Document:

Intercreditor Agreement, dated November 15, 2005

 Exhibit 10.8 
  

  
 INTERCREDITOR AGREEMENT 
  
 dated November 15,
2005 
  
 among 
  
 VITAMIN SHOPPE INDUSTRIES INC. 
 VS DIRECT INC. 
 VS HOLDINGS, INC.,

 the other Pledgors from time to time party hereto, 
  
 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 as Agent under the Loan and Security Agreement and as 
 Priority Lien Agent hereunder 
  
 and 
  
 WILMINGTON TRUST COMPANY, not in its individual capacity but solely 
 as Trustee under the Indenture and as Parity Lien Collateral Agent hereunder 
  

  
  

 INTERCREDITOR AGREEMENT 
  
 This Intercreditor Agreement (this “Agreement”) is dated November 15, 2005 and is
by and among Vitamin Shoppe Industries Inc., a New York corporation (“Vitamin Shoppe”), VS Direct Inc., a Delaware corporation (“VS Direct”), VS Holdings, Inc., a Delaware
corporation (“Holdings”), the other Pledgors (as hereinafter defined) from time to time party hereto, Wachovia Bank, National Association, as Agent (in such capacity and together with its successors and assigns
in such capacity, the “Priority Lien Agent”), Wilmington Trust Company, as Trustee (as hereinafter defined), and Wilmington Trust Company, not in its individual capacity but solely as Collateral Agent (in such
capacity and together with its successors in such capacity, the “Parity Lien Collateral Agent”). 
  
 RECITALS 
  
 Vitamin Shoppe, VS Direct and Holdings have entered or are about to enter into financing arrangements with Priority Lien Agent and the holders of the
Priority Lien Obligations (as hereinafter defined) as set forth in the Loan and Security Agreement, dated of even date herewith, by and among Vitamin Shoppe, VS Direct, Holdings, Priority Lien Agent and the holders of the Priority Lien Obligations
(as the same now exists or may hereafter from time to time be amended, modified, supplemented, extended, renewed, restated, replaced or restructured in one or more instances the “Loan and Security Agreement”),
pursuant to which the holders of the Priority Lien Obligations may, upon certain terms and conditions, make revolving loans and provide other financial accommodations to Vitamin Shoppe and VS Direct. 
  
 Pursuant to the Loan and Security Agreement and the other Priority Lien
Security Documents (as hereinafter defined), the Pledgors granted to Priority Lien Agent a security interest in substantially all of the assets and properties of the Pledgors, including without limitation the Collateral (as hereinafter defined).

  
 Vitamin Shoppe has issued or is about to issue Floating Rate
Second Priority Senior Secured Notes (including any related exchange notes, the “Notes”) in an aggregate principal amount of $165,000,000 pursuant to the Indenture, dated of even date herewith (as amended,
supplemented, amended and restated as otherwise modified and in effect from time to time, the “Indenture”) among Vitamin Shoppe, Holdings, as guarantor, VS Direct, as guarantor (Holdings and VS Direct are
sometimes collectively referred to herein as the “Note Guarantors”), and Wilmington Trust Company, not in its individual capacity but solely as trustee (in such capacity and together with its successors in such capacity, the
“Trustee”). 
  
 Pursuant to
the Parity Lien Security Documents (as hereinafter defined), the Pledgors granted to the Parity Lien Collateral Agent a security interest in the Collateral. 
  
 AGREEMENT 
  
 In consideration of the premises and the mutual agreements herein set forth, the receipt and sufficiency of which are hereby acknowledged, the parties to
this Agreement hereby agree as follows: 
  
 ARTICLE 1. DEFINITIONS;
PRINCIPLES OF CONSTRUCTION 
  
 SECTION 1.1 Defined Terms.
The following terms will have the following meanings: 
  
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this 

 
definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 
  
 “Agreement” has the meaning set forth in the preamble. 
  
 “Asset Sale” has the meaning set forth in the Indenture. 
  
 “Board of Directors” means: 

 
 (1) with respect to a corporation, the board of directors
of the corporation or any committee thereof duly authorized to act on behalf of such board; 
  
 (2) with respect to a partnership, the Board of Directors of the general partner of the partnership; 
  
 (3) with respect to a limited liability company, the
managing member or members or any controlling committee of managing members thereof; and 
  
 (4) with respect to any other Person, the board or committee of such Person serving a similar function. 
  
 “Borrowing Base” has the meaning set
forth in the Indenture. 
  
 “Business
Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York or the State of Delaware or at a place of payment are authorized by law, regulation or executive order to remain
closed. 
  
 “Capital Lease
Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP,
and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 
  
 “Capital Stock” means: 
  
 (1) in the case of a corporation, corporate stock;

  
 (2) in the case of an association or business
entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
  
 (3) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and 
  
 (4) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such
debt securities include any right of participation with Capital Stock. 
  
 “Class” means (1) in the case of Parity Lien Debt, every Series of Parity Lien Debt, taken together, and (2) in the case of Priority Lien Debt, every Series of Priority Lien Debt, taken
together. 
  

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 “Collateral” means all properties and assets at any time owned or
acquired by Vitamin Shoppe or any of the other Pledgors, except: 
  
 (1) Excluded Assets; 
  
 (2) any properties and assets in which the Parity Lien Collateral Agent is required to release its Liens pursuant to Section 2.7; and 
  
 (3) any properties and assets that no longer secure the Notes or any Parity Lien Obligations in respect thereof; 
  
 provided that, in the case of clauses (2) and (3), if such Liens are required to be
released as a result of the sale, transfer or other disposition of any properties or assets of Vitamin Shoppe or any other Pledgor, such assets or properties will cease to be excluded from the Collateral if Vitamin Shoppe or any other Pledgor
thereafter acquires or reacquires such assets or properties. 
  
 “Collateral Agency Agreement” means the Collateral Agency Agreement dated of even date herewith, among Trustee, Parity Lien Collateral Agent and the Pledgors party thereto. 
  
 “Credit Facilities” means, one or more
debt facilities (including the debt facility evidenced by the Loan and Security Agreement) or commercial paper facilities, in each case, with banks or other institutional lenders providing for revolving credit loans, term loans, receivables
financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded,
replaced (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time. 
  
 “Default” means any event that is, or with the passage of time or the giving of notice
or both would be, an Event of Default. 
  
 “Discharge of Priority Lien Obligations” means the occurrence of all of the following: 
  
 (1) termination or expiration of all commitments to extend credit that would constitute Priority Lien Debt; 
  
 (2) payment in full in cash of the principal of and interest
and premium (if any) on all Priority Lien Debt (other than any undrawn letters of credit); 
  
 (3) discharge or cash collateralization (at the lower of (A) 105% of the aggregate undrawn amount and (B) the percentage of the
aggregate undrawn amount required for release of liens under the terms of the applicable Priority Lien Document) of all outstanding letters of credit constituting Priority Lien Debt; and 
  
 (4) payment in full in cash of all other Priority Lien Obligations that are outstanding and unpaid at the
time the Priority Lien Debt is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at such time).

  

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 “Equally and Ratably” means, in reference to sharing of Liens or
proceeds thereof as between holders of Secured Obligations within the same Class, that such Liens or proceeds: 
  
 (1) will be allocated and distributed first to the Secured Debt Representative for each outstanding Series of Secured Debt within that
Class, for the account of the holders of such Series of Secured Debt, ratably in proportion to the principal of, and interest and premium (if any) and reimbursement obligations (contingent or otherwise) with respect to letters of credit, if any,
outstanding (whether or not drawings have been made under such letters of credit) on each outstanding Series of Secured Debt within that Class when the allocation or distribution is made, and thereafter 
  
 (2) will be allocated and distributed (if any remain after
payment in full of all of the principal of, and interest and premium (if any) and reimbursement obligations (contingent or otherwise) with respect to letters of credit, if any, outstanding (whether or not drawings have been made on such letters of
credit) on all outstanding Secured Obligations within that Class) to the Secured Debt Representative for each outstanding Series of Secured Obligations within that Class, for the account of the holders of any remaining Secured Obligations within
that Class, ratably in proportion to the aggregate unpaid amount of such remaining Secured Obligations within that Class due and demanded (with written notice to the applicable Secured Debt Representative, the Priority Lien Agent and the Parity Lien
Collateral Agent) prior to the date such distribution is made. 
  
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
  
 “Event of Default” has the meaning set forth in the
Loan and Security Agreement or the Indenture, as the context may require. 
  
 “Excluded Assets” means each of the following: 
  
 (1) any lease, license, contract, property right or agreement to which Vitamin Shoppe or any other Pledgor is a party or any of its rights
or interests thereunder if and only for so long as the grant of a Lien under the Parity Lien Security Documents will constitute or result in a breach, termination or default under any such lease, license, contract, property right or agreement (other
than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code of any relevant jurisdiction or any other applicable law or principles of equity); provided
that such lease, license, contract, property right or agreement will be an Excluded Asset only to the extent and for so long as the consequences specified above will result and will cease to be an Excluded Asset and will become subject to the Lien
granted under the Parity Lien Security Documents, immediately and automatically, at such time as such consequences will no longer result; 
  
 (2) real property owned by Vitamin Shoppe or any other Pledgor that has a Fair Market Value not exceeding $5.0 million in the aggregate,
or any real property leased by Vitamin Shoppe or any other Pledgor; 
  
 (3) any rights to any intellectual property, or license agreements that would be cancelled or rendered invalid or unenforceable under applicable law by the grant of a security interest created pursuant to the terms of
the Parity Lien Security Documents, for so long as such prohibition or reason for invalidity under applicable law exists, except for the products and the proceeds thereof; 
  
 (4) all “securities” of any of Vitamin Shoppe’s “affiliates” (as the terms
“securities” and “affiliates” are used in Rule 3-16 of Regulation S-X under the Securities Act); and 
  

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 (5) any other property or assets in which a Lien cannot be perfected by the filing of a
financing statement under the Uniform Commercial Code of the relevant jurisdiction, so long as the aggregate Fair Market Value of all such property and assets does not at any one time exceed $5.0 million. 
  
 “Existing Indebtedness” means
Indebtedness of Vitamin Shoppe and its Subsidiaries (other than Indebtedness under the Loan and Security Agreement) in existence on the date of the Indenture, until such amounts are repaid. 
  
 “Fair Market Value” means the value
that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the Board of Directors of Vitamin Shoppe (unless otherwise provided in the
Indenture). 
  
 “GAAP” means
generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the date of the Indenture. 
  
 “Guarantee” means a guarantee other
than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof,
of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or
otherwise). 
  
 “Hedging
Obligations” means, with respect to any specified Person, the obligations of such Person under: 
  
 (1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest
rate collar agreements; 
  
 (2) other agreements
or arrangements designed to manage interest rates or interest rate risk; 
  
 (3) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates; and 
  
 (4) other agreements or arrangements designed to manage fluctuations in commodity prices. 
  
 “Indebtedness” means, with respect to
any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether or not contingent: 
  
 (1) in respect of borrowed money; 
  
 (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);

  
 (3) in respect of banker’s acceptances;

  
 (4) representing Capital Lease Obligations;

  

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 (5) representing the balance deferred and unpaid of the purchase price of any property or
services due more than six months after such property is acquired or such services are completed; 
  
 (6) representing any Hedging Obligations; or 
  
 (7) all monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or
otherwise of Vitamin Shoppe or any Restricted Subsidiary arising out of any cash management, depositary or investment services provided by the Priority Lien Agent, any holder of Priority Lien Debt or their respective Affiliates, 
  
 if and to the extent any of the preceding items (other than letters of credit and Hedging
Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the
specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. 
  
 “Indenture” has the meaning set forth
in the recitals. 
  
 “Insolvency or Liquidation
Proceeding” means: 
  
 (1)
any case commenced by or against Vitamin Shoppe or any other Pledgor under Title 11, U.S. Code or any similar federal or state law for the relief of debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling
of the assets or liabilities of Vitamin Shoppe or any other Pledgor, any receivership or assignment for the benefit of creditors relating to Vitamin Shoppe or any other Pledgor or any similar case or proceeding relative to Vitamin Shoppe or any
other Pledgor or its creditors, as such, in each case whether or not voluntary; 
  
 (2) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to Vitamin Shoppe or any other
Pledgor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 
  
 (3) any other proceeding of any type or nature in which substantially all claims of creditors of Vitamin Shoppe or any other Pledgor are
determined and any payment or distribution is or may be made on account of such claims. 
  
 “Intercreditor Agreement Joinder” means an agreement substantially in the form of Exhibit A. 
  
 “Issue Date” means the date that the Notes are originally issued.

  
 “Lien” means, with
respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent
statutes) of any jurisdiction. 
  
 “Lien Sharing and Priority Confirmation” means: 
  
 (1) as to any Series of Parity Lien Debt, the written agreement of the holders of such Series of Parity Lien Debt, as set forth in the
Indenture, credit agreement or other agreement governing such 

  

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Series of Parity Lien Debt, for the enforceable benefit of all holders of each existing and future Series of Priority Lien Debt, each existing and future
Priority Lien Representative and each existing and future holder of Permitted Prior Liens: 
  
 (a) that all Parity Lien Obligations will be and are secured Equally and Ratably by all Parity Liens at any time granted by Vitamin Shoppe
or any other Pledgor to secure any Obligations in respect of such Series of Parity Lien Debt, whether or not upon property otherwise constituting collateral for such Series of Parity Lien Debt, and that all such Parity Liens will be enforceable by
the Parity Lien Collateral Agent for the benefit of all holders of Parity Lien Obligations Equally and Ratably; 
  
 (b) that the holders of Obligations in respect of such Series of Parity Lien Debt are bound by the provisions of this Agreement, including
the provisions relating to the ranking of Parity Liens and the order of application of proceeds from the enforcement of Parity Liens; and 
  
 (c) consenting to and directing the Parity Lien Collateral Agent to perform its obligations under this Agreement and the other Parity Lien
Security Documents; and 
  
 (2) as to any Series
of Priority Lien Debt, the written agreement of the holders of such Series of Priority Lien Debt, as set forth in the credit agreement or other agreement governing such Series of Priority Lien Debt, for the enforceable benefit of all holders of each
existing and future Series of Parity Lien Debt, each existing and future Parity Lien Representative and each existing and future holder of Permitted Prior Liens: 
  
 (a) that all Priority Lien Obligations will be and are secured Equally and Ratably by all Priority Liens at
any time granted by Vitamin Shoppe or any other Pledgor to secure any Obligations in respect of such Series of Priority Lien Debt, whether or not upon property otherwise constituting collateral for such Series of Priority Lien Debt, and that all
such Priority Liens will be enforceable by the Priority Lien Agent for the benefit of all holders of Priority Lien Obligations Equally and Ratably; 
  
 (b) that the holders of Obligations in respect of such Series of Priority Lien Debt are bound by the provisions of this Agreement,
including the provisions relating to the ranking of Priority Liens and the order of application of proceeds from enforcement of Priority Liens; and 
  
 (c) consenting to and directing the Priority Lien Agent to perform its obligations under this Agreement and the other Priority Lien
Security Documents. 
  
