Document:

EX-10.1

Execution Version

CONSENT AND ACKNOWLEDGMENT TO INCREASE NO. 1 UNDER

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

THIS CONSENT AND ACKNOWLEDGMENT TO INCREASE NO. 1 UNDER FOURTH AMENDED AND RESTATED CREDIT
AGREEMENT (this “Consent”) dated as of August 9, 2011, is entered into among GLADSTONE
BUSINESS LOAN, LLC, as Borrower (the “Borrower”), GLADSTONE MANAGEMENT CORPORATION, as
Servicer (the “Servicer”), KEYBANK, NATIONAL ASSOCIATION, BRANCH BANKING AND TRUST COMPANY
(“BB&T”) and ING CAPITAL LLC (“ING”), as Lenders (collectively, the
“Lenders”), KEY EQUIPMENT FINANCE INC. (“KEF”), BB&T and ING, as Managing Agents
(in such capacity, collectively the “Managing Agents”) and KEF, as Administrative Agent (in
such capacity, the “Administrative Agent”). Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed thereto in the “Credit Agreement” referred to
below.

PRELIMINARY STATEMENTS

A. Reference is made to that certain Fourth Amended and Restated Credit Agreement dated as of
March 15, 2010 by and among the Borrower, the Servicer, the Lenders, the Managing Agents and the
Administrative Agent (as amended, modified, supplemented or otherwise modified prior to the date
hereof, the “Credit Agreement”).

B. The Borrower has requested, and the Lender indicated below has agreed to provide, an
increase in the Facility Amount in the amount of $10,000,000, upon the terms and conditions set
forth herein.

NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable
consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree
as follows:

SECTION 1. Increase. Pursuant to Section 2.3(c) of the Credit Agreement, and subject
to the satisfaction of the conditions set forth in Section 3 below, the Borrower hereby requests an
increase in the Facility Amount of $10,000,000 (the “Increase”). ING hereby consents to
such Increase and agrees to provide 100% of the Increase pursuant to a corresponding increase in
its Commitment. Each of the Lenders party hereto hereby acknowledge such Increase and waive (i)
the delivery of the pro forma calculation required pursuant to Section 2.3(c)(x) of the Credit
Agreement, and (ii) the notice, timing and allocation requirements under Section 2.3(c) of the
Credit Agreement which would otherwise pertain thereto.

The revised Commitments of the Lenders are set forth on Exhibit A attached hereto.

SECTION 2. Representations and Warranties. The Borrower and the Servicer each hereby
represents and warrants to each of the other parties hereto, that:

(a) this Consent constitutes its legal, valid and binding obligation, enforceable
against it in accordance with its terms;

(b) on the date hereof, before and after giving effect to this Consent no Early
Termination Event or Unmatured Termination Event has occurred and is continuing; and

(c) each of the conditions to the effectiveness of the Increase set forth under Section
2.3(c) of the Credit Agreement shall have been satisfied or waived.

SECTION 3. Conditions Precedent. This Consent shall become effective on the first
Business Day (the “Effective Date”) on which the Administrative Agent or its counsel has
received counterpart signature pages of this Consent, executed by each of the parties hereto.

SECTION 4. Reference to and Effect on the Transaction Documents.

(a) Upon the effectiveness of this Consent, (i) each reference in the Credit Agreement
to “this Credit Agreement”, “this Agreement”, “hereunder”, “hereof”, “herein” or words of
like import shall mean and be a reference to the Credit Agreement as amended or otherwise
modified hereby, and (ii) each reference to the Credit Agreement in any other Transaction
Document or any other document, instrument or agreement executed and/or delivered in
connection therewith, shall mean and be a reference to the Credit Agreement as amended or
otherwise modified hereby.

(b) Except as specifically amended, terminated or otherwise modified above, the terms
and conditions of the Credit Agreement, of all other Transaction Documents and any other
documents, instruments and agreements executed and/or delivered in connection therewith,
shall remain in full force and effect and are hereby ratified and confirmed.

(c) The execution, delivery and effectiveness of this Consent shall not operate as a
waiver of any right, power or remedy of the Administrative Agent, any Managing Agent or any
Lender under the Credit Agreement or any other Transaction Document or any other document,
instrument or agreement executed in connection therewith, nor constitute a waiver of any
provision contained therein, in each case except as specifically set forth herein.

