Document:

Stock Pledge Agreement between Vitamin Shoppe Industries, Inc. and Wachovia Bank

 Exhibit 10.4 
  
 [Execution] 
  
 STOCK PLEDGE AGREEMENT 
  
 THIS STOCK PLEDGE AGREEMENT (this “Agreement”), dated November 15, 2005, is entered into by and between VITAMIN SHOPPE INDUSTRIES
INC., a New York corporation (“Pledgor”), with offices at 2101 91st Street, North Bergen, New Jersey 07047, and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association, in its capacity as agent (in such capacity
“Pledgee”) for the Lenders and the other Secured Parties (as hereinafter defined), with an office at 1133 Avenue of the Americas, New York, New York 10036. 
  
 WITNESSETH: 
  
 WHEREAS, Pledgor is the owner of one hundred percent (100%) of the
issued and outstanding shares of Capital Stock of VS Direct Inc., a Delaware corporation (the “Company”), and may from time to time in the future, subject to the terms and conditions set forth in the Financing Agreements, acquire
one or more additional Subsidiaries (“Future Subsidiaries”). 
  
 WHEREAS, Pledgee and the parties to the Loan Agreement as lenders (individually, each a “Lender” and collectively, “Lenders”) have entered into financing arrangements with Pledgor and
the Company (together with Pledgor, each individually a “Borrower” and collectively, “Borrowers”) pursuant to which Pledgee and Lenders may make loans and advances and provide other financial accommodations to
Borrowers as set forth in the Loan and Security Agreement, dated of even date herewith, by and among Borrowers, VS Holdings, Inc., a Delaware corporation (“Holdings”), Pledgee and Lenders (as the same now exists or may hereafter be
amended, modified, supplemented, extended, renewed, restated or replaced, the “Loan Agreement”) and the other agreements, documents and instruments referred to therein or at any time executed and/or delivered in connection therewith
or related thereto, including, but not limited to, the Guarantee (as defined below) and this Agreement (all of the foregoing, together with the Loan Agreement, as the same now exist or may hereafter be amended, modified, supplemented, extended,
renewed, restated or replaced, being collectively referred to herein as the “Financing Agreements”); 
  
 WHEREAS, Pledgor has absolutely and unconditionally guaranteed the payment and performance of all now existing and hereafter arising obligations,
liabilities and indebtedness of the Company to Pledgee and Secured Parties as set forth in the Guarantee, dated of even date herewith, by Pledgor and Holdings in favor of Pledgee and Secured Parties (as the same now exist or may hereafter be
amended, modified, supplemented, extended, renewed, restated or replaced, the “Guarantee”); and 
  
 WHEREAS, Pledgor desires to pledge to Pledgee, for its benefit and the ratable benefit of the Lenders and the other Secured Parties, a continuing security
interest in all of the Capital Stock of the Company, any and all of the Future Subsidiaries organized under the laws of any jurisdiction within the United States of America (“Domestic Future Subsidiaries”) and 65% of all Future
Subsidiaries organized under the laws of any jurisdiction outside of the United States of America (“Foreign Future Subsidiaries”), in each case as collateral security for the Obligations. 

 NOW, THEREFORE, in consideration of the foregoing facts the parties hereto agree as follows (initially
capitalized terms used herein without definition shall have the meanings given in the Loan Agreement): 
  
 1. Pledge. Pledgor hereby delivers, pledges and grants a continuing security interest to Pledgee, for Pledgor’s benefit and the ratable
benefit of the Lenders and the other Secured Parties, in all of the Capital Stock of the Company, all of the Capital Stock of each Domestic Future Subsidiary and 65% of the Capital Stock of each Foreign Future Subsidiary, whether now or hereafter
owned or beneficially owned by Pledgor, together with all proceeds, replacements, substitutions, newly issued stock, stock received by reason of a stock split, bonus or any other form of issue, dividend or distribution with respect to or arising
from such stock (collectively, the “Collateral”). Pledgor shall forthwith deliver to Pledgee the Collateral together with stock powers in form and substance reasonably satisfactory to Pledgee duly executed in blank, with signatures
guaranteed, regarding the Collateral. 
  
 2. Obligations
Secured. The pledge and security interest effectuated hereby shall secure the prompt performance and payment in full of any and all Obligations of Borrowers of every kind, nature and description owing to Pledgee or any Secured Party arising
under or otherwise related to or permitted under the Guarantee, this Agreement, the Loan Agreement or the other Financing Agreements. 
  
 3. Representations And Warranties Regarding The Collateral. Pledgor represents and warrants that: (a) all of the shares of stock described in
Paragraph 1 hereinabove are fully paid, non-assessable and validly issued; (b) the Collateral was not issued in violation of any person’s or entity’s preemptive rights; (c) the Collateral is owned free and clear of any and all
security interests, pledges, options to purchase or sell, redemptions or liens; (d) Pledgor has full power to convey the Collateral; (e) no financing statements covering the Collateral are recorded with any cognizant state official or
recording office (other than in favor of Pledgee, for itself and the ratable benefit of the Lenders and other Secured Parties); and (f) the Collateral is free and clear of any claims, security interests or liens other than those in favor of
Pledgee. 
  
