Document:

Exhibit 10.68

Exhibit 10.68

HERBALIFE LTD.

2005 STOCK INCENTIVE PLAN

NONEMPLOYEE DIRECTORS STOCK APPRECIATION RIGHT AGREEMENT

This Nonemployee Directors Stock Appreciation Right Agreement (this “Agreement”) dated
as of                           , 20      (the “Grant Date”) between Herbalife Ltd., an entity organized
under the laws of the Cayman Islands (the “Company”), and [DIRECTOR]
(“Participant”).

WHEREAS, the Company, by action of the Board established the Herbalife Ltd. Amended and
Restated Independent Directors Deferred Compensation and Stock Appreciation Right Plan (the
“Independent Directors Plan”);

WHEREAS, the Board has determined that Participant is an independent director of the Company
and the Company desires to encourage Participant to own Common Shares for the purposes stated in
Section 1 of the Plan and the Independent Directors Plan;

WHEREAS, Participant and the Company have entered into this Agreement to govern the terms of
the Stock Appreciation Right Award (as defined below) granted to Participant by the Company.

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
contained herein, the Company and Participant, intending to be legally bound, hereby agree as
follows:

1. Grant.

(a) The Company hereby grants to the Participant an Award of                      Stock Appreciation
Rights (the “Award”) in accordance with Section 8 of the Plan and subject to the terms and
conditions set forth herein and in the Plan (each as amended from time to time). Each Stock
Appreciation Right represents the right to receive, upon exercise of the Stock Appreciation Right
pursuant to this Agreement, from the Company, a payment, paid in Common Shares, par value $.002 per
share, of the Company (the “Common Shares”), equal to (i) the excess of the Fair Market
Value, on the date of exercise, of one Common Share (as adjusted from time to time pursuant to
Section 12 of the Plan) over the Base Price (as defined below) of the Stock Appreciation Right,
divided by (ii) the Fair Market Value, on the date of exercise, of one Common Share, subject to
terms and conditions set forth herein, in the Independent Directors Plan and in the Plan (each as
amended from time to time).

(b) The “Base Price” for the Stock Appreciation Right shall be $                     per share
(subject to adjustment as set forth in Section 12 of the Plan).

(c) Except as otherwise defined herein, capitalized terms used herein shall have the meanings
set forth in the Plan or the Independent Directors Plan, as applicable.

 

 

 

2. Vesting; Time for Exercise.

(a) Participant’s Stock Appreciation Rights shall not be vested as of the Grant Date and shall
be forfeitable unless and until otherwise vested pursuant to the terms of this Agreement. Subject
to Participant’s continued service as a member of the Board, the Award shall become vested and
exercisable with respect to 25% of the Stock Appreciation Rights awarded hereunder on each of July
15, 200   , October 15, 200   , January 15, 200    and April 15, 200    (each such date a “Vesting
Date”). Stock Appreciation Rights awarded hereunder that have vested and are no longer subject
to forfeiture are referred to herein as “Vested SARs.” Stock Appreciation Rights awarded
hereunder that are not vested and remain subject to forfeiture are referred to herein as
“Unvested SARs.”

(b) Notwithstanding anything herein or in the Plan to the contrary, upon the cessation of
Participant’s service as a member of the Board by reason of Participant’s of death or disability
(as such term if defined in Section 22(e) of the Code), all Unvested SARs shall vest as of the date
of such termination of employment.

(c) Notwithstanding anything herein or in the Plan to the contrary, upon the occurrence of a
Change of Control, the Award shall become immediately and fully vested and exercisable as of the
date of the Change of Control.

3. Expiration. The Award shall expire on the seventh (7th) anniversary of the
Grant Date; provided, however, that the Award may earlier terminate as provided in Section 13 of
the Plan.

4. Method of Exercise. The Award may be exercised by delivery to the Company (attention:
Secretary) of a notice of exercise in the form specified by the Company specifying the number of
shares with respect to which the Award is being exercised.