SECTION 5. Execution in Counterparts. This Consent may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same instrument. Delivery of an executed counterpart of a signature
page to this Consent by telecopier shall be effective as delivery of a manually executed
counterpart of this Consent.

SECTION 6. Governing Law. This Consent shall be governed by and construed in
accordance with the laws of the State of New York.

SECTION 7. Headings. Section headings in this Consent are included herein for
convenience of reference only and shall not constitute a part of this Consent for any other
purpose.

SECTION 8. Fees and Expenses. The Borrower hereby confirms its agreement to pay on
demand all reasonable costs and expenses of the Administrative Agent, Managing Agents or Lenders in
connection with the preparation, execution and delivery of this Consent and any of the other
instruments, documents and agreements to be executed and/or delivered in connection herewith,
including, without limitation, the reasonable fees and out-of-pocket expenses of counsel to the
Administrative Agent, Managing Agents or Lenders with respect thereto.

IN WITNESS WHEREOF, the parties hereto have caused this Consent to be duly executed by
their respective officers as of the date first above written.

GLADSTONE BUSINESS LOAN, LLC

	 	 	 	By:      	 

Name:

Title:

	 	 	 	GLADSTONE MANAGEMENT CORPORATION

	 	 	 	By:      	 

Name:

Title:

1

KEY EQUIPMENT FINANCE INC., as Administrative Agent and a
Managing Agent

	 	 	 	By:      	 

Name:

Title:

KEYBANK, NATIONAL ASSOCIATION, as a Lender

	 	 	 	By:      	 

Name:

Title:

2

BRANCH BANK AND TRUST COMPANY, as a Lender and a Managing
Agent

	 	 	 	By:      	 

Name:

Title:

3

ING CAPITAL LLC, as a Lender and a Managing Agent

	 	 	 	By:      	 

Name:

Title:

Exhibit A

	 	 	 	 	 
	Lender
	 	Commitment
	 
	 	 	 	 
	KeyBank National Association
	 	$	75,000,000	 
	 
	 	 	 	 
	Branch Banking and Trust Company
	 	$	27,000,000	 
	 
	 	 	 	 
	ING Capital LLC
	 	$	35,000,000	 
	 
	 	 	 	 

4EX-10.1

HERBALIFE LTD.

2005 STOCK INCENTIVE PLAN

STOCK APPRECIATION RIGHT AWARD AGREEMENT

STOCK APPRECIATION RIGHT AGREEMENT (this “Agreement”) dated as of August 4, 2011 (the
“Grant Date”) between HERBALIFE LTD., an entity organized under the laws of the Cayman
Islands (the “Company”), and Michael O. Johnson (“Participant”).

WHEREAS, pursuant to the Herbalife Ltd. 2005 Stock Incentive Plan (the “Plan”), the
Committee designated under the Plan (or an officer of the Company to who the authority to grant
Awards has been delegated), desires to grant to Participant an award of stock appreciation rights;
and

WHEREAS, Participant desires to accept such award subject to the terms and conditions of this
Agreement.

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       1 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 $.001 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 and in the Plan (each as amended from time
to time).

(b) The “Base Price” for the Stock Appreciation Right shall be $57.98 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.

2. Time for Exercise.

(a) Subject to Paragraph 2(c) hereof and Participant’s continued employment with the Company
and/or its Subsidiaries (or as otherwise provided in Paragraph 2(b) hereof), the Award shall become
vested and exercisable on December 31, 2014 (the “Vesting Date”) based on the satisfaction
of the performance goals set forth on Exhibit A (the period between the Grant Date and the
Vesting Date the “Performance Period”); provided that all of the following are satisfied:

(i) The average closing price of the Company’s Common Shares during the month of
December in 2014 is at least 20% greater than the average closing price of the Company’s
Common Shares over the period of ten trading days ending with August 4, 2011; and

(ii) Participant remains employed by the Company as a senior executive officer through
at least December 31, 2014.

For the avoidance of doubt, any portion of the Award that does not vest as a result of the
above criteria and/or the criteria set forth in Exhibit A shall be forfeited as of December
31, 2014.

(b) Notwithstanding anything herein or in the Plan to the contrary, upon the occurrence of
(i) a Change of Control (as defined below) or (ii) a termination of Participant’s employment with
the Company by the Company without Cause, by reason of Participant’s resignation for Good Reason or
as a result of Participant’s death or Disability, in each case, prior to December 31, 2014, the
vesting of the Award shall be accelerated such that 100% of the Award shall become vested and
exercisable as of the date of such Change of Control or termination of employment, as applicable,
subject to the achievement of the alternate performance goals set forth on Exhibit B
through the end of the fiscal year preceding the year in which such Change of Control or
termination of employment, as applicable, occurs.