 4. Events Of Default. For purposes herein,
“Event of Default” shall mean any “Event of Default” as defined under the Loan Agreement. Pledgor hereby appoints Pledgee as its attorney-in-fact to arrange, upon the occurrence and during the continuance of an Event of
Default, for a transfer of the Collateral on the books of the Company or any Future Subsidiary, as applicable, to the name of Pledgee or to the name of Pledgee’s nominee. 
  
 5. Voting Rights. During the term of this Agreement, so long as there shall not occur any Event of Default, Pledgor
shall have the right to vote the Collateral on all corporate questions for all purposes not inconsistent with the terms of this Agreement. Upon the occurrence and during the continuance of an Event of Default, Pledgee shall thereafter have, at its
discretion, the option to exercise all voting powers and other corporate rights pertaining to the Collateral. Pledgee may, upon the occurrence and during the continuance of an Event of Default, at its option, transfer or register the Collateral or
any part thereof into its own or its nominee’s name. 

 6. Stock Adjustments And Dividends. If during the term of this Agreement, any stock dividend,
reclassification, readjustment or other change is declared or made in the capital structure of the Company or any Future Subsidiary or any option included within the Collateral is exercised, or both, all new, substituted and additional shares, or
other securities, issued to Pledgor by reason of any such change or exercise shall be delivered to and held by Pledgee under the terms of this Agreement in the same manner as the Collateral originally pledged hereunder. Except as expressly permitted
under the terms of the Loan Agreement, if, during the term of this Agreement, any dividend or other distribution is made on account of the Collateral, Pledgor shall immediately deliver all such dividends or other distributions to Pledgee in the same
form received and in the same manner as the Collateral pledged hereunder. 
  
 7. Warrants And Rights. If during the term of this Agreement, subscription warrants or any other rights or options shall be issued in connection with the Collateral, such warrants, rights and options shall be
immediately assigned by Pledgor to Pledgee to be held under the terms of this Agreement in the same manner as the Collateral originally pledged hereunder. 
  
 8. Remedies Upon Default. In addition to the other remedies provided for herein, in the Loan Agreement, the Guarantee, the other Financing
Agreements or otherwise available under applicable law, upon the occurrence and during the continuance of an Event of Default: 
  
 (a) Pledgee may: 
  
 (i) exercise in respect to the Collateral, any one or more of the rights and remedies available under the New York Uniform Commercial Code
and other applicable law; and 
  
 (ii) sell or
otherwise assign, give an option or options to purchase or dispose of and deliver the Collateral (or contract to do so), or any part thereof, in one or more parcels at public or private sale or sales, at any exchange, broker’s board or at any
of Pledgee’s offices or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash, on credit or for future delivery without assumption of any credit risk, free of any claim or right of
whatsoever kind (including, after any such sale or assignment is consummated, any right or equity of redemption) of Pledgor, which claim, right and equity are hereby expressly waived and released. Pledgee or any Lender shall have the right to the
extent permitted by applicable law, upon any such sale or sales, public or private, to purchase the whole or any part of the Collateral so sold; provided, however, Pledgor shall not receive any net proceeds, if any, of any such credit
sale or future delivery until cash proceeds are actually received by Pledgee (which cash proceeds shall be applied by Pledgee to the Obligations) and after all Obligations have been paid in full. In case of any sale of all or any part of the
Collateral on credit or for future delivery, the Collateral so sold may be retained by Pledgee until the selling price is paid by the purchaser thereof, but Pledgee shall incur no liability in case of the failure of such purchaser to pay for the
Collateral so sold and, in case of such failure, the Collateral may again be sold as herein provided. 
  
 (b) Any notice required to be given by Pledgee of a sale of the Collateral, or any part thereof, or of any other intended action by
Pledgee, which occurs not less than ten (10) days prior to such proposed action, shall constitute commercially reasonable and fair notice to Pledgor 

 
thereof. If, after the occurrence of an Event of Default, a statement renouncing or modifying any right to notification of sale or other intended disposition
has been signed by Pledgor, during the continuance of such Event of Default, no such notification need be given to Pledgor. 
  
 (c) Pledgee shall not be obligated to make any sale or other disposition of the Collateral, or any part thereof unless the terms thereof
shall, in its sole discretion, be satisfactory to it. Pledgee may, if it deems it reasonable, postpone or adjourn the sale of any of the Collateral, or any part thereof, from time to time by an announcement at the time and place of such sale or by
announcement at the time and place of such postponed or adjourned sale, without being required to give a new notice of sale. Pledgor agrees that Pledgee has no obligations to preserve rights against prior parties to the Collateral. 
  
 (d) Pledgor acknowledges and agrees that Pledgee may comply
with limitations or restrictions in connection with any sale of the Collateral in order to avoid any violation of applicable law or in order to obtain any required approval of the sale or of the purchase thereof by any governmental regulatory
authority or official and, without limiting the generality of the foregoing, Pledgor acknowledges and agrees that Pledgee may be unable to effect a public sale of any or all the Collateral by reason of certain prohibitions contained in the federal
securities laws and applicable state securities laws, but may be compelled to resort to one or more private sales thereof to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such securities for their own
account for investment and not with a view to the distribution or resale thereof. Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable to the seller than if such sale were a public sale.
Notwithstanding any such circumstances, Pledgor acknowledges and agrees that such compliance shall not result in any such private sale for such reason alone being deemed to have been made in a commercially unreasonable manner. Pledgee shall not be
liable or accountable to Pledgor for any discount allowed by reason of the fact that the Collateral is sold in compliance with any such limitation or restriction. Pledgee shall not be under any obligation to delay a sale of any of the Collateral for
the period of time necessary to permit the issuer of such securities to register such securities for public sale under the federal securities laws, or under applicable state securities laws, even if the issuer desires, requests or would agree to do
so. 
  
