Document:

EXHIBIT 10.16

 

EXHIBIT 10.16

 

House-leasing contract

Lessor (hereinafter referred to as Party A): Jia Tingzhan

 

ID No.:

 

Address: Room 2301,2302,2303,2306,2307,2309,Floor No. 23, Building B, Caizhi International Mansion, No. 18, Zhongguancun East Road, Haidian District, Beijing

 

Phone: 82600850

 

Authorized principle: Yu Lifeng

 

ID No.: 342123196505240032

 

Phone: 82600850

 

Lessee (hereinafter referred to as Party B)

 

Business Lisence:

 

Address:

 

Phone:

 

Legal representative (or authorized agent): Zhao Yahong

 

ID No.: 130404196503310021

 

Telephone: 18910013655

 

In accordance with relevant Chinese laws, decrees and pertinent rules and regulations, Party A and Party B have reached an agreement through 

 

friendly consultation. The agreement as follows:

 

1. House-leasing:

 

   Party A will lease to Party B the Room 2301, 2302, 2303, 2306, 2307, 2309, leased premises is1129.28 square meters, which is located on Floor No. 23, Building B, Caizhi International Mansion, No. 18, Zhongguancun East Road, Haidian District, Beijing.

 

2. House use:

 

   Party B leases the above house as office.

 

3. Lease term:

 

  The lease term will be 2 years, from April 20th, 2014 to April 19th, 2016. Party A will clear the premises and provide it to Party B for use before April 20th, 2016.

 

4. Rental and Payment Mode

 

  4.1 Party B offers the lease rent and the payment standard is 4.9 yuan per square meter, the monthly rental fee is 168,310 yuan, which including property management fees, heating and so on.

 

  4.2 The rental will be paid one installment every 3 months, total 504,930 yuan, each successive installment will be paid to Party A on 10th each month.

 

  4.3 Party B will pay the rental to Party A in the form of Remittances and Cheque.

 

  4.4 If Party B can’t pay the rental on schedule, each delayed day, Party B 

 

will pay the 0.5 percent of the rental as overdue fine everyday.

 

5. Deposit

 

  5.1 Deposit Amount: Guarantying the safety and good conditions of the premises and attached facilities and account of relevant fees are settled on schedule during the lease term, party B will pay 336,620 yuan to party A as a deposit. Party A will issue a written receipt after receiving the deposit.

 

  5.2 In case party B breaches this contract, party A has right to deduct the default fine, compensation for damage or any other expenses from the deposit . In case the deposit is not sufficient to cover such items, Party B should pay the insufficiency within ten days after receiving the written notice of payment from Party A.

 

  5.3 If Party B check out in advance, Party A will refuse to return the deposit.

 

  5.4 If party B can’t normally use the apartment because of Party A, Party A should return the deposit to Party B at once, and Party B has the right to ask for compensation from Party A.

 

6. Obligations of Party A

 

6.1 Party A shall bear the facilities maintenance of the main structure of the building, except the pipe and line, which belongs to Party B’s decoration, if Party A does not fulfill its obligation to repair on time, Party B has the right to deduct directly from the rental for maintenance. 

 

6.2 Party A should deliver the house to Party B according to the house 

 

current state.

 

6.3 Party A should pay the management fee to the property management company on time, so as not to affect the rights of Party B. If it were Party A’s reason, leading Party B’s right damaged, Party B has the right to deduct from the rent paid directly to the property management company.

 

6.4 Party A should positively assist Party B in manage the business license, prepare for some materials, so as to guarantee Party B successfully complete the work.

 

6.5 Party A should promise not raise the rental price during the contract period, otherwise, Party B can get the compensation from Party A.

 

7. Obligations of Party B

 

7.1 Party B should take the prevent actions to ensure the inside of the house prevent from the strong wind, heavily rain and snow and other severe weather’s damage. 

 

7.2 When Party B uses the public facilities, it should comply with the relevant regulation of the property management company.

 

7.3 Party B should responsible for the house safety, in case of theft and fire accident, Party B should bear the responsibilities and consequences.

