Document:

Exhibit 10.3

                                  (as amended)

                              DEL WEBB CORPORATION
                     2000 EXECUTIVE LONG-TERM INCENTIVE PLAN

                 ARTICLE 1. ESTABLISHMENT, PURPOSE, AND DURATION

     1.1 ESTABLISHMENT OF THE PLAN. Del Webb Corporation, a Delaware corporation
(the "Company"),  establishes an incentive  compensation plan to be known as the
"Del Webb Corporation 2000 Executive Long-Term Incentive Plan" (the "Plan"). The
Plan permits the grant of Nonqualified  Stock Options,  Incentive Stock Options,
Restricted Stock, Performance Units, and Performance-Based Awards.

     Subject to shareholder ratification,  the Plan shall become effective as of
November 2, 2000 (the  "Effective  Date") and shall remain in effect as provided
in Section 1.3.

     1.2 PURPOSE OF THE PLAN.  The purpose of the Plan is to promote the success
and  enhance  the  value  of  Company  by  linking  the  personal  interests  of
Participants  to those of Company  shareholders,  and by providing  Participants
with an incentive  for  outstanding  performance.  The Plan is also  intended to
provide flexibility to Company in its ability to motivate,  attract,  and retain
the services of Participants upon whose judgment,  interest,  and special effort
the successful conduct of its operation is dependent.

     1.3 DURATION OF THE PLAN.  Subject to ratification  by the  shareholders of
Company,  the Plan shall begin on the Effective Date and shall remain in effect,
subject to Article 13, until all Shares  subject to it shall have been purchased
or acquired  according  to the Plan's  provisions.  However,  in no event may an
Award be granted under the Plan on or after November 1, 2010.

                     ARTICLE 2. DEFINITIONS AND CONSTRUCTION

     2.1 DEFINITIONS.

          (a) "Award" means,  individually or  collectively,  a grant under this
     Plan of Nonqualified  Stock Options,  Incentive  Stock Options,  Restricted
     Stock, Performance Units, or Performance-Based Awards.

          (b) "Beneficial  Owner" shall have the meaning  ascribed in Rule 13d-3
     of the General Rules and Regulations under the Exchange Act.

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

          (d) "Cause"  means (i) the breach by a Participant  of any  employment
     contract  between the  Participant  and Company,  (ii) the  conviction of a
     Participant of a felony or crime involving moral turpitude (meaning a crime
     that  necessarily  includes the  commission  of an act of gross  depravity,
     dishonesty  or bad morals),  or (iii)  willful and gross  misconduct on the
     part of a Participant  that is materially and  demonstrably  detrimental to
     Company.
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          (e) A "Change in Control" of Company  shall be deemed to have occurred
     in any or all of the following instances:

               (1) Any "person" as such term is used in Sections 13(d) and 14(d)
          of the Exchange Act, other than a trustee or other  fiduciary  holding
          securities  under an employee benefit plan of Company or a corporation
          owned  directly  or  indirectly  by the  stockholders  of  Company  in
          substantially  the same  proportions  as their  ownership  of stock of
          Company,  is or becomes  the  "beneficial  owner" (as  defined in Rule
          13d-3 under the Exchange Act),  directly or indirectly,  of securities
          of  Company  representing  20% or  more  of  the  total  voting  power
          represented  by  Company's  then  outstanding  Voting  Securities  (as
          defined below); or

               (2) During any period of two consecutive  years,  individuals who
          at the beginning of such period  constitute  the Board of Directors of
          Company and any new Director  whose election by the Board of Directors
          or nomination for election by Company's stockholders was approved by a
          vote of at least  two-thirds of the Directors then still in office who
          either were Directors at the beginning of the period or whose election
          or nomination for election was  previously so approved,  cease for any
          reason to constitute a majority thereof; or

               (3) The stockholders of Company approve a merger or consolidation
          of  Company  with  any  other  corporation,  other  than a  merger  or
          consolidation  which would result in the Voting  Securities of Company
          outstanding  immediately prior thereto continuing to represent (either
          by remaining  outstanding or by being converted into Voting Securities
          of the  surviving  entity)  at least  80% of the  total  voting  power
          represented  by the Voting  Securities  of  Company or such  surviving
          entity outstanding immediately after such merger or consolidation; or

               (4) The  stockholders  of  Company  approve  a plan  of  complete
          liquidation  of Company or an agreement for the sale or disposition by
          Company of (in one  transaction  or a series of  transactions)  all or
          substantially all Company's assets.

          For purposes of this Section,  the term "Voting Securities" shall mean
     and include any securities of Company which vote generally for the election
     of directors.

          (f) "Code"  means the Internal  Revenue Code of 1986,  as amended from
     time to time.

          (g)  "Committee"  means the  committee,  as  specified  in  Article 3,
     appointed  by the Board to  administer  the Plan with  respect to grants of
     Awards.

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          (h)  "Company"  means  Del  Webb  Corporation  (including  any and all
     Subsidiaries), or any successor thereto as provided in Article 15.

          (i) "Covered  Employee" means an Employee who is a "covered  employee"
     within the meaning of Section 162(m) of the Code.

          (j)  "Director"  means any  individual who is a member of the Board of
     Directors of Company.

          (k) "Disability"  means a permanent and total  disability,  within the
     meaning of Code Section  22(e)(3),  as  determined by the Committee in good
     faith, upon receipt of sufficient competent medical advice from one or more
     individuals,   selected  by  the  Committee,  who  are  qualified  to  give
     professional medical advice.

          (l)  "Employee"  means any  full-time,  nonunion  employee of Company.
     Directors who are not otherwise employed by Company shall not be considered
     Employees under this Plan.

          (m)  "Exchange  Act" means the  Securities  Exchange  Act of 1934,  as
     amended from time to time, or any successor Act.

          (n) "Fair Market Value" means,  as of any given date,  the fair market
     value of a Share or other property determined by such methods or procedures
     as may be established from time to time by the Committee.  Unless otherwise
     determined  by the  Committee,  the Fair Market  Value of a Share as of any
     date  shall be the  closing  price for a Share on any  national  securities
     exchange  on which the Shares are then listed for that date or, if there is
     no closing  price for that date,  the closing  price on the next  preceding
     date for which there is a closing price, all as reported in the WALL STREET
     JOURNAL.

          (o)  "Incentive  Stock  Option" or "ISO"  means an option to  purchase
     Shares which is designated as an Incentive  Stock Option and is intended to
     meet the requirements of Section 422 of the Code.

          (p) "Insider"  means an Employee who is, at the time an Award is made,
     an insider pursuant to Section 16 of the Exchange Act.

          (q) "Non-Employee  Director" means a member of the Board who qualifies
     as a "Non-Employee Director" as defined in Rule 16b-3(b)(3) of the Exchange
     Act as it may be amended or replaced from time to time.

          (r) "Nonqualified  Stock Option" or "NQSO" means an Option to purchase
     Shares which is not intended to be an Incentive Stock Option.

          (s) "Option" means an Incentive  Stock Option or a Nonqualified  Stock
     Option.

          (t) "Option  Price"  means the price at which a Share may be purchased
     by a Participant pursuant to an Option, as determined by the Committee.

                                       -3-
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          (u)  "Parent"  shall have the  meaning  ascribed  to such term in Rule
     12b-2 of the Exchange Act.

          (v) "Participant" means an Employee who has outstanding an Award.

          (w) "Performance-Based Awards" means the Performance-Based  Restricted
     Stock  Awards and  Performance  Unit  Awards  granted to  selected  Covered
     Employees  pursuant to Articles 7 and 8, but which are subject to the terms
     and  conditions  set forth in Article 9. All  Performance-Based  Awards are
     intended  to  qualify as  "performance-based  compensation"  under  Section
     162(m) of the Code.

          (x)  "Performance  Criteria"  means the  criteria  that the  Committee
     selects for purposes of establishing  the  Performance  Goal or Performance
     Goals for a Participant for a Performance Period. The Performance  Criteria
     that  will  be used to  establish  Performance  Goals  are  limited  to the
     following:  pre- or  after-tax  net  earnings,  revenue  growth,  operating
     income,  operating cash flow, return on net assets, return on shareholders'
     equity,  return  on  assets,   return  on  capital,   Share  price  growth,
     shareholder returns, gross or net profit margin,  earnings per share, price
     per  Share,  and  market  share,  any of which  may be  measured  either in
     absolute terms or as compared to any incremental increase or as compared to
     results of a peer group. The Committee shall, within the time prescribed by
     Section  162(m) of the Code,  define in an objective  fashion the manner of
     calculating the Performance Criteria to use for the Performance Period.