 “Liquidated
Damages” has the meaning set forth in the Indenture. 
  
 “Loan and Security Agreement” has the meaning set forth in the recitals. 
  
 “Net Proceeds” has the meaning set forth in the Indenture. 
  
 “Non-Recourse Debt” has the meaning set
forth in the Indenture. 
  
 “Notes” has the meaning set forth in the recitals. 
  
 “Note Documents” means the Indenture, the Notes, the Note Guarantees and the Parity Lien Security Documents.

  

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 “Note Guarantee” means the Guarantee by each Note Guarantor of Vitamin
Shoppe’s obligations under the Indenture and the Notes, executed pursuant to the provisions of the Indenture. 
  
 “Note Guarantors” has the meaning set forth in the recitals. 
  
 “Obligations” means any principal
(including reimbursement obligations with respect to letters of credit whether or not drawn), interest (including, to the extent legally permitted, all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at
the rate, including any applicable post-default rate, specified in the Priority Lien Documents or Parity Lien Documents, as the case may be, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding), premium (if
any), fees, indemnifications, reimbursements, expenses and other liabilities (including attorney’s fees) payable under the documentation governing any Indebtedness. 
  
 “Officers’ Certificate” means a certificate with respect to compliance with a
condition or covenant provided for in this Agreement, signed on behalf of Vitamin Shoppe by two officers of Vitamin Shoppe, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal
accounting officer of Vitamin Shoppe, including: 
  
 (1) a statement that the Person making such certificate has read such covenant or condition; 
  
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate are based; 
  
 (3) a statement
that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
  
 (4) a statement as to whether or not, in the opinion of such
Person, such condition or covenant has been satisfied. 
  
 “Parity Lien” means a Lien granted by a Parity Lien Security Document to the Parity Lien Collateral Agent, at any time, upon any property of Vitamin Shoppe or any other Pledgor to secure Parity Lien
Obligations or any judgment lien obtained in respect of a Parity Lien Obligation. 
  
 “Parity Lien Collateral Agent” means Wilmington Trust Company, not in its individual capacity but solely in its capacity as collateral agent under the Parity Lien Security
Documents, together with its successors in such capacity. 
  
 “Parity Lien Debt” means: 
  
 (1) the Notes issued on the date hereof (including any related exchange notes); and 
  
 (2) any other Indebtedness (including additional Notes) that is secured Equally and Ratably with the Notes by a Parity Lien that was
permitted to be incurred and so secured under each applicable Parity Lien Document provided that; the net proceeds are used to refund, refinance, replace, defease, discharge or otherwise acquire or retire Priority Lien Debt or other Parity
Lien Debt. 
  
 “Parity Lien
Documents” means, collectively, this Agreement, the Note Documents, and the Indenture, and any credit agreement or other agreement governing each other Series of Parity Lien Debt and the Parity Lien Security Documents.

  

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 “Parity Lien Security Documents” means this Agreement, each Lien
Sharing and Priority Confirmation, and all security agreements, pledge agreements, collateral assignments, mortgages, control agreements, deeds of trust or other grants or transfers for security executed and delivered by Vitamin Shoppe or any other
Pledgor creating (or purporting to create) a Parity Lien upon Collateral in favor of the Parity Lien Collateral Agent, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time in accordance with their
respective terms and Section 2.6. 
  
 “Parity Lien Obligations” means Parity Lien Debt and all other Obligations in respect thereof. 
  
 “Parity Lien Representative” means: 
  
 (1) in the case of the Notes, the Trustee; or 
  
 (2) in the case of any other Series of Parity Lien Debt, the trustee, agent or representative of the holders
of such Series of Parity Lien Debt who maintains the transfer register for such Series of Parity Lien Debt and (A) is appointed as a Parity Lien Representative (for purposes related to the administration of the Parity Lien Security Documents)
pursuant to the Indenture, credit agreement or other agreement governing such Series of Parity Lien Debt, together with its successors in such capacity, and (B) has become a party to this Agreement by executing only an Intercreditor Agreement
Joinder. 
  
 “Permitted
Debt” means: 
  
 (1) the
incurrence by Vitamin Shoppe and any other Pledgor of Indebtedness and letters of credit under Credit Facilities in an aggregate principal amount at any one time outstanding under this clause (1) (with letters of credit being deemed to have a
principal amount equal to the maximum potential liability of Vitamin Shoppe and its Restricted Subsidiaries thereunder) not to exceed the greater of (x) $50.0 million less the aggregate amount of all Net Proceeds of Asset Sales applied
by Vitamin Shoppe or any of its Restricted Subsidiaries since the date hereof to repay any Priority Lien Debt pursuant to Section 4.10 of the Indenture; or (y) the Borrowing Base as of the date of such incurrence; and 
  
 (2) the incurrence by Vitamin Shoppe and its Restricted
Subsidiaries of the Existing Indebtedness; 
  
 (3) the incurrence by Vitamin Shoppe and the Note Guarantors of Indebtedness represented by the Notes and the Note Guarantees to be issued on the date of the Indenture and the exchange notes and the related Note Guarantees to be issued
pursuant to the registration rights agreement; 
  
 (4) the incurrence by Vitamin Shoppe or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all
or any part of the purchase price or cost of design, construction, installation, lease or improvement of property, plant or equipment used in the business of Vitamin Shoppe or any of its Restricted Subsidiaries, within 365 days of such purchase,
construction, installation, lease or improvement, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this
clause (4), not to exceed $10.0 million at any time outstanding; 
  
 (5) the incurrence by Vitamin Shoppe or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or
discharge any Indebtedness (other than intercompany Indebtedness) that was permitted by the Indenture to be incurred under the first paragraph of this definition or clauses (2), (3), (4), (5) or (14) of this definition; 
  

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 (6) the incurrence by Vitamin Shoppe or any of its Restricted Subsidiaries of
intercompany Indebtedness between or among Vitamin Shoppe and any of its Restricted Subsidiaries; provided, however, that: 
  
 (a) if Vitamin Shoppe or any other Pledgor is the obligor on such Indebtedness and the payee is not Vitamin Shoppe or any other Pledgor,
such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes, in the case of Vitamin Shoppe, or the Note Guarantee, in the case of a Note Guarantor; and 
  
 (b) (i) any subsequent issuance or transfer of Equity
Interests that results in any such Indebtedness being held by a Person other than Vitamin Shoppe or a Restricted Subsidiary of Vitamin Shoppe and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either Vitamin
Shoppe or a Restricted Subsidiary of Vitamin Shoppe, will be deemed, in each case, to constitute an incurrence of such Indebtedness by Vitamin Shoppe or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6);

  
 (7) the issuance by any of Vitamin
Shoppe’s Restricted Subsidiaries to Vitamin Shoppe or to any of its Restricted Subsidiaries of shares of preferred stock; provided, however, that: 
  

(a) any subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other
than Vitamin Shoppe or a Restricted Subsidiary of Vitamin Shoppe; and 
  
 (b) any sale or other transfer of any such preferred stock to a Person that is not either Vitamin Shoppe or a Restricted Subsidiary of Vitamin Shoppe, 
  
 will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this
clause (7);  
  
 (8) the incurrence by
Vitamin Shoppe or any of its Restricted Subsidiaries of Hedging Obligations in the ordinary course of business or in connection with the Credit Facilities; 
  
 (9) the guarantee by Vitamin Shoppe or any of the other Pledgors of Indebtedness of Vitamin Shoppe or a Restricted Subsidiary of Vitamin
Shoppe that was permitted to be incurred by another provision of this covenant; provided that if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the Guarantee shall be subordinated or pari
passu, as applicable, to the same extent as the Indebtedness guaranteed; 
  
 (10) the incurrence by Vitamin Shoppe or any of the other Pledgors of Indebtedness in respect of workers’ compensation claims, self-insurance obligations, bankers’ acceptances, performance, surety bonds and
other similar obligations in the ordinary course of business; 
  
 (11) the incurrence by Vitamin Shoppe or any of the other Pledgors of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against
insufficient funds, so long as such Indebtedness is covered within five (5) Business Days; 
  

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 (12) Obligations from agreements to provide for indemnification, adjustment of purchase
price or similar obligations, earn-outs or other similar obligations, or from guarantees or letters of credit, surety bonds or performance bonds securing the performance of Vitamin Shoppe or any of its Restricted Subsidiaries incurred in connection
with the acquisition or disposition of the assets of Vitamin Shoppe or the assets or Capital Stock of a Person that is or becomes a Restricted Subsidiary of Vitamin Shoppe; provided that the maximum aggregate liability in connection with any
such disposition in respect of all such Indebtedness will at no time exceed the gross proceeds actually received by Vitamin Shoppe and its Subsidiaries in connection with such disposition; 
  
 (13) the incurrence of any unrealized losses or charges in
respect of Hedging Obligations; 
  
 (14) the
incurrence by Vitamin Shoppe or any of the other Pledgors of additional unsecured Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to
renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (14), not to exceed $10.0 million; and 
  
 (15) all monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or
otherwise of Vitamin Shoppe or any Restricted Subsidiary arising out of any cash management, depository or other investment services provided by the Priority Lien Agent, any holder of Priority Lien Debt or any of their respective Affiliates.

  
 “Permitted Liens” has
the meaning set forth in the Indenture. 
  
 “Permitted Prior Liens” means: 
  
 (1) Liens described in clause (1) of the definition of Permitted Liens; 
  
 (2) Liens described in clauses (3), (5), (6), (7), (8), (9), (18), (19), (21) or (22) of the definition of Permitted Liens; and

  
 (3) Permitted Liens that arise by operation
of law and are not voluntarily granted, to the extent entitled by law to priority over the Liens created by the Priority Lien Security Documents or the Parity Lien Security Documents. 
  
 “Permitted Refinancing Indebtedness” means any Indebtedness of Vitamin Shoppe
or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of Vitamin Shoppe or any of its Restricted Subsidiaries (other than
intercompany Indebtedness); provided that: 
  
 (1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced,
defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith); 
  
 (2) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of,
and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; 
  

 11 

 (3) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least as favorable to the holders of Notes as those contained in the documentation
governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and 
  
 (4) such Indebtedness is incurred either by Vitamin Shoppe or by the Restricted Subsidiary who is the obligor on the Indebtedness being
renewed, refunded, refinanced, replaced, defeased or discharged. 
  
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity.

  
 “Pledgors” means
collectively, Vitamin Shoppe, Holdings, VS Direct and any other Person that at any time provides collateral security for any Secured Obligations. 
  
 “Priority Lien” means a Lien granted by a Priority Lien Security Document to the Priority Lien Agent, at any time,
upon any property of Vitamin Shoppe or any other Pledgor to secure Priority Lien Obligations. 
  
 “Priority Lien Agent” means Wachovia Bank, National Association, in its capacity as Priority Lien Agent under the Priority Lien Security Documents, together with its successors in
such capacity. 
  
 “Priority Lien
Cap” means, as of any date, the principal amount of Indebtedness outstanding under the Loan and Security Agreement (including all fixed or contingent reimbursement obligations with respect to letters of credit whether or not
drawn) and/or the Indebtedness outstanding under any other Credit Facility, in an aggregate principal amount not to exceed the sum of the amount provided by clause (1) of the definition of Permitted Debt, as of any date, plus the amount
provided by clause (15) of the definition of Permitted Debt, less the amount of Parity Lien Debt incurred after the date of the Indenture the net proceeds of which are used to permanently repay Priority Lien Debt. For purposes of this
definition, all Hedging Obligations will be valued at zero. 
  
 “Priority Lien Debt” means: 
  
 (1) Indebtedness of Vitamin Shoppe and its Subsidiaries under the Loan and Security Agreement that was permitted to be incurred and secured under the applicable Secured Debt Documents (or as to which the Priority Lien
Agent obtained an Officers’ Certificate from Vitamin Shoppe at the time of incurrence to the effect that such Indebtedness was permitted to be incurred and secured by all applicable Secured Debt Documents); 
  
 (2) Indebtedness of Vitamin Shoppe under any other Credit
Facility that is secured Equally and Ratably with the Loan and Security Agreement by a Priority Lien that was permitted to be incurred under the terms of the Loan and Security Agreement and so secured under each applicable Secured Debt Document;
provided, in the case of any Indebtedness referred to in this clause (2), that: 
  
 (a) on or before the date on which such Indebtedness is incurred by Vitamin Shoppe, such Indebtedness is designated Vitamin Shoppe, in an
Officers’ Certificate delivered to each Priority Lien Representative, the Priority Lien Agent and the Parity Lien Collateral Agent, as “Priority Lien Debt” for the purposes of the Secured Debt Documents; provided that no Series
of Secured Debt may be designated as both Parity Lien Debt and Priority Lien Debt; 
  

 12 

 (b) such Indebtedness is governed by a credit agreement or other agreement that includes
a Lien Sharing and Priority Confirmation; and 
  
 (c) all requirements set forth in this Agreement as to the confirmation, grant or perfection of the Priority Liens to secure such Indebtedness or Obligations in respect thereof are satisfied (and the satisfaction of such requirements and
the other provisions of this clause (c) will be conclusively established if Vitamin Shoppe delivers to the Priority Lien Agent and the Parity Lien Collateral Agent an Officers’ Certificate stating that such requirements and other
provisions have been satisfied and that such Indebtedness is “Priority Lien Debt”); and 
  
 (3) Hedging Obligations of Vitamin Shoppe incurred to hedge or manage interest rate risk with respect to Priority Lien Debt; provided
that: 
  
 (a) such Hedging Obligations are
secured by a Priority Lien on all of the assets and properties that secure Indebtedness under the Credit Facility in respect of which such Hedging Obligations are incurred; and 
  
 (b) such Priority Lien is senior to or on a parity with the Priority Liens securing Indebtedness under the
Credit Facility in respect of which such Hedging Obligations are incurred. 
  
 “Priority Lien Documents” means this Agreement, the Loan and Security Agreement, the other Priority Lien Security Documents and any other agreements, documents and instruments
related to any other Credit Facility pursuant to which any Priority Lien Debt is incurred. 
  
 “Priority Lien Obligations” means the Priority Lien Debt and all other Obligations in respect of Priority Lien Debt. 
  
 “Priority Lien Representative” means (1) the Priority Lien Agent and (2) in
the case of any other Series of Priority Lien Debt, the trustee, agent or representative of the holders of such Series of Priority Lien Debt who maintains the transfer register for such Series of Priority Lien Debt and is appointed as a
representative of the Priority Debt (for purposes related to the administration of the Priority Lien Security Documents) pursuant to the credit agreement or other agreement governing such Series of Priority Lien Debt. 
  
 “Priority Lien Security Documents”
means the Loan and Security Agreement, each Lien Sharing and Priority Confirmation, and all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, control agreements or other grants or transfers for security
executed and delivered by Vitamin Shoppe or any other Pledgor creating (or purporting to create) a Priority Lien upon Collateral in favor of the Priority Lien Agent, in each case, as amended, modified, renewed, restated or replaced, in whole or in
part, from time to time in accordance with their respective terms. 
  
 “Purchasers” has the meaning set forth in Section 2.14. 
  
