cash or a combination thereof. 

        (c)    Section 83(b) Election.    The Committee may provide in an Award Agreement for an agreement between the
Company and the holder of an Award of Restricted Stock as to whether or not such holder will be permitted to make an election under Section 83(b) of the Code with respect to the unvested Common
Shares subject to the Award. 

        (d)    Sales Price.    Subject to the requirements of applicable law, the Committee shall determine the price, if any,
at which Awards of Restricted Stock or Common Shares issuable under Restricted Stock Units, shall be sold or awarded to a Participant, which may vary from time to time and among Participants and which
may be below the Fair Market Value of such shares at the date of grant, and the means of payment thereof. 

        (e)    Vesting.    The grant, issuance, retention, vesting and/or settlement of shares subject to Awards of Restricted
Stock and Restricted Stock Units shall occur at such time and in such installments as determined by the Committee or under criteria established by the Committee. The Committee shall have the right to
make the timing of the grant and/or the issuance, ability to retain, vesting and/or settlement of such shares subject to Awards of Restricted Stock and under Restricted Stock Units subject to
continued employment, passage of time and/or such performance criteria as deemed appropriate by the Committee; provided that in no event shall the grant, issuance, retention, vesting and/or settlement
of shares under Restricted Stock or Restricted Stock 

5

 

Unit
Awards (i) that is based on performance criteria be subject to a performance period of less than one (1) year, and (ii) no condition that is based upon continued employment
or the passage of time shall provide for vesting or settlement in full of a Restricted Stock or Restricted Stock Unit Award over a period of less than three (3) years from the date the Award is
made, except, in either case, in the event of the Participant's death or disability or a Change of Control. Notwithstanding anything to the contrary herein, the performance criteria for any Restricted
Stock or Restricted Stock Unit that is intended to satisfy the requirements for "performance-based compensation" under Section 162(m) of the Code shall be a measure based on one or more
Qualifying Performance Criteria selected by the Committee and specified at the time the Restricted Stock or Restricted Stock Unit is granted. The Committee shall certify the extent to which any
Qualifying Performance Criteria has been satisfied, and the amount payable as a result thereof, prior to payment, vesting and/or settlement of any Restricted Stock or Restricted Stock Unit that is
intended to satisfy the requirements for "performance-based compensation" under Section 162(m) of the Code. 

        (f)    Discretionary Adjustments and Limits.    Subject to the limits imposed under Section 162(m) of the Code
for Awards that are intended to qualify as "performance based compensation," notwithstanding the satisfaction of any performance goals, the number of Common Shares granted, issued, retainable and/or
vested under an Award of Restricted Stock or Restricted Stock Units on account of either financial performance or personal performance evaluations may be reduced by the Committee on the basis of such
further considerations as the Committee shall determine. 

        (g)    Voting Rights.    Unless otherwise determined by the Committee: (i) Participants holding shares of
Restricted Stock granted hereunder may exercise full voting rights with respect to those shares during the period of restriction and (ii) Participants shall have no voting rights with respect
to Common Shares underlying Restricted Stock Units unless and until such shares are reflected as issued and outstanding shares on the Company's stock ledger. 

        (h)    Dividends and Distributions.    Participants in whose name Restricted Stock is granted shall be entitled to
receive all dividends and other distributions paid with respect to those shares, unless determined otherwise by the Committee. Any such dividends or distributions will be subject to the same
restrictions on transferability as the Restricted Stock with respect to which they were distributed. Shares underlying Restricted Stock Units shall be entitled to dividends or dividend equivalents
only to the extent provided by the Committee. 

        (i)    Termination of Employment.    The Award Agreement evidencing the grant of an Award of Restricted Stock or
Restricted Stock Units shall set forth the terms and conditions applicable to such Award upon a termination or change in the status of the employment or service of the Participant with the Company or
a Subsidiary, which shall be as the Committee may, in its discretion, determine. 

        9.    Performance Units.    Each Performance Unit Award will confer upon the Participant the opportunity to earn a
future payment tied to the level of achievement with respect to one or more performance criteria. Performance Units granted pursuant to the Plan may, but need not be identical, but each grant of
Performance Units must contain and be subject to the following terms and conditions: 

        (a)    General.    The Committee shall determine and set forth in an Award Agreement provisions regarding:
(i) the target and maximum amount payable to the Participant under the Performance Unit Award, (ii) restrictions on the alienation or transfer of the Performance Unit or Common Shares
subject thereto prior to actual payment and (iii) forfeiture provisions. 