          (y)  "Performance  Goals" means, for a Performance  Period,  the goals
     established  in writing by the Committee for the  Performance  Period based
     upon the Performance Criteria.  Depending on the Performance Criteria used,
     the Goal may relate to overall  Company  performance  or  performance of an
     operating unit or community. The Committee, in its discretion,  may, within
     the time  prescribed  by Section  162(m) of the Code,  adjust or modify the
     calculation of Performance  Goals to prevent dilution or enlargement of the
     rights of  Participants,  (i) in the event  of,  in  recognition  of, or in
     anticipation of, any unanticipated,  unusual  nonrecurring or extraordinary
     corporate item, transaction, event, or development; or (ii) in response to,
     or in anticipation of, changes in applicable laws, regulations,  accounting
     principles, or business conditions.

          (z)  "Performance  Period" means the periods of time,  which may be of
     varying and overlapping durations,  as the Committee may select, over which
     Performance  Goals  will be  measured  for the  purpose  of  determining  a
     Participant's right to, and the payment of, a Performance-Based Award.

          (aa) "Performance Unit" means an Award granted to an Employee pursuant
     to Article 8.

          (bb)  "Period  of  Restriction"  means  the  period  during  which the
     transfer  of  Shares  of  Restricted  Stock  is  limited  in  some  way (as
     determined by the Committee, in its discretion), and the Shares are subject
     to a substantial risk of forfeiture, as provided in Article 7.

                                       -4-
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          (cc)  "Restricted  Stock"  means an  Award  granted  to a  Participant
     pursuant to Article 7.

          (dd)  "Retirement"  means a voluntary  termination  of employment by a
     Participant  who has less than 10 years of service with Company at or after
     age 65, or voluntary  termination at or after age 55 for  Participants  who
     have at least 10 years of service with Company as of the date of employment
     termination.  The  Committee  may  shorten  the years of service or the age
     requirements.

          (ee) "Shares" means the shares of common stock of Company.

          (ff)  "Subsidiary"   means  any  corporation  in  which  Company  owns
     directly,  or indirectly  through  subsidiaries,  at least 50% of the total
     combined  voting  power  of all  classes  of  stock,  or any  other  entity
     (including,  but not limited to,  partnerships and joint ventures) in which
     Company owns at least 50% of the combined equity.

     2.2 GENDER AND NUMBER. Except where otherwise indicated by the context, any
masculine  term used herein also shall  include the  feminine;  the plural shall
include the singular and the singular shall include the plural.

     2.3 SEVERABILITY.  If a court of competent jurisdiction determines that any
portion of this Plan is in  violation  of any  statute,  common  law,  or public
policy,  then only the portion of this Plan that  violate such  statute,  common
law, or public  policy shall be stricken.  All portions of this Plan that do not
violate any statute or public  policy  shall  continue in full force and effect.
Further,  any court order  striking  any  portion of this Plan shall  modify the
stricken terms as narrowly as possible,  or the Committee may amend the Plan, to
give as much  effect as  possible to the  intentions  of the parties  under this
Plan.

                            ARTICLE 3. ADMINISTRATION

     3.1 THE COMMITTEE.  The Plan shall be  administered  by the Human Resources
Committee of the Board, or by any other Committee if the Board so determines. In
any event,  unless otherwise  specifically  provided by the Board, the Committee
shall  consist  of not less  than two  Directors,  each of whom  qualifies  as a
Non-Employee  Director,  and an "outside director" under Code Section 162(m) and
the  regulations  thereunder.  The members of the  Committee  shall serve at the
discretion of the Board.

     3.2 AUTHORITY OF THE COMMITTEE. The Committee shall have full power, except
as limited by law or by the Articles of Incorporation or Bylaws of Company,  and
subject to the provisions  herein, to determine the size and types of Awards; to
determine the terms and conditions of such Awards including, but not limited to,
the  exercise  price,  grant  price,  or purchase  price,  any  restrictions  or
limitations on any Award,  any schedule for lapse of forfeiture  restrictions or
restrictions on the  exercisability  of an Award,  and  accelerations or waivers
thereof,  based in each case on such considerations as the Committee in its sole
discretion determines; to cancel and reissue any Awards granted hereunder in the
event the Award lapses for any reason  (provided  that the  Committee  shall not
have the authority to reprice previously issued and currently outstanding Awards
without  shareholder  approval);  to  construe  and  interpret  the Plan and any
agreement or instrument  entered into under the Plan; to  establish,  amend,  or

                                       -5-
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waive rules and regulations for the Plan's  administration;  and (subject to the
provisions of Article 13) to amend the terms and  conditions of any  outstanding
Award to the extent such terms and  conditions  are within the discretion of the
Committee  as  provided  in  the  Plan.  The  Committee  shall  make  all  other
determinations  that may be necessary or advisable for the administration of the
Plan.

     3.3  DECISIONS  BINDING.  All  determinations  and  decisions  made  by the
Committee  pursuant  to the  provisions  of the Plan and all  related  orders or
resolutions of the Board of Directors shall be final, conclusive, and binding on
all persons, including Company, its stockholders,  Employees,  Participants, and
their estates and beneficiaries.

     3.4  DELEGATION.  As permitted by law,  the  Committee  may delegate to any
officer  of  Company or any  committee  comprised  of  officers  of Company  the
authority  to take any and all actions  permitted or required to be taken by the
Committee  hereunder;  provided that such delegation shall not be permitted with
respect to Options or other  Awards  granted or to be granted to any  officer of
Company  and that,  to the extent the  Committee  delegates  authority  to grant
Options and other Awards hereunder,  such delegation shall specify the aggregate
number  of  Shares  that may be  awarded  pursuant  to such  delegation  and may
establish  the  maximum  number of Shares  that may be subject to any Award made
pursuant to such delegation and any other limitations thereon that the Committee
may choose to impose.

                      ARTICLE 4. SHARES SUBJECT TO THE PLAN

     4.1 NUMBER OF SHARES. Subject to adjustment as provided in Section 4.3, the
total number of Shares available for grant under the Plan shall be 500,000.

     4.2  LAPSED  AWARDS.  If any Award  granted  under  this Plan is  canceled,
terminates,  expires, or lapses for any reason, any Shares subject to such Award
again shall be available for the grant of an Award.

     4.3 ADJUSTMENTS IN AUTHORIZED SHARES. The Committee may make or provide for
such  adjustments  in the (a)  number of Shares  covered by  outstanding  Awards
granted hereunder, (b) prices per Share applicable to outstanding Awards and (c)
kind of Shares covered  thereby,  as the Committee in its sole discretion may in
good faith  determine to be equitably  required in order to prevent  dilution or
enlargement of the rights of  Participants  that otherwise would result from (x)
any  stock   dividend,   stock  split,   combination   or  exchange  of  Shares,
recapitalization  or other change in the capital  structure of Company,  (y) any
merger, consolidation,  spin-off, spin-out, split-off, split-up, reorganization,
partial or complete  liquidation,  other  distribution  of assets  (other than a
normal cash dividend), issuance of rights or warrants to purchase securities, or
(z) any other corporate  transaction or event having an effect similar to any of
the foregoing.  Moreover,  in the event of any such  transaction  or event,  the
Committee may provide in  substitution  for any outstanding  Awards  alternative
consideration  as it may in good  faith  determine  to be  equitable  under  the
circumstances,  and may require the surrender of all Awards so substituted.  The
Committee may also make or provide for such  adjustments in the number of Shares
specified in Section 4.1,  4.4, or 9.5 as the  Committee in its sole  discretion
may  in  good  faith  determine  to be  appropriate  in  order  to  reflect  any
transaction or event described in this Section.  Any adjustment pursuant to this
Section will be conclusive and binding for all purposes.

                                       -6-
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     4.4  LIMITATION ON NUMBER OF SHARES SUBJECT TO AWARD.  Notwithstanding  any
provision  in the Plan to the  contrary,  the maximum  number of shares of Stock
that may be subject to one or more Awards  granted to any one  Participant  over
the term of the Plan shall be 150,000.

                    ARTICLE 5. ELIGIBILITY AND PARTICIPATION

     5.1  ELIGIBILITY.  Persons eligible to participate in this Plan include all
officers and key Employees of Company, as determined by the Committee.

     5.2 ACTUAL PARTICIPATION. The Committee may, from time to time, select from
all eligible Employees those to whom Awards shall be granted and shall determine
the nature  and amount of each  Award.  No  Employee  shall have any right to be
granted an Award under this Plan.  Nothing in this Plan shall  interfere with or
limit the right of Company to  terminate  any  Participant's  employment  at any
time,  nor  confer on any  Participant  any right to  continue  in the employ of
Company.  Transfer of employment of a Participant between Company and any one of
its  Subsidiaries  (or  between  Subsidiaries)  shall  not be a  termination  of
employment.

