Document:

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                                                            Exhibit 10.43

                       SEPARATION AND RELEASE AGREEMENT

     Separation and Release Agreement dated as of February 8, 2000, between
VitaminShoppe.com, Inc., a Delaware corporation (the "Company"), and Eliot D.
Russman, an individual ("Russman").

     The Company and Russman desire to provide for the terms on which Russman's
employment by the Company will terminate.

     The parties hereto, intending to be legally bound, hereby agree as follows:

     SECTION 1. TERMINATION. Russman's employment by the Company is terminated,
effective as of the date hereof. As a result of that termination, Russman will
hold no office or position, and will not be employed by, the Company. Russman
agrees and acknowledges that he will no longer serve in the position of Chief
Marketing Officer of the Company.

     SECTION 2. SEVERANCE PAYMENTS; OPTIONS.

     2.1 Severance. Russman will receive from the Company the severance payments
and benefits to which he is entitled pursuant to the terms of the July 20, 1999
Offer Letter Confirming Russman's Employment with the Company ("the Offer
Letter"). The severance payments shall be made monthly for a six-month period,
commencing as of January 24, 2000 in full satisfaction of all amounts payable by
the Company to Russman under the Offer Letter.

Russman acknowledges and agrees that this Agreement shall be the exclusive basis
on which he is entitled to receive any compensation or benefits of any kind from
the Company. All payments made by the Company to Russman hereunder shall be
subject to all applicable federal and state withholding taxes and Russman will
be fully liable and responsible for the payment of all taxes on said payments.

     2.2 Stock Options. In consideration for Russman's entry into this Agreement
and the releases given by Russman hereunder, the Company hereby agrees to
accelerate to July 24, 2000 the vesting of options to purchase 25,000 shares of
the Company's Class A Common Stock at $3.82 per share granted to Russman under
the Nonqualified Stock Option Agreement, dated July 1, 1999. Russman
acknowledges that all other options and rights to purchase securities of the
Company under the Offer Letter, any option agreement with the Company or any
other arrangement with the Company remain unvested and lapse as of the date
hereof and that he will have no further claim with respect thereto.

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     SECTION 3. OFFICE.

     The Company shall provide Russman with office space for up to three months
from the date hereof (or, if earlier, until he should obtain new employment),
which shall not be in the Company's premises; provided that the Company shall
not be required to pay more than $2,000 per month for such office space.

     SECTION 4. INDEMNIFICATION.

     To the extent permitted by law, the Company shall indemnify Russman with
respect to matters arising from his service as an officer or employee of the
Company as provided by the Company's Articles of Incorporation and By-Laws as
currently in effect.

     SECTION 5. MUTUAL RELEASES.

     (a) In consideration of the acceleration of additional stock options, the
other benefits conferred by this agreement and for other valuable consideration,
the receipt and adequacy of which are hereby acknowledged, Russman hereby
releases and forever discharges the Company and its subsidiaries, and their
respective past, present and future affiliates, stockholders, officers,
directors, employees, agents, and controlling persons, and the respective heirs,
administrators, successors and assigns of each of the foregoing (each, a
"Releasee"), of and from any and all manner of action or actions, cause or
causes of action, in law or in equity, suits, debts, contracts, agreements,
promises, liability, claims, demands, damages, loss, cost or expense, of any
nature whatsoever, known or unknown to him, fixed or contingent, choate or
inchoate, which Russman ever had, now has or may have at any time arising out of
or relating to Russman's employment with, or status as an officer or employee
of, the Company or the termination of such employment or status (or any promise
or agreement made or entered into, or any action taken or omitted, in connection
with such employment, status or termination), including, but not limited to,
those arising under the federal Civil Rights Acts of 1866, 1871, 1964 and 1971,
as amended, the Age Discrimination in Employment Act of 1967, as amended by,
inter alia, the Older Workers Benefit Protection Act of 1990, the Americans with
Disabilities Act of 1990, the Employee Retirement Income Security Act of 1974 or
any other federal, state or local statute or principle of common law. Russman
shall refrain from asserting any matter released hereby against any Releasee in
any manner, including, but not limited to, by way of counterclaim, offset or
defense and shall actively resist any effort to assert on its behalf any such
matter. Russman shall indemnify and hold harmless each Releasee from and against
all losses, liabilities, claims, damages and expenses (including costs of
investigation and defense and reasonable attorneys' fees), arising directly or
indirectly from or in connection with the assertion by or on behalf of Russman
of any claim or other matter released pursuant to this paragraph.

Notwithstanding anything contained herein to the contrary, there is and shall be
excepted from the within and foregoing release and discharge any and all of the
following: any and all of the obligations of the Company under this Agreement;
and any and all rights which Russman may have as an owner of Common Stock and/or
Options.

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     (b) For valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the Company hereby releases and forever discharges Russman
and his heirs, administrators, executors, agents, representatives, successors
and assigns (each, a "Russman Releasee"), of and from any and all manner of
action or actions, cause or causes of action, in law or in equity, suits, debts,
claims, demands, damages, loss, cost or expense, of any nature whatsoever, known
or unknown to the Company, which the Company ever had, now has or may have at
any time arising out of or relating to Russman's employment or status as an
officer or employee or the termination of such employment or status. The Company
shall refrain from asserting any matter released hereby against any Russman
Releasee in any manner, including, but not limited to, by way of counterclaim,
offset or defense and shall actively resist any effort to assert on its behalf
any such matter. The Company shall indemnify and hold harmless each Russman
Releasee from and against all losses, liabilities, claims, damages and expenses
(including costs of investigation and defense and reasonable attorney's fees),
arising directly or indirectly from or in connection with the assertion by or on
behalf of the Company of any claim or other matter released pursuant to this
paragraph.