5. Fractional Shares. No fractional shares may be purchased upon any exercise.

6. Adjustments of Shares and Awards. Subject to Section 12(a) of the Plan, in the event of
any change in the outstanding Shares by reason of an acquisition, spin-off or reclassification,
recapitalization or merger, combination or exchange of Common Shares or other corporate exchange,
Change of Control or similar event, the Committee shall adjust appropriately the number or kind of
shares or securities subject to the Award and Base Prices related thereto and make such other
revisions to the Award as it deems are equitably required. Any adjustments made pursuant to this
Paragraph 6 shall be implemented in accordance with Section 409A of the Internal Revenue Code of
1986, as amended.

7. Compliance With Legal Requirements. The Award shall not be exercisable and no Common
Shares shall be issued or transferred pursuant to this Agreement or the Plan unless and until all
legal requirements applicable to such issuance or transfer have, in the opinion of counsel to the
Company, been satisfied. Such legal requirements may include, but are not limited to,
(i) registering or qualifying such Common Shares under any state or federal law or under the rules
of any stock exchange or trading system, (ii) satisfying any applicable law or rule relating to the
transfer of unregistered securities or demonstrating the availability of an exemption from
applicable laws, (iii) placing a restricted legend on the Common Shares issued pursuant to the
exercise of the Award, or (iv) obtaining the consent or approval of any governmental regulatory
body.

 

2

 

8. Shareholder Rights. Participant shall not be deemed a shareholder of the Company with
respect to any of the Common Shares subject to the Award, except to the extent that such shares
shall have been purchased and transferred to Participant.

9. Taxes. Participant is liable and responsible for all taxes owed in connection with the
Award, regardless of any action the Company takes with respect to any tax withholding obligations
that arise in connection with the Award. The Company does not make any representation or
undertaking regarding the treatment of any tax withholding in connection with the grant, vesting or
settlement of the Award or the subsequent sale of Common Shares issuable pursuant to the Award.
The Company does not commit and is under no obligation to structure the Award to reduce or
eliminate Participant’s tax liability.

10. Assignment or Transfer Prohibited. The Award may not be assigned or transferred
otherwise than by will or by the laws of descent and distribution, and may be exercised during the
life of Participant only by Participant or Participant’s guardian or legal representative;
provided, however, Participant may assign or transfer the Award to the extent permitted under the
Independent Directors Plan, provided that the Award shall be subject to all the terms and condition
of the Independent Directors Plan, the Plan, this Agreement and any other terms required by the
Committee as a condition to such transfer. Neither the Award nor any right hereunder shall be
subject to attachment, execution or other similar process. In the event of any attempt by
Participant to alienate, assign, pledge, hypothecate or otherwise dispose of the Award or any right
hereunder, except as provided for herein, or in the event of the levy or any attachment, execution
or similar process upon the rights or interests hereby conferred, the Company may terminate the
Award by notice to Participant, and the Award shall thereupon become null and void.

11. Committee Authority. Any question concerning the interpretation of this Agreement or
the Plan, any adjustments required to be made under this Agreement or the Plan, and any controversy
that may arise under this Agreement or the Plan shall be determined by the Committee in its sole
and absolute discretion. All decisions by the Committee shall be final and binding.

12. Application of the Plan. The terms of this Agreement are governed by the terms of the
Independent Directors Plan and the Plan, as both exist on the Grant Date and as amended from time
to time. In the event of any conflict between the provisions of this Agreement and the provisions
of the Independent Directors Plan and/or the Plan, the terms of the Independent Directors Plan or
the Plan (as applicable) shall control, except as expressly stated otherwise in this Agreement.
The term “Section” generally refers to provisions within the Independent Directors Plan or the
Plan; provided, however, the term “Paragraph” shall refer to a provision of this Agreement.

