Document:

Collateral Account Notification and Acknowledgement

 Exhibit 10.10 
  
 COLLATERAL ACCOUNT NOTIFICATION AND ACKNOWLEDGMENT 
 (THIRD PARTY) 
  

			
	 Bank of America, N.A.
	  	January 15, 2006
	 Mail Code NC1-004-03-06
	  	 
	 200 North College Street
	  	 
	 Charlotte, NC 28255
	  	 

  
 Ladies and Gentlemen: 
  
 This is to notify you that Vitamin Shoppe Industries Inc., a New York corporation
(“Pledgor”), has granted to Wachovia Bank, National Association, in its capacity as agent (in such capacity, together with its successors and assigns, “Pledgee”) for the Lenders (as hereinafter defined), a security interest in,
among other things, Account number 283688 (the “Collateral Account”) held by Bank of America, N.A. (the “Securities Intermediary”) in the name of the Pledgor, together with all securities now or hereafter held therein, and the
proceeds thereof (collectively, the “Collateral”) pursuant to certain financing arrangements among Pledgor, certain of its affiliates, Pledgee and the financial institutions from time to time parties thereto as lenders (the
“Lenders”). Pledgor, Pledgee and the Securities Intermediary are entering into this Collateral Account Notification and Acknowledgment (this “Agreement”) to provide for the control of the Collateral Account and to further perfect
the security interest of Pledgee in the Collateral. Pledgor, Pledgee and the Securities Intermediary agree that the Collateral Account is a “securities account” within the meaning of Article 8 of the Uniform Commercial Code of the State of
New York as in effect on the date hereof (the “UCC”) and that all Collateral held in the Collateral Account will be treated as “financial assets” under the UCC. 
  
 In connection therewith, the parties hereto agree (which agreement by the Pledgor will be construed as instructions to the Securities
Intermediary): 
  

	1.	The Securities Intermediary is instructed to register the pledge on its books. The Pledgor and the Pledgee acknowledge that the only financial assets that may be held in the
Collateral Account are securities eligible to be held at a Federal Reserve Bank and/or the Depository Trust Company (“Eligible Securities”). The Pledgor agrees that it will deliver or caused to be delivered to the Securities Intermediary
for deposit in the Collateral Account only Eligible Securities. 

  

	2.	The Securities Intermediary is instructed to deliver to the Pledgee copies of monthly statements on the Collateral Account. 

  

	3.	Except as a result of computer system or accounting changes affecting securities accounts of the Securities Intermediary generally (in which case the Securities Intermediary shall
provide prompt notice to the Pledgee), the Securities Intermediary shall not change the account number of the Collateral Account without the prior written consent of the Pledgee and at least five (5) business days prior notice to the Pledgor.

  

	4.	All dividends, interest, gains and other profits with respect to the Collateral Account will be reported in the name and tax identification number of the Pledgor.

  

	5.	 Until the Securities Intermediary has received and had a reasonable opportunity to act upon a written notice from Pledgee which states that Pledgee is exercising
exclusive control over the 

	 	 
Collateral Account in the form attached hereto as Exhibit A (a “Notice of Exclusive Control”), the Securities Intermediary is authorized to accept
and act upon instructions, directions, and orders from Pledgor with respect to the Collateral Account, the Collateral, any interest therein, or the proceeds thereof, including but not limited to instructions, directions, and orders for the sale,
transfer, free delivery, release or other disposition of the Collateral, any interest therein, or the proceeds thereof, in each case without the prior consent of Pledgee. On and after the date on which the Securities Intermediary has received and
had a reasonable opportunity to act upon a Notice of Exclusive Control, the Securities Intermediary (i) shall cease complying with orders or instructions concerning the Collateral Account issued or originated by Pledgor and (ii) may not,
without the prior written consent of Pledgee, deliver, release or otherwise dispose of the Collateral or any interest therein unless the proceeds thereof are held or reinvested in the Collateral Account as part of the Collateral or applied by
Securities Intermediary to the satisfaction of an obligation owed to it described in Section 10 hereof. A Notice of Exclusive Control shall designate the account, person or other location to which the financial assets in the Collateral Account,
and cash dividends, interest, income, earnings, and other distributions received with respect thereto, shall thereafter be delivered. Notwithstanding the foregoing, the Securities Intermediary shall at all times be entitled to apply the Collateral,
any part thereof, any interest therein, or the proceeds thereof to the satisfaction of an obligation owed to it described in Section 10 hereof. 

  

	6.	The Pledgee agrees that the Securities Intermediary is authorized to pay to the Pledgor any interest, interest equivalent, dividends, and principal payments on declining balance
securities received by the Securities Intermediary with respect to any securities in the Collateral Account until the Securities Intermediary receives and has a reasonable period of time to act upon a Notice of Exclusive Control from the Pledgee.
The Pledgee further agrees that for any non-interest bearing security held in the Collateral Account, the term “interest equivalent” shall mean the amount of any discount earned on such security at the maturity or redemption date of such
security. 