 (e) Any cash held by Pledgee as
Collateral and all cash proceeds received by Pledgee in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of Pledgee, be held by Pledgee as Collateral for the Obligations
and/or then or at any time thereafter applied, without any marshalling of rights, remedies or assets, and after payment of any amounts payable to Pledgee or any Lender hereunder and, after deducting all reasonable costs and expenses of every kind in
connection with the care, safekeeping, collection, sale, delivery or otherwise of any or all of the Collateral or in any way relating to the rights of Pledgee hereunder (including reasonable attorneys’ fees and disbursements), to the. payment
of reduction of the Obligations. Any surplus of such cash or cash proceeds held by Pledgee and remaining after payment in full of all the Obligations shall be paid over to Pledgor or to whomsoever may be lawfully entitled to receive such surplus.

  
 9. Cumulative Remedies. The rights and remedies
provided herein are cumulative and not exclusive of any other rights or remedies provided by law or equity. The rights and remedies provided herein are intended to be in addition to and not in substitution of the rights 

 
and remedies provided by the Loan Agreement, the other Financing Agreements or any other agreement or instrument delivered in connection therewith.

  
 10. Amendments and Waivers. This Agreement may not be
modified, supplemented, or amended, or any of its provisions waived except in a writing signed by Pledgor and Pledgee. 
  
 11. Waiver of Rights. No course of dealing between the parties to this Agreement or any failure or delay on the part of any such party in
exercising any rights or remedies hereunder shall operate as a waiver of any rights and remedies of such party or any other party, and no single or partial exercise of any rights or remedies by one party hereunder shall operate as a waiver or
preclude the exercise of any other rights and remedies of such party or any other party. No waiver by Pledgee of any breach or default by Pledgor shall be deemed a waiver of any other previous breach or default or of any breach or default occurring
thereafter. 
  
 12. Assignment. The provisions of this
Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto; provided, however, that except as permitted by the Loan Agreement or the other Financing Agreements, no interest
herein or in or to the Collateral may be assigned by Pledgor without the prior written consent of Pledgee; and, provided, further, that Pledgee may assign the rights and benefits hereof to any party acquiring any interest in the
Obligations or any part thereof. 
  
 13. Release. At such
time as Pledgor shall completely satisfy all of the Obligations, and the Financing Agreements have been terminated (other than indemnification and other contingent obligations not yet accrued at such time), other than upon enforcement of
Pledgee’s remedies under the Loan Agreement or the other Financing Agreements after an Event of Default, Pledgee will, at Pledgor’s sole cost and expense, execute and deliver to Pledgor a release or other instrument as may be necessary or
proper to release Pledgor’s lien in the Collateral and return to Pledgor all stock certificates and stock powers relating to this Agreement which are in its possession, subject to any dispositions thereof which may have been made by Pledgee
pursuant hereto. 
  
 14. Effect of this Agreement;
Severability. The Financing Agreements (including without limitation this Agreement) and any instruments or documents delivered or to be delivered in connection herewith and therewith, represent the entire agreement and understanding concerning
the subject matter hereof and thereof between the parties hereto and thereto, and supersede all other prior agreements, understandings, negotiations and discussions, representations, warranties, commitments, proposals, offers and contracts
concerning the subject matter hereof and thereof, whether oral or written. This Agreement is a supplement to, and is hereby incorporated into, the Financing Agreements and made a part thereof. If any clause or provision of this Agreement shall be
held invalid or unenforceable, in whole or in part, in any jurisdiction, such invalidity or unenforceability shall attach only to such clause or provision, or part thereof, in such jurisdiction, and shall not in any manner affect such or any other
clause or provision in any other jurisdiction. Notwithstanding anything contained in this Agreement, in the event that any provisions of this Agreement are deemed to conflict or be inconsistent with the Loan Agreement, the provisions of the Loan
Agreement shall govern. Capitalized terms not defined in this Agreement shall have the meanings ascribed to such terms in the Loan Agreement. 

 15. Notices. All notices, requests and demands to or upon Pledgor or Pledgee under this Agreement
shall be given to the addresses designated in and in the manner prescribed by the Loan Agreement. 
  
 16. Governing Law; Choice of Forum; Service of Process; Jury Trial Waiver. 
  
 (a) The validity, interpretation and enforcement of this Agreement and any dispute arising out of the
relationship between the parties hereto, whether in contract, tort, equity or otherwise, shall be governed by the internal laws of the State of New York but excluding any principles of conflicts of law or other rule of law that would cause the
application of the law of any jurisdiction other than the laws of the State of New York. 
  