 

3

 

13. General Provisions.

(a) No Waiver. No waiver of any provision of this Agreement will be valid unless in
writing and signed by the person against whom such waiver is sought to be enforced, nor will
failure to enforce any right hereunder constitute a continuing waiver of the same or a waiver of
any other right hereunder.

(b) Undertaking. Participant hereby agrees to take whatever additional action and
execute whatever additional documents the Company may deem necessary or advisable in order to carry
out or effect one or more of the obligations or restrictions imposed on either Participant or the
Award pursuant to the express provisions of this Agreement.

(c) Entire Contract. This Agreement, the Independent Directors Plan and the Plan
constitute the entire contract between the parties hereto with regard to the subject matter hereof.
This Agreement is made pursuant to the provisions of the Independent Directors Plan and the Plan
and will in all respects be construed in conformity with the express terms and provisions of the
Independent Directors Plan and the Plan.

(d) Successors and Assigns. The provisions of this Agreement will inure to the
benefit of, and be binding on, the Company and its successors and assigns and Participant and
Participant’s legal representatives, heirs, legatees, distributees, assigns and transferees by
operation of law, whether or not any such person will have become a party to this Agreement and
agreed in writing to join herein and be bound by the terms and conditions hereof.

(e) Securities Law Compliance. Participant understands that the Company is under no
obligation to register for resale the Common Shares issued upon exercise of the Award. The Company
may impose such restrictions, conditions or limitations as it determines appropriate as to the
timing and manner of any resales by Participant or other subsequent transfers by Participant of any
Common Shares issued as a result of or under this Award, including without limitation (i)
restrictions under an insider trading policy, (ii) restrictions that may be necessary in the
absence of an effective registration statement under the Securities Act of 1933, as amended,
covering the Award and/or the Common Shares underlying the Award and (iii) restrictions as to the
use of a specified brokerage firm or other agent for such resales or other transfers. Any sale of
the Common Shares must also comply with other applicable laws and regulations governing the sale of
such shares.

(f) Electronic Delivery. The Company may, in its sole discretion, decide to deliver
any documents related to any awards granted under the Plan by electronic means or to request
Participant’s consent to participate in the Independent Directors Plan and the Plan by electronic
means. Participant hereby consents to receive such documents by electronic delivery and, if
requested, to agree to participate in the Independent Directors Plan and the Plan through an
on-line or electronic system established and maintained by the Company or another third party
designated by the Company, and such consent shall remain in effect throughout Participant’s term of
service with the Company and thereafter until withdrawn in writing by Participant.

 

4

 

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

	 	 	 	 	 	 	 	 	 
	 	 	HERBALIFE LTD.
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	[DIRECTOR]

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 

 

5Exhibit 10.71

Exhibit 10.71

HERBALIFE LTD.

2005 STOCK INCENTIVE PLAN

STOCK UNIT AWARD AGREEMENT

This Stock Unit Award Agreement (this “Agreement”) is dated as of this
___
day of
                    , 2007 (the “Grant Date”), and is between Herbalife Ltd. (the
“Company”) and                      (“Participant”).

WHEREAS, the Company, by action of the Board and approval of its shareholders established the
Herbalife Ltd. 2005 Stock Incentive Plan (the “Plan”);

WHEREAS, Participant is employed by the Company or one or more of its Subsidiaries and the
Company desires to encourage Participant to own Common Shares for the purposes stated in Section 1
of the Plan;

WHEREAS, Participant and the Company have entered into this Agreement to govern the terms of
the Stock Unit Award (as defined below) granted to Participant by the Company.

NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as follows:

1. Grant.

(a) The Company hereby grants to Participant an Award of                      Stock Units (the
“Award”) in accordance with Section 9 of the Plan and subject to the conditions set forth
in this Agreement and the Plan (as amended from time to time). Each Stock Unit represents the
right to receive one Common Share (as adjusted from time to time pursuant to Section 12 of the
Plan) subject to the fulfillment of the vesting and other conditions set forth in this Agreement.
By accepting the Award, Participant irrevocably agrees on behalf of Participant and Participant’s
successors and permitted assigns to all of the terms and conditions of the Award as set forth in or
pursuant to this Agreement and the Plan (as such Plan may be amended from time to time).

