Document:

Exhibit 10.49 NSE 2003 Form 10-K Amendment #1 to Consulting Agreement

AMENDMENT #1 TO
CONSULTING AGREEMENT 

This Amendment #1 to Consulting
Agreement (“Amendment”) is made and entered into on July 31, 2003 by and between
Nu Skin Enterprises, Inc. (“NSE”), a Delaware corporation having its principal
place of business at 75 West Center Street, Provo, Utah 84601 and Woodclyffe Group, LLC
(“Consultant”) a _____ limited liability company having its principal place of
business at 73 Turning Mill Lane, New Canaan, Connecticut 06840; each a “Party”
and collectively the “Parties”. 

RECITAL 

Effective as of April 1, 2003 the
parties entered into a Consulting Agreement (“Agreement”) wherein Consultant
agreed to provide its services (as described in the Agreement) for a period of six months.
The Agreement will expire on September 30, 2003 and it is the desire of the Parties that
it be extended from that date until December 31, 2003 pursuant to the terms and conditions
of this Amendment and the Agreement. 

AGREEMENT 

     	1. 	
          The Parties hereby agree to extend the Agreement from September 30, 2003 until
          December 31, 2003 (“Extended Term”) at which time the Agreement shall
          automatically expire. During the Extended Term, Consultant shall continue to
          provide the services at the rates set forth in the Agreement and NSE shall
          continue to make payments as set forth therein. 

          

     	2. 	
          Except as and if modified herein, the terms and provisions of the Agreement
          shall remain unmodified and continue in full force and effect. In the event of
          any conflict between the terms and provisions of the Amendment, the terms and
          provisions of this Amendment shall prevail. 

          

IN WITNESS WHEREOF, the Parties to
this Amendment have caused it to be executed on the date first above written. 

				
	Nu Skin Enterprises, Inc.	 	Woodclyffe Group, LLC	 	 	 	 	 
	/s/   M. Truman Hunt	 	/s/   Joe Ferreira	 
	By:    M. Truman Hunt	 	By:    Joe Ferreira	 
	Its:    President and CEO	 	Its:    President and CEOExhibit 10.53 NSE 2003 Form 10-K 1st Amendment to Private Shaelf Agreement

FIRST AMENDMENT TO
PRIVATE SHELF AGREEMENT 

        THIS
FIRST AMENDMENT dated as of October 31, 2003 (this “First Amendment”)
to the Multi-Currency Private Shelf Agreement dated as of August 26, 2003 (the
“Private Shelf Facility”) is between Nu Skin Enterprises, Inc., a
Delaware corporation (the “Company”), and Prudential Investment
Management, Inc. (“Prudential”). 

RECITALS 

         A.       
          The Company and Prudential have heretofore entered into the Private Shelf
          Facility. 

         B.       
          The Company and Prudential now desire to amend the Private Shelf Facility in the
          respects, but only in the respects, hereinafter set forth. 

         C.       
          Capitalized terms used herein shall have the respective meanings ascribed
          thereto in the Private Shelf Facility unless herein defined or the context shall
          otherwise require. 

         D.       
          All requirements of law have been fully complied with and all other acts and
          things necessary to make this First Amendment a valid, legal and binding
          instrument according to its terms for the purposes herein expressed have been
          done or performed. 

        NOW,
THEREFORE, upon the full and complete satisfaction of the conditions precedent to the
effectiveness of this First Amendment set forth in Section 3 hereof, and in
consideration of good and valuable consideration the receipt and sufficiency of which is
hereby acknowledged, the Company and Prudential do hereby agree as follows: 

Section 1.     Amendments to
Private Shelf Facility 

        1.1    
Section 9.6(a)(i) of the Private Shelf Facility is hereby amended by adding the following
parenthetical before the period of the first sentence thereof: 