                            ARTICLE 6. STOCK OPTIONS

     6.1 GRANT OF OPTIONS.  Options may be granted to  Employees at any time and
from time to time as shall be determined by the Committee.  The Committee  shall
have  discretion in determining  the number of Shares subject to Options granted
to each  Participant.  The  Committee  may grant ISOs,  NQSOs,  or a combination
thereof. Nothing in this Article 6 shall be deemed to prevent the grant of NQSOs
in excess of the maximum established for ISOs by Section 422(d) of the Code.

     6.2 OPTION  AGREEMENT.  Each Option  grant shall be  evidenced by an Option
Agreement that shall specify the Option Price,  the duration of the Option,  the
number of Shares to which the Option pertains,  and such other provisions as the
Committee shall  determine.  The Option Agreement also shall specify whether the
Option is intended to be an ISO within Section 422 of the Code, or a NQSO.

     6.3 OPTION  PRICE.  The Option  Price for each grant shall not be less than
100% of the Fair Market Value on the date of grant.

     6.4  DURATION OF  OPTIONS.  Each  Option  shall  expire at such time as the
Committee shall determine at the time of grant;  provided,  that no Option shall
be exercisable later than the 10th anniversary of grant.

     6.5  EXERCISE  OF OPTIONS.  Options  shall be  exercisable  at times and be
subject to  restrictions  and conditions as the Committee shall in each instance
approve, which need not be the same for each grant or for each Participant.

                                       -7-
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     6.6 PAYMENT.  Options shall be exercised by written notice to the Secretary
of Company,  setting forth the number of Shares with respect to which the Option
is to be exercised, accompanied by full payment for the Shares.

     The Option Price upon exercise shall be payable to Company  either:  (a) in
cash or its equivalent,  or (b) by tendering previously acquired Shares having a
Fair Market  Value equal to the total  Option  Price  (provided  that the Shares
which are tendered must have been held by the  Participant for at least 6 months
prior to their tender to satisfy the Option  Price),  or (c) by a combination of
(a) and (b).

     The Committee also may allow cashless  exercise as permitted  under Federal
Reserve Board's Regulation T, subject to applicable securities law restrictions,
or by any other means which the Committee  determines to be consistent  with the
Plan's  purpose and  applicable  law. The proceeds  from such a payment shall be
added to the general funds of Company.

     As soon as practicable after receipt of a written  notification of exercise
and full payment, Company shall deliver to the Participant, in the Participant's
name,  Share  certificates  based upon the number of Shares  purchased under the
Option(s).

     6.7  RESTRICTIONS  ON SHARE  TRANSFERABILITY.  The  Committee  shall impose
restrictions on any Shares acquired  pursuant to the exercise of an Option as it
may deem advisable, including, without limitation, restrictions under applicable
Federal  securities laws, under the requirements of any stock exchange or market
upon which such Shares are then listed and/or traded,  and under any blue sky or
state securities laws applicable to such Shares.

     6.8 TERMINATION OF EMPLOYMENT DUE TO DEATH, DISABILITY, OR RETIREMENT.

          (a)  Termination by Death.  If employment is terminated by death,  any
     outstanding  Options  which are vested as of the date of death shall remain
     exercisable at any time prior to their expiration date, or for 1 year after
     the date of death,  whichever period is shorter,  by such person or persons
     as shall have been named as the Participant's beneficiary or by anyone that
     has acquired the Participant's  rights under the Option by will or the laws
     of descent and distribution.

          In  addition,  Options  not  vested  as of the date of death  shall be
     vested as follows: The percentage vesting of the portion of an Option which
     would have vested on the  anniversary  of the date of grant next  following
     employment  termination (the "Next Vesting Date"),  shall equal a fraction,
     the  numerator  of  which is the  number  of full  weeks  of  Participant's
     employment  during the 12-month period ending on the Next Vesting Date, and
     the denominator of which is 52; and

          Any portion not deemed vested as of the date of employment termination
     shall expire immediately.

          (b)  TERMINATION  BY  DISABILITY.   If  employment  is  terminated  by
     Disability,  any  outstanding  Options  which are  vested as of the date of
     termination shall remain  exercisable at any time prior to their expiration
     date,  or for l year  after the date of  termination,  whichever  period is
     shorter.

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          In addition,  Options not vested as of the date of termination  due to
     disability  shall be vested as determined by the guidelines in Subparagraph
     (a) of Section 6.8.

          Any Options  not deemed  vested as of the date of  termination  due to
     Disability shall expire immediately.

          (c)  TERMINATION  BY  RETIREMENT.   If  employment  is  terminated  by
     Retirement,  any  outstanding  Options  vested as of the effective  date of
     Retirement  shall remain  exercisable at any time prior to their expiration
     date,  or for 3 years after the  effective  date of  Retirement,  whichever
     period is shorter.

          In addition, Options not vested as of the effective date of Retirement
     shall be vested as determined  by the  guidelines  in  Subparagraph  (a) of
     Section 6.8.

          Any Options not vested as of the effective  date of  Retirement  shall
     expire immediately.

          (d)  EXERCISE  LIMITATIONS  ON  ISOS.  In the  case of  ISOs,  the tax
     treatment  prescribed under Section 422 of the Code may not be available if
     the Options are not exercised  within Section 422  prescribed  time periods
     after each of the various types of employment termination.

          (e)  OPTION  AGREEMENTS.   The  exercise  periods  and  vesting  rules
     described  in  Subparagraphs  (a),  (b),  and (c) above  shall apply in the
     absence of any contrary  provisions in the Option Agreement.  The Committee
     may prescribe  alternative  vesting rules and exercise periods in an Option
     Agreement or may accelerate  vesting upon Death,  Disability or Retirement,
     at its discretion.

     6.9  TERMINATION  OF  EMPLOYMENT  FOR OTHER  REASONS.  Except as  otherwise
provided in an Option  Agreement,  if employment shall terminate for any reason,
other than the reasons  set forth in Section  6.8 or for Cause,  all Options not
vested as of the effective date of employment termination shall expire.

     Except as otherwise  provided in an Option Agreement,  Options vested as of
the effective  date of  termination  may be exercised from the effective date of
employment termination to 3 months after termination.

     If the  employment  shall  terminate  for Cause,  all  outstanding  Options
immediately  shall be forfeited  to Company and no  additional  exercise  period
shall be allowed, regardless of the vested status of the Options.

     6.10 NONTRANSFERABILITY OF OPTIONS. An ISO may not be sold, transferred, or
otherwise  alienated or hypothecated,  other than by will or the laws of descent
and  distribution.  A NQSO may be transferrable  subject to terms and conditions
established by the Committee. All Options shall be exercisable during his or her
lifetime only by Participant or an authorized transferee.

                                       -9-
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                           ARTICLE 7. RESTRICTED STOCK

     7.1 GRANT OF  RESTRICTED  STOCK.  Subject  to the  terms of the  Plan,  the
Committee may grant Shares of Restricted Stock to eligible Employees.  The total
number of Shares granted  pursuant to Restricted  Stock  Agreements that include
only time based restrictions shall not exceed 50,000. The total number of Shares
granted pursuant to Restricted Stock Agreements that include  restrictions based
on achievement of specific  performance  goals,  (including,  but not limited to
Company-wide,   divisional,   and/or  individual  goals)  shall  not  exceed  an
additional 100,000 Shares.

     7.2 RESTRICTED  STOCK  AGREEMENT.  Each Restricted Stock grant shall have a
Restricted  Stock Agreement that shall specify the Periods of  Restriction,  the
number of Shares granted, and other provisions as the Committee shall determine.

     7.3  TRANSFERABILITY.  Except as  provided  in this  Article  7,  Shares of
Restricted  Stock  may not be  sold,  transferred,  or  otherwise  alienated  or
hypothecated  until the end of the Period of Restriction or  satisfaction of any
other  conditions as specified by the  Committee or set forth in the  Restricted
Stock  Agreement.  All rights to the Restricted  Stock shall be available during
his or her lifetime only to Participant.

     7.4 OTHER RESTRICTIONS.  The Committee shall impose such other restrictions
on any Shares of Restricted  Stock as it may deem advisable  including,  without
limitation,  restrictions  based upon the  achievement  of specific  performance
goals (Company-wide,  divisional, and/or individual),  and/or restrictions under
applicable  Federal or state  securities  laws; and may legend the  certificates
representing Restricted Stock to give appropriate notice of such restrictions.

