Document:

Exhibit 10.49 2007 FORM 10-K refile of NSE 2002 Master Stock Option Agreement

NU SKIN
ENTERPRISES, INC.

SECOND
AMENDED AND RESTATED 1996 STOCK INCENTIVE PLAN

MASTER

STOCK OPTION
AGREEMENT

        This
Master Stock Option Agreement (the “Agreement”) is made effective as
of August ___, 200_ (the “Effective Date”), to     
              
              
(the “Optionee”) under the Nu Skin
Enterprises, Inc. Second Amended and Restated 1996 Stock Incentive Plan (the
“Plan”) by Nu Skin Enterprises, Inc., a Delaware corporation (“Nu
Skin Enterprises”), under authority of the Plan Committee (the
“Committee”). Capitalized terms used herein without definition and
defined in the Plan have the same meanings as provided in the Plan. For purposes
of this Agreement, the term “Company” shall refer collectively to Nu
Skin Enterprises and all of its Subsidiaries. The term “Key Employee
Covenants” shall mean the Key Employee Covenants executed by the Optionee
as they may be amended or replaced from time to time. 

     
1.      MASTER AGREEMENT. This Agreement is
a Master Agreement and the terms of each stock option grant set forth in any Stock
Option Schedule hereto shall be deemed to have been granted pursuant to this Agreement
and shall be subject to any and all conditions and provisions set forth in this
Agreement as it may be amended from time to time. Each Stock Option Schedule shall
incorporate all of the terms and conditions of this Agreement and shall contain such
other terms and conditions that the Committee shall establish for the grant of
options covered by such Stock Option Schedule. In the event of a conflict between the
language of this Agreement and any Stock Option Schedule, the language of the Stock
Option Schedule shall prevail with respect to that Stock Option Schedule. In order to
be effective, the Stock Option Schedule must be executed by a duly authorized
executive officer of the Company. No signature of the Optionee shall be required,
and the Optionee's acceptance of the Stock Option Schedule shall be deemed to be his or
her acceptance of all the terms and conditions set forth therein. Optionee shall
be deemed to have accepted the Stock Option Schedule (and all of the terms and
conditions set forth therein) unless Optionee provides written notice of his or her
rejection of the Stock Option Schedule and all of the Options granted thereunder within
20 days after receipt of the Stock Option Schedule. 

     2.      
OPTION GRANTS. Each Stock Option
Schedule shall set forth the number of options (the "Options") that the
Committee has granted to Optionee and the effective date of such grant. Such
Options are granted as an incentive to work to increase the value of the Company for its
stockholders. Each Option shall entitle the Optionee to purchase, on the terms and
conditions of this Agreement, the respective Stock Option Schedule and the Plan, one
fully paid and non-assessable share of Class A Common Stock, par value $ .001 per
share (the "Class A Common Stock"), of Nu Skin Enterprises at the
exercise price set forth in the relevant Stock Option Schedule. The Options are
subject to all the terms and conditions of the Plan, the Stock Option Schedule and this
Agreement. 

     3.      
NATURE OF OPTION. Each Stock Option
Schedule shall designate whether the options granted thereunder are Nonqualifed Stock
Options or Incentive Stock Options. 

     4.      
TERMS AND EXERCISE PERIOD. 

            
(a)      
Options awarded under this Agreement
may not be exercised at any time until such Options are vested as provided in Section 5
below. 

            (b)
       Except as otherwise provided in a
Stock Option Schedule or this Agreement, the Options granted hereunder shall terminate
on the earlier of (i) the tenth anniversary of the date of the grant of the options as
set forth in the Stock Option Schedule, or (ii) the date such Options are fully
exercised. 

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5.       VESTING. Unless expressly provided
otherwise in a Stock Option Schedule, Options granted hereunder shall vest according to
the following schedule: 

	ANNUAL ANNIVERSARY
OF EFFECTIVE DATE OF GRANT
	VESTED PERCENTAGE

	1	 	25	%
	2	 	50	%
	3	 	75	%
	4	 	100	%

      6.      
TERMINATION OF SERVICE. 

            (a)
       In the event the employment of the
Optionee is terminated for any reason, all Options that are not vested at the time of
termination of employment shall be terminated and forfeited immediately upon termination
of employment. 

            (b)
       Subject to Section 7 below, in the
event the employment of the Optionee is terminated for any reason other than the death
or disability of the Optionee, then any Options granted hereunder that are vested
but unexercised at the time of termination of employment shall terminate
immediately upon the earliest to occur of the following: (i) the full exercise of the
Options, (ii) the expiration of the Options by their terms, or (iii) 90 days following
the date of termination of such employment of the Optionee. 

            (c)
       Subject to Section 7 below, in the
event the employment of the Optionee is terminated as a result of death or
disability prior to the termination of the Options, then any Options granted
hereunder that are vested but unexercised at the time of death or disability shall
terminate immediately upon the earliest to occur of the following: (i) the full
exercise of the Options, (ii) the expiration of the Options by their terms, or (iii)
one year following the date of death or disability of Optionee. The Options may be
exercised, to the extent vested and unexercised at the time of death or disability,
as the case may be, by the Optionee, the estate of the Optionee, or the person or
persons to whom the Options may have been transferred by will or by the laws of descent
and distribution for the period set forth in this Section 6(c). 

