Document:

Amendment No. 1 to Employment and Non-Competition Agreement - Richard Markee

 Exhibit 10.32 
 AMENDMENT NO. 1 TO EMPLOYMENT AND NON-COMPETITION AGREEMENT 
 THIS AMENDMENT NO. 1
TO EMPLOYMENT AND NON-COMPETITION AGREEMENT, (this “Agreement”) is made as of February 28, 2011, by and among Richard Markee (“Executive”), Vitamin Shoppe, Inc., a Delaware corporation, (“Parent”) and
Vitamin Shoppe Industries Inc., a New York corporation (the “Company”). 
 Reference is made to that certain Employment and
Non-Competition Agreement by and between Executive, Parent and Company dated September 9, 2009 (the “Employment Agreement”). 

WHEREAS, the parties to this Agreement desire to amend the Employment Agreement as provided herein; 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows: 
 1. Section 1 is hereby amended and restated in its entirety as follows:

 1. “Position and Responsibilities. The Executive shall, effective April 4, 2011 (the “Effective
Date”), serve as Executive Chairman of each of Parent and, in such capacity, shall be responsible for and shall perform such duties as are customarily performed by an executive chairman of a company of a similar size, and shall have such power
and authority as shall reasonably be required to enable him to perform his duties hereunder; provided, however, that in exercising such power and authority and performing such duties, he shall at all times be subject to the authority
of the Board of Directors of Parent. The Executive shall report to the Board of Directors of Parent. The Executive shall not report or be subject to the authority of any officer or employee of Parent, VS Direct, Inc. or the Company. The Executive
agrees to devote a majority of his business time, attention and services to the diligent, faithful and competent discharge of such duties for the successful operation of Parent’s, VS Direct’s and the Company’s business.”

 2. Section 2 (A) is hereby amended and restated in its entirety as follows: 

“(A) Salary. In consideration of the services to be rendered by the Executive to the Company, the Company shall, effective
April 4, 2011, pay to the Executive a base salary of $400,000 per annum (such salary as it may be increased from time to time being hereinafter referred to as the “Base Salary”). Except as may otherwise be agreed, the Base Salary
shall be payable in conformity with the Company’s customary practices for executive compensation as such practices shall be established or modified from time to time but shall be payable not less frequently than monthly. The Executive shall
receive such increases or decreases in his Base Salary as the Board of Directors of the Company, upon recommendation of the Compensation Committee may from time to time approve in its sole discretion; provided, however, that the Executive’s
Base Salary will be reviewed 

 
not less often than annually, with the first performance and financial review to occur in March 2012. 
 3. Section 2 (B) is hereby amended and restated in its entirety as follows: 
 (B) “Bonus Compensation. Effective April 4, 2011, each calendar year during the term of this Agreement, the Executive shall be eligible for a cash bonus award (the “Annual Cash Bonus”)
with a target amount of fifty percent (50%) of his then current base salary pursuant to the Company’s then current Management Incentive Program (“MIP”). As currently constituted the MIP is based upon (i) the Company’s
satisfaction of operating objectives specified by the Company’s Board of Directors each year in its sole discretion, and (ii) individual members of management’s satisfaction of certain individual operating objectives based upon their
area of responsibility as specified by the Company’s Board of Directors in their sole discretion. Executive acknowledges that Company reserves the right to change the structure of the MIP from time to time, provided that any change will not
affect Executive’s ability to receive an Annual Cash Bonus with a target of fifty percent (50%) of Executive base salary. Executive shall be paid his Annual Cash Bonus on or about March 1st of the calendar year following the year to
which such bonus relates, but before the end of such calendar year. The parties acknowledge that the determination of the Annual Cash Bonus for the year in which Executive’s employment terminates (and possibly for the prior year) shall not be
known on the date Executive’s employment terminates, and, if any, shall be paid by Company to Executive not more than thirty (30) days after the determination thereof, but in all events on or after March 1st of the calendar year
following the calendar year of termination, but before the end of such calendar year. The Executive’s Annual Cash Bonus potential shall be reviewed annually for increase or decrease by the Compensation Committee and recommended to the Board of
Directors for approval in their sole discretion. Executive acknowledges and agrees that as required under law or Company policy, incentive compensation to the extent received based on erroneous information, would be subject to recoupment for a three
year period in the event of an accounting restatement due to material noncompliance by the Company with any financial reporting requirement under the federal securities laws.” 
 4. Section 2 (C) is hereby amended and restated in its entirety as follows: 
 The Executive will be entitled to participate, in accordance with the provisions thereof, in any health, and life insurance and other benefit plans and programs made available by the Company to its
management employees generally, to age 65, unless such participation is prohibited by applicable law, by the terms of a policy, or would violate any applicable non-discrimination provision of ERISA or the Internal Revenue Code; provided Executive
makes timely premium payments and contributions in the same amounts paid by the then current employees. To the extent such continued participation would be eliminated pursuant to the foregoing proviso, Executive shall be provided with
additional severance in an amount determined by the Company’s actuarial consultants to be sufficient to allow Executive to purchase such insurance from a qualified insurance 