 (b) Pledgor and Pledgee irrevocably consent and submit to the non-exclusive jurisdiction of the State of New York and the State and
Federal courts located in the Borough of Manhattan, County of New York, State of New York and the United States District Court for the Southern District of New York, whichever Pledgee may elect, and waive any objection based on venue or forum non
conveniens with respect to any action instituted therein arising under this Agreement or in any way connected with or related or incidental to the dealings of the parties hereto in respect of this Agreement or the transactions related hereto whether
now existing or hereafter arising, and whether in contract, tort, equity or otherwise, and agree that any dispute with respect to any such matters shall be heard only in the courts described above (except that Pledgee shall have the right to bring
any action or proceeding against Pledgor or the Collateral in the courts of any other jurisdiction which Pledgee deems necessary or appropriate in order to realize on the Collateral or to otherwise enforce its rights against Pledgor or the
Collateral). 
  
 (c) Pledgor hereby waives
personal service of any and all process upon it and consents that all such service of process may be made by certified mail (return receipt requested) directed to its address set forth in the Loan Agreement and service so made shall be deemed to be
completed five (5) days after the same shall have been so deposited in the U.S. mails, or, at Pledgee’s option, by service upon Pledgor in any other manner provided under the rules of any such courts. Within thirty (30) days after
such service, Pledgor shall appear in answer to such process, failing which Pledgor shall be deemed in default and judgment may be entered by Pledgee against Pledgor for the amount of the claim and other relief requested. 
  
 (d) PLEDGOR AND PLEDGEE EACH HEREBY WAIVES ANY RIGHT TO
TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR THE TRANSACTIONS RELATED HERETO
WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. PLEDGOR AND PLEDGEE EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY
AND THAT PLEDGOR OR PLEDGEE MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

 17. Further Assurances. Pledgor covenants and agrees that: (a) it will execute and deliver,
or cause to be executed and delivered, all such other stock powers, proxies, instruments and documents as Pledgee may reasonably request from time to time in order to perfect and protect the security interests granted or purported to be granted
hereunder (including without limitation the security interest granted in any Capital Stock of any Future Subsidiary) or otherwise to carry out the provisions and purposes hereof, and (b) it will take all such other action, as Pledgee may
reasonably request from time to time in order to perfect and protect the security interests granted or purported to be granted hereunder (including without limitation the security interest granted in any Capital Stock of any Future Subsidiary) or
otherwise to carry out the provisions and purposes hereof. For purposes of defining security interest perfection, Pledgor further agrees that any Collateral which is in transit to Pledgee shall be deemed to be in Pledgee’s possession. Pledgor
warrants and represents that none of the Collateral constitutes margin securities for the purposes of Regulations T, U or X, and also warrants and represents that none of the proceeds of any loans made by Pledgee or the Lenders to Pledgor will be
used to purchase or carry any margin stock. 
  
 18.
Counterparts, etc. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this
Agreement by telefacsimile shall have the same force and effect as the delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile shall also deliver an original
executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of this Agreement. 
  
 *     *     * 

 IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date first above written.

  

			
	 PLEDGOR

	
	 VITAMIN SHOPPE INDUSTRIES INC.

		
	 By: 
	 	 /s/ Cosmo La Forgia

	 Name: 
	 	 Cosmo La Forgia

	Title: 	 	 Vice President - Finance

  

			
	 PLEDGEE

	
	 WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent

		
	 By: 
	 	 /s/ Marc J. Breier

	 Name: 
	 	 Marc J. Breier

	Title: 	 	 DirectorGuarantee of VS Holdings, Inc. and VS Direct Inc.

 Exhibit 10.5 
  
 [Execution] 
 GUARANTEE 
  
 November 15,
2005 
  
 Wachovia Bank, National Association, as Agent 
 1133 Avenue of the Americas 
 New York, New York 10036 
  
 Re: Vitamin Shoppe Industries Inc. 
  
 Ladies and Gentlemen: 
  
 Vitamin Shoppe Industries Inc., a New York corporation (“Borrower”), certain of its affiliates, Wachovia Bank,
National Association, a national banking association, in its capacity as agent (in such capacity, “Agent”) for Secured Parties (as hereinafter defined), and the entities from time to time party to the Loan Agreement (as hereinafter
defined) as lenders (each a “Lender” and collectively, “Lenders”) have entered into financing arrangements pursuant to which Agent and Lenders may make loans and advances and provide other financial accommodations to Borrower and
such affiliates as set forth in the Loan and Security Agreement, dated of even date herewith, by and among Borrower, VS Direct Inc., a Delaware corporation (“VS Direct”), VS Holdings, Inc., a Delaware corporation (“Parent” and
together with VS Direct, each individually a “Guarantor” and collectively, “Guarantors”), Agent and Lenders (as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, the
“Loan Agreement”) and other agreements, documents and instruments referred to therein or at any time executed and/or delivered in connection therewith or related thereto, including, but not limited to, this Guarantee (all of the foregoing,
together with the Loan Agreement, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, being collectively referred to herein as the “Financing Agreements”). 
  
 Due to the close business and financial relationships between Borrower and
each Guarantor, in consideration of the benefits which will accrue to each Guarantor and as an inducement for and in consideration of Agent and Lenders making loans and advances and providing other financial accommodations to Borrower pursuant to
the Loan Agreement and the other Financing Agreements, each Guarantor has agreed to guarantee the payment and performance of the Guaranteed Obligations (as hereinafter defined) on the terms set forth herein. 
  