     7.5 CERTIFICATE  LEGEND.  In addition to any legends placed on certificates
pursuant to Section 7.4,  each  certificate  representing  Shares of  Restricted
Stock granted pursuant to the Plan may bear the following legend:

          "The sale or transfer of the Shares  represented by this  certificate,
     whether  voluntary,  involuntary,  or by  operation  of law,  is subject to
     certain restrictions on transfer in the Del Webb Corporation 2000 Executive
     Long-Term  Incentive Plan, and in a Restricted Stock  Agreement.  A copy of
     the Plan and Restricted  Stock Agreement may be obtained from the Secretary
     of Del Webb Corporation."

     7.6 REMOVAL OF RESTRICTIONS.  Except as otherwise  provided in this Article
7, Shares of Restricted  Stock covered by each Restricted Stock grant made under
the Plan shall become freely  transferable by the Participant after the last day
of the Period of  Restriction.  Once Shares are released from the  restrictions,
the  Participant  shall be entitled  to have the legend  required by Section 7.5
removed from his or her Share certificate.

     7.7 VOTING RIGHTS.  During the Period of Restriction,  Participants holding
Shares of Restricted Stock may exercise full voting rights.

     7.8 DIVIDENDS AND OTHER  DISTRIBUTIONS.  During the Period of  Restriction,
Participants holding Shares of Restricted Stock shall be entitled to receive all
dividends and other distributions paid with respect to those Shares. If any such
dividends or  distributions  are paid in Shares,  the Shares shall be subject to
the same restrictions on  transferability  and forfeitability as the Shares with
respect to which they were paid.

                                      -10-
<PAGE>
     7.9  TERMINATION  OF  EMPLOYMENT.  If  employment  shall  terminate for any
reason,  except as  otherwise  stated in the  Restricted  Stock  Agreement,  all
nonvested shares of Restricted Stock shall be forfeited immediately.  The number
of  Shares  of  Restricted  Stock  deemed  vested  as of the  effective  date of
termination  shall be determined  pursuant to the guidelines in Sections 6.8 and
6.9, except as otherwise provided in the Restricted Stock Agreement.

                          ARTICLE 8. PERFORMANCE UNITS

     8.1  GRANT  OF  PERFORMANCE  UNITS.  Subject  to the  terms  of  the  Plan,
Performance  Units may be granted to eligible  Employees  as  determined  by the
Committee.  The terms on which the Performance Units are granted shall be stated
in a Performance Unit Award Agreement

     8.2 VALUE OF PERFORMANCE UNITS. Each Performance Unit shall have an initial
value established by the Committee at the time of grant. The Committee shall set
performance  goals in its discretion that will determine the number and/or value
of Performance Units that will be paid out.

     8.3 EARNING OF  PERFORMANCE  UNITS.  After the time period during which the
goals must be met, the holder of Performance  Units shall be entitled to receive
payout on the number of  Performance  Units earned over such period,  all as set
forth in the Performance Unit Award Agreement.

     8.4 FORM AND  TIMING OF  PAYMENT OF  PERFORMANCE  UNITS.  Payment of earned
Performance  Units shall be made in a single lump sum,  within 45 calendar  days
following  the end of the time period  during  which the goals must be met.  The
Committee, in its sole discretion,  may pay earned Performance Units in the form
of cash or in Shares (or in a combination  thereof) which have an aggregate Fair
Market Value equal to the value of the earned  Performance Units at the close of
such period.

     Prior to the  beginning of each period  during which the goals must be met,
Participants  may elect to defer the receipt of the Performance Unit payout upon
such terms as the Committee may approve.

     8.5  TERMINATION OF EMPLOYMENT  DUE TO DEATH,  DISABILITY,  RETIREMENT,  OR
INVOLUNTARY  TERMINATION  (WITHOUT CAUSE). In the event employment is terminated
by reason of death, Disability,  Retirement,  or involuntary termination without
Cause during a  Performance  Period,  the  Participant  shall receive a prorated
payout of the Performance  Units. The prorated payout shall be determined by the
Committee, in its sole discretion, based upon the guidelines in Sections 6.8 and
6.9,  or such other  standards  as may be  prescribed  by the  Committee  in the
Performance Unit Award Agreement,  and further adjusted based on the achievement
of the preestablished performance goals.

                                      -11-
<PAGE>
     Payment of earned  Performance Units shall be made at the time payments are
made to  Participants  who did not terminate  employment  during the time period
during which the goals must be met.

     8.6  TERMINATION  OF  EMPLOYMENT  FOR  OTHER  REASONS.   In  the  event  of
termination  for any reason  other  than  reasons  in  Section  8.5,  unless the
Committee determines otherwise, all Performance Units shall be forfeited.

     8.7  NONTRANSFERABILITY.  Performance Units may not be sold, transferred or
otherwise  alienated  or  hypothecated,  other  than by  will or by the  laws of
descent and distribution.  Participant's  rights shall be exercisable during the
Participant's   lifetime  only  by  the  Participant  or   Participant's   legal
representative.

                       ARTICLE 9. PERFORMANCE-BASED AWARDS

     9.1 PURPOSE.  The purpose of Article 9 is to provide the ability to qualify
the  Restricted  Stock Awards under  Article 7 and the  Performance  Unit Awards
under Article 8 as "performance-based  compensation" under Section 162(m) of the
Code. If the Committee, in its discretion,  decides to grant a Performance-Based
Award to a Covered Employee,  the provisions of Article 9 shall control over any
contrary provision in Articles 7 or 8.

     9.2  APPLICABILITY.  Article 9 shall apply only to those Covered  Employees
receiving Performance-Based Awards. The Committee may, in its discretion,  grant
Restricted Stock Awards or Performance Unit Awards to Covered  Employees that do
not satisfy the requirements of Article 9.

     9.3  DISCRETION  OF  COMMITTEE  WITH  RESPECT TO  PERFORMANCE  AWARDS.  The
Committee  shall have full discretion to select the  Participant,  the length of
any Performance Period, the type of  Performance-Based  Awards to be issued, the
kind and/or level of the Performance  Goal, and whether the Performance  Goal is
to apply to Company, a Subsidiary or any division or business unit.

     9.4 PAYMENT OF PERFORMANCE  AWARDS.  Unless otherwise provided in the Award
Agreement, a Participant must be employed by Company or a Subsidiary on the last
day of the  Performance  Period to be eligible for a Performance  Award for such
Performance  Period. A Participant  shall be eligible to receive payment only if
the Performance Goals are achieved.

     The Committee  may reduce or eliminate the amount of the  Performance-Based
Award for the Performance Period if, in its absolute discretion,  a reduction or
elimination is appropriate.

     9.5 MAXIMUM AWARD PAYABLE.  Notwithstanding  any provision contained in the
Plan  to the  contrary,  the  maximum  Performance-Based  Award  payable  to any
Participant   for  a   Performance   Period   is  40,000   Shares,   or  if  the
Performance-Based  Award is paid in cash, such maximum  Performance-Based  Award
shall be determined by multiplying  40,000 by the Fair Market Value of one Share
as of the date of the Performance-Based Award.

                                      -12-
<PAGE>
                       ARTICLE 10. BENEFICIARY DESIGNATION

     Each Participant may name any beneficiaries  (contingently or successively)
to whom any benefit is to be paid in case of death before  Participant  receives
all of the benefit.  Each such designation shall revoke all prior  designations,
shall be in a form prescribed by Company,  and will be effective only when filed
by the  Participant  in writing with the Human  Resources  Department of Company
during Participant's lifetime. In the absence of any such designation,  benefits
shall be paid to the Participant's estate.

                              ARTICLE 11. DEFERRALS

     The Committee  may permit a Participant  to defer receipt of the payment of
cash or the  delivery of Shares that would  otherwise be due to  Participant  by
virtue of the exercise of an Option,  the lapse or waiver of  restrictions  with
respect to Restricted  Stock,  or the  satisfaction of any goals with respect to
Performance  Units. If any deferral election is permitted,  the Committee shall,
in its  sole  discretion,  establish  rules  and  procedures  for  such  payment
deferrals.

                          ARTICLE 12. CHANGE IN CONTROL

     Upon a Change in Control,  unless otherwise specifically  prohibited by the
terms of Article 16:

          (a) All Options shall become immediately  exercisable and shall remain
     exercisable at any time prior to their  expiration date or for 1 year after
     the Change in Control,  whichever period is shorter;  provided that, if the
     Participant is terminated  following a Change in Control, the provisions of
     the Plan regarding  exercisability  of vested options set forth in Sections
     6.8 and 6.9 shall apply.

          (b) Any  restriction  periods and  restrictions  imposed on Restricted
     Shares shall lapse,  and within 10 business days after a Change in Control,
     the stock certificates representing Shares of Restricted Stock, without any
     restrictions  or  legend  thereon,  shall be  delivered  to the  applicable
     Participants;

          (c) The value,  time and manner of  payment of all  Performance  Units
     shall be governed by the Performance Unit Award Agreement; and

          (d) Subject to Article 13, the  Committee  shall have the authority to
     make any modifications to the Awards as determined to be appropriate before
     the effective date of the Change in Control.