  

	7.	The Pledgor authorizes the Securities Intermediary, and the Securities Intermediary agrees, to comply with any order or instruction from Pledgee concerning the Collateral Account,
including an order or instruction directing sale, transfer or redemption of all or part of the Collateral and the remittance of the proceeds thereof, if any, to Pledgee, without further consent by the Pledgor. Securities Intermediary shall have no
responsibility or liability to Pledgor for complying with any order or instruction, whether oral or written, concerning the Collateral Account originated by Pledgee and shall have no responsibility to investigate the appropriateness of any such
order or instruction, even if Pledgor notifies Securities Intermediary that Pledgee is not legally entitled to originate any such order or instruction. Securities Intermediary shall have no responsibility or liability to Pledgee for complying with
any order or instruction, whether oral or written, concerning the Collateral Account originated by Pledgor except to the extent such compliance would cause Securities Intermediary to violate (i) paragraph 5 hereof or (ii) written orders or
instructions previously received from Pledgee, but only to the extent Securities Intermediary has had a reasonable period of time to act thereon. In the event the Securities Intermediary receives orders or instructions from Pledgee and Pledgor that
are inconsistent, the Securities Intermediary shall comply only with the orders or instructions from Pledgee. Securities Intermediary shall be able to rely upon any notice or order that it reasonably believes to be genuine. Securities Intermediary
shall have no responsibility or liability to Pledgee with respect to the value of the Collateral Account or any of the Collateral. This Agreement does not create any obligation or duty on the part of Securities Intermediary other than those
expressly set forth herein. 

  

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	8.	Securities Intermediary shall not be liable for any loss or damage with respect to any matter that may arise out of or in connection with this Agreement or any action taken or not
taken pursuant hereto, except to the extent caused by Securities Intermediary’s gross negligence or willful misconduct. In no event shall Securities Intermediary be responsible for special, indirect, exemplary, or consequential damages,
including but not limited to lost profits, regardless of any notice, or any loss or damage caused, directly or indirectly, by conditions beyond its control. Pledgor and the Pledgee agree jointly and severally to indemnify and hold the Securities
Intermediary, its directors, officers, employees, and agents harmless from and against any and all claims, causes of action, liabilities, lawsuits, demands and/or damages, including, without limitation, any and all costs, including court costs and
reasonable attorneys’ fees (including allocated costs of in-house counsel), that may arise out of or in connection with this Agreement or any action taken or not taken pursuant hereto, except to the extent caused by Securities
Intermediary’s gross negligence or willful misconduct. The indemnities of the Pledgor set forth in this Section 8 shall survive the termination of this Agreement and the indemnities of the Pledgee set forth in this Section 8 shall
survive the termination of this Agreement for a period of one hundred twenty (120) days. 

  

	9.	The Securities Intermediary hereby acknowledges receipt of the notice of the security interest of Pledgee in and the pledge to Pledgee of the Collateral and the Collateral Account.
The Securities Intermediary represents that it has not received notice regarding any lien, encumbrance or other claim to the Collateral or the Collateral Account from any other person and has not entered into an agreement with any third party to act
on such third party’s orders or instructions with respect to the Collateral or the Collateral Account. The Securities Intermediary further agrees not to enter into any such agreement with any third party for so long as this Agreement is in
effect. 

  

	10.	The Securities Intermediary subordinates to the lien and security interest of the Pledgee any right of setoff, encumbrance, security interest or other claim that it may have against
the Collateral, except for any lien, claim encumbrance or right of set off against the Collateral Account or any financial asset carried in the Collateral Account arising from (i) customary commissions and fees arising from permitted trading
activity within the Collateral Account, (ii) payment owed to Securities Intermediary for open trade commitments for the purchase and/or sale of financial assets in and for the Collateral Account, and (iii) any credit or advance by the
Securities Intermediary in respect of interest, income or other proceeds from any financial asset in the Collateral Account for which final payment in collected funds is not received by the Securities Intermediary, in each case pursuant to and in
accordance with the terms of the Customer Agreement between the Securities Intermediary and the Pledgor as in effect on the date hereof (the “Customer Agreement”). 

  

	11.	To the extent a conflict exists between the terms of this Agreement and the Customer Agreement or any other agreement between Pledgor and the Securities Intermediary related to the
Collateral Account, the terms of this Agreement will control. 

  

	12.	The terms of this Agreement will in no way be modified except by a writing signed by all parties hereto. 

  

	13.	 Securities Intermediary may terminate this Agreement by giving thirty (30) days’ prior notice to Pledgor and Pledgee. At the end of such thirty
(30) day period, Securities Intermediary will deliver all assets held in the Collateral Account to Pledgee unless Pledgor and Pledgee deliver joint instructions to Securities Intermediary to deliver or transfer the assets in the Collateral
Account to another party or securities intermediary. Pledgee may terminate this Agreement by 

  

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giving written notice to Securities Intermediary and Pledgor. Termination shall not affect any of the rights or liabilities of the parties hereto incurred
before the date of termination. 

  

	14.	This Agreement sets forth the entire agreement of the parties with respect to the subject matter hereof, and supersedes any prior agreement and contemporaneous oral agreements of
the parties concerning its subject matter. 

  

	15.	Except as otherwise expressly provided herein, any notice, order, instruction, request or other communication required or permitted to be given under this Agreement shall be in
writing and may be delivered in person, sent by facsimile or other electronic means if electronic confirmation of error free receipt is received, or sent by United States mail, postage prepaid, addressed to the party at its address set forth below.