6

 

        (b)    Performance Criteria.    The Committee shall establish the performance criteria and level of achievement versus
these criteria that shall determine the target and maximum amount payable under a Performance Unit, which criteria may be based on financial performance and/or personal performance evaluations. The
Committee shall also establish the term of the performance period as to which performance shall be measured for determining the amount of any payment, which shall not be less than one year, except, in
either case, in the event of the Participant's death or disability or a Change of Control. Notwithstanding anything to the contrary herein, the performance criteria for any portion of a Performance
Unit that is intended by the Committee to satisfy the requirements for "performance-based compensation" under Section 162(m) of the Code shall be a measure based on one or more Qualifying
Performance Criteria selected by the Committee and specified at the time the Performance
Unit is granted. The Committee shall certify the extent to which any Qualifying Performance Criteria has been satisfied, and the amount payable as a result thereof, prior to payment, vesting and/or
settlement of any Performance Unit that is intended to satisfy the requirements for "performance-based compensation" under Section 162(m) of the Code. 

        (c)    Timing and Form of Payment.    The Committee shall determine the timing of payment of any Performance Unit.
Payment of the amount due under a Performance Unit may be made in cash, in Common Shares or a combination thereof, as determined by the Committee. The Committee may provide for or, subject to such
terms and conditions as the Committee may specify, may permit a Participant to elect for the payment of any Performance Unit to be deferred to a specified date or event. 

        (d)    Discretionary Adjustments.    Notwithstanding satisfaction of any performance goals, the amount paid under a
Performance Unit on account of either financial performance or personal performance evaluations may be reduced by the Committee on the basis of such further considerations, as the Committee shall
determine. 

        10.    Adjustment of and Changes in the Stock    

        (a)   In
the event that the number of Common Shares of the Company shall be increased or decreased through a reorganization, reclassification, combination of shares, stock
split, reverse stock split, spin-off, dividend (other than regular, cash dividends), or otherwise, each Common Share of the Company which has been authorized for issuance under the Plan,
whether such share is then currently subject to or may become subject to an Award under the Plan, as well as the per share limits set forth in Section 5 of this Plan, may be proportionately
adjusted by the Committee to reflect such increase or decrease, unless the Company provides otherwise under the terms of such transaction. The terms of any outstanding Award may also be adjusted by
the Committee as to price, number of Common Shares subject to such Award and other terms to reflect the foregoing events. 

        (b)   Subject
to Section 11, in the event there shall be any other change in the number or kind of outstanding Common Shares of the Company, or any stock or other
securities into which such Common Shares shall have been changed, or for which it shall have been exchanged, whether by reason of a change of control, other merger, consolidation or otherwise, the
Committee shall, in its sole discretion, determine the appropriate adjustment, if any, to be effected. Notwithstanding anything to the contrary herein, any adjustment to Options granted pursuant to
this Plan intended to qualify as Incentive Stock Options shall comply with the requirements, provisions and restrictions of the Code. 

        (c)   No
right to purchase fractional shares shall result from any adjustment in Awards pursuant to this Section 10. In case of any such adjustment, the shares subject
to the Award shall be rounded down to the nearest whole share. 

        11.    Effect of a Change of Control.    Unless otherwise provided for under the terms of a transaction constituting a
Change of Control, the Committee may, through an Award Agreement or 

7

 

otherwise,
provide that any or all of the following shall occur in connection with a Change of Control, or upon termination of the Participant's employment following a Change of Control:
(a) the acceleration of the vesting and, if applicable, exercisability of any outstanding Award, or portion thereof, or the lapsing of any conditions of restrictions on or the time for payment
in respect of any outstanding Award, or portion thereof, (b) the substitution for Common Shares subject to any outstanding Award, or portion thereof, stock or other securities of the surviving
corporation or any successor corporation to the Company, or a parent or subsidiary thereof, in which event the aggregate purchase or exercise price, if any, of such Award, or portion thereof, shall
remain the same, (c) the conversion of any outstanding Award, or portion thereof, into a right to receive cash or other property upon or following the consummation of the Change of Control in
an amount equal to the value of the consideration to be received by holders of Common Shares in connection with such transaction for one Common Share, less the per share purchase or exercise price of
such Award, if any, multiplied by the number of Common Shares subject to such Award, or a portion thereof, and/or (d) the cancellation of any outstanding and unexercised Awards upon or
following the consummation of the Change of Control. Any actions or determinations of the Committee pursuant to this Section 11 may, but need not be uniform as to all outstanding Awards, and
the Committee may, but need not treat all holders of outstanding Awards identically. 