              ARTICLE 13. AMENDMENT, MODIFICATION, AND TERMINATION

     13.1 AMENDMENT,  MODIFICATION,  AND  TERMINATION.  With the approval of the
Board, the Committee may terminate,  amend, or modify the Plan.  However, to the
extent necessary and desirable to comply with any applicable law, regulation, or
stock  exchange rule,  the Board shall obtain  shareholder  approval of any Plan
amendment as may be required.

                                      -13-
<PAGE>
     13.2 AWARDS PREVIOUSLY GRANTED. No termination,  amendment, or modification
of the Plan shall adversely  affect any Award  previously  granted,  without the
written consent of the Participant holding the Award.

                             ARTICLE 14. WITHHOLDING

     The Company  shall have the power and the right to deduct or  withhold,  or
require a  Participant  to remit to  Company,  an amount  sufficient  to satisfy
Federal,  state,  and local taxes  (including  FICA  obligation)  required to be
withheld with respect to any grant, exercise, or payment made as a result of the
Plan.

                             ARTICLE 15. SUCCESSORS

     All  obligations  of Company with respect to Awards shall be binding on any
successor to Company, whether the existence of such successor is the result of a
direct or indirect  purchase,  merger,  consolidation,  or otherwise,  of all or
substantially all the business and/or assets of Company.

                         ARTICLE 16. REQUIREMENTS OF LAW

     16.1 REQUIREMENTS OF LAW. The granting of Awards and the issuance of Shares
under the Plan shall be subject to all applicable laws,  rules, and regulations,
and to such  approvals  by any  governmental  agencies  or  national  securities
exchanges as may be required.

     16.2  GOVERNING  LAW.  The Plan,  and all  agreements  hereunder,  shall be
governed by Delaware law.

                                      -14-<PAGE>   1

                                                                   EXHIBIT 10.27

                              EMPLOYMENT AGREEMENT

       This Employment Agreement (the "AGREEMENT"), dated as of October 5, 2000
(the "EFFECTIVE DATE"), is made and entered by and between Christopher Pair (the
"EXECUTIVE") and HERBALIFE INTERNATIONAL, INC., a Nevada corporation ("PARENT"),
and HERBALIFE INTERNATIONAL OF AMERICA, INC., a California corporation
("OPERATING COMPANY") (collectively, Parent and Operating Company are referred
to herein as the "COMPANY").

                                    RECITALS

       A.     The Company is engaged primarily in the distribution of weight
              management, nutritional and personal care products through a
              "multi-level" marketing system.

       B.     The Company desires to be assured of the services of the Executive
              by employing the Executive in the capacity and on the terms set
              forth below.

       C.     The Executive desires to commit himself to serve the Company on
              the terms herein provided.

                                    AGREEMENT

       NOW, THEREFORE, in consideration of the foregoing and of the respective
covenants and agreements set forth below, the parties hereto agree as follows:

1.     Employment Period. The Company shall continue to employ the Executive and
       the Executive shall continue in the employ of the Company for the period
       commencing on the Effective Date and ending on the date that is three (3)
       years thereafter, unless sooner terminated in accordance with the
       provisions of this Agreement (the "INITIAL TERM"). After the Initial
       Term, the parties may (but shall be under no obligation to), by written
       agreement, renew or extend the term of the Agreement for an additional
       period or periods. The term of each renewal period of this Agreement is
       referred to herein as a "RENEWAL PERIOD"; and references to the "TERM"
       shall mean the period beginning on the Effective Date and ending on the
       date of termination of Executive's services for the Company, whether at
       the end of the Initial Term or a Renewal Term or otherwise in accordance
       with the provisions of this Agreement. Upon expiration of the Term,
       except as expressly set forth herein (including in Section 5 and Section
       6), this Agreement and all of its provisions shall terminate and shall
       cease to have any force or effect.

2.     Duties

       (a)    During the Term, the Executive shall serve as President and Chief
              Executive Officer of the Company, with such authority and duties
              as assigned to him from time to time by the Board of Directors of
              Parent that are consistent with the customary duties of an officer
              with such or a similar title. Executive will work principally in
              the Los Angeles (Century City), California offices of the

<PAGE>   2

              Company, but will also conduct such business travel as is
              reasonably required to fulfill his duties hereunder. During the
              Term, Executive shall report to the Board of Directors of Parent.

       (b)    During the Term, the Executive shall, during customary business
              hours (Monday through Friday), devote substantially all his
              working time, attention, skill and efforts to the business and
              affairs of the Company, will use his best efforts to promote the
              success of the Company's business, and shall not enter the employ
              of or serve as a consultant to, any other company, where such
              conduct would be inconsistent with, in competition with, or
              restrict the Executive from carrying out, his duties to the
              Company, without the prior written consent of the Board of
              Directors of Parent; provided, however, the foregoing shall not
              preclude the Executive from devoting a reasonable amount of time
              to managing Executive's investments and personal affairs, to
              charitable and civic activities and to his duties as a trustee of
              the Mark Hughes Family Trust.

3.     Compensation and Related Matters

       (a)    Salary. During the Term, the Executive shall receive a salary at
              the per annum rate of One Million Dollars ($1,000,000), payable in
              bi-weekly installments or otherwise in accordance with the
              Company's payroll practices for senior executives. Executive's
              annual base salary shall be subject to review from time to time
              for possible increases by the Board of Directors of Parent.
              Executive's base salary, as increased from time to time, shall be
              referred to as the "BASE SALARY."

       (b)    Expenses. The Company shall reimburse the Executive for all
              reasonable travel and other reasonable out-of-pocket business
              expenses incurred by the Executive in the performance of his
              duties under this Agreement upon evidence of payment and otherwise
              in accordance with the Company's procedures in effect from time to
              time.

       (c)    Employee Benefits; Bonus Plans. During the Term, the Executive
              shall be entitled to participate in or receive benefits under each
              benefit plan or arrangement made available by the Company to its
              senior executives (including, without limitation, those relating
              to group medical, dental, vision, long-term disability and life
              insurance, stock options and automobile allowances) on terms no
              less favorable than those generally applicable to senior
              executives of the Company, subject to and on a basis consistent
              with the terms, conditions and overall administration of such
              plans. In addition, during the Term the Executive shall continue
              to participate in the cash bonus plans and programs of the Company
              (each such plan, a "BONUS PLAN"), with performance goals
              established in a manner substantially consistent with past and
              current practice and affording the Executive an opportunity to
              earn bonuses at levels not materially less favorable to the
              Executive than under plans and programs currently in effect.

                                      -2-
<PAGE>   3

       (d)    Vacation. The Executive shall be entitled to four (4) weeks
              vacation during each year of the Term, unless the vacation
              policies for senior executives of the Company provide for a
              greater amount of vacation, in which case Executive shall be
              entitled to such greater amount. Unused vacation in any year shall
              carry over to subsequent years without limitation, unless
              otherwise provided in a vacation pay policy that is generally
              applicable to the senior executives of the Company.

       (e)    Deductions and Withholdings. All amounts payable or which become
              payable hereunder shall be subject to all deductions and
              withholding required by law.

4.     Termination. The Executive's services for the Company and the Term of
       this Agreement may be terminated under the following circumstances:

       (a)    Death. The Executive's services hereunder shall terminate upon his
              death. In the case of the Executive's death, the Company shall pay
              to the Executive's beneficiaries or estate, as appropriate, after
              his death, his then current accrued and unpaid Base Salary as well
              as 100% of any accrued and unpaid bonus for any years preceding
              the year of termination and Executive's target bonus for the year
              of termination (collectively the "UNPAID BONUS"), plus an
              additional amount equal to one year of Base Salary and Executive's
              target bonus for the current year, and other benefits and payments
              then due (including, without limitation, reimbursement of amounts
              under Section 3) to which the Executive is then entitled
              hereunder. Except as provided in Section 4(h) below, Executive and
              his beneficiaries as appropriate, shall be entitled to no other
              compensation under this Agreement following, or as a result of, a
              termination under these circumstances.

       (b)    Disability

              (i)    If a Disability (as defined below) of the Executive occurs
                     during the Term, the Company may give the Executive written
                     notice of its intention to terminate his employment. In
                     such event, the Executive's services with the Company shall
                     terminate on the effective date specified in such notice.
                     In the case of a termination as a result of a Disability,
                     the Company shall pay to the Executive after his
                     termination his then current accrued and unpaid Base Salary
                     and Unpaid Bonus, plus an additional amount equal to one
                     year of Base Salary and Executive's target bonus for the
                     current year, and other benefits and payments then due
                     (including, without limitation, reimbursement of amounts
                     under Section 3 to which the Executive is entitled
                     hereunder). Except as provided in Section 4(h) below,
                     Executive and his beneficiaries, as appropriate, shall be
                     entitled to no other compensation under this Agreement
                     following, or as a result of, a termination under these
                     circumstances.