(b) Except as otherwise defined herein, capitalized terms used herein shall have the meanings
set forth in the Plan.

2. Vesting.

(a) Participant’s Stock Units and rights in and to the Common Shares subject to the Stock
Units shall not be vested as of the Grant Date and shall be forfeitable unless and until otherwise
vested pursuant to the terms of this Agreement. Subject to Participant’s continued employment with
the Company and/or its subsidiaries or affiliates the Award shall become vested in accordance with
the following schedule: (i) if the Company achieves the performance goal set forth on Exhibit A
attached hereto, one-third of the Stock Units subject to the Award shall vest on each of the first
three anniversaries of the Grant Date, and (ii) if the Company fails to achieve the performance
goal set forth on Exhibit A attached hereto, 100% of the Stock Units
subject to the Award shall vest on the third anniversary of the Grant Date (each such date, a
“Vesting Date”). Stock Units that have vested and are no longer subject to forfeiture are
referred to herein as “Vested Units.” Stock Units that are not vested and remain subject
to forfeiture are referred to herein as “Unvested Units.”

 

 

 

(b) Notwithstanding anything herein or in the Plan to the contrary, upon the occurrence of a
Section 409A Change of Control (as defined below), the vesting of the Award shall be accelerated
such that 50% of the then Unvested Units shall become Vested Units as of immediately prior to the
consummation of the Section 409A Change of Control; and

(c) Notwithstanding anything herein or in the Plan to the contrary:

(i) in the event that, (x) within the 90-day period immediately preceding a Change of Control
or (y) at any time following a Change of Control, Participant’s employment with the Company and its
Subsidiaries (or their respective successors) is terminated for any reason other than by reason of
Participant’s resignation without Good Reason or a termination for Cause, all Unvested Units shall
vest as of the date of such termination of employment;

(ii) except as set forth in Paragraph 2(c)(i), in the event that (A) Participant’s employment
with the Company and its Subsidiaries (or their respective successors) is terminated for any reason
other than by reason of Participant’s resignation for any reason or a termination by the Company
for Cause and (B) at the time of such termination of employment, Michael O. Johnson is no longer
serving as the Chief Executive Officer of the Company, the vesting of the Award shall be
accelerated such that 50% of the then Unvested Units shall become Vested Units as of immediately
prior to such termination of employment; and

(iii) in the event that Participant’s employment with the Company is terminated by reason of
Participant’s death or disability (as such term if defined in Section 22(e) of the Code), all
Unvested Units shall vest as of the date of such termination of employment.

(d) In addition to the foregoing, subject to Paragraph 7 below, in the event of a Change of
Control, the Committee as constituted immediately before such Change of Control may, in its sole
discretion, accelerate the vesting of this Award upon such Change of Control or take such other
actions as provided in Section 13 of the Plan.

(e) For purposes of this Agreement, the term “Cause” shall have the meaning ascribed
to such term in any written employment agreement between Participant and the Company or one or more
of its Subsidiaries, as the same may be amended or modified from time to time.

(f) For purposes of this Agreement, the term “Good Reason” shall have the meaning
ascribed to such term in any written employment agreement between Participant and the Company or
one or more of its Subsidiaries, as the same may be amended or modified from time to time.

(g) For purposes hereof, the term “Section 409A Change in Control” shall mean the
consummation of (i) a “change in the ownership” of the Company, (ii) a “change in the effective
control” of the Company or (iii) a “change in the ownership of a substantial portion of the assets”
of the Company (each as defined under Section 409A of the Internal Revenue Code of 1986, as
amended).