        12.    Qualifying Performance-Based Compensation    

        (a)    General.    The Committee may specify that the grant, retention, vesting, of issuance any Award, or the amount
to be paid out under any Award, be subject to or based on Qualifying Performance Criteria or other standards of financial performance and/or personal performance evaluations. Notwithstanding
satisfaction of any performance goals, the number of Common Shares issued or the amount paid under an Award may, to the extent specified in the Award Agreement, be reduced by the Committee on the
basis of such further considerations as the Committee in its sole discretion shall determine. 

        (b)    Qualifying Performance Criteria.    For purposes of this Plan, the term "Qualifying
Performance Criteria" shall mean any one or more of the following performance criteria, either individually, alternatively or in any combination, applied to either the Company
as a whole or to a business unit or Subsidiary, either individually, alternatively or in any combination, and measured either annually or cumulatively over a period of years, on an absolute basis or
relative to a pre-established target, to previous years' results or to a designated comparison group, in each case as specified by the Committee: (i) cash flow (before or after
dividends), (ii) earnings per share (including earnings before interest, taxes, depreciation and amortization), (iii) stock price, (iv) return on equity, (v) total
stockholder return, (vi) return on capital (including return on total capital or return on invested capital), (vii) return on assets or net assets, (viii) market capitalization,
(ix) economic value added, (x) debt leverage (debt to capital), (xi) revenue, (xii) income or net income, (xiii) operating income, (xiv) operating profit or
net operating profit, (xv) operating margin or profit margin, (xvi) return on operating revenue, (xvii) cash from operations, (xviii) operating ratio,
(xix) operating revenue, or (xx) customer service. To the extent
consistent with Section 162(m) of the Code, the Committee may appropriately adjust any evaluation of performance under a Qualifying Performance Criteria to exclude any of the following events
that occurs during a performance period: (i) asset write-downs, (ii) litigation, claims, judgments or settlements, (iii) the effect of changes in tax law, accounting principles or
other such laws or provisions affecting reported results, (iv) accruals for reorganization and restructuring programs and (v) any extraordinary, unusual or non-recurring
items as described in Accounting Principles Board Opinion No. 30 and/or in management's discussion and analysis of financial condition and results of operations appearing in the Company's Forms
10-K or 10-Q for the applicable year. 

        13.    Transferability.    Unless the Committee specifies otherwise, each Award may not be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated by a Participant other than by 

8

 

will
or the laws of descent and distribution, and each Option and Stock Appreciation Right granted hereunder shall be exercisable only by the Participant during his or her lifetime. 

        14.    Compliance with Laws and Regulations.    This Plan, the grant, issuance, vesting, exercise and settlement of
Awards thereunder, and the obligation of the Company to sell, issue or deliver shares under such Awards, shall be subject to all applicable foreign, federal, state and local laws, rules and
regulations and to such approvals by any governmental or regulatory agency as may be required. The Company shall not be required to register in a Participant's name or deliver any shares prior to the
completion of any registration or qualification of such shares under any foreign, federal, state or local law or any ruling or regulation of any government body, which the Committee shall determine to
be necessary or advisable. No Option shall be exercisable and no shares shall be issued and/or transferable under any other Award unless a registration statement with respect to the shares underlying
such Award is effective and current or the Company has determined that such registration is unnecessary. In the event an Award is granted to or held by a Participant who is employed or providing
services outside the United States, the Committee may, in its sole discretion, modify the provisions of such Award to comply with applicable foreign law. 

        15.    Withholding.    To the extent required by applicable federal, state, local or foreign law, a Participant shall
be required to satisfy, in a manner satisfactory to the Company, any withholding tax obligations that arise with respect to an Award. The Company and its Subsidiaries shall not be required to issue
Common Shares, make any payment or to recognize the transfer or disposition of Common Shares until such obligations are satisfied. The Committee may permit these obligations to be satisfied by having
the Company withhold a portion of the Common Shares that otherwise would be issued to the Participant in connection with the Award, or by the Participant tendering (either actually or by attestation)
Common Shares previously acquired. 