 In consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each Guarantor hereby jointly and 

 
severally agrees in favor of Agent, Lenders and the other Secured Parties (as defined in the Loan Agreement) as follows: 
  
 1. Guarantee. 
  
 (a) Each Guarantor absolutely, unconditionally and
irrevocably, jointly and severally with each other and any subsequent guarantors of the Guaranteed Obligations (as hereinafter defined), guarantees and agrees to be liable for the full payment and performance when due, whether at stated maturity, by
required prepayment, declaration, acceleration, demand or otherwise, of the following (all of which are collectively referred to herein as the “Guaranteed Obligations”): (i) all of the Obligations (as defined in the Loan
Agreement) and (ii) all costs and expenses (including, without limitation, reasonable attorneys’ fees and legal expenses) incurred by Agent or any Secured Party in connection with the preparation, execution, delivery, recording,
administration, collection, liquidation, enforcement and defense of the Guaranteed Obligations or the rights of Agent or any Secured Party under this Guarantee, whether such expenses are incurred before, during or after the initial or any renewal
term of the Loan Agreement and the other Financing Agreements or after the commencement of any case with respect to Borrower or any Guarantor under the United States Bankruptcy Code or any similar statute; provided, however, that each
Guarantor shall only be liable under this Guarantee for the maximum amount of such liability that can be hereby incurred without rendering this Guarantee, as it relates to such Guarantor, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer, and not for any greater amount. 
  
 (b) This Guarantee is a guarantee of payment and not of collection. Each Guarantor agrees that neither Agent nor any Secured Party need attempt to collect any Guaranteed Obligations from Borrower, any one Guarantor or
any other Obligor or to realize upon any Collateral, but may require any one Guarantor to make immediate payment of all of the Guaranteed Obligations to Agent, for the benefit of the Lenders and the other Secured Parties, when due, whether by
maturity, acceleration or otherwise, or at any time thereafter. Agent and Lenders may apply any amounts received in respect of the Guaranteed Obligations to any of the Guaranteed Obligations, in whole or in part (including reasonable attorneys’
fees and legal expenses incurred by Agent or any Secured Party with respect thereto or otherwise chargeable to Borrower or any Obligor) and in such order as Agent may elect: 
  
 (c) Payment by Guarantors shall be made in U.S. dollars to Agent at the office of Agent from time to time on
demand as Guaranteed Obligations become due. Guarantors shall make all payments to Agent on the Guaranteed Obligations free and clear of, and without deduction or withholding for or on account of, any setoff, counterclaim, defense, duties, taxes,
levies, imposts, fees, deductions, withholding, restrictions or conditions of any kind. One or more successive or concurrent actions may be brought hereon against any Guarantor either in the same action in which Borrower or any Obligor is sued or in
separate actions. In the event any claim or action, or action on any judgment, based on this Guarantee is brought against any Guarantor, such Guarantor agrees not to deduct, set-off, or seek any counterclaim for or recoup any amounts which are or
may be owed by Agent or any Secured Party to such Guarantor. 
  

 2 

 2. Waivers and Consents. 
  
 (a) Notice of acceptance of this Guarantee, the making of loans and advances and providing other financial
accommodations to Borrower and presentment, demand, protest, notice of protest, notice of nonpayment or default and all other notices to which Borrower or any Guarantor are entitled is hereby waived by each Guarantor. Each Guarantor also waives
notice of and hereby consents to (i) any amendment, modification, supplement, waiver, extension, renewal, or restatement of the Loan Agreement and any of the other Financing Agreements, including, without limitation, extensions of time of
payment of or increase or decrease in the amount of any of the Guaranteed Obligations, the interest rate, fees, other charges, or any Collateral, and the guarantee made herein shall apply to the Loan Agreement and the other Financing Agreements and
the Guaranteed Obligations as so amended, modified, supplemented, renewed, restated or extended, increased or decreased, (ii) the taking, exchange, surrender and releasing of Collateral or guaranties now or at any time held by or available to
Agent or any Secured Party for the obligations of Borrower, any other Guarantor or any other party at any time liable on or in respect of the Guaranteed Obligations or who is the owner of any property which is security for the Guaranteed Obligations
(individually, an “Obligor” and collectively, the “Obligors”), including without limitation the surrender or release by Agent of any one Guarantor hereunder, (iii) the exercise of, or refraining from the
exercise of any rights against Borrower or any Obligor or any Collateral, (iv) the settlement, compromise or release of, or the waiver of any default with respect to, any of the Guaranteed Obligations and (v) any financing by Agent and/or
any Lender of Borrower under Section 364 of the United States Bankruptcy Code or consent by Agent or any Lender to the use of cash collateral under Section 363 of the United States Bankruptcy Code. Each Guarantor agrees that the amount of
the Guaranteed Obligations shall not be diminished and the liability of Guarantors hereunder shall not be otherwise impaired or affected by any of the foregoing. 
  