  

	16.	Any notice, order, instruction, request or other communication from the Pledgee to the Securities Intermediary required to be in writing shall be on the Pledgee’s letterhead
and signed by an authorized representative of the Pledgee. 

  

	17.	Subject to Section 8 hereof, the Securities Intermediary will be excused from failing to act or delay in acting, and no such failure or delay shall constitute a breach of this
Agreement or otherwise give rise to any liability of the Securities Intermediary, except if such failure to act or delay in acting was caused by the gross negligence or willful misconduct of the Securities Intermediary, if (i) such failure or
delay is caused by circumstances beyond the reasonable control of the Securities Intermediary, including but not limited to legal constraint, emergency conditions, action or inaction of governmental, civil or military authority, fire, strike,
lockout or other labor dispute, war, riot, theft, flood, earthquake or other natural disaster, breakdown of public or private or common carrier communication or transmission facilities, equipment failure, or act, negligence or default solely of
Pledgor or Pledgee or (ii) such failure or delay resulted from Security Intermediary’s reasonable belief that the action would have violated any guideline, rule or regulation of any governmental authority. 

  

	18.	Pledgor agrees to pay Securities Intermediary, upon receipt of Securities Intermediary’s invoice, all reasonable costs, expenses and attorneys’ fees (including reasonable
allocated costs for in-house legal services) incurred by Securities Intermediary in connection with the enforcement of this Agreement or any instrument or agreement required hereunder, including but not limited to any such reasonable costs, expenses
and fees arising out of the resolution of any conflict, dispute, motion regarding entitlement to rights or rights of action, or other action to enforce Securities Intermediary’s rights hereunder in a case arising under Title 11, United
States Code. This Section 18 shall survive termination of this Agreement. 

  

	19.	Notwithstanding any of the other provisions of this Agreement, in the event of the commencement of a case pursuant to Title 11, United States Code, filed by or against Pledgor, or
in the event of the commencement of any similar case under then applicable federal or state law providing for the relief of debtors or the protection of creditors by or against Pledgor, Securities Intermediary may act as Securities Intermediary
deems necessary to comply with all applicable provisions of governing statutes and neither Pledgor nor Pledgee shall assert any claim against Securities Intermediary for so doing. 

  

	20.	If any term or provision in this Agreement shall be invalid or unenforceable the remainder of this Agreement, or the application of such terms or provisions to persons or
circumstances other than these to which it is held invalid or unenforceable, shall be construed in all respects as if such invalid or unenforceable term or provision were omitted. 

  

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	21.	This Agreement may be executed in counterparts, each of which shall be an original, and all of which shall constitute one and the same agreement. Delivery of an executed counterpart
of this Agreement by telecopier shall have the same force and effect as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telecopier also shall deliver an original
executed counterpart of this Agreement, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement as to such party or any other party. 

  

	22.	If any party to this Agreement is not a natural person, such party represents that the person executing this Agreement on behalf of such party hereby has the proper authority to
execute this Agreement on behalf of such party. 

  

	23.	The construction and effect of every provision of this Agreement, the rights of the parties hereunder and any questions arising out of this Agreement, shall be governed by the
statutory and common law of the State of New York without reference to the conflict of law provisions thereof. 

  

	24.	PLEDGEE, PLEDGOR AND SECURITIES INTERMEDIARY 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 ANY TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR
OTHERWISE. PLEDGEE, PLEDGOR AND SECURITIES INTERMEDIARY 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 PLEDGEE, PLEDGOR AND SECURITIES INTERMEDIARY MAY
FILE AN ORIGINAL COUNTERPART OR 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. 

  
 *     *     *    
*     *     *     *     * 
  

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 IN WITNESS WHEREOF, the Pledgor and the Pledgee have agreed to the terms of this agreement as of the date indicated
above. 
  

									
	 PLEDGOR:
	 	 	 	 PLEDGEE:

			
	VITAMIN SHOPPE INDUSTRIES INC.	 	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent
					
	 By:
	 	 /s/ Cosmo La Forgia
	 	 	 	 By:
	 	 /s/ James O’Connell

	 Name:
	 	 Cosmo La Forgia
	 	 	 	 Name:
	 	 James O’Connell

	 Title:
	 	 Vice President - Finance
	 	 	 	 Title:
	 	 Vice President

			
	 Telephone No.: 201-624-3000
	 	 	 	 Telephone No.: 212-840-2000

	 Facsimile No.: 201-868-0727
	 	 	 	 Facsimile No.: 212-545-4283

			
	 Address:
	 	 	 	 Address:

			
	 Corporate Office
	 	 	 	 1133 Avenue of the Americas

	 2101 91st Street
	 	 	 	 New York, New York 10036

	 North Bergen, New Jersey 07047
	 	 	 	 Attention: Portfolio Manager

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

  
 Acknowledged and Agreed to:

  

									
	 SECURITIES INTERMEDIARY:
	 	 	 	 
			
	BANK OF AMERICA, N.A.	 	 	 	 
					