 
carrier. In addition, the Company shall provide Executive with term life insurance in an amount sufficient to allow his current wife to purchase health insurance to her attainment of
age 65, in the event he were to die before she attains age 65. 
 5. Section 3 is hereby amended and restated in its entirety as follows:

 3. “Term. The term of Executive’s employment hereunder shall commence on the Effective Date of the Agreement and
shall terminate on September 10, 2013, unless earlier terminated as provided in Section 5 of the Agreement.” 
 6. Capitalized
terms used but not defined herein shall have the meanings ascribed to such terms in the Employment Agreement. 
 7. This Agreement is an
amendment to the Employment Agreement, and to the extent there is a discrepancy between this Agreement and the Employment Agreement, this Agreement shall control and supersede the Employment Agreement to the extent of such discrepancy. The
Employment Agreement otherwise remains in full force and effect. 
 8. This Agreement, the Employment Agreement (as amended by this Agreement),
and those documents expressly referred to herein embody the complete agreement and understanding among the parties and supersede and preempt and prior understandings, agreements or representations by or among the parties, written or oral, which may
have related to the subject matter hereof in any way. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above. 
  

			
	 	 	/s/ Richard Markee
	Executive:	 	Richard Markee

			
	
	 VITAMIN SHOPPE, INC.

(successor in merger of VS Parent, Inc. into VS Holdings Inc.)

		
	By:	 	/s/ James M. Sander
	Name:	 	James M. Sander
	Its:	 	Vice President and General Counsel
	
	VITAMIN SHOPPE INDUSTRIES INC.
		
	By:	 	/s/ James M. Sander
	Name:	 	James M. Sander
	Its:	 	Vice President and General CounselAmended and Restated 2006 Stock Incentive Plan

 Exhibit 10.11 
 PIXELWORKS, INC. 
 AMENDED AND RESTATED 2006 STOCK INCENTIVE PLAN

 TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT AWARD 

1. General. These Terms and Conditions of Restricted Stock Unit Award (these “Terms”) apply to a
particular award (“Award”) of restricted stock units (“Restricted Stock Units”) if referenced in the Notice of Grant of Restricted Stock Units (“Grant Notice”) corresponding to that particular
Award. The recipient of the Award identified in the Grant Notice is referred to as the “Grantee.” The effective date of grant of the Award as set forth in the Grant Notice is referred to as the “Award Date.”

 The Award was granted under and subject to the Company’s Amended and Restated 2006 Stock Incentive Plan (the
“Plan”). Capitalized terms are defined in the Plan if not defined herein. The Award has been granted to the Grantee in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to the Grantee.
The Grant Notice and these Terms are collectively referred to as the “Award Agreement” applicable to the Award. 
 2. Restricted Stock Units. As used herein, the term “restricted stock unit” shall mean a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to
one outstanding share of the Company’s Common Stock (subject to adjustment as provided in Section 11.1 of the Plan) solely for purposes of the Plan and these Terms. The Restricted Stock Units shall be used solely as a device for the
determination of the payment to eventually be made to the Grantee if such Restricted Stock Units vest pursuant to the terms hereof. The Restricted Stock Units shall not be treated as property or as a trust fund of any kind. 