 (b) No invalidity, irregularity or unenforceability of all or any part of the Guaranteed Obligations shall
affect, impair or be a defense to this Guarantee, nor shall any other circumstance which might otherwise constitute a defense available to or legal or equitable discharge of Borrower in respect of any of the Guaranteed Obligations, or any Guarantor
in respect of this Guarantee, affect, impair or be a defense to this Guarantee. Without limitation of the foregoing, the liability of Guarantors hereunder shall not be discharged or impaired in any respect by reason of any failure by Agent to
perfect or continue perfection of any lien or security interest in any Collateral or any delay by Agent in perfecting any such lien or security interest. As to interest, fees and expenses, whether arising before or after the commencement of any case
with respect to Borrower under the United States Bankruptcy Code or any similar statute, each Guarantor shall be liable therefor, even if Borrower’s liability for such amounts does not, or ceases to, exist by operation of law. Each Guarantor
acknowledges that neither Agent nor any Secured Party has made any representations to any Guarantor with respect to Borrower, any Obligor or otherwise in connection with the execution and delivery by Guarantors of this Guarantee and such Guarantor
is not in any respect relying upon Agent or any Secured Party or any statements by Agent or any Secured Party in connection with this Guarantee. 
  
 (c) Unless and until the payment and satisfaction in full of all of the Guaranteed Obligations in immediately available funds and the
termination of the financing arrangements of Agent and Lenders with Borrower, to the fullest extent permitted by law, each Guarantor hereby 

  

 3 

 
irrevocably and unconditionally waives and relinquishes all statutory, contractual, common law, equitable and all other claims against Borrower, any
Collateral for the Guaranteed Obligations or other assets of Borrower or any Obligor, for subrogation, reimbursement, exoneration, contribution, indemnification, setoff or other recourse in respect to sums paid or payable to Agent or any Lender by
any Guarantor hereunder and such Guarantor hereby further irrevocably and unconditionally waives and relinquishes any and all other benefits which any Guarantor might otherwise directly or indirectly receive or be entitled to receive by reason of
any amounts paid by or collected or due from Guarantors, Borrower or any Obligor upon the Guaranteed Obligations or realized from their property. The foregoing waiver of rights is made in favor of Agent and the Lenders only and shall not be deemed a
waiver of such rights for the benefit of any other creditors of Borrower or any Obligor. 
  
 (d) Each Guarantor hereby irrevocably and unconditionally waives and relinquishes any right to revoke this Guarantee that such Guarantor
may now have or hereafter acquire. 
  
 (e)
Without limiting the generality of any other waiver or other provision set forth in this Guarantee, each Guarantor hereby irrevocably and unconditionally waives all rights and defenses arising out of an election of remedies by Agent, even though
that election of remedies, such as a nonjudicial foreclosure with respect to security for a Guaranteed Obligation, has terminated such Guarantor’s rights of subrogation and reimbursement against Borrower. 
  
 (f) Without limiting the generality of any other waiver or
other provision set forth in this Guarantee, each Guarantor hereby irrevocably and unconditionally waives and relinquishes, to the maximum extent such waiver or relinquishment is permitted by applicable law, all rights to interpose any claims,
deductions, setoffs or counterclaims of any nature (other than compulsory counterclaims) in any action or proceeding with respect to this Guarantee, such Guarantor’s obligations hereunder, the Collateral or any matter arising from or related to
the foregoing. 
  
 3. Subordination. Except as otherwise
provided in the Loan Agreement, payment of all amounts now or hereafter owed to any Guarantor by Borrower or any Obligor is hereby subordinated in right of payment to the indefeasible payment in full to Agent, for itself and the benefit of the
Lenders and the other Secured Parties, of the Guaranteed Obligations and all such amounts and any security and guaranties therefor are hereby assigned to Agent, for itself and the ratable benefit of the Lenders and the other Secured Parties, as
security for the Guaranteed Obligations. 
  
 4.
Acceleration. Notwithstanding anything to the contrary contained herein or any of the terms of any of the other Financing Agreements, the liability of Guarantors for the entirety of the Guaranteed Obligations shall mature and become
immediately due and payable upon the acceleration of the Obligations. 
  
 5. Intentionally Deleted. 
  
 6.
Termination. This Guarantee is continuing, unlimited, absolute and unconditional. All Guaranteed Obligations shall be conclusively presumed to have been created in reliance on this Guarantee. This Guarantee may not be terminated and shall
continue so long as either 

  

 4 

 
(a) the Loan Agreement shall be in effect (whether during its original term or any renewal, substitution or extension thereof) or (b) any
Guaranteed Obligations shall be outstanding. 
  
 7.
Reinstatement. If any payment of any Guaranteed Obligations is invalidated, declared to be fraudulent or preferential, set aside, rescinded, or if after receipt of any payment of, or proceeds of Collateral applied to the payment of, any of
the Guaranteed Obligations, Agent or any Secured Party is required to surrender, return or otherwise restore such payment or proceeds to any Person for any reason, then the Guaranteed Obligations intended to be satisfied by such payment or proceeds
shall be reinstated and continue and this Guarantee shall continue in full force and effect as if such payment or proceeds had not been received by Agent or such Secured Party. Each Guarantor shall be liable to pay to Agent and the Secured Parties,
and shall indemnify and hold Agent and the Secured Parties harmless for the amount of any payments or proceeds rescinded, invalidated, surrendered or returned. This Section 7 shall remain effective notwithstanding any contrary action which may
be taken by Agent or any Secured Party in reliance upon such payment or proceeds. This Section 7 shall survive the termination of this Guarantee. 
  