	 By:
	 	 /s/ Anne H. Woodward
	 	 	 	 	 	 
	 Name:
	 	 Anne H. Woodward
	 	 	 	 	 	 
	 Title:
	 	 Principal
	 	 	 	 	 	 
			
	 Telephone No.: 704-386-1678
	 	 	 	 
	 Facsimile No.: 800-896-6996
	 	 	 	 
			
	 Address:
	 	 	 	 
			
	 Mail Code NC1-004-03-06
	 	 	 	 
	 200 North College Street
	 	 	 	 
	 Charlotte, North Carolina 28255
	 	 	 	 

  

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 Exhibit A 
  

WACHOVIA BANK, NATIONAL ASSOCIATION 
 1133
Avenue of the Americas 
 New York, New York 10036 
  
 [Date] 
  
 Bank of America, N.A. 
 Mail Code NC1-004-03-06 
 200 North College Street 
 Charlotte, North Carolina 28255 
  
 Notice of Exclusive Control 
  

Ladies and Gentlemen: 
  
 As referenced in the Collateral Account Notification and Acknowledgment, dated as of January 15, 2006, among Wachovia Bank, National Association, as Agent, Vitamin Shoppe Industries Inc. and Bank of America,
N.A., we hereby give you notice of our exclusive control over securities account number 283688 (the “Collateral Account”) and all financial assets credited thereto. You are hereby instructed not to accept any direction, instruction
or entitlement order with respect to the Collateral Account or the financial assets credited thereto from any person other than the undersigned. 
  
 You are hereby instructed to deliver the financial assets in the Collateral Account and cash dividends, interest, income, earning, and other distributions received with
respect thereto, as follows: 
  

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

  

			
	 Very truly yours,

	
	WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

	cc:	Vitamin Shoppe Industries Inc. 

  

 - 7 -Non-Competition Agreement between VS Holdings, Inc. and Wayne M. Richman

 Exhibit 10.12 
  
 NON-COMPETITION AGREEMENT 
  
 THIS NON-COMPETITION AGREEMENT (this “Agreement”) made as of this 2 day of August, 2004 (the “Effective Date”), by and among
Wayne M. Richman (the “Executive”), Vitamin Shoppe Industries Inc., a New York corporation (the “Company”), and VS Holdings, Inc., a Delaware corporation (“Holdings”). 
  
 WITNESSETH: 
  
 WHEREAS, Executive and Company have entered into that certain Letter
Agreement dated April 14, 2004 (the “Letter Agreement”) pursuant to which Executive has agreed to commence employment with Company; and 
  
 WHEREAS, the parties desire to expand upon and clarify certain of the provisions of the Letter Agreement with respect to Employee’s ability to work
for the Company, his agreement not to compete with the Company, and severance from the Company. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the mutual
covenants and obligations herein contained, the parties hereto agree as follows: 
  
 1. Position and Responsibilities. The Executive shall serve as Executive Vice President and Chief Operating Officer of each of Holdings and the Company and, in such capacity, shall be responsible for the
general management of the certain portions of the business, affairs and operations of Holdings and the Company, shall perform such duties as are customarily performed by a chief operating officer of a company of a similar size, and shall have such
power and authority as shall reasonably be required to enable him to perform his duties hereunder; provided, however, that in exercising such power and authority and performing such duties, he shall at all times be subject to the
authority of the Chief Executive Officer and the Board of Directors of Holdings and the Company. Executive acknowledges that his scope of responsibilities has changed from the scope in the Letter Agreement, and hereby consents to such changes. The
Executive shall report to the Chief Executive Officer of the Company and the Board of Directors of Holdings and the Company. The Executive agrees to devote substantially all of his business time, attention and services to the diligent, faithful and
competent discharge of such duties for the successful operation of Holdings’ and the Company’s business. 
  
 2. Term. Subject to the terms and provisions of Section 3, the employment relationship between Executive and Company shall be
“employment-at-will” and shall not be for any definite period of time and may be terminated by either Executive, or by Company, at any time and for any, or for no, reason. 
  
 3. Termination. The Executive’s term of employment under this Agreement may be terminated as follows:

  
 (A) At the Executive’s Option.
The Executive may terminate his employment at any time upon at least thirty (30) days advance written notice to the Company. In 

 
such event, the Executive shall be entitled to no severance or other termination benefits from and after the termination of his employment, except as
provided in Section 3(I) hereof. 
  
 (B)
At the Election of the Company With Cause. The Company may, unilaterally, terminate the Executive’s employment hereunder “with cause” at any time during the term of this Agreement upon written notice to the Executive.
Termination of the Executive’s employment by the Company shall constitute a termination “with cause” under this Section 3(B) only if such termination is for one or more of the following causes: (i) wrongful misappropriation
of Company assets of a material value; (ii) alcoholism or drug addiction, any of which materially impairs the ability of the Executive to perform his duties and responsibilities hereunder or is seriously injurious to the business of the
Company; (iii) the conviction of a felony; (iv) intentionally causing the Company to violate a material local, state or federal law in any material respect; (v) gross negligence or willful misconduct in the conduct or management of
the Company not remedied within thirty (30) days after receipt of written notice from the Company which materially affects the Company; (vi) willful refusal to comply with any significant policy, directive or decision of the Chief
Executive Officer or the Board in furtherance of a lawful business purpose or willful refusal to perform the duties reasonably assigned to the Executive by the Chief Executive Officer or the Board consistent with the Executive’s functions,
duties and responsibilities set forth in Section 1 hereof, in each case, in any material respect, and only if not remedied within thirty (30) days after receipt of written notice from the Company; or (vii) breach by the Executive of
this Agreement, in any material respect, not remedied within thirty (30) days after receipt of written notice from the Company. In the event of a termination “with cause” pursuant to the provisions of clauses (i) through
(vii) above, inclusive, the Executive shall be entitled to no severance or other termination benefits, except as provided in Section 3(I) hereof. 
  