                                      -3-
<PAGE>   4

              (ii)   For the purpose of this subsection 4(b), "DISABILITY" shall
                     mean the Executive's inability to perform his duties to the
                     Company on a full-time basis for 120 consecutive days or a
                     total of 180 days in any twelve month period as reasonably
                     determined by the Board of Directors.

       (c)    Termination by the Company for Cause. The Company may terminate
              the Executive's services hereunder for Cause (as defined below) at
              any time upon written notice to the Executive. In such event, the
              Executive's services shall terminate on the effective date
              specified in such notice. In the case of the Executive's
              termination for Cause, the Company shall promptly pay to the
              Executive his then current accrued and unpaid Base Salary and
              accrued and unpaid bonus for any years preceding the year of
              termination and other benefits and payments then due (including,
              without limitation, reimbursement of amounts under Section 3) to
              which the Executive is entitled hereunder. Except as provided in
              Section 4(h) below, the Executive and his beneficiaries, as
              appropriate, shall be entitled to no other compensation under this
              Agreement following, or as a result of, a termination under these
              circumstances. For purposes of this Agreement, the Company shall
              have "CAUSE" to terminate Executive's services hereunder in the
              event of any of the following acts or circumstances: (i) acts or
              omissions by the Executive which constitute intentional material
              misconduct or a knowing violation of a material written policy of
              the Company or any of its subsidiaries; (ii) the Executive
              personally receiving a benefit in money, property or services from
              the Company or any of its subsidiaries or from another person
              dealing with the Company or any of its subsidiaries, in material
              violation of applicable law or written Company policy; (iii)
              willful destruction by Executive of property of the Company or a
              subsidiary having a material value to the Company or such
              subsidiary; (iv) fraud, embezzlement or theft from the Company, or
              comparable dishonest activity committed by Executive against the
              Company, or comparable dishonest activity committed by Executive
              which might otherwise have a material detrimental effect on the
              Company; (v) Executive's conviction of or entering a plea of
              guilty or nolo contendere to any crime constituting a felony
              involving fraud, embezzlement or moral turpitude (excluding acts
              involving a de minimis dollar value and not related to the Company
              or a subsidiary, provided that such acts do not otherwise have a
              material detrimental effect on the Company); (vi) Executive's
              gross failure to discharge Executive's duties (other than due to
              physical or mental illness) commensurate with Executive's title
              and function or Executive's failure to comply with the lawful
              directions of the Board of Directors of Parent, or Executive's
              breach of any other provision of this Agreement in any material
              respect, in any such case that is not cured within thirty (30)
              days after Executive has received written notice thereof from such
              Board of Directors; or (vii) a willful and knowing material
              misrepresentation to the Board of Directors of Parent.

                                      -4-
<PAGE>   5

       (d)    Termination by the Executive Without Good Reason. The Executive
              may terminate his employment hereunder for other than Good Reason
              (as defined below), provided that Executive first gives the
              Company a written notice of termination at least fifteen (15)
              calendar days prior to the effective date of any such termination.
              In the event the Executive terminates his employment for other
              than Good Reason, the Company shall pay to the Executive his then
              current accrued and unpaid Base Salary and accrued and unpaid
              bonus for any year preceding the year of termination and other
              benefits and payments then due (including, without limitation,
              reimbursement of amounts under Section 3) to which the Executive
              is entitled hereunder. Except as provided in Section 4(h) below,
              the Executive and his beneficiaries, shall be entitled to no other
              compensation under this Agreement following, or as a result of, a
              termination under these circumstances.

       (e)    Good Reason. For purpose of this Agreement, "GOOD REASON" means,
              other than with the Executive's consent in writing that such event
              or circumstance will not constitute Good Reason, the occurrence of
              any of the following: (i) the Company reduces Executive's Base
              Salary; (ii) with respect to the Executive, the Company
              discontinues any Bonus Plan in which Executive participates
              without immediately replacing such Bonus Plan with a plan that is
              the substantial economic equivalent of such Bonus Plan, or a
              successor to the Company fails or refuses to assume the
              obligations of the Company under such Bonus Plan or under a plan
              that is the substantial economic equivalent of such Bonus Plan;
              (iii) the Company requires Executive to change the location of
              Executive's principal office, so that Executive will be based at a
              location more than twenty (20) miles from the location of
              Executive's principal office as of the Effective Date; (iv) the
              Company reduces Executive's responsibilities in any material
              respect or directs Executive to report to a person of lower rank
              or responsibilities than the person(s) to whom Executive reports
              as specified in this Agreement; (v) a successor to the Company
              fails or refuses to assume the obligations of the Company under
              this Agreement; (vi) the removal of Executive from the position
              the Executive holds with the Company pursuant to this Agreement;
              (vii) any material decrease or other material adverse change in
              the duties, responsibilities or authority of Executive below his
              duties and responsibilities contemplated in Section 2; or (viii)
              any other material breach by the Company of this Agreement, and
              which, with respect to clauses (v), (vii) or (viii) hereof,
              continues uncured for thirty (30) days after receipt by the
              Company of written notice of breach from the Executive.

       (f)    Termination by the Company Without Cause. The Company may
              terminate the Executive's services hereunder without Cause at any
              time upon written notice to the Executive; provided that the
              Company first gives Executive a written notice of termination at
              least fifteen (15) calendar days prior to the effective date of
              any such termination. In such event, the Executive's services
              shall terminate on the effective date specified in such notice. In
              the event the Executive's services hereunder are terminated by the
              Company

                                      -5-
<PAGE>   6

              without Cause, the Company shall pay to the Executive (i) his
              current accrued and unpaid Base Salary, accrued and unpaid bonus
              for any years prior to the year of termination and other benefits
              and payments then due (including, without limitation,
              reimbursement of amounts under Section 3) to which the Executive
              is then entitled hereunder and (ii) Base Salary and target bonus
              (using the target bonus amount for the year in which termination
              occurs) for the balance of the Term plus one additional year of
              Base Salary and target bonus (subject to the Executive's
              compliance with the terms of Section 5 and Section 6). In
              addition, for two (2) years following the date of termination, the
              Company shall continue to afford to the Executive the group
              medical, dental, vision, long-term disability and life insurance
              and automobile allowance benefits specified in Section 3(c) above.
              Except as provided in Section 4(h) below, the Executive and his
              beneficiaries, shall be entitled to no other compensation under
              this Agreement following, or as a result of, a termination under
              these circumstances. Executive shall have no duty to seek to
              mitigate the above severance benefits in the event of termination
              hereunder without Cause, and any compensation derived by Executive
              from alternative employment or otherwise shall not reduce the
              Company's obligations hereunder.

       (g)    Termination by the Executive for Good Reason. The Executive may
              terminate his employment hereunder for Good Reason. In the event
              the Executive terminates his employment for Good Reason, the
              Company shall pay to the Executive (i) his current accrued and
              unpaid Base Salary, accrued and unpaid bonus for any years prior
              to the year of termination and other benefits and payments then
              due (including, without limitation, reimbursement of amounts under
              Section 3) to which the Executive is then entitled hereunder and
              (ii) Base Salary and target bonus (using the target bonus amount
              for the year in which termination occurs) for the balance of the
              Term plus one additional year of Base Salary and target bonus
              (subject to the Executive's compliance with the terms of Section 5
              and Section 6). In addition, for two (2) years following the date
              of termination, the Company shall continue to afford to the
              Executive the group medical, dental, vision, long-term disability
              and life insurance and automobile allowance benefits specified in
              Section 3(c) above. Except as provided in Section 4(h) below, the
              Executive and his beneficiaries, as appropriate, shall be entitled
              to no other compensation under this Agreement following, or as a
              result of, a termination under these circumstances. Executive
              shall have no duty to seek to mitigate the above severance
              benefits in the event of termination hereunder with Good Reason,
              and any compensation derived by Executive from alternative
              employment or otherwise shall not reduce the Company's obligations
              hereunder.

       (h)    Stock Options. In the event of the termination by the Company of
              Executive's employment without Cause, the Company agrees that all
              stock options to purchase Parent's capital stock previously and
              hereafter granted to Executive but not exercised on or prior to
              the date of termination of Executive's services to the Company,
              shall remain duly and validly issued

                                      -6-
<PAGE>   7

              and outstanding, shall continue to vest in accordance with any
              vesting schedule set forth in the stock option agreements
              evidencing all or part of such stock options and shall remain
              and/or become exercisable pursuant to the terms of such stock
              options and the plans relating thereto as if such termination of
              employment had not occurred. In the event of the termination of
              Executive's employment for any other reason, all unvested options
              will terminate upon the effective date of such termination.

