<SEC-DOCUMENT>0000919574-22-006219.txt : 20221103
<SEC-HEADER>0000919574-22-006219.hdr.sgml : 20221103
<ACCEPTANCE-DATETIME>20221103213152
ACCESSION NUMBER:		0000919574-22-006219
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20221101
FILED AS OF DATE:		20221103
DATE AS OF CHANGE:		20221103

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WAPGP LLC
		CENTRAL INDEX KEY:			0001893648
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32381
		FILM NUMBER:		221359948

	BUSINESS ADDRESS:	
		STREET 1:		2200 POST OAK BLVD.
		STREET 2:		SUITE 1580
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		713-623-7711

	MAIL ADDRESS:	
		STREET 1:		2200 POST OAK BLVD.
		STREET 2:		SUITE 1580
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WINDACRE PARTNERSHIP LLC
		CENTRAL INDEX KEY:			0001599383
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32381
		FILM NUMBER:		221359950

	BUSINESS ADDRESS:	
		STREET 1:		2200 POST OAK BOULEVARD
		STREET 2:		SUITE 1580
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		713-623-7700

	MAIL ADDRESS:	
		STREET 1:		2200 POST OAK BOULEVARD
		STREET 2:		SUITE 1580
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WindAcre General Partner LP
		CENTRAL INDEX KEY:			0001893721
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32381
		FILM NUMBER:		221359949

	BUSINESS ADDRESS:	
		STREET 1:		2200 POST OAK BLVD.
		STREET 2:		SUITE 1580
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		713-623-7711

	MAIL ADDRESS:	
		STREET 1:		2200 POST OAK BLVD.
		STREET 2:		SUITE 1580
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Amin Snehal
		CENTRAL INDEX KEY:			0001893660

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32381
		FILM NUMBER:		221359947

	MAIL ADDRESS:	
		STREET 1:		2200 POST OAK BLVD.
		STREET 2:		SUITE 1580
		CITY:			HOU
		STATE:			TX
		ZIP:			77056

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WindAcre Partnership Master Fund, LP
		CENTRAL INDEX KEY:			0001893715
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32381
		FILM NUMBER:		221359951

	BUSINESS ADDRESS:	
		STREET 1:		2200 POST OAK BLVD.
		STREET 2:		SUITE 1580
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		713-623-7711

	MAIL ADDRESS:	
		STREET 1:		2200 POST OAK BLVD.
		STREET 2:		SUITE 1580
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HERBALIFE NUTRITION LTD.
		CENTRAL INDEX KEY:			0001180262
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 309GT
		STREET 2:		UGLAND HOUSE, SOUTH CHURCH STREET
		CITY:			GEORGE TOWN
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		310 410 9600

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 309GT
		STREET 2:		UGLAND HOUSE, SOUTH CHURCH STREET
		CITY:			GEORGE TOWN
		STATE:			E9
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HERBALIFE LTD.
		DATE OF NAME CHANGE:	20041214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WH HOLDINGS CAYMAN ISLANDS LTD
		DATE OF NAME CHANGE:	20020814
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
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<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2022-11-01</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001180262</issuerCik>
        <issuerName>HERBALIFE NUTRITION LTD.</issuerName>
        <issuerTradingSymbol>HLF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001893715</rptOwnerCik>
            <rptOwnerName>WindAcre Partnership Master Fund, LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2200 POST OAK BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1580</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77056</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isTenPercentOwner>1</isTenPercentOwner>
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            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001599383</rptOwnerCik>
            <rptOwnerName>WINDACRE PARTNERSHIP LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2200 POST OAK BOULEVARD</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1580</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77056</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
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            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001893721</rptOwnerCik>
            <rptOwnerName>WindAcre General Partner LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O WINDACRE PARTNERSHIP LLC</rptOwnerStreet1>
            <rptOwnerStreet2>2200 POST OAK BLVD., SUITE 1580</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77056</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001893648</rptOwnerCik>
            <rptOwnerName>WAPGP LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O WINDACRE PARTNERSHIP LLC</rptOwnerStreet1>
            <rptOwnerStreet2>2200 POST OAK BLVD., SUITE 1580</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77056</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001893660</rptOwnerCik>
            <rptOwnerName>Amin Snehal</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O WINDACRE PARTNERSHIP LLC</rptOwnerStreet1>
            <rptOwnerStreet2>2200 POST OAK BLVD., SUITE 1580</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77056</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2022-11-02</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>205000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>17.56</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9778500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Total Return Swap</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-11-01</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>1</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>355000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>21.16</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>355000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5194200</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Total Return Swap</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-11-02</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>1</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>205000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>17.56</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>205000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5399200</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Total Return Swap</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-11-02</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>1</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>340000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>19.36</value>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>340000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5739200</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Total Return Swap</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-11-02</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>1</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>25000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>20.31</value>
                    <footnoteId id="F5"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>25000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5764200</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The WindAcre Partnership Master Fund, LP (the &quot;Master Fund&quot;) has entered into certain cash-settled total return swap agreements (the &quot;Swap Agreements&quot;), which represent economic exposure to an aggregate of 5,764,200 notional shares of HLF ordinary shares. The Swap Agreements provide the Master Fund with economic results that are comparable to the economic results of ownership but do not provide it with the power to vote or direct the voting or dispose of or direct the disposition of the securities that are referenced by the Swap Agreements (the &quot;Subject Shares&quot;). Additionally, under the Swap Agreements, the Master Fund will pay the counterparty interest on the purchase price notional share value, at a rate tied to a market index.</footnote>
        <footnote id="F2">The securities are owned directly by the Master Fund and may be deemed to be indirectly beneficially owned by (i) The WindAcre Partnership LLC, the investment adviser to the Master Fund, (ii) The WindAcre General Partner LP and The WAPGP LLC, the general partners of the Master Fund, and (iii) Snehal Amin, the managing member of The WindAcre Partnership LLC and The WAPGP LLC.</footnote>
        <footnote id="F3">This transaction was executed in multiple trades at prices ranging from $20.88 to $21.38. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.</footnote>
        <footnote id="F4">This transaction was executed in multiple trades at prices ranging from $18.88 to $19.72. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.</footnote>
        <footnote id="F5">This transaction was executed in multiple trades at prices ranging from $20.15 to $20.72. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>The WindAcre Partnership Master Fund, LP By: The WAP GP LLC, its General Partner By: /s/ Snehal Amin Managing Member</signatureName>
        <signatureDate>2022-11-03</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>The WindAcre Partnership LLC By: /s/ Snehal Amin Managing Member</signatureName>
        <signatureDate>2022-11-03</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>The WindAcre General Partner LP By: The WAP GP LLC, By: /s/ Snehal Amin Managing Member</signatureName>
        <signatureDate>2022-11-03</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>The WAP GP LLC By: /s/ Snehal Amin Managing Member</signatureName>
        <signatureDate>2022-11-03</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Snehal Amin Snehal Amin</signatureName>
        <signatureDate>2022-11-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