 (C) At the Election of the Company for Reasons Other than With Cause. The Company may, unilaterally, terminate the Executive’s
employment hereunder at any time during the term of this Agreement without cause upon five (5) business days prior written notice to the Executive of the Company’s election to terminate. Upon a termination under this Section 3(C), the
Company shall: 
  
 (i) Pay the Executive his then
base salary (“Base Salary”) from the date of the termination of the Executive’s employment through the date that is twelve (12) months following Executive’s termination. Such payments shall be payable on a quarterly basis
following the Executive’s termination and shall be subject to all applicable federal and state withholding taxes. 
  
 (ii) Pay to the Executive (x) the full amount of any unpaid cash Annual Cash Bonus (hereinafter defined) for any calendar year prior
to the calendar year in which the Executive’s employment is terminated, and (y) for the calendar year in which the Executive’s employment is terminated, the pro rata amount of the Annual Cash Bonus for such year calculated by
multiplying (A) a fraction the numerator of which is the number of calendar months that the Executive was employed by the Company in such calendar year and the denominator of which is 12 (provided that for 2004 the denominator shall be seven
[7]), and (B) an amount equal to the current fiscal year’s Annual Cash Bonus. 
  

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 (iii) Until the earlier to occur of (x) twelve (12) months following the date
of termination of Executive’s employment, and (y) the time when the Executive becomes eligible for insurance coverage offered by any subsequent employer (the “Insurance Continuation Period”), allow the Executive to
continue to participate in all life, health, disability and similar insurance plans and programs of the Company to the extent that such continued participation is possible under the general terms and provisions of such plans and programs, with the
Company and the Executive paying the same portion of the cost of each such plan or program as existed at the time of the Executive’s termination. In the event that the Executive’s continued participation in any group plans and programs is
not permitted, then in lieu thereof, the Company shall acquire, with the same cost sharing, individual insurance policies providing comparable coverage for the Executive for the Insurance Continuation Period; provided, that the Company shall
not be obligated to pay for any such individual coverage more than three (3) times the Company’s cost of such group coverage. 
  
 Notwithstanding the foregoing, if during the period from the date of the termination of the Executive’s employment hereunder through
the end of the period for which any severance is payable pursuant to this Section 3(C) (the “Severance Period”), the Executive (i) becomes employed or (ii) performs 390 or more hours of consulting services for a
single client in any ninety (90) day period, the Executive shall promptly notify the Company of such employment or consulting engagement, and the severance payable pursuant to paragraphs 3(C)(i) and 3(C)(ii) hereof shall be reduced by the gross
amount of the compensation or consulting fees earned by the Executive during the Severance Period pursuant to such employment or consulting engagement. 
  
 (D) At the Election of the Executive for Certain Reasons. The Executive may terminate his employment immediately upon written
notice to the Company following a material adverse change in the Executive’s total compensation (as provided in the Letter Agreement), function, duties or responsibilities from those described in Section 1 hereof without the written
consent of the Executive which is not remedied by the Company within 30 days after Executive gives written notice to the Holdings’ Board of Directors of such change (an “Adverse Change in Status”). In the event the Executive
exercises his right to terminate his employment under this Section 3(D), the Company shall: 
  
 (i) Pay to the Executive his Base Salary from the date of the termination through the date that is twelve (12) months following
Executive’s termination. Such payments shall be payable on a quarterly basis following the Executive’s termination and shall be subject to all applicable federal and state withholding taxes. 
  
 (ii) Pay to the Executive (x) the full amount of any
unpaid Annual Cash Bonus for any calendar year prior to the calendar year in which the Executive’s employment is terminated, and (y) for the calendar year in which the Executive’s employment is terminated, the pro rata amount of the
Annual Cash Bonus for such year calculated by multiplying (A) a fraction the numerator of which is the number of calendar months that the Executive was employed by the Company in such calendar year and the denominator of which is 12 (provided
that for 2004 the denominator shall be seven [7]), and (B) an amount equal to the current year’s Annual Cash Bonus. 
  

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 (iii) Until the earlier to occur of (x) twelve (12) months following the date
of termination of Executive’s employment, and (y) the time when the Executive becomes eligible for insurance coverage offered by any subsequent employer (the “Extended Insurance Continuation Period”), allow the Executive
to continue to participate in all life, health, disability and similar insurance plans and programs of the Company to the extent that such continued participation is possible under the general terms and provisions of such plans and programs, with
the Company and the Executive paying the same portion of the cost of each such plan or program as existed at the time of the Executive’s termination. In the event that the Executive’s continued participation in any group plans and programs
is not permitted, then in lieu thereof, the Company shall acquire, with the same cost sharing, individual insurance policies providing comparable coverage for the Executive for the Extended Insurance Continuation Period; provided, that the
Company shall not be obligated to pay for any such individual coverage more than three (3) times the Company’s cost of such group coverage. 
  