 

2

 

3. Settlement of Stock Units.

(a) Each Vested Unit will be settled by the delivery of one Common Share (subject to
adjustment under Section 12 of the Plan) to Participant or, in the event of Participant’s death, to
Participant’s estate, heir or beneficiary, within thirty (30) days following the applicable Vesting
Date; provided that the Participant has satisfied all of the tax withholding obligations described
in Paragraph 8, and that Participant has completed, signed and returned any documents and taken any
additional action that the Company deems appropriate to enable it to accomplish the delivery of the
Common Shares.

(b) The date upon which Common Shares are to be issued under Paragraph 3(a) above is referred
to as the “Settlement Date.” The issuance of the Common Shares hereunder may be effected
by the issuance of a stock certificate, recording shares on the stock records of the Company or by
crediting shares in an account established on Participant’s behalf with a brokerage firm or other
custodian, in each case as determined by the Company. Fractional shares will not be issued
pursuant to the Award.

(c) Notwithstanding the above, (i) for administrative or other reasons, the Company may from
time to time temporarily suspend the issuance of Common Shares in respect of Vested Units, (ii) the
Company shall not be obligated to deliver any Common Shares during any period when the Company
determines that the delivery of shares hereunder would violate any federal, state or other
applicable laws, (iii) the Company may issue Common Shares hereunder subject to any restrictive
legends that, as determined by the Company’s counsel, are necessary to comply with securities or
other regulatory requirements and (iv) the date on which shares are issued hereunder may include a
delay in order to provide the Company such time as it determines appropriate to address tax
withholding and other administrative matters.

4. Shareholder Rights. Prior to any issuance of Common Shares in settlement of the Award,
no Common Shares will be reserved or earmarked for Participant or Participant’s account nor shall
Participant have any of the rights of a stockholder with respect to such Common Shares. Except as
set forth in Paragraph 5, the Participant will not be entitled to any privileges of ownership of
the Common Shares (including, without limitation, any voting rights) underlying Vested Units and/or
Unvested Units unless and until Common Shares are actually delivered to Participant hereunder.

5. Dividend Equivalent Rights. From and after the Grant Date and unless and until the
Award is forfeited or otherwise transferred back to the Company, Participant will be credited with
additional Stock Units having a value equal to dividends declared by the Company, if any, with
record dates that occur prior to the settlement of the Award as if the Common Shares underlying the
Award had been issued and outstanding, based on the Fair Market Value of a Common Share on the
applicable dividend payment date. Any such additional Stock Units shall be considered part of the
Award and shall also be credited with additional Stock Units as dividends, if any, are declared,
and shall be subject to the same restrictions and conditions as the Stock Units subject to the
Award with respect to which they were credited (including, but not
limited to, the forfeiture provisions set forth in Paragraph 6). Notwithstanding the foregoing, no
such additional Stock Units will be credited with respect to any dividend declared by the Company
in connection with which the Award is adjusted pursuant to Section 12 of the Plan.

 

3

 

6. Effect of Termination of Employment. Except as provided in this Paragraph 6 or the
Plan, upon a termination of Participant’s employment with the Company for any reason, the Unvested
Units shall be forfeited by Participant and cancelled and surrendered to the Company without
payment of any consideration to Participant. Notwithstanding anything herein to the contrary, upon
and following a termination of Participant’s employment with the Company by reason of Participant’s
Retirement (as defined below), the Award shall continue to vest in accordance with the terms of
Paragraph 2 and be settled in accordance with Paragraph 3, in each case, as if Participant remained
employed by the Company for a period of three years following such Retirement, at which time any
then Unvested Units shall be forfeited by Participant and cancelled and surrendered to the Company
without payment of any consideration to Participant. For purposes of this Agreement, the term
“Retirement” shall mean termination of Participant’s employment with the Company and its
Subsidiaries if the sum of Participant’s age and years of continuous service with the Company and
its Subsidiaries is then equal to at least 75.

7. Adjustments of Common Shares and Awards. Subject to Section 12(a) of the Plan, in the
event of any change in the outstanding Common Shares by reason of an acquisition, spin-off or
reclassification, recapitalization or merger, combination or exchange of Common Shares or other
corporate exchange, Change of Control or similar event, the Committee shall adjust appropriately
the number or kind of shares or securities subject to the Award and make such other revisions to
the Award as it deems are equitably required.