 8. Amendments and Waivers. Neither this Guarantee nor any provision hereof shall be amended, modified, waived or discharged orally or by course of
conduct, but only by a written agreement signed by an authorized officer of Agent and otherwise in accordance with the terms of the Loan Agreement, and as to any amendments, as also signed by an authorized officer of each Guarantor. Agent shall not
by any act, delay, omission or otherwise be deemed to have expressly or impliedly waived any of its or any Secured Party’s rights, powers and/or remedies unless such waiver shall be in writing and signed by an authorized officer of Agent. Any
such waiver shall be enforceable only to the extent specifically set forth therein. A waiver by Agent of any right, power and/or remedy on any one occasion shall not be construed as a bar to or waiver of any such right, power and/or remedy which
Agent or any Secured Party would otherwise have on any future occasion, whether similar in kind or otherwise. 
  
 9. Corporate Existence, Power and Authority. Each Guarantor is a corporation duly organized and in good standing under the laws of its jurisdiction
of organization and is duly qualified as a foreign corporation and in good standing in all states or other jurisdictions where the nature and extent of the business transacted by it or the ownership of assets makes such qualification necessary,
except for those jurisdictions in which the failure to so qualify would not have a Material Adverse Effect. The execution, delivery and performance of this Guarantee (a) are all within each Guarantor’s corporate powers, (b) have been
duly authorized, (c) are not in contravention of law or the terms of any Guarantor’s certificate of incorporation, by laws, or other organizational documentation, or any indenture, agreement or undertaking to which such Guarantor is a
party or by which such Guarantor or its property are bound and (d) will not result in the creation or imposition of, or require or give rise to any obligation to grant, any lien, security interest, charge or other encumbrance upon any property
of any Guarantor, except, with respect to (c) and (d) above, where such contravention or result would not have a Material Adverse Effect. This Guarantee constitutes the legal, valid and binding obligation of each Guarantor enforceable in
accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium or similar laws limiting creditors’ rights generally or by general equitable principles. Any one Guarantor signing this Guarantee
shall be bound hereby whether or not any other Guarantor or any other person signs this Guarantee at any time. 
  

 5 

 10. Governing Law; Choice of Forum; Service of Process; Jury Trial Waiver. 
  
 (a) The validity, interpretation and enforcement of this
Guarantee and any dispute arising out of the relationship between the parties hereto, whether in contract, tort, equity or otherwise, shall be governed by the internal laws of the State of New York but excluding any principles of conflicts of law or
other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of New York. 
  
 (b) Guarantors, Agent and Lenders irrevocably consent and submit to the non-exclusive jurisdiction of the State of New York and the State
and Federal courts located in the Borough of Manhattan, County of New York, State of New York and the United States District Court for the Southern District of New York whichever Agent may elect, and waive any objection based on venue or forum non
conveniens with respect to any action instituted therein arising under this Guarantee or in any way connected with or related or incidental to the dealings of the parties hereto in respect of this Guarantee or the transactions related hereto, in
each case whether now existing or hereafter arising, and whether in contract, tort, equity or otherwise, and agree that any dispute with respect to any such matters shall be heard only in the courts described above (except that Agent and Lenders
shall have the right to bring any action or proceeding against any Guarantor or its property in the courts of any other jurisdiction which Agent deems necessary or appropriate in order to realize on the Collateral or to otherwise enforce its rights
against such Guarantor or its property). 
  
 (c)
Each Guarantor hereby waives personal service of any and all process upon it and consents that all such service of process may be made by certified mail (return receipt requested) directed to its address set forth in the Loan Agreement and service
so made shall be deemed to be completed five (5) days after the same shall have been so deposited in the U.S. mails, or, at Agent’s option, by service upon such Guarantor in any other manner provided under the rules of any such courts.
Within thirty (30) days after such service, such Guarantor shall appear in answer to such process, failing which such Guarantor shall be deemed in default and judgment may be entered by Agent against such Guarantor for the amount of the claim
and other relief requested. 
  
 (d) GUARANTORS,
AGENT AND LENDERS EACH HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS GUARANTEE OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF
THIS GUARANTEE OR THE TRANSACTIONS RELATED HERETO WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. GUARANTORS, AGENT AND LENDERS EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT ANY GUARANTOR, AGENT OR ANY LENDER MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS GUARANTEE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE
WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
  

 6 

 (e) Agent and Secured Parties shall not have any liability to any Guarantor (whether in
tort, contract, equity or otherwise) for losses suffered by such Guarantor in connection with, arising out of, or in any way related to the transactions or relationships contemplated by this Guarantee, or any act, omission or event occurring in
connection herewith, unless it is determined by a final and non-appealable judgment or court order binding on Agent or such Secured Party that the losses were the result of acts or omissions constituting gross negligence or willful misconduct. In
any such litigation, Agent and Secured Parties shall be entitled to the benefit of the rebuttable presumption that it acted in good faith and with the exercise of ordinary care in the performance by it of the terms of this Agreement. Each Guarantor:
(i) certifies that neither Agent, any Secured Party nor any representative, agent or attorney acting for or on behalf of Agent or any Secured Party has represented, expressly or otherwise, that Agent and Secured Parties would not, in the event
of litigation, seek to enforce any of the waivers provided for in this Guarantee and (ii) acknowledges that in entering into this Guarantee, Agent and Secured Parties are relying upon, among other things, the waivers and certifications set
forth in this Section and elsewhere herein. 
  