 (E) Disability of Executive. In the event of the disability of the Executive, the Company may, unilaterally, terminate the
Executive’s employment hereunder at any time upon written notice to the Executive. In the event the Executive’s employment is terminated pursuant to this Section 3(E), the Executive shall be entitled to no severance or other
termination benefits from and after the termination of his employment except as provided in Section 3(I) hereof. For purposes of this Agreement, “disability” shall mean the inability, by reason of bodily injury or physical or mental
disease, or any combination thereof, of the Executive to perform his customary or other comparable duties with the Company for ninety (90) consecutive days. In the event the parties are unable to agree as to whether the Executive is suffering a
disability, the Executive and the Company shall each select a physician and the two physicians so chosen shall make the determination or, if they are unable to agree, they shall select a third physician, and the determination as to whether the
Executive is suffering a disability shall be based upon the determination of a majority of the three physicians. Any other rights and benefits the Executive may have under employee benefit plans and programs of the Company generally in the event of
the Executive’s disability shall be determined in accordance with the terms of such plans and programs. 
  
 Notwithstanding the foregoing, in the event that the Executive’s employment is terminated pursuant to this Section 3(E), the
Executive shall be entitled to receive (i) the full amount of any unpaid Annual Cash Bonus for any calendar year prior to the year in which the Executive’s employment is terminated, and (ii) for the calendar year in which
Executive’s employment is terminated, the pro rata amount of the Annual Cash Bonus for such year calculated by multiplying (A) a fraction the numerator of which is the number of calendar months that the Executive was employed by the
Company in such calendar year and the denominator of which is 12 (provided that for 2004 the denominator shall be seven [7]), and (B) an amount equal to the current fiscal year’s Annual Cash Bonus. 
  
 (F) Executive’s Death. The Executive’s
employment shall be terminated upon the death of the Executive. Any rights and benefits that the Executive’s estate or any other person may have under employee benefit plans and programs of the Company generally in the event of the
Executive’s death shall be determined in accordance with the terms of such plans and programs. In the event the Executive’s employment is terminated pursuant to 

  

 4 

 
this Section 3(F), the Executive shall be entitled to no severance or other termination benefits from and after the termination of his employment except
as provide in Section 3(I) hereof. 
  
 Notwithstanding the foregoing, in the event that the Executive’s employment is terminated pursuant to this Section 3(F), the Executive (or his estate) shall be entitled to receive (i) the full amount of any unpaid Annual Cash
Bonus for any calendar year prior to the year in which the Executive’s employment is terminated, and (ii) for the calendar year in which Executive’s employment is terminated, the pro rata amount of the Annual Cash Bonus for such year
calculated by multiplying (A) a fraction the numerator of which is the number of calendar months that the Executive was employed by the Company in such calendar year and the denominator of which is 12 (provided that for 2004 the denominator
shall be seven [7]), and (B) an amount equal to the current fiscal year’s Annual Cash Bonus. 
  
 (G) Accrued and Unpaid Base Salary. If the Executive’s employment is terminated pursuant to this Section 3, the Executive
(or his estate) shall be entitled to receive any and all accrued but unpaid Base Salary earned through the date of termination by the Executive pursuant to the terms of this Agreement. 
  
 (H) Reimbursement of Expenses. In the event of the Executive’s termination pursuant to this
Section 3, the Company shall reimburse the Executive (or his estate) for any and all out-of-pocket expenses reasonably incurred by the Executive consistent with Company policy prior to the date of such termination. 
  
 (I) Continuing Benefits. Termination pursuant to this
Section 3 shall not modify or affect in any way whatsoever any vested right of the Executive to benefits payable under any retirement or pension plan or under any other employee benefit plan of the Company, and all such benefits shall continue,
in accordance with, and subject to, the terms and conditions of such plans, to be payable in full to or on account of the Executive after such termination. 
  
 (J) Company’s Obligation. The Company’s obligation to make the severance payments and provide benefits in each case
required under this Section 3 is conditioned upon Executive’s (i) execution and delivery to the Company of a general release covering employment-related claims (but not claims as a shareholder) in form satisfactory to the Company and
(ii) continued observance in all material respects of the covenants contained Sections 4, 5, 6 and 7 of this Agreement. 
  