 

7.4 Without Party A’s written approval, Party B Can’t transfer the lease of the premises or sublet.

 

7.5 Within the leasing period, as Party B’s operation and other behavior, caused the obligations and responsibilities, Party B takes all the 

 

consequences.

 

7.6 During the decoration, Party B should guarantee that there’s no damage to the structure and subsidiary facilities. Without Party A’s approval, Party B can’t change the nature of the premises.

 

7.7 Before decoration, Party B should handle the acceptance certificate. If needed Party A’s assist, Party A should positively cooperate.

 

7.8 When the contract period end, Party B should carry out all the goods from the house within 7 days, otherwise, Party A can take it as breach the contract, Party B bears all the result.

 

7.9 Party B can use the air condition and responsible for the maintance.

 

8. Breach the contract

 

8.1 The following items constitute default to Party A:

 

8.11 Party A unilaterally terminates the contract or not delivers the house to Party B in accordance with the contract time.

 

8.12 Due to Party A’s intentional or negligence, Party A didn’t comply with the obligation of this contract.

 

8.2 Party A implements the above things, through Party B’s written and phone inform Party A within 15 days, if Party A didn’t correct, Party A return double deposit and related rental to Party B.

 

8.3 The following items constitute default to Party B:

 

8.31 Party B unilaterally terminates the contract or not pays the rental to Party A in accordance with the contract time.

 

8.32 Due to Party B’s intentional or negligence, Party B didn’t comply with the obligation of this contract.

 

8.4 Party B implements the above things, through Party A’s written and phone inform Party B within 15 days, if Party B didn’t correct, Party A has the right to terminate the contract, and doesn’t return the deposit and related rental to Party B.

 

9. Exceptions

 

  9.1 Force majeure and other exceptions

 

  9.11 Force majeure: Both Parties can’t predict and avoid, including: earthquake, fire, flood, hurricane and other natural disasters, social instability and wars.

 

  9.12 The rules and regulates formulated by the government.

 

  9.2 Due to the above listed cases, the house can’t conform to the leasing requirements, and this result lasted for 30 days without changes, both parties don’t need to bear the responsibilities.

 

10. The contract’s change, modify and terminate

 

   Without both parties’ approval, this contract can’t be changed, modified and terminated.

 

11. Dispute Resolutions

 

The dispute caused by performing this contract, both parties shall amicably settled through the negotiation, failed to reach the agreement, both parties decided by the arbitration committee for arbitration.

 

12. Supplementary provisions

 

  12.1 During the contract, if the property changes, this contract still work for the new owner.

 

  12.2 The supplementary agreement signed by both parties, which belongs to one part of this contract.

 

12.3 Within 3 months before the contract expires, Party A has the right to start the new lease and will notify Party A if it intends to extend the leasehold. 

 

12.4 If Party B wants to use the priority right of renewal, it needs to inform Party A in written or phone form. When the lease term expires, Party A doesn’t accept the inform, it will be deemed to be abandoned by Party B.

 

12.5 Within 3 months before the contract expires, Party A’s new clients want to see the house, Party B allows Party A to lead the clients to visit the apartment without affecting normal work.

 

12.6 There are 2 originals of this contract. Each party will hold 1 original(s). Both are equally valid.

 

12.7 This contract is effective after both parties sign (stamp).

 

12.8 If the contract attachment had any conflict with the contract text, both parties take the contract text. 

 

12.9 Attached the copies of the duplicate of business license and the contractor ID photocopy of Party B.

 

12.10 Attached the copies of the housing ownership certificate and ID photocopy of Party A.

 

12.11 Party A shall provide Party B the required company's registered address and related change information.

 

Party A:  Jia
Tingzhan     

Legal representative( authorized
agent): /s/ Yu Lifeng

 

Party B: Beijing Huashangjie
Electronic Business Service Co., Ltd. 