     Notwithstanding anything contained herein to the contrary, there is and
shall be excepted from the within and foregoing release and discharge any and
all of the following: any and all of the obligations of Russman under this
Agreement; Russman's obligations under the Non-Competition, Non-Solicitation and
Confidentiality Agreement with the Company, dated September 1, 1999.

     SECTION 6. NO DISPARAGEMENT. The Company shall not , directly or
indirectly, disparage or impugn the reputation of Russman. Russman shall not,
directly or indirectly, disparage or impugn the reputation of the Company, or
any of its shareholders, directors, officers, employees or agents. Russman
hereby confirms that he does not intend to and shall not, directly or
indirectly, make or deliver to the Company any statement for inclusion (or that
the Company might be required to include or refer to) in the Company's proxy
statement or any filing by the Company with the Securities and Exchange
Commission.

     SECTION 7. MISCELLANEOUS.

     7.1 Reimbursement of Business Expenses. Russman shall be reimbursed for all
business expenses incurred through January 24, 2000 for which he submits
appropriate expense reports in accordance with existing Company policies.

     7.2 Governing Law. This Agreement shall be construed in accordance with and
governed by the laws of the State of New York, without regard to any conflicts
of laws principles thereof that would call for the application of the laws of
any other jurisdiction. Any action or proceeding seeking to enforce any
provision of, or based on any right arising out of, this Agreement may be
brought against either of the parties hereto in the courts of the State of New
York, or if it has or can acquire jurisdiction, in the United States District
Court for the Southern District of New York, and each of the parties hereto
hereby consents to the jurisdiction of such courts (and of the appropriate
appellate courts) in any such action or proceeding and waives any objection to
venue laid therein. Process in any action or proceeding referred to in the
preceding sentence may be served on any party anywhere in the world, whether
within or without the State of New York.

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     7.3 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which, when
taken together, shall constitute one and the same agreements.

     7.4 Notices. All notices, demands, requests or other communications which
may be or are required to be given, served or sent by any party to any other
party pursuant to this Agreement shall be in writing and shall be mailed by
first class, registered or certified mail, return receipt requested, postage
prepaid, or transmitted by hand delivery (including delivery by courier), or
facsimile transmission, addressed as follows (or to such other addresses as a
party may specify as to itself by notice to the other):

                    If to the Company:

                           VitaminShoppe.com, Inc.
                           444 Madison Avenue, Suite 802
                           New York, New York 10022
                           Attention: Ann Sardini
                           Facsimile: 308-6186

                    with copies to:

                           Kaye, Scholer, Fierman, Hays & Handler, LLP
                           425 Park Avenue
                           New York, New York 10022
                           Attention: Nancy Fuchs, Esq.
                           Andrea Christensen, Esq.
                           Facsimile: (212) 836-8689

                    If to the Executive:

                           Eliot D. Russman
                           315 East 68th Street
                           New York, New York 10021
                           Facsimile:

     7.5 Binding Nature of Agreement; Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective heirs, personal representatives, successors and permitted assigns as
provided herein.

     7.6 Entire Agreement. This Agreement contains the entire agreement and
understanding among the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements, understandings,
inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms

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hereof control and supersede any course of performance and/or usage of trade
inconsistent with any of the terms hereof. This Agreement may not be modified or
amended other than by an agreement in writing.

     7.7 Indulgences, Not Waivers. Neither the failure nor any delay on the part
of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is
in writing and signed by the party asserted to have granted such waiver.

     7.8 Confidentiality. Russman shall keep the negotiation and terms of this
Agreement confidential and he will not hereafter disclose any information
concerning the Company and/or this Agreement to anyone except his attorneys,
accountants, tax and financial advisors. The Company shall keep the terms of
this Agreement confidential and not hereafter disclose any information
concerning this Agreement to anyone except its attorneys, accountants, and tax
and financial advisors; except that the Company may make any disclosure
regarding the terms of this Agreement (including regarding the amounts payable
to Russman and the options accelerated hereunder) that it is advised by counsel
is required to be made under the Securities Exchange Act of 1934 (and the rules
promulgated thereunder) and any other applicable securities laws, and may file
this Agreement as an exhibit to a report filed by the Company with the
Securities and Exchange Commission under the Securities Exchange Act of 1934, as
amended.

     7.9 Independent Judgment; Revocation. Russman enters into this Agreement
voluntarily and acknowledges that he has been advised to consult with counsel as
to the contents of this Agreement. The Company and Russman have each exercised
independent judgment in connection with the negotiation and execution of this
Agreement and have not relied on any statement, promise, representation or
warranty not expressly set forth in this Agreement. Russman may revoke this
Agreement by written notice given to the Company within seven calendar days
after the date on which this Agreement is executed by Russman; if so revoked,
this Agreement shall be of no effect. Russman hereby waives the benefit of any
longer revocation or review period to which he may be entitled under any
applicable law.