3. Vesting. The Award shall vest in percentage installments of the aggregate number of Restricted Stock Units subject to
the Award as set forth on the Grant Notice. The Administrator reserves the right to accelerate the vesting of the Restricted Stock Units in such circumstances as it, in its sole discretion, deems appropriate and any such acceleration shall be
effective only when set forth in a written instrument executed by an officer of the Company. 
 4. Continuance of
Employment. 
 (a) The vesting schedule requires Continuous Status as an Employee or Consultant through each applicable
vesting date as a condition to the vesting of the applicable installment of the Award and the rights and benefits under this Award Agreement. Employment or service for only a portion of the vesting period, even if a substantial portion, will not
entitle the Grantee to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in Section 7 below or under the Plan. 

(b) Nothing contained in this Award Agreement or the Plan constitutes an employment or service commitment by the Company or any of its
Subsidiaries, affects the Grantee’s status, if he or she is an employee, as an employee at will who is subject to termination without cause, confers upon the Grantee any right to remain employed by or in service to the

  
 1 

 
Company or any of its Subsidiaries, interferes in any way with the right of the Company or any of its Subsidiaries at any time to terminate such employment or services, or affects the right of
the Company or any of its Subsidiaries to increase or decrease the Grantee’s other compensation or benefits. Nothing in this paragraph, however, is intended to adversely affect any independent contractual right of the Grantee without his or her
consent thereto. 
 5. Limitations on Rights Associated with Restricted Stock Units. The Grantee shall have no
rights as a shareholder of the Company, no dividend rights and no voting rights, with respect to the Restricted Stock Units and any shares of Common Stock underlying or issuable in respect of such Restricted Stock Units. Except as set forth in
Section 11.1 of the Plan, no adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date of issuance of the Common Stock underlying the Restricted Stock Units. 

6. Restrictions on Transfer. Neither the Restricted Stock Units (whether vested or unvested), nor any interest therein,
amount payable in respect thereof, or right to receive shares of Common Stock there under may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily. The transfer restrictions
in the preceding sentence shall not apply to (a) transfers to the Company, or (b) transfers by will or the laws of descent and distribution. 
 7. Timing and Manner of Payment of Restricted Stock Units; Required Sale of Shares. 
 (a) For each Restricted Stock Unit subject to the Award that vests pursuant to the terms hereof, the Company shall issue in the name of the Grantee one share of Common Stock (subject to adjustment as
provided in Section 11.1 of the Plan) by entering such share in book entry form. Subject to the following provisions of this Section 7, the issuance of shares of Common Stock in the name of the Grantee in respect of a vested Restricted
Stock Unit shall be made on or as soon as administratively practical following the vesting date of such Restricted Stock Unit pursuant to the terms hereof and in all events not thirty (30) days following the applicable vesting date. 

(b) The Grantee’s acceptance of this Award Agreement constitutes the Grantee’s instruction and authorization to the Company and
any brokerage firm determined acceptable to the Company for such purpose to sell on the Grantee’s behalf, upon the vesting of any Restricted Stock Units, as promptly as is reasonably practicable, all shares issued to the Grantee in connection
with the vesting of such Restricted Stock Units. The portion of the proceeds from such sale that exceeds the Grantee’s tax withholding obligations (as described in Section 10 hereof) will be disbursed to the Grantee as soon as
administratively practicable. The Grantee will be responsible for all brokers’ fees and other costs of sale, which fees and costs will be deducted from the proceeds of the foregoing sale of shares, and by accepting this Award Agreement the
Grantee agrees to indemnify and hold the Company and any brokerage firm selling such shares harmless from any losses, costs, damages, or expenses relating to any such sale. By accepting this Award Agreement the Grantee acknowledges that the Company
or its designee is under no obligation to arrange for the sale of shares hereunder at any particular price. 

  
 2 

 (c) The Company’s obligation to issue shares of Common Stock or otherwise make payment
with respect to vested Restricted Stock Units is subject to the condition precedent that the Grantee or other person entitled under the Plan to receive any payment with respect to the vested Restricted Stock Units deliver to the Company any
representations or other documents or assurances required pursuant to Section 14 of the Plan. 
 (d) The Grantee shall have
no further rights with respect to any Restricted Stock Units that are paid or that terminate pursuant to Section 8. 