5.     Confidential and Proprietary Information.

       (a)    The parties agree and acknowledge that during the course of the
              Executive's employment, the Executive has been given and will have
              access to and be exposed to trade secrets and confidential
              information in written, oral, electronic and other forms regarding
              the Company and its subsidiaries (which includes but is not
              limited to all of its business units, divisions and subsidiaries)
              and its business, equipment, products and employees, including,
              without limitation: the identities of the Company's and its
              subsidiaries' distributors and customers and potential
              distributors and customers (hereinafter referred to collectively
              as "DISTRIBUTORS"), including, without limitation, the identity of
              Distributors the Executive cultivates or maintains while providing
              services at the Company or any of its subsidiaries using the
              Company's, or any of its subsidiaries' products, name and
              infrastructure, and the identities of contact persons with respect
              to those Distributors; the particular preferences, likes, dislikes
              and needs of those Distributors and contact persons with respect
              to product types, pricing, sales calls, timing, sales terms,
              rental terms, lease terms, service plans, and other marketing
              terms and techniques; the Company's and its subsidiaries' business
              methods, practices, strategies, forecasts, pricing, and marketing
              techniques; the identities of the Company's and its subsidiaries'
              licensors, vendors and other suppliers and the identities of the
              Company's and its subsidiaries' contact persons at such licensors,
              vendors and other suppliers; the identities of the Company's and
              its subsidiaries' key sales representatives and personnel and
              other employees; advertising and sales materials; research,
              computer software and related materials; and other facts and
              financial and other business information concerning or relating to
              the company or any of its subsidiaries and its business,
              operations, financial condition, results of operations and
              prospects. The Executive expressly agrees to use such trade
              secrets and confidential information only for purposes of carrying
              out his duties for the Company and its subsidiaries, and not for
              any other purpose, including, without limitation, not in any way
              or for any purpose detrimental to the Company or any of its
              subsidiaries. The Executive shall not at any time, either during
              the course of his employment hereunder or after the termination of
              such employment, use for himself or others, directly or
              indirectly, any such trade secrets and confidential information,
              and, except as required by law, the Executive shall not disclose
              such trade secrets and confidential information, directly or
              indirectly, to any other person or entity; provided that the
              obligations under this sentence will not be construed to restrict
              the Executive

                                      -7-
<PAGE>   8

              from calling on or otherwise maintaining a relationship with
              Distributors or suppliers of the Company or any of its
              subsidiaries during or after the termination of the Executive's
              employment with the Company. Trade secret and confidential
              information hereunder shall not include any information which (i)
              is already in or subsequently enters the public domain, other than
              as a result of any direct or indirect disclosure by the Executive,
              (ii) becomes available to the Executive on a non-confidential
              basis from a source other than the Company or any of its
              subsidiaries, provided that such source is not subject to a
              confidentiality agreement or other obligation of secrecy or
              confidentiality (whether pursuant to a contract, legal or
              fiduciary obligation or duty or otherwise) to the Company or any
              of its subsidiaries or any other person or entity or (iii) is
              approved for release by the Company or any of its subsidiaries or
              which the Company or any of its subsidiaries makes available to
              third parties without an obligation of confidentiality.

       (b)    All physical property and all notes, memoranda, files, records,
              writings, documents and other materials of any and every nature,
              written or electronic, which the Executive shall prepare or
              receive in the course of his employment with the Company and which
              relate to or are useful in any manner to the business now or
              hereafter conducted by the Company or any of its subsidiaries are
              and shall remain the sole and exclusive property of the Company
              and its subsidiaries, as applicable. The Executive shall not
              remove from the Company's premises any such physical property, the
              original or any reproduction of any such materials nor the
              information contained therein except for the purposes of carrying
              out his duties to the Company or any of its subsidiaries and all
              such property (except for any items of personal property not owned
              by the Company or any of its subsidiaries), materials and
              information in his possession or under his custody or control upon
              the termination of his employment shall be immediately turned over
              to the Company and its subsidiaries, as applicable.

       (c)    All inventions, improvements, trade secrets, reports, manuals,
              computer programs, tapes and other ideas and materials developed
              or invented by the Executive during the period of his employment,
              either solely or in collaboration with others, which relate to the
              actual or anticipated business or research of the Company or any
              of its subsidiaries which result from or are suggested by any work
              the Executive may do for the Company or any of its subsidiaries or
              which result from use of the Company's or any of its subsidiaries'
              premises or property (collectively, the "DEVELOPMENTS") shall be
              the sole and exclusive property the Company and its subsidiaries,
              as applicable. The Executive assigns and transfers to the Company
              his entire right and interest in any such Development, and the
              Executive shall execute and deliver any and all documents and
              shall do and perform any and all other acts and things necessary
              or desirable in connection therewith that the Company or any of
              its subsidiaries may reasonably request. This paragraph does not
              apply to any inventions which the Executive made prior to his
              employment by the Company (all of which, if any exist, are listed
              on Exhibit

                                      -8-
<PAGE>   9

              A, which the Executive has attached hereto), or to any inventions
              that the Executive develops entirely on his own time without using
              any of the Company's or its subsidiaries' equipment, suppliers,
              facilities or confidential information and which do not relate to
              the Company's and its subsidiaries' business, anticipated research
              and development, or the work the Executive performs for the
              Company.

       (d)    The provisions of this Section 5 shall survive any termination of
              this Agreement and termination of the Executive's employment with
              the Company.

6.     No Solicitation of Distributors, Sales Representatives, Licensors or
       Employees; Noncompetition During the Term.

       (a)    During the Term and for a period of twelve (12) months thereafter,
              except pursuant to Executive's duties as an employee of the
              Company, the Executive shall not, directly or indirectly, call
              upon, solicit, divert, take away or accept, or attempt to call
              upon, solicit, divert, take away or accept, business of a type the
              same or similar to the business as conducted by the Company or any
              of its subsidiaries from any of the Distributors, sales
              representatives and personnel, licensors of the Company or any of
              its subsidiaries or similar entities or persons upon whom he
              called or whom he solicited or to whom he catered or with whom he
              became acquainted after entering the employ of the Company.

       (b)    The Executive acknowledges and agrees that he has gained and
              during the time of his employment with the Company, will gain,
              valuable information about the identity, qualifications and
              on-going performance of the employees of the Company and its
              subsidiaries. During the Term and for a period of twelve (12)
              months thereafter, except pursuant to Executive's duties as an
              employee of the Company, the Executive shall not directly or
              indirectly (i) hire, employ, offer employment to, or seek to hire,
              employ or offer employment to, any of the Company's or any of its
              subsidiaries' employees with whom he had contact prior to such
              termination of employment (or any such person who was an employee
              of the Company or any such subsidiary within three months
              preceding such activity by the Executive), (ii) solicit or
              encourage any such employee (or any such person who was an
              employee of the Company or any such subsidiary within three months
              preceding such activity by the Executive) to seek or accept
              employment with any other person or entity or (iii) disclose any
              information, except as required by law, about such employee (or
              any such person who was an employee of the Company or any such
              subsidiary within three months preceding such activity by the
              Executive) to any prospective employer.

       (c)    During the Term and for a period of twelve months thereafter, the
              Executive will not promote, participate, engage or have any other
              interest in any business which is competitive with the business of
              the Company or any of its subsidiaries, whether Executive is
              acting as owner, partner, stockholder, employee, broker, agent,
              principal, trustee, corporate officer, director,

                                      -9-
<PAGE>   10

              consultant or in any other capacity; provided, however, that this
              Agreement will not prevent Executive from holding for investment
              up to 3% of any class of stock or other securities of a publicly
              held company.

7.     Injunctive Relief. The Executive and the Company (a) intend that the
       provisions of Sections 5 and 6 be and become valid and enforceable, (b)
       acknowledge and agree that the provisions of Sections 5 and 6 are
       reasonable and necessary to protect the legitimate interests of the
       Company and its business and (c) agree that any violation of Section 5 or
       6 will result in irreparable injury to the Company and its subsidiaries,
       the exact amount of which will be difficult to ascertain and the remedies
       at law for which will not be reasonable or adequate compensation to the
       Company and its subsidiaries for such a violation. Accordingly, the
       Executive agrees that if the Executive violates the provisions of Section
       5 or 6, in addition to any other remedy which may be available at law or
       in equity, the Company shall be entitled to specific performance and
       injunctive relief, without posting bond or other security, and without
       the necessity of proving actual damages.