                                VITAMINSHOPPE.COM, INC.

                                By:  /s/ Ann M. Sardini
                                     ---------------------------------
                                     Name: Ann M. Sardini
                                     Title: Chief Financial Officer, Secretary
                                            and Treasurer

                                     /s/ Eliot Russman
                                     ---------------------------------
                                     Eliot D. Russman

                                       5<PAGE>   1

                        [TIME INC. NEW MEDIA LETTERHEAD]

                                                                  EXHIBIT 10.44

                                             CONFIDENTIAL MATERIALS OMITTED AND
                                           FILED SEPARATELY WITH THE SECURITIES
                                                        AND EXCHANGE COMMISSION.
                                                     ASTERISKS DENOTE OMISSIONS.

                                  As of June 15, 1999

Ms. Kathryn Creech
Chief Executive Officer
VitaminShoppe.com, Inc.
Westside Avenue
North Bergen, New Jersey 07047

Dear Ms. Creech:

     This letter shall confirm the agreement ("Agreement"), effective as of the
date first written above (the "Effective Date"), between VitaminShoppe.com, Inc.
("VS"), a Delaware corporation, and Time Inc. New Media ("TINM"), a Delaware
corporation, pursuant to which VS will be the exclusive vitamins, herbs and
nutritional supplements (excluding the nutritional supplements identified on
Appendix 2) retail sponsor on each TINM Site (as defined herein) during the
Sponsorship Period (as defined herein) applicable to each TINM Site.

     The parties agree to the following terms and conditions:

     1.   Exclusive Sponsorship.
          ---------------------

          (a)  Subject to the terms and conditions of this Agreement, VS shall
be the exclusive vitamins, herbs and nutritional supplements (excluding the
nutritional supplements identified on Appendix 2) (collectively, the "Covered
Products") retail sponsor on each of the TINM Sites during the Sponsorship
Period applicable to each TINM Site. As such, VS will be the only third party
online retailer of the Covered Products which may [*****]. The "TINM Sites"
shall mean the following three (3) sites owned or operated by TINM (or an
affiliate of TINM), together with any successor or replacement sites owned or
operated by TINM which feature such individuals: (i) the site featuring Dr.
Andrew Weil, currently known as the "Ask Dr. Weil" site, and currently located
at www.askdrweil.com; (ii) the site featuring Dr. Ruth Westheimer, currently
known as the "Dr. Ruth Westheimer!" site and currently located at
www.drruth.com; and (iii) the site featuring Alice Waters, provisionally
entitled the "Alice Waters" site, and provisionally to be located at
www.inthekitchenwithalicewaters.com. TINM will not allow any online retailer
of the Covered
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                                              CONFIDENTIAL MATERIALS OMITTED AND
                                            FILED SEPARATELY WITH THE SECURITIES
                                                        AND EXCHANGE COMMISSION.
                                                     ASTERISKS DENOTE OMISSIONS.

Products (other than VS) to place on the TINM Sites any banner advertisement,
commerce button, marketing button, tagline link or other sponsorship placement
which promotes the Covered Products. The "Sponsorship Period" for each TINM Site
shall mean the time period identified on Appendix 1 (which is attached hereto
and incorporated herein) during which VS shall be the exclusive retail sponsor
of the Covered Products on such TINM Site, as described in this Agreement.

     (b) Subject to the terms and conditions of this Agreement, TINM will, with
respect to each TINM Site during the Sponsorship Period for each TINM Site,
provide, and VS will receive, the type of sponsorship placement and number of
Impressions (as defined herein) set forth on Appendix 1. "Impressions" shall
mean the number of times that a banner advertisement, commerce button, marketing
button, marketplace placement, tagline link or other sponsorship placement, as
applicable (each of which shall be counted separately) is delivered to a user on
the TINM Site. Notwithstanding anything in this Agreement, the maximum amount of
VS impressions on any one page on any TINM Site which shall be counted towards
the total amount of impressions set forth on Appendix 1 shall be [*****]. The
tagline links to be provided by TINM as set forth in this Agreement (a) shall be
prominently displayed on the home page of each TINM Site and on every other page
of each TINM Site which contains any sponsor space; (b) shall state the
following: "Sponsored by VitaminShoppe.com"; and (c) shall contain a link to a
VS Site determined by VS. In the event TINM fails to provide on any TINM Site
during any applicable Sponsorship Period for such TINM Site, the number of
Impressions for a particular type of sponsorship placement as set forth on
Appendix 1, TINM shall provide a "make good" on such shortfall of Impressions,
by, at its discretion, either (i) reducing the applicable amount due and payable
by VS to TINM on a prorated basis by the amount of such shortfall; (ii)
extending the time period for providing the applicable type of sponsorship
placement on the applicable TINM Site until the number of Impressions for such
shortfall is reached; or (iii) providing the number of Impressions for such
shortfall by providing the applicable type of sponsorship placement on another
TINM Site or by providing another type of sponsorship placement with reasonably
equivalent placement and value on the same TINM Site, another TINM Site, or
another site owned or operated by TINM which targets a reasonably equivalent
audience (e.g., www.parenttime.com, www.parenting.com, www.people.com). TINM
will confer with VS in the event the "make good" is to be provided on such a
site owned or operated by TINM.