8. Effect of Termination of Employment or Services. If the Grantee’s Continuous Status as an Employee or Consultant
terminates (the last day of the Grantee’s Continuous Status as an Employee or Consultant is referred to as the Grantee’s “Severance Date”), the Grantee’s Restricted Stock Units shall terminate to the extent such
Restricted Stock Units have not become vested pursuant to Section 3 hereof or Section 11 of the Plan upon or prior to the Severance Date (regardless of the reason for such termination of Continuous Status as an Employee or Consultant,
whether with or without cause, voluntarily or involuntarily, or due to death or Disability). If any unvested Restricted Stock Units are terminated hereunder, such Restricted Stock Units shall automatically terminate and be cancelled as of the
Severance Date without payment of any additional consideration by the Company and without any other action by the Grantee, or the Grantee’s beneficiary or personal representative, as the case may be. 

9. Adjustments Upon Specified Events. The number of Restricted Stock Units then outstanding and the number and kind of
securities that may be issued in respect of the Award are subject to adjustment upon the occurrence of certain events relating to the Company’s stock pursuant to Section 11.1 of the Plan. 

10. Tax Withholding. The Company shall reasonably determine the amount of any federal, state, local or other income,
employment, or other taxes which the Company or any of its Subsidiaries may reasonably be obligated to withhold with respect to the grant, vesting, settlement or other event with respect to the Restricted Stock Units. Withholding shall be effected
by the Company withholding from the proceeds resulting from the sale described in Section 7(b) hereof, an amount that the Company determines to be sufficient to satisfy the applicable tax withholding obligations. Notwithstanding anything herein
to the contrary, Grantee will be solely responsible for payment of any tax withholding obligations in connection with the Award. In the event that the proceeds from the sale described in Section 7(b) hereof are not sufficient to cover all such
tax withholding obligations, the Company (or any of its Subsidiaries last employing the Grantee) shall be entitled to require a cash payment by or on behalf of the Grantee and/or to deduct from other compensation payable to the Grantee any sums
required to be withheld. 
 11. Notices. Any notice to be given under the terms of this Award Agreement shall be
in writing and addressed to the Company at its principal office to the attention of the Secretary, and to the Grantee at the Grantee’s last address reflected on the Company’s payroll records. Any notice shall be delivered in person or
shall be enclosed in a properly sealed envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States
Government. Any such notice shall be given only when received, but if the Grantee is no 

  
 3 

 
longer employed by or provides services to the Company or a Subsidiary, shall be deemed to have been duly given five business days after the date mailed in accordance with the foregoing
provisions of this Section 11. 
 12. Plan. The Award and all rights of the Grantee under this Award
Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference. The Grantee agrees to be bound by the terms of the Plan and this Award Agreement. The Grantee acknowledges having read and
understanding the Plan, the Prospectus for the Plan, and this Award Agreement. Unless otherwise expressly provided in other sections of this Award Agreement, provisions of the Plan that confer discretionary authority on the Board or the
Administrator do not (and shall not be deemed to) create any rights in the Grantee unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the
Board or the Administrator under the Plan after the date hereof. 
 13. Entire Agreement. This Award
Agreement and the Plan together constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan may be amended pursuant to
Section 13 of the Plan. This Award Agreement may be amended by the Board from time to time. Any such amendment must be in writing and signed by the Company. Any such amendment that materially and adversely affects the Grantee’s rights
under this Award Agreement requires the consent of the Grantee in order to be effective with respect to the Award. The Company may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the
interests of the Grantee hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. 

14. Counterparts. This Award Agreement may be executed simultaneously in any number of counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same instrument. 
 15. Section
Headings. The section headings of this Award Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof. 
 16. Governing Law. This Award Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Oregon without regard to conflict of law principles
thereunder. 
 17. Construction. It is intended that the terms of the Award will not result in the imposition of
any tax liability pursuant to Section 409A of the Code. The Agreement shall be construed and interpreted consistent with that intent. 

  
 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]