 “Required Parity Lien Debtholders” means, at any time, the holders of a majority in aggregate principal amount of
all Parity Lien Debt then outstanding, calculated in accordance with the provisions described in Section 2.10. For purposes of this definition, Parity Lien Debt registered in the name of, or beneficially owned by, Vitamin Shoppe or any
Affiliate of Vitamin Shoppe will be deemed not to be outstanding. 
  
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. 
  

 13 

 “Retained Secured Contingent Obligations” means, at any time, all
obligations for taxes, costs, indemnification or other like obligations of Vitamin Shoppe or any other Pledgor secured by Priority Liens under the Priority Lien Documents which are not due and payable at such time and in respect of which the
Priority Lien Agent has notified the Parity Lien Collateral Agent that any legal proceeding or other claim is pending or has been overtly threatened against any holder of Priority Lien Obligations, or any other identifiable loss contingency exists,
which may result in a liability becoming payable at a future time by Vitamin Shoppe or any other Pledgor under the provisions of the Priority Lien Documents. 
  
 “Secured Debt” means Parity Lien Debt and Priority Lien Debt. 
  
 “Secured Debt Documents” means the
Parity Lien Documents and the Priority Lien Documents. 
  
 “Secured Debt Representative” means each Parity Lien Representative and each Priority Lien Representative. 
  
 “Secured Obligations” means Parity Lien Obligations and Priority Lien Obligations. 
  
 “Security Documents” means,
collectively, the Priority Lien Security Documents and the Parity Lien Security Documents. 
  
 “Series of Parity Lien Debt” means, severally, the Notes and each other issue or series of Parity Lien Debt for which a single transfer register is maintained. 
  
 “Series of Priority Lien
Debt” means, severally, the Indebtedness outstanding under the Loan and Security Agreement and any other Credit Facility that constitutes Priority Lien Debt. 
  
 “Series of Secured Debt” means,
severally, each Series of Priority Lien Debt and each Series of Parity Lien Debt. 
  
 “Specified Secured Contingent Obligations” means, at any time, obligations of Vitamin Shoppe or any other Pledgor under the Priority Lien Documents secured by Priority Liens consisting
of (a) reimbursement obligations in respect of the amount that then is or thereafter may become available for funding under outstanding letters of credit issued for account of Vitamin Shoppe or any of its Subsidiaries, including without
limitation any loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) in connection with any commissions, fees, costs or expenses owing to any issuing bank, confirming bank, advising bank or correspondent bank,
in each case related to such reimbursement obligations, and (b) obligations to pay any Priority Lien Obligations that were provisionally credited from the proceeds of any check or other payment remittance received from any account debtor of
Vitamin Shoppe or any other Pledgor which has not at such time been finally paid, to the extent (i) such proceeds are required to be returned to any depositary or intermediary bank or clearing house under banking industry rules governing
revocation of provisional credits for returned items in process of collection or (ii) the remitting bank is entitled under any deposit account control agreement with the Priority Lien Agent to be indemnified for any such returned items.

  
 “Standstill Period” has
the meaning set forth in Section 2.2(a)(2). 
  
 “Subsidiary” means, with respect to any specified Person: 
  
 (1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting 

  

 14 

 
power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 
  
 (2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such
Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
  
 “Surviving Unsecured Contingent Obligations” means, at any time, all obligations for taxes, costs, indemnification
or other like obligations of Vitamin Shoppe or any other Pledgor under the Priority Lien Documents which are not due and payable at such time or for which no claim or demand for payment has been made at such time, other than Specified Secured
Contingent Obligations and Retained Secured Contingent Obligations. 
  
 “Trustee” has the meaning set forth in the recitals. 
  
 “UCC” means the Uniform Commercial Code as in effect in the State of New York or any other applicable jurisdiction.

  
 “Unrestricted Subsidiary” means any
Subsidiary of Vitamin Shoppe that is designated by the Board of Directors of Vitamin Shoppe as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary: 
  
 (1) has no Indebtedness other than Non-Recourse Debt;

  
 (2) except as permitted by Section 4.11
of the Indenture, is not party to any agreement, contract, arrangement or understanding with Vitamin Shoppe or any Restricted Subsidiary of Vitamin Shoppe unless the terms of any such agreement, contract, arrangement or understanding are no less
favorable to Vitamin Shoppe or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of Vitamin Shoppe; 
  

(3) is a Person with respect to which neither Vitamin Shoppe nor any of its Restricted Subsidiaries has any direct or indirect
obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 
  
 (4) has not guaranteed or otherwise directly or indirectly
provided credit support for any Indebtedness of Vitamin Shoppe or any of its Restricted Subsidiaries. 
  
 “Vitamin Shoppe” has the meaning set forth in the preamble. 
  
 “VS Direct” has the meaning set forth
in the preamble. 
  
 “Voting
Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
  
 “Weighted Average Life to Maturity” means, when
applied to any Indebtedness at any date, the number of years obtained by dividing: 
  
 (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at 

  

 15 

 
final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date
and the making of such payment; by 
  
 (2) the
then outstanding principal amount of such Indebtedness. 
  
 SECTION 1.2 Rules of Interpretation. 
  
 (a) All terms used in this Agreement that are defined in Article 9 of the UCC and not otherwise defined herein have the meanings assigned to them in Article 9 of the UCC. 
  
 (b) Unless otherwise indicated, any reference to any agreement or instrument will be deemed to include a
reference to that agreement or instrument as assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time or replaced in accordance with the terms of this Agreement. 
  
 (c) The use in this Agreement or any of the other Security
Documents of the word “include” or “including,” when following any general statement, term or matter, will not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following
such word or to similar items or matters, whether or not nonlimiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but will be deemed to refer to all
other items or matters that fall within the broadest possible scope of such general statement, term or matter. The word “will” shall be construed to have the same meaning and effect as the word “shall.” 
  
 (d) References to “Sections,” “clauses,”
“recitals” and the “preamble” will be to Sections, clauses, recitals and the preamble, respectively, of this Agreement unless otherwise specifically provided. References to “Articles” will be to Articles of this
Agreement unless otherwise specifically provided. References to “Exhibits” and “Schedules” will be to Exhibits and Schedules, respectively, to this Agreement unless otherwise specifically provided. 
  
 (e) Notwithstanding anything to the contrary in this
Agreement, any references contained herein to any section, clause, paragraph, definition or other provision of the Indenture (including any definition contained therein) shall be deemed to be a reference to such section, clause, paragraph,
definition or other provision as in effect on the date of this Agreement; provided, that any reference to any such section, clause, paragraph or other provision shall refer to such section, clause, paragraph or other provision of the
Indenture (including any definition contained therein) as amended or modified from time to time if such amendment or modification has been accompanied by a corresponding amendment or modification to this Agreement. 
  
 (f) This Agreement and the Security Documents will be
construed without regard to the identity of the party who drafted it and as though the parties participated equally in drafting it. Consequently, each of the parties acknowledges and agrees that any rule of construction that a document is to be
construed against the drafting party will not be applicable to this Agreement or the Security Documents. 
  
 ARTICLE 2. INTERCREDITOR PROVISIONS 
  
 SECTION 2.1 Ranking of Liens 
  
 (a) Notwithstanding: 
  
 (1) anything to the contrary contained in the Security Documents; 
  

 16 

 (2) the time of incurrence of any Series of Secured Debt; 
  
 (3) the order or method of attachment or perfection of any
Liens securing any Series of Secured Debt; 
  
 (4) the time or order of filing or recording of financing statements, security agreements, mortgages or other documents filed or recorded to perfect any Lien upon any Collateral; 
  
 (5) the time of taking possession or control over any
Collateral; 
  
 (6) the ranking of any judgment
lien if any claim for any Parity Lien Obligation is reduced to judgment; 
  
 (7) that any Priority Lien may not have been perfected or may be or have become subordinated, by equitable subordination or otherwise, to any other Lien; or 
  
 (8) the rules for determining priority under any law
governing relative priorities of Liens, 
  
 all Parity Liens at any time granted
by Vitamin Shoppe or any other Pledgor to the Parity Lien Collateral Agent in the Collateral will be subject and subordinate to all Priority Liens on such Collateral securing the sum of (i) Priority Lien Debt, including all fixed and contingent
reimbursement obligations for outstanding letters of credit whether or not drawn, up to a maximum principal amount not to exceed the Priority Lien Cap, plus (ii) the amount of all other Priority Lien Obligations related to such Priority Lien
Debt. 
  
 (b) The provisions in
Section 2.1(a) are intended for the benefit of, and will be enforceable as a third party beneficiary by, each present and future holder of Priority Lien Obligations, each present and future Priority Lien Representatives and the Priority Lien
Agent as holder of Priority Liens. No other Person will be entitled to rely on, have the benefit of or enforce those provisions. The Parity Lien Representative of each future Series of Parity Lien Debt will be required to deliver a Lien Sharing and
Priority Confirmation to the Priority Lien Agent and each Priority Lien Representative at the time of incurrence of such Series of Parity Lien Debt. 
  
 (c) In addition, the provisions in Section 2.1(a) are intended solely to set forth the relative ranking of the Parity Liens as
against the Priority Liens. Except as set forth in Section 2.2, neither the Notes nor any other Parity Lien Obligations nor the exercise or enforcement of any right or remedy for the payment or collection thereof are intended to be, or will
ever be by reason of the foregoing provision, in any respect subordinated, deferred, postponed, restricted or prejudiced. 
  
 (d) The ranking of the Liens described above will not be altered or otherwise affected by (i) any amendment, modification,
supplement, extension, renewal, restatement, replacement or refinancing of any of the Secured Debt Documents (subject to the Priority Lien Cap), (ii) any action or inaction which either the Priority Lien Agent or the Parity Lien Collateral
Agent may take or fail to take in respect of the Collateral, (iii) the invalidity, irregularity or unenforceability of all or any part of any of the Secured Debt or the Secured Debt Documents, or (iv) any impairment, modification, change,
exchange, release or subordination of, or stay of actions or lien proceedings against, Pledgors or their respective property or estate in bankruptcy resulting from any bankruptcy, arrangement, readjustment, composition, liquidation, rehabilitation
or similar proceeding involving or affecting any Pledgor. 
  

 17 

 SECTION 2.2 Enforcement of Liens. 
  
 (a) Until the Discharge of Priority Lien Obligations: 
  
 (1) the holders of Priority Lien Debt under the Loan and
Security Agreement and the other holders of Priority Lien Obligations will have, subject to (A) the exceptions set forth below in clauses (b)(1) through (b)(4), (B) the provisions set forth under Section 2.4 and (C) the rights of the
holders of Permitted Prior Liens, the exclusive right to enforce, collect or realize on any Collateral that is subject to Priority Liens or exercise any other right or remedy with respect to such Collateral; and 
  
 (2) neither the Parity Lien Collateral Agent, nor the
Trustee nor the holders of Notes or other Parity Lien Obligations may take any action to enforce, collect or realize on any Collateral or exercise any other right or remedy with respect to the Collateral. 
  
 provided, that the Parity Lien Collateral Agent may exercise any right to enforce,
collect or realize on such Collateral or exercise any other right or remedy with respect to such Collateral after the passage of a period of one hundred eighty (180) days from the earlier of (i) the commencement of any Insolvency or
Liquidation Proceeding by or against any Pledgor that has not been dismissed and (ii) the date of delivery of a notice in writing to the Priority Lien Agent to the effect that an Event of Default under the Indenture has occurred and is
continuing (the “Standstill Period”); provided that the Standstill Period shall be tolled during the pendency of all Insolvency or Liquidation Proceedings by or against any Pledgor pursuant to which the Priority Lien Agent is
effectively stayed from enforcing its rights and remedies against the Collateral; provided further, however, that until the Discharge of Priority Lien Obligations, the Parity Lien Collateral Agent will not be entitled to exercise its rights
or remedies with respect to the Collateral if the Priority Lien Agent has commenced the exercise of any of its rights or remedies with respect to all or any material portion of the Collateral that is subject to Priority Liens, has given prompt
notice of such exercise to the Parity Lien Collateral Agent and is diligently pursuing the exercise thereof. After the end of the Standstill Period, the Parity Lien Collateral Agent will give the Priority Lien Agent five (5) Business Days prior
written notice of its intention to exercise its rights or remedies with respect to the Collateral. 
  
 (b) In addition, the Trustee and the holders of Notes (together with any other holder of a Parity Lien Obligation) may, subject to the
rights of the holders of other Permitted Prior Liens, direct the Parity Lien Collateral Agent to take any action to enforce, collect or realize on any such Collateral or exercise any other right or remedy with respect to such Collateral: 

 
 (1) without any condition or restriction whatsoever, at
any time after the Discharge of Priority Lien Obligations; 
  
 (2) as necessary to redeem any Collateral in a creditor’s redemption permitted by law or to deliver any notice or demand necessary to enforce (subject to the prior Discharge of Priority Lien Obligations) any
right to claim, take or receive proceeds of Collateral remaining after the Discharge of Priority Lien Obligations in the event of foreclosure or other enforcement of any Permitted Prior Lien; 
  
 (3) as necessary to perfect or establish the priority
(subject to Priority Liens and the perfection thereof and other Permitted Prior Liens) of the Parity Liens upon any Collateral; provided that the Trustee and the holders of Parity Lien Obligations may not require the Parity Lien Collateral
Agent to take any action to perfect any Collateral through possession or control; or 
  

 18 

 (4) as necessary to create, prove, preserve or protect (but not enforce) the Parity Liens
upon any Collateral. 
  
 (c) Subject to the
provisions of Section 2.4, until the Discharge of Priority Lien Obligations, none of the holders of Notes or other Parity Lien Obligations, the Parity Lien Collateral Agent or any Parity Lien Representative will: 
  
 (1) request judicial relief, in an Insolvency or Liquidation
Proceeding or in any other court, that would hinder, delay, limit or prohibit the lawful exercise or enforcement of any right or remedy otherwise available to the holders of Priority Lien Obligations in respect of the Priority Liens or that would
limit, invalidate, avoid or set aside any Priority Lien or subordinate the Priority Liens to the Parity Liens or grant the Parity Liens equal ranking to the Priority Liens; 
  
 (2) oppose or otherwise contest any motion for relief from the automatic stay or from any injunction against
foreclosure or enforcement of Priority Liens made by any holder of Priority Lien Obligations or any Priority Lien Representative in any Insolvency or Liquidation Proceedings; 
  
 (3) oppose or otherwise contest any lawful exercise by any holder of Priority Lien Obligations or any
Priority Lien Representative of the right to credit bid Priority Lien Debt at any sale in foreclosure of Priority Liens; 
  
 (4) oppose or otherwise contest any other request for judicial relief made in any court by any holder of Priority Lien Obligations or any
Priority Lien Representative relating to the lawful enforcement of any Priority Lien; or 
  
 (5) challenge the validity, enforceability, perfection or priority of the Priority Liens. 
  