	  	
“(unless
a pledge of such Pledged Securities (x) is legally unobtainable or (y) the consent of a
governmental authority is required in order to obtain such pledge and such consent has not
been obtained after the Company’s commercially reasonable efforts to obtain such
consent, and Company delivers an opinion of outside counsel, in form and substance
reasonably satisfactory to the holders of the Notes and their counsel, to the effect that
such pledge was not legally obtainable or such consent was not obtained; provided,
however, if the consolidated total revenues of NSE Korea Ltd., a Korean
corporation, equal or exceed 10% of the consolidated total revenues during the four most
recently ended fiscal quarters of the Company and its Subsidiaries during such period,
then the Company shall be required to comply with this Section 9.6(a)(i) regardless of the
foregoing)". 

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        1.2    
     Section 10.4 of the Private Shelf Facility is hereby amended in its entirety to read
as follows: 

              “10.4    
Minimum Consolidated Net Worth. 

	  	        The
Company will not, at any time, permit Consolidated Net Worth to be less than the sum of
(i) $271,935,200, (ii) an aggregate amount equal to 60% of Consolidated Net Income (but,
in each case, only if a positive number) earned in (a) the six months ended December 31,
2000, and (b) unless clause (iii) below is operative for any given fiscal quarter (in
which case such fiscal quarter shall be excepted from this clause (ii)), each complete
fiscal quarter thereafter, (iii) for the fiscal quarter ended December 31, 2003 and each
fiscal quarter ended thereafter to but not including the fiscal quarter in which Total
Indebtedness is first reduced to $120,000,000 or less, an aggregate amount equal to 70% of
Consolidated Net Income (in each case to the extent a positive number) earned in each such
fiscal quarter, and (iv) 50% of the net proceeds realized by the Company and its
Restricted Subsidiaries from the sale of Equity Securities subsequent to June 30, 2000,
excluding issuances of Equity Securities upon exercise of employee stock options or rights
under any employee benefit plans (excluding such exercise by any Person that owns greater
than 5% of the Equity Securities of the Company), issuances of Equity Securities in
connection with acquisitions by the Company and its Restricted Subsidiaries and
reissuances of up to $60,000,000 of treasury securities purchased by the Company after
October 12, 2000, so long as not purchased in the fourth quarter of 2003.” 

        1.3    
Schedule A of the Private Shelf Facility is hereby amended by amending and restating the
definition of “Material Subsidiaries” in the following manner: 

	  	        “Material
Subsidiaries” means, at any time, (a) NSE Korea Ltd., a Delaware corporation, Nu
Skin Japan Co., Ltd., a Japanese corporation, Nu Skin International, Inc., a Utah
corporation, Nu Skin Enterprises Hong Kong, Inc., a Utah corporation, Nu Skin Taiwan,
Inc., a Utah corporation, Nu Skin United States, Inc., a Delaware corporation, and Big
Planet, Inc., a Delaware corporation; and (b) each other Subsidiary of the Company which
(i) had revenues during the four most recently ended fiscal quarters equal to or greater
than 5.0% of the consolidated total revenues of the Company and its Subsidiaries during
such period (provided that (A) if the Company and Subsidiaries collectively own not more
than 30% of the outstanding equity, by value, of Nu Skin Malaysia Holdings, then Nu Skin
Malaysia Holdings and its subsidiaries shall not be deemed Material Subsidiaries by reason
of this clause (i) unless their consolidated revenues during the four most recently ended
fiscal quarters equaled or exceeded 15.0% of the consolidated total revenues of the
Company and its Subsidiaries during such period, or (B) NSE Korea Ltd., a Korean
corporation, shall not be deemed a Material Subsidiary by reason of this clause (i) unless
its consolidated total revenues during the four most recently ended fiscal quarters
equaled or exceeded 10% of the consolidated total revenues of the Company and its

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Subsidiaries during such period, or (ii) is an obligor under any Guaranty with respect to
the Indebtedness of the Company under any Significant Credit Facility. 

