HERBALIFE LTD. — Director's Dealing 2025

May 12, 2025

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: HERBALIFE LTD. (HLF)
CIK: 0001180262
Period of Report: 2025-05-01

Reporting Person: Montesino Ibelis (MD, North America)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	33499	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Rights	$13.6	2033-05-04	Common Stock (80049)		Direct
Stock Appreciation Rights	$18.61	2033-08-04	Common Stock (30068)		Direct
Stock Appreciation Rights	$9.58	2034-05-03	Common Stock (151821)		Direct
Stock Appreciation Rights	$8.31	2035-02-21	Common Stock (55309)		Direct

Footnotes

F1: Balance includes 33,058 unvested restricted stock units ("RSUs") previously granted to the Reporting Person, of which: 14,236 were granted on November 2, 2022, of which 40% has vested, and 60% will vest on November 2, 2025; 11,948 were granted on May 4, 2023, of which 2/3 have vested, and 1/3 will vest on May 4, 2026; 4,701 were granted on August 4, 2023, of which 1/3 has vested, 1/3 will vest on August 3, 2025, and 1/3 will vest on August 3, 2026; 26,096 were granted on May 3, 2024, of which 1/3 has vested, 1/3 will vest on May 3, 2026, and 1/3 will vest on May 3, 2027. All RSU vestings are subject to continued service through each applicable date.

F2: On May 4, 2023, the reporting person was granted 80,049 stock appreciation rights ("SARs") that vests in 1/3 increments on the annual anniversary of the date of grant.

F3: On August 4, 2023, the reporting person was granted 30,068 SARs which vests in 1/3 increments on the annual anniversary of the date of grant.

F4: On May 3, 2024, the reporting person was granted 151,821 SARs which vests in 1/3 increments on the annual anniversary of the date of grant.

F5: On February 21, 2025, the reporting person was granted 55,309 SARs which vests in 1/3 increments on the annual anniversary of the date of grant.