 (d) Notwithstanding the foregoing, both before and during an
Insolvency or Liquidation Proceeding, the holders of Notes and other Parity Lien Obligations and the Parity Lien Representatives may take any actions and exercise any and all rights that would be available to a holder of unsecured claims, including,
without limitation, the commencement of an Insolvency or Liquidation Proceeding against Vitamin Shoppe or any other Pledgor in accordance with applicable law; provided that, by accepting a Note, each holder of Notes will agree not to take any
of the actions prohibited under clauses (1) through (5) of Section 2.2(c) or oppose or contest any order that it has agreed not to oppose or contest under Section 2.5. 
  
 (e) At any time prior to the Discharge of Priority Lien
Obligations and after (i) the commencement of any Insolvency or Liquidation Proceeding in respect of Vitamin Shoppe or any other Pledgor or (ii) the Parity Lien Collateral Agent and each Parity Lien Representative have received written
notice from any Priority Lien Representative stating that (A) any Series of Priority Lien Debt has become due and payable in full (whether at maturity, upon acceleration or otherwise) or (B) more than one hundred eighty (180) days
have elapsed since the date on which the holders of Priority Liens securing one or more Series of Priority Lien Debt became entitled under any Priority Lien Documents to and desire to enforce any or all of the Priority Liens by reason of a default
under such Priority Lien Documents, no payment of money (or the equivalent of money) will be made from the proceeds of Collateral subject to Priority Liens by Vitamin Shoppe or any other Pledgor to the Parity Lien Collateral Agent, any Parity Lien
Representative, any holder of Notes or any other holder of Parity Lien Obligations (including, without limitation, payments and prepayments made for application to Parity Lien Obligations and all 

  

 19 

 
other payments and deposits made pursuant to any provision of the Indenture, the Notes, the Note Guarantees or any other Parity Lien Document). 

 
 (f) Subject to the provisions set forth under
Section 2.4 all proceeds of such Collateral received by the Parity Lien Collateral Agent, any Parity Lien Representative or any holder of Parity Lien Obligations at any time prior to the Discharge of Priority Lien Obligations in violation of
Section 2.2(e) will be held by the Parity Lien Collateral Agent, the applicable Parity Lien Representative or the applicable holder of Parity Lien Obligations for the account of the holders of Priority Liens and remitted to Priority Lien Agent
upon demand by Priority Lien Agent. The Parity Liens will remain attached to and, subject to the provisions of Section 2.1, enforceable against all proceeds so held or remitted. All proceeds of Collateral received by the Parity Lien Collateral
Agent, any Parity Lien Representative, the holders of Notes and the other holders of Parity Lien Obligations not in violation of Section 2.2(e) will be received by the Parity Lien Collateral Agent, such Parity Lien Representative or such holder
of Parity Lien Obligations free from the Priority Liens and all other Liens except the Parity Liens. 
  
 SECTION 2.3 Waiver of Right of Marshalling. 
  
 (a) Prior to the Discharge of Priority Lien Obligations, the holders of Notes and other Parity Lien Obligations, each Parity Lien
Representative and the Parity Lien Collateral Agent may not assert or enforce any right of marshalling accorded to a junior lienholder, as against the holders of the Priority Liens (in their capacity as priority lienholders). 
  
 (b) Following the Discharge of Priority Lien Obligations,
the holders of Parity Lien Obligations and any Parity Lien Representative may assert their right under the UCC or otherwise to any proceeds remaining following a sale or other disposition of Collateral by, or on behalf of, the holders of Priority
Lien Obligations. 
  
 SECTION 2.4 Relative Rights. Nothing
in the Note Documents will: 
  
 (a) as to Vitamin
Shoppe and the holders of the Notes, impair the obligation of Vitamin Shoppe to pay principal of, premium and interest and Liquidated Damages, if any, on the Notes in accordance with their terms or any other obligation of Vitamin Shoppe or any other
Pledgor; 
  
 (b) affect the relative rights of
holders of Notes as against any other creditors of Vitamin Shoppe or any other Pledgor (other than holders of Priority Liens, Permitted Prior Liens or other Parity Liens); 
  
 (c) restrict the right of any holder of Notes to sue for payments that are then due and owing (but not
enforce any judgment in respect thereof against any Collateral to the extent specifically prohibited by the provisions set forth in Sections 2.2 and 2.5); 
  
 (d) restrict or prevent any holder of Notes or other Parity Lien Obligations, the Parity Lien Collateral Agent or any Parity Lien
Representative from exercising any of its rights or remedies upon a Default or Event of Default under the Indenture not specifically restricted or prohibited by Sections 2.2 and 2.5; or 
  
 (e) restrict or prevent any holder of Notes or other Parity Lien Obligations, the Parity Lien Collateral
Agent or any Parity Lien Representative from taking any lawful action in an Insolvency or Liquidation Proceeding not specifically restricted or prohibited by Sections 2.2 and 2.5. 
  

 20 

 SECTION 2.5 Insolvency or Liquidation Proceedings. 
  
 (a) This Agreement will remain enforceable in accordance
with its terms after the commencement of any Insolvency or Liquidation Proceeding by or against any Pledgor and all converted or succeeding proceedings in respect thereof. 
  
 (b) If in any Insolvency or Liquidation Proceeding and prior to the Discharge of Priority Lien Obligations,
the holders of Priority Lien Obligations pursuant to the terms of the Priority Lien Documents consent to any order: 
  
 (1) for use of cash collateral; 
  
 (2) approving a debtor-in-possession financing facility secured by Liens that are senior to or on a parity with all Priority Liens upon
any property of the estate in such Insolvency or Liquidation Proceeding; 
  
 (3) granting any relief on account of Priority Lien Obligations as adequate protection (or its equivalent) for the benefit of the holders of Priority Lien Obligations in the Collateral subject to Priority Liens; or

  
 (4) relating to a sale of assets of Vitamin
Shoppe or any other Pledgor that provides, to the extent the assets sold are to be free and clear of Liens, that all Priority Liens and Parity Liens will attach to the proceeds of the sale; 
  
 then, the holders of Notes and other Parity Lien Obligations, in their capacity as holders of
secured claims, and each Parity Lien Representative will not oppose or otherwise contest the entry of such order, as long as none of the holders of Priority Lien Obligations or any Priority Lien Representative in any respect opposes or otherwise
contests any request made by the holders of Notes or other Parity Lien Obligations or a Parity Lien Representative for the grant to the Parity Lien Collateral Agent, for the benefit of the holders of Notes and other Parity Lien Obligations, of a
junior Lien upon any assets or property on which a Lien is (or is to be) granted under such order to secure the Priority Lien Obligations, but subordinated (as set forth herein under Section 2.1) to such Lien and all Priority Liens on such
assets or property. 
  
 (c) Notwithstanding the
foregoing, both before and during an Insolvency or Liquidation Proceeding, the holders of Notes and other Parity Lien Obligations and the Parity Lien Representatives may take any actions and exercise any and all rights that would be available to a
holder of unsecured claims, including, without limitation, the commencement of Insolvency or Liquidation Proceedings against Vitamin Shoppe or any other Pledgor in accordance with applicable law, subject to the terms of the Indenture and the Parity
Lien Security Documents. By accepting a Note, each holder of Notes will agree to be subject to the terms of this Agreement. 
  
 (d) Based upon their interests as holders of Parity Lien Obligations in any Collateral that is subject to Priority Liens, the holders of
Notes or other Parity Lien Obligations or any Parity Lien Representative will not file or prosecute in any Insolvency or Liquidation Proceeding any motion for adequate protection (or any comparable request for relief) based upon their interest in
the Collateral under the Parity Liens, except that: 
  
 (1) they may freely seek and obtain relief: (i) granting a junior Lien co-extensive in all respects with, but subordinated (as set forth in Section 2.1) to, all Liens granted in the Insolvency or Liquidation Proceeding to, or for
the benefit of, the holders of Priority Lien Obligations; or 

  

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(ii) in connection with the confirmation of any plan of reorganization or similar dispositive restructuring plan so long as the relief requested does not
constitute a breach of and is not inconsistent with the terms of this Agreement with respect to the priority of the Parity Liens; and 
  
 (2) they may freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition or
restriction whatsoever, at any time after the Discharge of Priority Lien Obligations. 
  
 (e) Notwithstanding the foregoing, nothing in this Agreement will restrict, impair or affect, in any respect, the right of any holder of
Notes or other Parity Lien Obligations or of the Parity Lien Collateral Agent or any Parity Lien Representative (a) to propose, support, object to, vote in favor of or against, or otherwise take or omit to take any action whatsoever in respect
of, any plan of reorganization or similar dispositive restructuring plan in any Insolvency or Liquidation Proceeding (as long as, in the case of a plan proposed, supported or voted for by them, the plan does not constitute a breach of the terms set
forth in Section 2.1) or (b) to demand, receive and retain, free from any interest or claim by any holder of Priority Liens or Priority Lien Obligations, any and all distributions made on account of the Notes or other Parity Lien
Obligations pursuant to any plan of reorganization or other restructuring plan in any Insolvency or Liquidation Proceeding, whether such distributions are made in cash, in the form of debt securities or other claims, as equity securities or other
equity interests, as distributions of property, or otherwise in any form. 
  
 SECTION 2.6 Amendment of this Agreement and the Parity Lien Documents. 
  
 (a) No amendment, modification, supplement or waiver to the provisions of this Agreement will be effective without the prior written
approval of the Parity Lien Collateral Agent, as directed by the Required Parity Lien Debtholders, and the Priority Lien Agent. 
  
 (b) Notwithstanding the foregoing, any amendment or waiver of, or any consent under, any provision of this Agreement or, except where the
same would adversely affect the holders of the Parity Lien Obligations, any other Priority Lien Security Document will apply automatically to any comparable provision of any comparable Parity Lien Document without the consent of or notice to any
holder of Parity Lien Obligations and without any action by Vitamin Shoppe or any holder of Notes or other Parity Lien Obligations. 
  
 (c) Except as set forth in Section 3.8(b), the ability of Vitamin Shoppe, any other Pledgor or the Parity Lien Collateral Agent to
amend or supplement any Parity Lien Document is not restricted by this Agreement, and the Parity Lien Documents may be amended or supplemented as set forth in Section 2.9 of the Collateral Agency Agreement. 
  
 SECTION 2.7 Release of Parity Liens on Collateral. 
  
 (a) The Parity Liens upon the Collateral will be released:

  
 (1) in whole, upon (i) payment in full
and discharge of all outstanding Parity Lien Debt and all other Parity Lien Obligations that are outstanding, due and payable at the time all of the Parity Lien Debt is paid in full and discharged and (ii) termination or expiration of all
commitments to extend credit under all Parity Lien Documents and the cancellation or termination or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount and (2) the percentage of the aggregate undrawn amount
required for release of Liens under the terms of the applicable Parity Lien Documents) of all outstanding letters of credit issued pursuant to any Parity Lien Documents; 
  

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 (2) as to any Collateral that is sold, transferred or otherwise disposed of by Vitamin
Shoppe or any other Pledgor to a Person that is not (either before or after such sale, transfer or disposition) Vitamin Shoppe or a Restricted Subsidiary of Vitamin Shoppe in a transaction or other circumstance that complies with the “Asset
Sale” provisions of the Indenture and is permitted by all of the other Parity Lien Documents, at the time of such sale, transfer or other disposition or to the extent of the interest sold, transferred or otherwise disposed of; provided
that the Parity Liens upon the Collateral will not be released if the sale or disposition is not permitted under the covenant set forth in Section 4.10 of the Indenture. 
  
 (3) as to any Collateral that is sold, transferred or otherwise disposed of by the Priority Lien Agent in
foreclosure of the Priority Liens upon such Collateral in compliance with the laws applicable to such foreclosure; provided that the right of the Parity Lien Collateral Agent (i) to redeem such Collateral in accordance with applicable
law, (ii) to claim, take and receive proceeds of the foreclosure sale of such Collateral remaining after the Discharge of Priority Lien Obligations in accordance with applicable law, and (iii) to enforce the provisions set forth in
Section 2.8 will not be affected or impaired by any such release; and 
  
 (4) as to a release of all or substantially all of the Collateral, except as set forth in clauses (2) and (3) of this Section 2.7(a) and clause (4) of Section 2.5, if (i) consent to the
release of that Collateral has been given by the requisite percentage or number of holders of each Series of Parity Debt at the time outstanding as provided for in the applicable Parity Lien Documents, and (ii) Vitamin Shoppe has delivered an
Officers’ Certificate to the Parity Lien Collateral Agent certifying that all such necessary consents have been obtained. 
  
 (b) Notwithstanding any release of the Parity Liens upon the Collateral as set forth in Section 2.7(a) in connection with any sale or
other disposition of assets described in Section 2.7(a), the Parity Liens will apply to the proceeds of any such Collateral received in connection with any such sale or other disposition. 
  
 SECTION 2.8 Order of Application of Proceeds - Distributions by the
Priority Lien Agent. 
  
 If any Collateral is
sold or otherwise realized upon by the Priority Lien Agent or by Vitamin Shoppe or any other Pledgor with the consent of the Priority Lien Agent in connection with any foreclosure, collection or other enforcement of Liens granted to the Priority
Lien Agent in the Priority Lien Security Documents, the proceeds received by the Priority Lien Agent from such foreclosure, collection or other enforcement will be distributed by the Priority Lien Agent in the following order of application:

  
 FIRST, to the payment of all amounts payable
under the Priority Lien Documents on account of the Priority Lien Agent’s fees and any reasonable legal fees, costs and expenses or other liabilities of any kind incurred by the Priority Lien Agent or any co-trustee or agent of the Priority
Lien Agent in connection with any Priority Lien Security Document; 
  
 SECOND, to the respective Priority Lien Representatives for application to the payment of all outstanding Priority Lien Debt up to the amount of the Priority Lien Cap and any other Priority Lien Obligations related to
such Priority Lien Debt that are then due and payable in such order as may be provided in the Priority Lien Documents in an amount sufficient to pay in full in cash all outstanding Priority Lien Debt up to the amount of the Priority Lien Cap and all
other Priority Lien Obligations related to such Priority Lien Debt that are then due and payable (including all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable
post-default rate, specified in the Priority Lien Documents, even if such interest is not 

  

 23 

 
enforceable, allowable or allowed as a claim in such proceeding, and including the discharge or cash collateralization (at the lower of (1) 105% of the
aggregate undrawn amount and (2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Priority Lien Document) of all outstanding letters of credit constituting Priority Lien Debt);

  
 THIRD, to the Parity Lien Collateral Agent
for the payment of all amounts payable under the Parity Lien Documents on account of the Parity Lien Collateral Agent’s fees and any reasonable legal fees, costs and expenses or other liabilities of any kind incurred by the Parity Lien
Collateral Agent or any co-trustee or agent of the Parity Lien Collateral Agent in connection with any Parity Lien Security Document; 
  
 FOURTH, to the Parity Lien Collateral Agent for the payment of all amounts to the respective Parity Lien Representatives for application
to the payment of all outstanding Parity Lien Debt and any other Parity Lien Obligations that are then due and payable in such order as may be provided in the Parity Lien Documents in an amount sufficient to pay in full in cash all outstanding
Parity Lien Debt and all other Parity Lien Obligations that are then due and payable (including, to the extent legally permitted, all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including
any applicable post-default rate, specified in the Parity Lien Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding, and including the discharge or cash collateralization (at the lower of
(1) 105% of the aggregate undrawn amount and (2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Parity Lien Document) of all outstanding letters of credit, if any,
constituting Parity Lien Debt); 
  
 FIFTH, to the
Priority Lien Agent for application to the payment of the Priority Lien Debt in excess of the Priority Lien Cap and any other Priority Lien Obligations that are then due and payable in such order as may be provided in the Priority Lien Documents in
an amount sufficient to pay in full in cash all outstanding Priority Lien Debt and all other Priority Lien Obligations that are then due and payable; and 
  
 SIXTH, any surplus remaining after the payment in full in cash of the amounts described in the preceding clauses will be paid to Vitamin
Shoppe or the applicable Pledgor, as the case may be, its successors or assigns, or as a court of competent jurisdiction may direct. 
  