        1.4    
Schedule A of the Private Shelf Facility is hereby further amended by amending and
restating the definition of “Consolidated Net Worth” in the following manner: 

	  	        “Consolidated
Net Worth” means, at any time, (a) the consolidated stockholders’ equity of
the Company and the Restricted Subsidiaries, as defined according to GAAP, plus (b)
to the extent funded with the proceeds of a debt offering and cash and not with proceeds
of any equity issuance, the amount (not to exceed $150,000,000) paid by the Company in the
fourth quarter of 2003 for repurchases of its outstanding common stock, less (c) the sum
of (i) to the extent included in clause (a), all amounts attributable to minority
interests, if any, in the securities of Restricted Subsidiaries, and (ii) the amount by
which Restricted Investments exceed 20% of the amount determined in clause (a). 

Section 2.    
Representations and Warranties and Covenants of the Company. 

2.1        To
induce Prudential to execute and deliver this First Amendment (which
                    representations shall survive the execution and delivery of this
First                     Amendment), the Company represents and warrants to Prudential
that:  

               	 	(a)       

                     this First Amendment has been duly authorized, executed and delivered by it and
                    this First Amendment constitutes the legal, valid and binding obligation,
                    contract and agreement of the Company enforceable against it in accordance with
                    its terms, except as enforcement may be limited by (i) bankruptcy, insolvency,
                    reorganization, moratorium or similar laws or equitable principles relating to
                    or limiting creditors’ rights generally and (ii) general principles of
                    equity (regardless of whether such enforceability is considered in a proceeding
                    in equity or at law); 

                    

               	 	(b)       

                     the Private Shelf Facility, as amended by this First Amendment, constitutes the
                    legal, valid and binding obligation, contract and agreement of the Company
                    enforceable against it in accordance with its terms, except as enforcement may
                    be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar
                    laws or equitable principles relating to or limiting creditors’ rights
                    generally and (ii) general principles of equity (regardless of whether such
                    enforceability is considered in a proceeding in equity or at law); 

                    

               	 	(c)       

                     the execution, delivery and performance by the Company of this First Amendment
                    (i) has been duly authorized by all requisite corporate action and, if
                    required, shareholder action, (ii) does not require the consent or approval
                    of any governmental or regulatory body or agency, and (iii) will not
                    (A) violate (1) any provision of law, statute, rule or regulation or
                    its certificate of incorporation or bylaws, (2) any order of any court or
                    any rule, regulation or order of any other agency or government binding upon it,
                    or (3) any provision of any material indenture, agreement or other
                    instrument to which it is a party or by which its properties or assets are or
                    may be bound, or (B) result in a breach or constitute 

                    

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               	 	 (alone or with due
                    notice or lapse or both) a default under any indenture, agreement or other
                    instrument referred to in clause (iii)(A)(3) of this Section 2.1(c);
                    and 

                    

               	 	(d)       

                     as of the date hereof and after giving effect to this First Amendment, no
                    Default or Event of Default has occurred which is continuing. 

                    

        2.2.
    The
Company agrees that it shall promptly pay the reasonable fees and expenses
                    of O’Melveny & Myers LLP in connection with the negotiation,
                    preparation, approval, execution and delivery of this First
Amendment.  

Section 3.    
Conditions to Effectiveness of This Amendment. This First Amendment shall become
effective as of October 31, 2003 (the “First Amendment Effective Date”)
upon (i) the delivery to Prudential of executed counterparts of this First Amendment, duly
executed by the Company and the Required Holders, (ii) the execution of a counterpart to
the Subsidiary Guaranty by NSE Korea Ltd., a Delaware corporation, (iii) the execution of
a counterpart to the Amended and Restated Collateral Agency and Intercreditor Agreement by
NSE Korea Ltd., a Delaware corporation, and (iv) the execution of a counterpart to the
Amended and Restated Subordination Agreement by NSE Korea Ltd., a Delaware corporation. 