 (K) Annual Cash Bonus. For purposes hereof, the term “Annual Cash Bonus” shall mean a bonus that shall be achieved by the
satisfaction of operating objectives specified by the Company’s Board of Directors each year in its sole discretion, which objectives have in the past been based upon Company-wide objectives and shall change from year to year. The Annual Cash
Bonus shall not exceed fifty percent (50%) of Executive’s salary for a year, and may be a portion of such sum based upon achievement of a portion of the operating objectives. Executive acknowledges that Company reserves the right to change
the structure of the Annual Cash Bonus from time to time, provided that any change will not reduce Executive’s bonus potential to below 50% of Executive’s base salary. For 2004, (i) Executive shall receive an Annual Cash Bonus of not
less than $100,000, and (ii) Executive and the Company shall designate five (5) or more quantifiable goals and objectives measured by Executive’s individual 

  

 5 

 
performance, and Executive shall receive an Annual Cash Bonus equal to the greater of the sums determined by (A) the Company-wide objectives, and
(B) Executive’s individual goals and objectives, subject to the minimum Annual Cash Bonus set forth in Section 3(K)(i). The parties acknowledge that the determination of the Annual Cash Bonus for the year in which Executive’s
employment terminates (and possibly for the prior year) shall not be known on the date Executive’s employment terminates, and that the same shall be paid by Company to Executive not more than thirty (30) days after the determination
thereof. 
  
 4. Noncompetition Covenant. Executive
acknowledges and agrees with respect to the Company that the business of the Company is conducted primarily in the United States (the “Territory”), and that the Company’s reputation and goodwill are an integral part of its
business success throughout the Territory. If Executive deprives the Company of any of the Company’s goodwill or in any manner utilizes its reputation and goodwill in competition with the Company, the Company will be deprived of the benefits it
has bargained for. Accordingly, Executive agrees that during the term of Executive’s employment by the Company and for a period of two (2) years thereafter (the “Non-competition Period”), the Executive shall not, without the
Company’s prior written consent, directly or indirectly, own, manage, operate, join, control or participate in the ownership, management, operation or control of, or be connected as a director, officer, employee, partner, consultant or
otherwise with, any profit or non-profit business or organization in the Territory that, directly or indirectly, derives ten percent (10%) or more or its revenue or profits from the manufacturing, marketing or distribution (through retail or direct
marketing channels including, but not limited to, mail order and internet distribution) of (i) vitamins, minerals, nutritional supplements, herbal products, sports nutrition products, bodybuilding formulas or homeopathic remedies or (ii) any other
product category sold by the Company which represents ten percent (10%) or more of the Company’s gross revenue in the quarter preceding Executive’s termination (any such business being a “Competitive Business” and the
products and product categories identified herein being called “Competitive Products”). Notwithstanding the foregoing, Executive may be a passive owner (which shall not prohibit the exercise of any rights as a shareholder) of not more than
5% of the outstanding stock of any class of any public corporation that engages in a Competitive Business. Further, an entity shall not be deemed a Competitive Business hereunder if the same engages solely in the distribution of Competitive Products
and does sell the same to consumers or manufacture any such Competitive Products. 
  
 5. Nonsolicitation. 
  
 (A) For a period commencing on the Effective Date and ending on the second anniversary of the termination of the Executive’s employment, the Executive shall not directly or indirectly either for himself or for
any other person, business, partnership, association, firm, company or corporation, hire from the Company or attempt to hire, divert or take away from the Company, any of the business of the Company or officers or employees of the Company in
existence from time to time during his employment with the Company. 
  
 (B) For a period commencing on the Effective Date and ending on the second anniversary of the termination of the Executive’s employment, the Executive shall not, directly or indirectly, knowingly make any
statement or other communication that impugns or attacks the reputation or character of the Company or its subsidiaries or joint venture entities, or 

  

 6 

 
damages the goodwill of the Company or its subsidiaries or joint venture entities, or knowingly take any action, directly or indirectly, that would interfere
with any contractual or customer or supplier relationships of the Company or its subsidiaries or joint venture entities. 
  
 6. Nondisclosure Obligation. The Executive shall not at any time, whether during or after the termination of his employment, reveal to any person,
association or company marketing plans, strategies, pricing policies, product formulations and other specifications, customer lists and accounts, business finances or financial information of the Company so far as they have come or may come to his
knowledge, except as may be required in the ordinary course of performing his duties as an officer of the Company or as may be in the public domain through no fault of his or as may be required by law. 
  
 7. Intellectual Property, Inventions and Patents. Executive
acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any confidential
information) and all registrations or applications related thereto, all other proprietary information and all similar or related information (whether or not patentable) which relate to the Company’s actual or anticipated business, research and
development or existing or future products or services and which are conceived, developed or made by Executive (whether above or jointly with others) while employed by the Company whether before or after the date of this Agreement (“Work
Product”), belong to the Company. Executive shall promptly disclose such Work Product to the Board and, at the Company’s expense, perform all actions reasonably requested by the Board (whether during or after Executive’s
employment with the Company) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments). 
  
 8. Remedies Upon Breach. The Executive agrees that any breach of Sections 4, 5, 6 or 7 of this Agreement by him could
cause irreparable damage to the Company and that in the event of such breach the Company shall have, in addition to any and all remedies of law, the right to an injunction, specific performance or other equitable relief to prevent the violation of
any obligations hereunder, without the necessity of posting a bond, plus, if the Company finally prevails with respect to any dispute between the Company and the Executive as to the interpretation, terms, validity or enforceability of (including any
dispute about the amount of any payment pursuant to) this Agreement, the recovery of any and all costs and expenses incurred by the Company, including reasonable attorneys’ fees in connection with the enforcement of this Agreement. 