     (c) Notwithstanding anything to the contrary in this Agreement, TINM may,
at its discretion, place, on any TINM Site, banner advertisements, commerce
buttons, marketing buttons and other promotions (collectively, "Promotions") of
third parties which sell the Covered Products (including without limitation,
when such promotions are placed by a third party which sells the Covered
Products); provided that no Promotions may themselves promote any of the Covered
Products in any way and provided further that any Promotions that do promote any
of the Covered Products must be located at least [*****] or more clicks away
from the applicable TINM Site. In the event VS discovers that TINM has failed to
comply with the preceding provisions set forth in this paragraph, VS shall
notify TINM in writing and TINM will immediately cease

                                      -2-

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                                              CONFIDENTIAL MATERIALS OMITTED AND
                                            FILED SEPARATELY WITH THE SECURITIES
                                                        AND EXCHANGE COMMISSION.
                                                     ASTERISKS DENOTE OMISSIONS.

displaying such placements on such TINM Site and shall also provide a "make
good" by, at its discretion, either (i) providing such additional number of
Impressions (in addition to the number of Impressions outlined in Appendix 1) as
may be equivalent to the number of Impressions delivered by the Restricted
Promotions (as defined herein); or (ii) providing such number of click-throughs
as may be equivalent to the number of click-throughs delivered by the Restricted
Promotions. "Restricted Promotions" shall mean the banner advertisements,
commerce buttons, marketing buttons and other promotions that TINM is restricted
from placing on the TINM Sites as set forth in the preceding provisions of this
paragraph.

         (d) VS acknowledges that yourPharmacy.com, Inc. is the exclusive online
pharmacy (i.e., the exclusive third party online retailer allowed to promote
prescription drugs, over-the-counter drugs, certain health and beauty products
other than Covered Products which are described above and durable medical
equipment) on the TINM Sites. VS agrees that it will not place banner
advertisements, commerce buttons, marketing buttons or other forms of promotions
on the TINM Sites that themselves promote prescription drugs, over-the-counter
drugs, certain health and beauty products and durable medical equipment. The
foregoing shall not prohibit VS from selling prescription drugs,
over-the-counter drugs, certain health and beauty products and durable medical
equipment on its site, which is currently located at www.vitaminshoppe.com, or
on any of its other sites that are primarily branded with the VitaminShoppe.com
name and are reasonably equivalent to www.vitaminshoppe.com with respect to the
products and services offered (e.g., www.myvitaminshoppe.com) (collectively, the
"VS Sites").

         (e) VS agrees that all banner advertisements, commerce buttons,
marketing buttons and other promotions it places on the TINM Sites shall be
subject to TINM's then-current standard rate card (other than price) and
advertising policies. VS shall have the right, at its option, to serve
advertisements on the TINM Sites from its own servers without the pre-approval
of TINM and TINM shall reasonably cooperate (taking into account TINM's existing
technology and resources) with such ad serving; provided that (i) VS conducts
such ad serving in accordance with industry standards; and (ii) any failures by
VS in serving such ads shall not be deducted from the number of Impressions to
be provided by TINM.

     (f) VS shall be responsible for all transactions sought by users of the
TINM Sites which occur on any of the VS Sites, including without limitation,
order processing, credit card clearance, security, fulfillment, distribution,
customer service and user privacy. In addition, VS will comply with appropriate
privacy policies in handling customers' personally identifying information.
Specifically, VS will prominently display, and will strictly comply with, a
privacy policy on the VS Sites that is substantially similar to the privacy
policy displayed on the TINM Sites, and strictly adheres to the privacy
guidelines and principles promulgated by the Direct Marketing Association or
the Online Privacy Alliance.

                                      -3-
<PAGE>   4
                                              CONFIDENTIAL MATERIALS OMITTED AND
                                            FILED SEPARATELY WITH THE SECURITIES
                                                        AND EXCHANGE COMMISSION.
                                                     ASTERISKS DENOTE OMISSIONS.

          (g)  TINM shall provide VS via the Internet with weekly Impression
information and click through numbers. With respect to users who link to VS
Sites from the TINM Sites, VS shall provide TINM with weekly sales figures,
along with the number of catalogs ordered, from the VS Sites.

          (h)  VS shall, at TINM's written request and to the extent
technically feasible, develop and maintain within the VS Site certain
customized page(s) which will feature and offer for sale selected brands, which
brands shall be introduced with the words "as discussed by" or "as seen on" or
such other language as may be designated by TINM in its sole discretion. The
customized page(s) will consist of no fewer than [*****] page, after which a
visitor may be taken into the main portion of the VS Site. Users who click a
banner advertisement, commerce button, marketing button or other equivalent
promotion of VS while on the TINM Sites will be automatically linked to such
customized page(s) as the initial page(s) they view on the VS Site. The content
of such customized pages shall be mutually agreed upon the parties. Such
customized pages will only be accessible by users who access the VS Sites by
way of a link from the TINM Sites. The parties acknowledge and agree that the
customized pages may be either on the home page or other pages of the VS Site,
as may be mutually agreed upon by the parties.

     2.   Fees and Payments.

          (a)  In consideration of the foregoing, VS shall pay TINM a total of
[*****] (which amount includes the [*****] discount from the gross amount of
[*****]. Such total amount shall be paid by VS as follows: (i) $[*****] on
[*****]; (ii) $[*****] on $[*****]; (iii) $[*****] on $[*****]; and (iv)
$[*****] on [*****].