Section 4.     Certain Matters
regarding NSE Korea Ltd. The Company and Prudential acknowledge that, notwithstanding
the execution and delivery by NSE Korea Ltd., a Korean corporation domesticated under the
laws of Delaware (“NSE Korea Ltd.”), of a counterpart of the Subsidiary
Guaranty, certain laws and/or regulations in Korea may make the Subsidiary Guaranty (or
certain provisions thereof) unenforceable with respect to NSE Korea Ltd. in Korea and/or
restrict the ability of NSE Korea Ltd. to make payments under the Subsidiary Guaranty.
Accordingly, Required Holders agree that (a) no representation or warranty (i) made by NSE
Korea Ltd. in Section 3.2 or 3.3 of the Subsidiary Guaranty or (ii) made by the Company in
Section 5.6 or 5.7 of the Private Shelf Facility shall be deemed to be false or incorrect
to the extent that such representation or warranty would be true absent the application of
Korean laws and/or regulations; and (b) no Event of Default or Default shall occur under
Section 11(d), 11(e) or 11(j) of the Private Shelf Facility as a result of the Subsidiary
Guaranty not being valid and enforceable under any Korean law or regulation. In
consideration of the foregoing, within 60 days following the First Amendment Effective
Date, the Company agrees that it will use reasonable commercial efforts to give to, and
maintain in favor of, the Collateral Agent, for the ratable benefit of holders of the
Notes and the other Senior Secured Creditors, a valid and perfected first priority Lien on
and security interest in all of the stock NSE Korea Ltd., a Korean corporation (and, if
such pledge is obtained, the Company will deliver to the Lenders and the other Senior
Secured Creditors appropriate documents of the types described in the second sentence of
Section 9.6(a)(i) of the Private Shelf Facility), or if such pledge is not obtained, the
Company will deliver an opinion of outside counsel, in form and substance reasonably
satisfactory to the holders of the Notes and their counsel, within 60 days following the
First Amendment Effective Date, to the effect that the pledge of the Equity Securities of
NSE Korea Ltd., a Korean corporation, by the Company is not (x) legally obtainable or (y)
the consent of a governmental authority is required in order to obtain such pledge and
such consent has not been obtained. 

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Section 5.     Miscellaneous. 

         5.1.       
          This First Amendment shall be construed in connection with and as part of the
          Private Shelf Facility, and except as modified and expressly amended by this
          First Amendment, all terms, conditions, and covenants contained in the Private
          Shelf Facility and the Notes are hereby ratified and shall be and remain in full
          force and effect. 

         5.2.       
          Any and all notices, requests, certificates and other instruments executed and
          delivered after the execution and delivery of this First Amendment may refer to
          the Private Shelf Facility without making specific reference to this First
          Amendment but nevertheless all such references shall include this First
          Amendment unless the context otherwise requires. 

         5.3.       
          The descriptive heading of the various Sections or parts of this First Amendment
          are for convenience only and shall not affect the meaning or construction of any
          of the provisions hereof. 

         5.4.       
          This First Amendment shall be governed by and construed in accordance with the
          laws of the State of New York. 

         5.5.       
          The execution hereof by you shall constitute a contract between us for the uses
          and purposes hereinabove set forth, and this First Amendment may be executed in
          any number of counterparts, each executed counterpart constituting an original,
          but all together only one agreement. 

[Remainder
of page intentionally left blank.] 

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        IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly
executed and delivered by their respective officers thereunto duly authorized as of the
date first written above. 

NU SKIN ENTERPRISES, INC. 

By:        /s/  Ritch N. Wood 

Name:   Ritch N. Wood

Its:         Chief Financial Officer 

PRUDENTIAL INVESTMENT
MANAGEMENT,
INC. 

By:       /s/  Iris Krause 

Name:  Iris Krause

Its:        Vice
President 

S-1

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