 SECTION 2.9 Order of Application of Proceeds - Distributions by the Parity Lien Collateral Agent. 
  
 (a) Notwithstanding Section 2.8, if, following the
Discharge of Priority Lien Obligations, any Collateral is sold or otherwise realized upon by the Parity Lien Collateral Agent in connection with any foreclosure, collection or other enforcement of Liens granted to the Parity Lien Collateral Agent in
the Parity Lien Security Documents, the proceeds received by the Parity Lien Collateral Agent from such foreclosure, collection or other enforcement will be distributed by the Parity Lien Collateral Agent in the following order of application:

  
 FIRST, to the payment of all amounts payable
under the Parity Lien Documents on account of the Parity Lien Collateral Agent’s fees and any reasonable legal fees, costs and expenses or other liabilities of any kind incurred by the Parity Lien Collateral Agent or any co-trustee or agent of
the Parity Lien Collateral Agent in connection with any Parity Lien Security Document; and 
  
 SECOND, in accordance with clauses FOURTH, FIFTH and SIXTH of Section 2.8. 
  

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 (b) If any Parity Lien Representative or any holder of a Parity Lien Obligation collects
or receives any proceeds of such foreclosure, collection or other enforcement that should have been applied to the payment of the Priority Lien Obligations in accordance with Section 2.9(a), whether after the commencement of an Insolvency or
Liquidation Proceeding or otherwise, such Parity Lien Representative or such holder of a Parity Lien Obligation, as the case may be, will forthwith deliver the same to the Priority Lien Agent, for the account of the holders of the Priority Lien
Obligations and other Obligations secured by a Permitted Prior Lien, to be applied in accordance with the provisions set forth in Sections 2.8 and 2.9. Until so delivered, such proceeds will be held by that Parity Lien Representative or that holder
of a Parity Lien Obligation, as the case may be, for the benefit of the holders of the Priority Lien Obligations and other Obligations secured by a Permitted Prior Lien. 
  
 (c) The provisions set forth in Sections 2.8 and 2.9 are intended for the benefit of, and will be
enforceable as a third party beneficiary by, each present and future holder of Secured Obligations, each present and future Secured Debt Representative, the Priority Lien Agent as holder of Priority Liens and the Parity Lien Collateral Agent as
holder of Parity Liens. The Secured Debt Representative of each future Series of Secured Debt will be required to deliver a Lien Sharing and Priority Confirmation to the Priority Lien Agent, the Parity Lien Collateral Agent and each other Secured
Debt Representative at the time of incurrence of such Series of Secured Debt. 
  
 SECTION 2.10 Voting by Holders of Parity Lien Debt. In connection with any matter under this Agreement requiring a vote of holders of Parity Lien Debt, each Series of Parity Lien Debt will cast its votes in
accordance with the Parity Lien Documents governing such Series of Parity Lien Debt. The amount of Parity Lien Debt to be voted by a Series of Parity Lien Debt will equal (a) the aggregate principal amount of Parity Lien Debt held by such
Series of Parity Lien Debt (including outstanding letters of credit whether or not available or drawn), plus (b) other than in connection with an exercise of remedies, the aggregate unfunded commitments to extend credit which, when funded,
would constitute Indebtedness of such Series of Parity Lien Debt. 
  
 SECTION 2.11 Further Assurances. Upon the reasonable request of the Priority Lien Agent, the Parity Lien Collateral Agent or any Secured Debt Representative at any time and from time to time, Vitamin Shoppe and each of the other
Pledgors will promptly execute, acknowledge and deliver such security documents, instruments, certificates, notices and other documents, and take such other actions as may be reasonably required, or that the Priority Lien Agent or Parity Lien
Collateral Agent may reasonably request, to create, perfect, protect, assure or enforce the Priority Liens and Parity Liens and the benefits intended to be conferred, in each case as contemplated by the Priority Lien Documents and the Parity Lien
Documents, for the benefit of the holders of Priority Lien Obligations and Parity Lien Obligations. 
  
 SECTION 2.12 Bailee for Perfection. 
  
 (a) Solely for purposes of perfecting the Parity Liens of the Parity Lien Collateral Agent in any portion of the Collateral in the
possession of the Priority Lien Agent (or its agents or bailees) as part of the Collateral securing the Priority Lien Obligations including any instruments, negotiable documents, tangible chattel paper, certificated securities or money, the Priority
Lien Agent and the Priority Lien Representatives acknowledge that the Priority Lien Agent also holds that property as bailee for the benefit of the Parity Lien Collateral Agent for the benefit of the holders of Parity Lien Obligations.
Notwithstanding the foregoing, the Priority Lien Agent shall have no obligation whatsoever to the Parity Lien Collateral Agent or any holders of Parity Lien Obligations to ensure that the Collateral securing the Priority Lien Obligations is genuine
or owned by any of the Pledgors. The duties or responsibilities of the Priority Lien Agent under this Section shall be limited solely to holding the Collateral securing the Priority Lien Obligations as bailee and agent for perfection for the benefit
of the 

  

 25 

 
Parity Lien Collateral Agent and the holders of Parity Lien Obligations and their successors and assigns, which duty and responsibility the Priority Lien
Agent shall fulfill using the same degree of care with respect thereto as it uses for similar property pledged to it as collateral for indebtedness of others to the Priority Lien Agent, and the Priority Lien Agent shall have no liability in
connection therewith except for its gross negligence or willful misconduct as determined pursuant to a final non-appealable order of a court of competent jurisdiction. 
  
 (b) Conversely, solely for purposes of perfecting the Priority Liens of the Priority Lien Agent in any
portion of the Collateral which may be in the possession of the Parity Lien Collateral Agent (or its agents or bailees) as part of the Collateral securing the Parity Lien Obligations including, without limitation, any instruments, negotiable
documents, tangible chattel paper, certificated securities or money, the Parity Lien Collateral Agent and the Parity Lien Representatives acknowledge that the Parity Lien Collateral Agent also holds that property as bailee for the benefit of the
Priority Lien Agent for the benefit of the holders of Priority Lien Obligations. Notwithstanding the foregoing, the Parity Lien Collateral Agent shall have no obligation whatsoever to the Priority Lien Agent or any holders of Priority Lien
Obligations to ensure that the Collateral securing the Parity Lien Obligations is genuine or owned by any of the Pledgors. The duties or responsibilities of the Parity Lien Collateral Agent under this Section shall be limited solely to holding the
Collateral securing the Parity Lien Obligations as bailee and agent for perfection for the benefit of the Priority Lien Agent and the holders of Priority Lien Obligations and their successors and assigns, which duty and responsibility the Parity
Lien Collateral Agent shall fulfill using the same degree of care with respect thereto as it uses for similar property pledged to it as collateral for indebtedness of others to the Parity Lien Collateral Agent, and the Parity Lien Collateral Agent
shall have no liability in connection therewith except for its gross negligence or willful misconduct as determined pursuant to a final non-appealable order of a court of competent jurisdiction. 
  
 SECTION 2.13 Delivery of Collateral and Proceeds of Collateral.
Following the Discharge of Priority Lien Obligations, the Priority Lien Agent will, to the extent permitted by applicable law, deliver to (a) the Parity Lien Collateral Agent, or (b) such other person as a court of competent jurisdiction
may otherwise direct, (1) any Collateral held by, or on behalf of, the Priority Lien Agent or any holder of Priority Lien Obligations, and (2) all remaining proceeds of Collateral held by, or on behalf of, the Priority Lien Agent or any
holder of Priority Lien Obligations, whether arising out of an action taken to enforce, collect or realize upon any Collateral or otherwise. Such Collateral and such proceeds will be delivered without recourse and without any representation or
warranty whatsoever as to the enforceability, perfection, priority or sufficiency of any Lien securing or guarantee or other supporting obligation for any Priority Lien Debt or Parity Lien Debt, together with any necessary endorsements or as a court
of competent jurisdiction may otherwise direct. 
  
 SECTION 2.14
Parity Lien Debtholders Purchase Option. 
  
 (a) On or after the occurrence and during the continuance of an Event of Default under and as defined in the Loan and Security Agreement and either the acceleration of the Priority Lien Obligations or the determination of the Priority Lien
Agent and the requisite holders of Priority Lien Debt to foreclose or take any similar action to realize upon the Collateral, the holders of Notes and other Parity Lien Debt (or such nominees as may be granted the right to do so by the Required
Parity Lien Debtholders (the “Purchasers”)) will have the right, at their sole option and election (but will not be obligated), at any time upon prior written notice by the Parity Lien Collateral Agent (acting pursuant to and
in accordance with the written instructions of the Required Parity Lien Debtholders) to the Priority Lien Agent to purchase from the holders of the Priority Lien Obligations all outstanding Priority Lien Obligations that are outstanding and unpaid
on the date of such purchase, except for Priority Lien Obligations that are, at the time of such purchase, Retained Secured Contingent Obligations or Surviving Unsecured Contingent Obligations. Promptly following the receipt of such notice, the
Priority Lien 

  

 26 

 
Agent will deliver to the Parity Lien Collateral Agent a statement of the amount of Priority Lien Debt and other Priority Lien Obligations then due and
payable (including principal and interest in respect of the Priority Lien Debt then outstanding and such information as may then be reasonably available to the Priority Lien Agent as to the amount of any outstanding Specified Secured Contingent
Obligations and Retained Secured Contingent Obligations) and the amount of the cash collateral requested by the Priority Lien Agent to be delivered to the Priority Lien Agent pursuant to Section 2.14(b)(2). The right to purchase provided for in
this Section 2.14 will expire unless, within five (5) Business Days after the receipt by the Parity Lien Collateral Agent of such notice from the Priority Lien Agent, the Parity Lien Collateral Agent (acting pursuant to and in accordance
with the written instructions of the Required Parity Lien Debtholders) delivers to the Priority Lien Agent an irrevocable commitment of the purchasers to complete the purchase on the terms set forth under this Section 2.14(a). 
  
 (b) On the date specified by the Parity Lien Collateral
Agent (on behalf of the Purchasers, and acting pursuant to and in accordance with the written instructions of the Required Parity Lien Debtholders) in such irrevocable commitment (which shall not be less than five (5) Business Days, nor more
than twenty (20) days, after the receipt by the Priority Lien Agent of such irrevocable commitment), the holders of the Priority Lien Obligations shall sell to the Purchasers all (but not less than all) Priority Lien Obligations that are
outstanding and unpaid on the date of such sale, except for any Priority Lien Obligations that are, at the time of such sale, Retained Secured Contingent Obligations or Surviving Unsecured Contingent Obligations, subject to any required approval of
any court or other regulatory or governmental authority then in effect and only if on the date of such sale, the Priority Lien Agent receives the following: 
  
 (1) payment, as the purchase price for all Priority Lien Obligations sold in such sale, of an amount equal to the full amount of all
Priority Lien Obligations (other than Specified Secured Contingent Obligations, Retained Secured Contingent Obligations and Surviving Unsecured Contingent Obligations) then outstanding and unpaid (including principal, interest, fees, reasonable
attorneys’ fees and legal expenses, other expenses and including for this purpose an amount equal to any early termination fee that would otherwise have been payable to the holders of the Priority Lien Obligations upon the termination of the
Priority Lien Documents at the time of such purchase); 
  
 (2) a cash collateral deposit in such amount as the Priority Lien Agent determines is reasonably necessary to secure the payment of any Specified Secured Contingent Obligations that may become due and payable after such sale (but not in any
event in an amount greater than one hundred five (105%) percent of the amount then reasonably estimated by the Priority Lien Agent to be the aggregate outstanding amount of Specified Secured Contingent Obligations at such time), which cash
collateral shall be (A) held by the Priority Lien Agent as security solely to reimburse the holders of Specified Secured Contingent Obligations for any Specified Secured Contingent Obligations that become due and payable after such sale and
(B) returned to the Parity Lien Collateral Agent (except as may otherwise be required by applicable law or any order of any court or other governmental authority) promptly after the expiration or termination from time to time of payment
contingencies affecting such Specified Secured Contingent Obligations; and 
  
 (3) any agreements, documents or instruments which the Priority Lien Agent may reasonably request pursuant to which the Parity Lien Collateral Agent and the purchasers in such sale expressly assume and adopt all of
the obligations of the Priority Lien Agent and the holders of the Priority Lien Obligations under the Priority Lien Documents on and after the date of the purchase and sale and the Parity Lien Collateral Agent (or any other representative appointed
by the Required Parity Lien Debtholders) becomes a successor agent thereunder. 
  

 27 

 (c) Such purchase price and cash collateral shall be remitted by wire transfer in federal
funds to such bank account of the Priority Lien Agent as the Priority Lien Agent may designate in writing to the Parity Lien Collateral Agent for such purpose. Interest shall be calculated to but excluding the Business Day on which such sale occurs
if the amounts so paid by the Parity Lien Collateral Agent and holders of the Parity Lien Obligations to the bank account designated by Priority Lien Agent are received in such bank account prior to 12:00 p.m., New York City time, and interest shall
be calculated to and including such Business Day if the amounts so paid by the Parity Lien Collateral Agent and holders of the Parity Lien Obligations to the bank account designated by the Priority Lien Agent are received in such bank account later
than 12:00 p.m., New York City time. 
  
 (d) Such
sale shall be expressly made without representation or warranty of any kind by the Priority Lien Agent and the holders of Priority Lien Obligations as to the Priority Lien Obligations, the Collateral or otherwise and without recourse to the Priority
Lien Agent and the holders of Priority Lien Obligations, except that the Priority Lien Agent and the holders of Priority Lien Obligations shall represent and warrant severally as to the Priority Lien Obligations then owing to it: (i) the amount
of the Priority Lien Obligations being purchased as reflected in the books and records of the Priority Lien Agent or such holders of Priority Lien Obligations (but without representation or warranty as to the collectability, validity or
enforceability thereof); (ii) that the Priority Lien Agent and such holders of the Priority Lien Obligations own the Priority Lien Obligations and are transferring the Priority Lien Obligations free and clear of any liens or encumbrances; and
(iii) the Priority Lien Agent and such holders of the Priority Lien Obligations have the right to assign the Priority Lien Obligations and the assignment is duly authorized. 
  