          (b)  In the event any Sponsorship Period on any TINM Site actually
commences later than the initial date identified on Appendix 1 for such
Sponsorship Period, the total amount due by VS shall be prorated based on the
applicable TINM Site involved and the period remaining for such Sponsorship
Period. Notwithstanding anything in this Agreement, to the extent that TINM
terminates this Agreement pursuant to Section 3(d), TINM shall give VS a
pro-rata refund of any pre-paid amounts under this Agreement.

     3.   Term and Termination.

          (a)  The term of this Agreement shall commence on the date first set
forth above and shall continue until [*****], unless earlier terminated as
provided below, or extended as provided for herein.

          (b)  This Agreement may be renewed upon mutual written agreement
signed by both parties.

                                      -4-

<PAGE>   5
                                              CONFIDENTIAL MATERIALS OMITTED AND
                                            FILED SEPARATELY WITH THE SECURITIES
                                                        AND EXCHANGE COMMISSION.
                                                     ASTERISKS DENOTE OMISSIONS.

          (c)  Either party shall have the right to terminate this Agreement if
the other party has materially breached this Agreement; provided, however, that
the non-breaching party shall have given the breaching party reasonable notice
of such breach and thirty (30) days in which to cure such breach.

          (d)  In the event (i) TINM establishes a significant strategic
alliance (e.g., by way of an acquisition, merger, significant investment, joint
venture) that involves the TINM Sites and a site which is predominantly an
online retailer of pharmaceutical products and services, or (ii) VS establishes
a significant strategic alliance (e.g., by way of an acquisition, merger,
significant investment, joint venture) that involves the VS Sites and a site
which is predominantly an online health information portal (other than any
arrangement with VitaminBuzz.com, provided that VitaminBuzz.com continues to be
wholly owned by VS), each party will have a thirty (30) day period during which
it may, upon sixty (60) days prior written notice, terminate this Agreement.
Each party shall continue to be responsible for performing its obligations
under this Agreement during such thirty (30) day and sixty (60) day period.

          (e)  The provisions of Sections 3(e), 4(a), 4(b), 6, 8, 9 and 12 of
this Agreement shall survive termination or expiration of this Agreement.

     4.   Ownership and Licenses.

          (a)  As between VS and TINM, VS shall own all right, title and
interest in and to the VS Sites and the VS Trademarks (as defined herein),
including without limitation, all copyright, patent, trademark, trade secret
and proprietary rights thereto.

          (b)  As between VS and TINM, TINM shall own all right, title, and
interest in and to the TINM Sites and the TINM Trademarks (as defined herein),
including without limitation, all copyright, patent, trademark, trade secret
and proprietary rights thereto.

          (c)  Subject to the terms and conditions of this Agreement, VS does
hereby grant to TINM a non-exclusive, worldwide, non-transferable license to
reproduce and display all logos, trademarks, trade names and similar
identifying material relating to VS or the VS Sites (the "VS Trademarks")
solely in connection with the promotion, marketing and distribution of the TINM
Sites, VS and the VS Sites in accordance with the terms hereof; provided,
however, that TINM shall not make any specific use of any VS Trademark without
first submitting a sample of such use to VS and obtaining its prior consent,
which consent shall not be unreasonably withheld. Such license shall terminate
upon the effective date of the expiration or termination of this Agreement.

          (d)  Subject to the terms and conditions of this Agreement, TINM does
hereby grant to VS a non-exclusive, worldwide, non-transferable license to
reproduce and display all logos, trademarks, trade names and similar
identifying material relating to TINM or the TINM Sites (the "TINM Trademarks")
solely in connection with the promotion, marketing and

                                      -5-

<PAGE>   6
                                              CONFIDENTIAL MATERIALS OMITTED AND
                                            FILED SEPARATELY WITH THE SECURITIES
                                                        AND EXCHANGE COMMISSION.
                                                     ASTERISKS DENOTE OMISSIONS.

distribution of the TINM Sites, VS and the VS Sites in accordance with the terms
hereof; provided, however, that VS shall not make any specific use of any TINM
Trademark without first submitting a sample of such use to TINM and obtaining
its prior consent, which consent shall not be unreasonably withheld. Such
license shall terminate upon the effective date of the expiration or
termination of this Agreement.

     5.   Representations and Warranties.

          (a)  TINM represents and warrants as follows:

               (i)  TINM has full power and authority to enter into this
Agreement, and to perform its obligations hereunder, and its entry into this
Agreement and the performance of such obligations does not violate any other
agreement by which it is bound.

               (ii) The conduct of TINM in performing this Agreement shall at
all times comply with all applicable federal, state, and local laws, rules and
regulations in the United States.

          (b)  VS represents and warrants as follows:

               (i)  VS has full power and authority to enter into this
Agreement, and to perform all of its obligations hereunder, and its entry into
this Agreement and the performance of its obligations does not violate any
other agreement by which it is bound.

               (ii) The conduct of VS in performing this Agreement shall at all
times comply with all applicable federal, state, and local laws, rules and
regulations in the United States.