 
 9. Acknowledgements. The Executive hereby acknowledges that the
enforcement of the provisions of Sections 4 and 5 hereof may potentially interfere with his ability to pursue a proper livelihood. The Executive recognizes and agrees that the enforcement of this Agreement is necessary to ensure the preservation,
protection and continuity of the business, trade secrets and goodwill of the Company. The Executive agrees that, due to the proprietary nature of the Company’s business, the restrictions set forth in this Agreement are reasonable as to time and
scope. The Executive hereby acknowledges that he has been advised to consult with an attorney before executing this Agreement and that he has done so or, after careful reading and consideration, he has chosen not to do so of his own volition.

  

 7 

 10. Consent and Waiver by Third Parties. The Executive hereby represents and warrants that his
employment with the Company on the terms and conditions set forth herein and in the Letter Agreement and his execution and performance of this Agreement do not constitute a breach or violation of any other agreement, obligation or understanding with
any third party. The Executive represents that he is not bound by any agreement or any other existing or previous business relationship which conflicts with, or may conflict with, the performance of his obligations hereunder or prevent the full
performance of his duties and obligations hereunder. 
  
 11.
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to any conflict of law provisions thereof. 
  
 12. Severability. In case any one or more of the provisions contained
in this Agreement for any reason shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement but this Agreement shall be construed as if
such invalid, illegal or unenforceable provisions has never been contained herein. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to the scope, activity or subject so as
to be unenforceable at law, such provision or provisions shall be construed and reformed by the appropriate judicial body of limiting and reducing such provision or provisions, so as to be enforceable to the maximum extent compatible with the
applicable law as it shall then appear. 
  
 13. Waivers and
Modifications. This Agreement may be modified, and the rights and remedies of any provisions hereof may be waived, only in accordance with this Section 13. No modification or waiver by the Company shall be effective without the express
written consent of the Chief Executive Officer of Company then in office at the time of such modification or waiver. No waiver by either party of any breach by the other or any provision hereof shall be deemed to be a waiver of any later or other
breach thereof or as a waiver of any other provision of this Agreement. 
  
 14. Entire Agreement. This Agreement sets forth all of the terms of the understandings between the parties with reference to the subject matter set forth herein and, together with the Letter Agreement, supersede all prior agreements
and understandings, both written and oral, between the Company and the Executive, and may not be waived, changed, discharged or terminated orally or by any course of dealing between the parties, but only by an instrument in writing signed by the
party against whom any waiver, change, discharge or termination is sought. In the event of a conflict between the terms and provisions of this Agreement and the terms and provisions of the Letter Agreement, the terms and provisions hereof shall
control. 
  
 15. Assignment. The Executive acknowledges
that the services to be rendered by him are unique and personal. Accordingly, the Executive may not assign any of his rights or delegate any of his duties or obligations under this Agreement. The Company shall have the right to assign this Agreement
to its successors and assigns, and the rights and obligations of the 

  

 8 

 
Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. 
  
 16. Notices. All notices hereunder shall be (i) delivered by
hand, (ii) sent by first-class certified mail, postage prepaid, return receipt requested, (iii) delivered by overnight commercial courier, or (iv) transmitted by telecopy or facsimile machine, to the following address of the party to
whom such notice is to be made, or to such other address as such party may designate in the same manner provided herein: 
  
 If to the Company or Holdings: 
  
 Vitamin Shoppe Industries Inc. 
 2101
91st Street 
 North Bergen, New Jersey 07047 
 Attention:        Chief Executive Officer 
 Facsimile:         (201) 868-0727 
  
 If to the Executive: 
  
 4 Fawn Hill Drive 
 Monsey, NY 10952

 Facsimile:        ***** 
  
 17. Survival of Obligations. The provisions of Sections 4, 5, 6 and 7 shall survive the termination or expiration of
this Agreement as a continuing agreement of the Company and the Executive. The existence of any claim or cause of action by Executive against the Company shall not constitute and shall not be asserted as a defense to the enforcement by the Company
of this Agreement. 
  

 9 

 18. Arbitration. Any dispute, controversy, or claim arising out of or in connection with this
Agreement shall be determined and settled by arbitration pursuant to the rules then in effect of the American Arbitration Association. Any award rendered shall be final and conclusive upon the parties and a judgment thereon may be entered in a court
having competent jurisdiction. Notwithstanding the foregoing, nothing in this Section 18 shall prevent the parties from exercising their right to bring an action in any court of competent jurisdiction for injunctive or other provisional relief
to compel the other party hereto to comply with its obligations under Sections 4, 5 and 6 of this Agreement. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 
  

					
	VS HOLDINGS, INC.
		
	 By:
	 	 /s/ Thomas Tolworthy

	 	 	 Name:
	 	 Thomas Tolworthy

	 	 	 Title:
	 	 Chief Executive Officer

	
	VITAMIN SHOPPE INDUSTRIES INC.
		
	 By:
	 	 /s/ Thomas Tolworthy

	 	 	 Name:
	 	 Thomas Tolworthy

	 	 	 Title:
	 	 Chief Executive Officer

	
	
	 /s/ Wayne M. Richman

	WAYNE M. RICHMAN

  

 10

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