Legal representative( authorized agent):
 /s/ Yahong Zhao

 

                                 Date: March 21st, 2014AMENDMENT NO. 1 TO CREDIT AGREEMENT

AMENDMENT NO. 1 (this "Amendment") dated as of May 14, 2015 to the Credit Agreement dated as of October 9, 2014 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the "Credit Agreement") among Nu Skin Enterprises, Inc. (the "Borrower"), the Guarantors from time to time party thereto, each Lender from time to time party thereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (the "Administrative Agent").

W I T N E S S E T H:

WHEREAS, the parties hereto desire to amend certain provisions of the Credit Agreement, as provided herein;

NOW, THEREFORE, the parties hereto agree as follows:

SECTION 1.  Defined Terms; References.  Unless otherwise defined herein, each term used herein which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.  Each reference to "hereof", "hereunder", "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Credit Agreement shall, after the amendments herein become effective, refer to the Credit Agreement as amended hereby.

 

SECTION 2.  Amendments to the Credit Agreement.  Each of the parties hereto agrees that, effective on the First Amendment Effective Date (as defined below), the Credit Agreement shall be amended as follows:

 

(a)    The following language shall be deleted from paragraph (b) of the definition of "Change of Control":

 

"(excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the Board of Directors)"; and

(b)    The final four sentences of Section 2.02(a) shall be amended and restated as follows:

"If the Borrower fails to specify a Type of Loan in a Committed Loan Notice requesting a Term Borrowing or a Revolving Credit Borrowing, then the applicable Term Loans or Revolving Credit Loans shall be made as Base Rate Loans.  If the Borrower fails to give a timely notice requesting a continuation of Eurocurrency Rate Loans, such Loans shall be continued as Eurocurrency Rate Loans with an Interest Period of one month.  If the Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.  Notwithstanding anything to the contrary herein, (w) a Swing Line Loan may not be converted to a Eurocurrency Rate Loan, (x) no Loan may be converted into or continued as a Loan denominated in a different currency, (y) any Eurocurrency Rate Loan denominated in Dollars that has an Interest Period ending less than one month before the Maturity Date shall automatically be converted to a Base Rate Loan, effective as of the last day of such Interest Period, and (z) any Eurocurrency Rate Loan denominated in Yen that has an Interest Period ending less than one month before the Maturity Date shall automatically be continued as a Eurocurrency Rate Loan denominated in Yen with an Interest Period that (I) shall end on the maturity date but (II) solely for purposes of paragraph (a) of the definition of "Eurocurrency Rate", shall be treated as one month."

 

 

 

 

SECTION 3.  Representations and Warranties.  (a) The Loan Parties represent and warrant to the Administrative Agent and the Lenders that, after giving effect to this Amendment, (i) the representations and warranties contained in the Loan Documents that are qualified by materiality are true and correct, and the representations and warranties that are not so qualified are true and correct in all material respects, in each case as though made on and as of the date hereof (other than with respect to any representation and warranty that expressly relates to an earlier date, in which case such representation and warrant is true and correct in all material respects as of such earlier date) and (ii) no Default has occurred and is continuing as of the date hereof.

 

(b)    Each Loan Party represents and warrants, on and as of the date hereof, that (i) it has the requisite power to execute and deliver this Amendment, and all corporate or other action required to be taken by it for the due and proper authorization, execution, delivery and performance of this Amendment has been duly and validly taken; (ii) this Amendment has been duly authorized, executed and delivered by it and (iii) no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery and performance by any Loan Party of this Amendment.

 

(c)    Each Loan Party represents and warrants that this Amendment constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally at law or by equitable principles, regardless of whether considered in a proceeding in equity or at law.

 

SECTION 4.  Counterparts.  This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means (e.g. "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Agreement.

 

 

 

 

 

 

SECTION 5.  Costs and Expenses.  Without limiting the obligations of the Borrower under the Credit Agreement, the Borrower agrees to pay to the Administrative Agent all of the Administrative Agent's reasonable out-of-pocket expenses, paid or payable in connection with the preparation, negotiation, execution and delivery of this Amendment, including the reasonable fees, charges and disbursements of counsel to the Administrative Agent in connection with the foregoing.