8. Withholding Taxes.

(a) Participant is liable and responsible for all taxes owed in connection with the Award,
regardless of any action the Company takes with respect to any tax withholding obligations that
arise in connection with the Award. The Company does not make any representation or undertaking
regarding the treatment of any tax withholding in connection with the grant, vesting or settlement
of the Award or the subsequent sale of Common Shares issuable pursuant to the Award. The Company
does not commit and is under no obligation to structure the Award to reduce or eliminate
Participant’s tax liability.

(b) Prior to any event in connection with the Award (e.g., vesting or payment in respect of
the Award) that the Company determines may result in any domestic or foreign tax withholding
obligation, whether national, federal, state or local, including any social tax obligation (the
“Tax Withholding Obligation”), Participant is required to arrange for the satisfaction of
the amount of such Tax Withholding Obligation in a manner acceptable to the Company.

 

4

 

(c) Unless the Committee provides otherwise, at any time not less than five (5) business days
before any Tax Withholding Obligation arises (e.g., a Settlement Date), Participant shall notify
the Company of Participant’s election to pay Participant’s Tax Withholding Obligation by wire
transfer, cashier’s check or by authorizing the Company to withhold a portion of the Common Shares
that would otherwise be issued to Participant as a result of the settlement
of the Stock Units or by tendering Common Shares (either actually or by attestation)
previously acquired, or other means permitted by the Company. In such case, Participant shall
satisfy his or her tax withholding obligation by paying to the Company on such date as it shall
specify an amount that the Company determines is sufficient to satisfy the expected Tax Withholding
Obligation by (i) wire transfer to such account as the Company may direct, (ii) delivery of a
cashier’s check payable to the Company, Attn: General Counsel, at the Company’s principal executive
offices, or such other address as the Company may from time to time direct, (iii) authorizing the
Company to withhold a portion of the Common Shares that would otherwise be issued to Participant as
a result of the settlement of the Stock Units or by tendering Common Shares (either actually or by
attestation) previously acquired, or (iv) such other means as the Company may establish or permit
(including by means of a “same day sale” program developed under Regulation T as promulgated by the
Federal Reserve Board to the extent permitted by the Company and applicable law). Participant
agrees and acknowledges that prior to the date the Tax Withholding Obligation arises, the Company
will be required to estimate the amount of the Tax Withholding Obligation and accordingly may
require the amount paid to the Company under this Paragraph 8(c) to be more than the minimum amount
that may actually be due and that, if Participant has not delivered or otherwise provided payment
of a sufficient amount to the Company to satisfy the Tax Withholding Obligation (regardless of
whether as a result of the Company underestimating the required payment or Participant failing to
timely make the required payment), the additional Tax Withholding Obligation amounts shall be
satisfied by such other means as the Committee deems appropriate.

9. Securities Law Compliance. Participant understands that the Company is under no
obligation to register for resale the Common Shares issued upon settlement of the Award. The
Company may impose such restrictions, conditions or limitations as it determines appropriate as to
the timing and manner of any resales by Participant or other subsequent transfers by Participant of
any Common Shares issued as a result of or under this Award, including without limitation
(i) restrictions under an insider trading policy, (ii) restrictions that may be necessary in the
absence of an effective registration statement under the Securities Act of 1933, as amended,
covering the Award and/or the Common Shares underlying the Award and (iii) restrictions as to the
use of a specified brokerage firm or other agent for such resales or other transfers. Any sale of
the Common Shares must also comply with other applicable laws and regulations governing the sale of
such shares.