 (e) After such sale becomes effective, (i) the Retained Secured Contingent Obligations and Specified
Secured Contingent Obligations will remain enforceable by the holders thereof and will remain secured by the Priority Liens upon the Collateral in accordance with the applicable provisions of the Priority Lien Documents as in effect at the time of
such sale, and the holders of Retained Secured Contingent Obligations and Specified Secured Contingent Obligations will remain entitled to the benefit of the Priority Liens upon the Collateral and sharing rights in the proceeds thereof in accordance
with the provisions of the Priority Lien Documents as in effect at the time of such sale, as fully as if the sale of the Priority Lien Debt had not been made, but only the person or successor agent to whom the Priority Liens are transferred in such
sale will have the right to foreclose upon or otherwise enforce the Priority Liens and only the Purchasers in the sale will have the right to direct such person or successor as to matters relating to the foreclosure or other enforcement of the
Priority Liens, and (b) the Surviving Unsecured Contingent Obligations will remain enforceable in accordance with the applicable provisions of the Priority Lien Documents as in effect at the time of such sale to the extent provided in the
Priority Lien Documents, but solely as unsecured liabilities, without any entitlement to the benefit of the Priority Liens or any proceeds thereof. 
  
 SECTION 2.15 No Waiver of Lien Priorities 
  
 (a) Subject to the rights of any holder of Parity Liens and Parity Lien Obligations under applicable law, no right of the Priority Lien
Agent or the holders of the Priority Lien Obligations to enforce any provision of this Agreement or any other Priority Lien Document will at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Pledgor or by
any act or failure to act by the Priority Lien Agent or any holders of Priority Lien Obligations, or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement or any of the Secured Debt Documents, regardless of
any knowledge thereof which the Priority Lien Agent or the holders Priority Lien Obligations, or any of them, may have or be otherwise charged with. 
  

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 (b) Subject to the rights of any holder of Parity Liens and Parity Lien Obligations under
applicable law or arising under the terms of this Agreement, the Priority Lien Agent or the holders of the Priority Lien Obligations and any of them, may, at any time and from time to time, without the consent of, or notice to, the Parity Lien
Collateral Agent or any holders of the Parity Lien Obligations, without incurring any liabilities to the Parity Lien Collateral Agent or any holders of the Parity Lien Obligations and without impairing or releasing the Lien priorities and other
benefits described herein (even if any right of subrogation or other right or remedy of the Parity Lien Collateral Agent or any holders of the Parity Lien Obligations is affected, impaired or extinguished thereby) do any one or more of the
following: 
  
 (1) change the manner, place or
terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase (subject to the Priority Lien Cap) or alter, the terms of any of the Priority Lien Debt or any Priority Lien on any Collateral or guaranty thereof or
any liability of any Pledgor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the Priority Lien Obligations, without any restriction as to the amount, tenor or terms of any such increase
or extension, but subject always to the Priority Lien Cap) or otherwise amend, renew, exchange, extend, modify or supplement in any manner any Priority Liens held by the Priority Lien Agent or any of the holders of the Priority Lien Obligations, the
Priority Lien Obligations, or any of the Priority Lien Documents; 
  
 (2) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part of the Collateral in an enforcement of the Priority Liens (subject to the rights of any
holder of Parity Liens and Parity Lien Obligations under applicable law or arising under the terms of this Agreement) or any liability of any Pledgor to the Priority Lien Agent or the holders of the Priority Lien Obligations, or any liability
incurred directly or indirectly in respect thereof; 
  
 (3) settle or compromise any Priority Lien Obligations or any other liability of any Pledgor or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however
realized to any liability (including the Priority Lien Obligations) in any manner or order; and 
  
 (4) exercise or delay in or refrain from exercising any right or remedy against any Pledgor or any other Person, elect any remedy and
otherwise deal freely with any Pledgor or any Collateral (subject to the rights of any holder of Parity Liens and Parity Lien Obligations under applicable law or arising under the terms of this Agreement) and any guarantor or any liability of any
Pledgor to the Priority Lien Agent or the holders of the Priority Lien Obligation or any liability incurred directly or indirectly in respect thereof. 
  
 (c) Subject to the rights of any holder of Parity Liens and Parity Lien Obligations under applicable law or arising under the terms of
this Agreement, and except as otherwise set forth herein, the Priority Lien Agent and the holders of the Priority Lien Obligations shall have no liability with respect to any actions which the Priority Lien Agent or the holders of the Priority Lien
Obligations may take or permit or omit to take with respect to: (i) the Priority Lien Documents, (ii) the collection of the Priority Lien Obligations or (iii) the foreclosure upon, or sale, liquidation or other disposition of, any
Collateral and that the Priority Lien Agent and holders of the Priority Lien Obligations will have no duty to the Parity Lien Collateral Agent or any holder of Parity Lien Obligations in respect of the maintenance or preservation of the Collateral,
the Priority Lien Obligations or otherwise. 
  

 29 

 SECTION 2.16 Acknowledgement of Liens. 
  
 (a) The Parity Lien Collateral Agent acknowledges that the
Priority Lien Agent, for the benefit of the holders of the Priority Lien Obligations, has been granted Liens upon substantially all of the assets and properties of the Pledgors, including without limitation the Collateral that is subject to Priority
Liens pursuant to the Priority Lien Documents to secure the Priority Lien Debt, and the Priority Lien Agent acknowledges that the Parity Lien Collateral Agent, for the benefit of the holders of the Parity Lien Obligations, has been granted Liens
upon the Collateral that is subject to Parity Liens pursuant to the Parity Lien Documents to secure the Parity Lien Debt. Except as set forth in Section 2.12, the Priority Lien Agent shall be solely responsible for perfecting and maintaining
the perfection of its Liens upon the Collateral, and the Parity Lien Collateral Agent, subject to Articles 2 and 3 of the Collateral Agency Agreement, shall be solely responsible for perfecting and maintaining the perfection of its Liens upon the
Collateral. 
  
 (b) The Parity Lien Collateral
Agent and the holders of the Parity Lien Obligations will not challenge the validity, enforceability, perfection or priority of the Priority Liens on the Collateral, and the Priority Lien Agent and the holders of the Priority Lien Obligations will
not challenge the validity, enforceability or perfection of the Parity Liens on the Collateral, in each case whether or not an Insolvency or Liquidation Proceeding has been commenced by or against Vitamin Shoppe or any other Pledgor. 
  
 ARTICLE 3. MISCELLANEOUS PROVISIONS 
  
 SECTION 3.1 Obligations of Pledgors Joint and Several; All Other
Obligations Several; Immunities and Indemnities of Agents and Representatives. 
  
 (a) Each party hereto other than the Pledgors will be obligated under this Agreement only for the performance of its own obligations
hereunder. All liabilities arising hereunder will be in all respects several and not joint. 
  
 (b) All obligations of the Pledgors hereunder are and will be in all respects joint and several. 
  
 (c) Except as set forth as to the Pledgors in
Section 3.1(b), no party hereto will be (i) obligated to perform, or liable for any failure to perform, any obligation of any other party or of any holder of Secured Obligations set forth in or arising under this Agreement or
(ii) otherwise liable for any undertaking, obligation, act, omission or wrongful conduct of any other party hereto or of any holder of Secured Obligations. 
  
 (d) The Parity Lien Collateral Agent will be entitled under this Agreement, and in respect of the
performance of its obligations and exercise of its rights thereunder, to all of the rights, protections, immunities and indemnities set forth in the Collateral Agency Agreement, as if such rights, protections, immunities and indemnities had been
specifically set forth therein. 
  
 (e) The
Priority Lien Agent will be entitled under this Agreement, and in respect of the performance of its obligations and exercise of its rights thereunder, to all of the rights, protections, immunities and indemnities set forth in the Loan and Security
Agreement, as if such rights, protections, immunities and indemnities had been specifically set forth therein. 
  
 (f) Each Secured Debt Representative will be entitled under this Agreement, and in respect of the performance of its obligations and
exercise of its rights thereunder, to all of the rights, 

  

 30 

 
protections, immunities and indemnities set forth in the Secured Debt Documents for the Series of Secured Debt for which it acts as Secured Debt
Representative, as if such rights, protections, immunities and indemnities had been specifically set forth therein. 
  
 SECTION 3.2 Successor Agents; Replacement and Substitution of Agents. 
  
 (a) If any Person at any time succeeds to the Liens, rights, powers and duties of the Parity Lien Collateral
Agent or the Priority Lien Agent, whether by law or in accordance with the applicable provisions of the Parity Lien Security Documents, in the case of the Parity Lien Collateral Agent, or Priority Lien Documents, in the case of the Priority Lien
Agent, such Person will concurrently and automatically succeed to the rights, powers and duties of its respective predecessor under this Agreement, whether or not it assumes such rights, powers or duties and without any requirement of notice to or
consent by any of the parties hereto. 
  
 (b) If
and when (i) the outstanding Priority Lien Debt is refinanced at any time in whole or in part under new or additional Priority Lien Documents providing that a Person other than the existing Priority Lien Agent will hold the Priority Liens for
the benefit of the holders of Priority Lien Obligations (whether the previously granted Priority Liens are assigned to such Person or are released and replaced by Priority Liens newly granted to such Person) or (ii) Vitamin Shoppe enters into a
new Loan and Security Agreement secured by Priority Liens newly granted to a Person other than the previous Priority Lien Agent at any time after the previously existing Loan and Security Agreement was retired, all previously outstanding Priority
Lien Debt was repaid in full and all previously granted Priority Liens were released, Vitamin Shoppe will have the right and obligation to cause such Person concurrently to execute and deliver to the parties hereto an Intercreditor Agreement
Joinder, appropriately completed by such Person as Priority Lien Agent, accompanied by the written consent thereto of the previously acting Priority Lien Agent; and thereupon (x) such Person will concurrently and automatically replace and be
substituted for the previously acting Priority Lien Agent and succeed to the rights, powers and duties of the previously acting Priority Lien Agent under this Agreement, without any requirement of notice to or consent by any of the parties hereto
and (y) the Person previously acting as Priority Lien Agent will be forever released from all of its obligations under this Agreement. 
  
 (c) If and when (i) the outstanding Parity Lien Debt is refinanced at any time in whole or in part under new or additional Parity
Lien Documents providing that a Person other than the existing Parity Lien Collateral Agent will hold the Parity Liens for the benefit of the holders of Parity Lien Obligations (whether the previously granted Parity Liens are assigned to such Person
or are released and replaced by Parity Liens newly granted to such Person) or (ii) Vitamin Shoppe enters into a new Indenture, credit agreement or other instrument secured by Parity Liens newly granted to a Person other than the previous Parity
Lien Collateral Agent at any time after the previously existing Indenture, credit agreement or other instrument was retired, all previously outstanding Parity Lien Debt was repaid in full and all previously granted Parity Liens were released,
Vitamin Shoppe will have the right and obligation to cause such Person concurrently to execute and deliver to the parties hereto an Intercreditor Agreement Joinder, appropriately completed by such Person as Parity Lien Collateral Agent, accompanied
by the written consent thereto of the previously acting Parity Lien Collateral Agent; and thereupon (x) such Person will concurrently and automatically replace and be substituted for the previously acting Parity Lien Collateral Agent and
succeed to the rights, powers and duties of the previously acting Parity Lien Collateral Agent under this Agreement, without any requirement of notice to or consent by any of the parties hereto and (y) the Person previously acting as Parity
Lien Collateral Agent will be forever released from all of its obligations under this Agreement. 
  
 (d) Notwithstanding any assumption of obligations by a successor Parity Lien Collateral Agent or Priority Lien Agent, as the case may be,
and notwithstanding any release of the 

  

 31 

 
obligations of a predecessor Parity Lien Collateral Agent or Priority Lien Agent, as the case may be, under this Agreement, the successor will not assume or
be liable for, and the predecessor will not be released from, any liability for breach of any obligation of the predecessor that had accrued at the time of assumption. 
  
 SECTION 3.3 Binding Effect; Enforcement. 
  
 (a) This Agreement is binding upon and inures to the benefit of the parties hereto and their respective
successors and assigns. 
  
 (b) To the extent
provided in the Priority Lien Documents, the holders of the Priority Lien Obligations shall have the right to grant participations in, or otherwise sell, assign, transfer or negotiate all or any part of, or any interest in, the Priority Lien Debt
and the Collateral securing same; provided, that, Parity Lien Collateral Agent shall not be obligated to give any notices to or otherwise in any manner deal directly with any holder of Priority Lien Obligations or any participant in the Priority
Lien Debt, and no participant shall be entitled to any rights or benefits under this Agreement except through the holder of the Priority Lien Obligations with which it is a participant. In connection with any participation or other transfer or
assignment, a holder of Priority Lien Obligations (i) may, subject to the Priority Lien Documents, disclose to such assignee, participant or other transferee or assignee all documents and information which such holder of Priority Lien
Obligations now or hereafter may have relating to Pledgors or the Collateral and (ii) shall disclose to such participant or other transferee or assignee the existence and terms and conditions of this Agreement. 
  
 (c) Except as otherwise set forth in Section 2.9(c),
the obligations of the Parity Lien Collateral Agent, Parity Lien Representatives and holders of Parity Lien Obligations under this Agreement are enforceable only by the Priority Lien Agent and by each Priority Lien Representative for the benefit of
the holders of Priority Lien Obligations. 
  
 (d)
Except as otherwise set forth in Section 2.9(c), the obligations of the Priority Lien Agent, Priority Lien Representatives and holders of Priority Lien Obligations under this Agreement are enforceable only by the Parity Lien Collateral Agent
and by each Parity Lien Representative for the benefit of the holders of Parity Lien Obligations. 
  
 (e) Each holder of Secured Obligations that is not party hereto may enforce the provisions of Sections 2.8 and 2.9 as an intended third
party beneficiary thereof as set forth in Section 2.9(c), but no holder of Secured Obligations, except the Parity Lien Collateral Agent, the Priority Lien Agent and Secured Debt Representatives, will otherwise have the right independently or
directly to enforce any other obligation hereunder. No other third parties (including holders of claims against or interests in any Pledgor) are intended to have the benefit of, or will be entitled to rely on or enforce, any obligation arising under
this Agreement. 
  
 (f) Without limiting the
right to assign any claim for breach of any obligation hereunder, (i) the rights and powers of the Parity Lien Collateral Agent and the Priority Lien Agent under this Agreement are appurtenant to the Liens it holds and may be assigned only in
connection with, or to confirm, any succession or substitution as holder of such Liens, (ii) the rights and powers of a Secured Debt Representative under this Agreement are granted to it in its capacity as representative for the Series of
Secured Debt for which its acts as representative and may be assigned only in connection with, or to confirm, any succession or substitution in such representative capacity, and (iii) all other attempted assignments of any rights or powers of
the Parity Lien Collateral Agent, the Priority Lien Agent or Secured Debt Representative under this Agreement will be void. 
  

 32 

 SECTION 3.4 Additional Representations. 
  