     6.   Indemnification.

          (a)  Each party hereby agrees to indemnify and hold harmless the
other party, its subsidiaries and affiliates, and their respective officers,
directors and employees from and against any and all claims, actions, demands,
liabilities, losses, damages, judgments, settlements, costs and expenses
(including reasonable attorneys' fees) resulting from third party claims (any
or all of the foregoing hereinafter referred to as "Losses") insofar as such
Losses (or third party actions in respect thereof) arise out of or are based on
the use by it of any trademarks belonging to the other party other than in
accordance with the terms hereof.

          (b)  TINM shall indemnify and hold harmless VS, its subsidiaries and
its affiliates, and their respective officers, directors and employees from and
against any and all Losses insofar as such Losses (or third party actions in
respect thereof) arise out of or are based on a breach, or allegation which if
true would constitute a breach, of any of its representations, warranties or
obligations herein.

                                      -6-

<PAGE>   7
                                              CONFIDENTIAL MATERIALS OMITTED AND
                                            FILED SEPARATELY WITH THE SECURITIES
                                                        AND EXCHANGE COMMISSION.
                                                     ASTERISKS DENOTE OMISSIONS.

          (c) VS shall indemnify and hold harmless TINM, its subsidiaries and
affiliates, and their respective officers, directors and employees from and
against any and all Losses insofar as such Losses (or third party actions in
respect thereof) arise out of a breach, or allegation which if true would
constitute a breach, of any of its representations, warranties or obligations
herein.

          (d)  TINM shall indemnify and hold harmless VS, its subsidiaries and
affiliates, and their respective officers, directors and employees from and
against any and all Losses insofar as such Losses (or third party actions in
respect thereof) arise out of or are based on the use by VS of the TINM
Trademarks in accordance with the terms hereof to the extent TINM did not have
the right to grant a license to VS as set forth in this Agreement.

          (e)  VS shall indemnify and hold harmless TINM, its subsidiaries and
affiliates, and their respective officers, directors and employees from and
against any and all Losses insofar as such Losses (or third party actions in
respect thereof) arise out of or are based on the use by TINM of the VS
Trademarks in accordance with the terms hereof to the extent VS did not have
the right to grant a license to TINM as set forth in this Agreement.

     7.   Public Announcements. Neither party will make any announcements or
statements to the public concerning the relationship between them or the
transactions described herein without the prior written consent of the other.

     8.   Confidentiality.

          (a)  Neither party shall use or disclose any Confidential Information
(as defined herein) of the other party, except on a need-to-know basis pursuant
to this Agreement. "Confidential Information" shall mean any and all
information or material, whether in tangible or intangible form, that is
confidential or proprietary to the disclosing party and is disclosed under
circumstances under which the receiving party should reasonably have known such
information or material to be confidential or proprietary to the disclosing
party, including without limitation, technical, distribution, operating,
business, marketing, research and financial information relating to the
disclosing party or its products or services, and the material terms of this
Agreement.

          (b)  For purposes of this Agreement, "Confidential Information" shall
not include information or material (a) in the public domain (other than as a
result of a breach of this Agreement); (b) in the receiving party's possession
prior to its receipt from the disclosing party; (c) independently developed by
the receiving party without the use of Confidential Information; (d) obtained
by the receiving party from a third party under no obligation of
confidentiality to the disclosing party; or (e) must be disclosed due to a
judicial or governmental requirement or order, provided that (i) the receiving
party has given the disclosing party sufficient prior notice of such
requirement or order to permit the disclosing party a reasonable opportunity to
object or to seek a protective order or other appropriate remedy, (ii) the
receiving party cooperates with the

                                      -7-

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                                                     ASTERISKS DENOTE OMISSIONS.

disclosing party so that it may object or seek a protective order or other
appropriate remedy and (iii) the receiving party in any event discloses only
that portion of the Confidential Information that is legally required to be
disclosed.

     9.   Limitation on Liability; Disclaimer.

          (a)  Limitation on Liability. UNDER NO CIRCUMSTANCES SHALL EITHER
PARTY OR ITS AFFILIATES BE LIABLE TO THE OTHER PARTY FOR INDIRECT, INCIDENTAL,
CONSEQUENTIAL, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES (EVEN IF SUCH PARTY HAS
BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES) SUCH AS, BUT NOT LIMITED TO,
LOSS OF REVENUE OR ANTICIPATED PROFITS OR LOST BUSINESS. WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, UNDER NO CIRCUMSTANCES SHALL EITHER PARTY OR ITS
AFFILIATES BE LIABLE TO THE OTHER FOR ANY CLAIM ARISING OUT OF ANY DOWNLOADING
OR OTHER USE OF ITS WEB SITES.

          (b)  Disclaimer. EXCEPT AS SET FORTH IN SECTION 6(a), NEITHER PARTY
MAKES ANY, AND EACH PARTY ACKNOWLEDGES THAT THE OTHER HAS NOT MADE ANY, AND
EACH PARTY HEREBY SPECIFICALLY DISCLAIMS ANY, REPRESENTATIONS OR WARRANTIES,
EXPRESS OR IMPLIED, REGARDING THE OPERATION OF ITS WEB SITES, INCLUDING ANY
IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND
IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.
WITHOUT LIMITING THE FOREGOING, EACH PARTY ACKNOWLEDGES THAT OTHER PARTY'S
WEB SITES ARE OPERATED ON AN "AS IS", "AS AVAILABLE" BASIS, AND THAT IT MAKES
NO WARRANTY THAT ITS WEB SITES WILL BE ERROR-FREE OR THAT ACCESS THERETO WILL
BE UNINTERRUPTED.