10. Assignment or Transfer Prohibited. The Award (whether or not vested) may not be
assigned or transferred otherwise than by will or by the laws of descent and distribution;
provided, however, Participant may assign or transfer the Award to the extent permitted under the
Plan, provided that the Award shall be subject to all the terms and condition of the Plan, this
Agreement and any other terms required by the Committee as a condition to such transfer. Neither
the Award nor any right hereunder shall be subject to attachment, execution or other similar
process. In the event of any attempt by Participant to alienate, assign, pledge, hypothecate or
otherwise dispose of the Award or any right hereunder, except as provided for herein, or in the
event of the levy or any attachment, execution or similar process upon the rights or interests
hereby conferred, the Company may terminate the Award by notice to Participant, and the Award shall
thereupon become null and void.

 

5

 

11. Committee Authority. Any question concerning the interpretation of this Agreement or
the Plan, any adjustments required to be made under this Agreement or the Plan, and any controversy
that may arise under this Agreement or the Plan shall be determined by the Committee in its sole
and absolute discretion. All decisions by the Committee shall be final and binding.

12. Application of the Plan. The terms of this Agreement are governed by the terms of the
Plan, as it exists on the date of hereof and as the Plan is amended from time to time. In the
event of any conflict between the provisions of this Agreement and the provisions of the Plan, the
terms of the Plan shall control, except as expressly stated otherwise herein. As used herein, the
term “Section” generally refers to provisions within the Plan, and the term “Paragraph” refers to
provisions of this Agreement.

13. No Right to Continued Employment. Nothing in the Plan, in this Agreement or any other
instrument executed pursuant thereto or hereto shall confer upon Participant any right to continued
employment with the Company or any of its Subsidiaries or affiliates.

14. Further Assurances. Each party hereto shall cooperate with each other party, shall do
and perform or cause to be done and performed all further acts and things, and shall execute and
deliver all other agreements, certificates, instruments, and documents as any other party hereto
reasonably may request in order to carry out the intent and accomplish the purposes of this
Agreement and the Plan.

15. Entire Agreement. This Agreement and the Plan together set forth the entire agreement
and understanding between the parties as to the subject matter hereof and supersede all prior oral
and written and all contemporaneous or subsequent oral discussions, agreements and understandings
of any kind or nature.

16. Successors and Assigns. The provisions of this Agreement will inure to the benefit of,
and be binding on, the Company and its successors and assigns and Participant and Participant’s
legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law,
whether or not any such person will have become a party to this Agreement and agreed in writing to
join herein and be bound by the terms and conditions hereof.

17. Section 409A Compliance. Notwithstanding anything in this Agreement to the contrary:
(a) a termination of employment shall not be deemed to have occurred for purposes of settlement of
any portion of the Award upon or following a termination of employment unless such termination is
also a “separation from service” within the meaning of Section 409A of the Code and, for purposes
of any such provision of this Agreement, references to a “termination,” “termination of employment”
or like terms shall mean “separation from service;” and (b) if Participant is deemed on the date of
termination to be a “specified employee” within the meaning of that term under Section
409A(a)(2)(B) of the Code, then with regard to the settlement of any portion of the Award that is
considered deferred compensation under Section 409A of the Code payable on account of a “separation
from service” that is not exempt from Section 409A of the Code as involuntary separation pay or a
short-term deferral (or otherwise), such settlement shall occur on the date which is the earlier of
(i) the expiration of the six-month period measured from
the date of such “separation from service” of the Participant, and (ii) the date of Participant’s
death.

[signature page follows]

 

6

 

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

	 	 	 	 	 
		 	HERBALIFE LTD.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	[Participant]

	 	 	 	Name:
	 

	 	 	 	Title:

 

7

 

Exhibit A

Performance-Based Vesting Criteria

	 	 	 
	Performance Period	 	Performance Goal
	 	 	 
	Fiscal Year 2010
	 	Operating Income of $342 million

The achievement of the Performance Goal for the Performance Period (or lack thereof) shall be
determined in the sole discretion of the Committee and certified by the Committee in writing. No
Stock Units shall vest under this Award until such determination and certification have been made.

 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]