8.     Assignment; Successors and Assigns. The Executive agrees that he shall
       not assign, sell, transfer, delegate or otherwise dispose of, whether
       voluntarily or involuntarily, any rights or obligations under this
       Agreement, nor shall the Executive's rights hereunder be subject to
       encumbrance of the claims of creditors. Any purported assignment,
       transfer, delegation, disposition or encumbrance in violation of this
       Section 8 shall be null and void and of no force or effect. Nothing in
       this Agreement shall prevent the consolidation or merger of the Company
       with or into any other entity, or the sale by the Company of all or any
       portion of its properties or assets, or the assignment by the Company of
       this Agreement and the performance of its obligations hereunder to any
       successor in interest or any affiliated entity, and the Executive hereby
       consents to any and all such assignments. Subject to the foregoing, this
       Agreement shall be binding upon and shall inure to the benefit of the
       parties and their respective heirs, legal representatives, successors,
       and permitted assigns, and, except as expressly provided herein, no other
       person or entity shall have any right, benefit or obligation under this
       Agreement as a third party beneficiary or otherwise.

9.     Governing Law; Jurisdiction and Venue. This Agreement shall be governed,
       construed, interpreted and enforced in accordance with the substantive
       laws of the State of California without regard to the conflicts of law
       principles thereof. Suit to enforce this Agreement or any provision or
       portion thereof may be brought in the federal or state courts located in
       Los Angeles, California.

10.    Severability of Provisions. In the event that any provision or any
       portion thereof should ever be adjudicated by a court of competent
       jurisdiction to exceed the time or other limitations permitted by
       applicable law, as determined by such court in such action, then such
       provisions shall be deemed reformed to the maximum time or other
       limitations permitted by applicable law, the parties hereby acknowledging
       their desire that in such event such action be taken. In addition to the
       above, the provisions of this Agreement are severable, and the invalidity
       or unenforceability of any provision or provisions of this Agreement or
       portions thereof shall not affect the validity or enforceability of any
       other provision, or portion of this Agreement, which

                                      -10-
<PAGE>   11

       shall remain in full force and effect as if executed with the
       unenforceable or invalid provision or portion thereof eliminated.
       Notwithstanding the foregoing, the parties hereto affirmatively
       represent, acknowledge and agree that it is their intention that this
       Agreement and each of its provisions are enforceable in accordance with
       their terms and expressly agree not to challenge the validity or
       enforceability of this Agreement or any of its provisions, or portions or
       aspects thereof, in the future. The parties hereto are expressly relying
       upon this representation, acknowledgement and agreement in determining to
       enter into this Agreement.

11.    Warranty. As an inducement to the Company to enter into this Agreement,
       the Executive represents and warrants that he is not a party to any other
       agreement or obligation for personal services, and that there exists no
       impediment or restraint, contractual or otherwise, on his power, right or
       ability to enter into this Agreement and to perform his duties and
       obligations hereunder. As an inducement to the Executive to enter into
       this Agreement, Company represents and warrants that the person signing
       this Agreement for the Company has been duly authorized to do so by all
       necessary corporate action and has the corporate power and authority to
       execute this Agreement on the Company's behalf. The execution and
       delivery of this Agreement and the consummation of the transactions
       contemplated have been duly and effectively authorized by all necessary
       corporate action of the Company.

12.    Notices. All notices, requests, demands and other communications which
       are required or may be given under this Agreement shall be in writing and
       shall be deemed to have been duly given when received if personally
       delivered; when transmitted if transmitted by telecopy, electronic or
       digital transmission method upon receipt of telephonic or electronic
       confirmation; the day after it is sent, if sent for next day delivery to
       a domestic address by recognized overnight delivery service (e.g.,
       Federal Express); and upon receipt, if sent by certified or registered
       mail, return receipt requested. In each case notice will be sent to:

       If to the Company:

       (a)    Herbalife International, Inc.
              Herbalife International of America, Inc.
              1800 Century Park East Los Angeles, California 90067
              Attention: General Counsel
              Telecopy: (310) 557-3906

              with a copy to:

              Irell & Manella LLP
              333 South Hope Street, Suite 3300
              Los Angeles, California 90071
              Attention:  Anthony T. Iler, Esq.
              Telecopy:  (213) 229-0515

                                      -11-
<PAGE>   12

       (b)    if to the Executive, to:

              Christopher Pair
              11974 Crest Place
              Beverly Hills, California 90210

       or to such other place and with other copies as either party may
       designate as to itself or himself by written notice to the others.

13.    Cumulative Remedies. All rights and remedies of either party hereto are
       cumulative of each other and of every other right or remedy such party
       may otherwise have at law or in equity, and the exercise of one or more
       rights or remedies shall not prejudice or impair the concurrent or
       subsequent exercise of other rights or remedies.

14.    Counterparts. This Agreement may be executed in several counterparts,
       each of which will be deemed to be an original, but all of which together
       shall constitute one and the same Agreement.

15.    Entire Agreement. The terms of this Agreement are intended by the parties
       to be the final expression of their agreement with respect to the
       employment of the Executive by the Company and supersede, and may not be
       contradicted by, modified or supplemented by, evidence of any prior or
       contemporaneous agreement. The parties further intend that this Agreement
       shall constitute the complete and exclusive statements of its terms and
       that no extrinsic evidence whatsoever may be introduced in any judicial,
       administrative or other legal proceeding to vary the terms of this
       Agreement.

16.    Amendments; Waivers. This Agreement may not be modified, amended, or
       terminated except by an instrument in writing, approved by the Company
       and signed by the then existing parties hereto. As an exception to the
       foregoing, the parties acknowledge and agree that the Company shall have
       the right, in its sole discretion, to reduce the scope of any covenant or
       obligation of the Executive set forth in Sections 5 or 6 of this
       Agreement or any portion thereof, effective immediately upon receipt by
       the Executive of written notice thereof from the Company. No waiver of
       any of the provisions of this Agreement, whether by conduct or otherwise,
       in any one or more instances, shall be deemed to be construed as a
       further, continuing or subsequent waiver of any such provision or as a
       waiver of any other provision of this Agreement. No failure to exercise
       and no delay in exercising any right, remedy or power hereunder shall
       preclude any other or further exercise of any other right, remedy or
       power provided herein or by law or in equity.

17.    Representation of Counsel; Mutual Negotiation. Each party has had the
       opportunity to be represented by counsel of its choice in negotiating
       this Agreement. This Agreement shall therefore be deemed to have been
       negotiated and prepared at the joint request, direction and construction
       of the parties, at arm's-length, with the advice and participation of
       counsel, and shall be interpreted in accordance with its terms without
       favor to any party.

18.    Indemnification. The Company shall, to the maximum extent permitted by
       law, indemnify, defend and hold Executive harmless against all expenses,
       claims and

                                      -12-
<PAGE>   13

       liabilities, including reasonable attorney's fees, judgments, fines,
       settlements and other amounts actually incurred in connection with any
       action or proceeding, arising by reason of Executive's employment by the
       Company other than to the extent that Executive has acted in a manner
       inconsistent with a written Company policy or otherwise which would
       entitle the Company to terminate the Executive for Cause hereunder. The
       Company shall also advance to Executive any reasonable expenses incurred
       in defending any such proceeding (subject to the qualifications in the
       immediately preceding sentence) to the maximum extent permitted by law.

19.    Suit to Enforce. In any action or proceeding to enforce any provision of
       this Agreement, the prevailing party shall be entitled, in addition to
       other remedies, to recover its or his attorney's fees and costs of suit.

                                      -13-
<PAGE>   14

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

                                   HERBALIFE INTERNATIONAL, INC.

                                   By:
                                       ----------------------------------------
                                        Name:   Robert A. Sandler
                                        Title:  Executive Vice President,
                                                General Counsel and Secretary

                                   HERBALIFE INTERNATIONAL OF
                                   AMERICA, INC.

                                   By:
                                       ----------------------------------------
                                        Name:  Robert A. Sandler
                                        Title: Executive Vice President
                                               General Counsel and Secretary

                                   EXECUTIVE

                                   ------------------------------
                                        Christopher Pair

                                      -14-
<PAGE>   15

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

                                  HERBALIFE INTERNATIONAL, INC.

                                  By:
                                       ----------------------------------------
                                        Name:  John Reynolds
                                        Title:  Chairman of the Board

                                  HERBALIFE INTERNATIONAL OF
                                  AMERICA, INC.

                                  By:
                                       ----------------------------------------
                                        Name:  John Reynolds
                                        Title:   Chairman of the Board

                                 EXECUTIVE

                                     ------------------------------
                                             Christopher Pair

                                      -14A-
<PAGE>   16

                                    Exhibit A

                       Inventions Made Prior to Employment

                                      None

                                      -15-

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