Exhibit 10.3 2Q FORM 10-Q NSE 2005






Nu Skin Enterprises 

Senior Executive
Benefits Policy 







This Benefits Policy applies to
senior executive officers of Nu Skin Enterprises, Inc., (the “Company” or
“NSE”) including the Chairman, CEO, Senior Vice Presidents, Executive Vice
Presidents, and any other senior managers designated by the CEO (collectively referred to
as “Executive”). This policy takes the place of all previous policies dealing
with the matters addressed herein and is effective as of July 21, 2005. 



     	1. 	
          Computers — Executive will be provided a telephone, fax, computer
          and printer for their work as well as similar equipment for one home office. In
          addition, a laptop or notebook computer will be provided to accommodate work and
          communication away from the office and Executive’s primary residence. The
          equipment employed away from the office will be designated by NSE’s IT
          department so that the equipment is compatible with NSE systems and so that the
          Company can take advantage of existing vendor relationships. The equipment will
          also be tagged with an NSE identification to insure its inclusion on NSE’s
          books and records. The IT equipment coordinator for Executive will be Jay Brown
          Jr. All requests for equipment and equipment maintenance will go through the IT
          equipment coordinator. 



          



     	2. 	
          Cell Phones — Executive will be provided a cell phone for business
          use. Personal use of up to $500/month will be reimbursed to the Executive. The
          Company will pay for the phone, reasonable peripheral phone equipment as well as
          the monthly telephone charges on the phone. Cell phone usage other than through
          Executive’s primary cell phone provided by the Company will be the
          responsibility of the Executive. Business usage of secondary cell phones will be
          reimbursed through the Company’s standard expense reimbursement procedure,
          i.e., Executive will submit the bill for reimbursement indicating the portion of
          the bill that reflects business usage. 



          



     	3. 	
          Finance — Executive will be provided tax return preparation work for
          personal tax returns, including estates, trusts, other estate planning vehicles,
          and wholly-owned small businesses. In addition, the Company will provide access
          to designated finance personnel for other tax/estate planning work. Finance
          personnel asked to provide services will track the number of hours they spend on
          such services for the requesting Executive on an Executive Support Log. For
          finance personnel whose salaries are less than $60,000/year, the hourly rate for
          these services will be $35/hour. For finance personnel whose salaries are above
          $60,000, the hourly rate for these services will be $60/hour. Tax return
          preparation work will be provided as a perquisite to Executive, with the value
          of that work grossed up for income tax purposes. All other services will be
          provided on a non-grossed up basis, so that Executive is responsible for the
          income taxes associated with the Company providing this benefit. In the event
          the total value of a particular Executive’s use of finance personnel for
          all non-perquisite uses exceeds $10,000 in a given year, the Executive will
          reimburse the Company for the amount in excess of $10,000. 



          








     	4. 	
          Dispatch — The Company will provide dispatch, courier and shuttle
          services such as travel assistance, to and from airports, equipment pick up,
          document delivery, all in connection with Company business, at no charge to
          Executive. These services for non-business issues will be treated as described
          below. 



          



     	5. 	
          Security — Executive may request security services for the benefit
          of themselves and their families as Executive may deem necessary from time to
          time at no charge to Executive. 



          



     	6. 	
          Employees — Executive will be able to use designated Company
          employees to assist with certain personal matters as long as the employee
          providing services makes Company responsibilities his/her primary responsibility
          and priority. Those employees will track their time using an approved Executive
          Support Log. The value of the services provided by Company employees will then
          be charged to the Executive, with the charges deducted from the Executive’s
          periodic salary check on an after-tax basis, or the Executive may elect to
          reimburse the Company for the billed services by check. The services provided,
          the employees who are allowed to provide personal assistance, and the applicable
          billing rate for personal matters will be as follows: 



          



      Service
Employee Hourly Rate 


	Service
	Employee
	Hourly Rate

	Bill Paying/Checkbook Management	 	Jay Brown Sr.	 	$45	 
	 	 	 
	Private Property Maintenance/Repairs	 	Steve Shoell
 Aux. Services
Personnel	 	$45
$20	 
	 	 	 
	Dispatch, Courier, Errands and the Like	 	Aux Services	 	$15	 
	 	 	 
	Automobile/Motor Maintenance and Repairs	 	Aux Services	 	$25	 










	  	
The
coordinator for the use of Auxiliary Services personnel will be Steve Shoell. The above
rates may be modified in the event the Company’s standard “Butler Service
Program” for employees generally provides any of the above services at a lower rate. 






     	7. 	
          Product — Executive will have access to Company products free of
          charge up to $2,500 (wholesale value) per month. Additional product will be
          reimbursed by the Executive at the Company’s cost. This policy is exclusive
          of additional access to non-resaleable product that is available at the employee
          store. 



          



     	8. 	
          Boys Club — Commitments of up to $5,000 per year by Executive will
          be reimbursed by the Company. 



          



     	9. 	
          Xmas Trees — The purchase of any Christmas tress from the Festival
          of the Trees for personal use are personal expenses. Trees used by the Company
          will be reimbursed. 



          



     	10. 	
          Tickets — Tickets to athletic events that are used by the Company
          for corporate use will be reimbursed to the contributing Executive at the actual
          price paid by the Executive. 



          









     	11. 	
          Lunches — A daily lunch in the high-rise cafeteria will be provided
          by the Company. 



          



     	12. 	
          Life Insurance — The Company will purchase and, during the term of
          the Executive’s employment by the Company, maintain a life insurance policy
          on the life of the Executive. 



          



     	13. 	
          Travel — Commercial aircraft is the standard means of long-distance
          corporate transportation. The CEO will establish appropriate travel policies
          with respect to the use of commercial airlines (e.g., identifying those who may
          travel first class, etc.). The Chairman may use private,
          chartered aircraft for travel to distributor events, conventions, and the like.
          When private aircraft is chartered, management traveling to the
          same event is expected, when feasible, to also use the chartered
          aircraft to minimize travel costs. The CEO may also authorize the use of private
          aircraft when required to meet multiple corporate obligations or other emergency
          purposes. The company will not pay the costs of private aircraft for
          non-business use. Reimbursed travel expenses of spouses and other family members
          to company events via private or commercial aircraft requires the prior approval
          of the Compensation Committee. 



          



This Benefits Policy shall not
preclude Executive from participating in or receiving other benefits generally available
to all employees, such as insurance, or all Vice-Presidents of the Company, such as use of
event tickets and access to company-owned or leased personal or real property on a
grossed-up for tax basis consistent with the policies established for such benefits. 



Except as set forth above or the
preceding sentence, all other benefits provided by the Company to Executives, must be
pre-approved by the Compensation Committee. 



This Benefits Policy is not a
contractual obligation of the Company, and the Company shall have the right at any time to
modify, alter, amend, or terminate this Benefits Policy, in whole or in part,
prospectively or retroactively. 



Any property or service that
Executive receives in lieu of or in addition to regular taxable wages is a fringe benefit
that may be subject to taxation. Executive should consult his or her tax advisor regarding
the tax consequences of the above benefits.