For purposes of this Agreement, the term “Change of Control” shall have the meaning
ascribed to that term in the Plan; provided, however, that in no event shall a Change of Control be
deemed to have occurred if, immediately following the consummation of such transaction, Participant
remains Chief Executive Officer of the surviving entity in such transaction. For purposes of this
Agreement, the terms “Cause,“ Good Reason” and “Disability” shall have the
meaning set forth in the employment agreement by and between the Company and Participant dated as
of March 27, 2008.

(c) Participant acknowledges and agrees that he is subject to Section 304 of the
Sarbanes-Oxley Act of 2002. In addition, Participant acknowledges and agrees that this Award shall
be subject to any clawback or compensation recovery policy adopted by the Company after the Grant
Date pursuant to rules and/or regulations issued pursuant to the Dodd Frank Act of 2010, but only
to the extent required by such rules and/or regulations.

3. Expiration.

(a) The Award shall expire on the seventh (7th) anniversary of the Grant Date;
provided, however, that the Award may earlier terminate as provided in this Agreement and/or in
Section 13 of the Plan.

(b) In the event that the alternate performance goals set forth on Exhibit B are not
achieved as of the end of the fiscal year immediately preceding the year in which a Change of
Control is consummated, the Award shall be forfeited upon the consummation of such Change of
Control.

(c) Upon termination of Participant’s employment with the Company, that portion of the Award
that is vested and exercisable, and any portion of the Award that becomes vested and exercisable in
accordance with Paragraph 2(b), will terminate in accordance with the following:

(i) if Participant’s employment with the Company is terminated for Cause, the vested
and exercisable portion of the Award will terminate on the date of such termination;

(ii) if Participant’s employment with the Company is terminated by reason of
Participant’s resignation without Good Reason, the vested and exercisable portion of the
Award will terminate on the date that is thirty days immediately following the date of such
termination; and

(iii) if Participant’s employment with the Company is terminated by the Company without
Cause, by reason of Participant’s resignation for Good Reason or by reason of Participant’s
death or Disability, the vested and exercisable portion of the Award will terminate on the
date that is two years immediately following the date of such termination.

(d) Notwithstanding anything herein to the contrary, if Participant’s employment with the
Company is terminated for any reason other than a termination by the Company for Cause, and at any
time during the permitted exercise period following the effective date of such termination of
employment Participant is subject to a “trading blackout” or “quiet period” with respect to the
Common Shares or if the Company determines, upon the advice of legal counsel, that Participant may
not to trade in the Common Shares due to Participant’s possession of material non-public
information, the Company shall extend the period during which Participant may exercise his then
remaining vested portion of this Award until the later of (i) the expiration date of the Award
determined pursuant to Paragraph 3(c) and (ii) the date that is thirty days following the first
date on which Participant is no longer subject to such restrictions on trading with respect to the
Common Shares.

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
Section 6 shall be implemented in accordance with Section 409A of the Internal Revenue Code of
1986, as amended.

7. Compliance With Legal Requirements.

(a) 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 the Tax Withholding Obligation (as defined
below), and 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.

(b) 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 exercise
of the Award and/or any resales by Participant or other subsequent transfers by Participant of any
Common Shares issued as a result of the exercise of the 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 exercising the Award and/or for such resales
or other transfers. The sale of the shares underlying the Award must also comply with other
applicable laws and regulations governing the sale of such shares.

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. 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.

(c) 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 in connection with the
Award 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 in connection with the
Award or by tendering Common Shares (either actually or by attestation) previously acquired, or
(iv) such other means as the Company may establish or permit. 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 9(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 such other means as
the Committee deems appropriate. In no circumstances will the Company withhold a portion of the
Common Shares that would otherwise be issued to Participant in connection the award that exceeds
the Participant’s minimum statutory tax withholding obligation amount.

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. 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
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.

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

	 	 	 
	Michael O. Johnson
	 	HERBALIFE LTD.

By:

	 	 	 

	 	 	Name:

	 	 	Title:

1Number of shares to be based on a $15 million
potential value determined through a Monte Carlo valuation of the Award using a
stock price of $57.98, the closing price on August 4, 2011.

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