 (a) Priority Lien Agent represents and warrants to the
Trustee, the Parity Lien Collateral Agent and the holders of the Parity Lien Obligations that: 
  
 (1) the execution, delivery and performance of this Agreement by Priority Lien Agent (on behalf of itself and the holders of the Priority
Lien Obligations) is within its powers in its capacity as agent for the holders of the Priority Lien Obligations; and 
  
 (2) Priority Lien Agent has been authorized to execute, deliver and perform this Agreement on behalf of the holders of the Priority Lien
Obligations and to bind the holders of the Priority Lien Obligations to the terms hereof; and 
  
 (b) The Parity Lien Collateral Agent and the Trustee represent and warrant to the Priority Lien Agent and holders of the Priority Lien
Obligations that: 
  
 (1) the execution, delivery
and performance of this Agreement by Parity Lien Collateral Agent and the Trustee (on behalf of the holders of the Parity Lien Obligations) is within their powers in their capacities as collateral agent and trustee, respectively, for the holders of
the Parity Lien Obligations, and 
  
 (2) The
Parity Lien Collateral Agent and the Trustee have been authorized to execute, deliver and perform this Agreement on behalf of the holders of the Parity Lien Obligations and to bind the holders of the Parity Lien Obligations to the terms hereof.

  
 SECTION 3.5 Additional Pledgors and Secured Debt
Representatives. 
  
 (a) The Pledgors will
cause each Subsidiary which hereafter becomes a Pledgor to become a party to this Agreement, for all purposes of this Agreement, as an additional Pledgor, by causing it to execute and deliver to the parties hereto an Intercreditor Agreement Joinder,
appropriately completed, whereupon such Subsidiary will be bound by the terms hereof applicable to it as Pledgor to the same extent and in the same manner as the Pledgors originally party to this Agreement. 
  
 (b) The Pledgors will cause the Secured Debt Representative
for any Series of Secured Debt hereafter incurred to become a party to this Agreement, for all purposes of this Agreement, as an additional Secured Debt Representative, by causing it to execute and deliver to the parties hereto at the time of
incurrence an Intercreditor Agreement Joinder, appropriately completed, whereupon such Person will be bound by the terms hereof applicable to it as Secured Debt Representative to the same extent and in the same manner as the Secured Debt
Representatives originally party to this Agreement. The Secured Debt Representative of each future Series of Secured Debt will be required to deliver a Lien Sharing and Priority Confirmation to the Priority Lien Agent, the Parity Lien Collateral
Agent and each other Secured Debt Representative at the time of incurrence of such Series of Secured Debt. 
  
 SECTION 3.6 Delay and Waiver. No failure to exercise, no course of dealing with respect to the exercise of, and no delay in exercising, any right,
power or remedy arising under this Agreement or any of the Security Documents will impair any such right, power or remedy or operate as a waiver thereof. No single or partial exercise of any such right, power or remedy will preclude any other or
future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 
  

 33 

 SECTION 3.7 Notices. Any communications, including notices and instructions, between the parties
hereto or notices provided herein to be given shall be in writing and shall be given to the following addresses: 
  

			
	 If to the Priority Lien Agent:
	  	Wachovia Bank, National Association
	 	  	1133 Avenue of the Americas
	 	  	New York, New York 11136
	 	  	Attn: Portfolio Manager—Vitamin Shoppe
	 	  	Telephone No.: 212-840-2000
	 	  	Telecopy No.: 212-545-4283
		
	 If to the Parity Lien Collateral Agent:
	  	Wilmington Trust Company
	 	  	Rodney Square North
	 	  	1100 North Market Street
	 	  	Wilmington, DE 19890-0001
	 	  	Attn: Corporate Capital Markets
	 	  	Telecopy No.: (302) 636-4145
		
	 If to the Trustee:
	  	Wilmington Trust Company
	 	  	Rodney Square North
	 	  	1100 North Market Street
	 	  	Wilmington, DE 19890-0001
	 	  	Attn: Corporate Capital Markets
	 	  	Telecopy No.: (302) 636-4145
		
	 If to Vitamin Shoppe or any other Pledgor:
	  	Vitamin Shoppe Industries Inc.
	 	  	Corporate Office
	 	  	2101 91st Street
	 	  	North Bergen, New Jersey 07047
	 	  	Attn: Vice President of Finance (or with respect to notices of default only, General Counsel)
	 	  	Telephone No.: (201) 624-3000
	 	  	Telecopy No.: (201) 868-0727
		
	 With copy to:
	  	Kirkland & Ellis LLP
	 	  	153 East 53rd Street
	 	  	New York, New York 10022
	 	  	Attn: Michael T. Edsall, Esq.
	 	  	Telephone No.: (212) 446-4800
	 	  	Telecopy No.: (212) 446-4900

  
 and if to any other Secured Debt
Representative, to such address as it may specify by written notice to the parties named above. All notices and communications will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery, to the relevant address set forth above or, as to holders of Secured Debt, its address shown on the register kept by the office or agency where the relevant Secured Debt may be presented for registration of transfer
or for exchange, and shall be deemed given, made or received: if mailed by first class mail, certified or registered, return receipt requested, five (5) days after mailing, and if by overnight air courier 

  

 34 

 
guaranteeing next day delivery, one (1) Business Day after sending. Failure to mail a notice or communication to a holder of Secured Debt or any defect in it
will not affect its sufficiency with respect to other holders of Secured Debt. If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
  
 SECTION 3.8 Entire Agreement. 
  
 (a) This Agreement states the complete agreement of the
parties relating to the matters set forth herein and supersedes all oral negotiations and prior writings in respect of such undertaking. 
  
 (b) In the event of any conflict between the terms, conditions and provisions of this Agreement and any other Secured Debt Document, the
terms, conditions and provisions of this Agreement shall prevail, and each Parity Lien Security Document shall include a provision to such effect. 
  
 SECTION 3.9 Severability. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction, the
validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby. 
  
 SECTION 3.10 Headings. Section headings herein have been inserted for
convenience of reference only, are not to be considered a part of this Agreement and will in no way modify or restrict any of the terms or provisions hereof. 
  
 SECTION 3.11 Obligations Secured. All obligations of the Pledgors set forth in or arising under this Agreement will be (a) Priority Lien
Obligations if owing to a holder of Priority Lien Obligations and (b) Parity Lien Obligations if owing to a holder of Parity Lien Obligations. 
  
 SECTION 3.12 Governing Law. THE VALIDITY, CONSTRUCTION AND EFFECT OF THIS AGREEMENT SHALL BE GOVERNED BY THE INTERNAL LAWS THE INTERNAL LAWS OF THE
STATE OF NEW YORK (WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW). 
  
 SECTION 3.13 Consent to Jurisdiction. All judicial proceedings brought against any party hereto arising out of or relating to this Agreement may be brought in any state or federal court of competent
jurisdiction in the State, County and City of New York. By executing and delivering this Agreement, each Pledgor, for itself and in connection with its properties, irrevocably: 
  
 (a) accepts generally and unconditionally the nonexclusive jurisdiction and venue of such courts;

  
 (b) waives any defense of forum non
conveniens; 
  
 (c) agrees that service of all
process in any such proceeding in any such court may be made by registered or certified mail, return receipt requested, to such party at its address provided in accordance with Section 3.7; 
  
 (d) agrees that service as provided in clause (c) above
is sufficient to confer personal jurisdiction over such party in any such proceeding in any such court and otherwise constitutes effective and binding service in every respect; and 
  

 35 

 (e) agrees each party hereto retains the right to serve process in any other manner
permitted by law or to bring proceedings against any party in the courts of any other jurisdiction. 
  
 SECTION 3.14 Waiver of Jury Trial. Each party to this Agreement waives its rights to a jury trial of any claim or cause of action based upon or
arising under this Agreement any dealings between them relating to the subject matter of this Agreement or the intents and purposes of this Agreement. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be
filed in any court and that relate to the subject matter of this Agreement, including contract claims, tort claims, breach of duty claims and all other common law and statutory claims. Each party to this Agreement acknowledges that this waiver is a
material inducement to enter into a business relationship, that each party hereto has already relied on this waiver in entering into this Agreement, and that each party hereto will continue to rely on this waiver in its related future dealings. Each
party hereto further warrants and represents that it has reviewed this waiver with its legal counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. This waiver is irrevocable, meaning
that it may not be modified either orally or in writing (other than by a mutual written waiver specifically referring to this Section 3.14 and executed by each of the parties hereto), and this waiver will apply to any subsequent amendments,
renewals, supplements or modifications of or to this Agreement. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 
  
 SECTION 3.15 Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile and
other electronic method of transmission), each of which when so executed and delivered will be deemed an original, but all such counterparts together will constitute but one and the same instrument. 
  
 SECTION 3.16 Effectiveness. This Agreement will become effective upon
the execution of a counterpart hereof by each of the parties hereto and receipt by each party of written notification of such execution and written or telephonic authorization of delivery thereof. 
  
 SECTION 3.17 Continuing Nature of this Agreement. This Agreement,
including the subordination provisions hereof, will be reinstated if at any time any payment or distribution in respect of any of the Priority Lien Obligations is rescinded or must otherwise be returned in an Insolvency or Liquidation Proceeding or
otherwise by any holder of Priority Lien Obligations or Priority Lien Representative or any representative of any such party (whether by demand, settlement, litigation or otherwise). In the event that all or any part of a payment or distribution
made with respect to the Priority Lien Obligations is recovered from any holder of Priority Lien Obligations or any Priority Lien Representative in an Insolvency or Liquidation Proceeding or otherwise, such payment or distribution received by any
holder of Parity Lien Obligations or Parity Lien Representative with respect to the Parity Lien Obligations from the proceeds of any Collateral or any title insurance policy required by any real property mortgage at any time after the date of the
payment or distribution that is so recovered, whether pursuant to a right of subrogation or otherwise, that Parity Lien Representative or that holder of a Parity Lien Obligation, as the case may be, will forthwith deliver the same to the Priority
Lien Agent, for the account of the holders of the Priority Lien Obligations and other Obligations secured by a Permitted Prior Lien, to be applied in accordance with Sections 2.8 and 2.9. Until so delivered, such proceeds will be held by that Parity
Lien Representative or that holder of a Parity Lien Obligation, as the case may be, for the benefit of the holders of the Priority Lien Obligations and other Obligations secured by a Permitted Prior Lien. 
  

 36 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective
officers or representatives as of the day and year first above written. 
  

					
	VITAMIN SHOPPE INDUSTRIES INC., as Pledgor
		
	By:	 	 /s/ Ronald M. Neifield

	 	 	 Name:
	 	 Ronald M. Neifield

	 	 	 Title:
	 	 General Counsel/Vice President

	
	 VS DIRECT INC., as Pledgor

		
	By:	 	 /s/ Ronald M. Neifield

	 	 	 Name:
	 	 Ronald M. Neifield

	 	 	 Title:
	 	 General Counsel/Vice President

	
	 VS HOLDINGS, INC., as Pledgor

		
	By:	 	 /s/ Ronald M. Neifield

	 	 	 Name:
	 	 Ronald M. Neifield

	 	 	 Title:
	 	 General Counsel/Vice President

	
	 WACHOVIA BANK, NATIONAL ASSOCIATION, as
Priority Lien Agent

		
	By:	 	 /s/ Marc J. Breier

	 	 	 Name:
	 	 Marc J. Breier

	 	 	 Title:
	 	 Director

	
	 WILMINGTON TRUST COMPANY, not in
its
individual capacity, but solely as Trustee under the
Indenture

		
	By:	 	 /s/ Michele C. Harra

	 	 	 Name:
	 	 Michele C. Harra

	 	 	 Title:
	 	 Financial Services Officer

	
	 WILMINGTON TRUST COMPANY, not in its
individual capacity, but solely as Parity Lien
Collateral Agent

		
	By:	 	 /s/ Michele C. Harra

	 	 	 Name:
	 	 Michele C. Harra

	 	 	 Title:
	 	 Financial Services Officer

  

 S-1 

 EXHIBIT A 
 to Intercreditor Agreement 
  
 [FORM OF] 
 INTERCREDITOR AGREEMENT JOINDER 
  
 The undersigned, _____________________, a _______________, hereby agrees to become party as [a Pledgor] [a Parity Lien
Representative] [a Priority Lien Representative] under the Intercreditor Agreement dated November 15, 2005 (the “Intercreditor Agreement”) among Vitamin Shoppe Industries Inc., the Pledgors from time to time party
thereto, Wachovia Bank, National Association, as Agent under the Loan and Security Agreement (as defined therein), Wilmington Trust Company, as Trustee under the Indenture (as defined therein), and Wilmington Trust Company, as Collateral Agent, as
amended, supplemented, amended and restated or otherwise modified and in effect from time to time, for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Intercreditor Agreement as fully as if the undersigned
had executed and delivered the Intercreditor Agreement as of the date thereof. 
  
 The provisions of Article 6 of the Intercreditor Agreement will apply with like effect to this Joinder. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Intercreditor Agreement Joinder to be executed by their respective officers or representatives as
of ___________________, 20____. 
  

					
	[                                      
                                        
      ]
		
	By:	 	 
	 	 	Name:	 	 
	 	 	Title:Deposit Account Control Agreement, dated November 15, 2005

 Exhibit 10.9 
  
 [Execution] 
  
 (Account – With Activation) 
  
 DEPOSIT ACCOUNT CONTROL AGREEMENT 
  
 This Agreement is entered into as of November 15, 2005 among Vitamin Shoppe Industries Inc. (“Company”) Wachovia Bank, National
Association, in its capacity as agent pursuant to the Loan Agreement (as hereinafter defined) acting for and on behalf of the Lenders described below (in such capacity together with its successors and assigns “Agent”), and Bank of America,
N.A. (“Bank”) with respect to the following: 
  
 A. Bank
has agreed to establish and maintain for Company deposit account number 9429291251 (the “Account”). 
  
 B. The Company has entered into financing arrangements with Agent and the parties to the Loan Agreement as lenders (collectively, with their respective
successors and assigns “Lenders”) pursuant to which the Company may from time to time have certain indebtedness or other obligations to Agent and Lenders. As used herein the term “Loan Agreement” shall mean the Loan and Security
Agreement, dated November __, 2005, among Agent, Lenders, the Company and certain of its affiliates, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced. 
  
 C. Company has granted to Agent, for the benefit of the Lenders and the other
Secured Parties (as defined in the Loan Agreement), a security interest in, among other things, the Account and in the checks and other payment instructions (“Checks”) deposited in the Account. 
  
 D. Company, Agent and Bank are entering into this Agreement to evidence
Agent’s security interest in the Account and such Checks and to provide for the disposition of net proceeds of Checks deposited in the Account. 
  
 Accordingly, Company, Agent and Bank agree as follows: 
  
 1. (a) This Agreement evidences Agent’s control over the Account. Notwithstanding anything to the contrary in the agreement
between Bank and Company governing the Account, Bank will comply with instructions originated by Agent as set forth herein directing the disposition of funds in the Account without further consent of the Company. 
  
 (b) Company represents and warrants to Agent and Bank that it has not
assigned or granted a security interest in the Account or any Check deposited in the Account, except for the security interest granted to Agent and each of the other Secured Parties (as defined in the Loan Agreement) and the rights and interests of
Bank set forth herein. 
  

 1 

 (c) Company will not permit the Account to become subject to any other pledge, assignment, lien, charge
or encumbrance of any kind, other than the security interests of Agent and each of the other Secured Parties and the rights and interests of Bank set forth herein. 
  