     10.  Notices. All notices to be given hereunder shall be in writing and
shall be given to the parties and at the addresses first above written. Notices
shall be deemed to have been given (and received) (a) when personally
delivered, (b) on the next business day after the date on which deposited with
a nationally recognized overnight carrier, addressed to that party for whom the
notice is intended at the address set forth above, (c) five (5) business days
after posting when sent by certified United States mail, postage prepaid,
return receipt requested, and (d) the day following transmission if sent by
facsimile transmission followed by written confirmation sent by mail.

     11.  Force Majeure. Neither party shall be liable to the other for any
default or delay in performance of any of its obligations under this Agreement
if such default or delay is caused, directly or indirectly, by an event beyond
such party's reasonable control, including without limitation, fire, flood,
earthquake or other acts of God; wars, rebellions or revolution; strikes, riots
or civil disorders; accidents or unavoidable casualties; interruptions in
transportation,

                                      -8-
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                                                     ASTERISKS DENOTE OMISSIONS.

communications or power facilities; or changes in law, treaties, rulings,
regulations, decisions or requirements of any governmental, administrative or
regulatory agency.

     12.  Miscellaneous. This Agreement shall be construed in accordance with
the laws of the State of New York, without regard to its conflicts of laws
rules. This Agreement constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes all prior oral or written
agreements or other communications between the parties with respect to the
subject matter hereof. This Agreement may not be modified except by a writing
signed by an authorized signatory of each party. The parties are acting as
independent contractors to each other under this Agreement, and nothing
contained in this Agreement shall create or suggest any affiliation,
association, partnership, agency or joint venture between the parties. Neither
party shall represent itself or act as the associate, partner, agent or joint
venturer of the other party in any way whatsoever. Neither party shall assign
any right or any obligation under this Agreement without the prior written
consent of the other party, and any such attempted assignment shall be null and
void, except that either party may assign any right or any obligation under this
Agreement to an affiliate of such party upon prior notice to the other party
(but without the other party's prior written consent), provided that such
affiliate continues to maintain or operate the assigning party's site. No waiver
by either party or any breach or default hereunder shall be deemed to be a
waiver of any preceding or subsequent breach or default. The section headings
used herein are for convenience only and shall not be given any legal import.
This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original but all of which together shall constitute a single
instrument. If any provision of this Agreement shall be found by a court of
competent jurisdiction to be invalid or unenforceable, such finding shall not
affect the validity or enforceability of this Agreement as a whole or of any
other provision of this Agreement.

                                      -9-
<PAGE>   10
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                                                     ASTERISKS DENOTE OMISSIONS.

     If the foregoing meets with your approval, please sign the enclosed copy
and return it to TINM with the appropriate signatures.

                                        TIME INC. NEW MEDIA

                                        By: /s/ Steven Petrow
                                           -------------------------------
                                        Name: Steven Petrow
                                             -----------------------------
                                        Title: Exec Editor
                                              ----------------------------

AGREED TO AND ACCEPTED:

VITAMINSHOPPE.COM, INC.

By: /s/ K.H. Creech
   -------------------------
Name: K.H. Creech
     -----------------------
Title: CEO
      ----------------------

                                      -10-
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                                                     ASTERISKS DENOTE OMISSIONS.

                                   APPENDIX 1

                             SPONSORSHIP PLACEMENTS

<TABLE>
<CAPTION>
                         TYPE OF SPONSORSHIP
TINM SITE                PLACEMENT                NUMBER OF IMPRESSIONS         SPONSORSHIP PERIOD
---------                -------------------      ---------------------         ------------------
<S>                      <C>                      <C>                           <C>
Dr. Andrew Weil          [*****]                  [*****]/week                  [*****]-[*****]
                         [*****]                  [*****]                       [*****]-[*****]
                         [*****]                  [*****]                       [*****]-[*****]
                         [*****]                  [*****]/week                  [*****]-[*****]
                         [*****]                  [*****]/week                  [*****]-[*****]

                         [*****]                  [*****]/week                  [*****]-[*****]
                                                  Total: [*****]
---------------------------------------------------------------------------------------------------

Dr. Ruth Westheimer      [*****]                  [*****]/month                 [*****]-[*****]
                         [*****]                  [*****]/month                 [*****]-[*****]
                         [*****]                  [*****]/month                 [*****]-[*****]
                         [*****]                  [*****]                       [*****]-[*****]
                                                  Total: [*****]

                         [*****]                  [*****]/month                 [*****]-[*****]
                         [*****]                  [*****]/month                 [*****]-[*****]
                         [*****]                  [*****]/month                 [*****]-[*****]
                         [*****]                  [*****]                       [*****]-[*****]
                                                  Total: [*****]
----------------------------------------------------------------------------------------------------

Alice Waters             [*****]                  Total: [*****]                [*****]-[*****]
                         [*****]
                         [*****]
                         [*****]
----------------------------------------------------------------------------------------------------
                                                  Grand Total: [*****}
----------------------------------------------------------------------------------------------------
</TABLE>

                                      -11-
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                                                     ASTERISKS DENOTE OMISSIONS.