16.   Administration of the Plan  

        (a)    Committee of the Plan.    The Plan shall be administered by the Committee which shall be the Compensation
Committee of the Board or, in the absence of a Compensation Committee, the Board itself; provided, however, that (i) with respect to any Award that is intended to satisfy the conditions of
Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") the term "Committee" shall refer to a committee
of two or more "non-employee directors" as determined for purposes of applying Exchange Act Rule 16b-3; and (ii) with respect to any Award that is intended to
qualify as "performance-based compensation" within the meaning of Section 162(m) of the Code, the term "Committee" shall refer to a committee of two or more "outside directors" as determined
for purposes of applying Section 162(m) of the Code. Subject to the provisions of Section 16 of the Exchange Act and Section 162(m) of the Code, any power of the Committee may
also be exercised by the Board. The Compensation Committee may by resolution authorize one or more officers of the Company to perform any or all things that the Committee is authorized and empowered
to do or perform under the Plan; provided, however, that the resolution so authorizing such officer or officers shall specify the total number of Awards (if any) such officer or officers may award
pursuant to such delegated authority, and any such Award shall be subject to the form of Award Agreement theretofore approved by the Compensation Committee. No such officer shall designate himself or
herself as a recipient of any Awards granted under authority delegated to such officer. 

        (b)    Powers of Committee.    Subject to the express provisions of this Plan, the Committee shall be authorized and
empowered to do all things that it determines to be necessary or appropriate in connection with the administration of this Plan, including, without limitation: (i) to prescribe, amend and
rescind rules and regulations relating to this Plan; (ii) to determine which persons are Participants; (iii) to grant Awards to Participants and determine the terms and conditions
thereof, including the number of shares subject to Awards and the exercise or purchase price of such shares and the 

9

 

circumstances
under which Awards become exercisable or vested or are forfeited or expire; (iv) to prescribe and amend the terms of Award Agreements (which may, but need not be identical);
(v) to exercise its discretion with respect to the powers and rights granted to it as set forth in the Plan; (vi) to interpret and construe this Plan, any rules and regulations under
this Plan and the terms and conditions of any Award granted hereunder; and (vii) to make all other determinations and exercise such powers and perform such acts as are deemed necessary or
advisable for the administration of this Plan. 

        (c)    Determinations by the Committee.    All decisions, determinations and interpretations by the Committee
regarding the Plan, any rules and regulations under the Plan and the terms and conditions of or operation of any Award granted hereunder, shall be final and binding on all Participants, beneficiaries,
heirs, assigns or other persons holding or claiming rights under the Plan or any Award. 

        17.    Amendment of the Plan or Awards.    The Board may amend, alter or discontinue this Plan and the Committee may
amend, or alter any agreement or other document evidencing an Award made under this Plan; provided that, except as provided pursuant to the provisions of Sections 11 and 12, to the extent necessary
under any applicable law, regulation or New York Stock Exchange or other applicable listing requirement, no amendment shall be effective unless approved by the stockholders of the Company in
accordance with applicable law, regulation or New York Stock Exchange or other applicable listing requirement. In addition, no amendment or alteration to the Plan or an Award or Award Agreement shall
be made that would materially impair the rights of the holder of an Award, without such holder's consent, provided that no such consent shall be required if the Committee determines in its sole
discretion that such amendment or alteration either is required or advisable in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of or avoid
adverse financial accounting consequences under any accounting standard. 

        18.    No Liability of Company.    The Company and any Subsidiary or affiliate which is in existence or hereafter
comes into existence shall not be liable to a Participant or any other person as to: (i) the non-issuance or sale of Common Shares as to which the Company has been unable to obtain
from any regulatory body having jurisdiction the authority deemed by the Company's counsel to be necessary to the lawful issuance and sale of any shares hereunder; and (ii) any tax consequence
expected, but not realized, by any Participant or other person due to the receipt, exercise or settlement of any Award granted hereunder. 

        19.    Non-Exclusivity of Plan.    Neither the adoption of this Plan by the Board nor the submission of
this Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or the Committee to adopt such other incentive arrangements as either
may deem desirable, including without limitation, the granting of restricted stock or stock options otherwise than under this Plan, and such arrangements may be either generally applicable or
applicable only in specific cases. 

        20.    Governing Law.    This Plan and any Award Agreements or other documents hereunder shall be interpreted and
construed in accordance with the laws of the State of New York and applicable U.S. federal law. Any reference in this Plan or in the Award Agreement or other document evidencing any Awards to a
provision of law or to a rule or regulation shall be deemed to include any successor law, rule or regulation of similar effect or applicability. 

        21.    No Right to Employment, Reelection or Continued Service.    Nothing in this Plan or any Award Agreement shall
interfere with or limit in any way the right of the Company, its Subsidiaries and/or its affiliates to terminate any Participant's employment, service on the Board or service for the Company at any
time or for any reason not prohibited by law, nor confer upon any Participant any right to continue his or her employment or service for any specified period of time. 

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QuickLinks

Exhibit 10.47

HERBALIFE LTD. 2004 STOCK INCENTIVE PLAN

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