 2. During the Activation Period (as defined below), Company and its officers, agents and other representatives shall not have any authority
to withdraw any amounts from, to draw upon or otherwise exercise any authority or power with respect to the Account or amounts held therein or payable therefrom and Bank shall not permit Company to do any of the foregoing. Prior to the Activation
Period, Company may operate and transact business through the Account in the ordinary course of business, including making withdrawals from the Account, but covenants to Agent that it will not close the Account without Agent’s prior written
consent. Bank shall have no liability in the event Company breaches this covenant to Agent. 
  
 Company and Agent acknowledge and agree that Bank may debit the Account for any ACH credit entries (the “Entries”) that may have been originated by Company but that have not settled at the time of
Bank’s receipt of the Notice (as hereinafter defined) or for any Entries that are subsequently returned thereafter. 
  
 A reasonable period of time following the commencement of the Activation Period (not to exceed five (5) Business Days after Bank’s receipt of the Notice), and
continuing on each Business Day thereafter, Bank shall transfer all collected and available balances in the Account automatically and without further direction each Business Day, at Company’s sole cost and expense, by federal funds wire
transfer, solely to Agent at its account specified in the Notice. The “Activation Period” means the period which commences within a reasonable period of time not to exceed two (2) Business Days after Bank’s receipt of a written
notice from Agent in the form of Exhibit A hereto (the “Notice”). A “Business Day” is each day except Saturdays, Sundays and Bank holidays. Funds are not available if, in the reasonable determination of Bank, they are subject to
a hold, dispute or legal process preventing their withdrawal. 
  
 3. Bank agrees
that it shall not offset, charge, deduct or otherwise withdraw funds from the Account, except as permitted by Section 4 hereof, until it has been advised in writing by Agent that all of Company’s obligations that are secured by the Checks
and the Account (other than contingent obligations not yet accrued at such time) are paid in full and the financing arrangements of Agent and Company and its subsidiaries shall have been terminated. Agent shall notify Bank promptly in writing upon
payment in full of Company’s obligations (other than contingent obligations not yet accrued at such time). 
  
 4. Bank is permitted to charge the Account: 
  
 (a) for its fees and charges relating to the Account or associated with this Agreement; and 
  
 (b) in the event any Check deposited into the Account is returned unpaid for any reason or for any breach of warranty claim.

  

 2 

 5. (a) If the balances in the Account or any other account of Company or its subsidiaries maintained at Bank are not
sufficient to compensate Bank for any fees or charges due to Bank in connection with the Account or this Agreement, Company agrees to pay Bank upon written demand the amount due to Bank. Company will have breached this Agreement if it has not paid
Bank, within five (5) Business Days after such demand, the amount due to Bank. 
  
 (b) If the balances in the Account or any other account of Company or its subsidiaries maintained at Bank are not sufficient to compensate Bank for any returned Check, Company agrees to pay Bank upon written demand
the amount due to Bank. If Company fails to so pay Bank promptly upon written demand and if the balances in the Account or any other deposit account of Company or its subsidiaries at Bank are not sufficient to compensate Bank for any such returned
Check, Agent (for the account of Company) agrees to pay Bank, within five (5) Business Days after Bank’s written demand to Agent, any amount received by Agent with respect to such returned Check. The failure to so pay Bank shall constitute
a breach of this Agreement. 
  
 (c) Company hereby authorizes
Bank, without prior notice, from time to time after the expiration of the five (5) Business Day periods described in subsections 5(a) and 5(b) hereof, to debit any other account Company may have with Bank for the amount or amounts due to Bank
under subsections 5(a) or 5(b) hereof. 
  
 6. (a) Each Business Day, Bank
will send any Checks as well as any other materials, such as invoices, which it may receive related to the Account, plus information regarding the deposits to the Account, to the address specified below for Company or as otherwise specified in
writing by Company to Bank, and will send a copy of each such documents and the deposit advice to the address specified below for Agent. 
  
 (b) In addition to the original Bank statement provided to Company, Bank will provide Agent with a duplicate of such statement. 
  
 7. (a) Bank will not be liable to Company or Agent for any expense, claim, loss, damage
or cost (“Damages”) arising out of or relating to its performance under this Agreement other than those Damages which result directly from its acts or omissions constituting gross negligence, bad faith or intentional misconduct or material
breach of its obligations under this Agreement. 
  
 (b) In no
event will Bank be liable for any special, indirect, exemplary or consequential damages, including but not limited to lost profits. 
  
 (c) Bank will be excused from failing to act or delay in acting, and no such failure or delay shall constitute a breach of this Agreement or otherwise
give rise to any liability of Bank, if (i) such failure or delay is caused by circumstances beyond Bank’s reasonable control, including but not limited to legal constraint, emergency conditions, action or inaction of governmental, civil or
military authority, fire, strike, lockout or other labor dispute, war, riot, theft, flood, earthquake or other natural disaster, breakdown of public or private or common carrier communications or transmission facilities, equipment failure, or
negligence or default of Company 

  

 3 

 
or Agent or (ii) such failure or delay resulted from Bank’s reasonable belief that the action would have violated any guideline, rule or regulation
of any governmental authority. 
  
 (d) Bank shall have no duty to
inquire or determine whether Company’s obligations to Agent are in default or whether Agent is entitled to provide the Notice to Bank. Bank may rely on notices and communications it believes in good faith to be genuine and given by the
appropriate party. 
  
 (e) Notwithstanding any of the other
provisions in this Agreement, in the event of the commencement of a case pursuant to Title 11, United States Code, filed by or against Company, or in the event of the commencement of any similar case under then applicable federal or state law
providing for the relief of debtors or the protection of creditors by or against Company, Bank may act as Bank reasonably deems necessary to comply with all applicable provisions of governing statutes and shall not be in violation of this Agreement
as a result. 
  
 (f) Bank shall be permitted to comply with any
writ, levy order or other similar judicial or regulatory order or process issued by any governmental authority exercising competent jurisdiction concerning the Account or any Check and shall not be in violation of this Agreement for so doing.

  
 8. Company and Agent (for the account of Company) shall jointly and severally
indemnify Bank against, and hold it harmless from, any and all liabilities, claims, costs, expenses and damages of any nature (including but not limited to allocated costs of staff counsel, other reasonable attorney’s fees and any other
reasonable fees and expenses) in any way arising out of or relating to disputes or legal actions concerning Bank’s provision of the services described in this Agreement; provided, that, Agent’s obligations under this Section 8 shall
be limited to disputes or legal actions by third parties only. This section does not apply to any cost or damage attributable to the gross negligence, bad faith or intentional misconduct of Bank or breach of this Agreement by Bank. Company’s
obligations under this section shall survive termination of this Agreement. Agent’s obligations under this section shall survive one hundred twenty (120) days after termination of this Agreement. 
  
 9. Company and Agent shall jointly and severally pay to Bank, upon receipt of Bank’s
invoice, all costs, expenses and reasonable attorneys’ fees (including allocated costs for in-house legal services) incurred by Bank in connection with the enforcement of this Agreement, including but not limited to any such costs, expenses and
reasonable fees arising out of the resolution of any conflict, dispute, motion regarding entitlement to rights or rights of action, or other action to enforce Bank’s rights in a case arising under Title 11, United States Code; provided, that,
Company and Agent shall not be obligated to pay Bank in connection with its gross negligence, bad faith or willful misconduct or material breach of its obligations under this Agreement. Company agrees to pay Bank, upon receipt of Bank’s
invoice, all costs, expenses and reasonable attorneys’ fees (including allocated costs for in-house legal services) incurred by Bank in the preparation and administration of this Agreement (including any amendments hereto or instruments or
agreements required hereunder). 
  

 4 

 10. Termination and Assignment of this Agreement shall be as follows: 
  
 (a) Agent may terminate this Agreement by providing notice to Company and
Bank that all of Company’s obligations which are secured by Checks and the Account (other than contingent obligations not yet accrued at such time) are paid in full. Agent may also terminate or it may assign this Agreement upon thirty
(30) days’ prior written notice to Company and Bank. Bank may terminate this Agreement upon thirty (30) days’ prior written notice to Company and Agent. Company may not terminate this Agreement except with the written consent of
Agent and upon prior written notice to Bank. 
  
 (b)
Notwithstanding subsection 10(a) hereof, Bank may terminate this Agreement at any time by written notice to Company and Agent if either Company or Agent breaches any of the terms of this Agreement, or any other agreement with Bank. 
  
 (c) Upon termination of this Agreement by Bank or by Agent, any collected and
available balances in the Account will be transferred in accordance with Agent’s instructions and the Account will be closed unless Agent has sent the notice to Bank referred to in Section 3 above that the obligations of Company which are
secured by the Account (other than contingent obligations not yet accrued at such time) and the financing arrangements of Company with Agent have been terminated. If Agent has sent such notice to Bank as referred to in Section 3 above, then
upon termination of this Agreement, any collected and available balances in the Account will be transferred in accordance with Company’s instructions. If for any reason this Agreement is terminated other than pursuant to a notice from Agent to
Bank referred to in Section 3 hereof, then the Account shall be closed and any funds, deposits or credits in the Account shall be sent to such account of Agent as Agent may specify in writing to Bank. 
  
 11. Each party represents and warrants to the other parties that (i) this Agreement
constitutes its duly authorized, legal, valid, binding and enforceable obligation, except as such enforceability may be limited by bankruptcy, insolvency, moratorium or similar laws limiting creditors’ rights generally and by general equitable
principles; (ii) the performance of its obligations under this Agreement and the consummation of the transactions contemplated hereunder will not (A) constitute or result in a breach of its certificate or articles of incorporation, by-laws
or partnership agreement, as applicable, or the provisions of any material contract to which it is a party or by which it is bound or (B) result in the violation of any material law, regulation, judgment, decree or governmental order applicable
to it; and (iii) all approvals and authorizations required to permit the execution, delivery, performance and consummation of this Agreement and the transactions contemplated hereunder have been obtained. 
  
 12. (a) This Agreement may be amended only by a writing signed by Company, Agent and
Bank; except that Bank’s charges are subject to change by Bank upon thirty (30) days’ prior written notice to Company. 
  
 (b) This Agreement may be executed in counterparts; all such counterparts shall constitute but one and the same agreement. 
  

 5 

 (c) This Agreement controls in the event of any conflict between this Agreement and any other document or
written or oral statement. This Agreement supersedes all prior understandings, writings, proposals, representations and communications, oral or written, of any party relating to the subject matter hereof. 
  
 (d) This Agreement shall be interpreted in accordance with North Carolina law
without reference to that state’s principles of conflicts of law. 
  
 13. All
notices, requests and demands hereunder shall be deemed to have been given or made upon receipt regardless of method of delivery. Any written notice or other written communication to be given under this Agreement shall be addressed to each party at
its address set forth on the signature page of this Agreement or to such other address as a party may specify in writing. 
  
 14. Nothing contained in this Agreement shall create any agency, fiduciary, joint venture or partnership relationship between Bank and Company or Agent. Company and Agent
agree that nothing contained in this Agreement, nor any course of dealing among the parties to this Agreement, shall constitute a commitment or other obligation on the part of Bank to extend credit to Company or Agent. 
  

 6 

 In Witness Whereof, the parties hereto have executed this Agreement by their duly authorized officers as of the day and
year first above written. 
  

									
	 Vitamin Shoppe Industries Inc.
 (“Company”)
	 	 	 	 Address for notices:

	 	 	 	 	 Vitamin Shoppe Industries Inc.
 Corporate Office

	 By:
	 	 /s/ Ronal M. Neifield
	 	 	 	 2101 91st Street

	 Name:
	 	 Ronal M. Neifield
	 	 	 	 North Bergen, New Jersey 07047

	 Title:
	 	 General Counsel/Vice President
	 	 	 	 Attention:  Vice President of Finance (or with respect to notices of default only, General Counsel)

			
	 Wachovia Bank, National Association, as Agent
 (“Agent”)
	 	 	 	 Address for notices:

	 	 	 	 	 Wachovia Bank, National Association, as Agent

	 By:
	 	 /s/ Marc J. Breier
	 	 	 	 1133 Avenue of the Americas

	 Name:
	 	 Marc J. Breier
	 	 	 	 New York, New York 10036

	 Title:
	 	 Director
	 	 	 	 Attention : Portfolio Manager

	 	 	 	 	 	 	 Phone : 212-840-2000

	 	 	 	 	 	 	 Fax: 212-545-4283

			
	 Bank of America, N.A.
 (“Bank”)
	 	 	 	 Address for notices:

	 	 	 	 	 Bank of America, N.A

	 By:
	 	 /s/ Michael J. Araujo
	 	 	 	 Deposit Support East

	 Name:
	 	 Michael J. Araujo
	 	 	 	 225 N. Calvert Street

	 Title:
	 	 Assistant Vice President
	 	 	 	 Mail Code : MD4-301-10-38

	 	 	 	 	 	 	 Baltimore, Maryland 21202

	 	 	 	 	 	 	 Phone : 410-605-8616

	 	 	 	 	 	 	 Fax : 410-347-0316

				
	 	 	 	 	 	 	 and

				
	 	 	 	 	 	 	 Bank of America, N.A

	 	 	 	 	 	 	 225 N. Calvert Street

	 	 	 	 	 	 	 Mail Code : MD4-301-10-38

	 	 	 	 	 	 	 Baltimore, Maryland 21202

	 	 	 	 	 	 	 Attn: Helen P. Hudson

	 	 	 	 	 	 	 Phone: 410-605-8616

	 	 	 	 	 	 	 Fax: 410-347-0316

  

 7 

 EXHIBIT A 
 TO DEPOSIT ACCOUNT CONTROL AGREEMENT 
  
 Form of Activation Notice 
  
 [Letterhead of Wachovia Bank, National Association] 
  

					
	To:	  	 Bank of America, N.A
 Deposit Support East

225 N. Calvert Street
 Mail Code: MD4-301-10-38
 Baltimore, Maryland 21202
 Phone: 410-605-8616
 Fax: 410-347-0316
	  	 Bank of America, N. A
 225 N. Calvert
Street
 Mail Code : MD4-301-10-38
 Baltimore, Maryland
21202
 Attn: Helen P. Hudson
 Phone: 410-605-8616
 Fax: 410-347-0316

  

	 	Re:	Vitamin Shoppe Industries Inc. Account No. 9429291251 

  
 Ladies and Gentlemen: 
  
 Reference is made to the Deposit Account Control Agreement, dated November __, 2005 (the “Agreement”) among Vitamin Shoppe Industries Inc., us
and you regarding the above-described account (the “Account”). In accordance with Section 2 of the Agreement, we hereby give you notice of our exercise of control of the Account and we hereby instruct you to transfer funds to our
account as follows: 
  

			
	 Bank Name:
 Bank Address:
 ABA No.:
 Account Name:
 Account No.:
 Reference:
	  	 Wachovia Bank, National Association
 Charlotte, North
Carolina
 053-000-219
 Wachovia Bank, National
Association
 5000000030279
 Vitamin Shoppe

  

			
	 Very truly yours,

	
	 WACHOVIA BANK, NATIONAL
 ASSOCIATION, as Agent

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 8

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