 

SECTION 6.  Effectiveness.  This Amendment shall become effective as of the date hereof on the date (the "First Amendment Effective Date") when the Administrative Agent shall have received:

 

(a)    duly executed counterparts hereof signed by the Borrower, each other Loan Party, the Administrative Agent and the Lenders sufficient to constitute, collectively, the Required Lenders; and

 

(b)    all amounts due and payable pursuant to ‎Section 5 of this Amendment and all other amounts payable pursuant to Section 11.04(a) of the Credit Agreement, in each case for which invoices have been presented not later than one Business Day prior to the First Amendment Effective Date.

 

SECTION 7.  Ratification and Reaffirmation; Designation.  (a) Each Loan Party hereby ratifies and reaffirms the Obligations under the Credit Agreement and each of the other Loan Documents to which it is a party and all of the covenants, duties, indebtedness and liabilities under the Credit Agreement and the other Loan Documents to which it is a party.  Except as expressly set forth herein, the amendments contained herein shall not constitute a waiver or amendment of any term or condition of the Credit Agreement or any other Loan Document, and all such terms and conditions shall remain in full force and effect and are hereby ratified and confirmed in all respects.

 

(b)    This Amendment shall constitute a "Loan Document" for all purposes under the Credit Agreement as amended hereby and the other Loan Documents.

 

SECTION 8.  Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

 

 

 

[Signature pages follow]

 

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

	
NU SKIN ENTERPRISES, INC., as the Borrower

 

	
By:

	 /s/ Ritch Wood
	 	
Name:       Ritch Wood

	 	
Title:         CFO

	
NU SKIN INTERNATIONAL, INC., as a Guarantor

 

	
By:

	 /s/ Ritch Wood
	 	
Name: 

	   Ritch Wood
	 	
Title:

	   CFO

	
NSE PRODUCTS, INC., as a Guarantor

 

	
By:

	 /s/ Ritch Wood
	 	
Name:

	  Ritch Wood
	 	
Title:

	  CFO

	
NU SKIN ENTERPRISES UNITED STATES, INC., as a Guarantor

 

	
By:

	 /s/ Ritch Wood
	 	
Name:

	  Ritch Wood
	 	
Title:

	  CFO

 

 

 

 

 

[Signature page to Amendment No. 1]

 

  

 

 

  

	
BANK OF AMERICA, N.A. as Administrative Agent and a Lender

 

	
By:

	 /s/ David R. Barney
	
                  

	Name:  David R. Barney
	
                   

	Title:    Senior Vice President
	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Amendment No. 1]

 

  

 

 

  

	
HSBC Bank USA, National Association as a Lender

 

	
By:

	 /s/ Jean Frammolino
	
                   

	Name:  Jean Frammolino
	
                   

	Title:    Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Amendment No. 1]

 

 

 

 

 

 

	
ROYAL BANK OF CANADA, as a Lender

 

	
By:

	 /s/ Nikhil Madhok
	
                  

	Name:  Nikhil Madhok
	
                   

	Title:    Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Amendment No. 1]

 

 

 

 

 

 

 

	
FIFTH THIRD BANK, as a Lender

 

	
By:

	 /s/ Eric Oberfield
	
                   

	Name:  Eric Oberfield
	
                  

	Title:    Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Amendment No. 1]

 

 

 

 

 

 

	
KeyBank National Association, as a Lender

 

	
By:

	 /s/ Robert J. Likos
	
                  

	Name:  Robert J. Likos
	
                  

	Title:    Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Amendment No. 1]

 

 

 

 

 

 

	
ZIONS FIRST NATIONAL BANK, as a Lender

 

	
By:

	 /s/ Thomas C. Etzel
	
                   

	Name:  Thomas C. Etzel
	
                   

	Title:    Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Amendment No. 1]

 

 

 

 

 

 

 

 

	
Deutsche Bank AG New York Branch, as a Lender

 

	
By:

	 /s/ Peter Cucchiara
	
                   

	Name:  Peter Cucchiara
	
                  

	Title:    Vice President

 

	
 

	
By:

	 /s/ Kirk L. Tashjian
	
                 

	Name:  Kirk L. Tashjian
	
                   

	Title:    Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Amendment No. 1]

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