 11.
Notices. All notices, requests and demands hereunder shall be given to the addresses designated in and in the manner prescribed by the Loan Agreement. 
  
 12. Partial Invalidity. If any provision of this Guarantee is held to be invalid or unenforceable, such invalidity or unenforceability shall not
invalidate this Guarantee as a whole, but this Guarantee shall be construed as though it did not contain the particular provision held to be invalid or unenforceable and the rights and obligations of the parties shall be construed and enforced only
to such extent as shall be permitted by applicable law. 
  
 13.
Entire Agreement. This Guarantee represents the entire agreement and understanding of the parties concerning the subject matter hereof, and supersedes all other prior agreements, understandings, negotiations and discussions, representations,
warranties, commitments, proposals, offers and contracts concerning the subject matter hereof, whether oral or written. 
  
 14. Successors and Assigns. This Guarantee shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of
Agent, each Lender and the other Secured Parties and their respective successors, endorsees, transferees and assigns. The liquidation, dissolution or termination of any Guarantor shall not terminate this Guarantee as to such entity or as to such
Guarantor. 
  
 15. Counterparts. This Guarantee may be
executed by the parties hereto in several counterparts, each of which shall be deemed an original and all of which shall constitute together but one and the same agreement. Delivery of an executed counterpart of a signature page to this Guarantee by
facsimile or any other electronic method of transmission shall be effective as delivery of a manually executed counterpart of this Guarantee. Any party delivering an executed counterpart of this Guarantee by facsimile or any other electronic method
of transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of this Guarantee. 
  

 7 

 16. Interpretive Provisions. 
  
 (a) Capitalized terms used herein which are defined in the Loan Agreement shall have the meanings given
therein unless otherwise defined in this Guarantee. 
  
 (b) Capitalized terms used herein which are defined in Article 1 or Article 9 of the Uniform Commercial Code as in effect in the State of New York on the date hereof shall have the meanings given therein unless otherwise defined in this
Guarantee. 
  
 (c) All references to the plural
herein shall also mean the singular and to the singular shall also mean the plural unless the context otherwise requires. 
  
 (d) All references to Borrower, any Guarantor, any other Obligor, Agent, any Lender or any other Secured Party pursuant to the definitions
set forth in the recitals hereto, or to any other person herein, shall include their respective successors and assigns (including, without limitation, any receiver, trustee or custodian for such person or any of its assets or such person in its
capacity as debtor or debtor-in-possession under the United States Bankruptcy Code). 
  
 (e) The words “hereof’”, “herein”, “hereunder”, “this Guarantee” and words of similar import
when used in this Guarantee shall refer to this Guarantee as a whole and not any particular provision of this Guarantee and as this Guarantee now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced.

  
 (f) The word “including” when used
in this Guarantee shall mean “including, without limitation”. 
  
 (g) All references to the term “good faith” used herein when applicable to Agent or any Lender shall mean, notwithstanding anything to the contrary contained herein or in the UCC, honesty in fact in the
conduct or transaction concerned. A Guarantor shall have the burden of proving any lack of good faith on the part of Agent or any Lender alleged by such Guarantor at any time. 
  
 (h) An Event of Default shall exist or continue or be continuing until such Event of Default is waived in
accordance with Section 8 hereof or the Loan Agreement or is cured in a manner reasonably satisfactory to Agent, if such Event of Default is capable of being cured as determined by Agent. 
  
 (i) In the computation of periods of time from a specified
date to a later specified date, the word “from” means “from and including”, the words “to” and “until” each mean “to but excluding” and the word “through” means “to and
including”. 
  
 (j) Unless otherwise
expressly provided herein, (i) references herein to any agreement, document or instrument shall be deemed to include all subsequent amendments, modifications, supplements, extensions, renewals, restatements or replacements with respect thereto,
but only to the extent the same are not prohibited by the terms hereof, and (ii) references to any statute or regulation are to be construed as including all statutory and regulatory 

  

 8 

 
provisions consolidating, amending, replacing, recodifying, supplementing or interpreting the statute or regulation. 
  
 (k) The captions and headings of this Guarantee are for
convenience of reference only and shall not affect the interpretation of this Guarantee. 
  
 (l) This Guarantee is the result of negotiations among and has been reviewed by counsel to Agent, counsel to each Lender and counsel to
each Guarantor, and is the product of all parties. Accordingly, this Guarantee shall not be construed against Agent or any Lender merely because of their involvement in its preparation. 
  
 17. Agreement to be Bound by Loan Agreement. Each Guarantor hereby agrees to be bound by and to comply with the terms
of each provision of the Loan Agreement that references or purports to bind a “Guarantor” (as defined in the Loan Agreement). 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 9 

 IN WITNESS WHEREOF, each Guarantor has executed and delivered this Guarantee as of the day and year first
above written. 
  

			
	 VS DIRECT INC.

		
	By:	 	 /s/ Cosmo La Forgia

		
	Title:	 	 Vice President - Finance

  

			
	 VS HOLDINGS, INC.

		
	By:	 	 /s/ Cosmo La Forgia

		
	Title:	 	 Vice President - Finance

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