                                   APPENDIX 2

                           EXCLUDED COVERED PRODUCTS

                                 See attached.

                                      -12-
<PAGE>   13
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                                                     ASTERISKS DENOTE OMISSIONS.

<TABLE>
<CAPTION>
DEPARTMENT               CATEGORY            VENDOR NAME                   DESCRIPTION
----------               --------            -----------                   -----------
<S>                      <C>                 <C>                           <C>
Vitamins & Nutrition     Meal Replacement    MEAD JOHNSON/ADULT-NUTR       BOOST ENERGY
Vitamins & Nutrition     Meal Replacement    MEAD JOHNSON/ADULT-NUTR       SUSTACAL
Vitamins & Nutrition     Meal Replacement    MEAD JOHNSON/ADULT-NUTR       SUSTACAL PLUS
Vitamins & Nutrition     Meal Replacement    MEAD JOHNSON/ADULT-NUTR       ISOCAL
Vitamins & Nutrition     Meal Replacement    MEAD JOHNSON/ADULT-NUTR       ISOCAL HN
Vitamins & Nutrition     Meal Replacement    MEAD JOHNSON/ADULT-NUTR       LIPISORB RTU
Vitamins & Nutrition     Meal Replacement    MEAD JOHNSON/ADULT-NUTR       RESPALOR
Vitamins & Nutrition     Meal Replacement    MEAD JOHNSON/ADULT-NUTR       BOOST
Vitamins & Nutrition     Meal Replacement    MEAD JOHNSON/ADULT-NUTR       DELIVER 2.0
Vitamins & Nutrition     Meal Replacement    MEAD JOHNSON/ADULT-NUTR       ULTRACAL
Vitamins & Nutrition     Meal Replacement    MEAD JOHNSON/ADULT-NUTR       TRAUMACAL
Vitamins & Nutrition     Meal Replacement    NATURE'S WAY PRODUCTS INC.    NAT WY
Vitamins & Nutrition     Meal Replacement    NOVARTIS NUTRITION CORP       RESOURCE PLUS
Vitamins & Nutrition     Meal Replacement    NOVARTIS NUTRITION CORP       RESOURCE
Vitamins & Nutrition     Meal Replacement    NOVARTIS NUTRITION CORP       RESOURCE FRT
Vitamins & Nutrition     Meal Replacement    NOVARTIS NUTRITION CORP       COMPLEAT MODI
Vitamins & Nutrition     Meal Replacement    NOVARTIS NUTRITION CORP       ISOSOURCE
Vitamins & Nutrition     Meal Replacement    NOVARTIS NUTRITION CORP       ISOSOURCE HN
Vitamins & Nutrition     Meal Replacement    NOVARTIS NUTRITION CORP       MERITENE INST
Vitamins & Nutrition     Meal Replacement    NOVARTIS NUTRITION CORP       RESOURCE F/BV
Vitamins & Nutrition     Meal Replacement    NOVARTIS NUTRITION CORP       VIVONEX PLUS
Vitamins & Nutrition     Meal Replacement    RAINBOW LIGHT NUTRITIONAL     R/L
Vitamins & Nutrition     Meal Replacement    ROSS LABS                     ENSURE
Vitamins & Nutrition     Meal Replacement    ROSS LABS                     ENSURE PLUS
Vitamins & Nutrition     Meal Replacement    ROSS LABS                     ENSURE LIGHT
Vitamins & Nutrition     Meal Replacement    ROSS LABS                     ENSURE/FIBER
Vitamins & Nutrition     Meal Replacement    ROSS LABS                     ENSURE PLS HN
Vitamins & Nutrition     Meal Replacement    ROSS LABS                     ENSURE HONEY
Vitamins & Nutrition     Meal Replacement    ROSS LABS                     ENSURE CHOC
Vitamins & Nutrition     Teas                ADAMS USA
Vitamins & Nutrition     Teas                GOLDEN TEMPLE INC
Vitamins & Nutrition     Teas                MD LABS INC
Vitamins & Nutrition     Teas                TRADITIONAL MEDICINALS INC
Vitamins & Nutrition     Teas                TWIN LABORATORIES INC
Vitamins & Nutrition     Diet Products       SLIM FAST FOODS
Vitamins & Nutrition     Diet Products       AMERICAN NATURAL SNACKS
Vitamins & Nutrition     Diet Products       ATKINS NUTRITIONALS INC
Vitamins & Nutrition     Diet Products       NATURES'S SOURCES LLC
Vitamins & Nutrition     Diet Products       RAINBOW LIGHT NUTRITIONAL
Vitamins & Nutrition     Diet Products       ROSS LABS
Vitamins & Nutrition     Sports Nutrition    CLIF BAR INTERNATIONAL
Vitamins & Nutrition     Sports Nutrition    MLO PRODUCTS
Vitamins & Nutrition     Sports Nutrition    WEIDER NUTRITION INTERNTL
Vitamins & Nutrition     Sports Nutrition    ATKINS NUTRITIONALS INC
Vitamins & Nutrition     Sports Nutrition    TWIN LABORATORIES INC
Vitamins & Nutrition     Sports Nutrition    CHAMPION NUTRITION
Vitamins & Nutrition     Sports Nutrition    CNS INC
</TABLE>

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