      7.      
FORFEITURE. If at any time during
the term of the Options granted pursuant to this Agreement a Forfeiture Event (as
defined below) shall occur or be discovered, then all outstanding Options shall
immediately terminate in full. If at any time during the Optionee's employment or at
any time following Optionee's termination of employment until the later of (i) the
twelve-month anniversary of the date Optionee's employment is terminated for any
reason, or (ii) the six-month anniversary of the date Optionee exercises Optionee's
last remaining Options, a Forfeiture Event occurs, then the Optionee shall pay to the
Company an amount equal to the "Option Gain" on any Options exercised during
the twelve-month period preceding such Forfeiture Event and any Options exercised
following such Forfeiture Event. For purposes hereof, "Option Gain"
shall mean the Fair Market Value of a share of the Class A Common Stock on the date of
exercise over the Option Price, multiplied by the number of shares purchased upon
exercise of the Options. "Forfeiture Event" means the following: (i)
conduct related to the Optionee's employment for which either criminal or civil
penalties may be sought, (ii) the commission of an act of fraud or
intentional misrepresentation, (iii) embezzlement or misappropriation or conversion
of assets or opportunities of the Company, (iv) any breach of the non-competition or
non-solicitation provisions of the Key Employee Covenants, (v) disclosing or misusing
any confidential or proprietary information of the Company in violation of the Key
Employee Covenants, or any other non-disclosure agreement with the Company or other
duty of confidentiality or the Company's insider trading policy, (vi)

2 

any other material breach of the Key Employee Covenants, or (vii) any
other actions of Optionee that the Committee determines in good faith are harmful to the
interests of the Company. The Committee, in its sole discretion, may waive, at any time,
in writing this forfeiture provision and release the Optionee from liability hereunder.
In addition, the Committee may, in its sole discretion, elect to purchase any shares
acquired upon exercise of the Option for the exercise price paid by the Optionee in lieu
of enforcing payment of the Option Gain with respect to any shares which have not been
sold or otherwise transferred by the Optionee. 

      8.      
STOCK CERTIFICATES. Within a
reasonable time after the exercise of an Option and the satisfaction of the
Optionee's obligations hereunder, the Company shall cause to be delivered to the
person entitled thereto a certificate for the shares purchased pursuant to the exercise
of such Option. 

      9.      
TRANSFERABILITY OF OPTIONS. This
Agreement and the Options granted hereunder shall not be transferable otherwise than
by will or by the laws of descent and distribution and shall be exercised, during the
lifetime of the Optionee, only by the Optionee. 

     10.      
EXERCISE OF OPTIONS. Options shall
become exercisable at such time, as may be provided herein and shall be exercisable
by written notice of such exercise, in the form prescribed by the Committee, to
the person designated by the Committee at the corporate offices of Nu Skin
Enterprises. The notice shall specify the number of Options that are being
exercised. The exercise price shall be payable on the exercise of the Options and shall
be paid in cash, in shares of Class A Common Stock, including shares of Class A
Common Stock acquired pursuant to the Plan, part in cash and part in shares, or such
other manner as may be approved by the Committee consistent with the terms of the
Plan as it may be amended from time to time. Shares of Class A Common Stock
transferred in payment of the exercise price shall be valued as of the date of
transfer based on the Fair Market Value of the Company's Class A Common Stock,
which for purposes hereof shall be considered to be the average closing price of the
Company's Class A Common Stock as reported on the New York Stock Exchange for the ten
trading days just prior to the date of exercise. Only shares of the Company's Class A
Common Stock which have been held for at least six months may be used to exercise the
Option. 

      11.      
NO RIGHTS AS SHAREHOLDER. This
Agreement shall not entitle the Optionee to any rights as a stockholder of the Company
until the date of the issuance of a stock certificate to the Optionee for shares
pursuant to the exercise of Options covered hereby. 

      12.      
GOVERNING PLAN DOCUMENT. This
Agreement incorporates by reference all of the terms and conditions of the Plan as
presently existing and as hereafter amended. The Optionee expressly acknowledges
and agrees that the terms and provisions of this Agreement are subject in all respects
to the provisions of the Plan. The Optionee also hereby expressly acknowledges, agrees
and represents as follows: 

            (a)
       Acknowledges receipt of a copy of the
Plan and represents that the Optionee is familiar with the provisions of the Plan, and
that the Optionee enters into this Agreement subject to all of the provisions of the Plan. 

            (b)
       Recognizes that the Committee has
been granted complete authority to administer the Plan in its sole discretion and
agrees to accept all decisions related to the Plan and all interpretations of the
Plan made by the Committee as final and conclusive upon the Optionee and upon all
persons at any time claiming any interest through the Optionee in any Option granted
hereunder. 

            
(c)        If Optionee is an executive officer,
acknowledges and understands that the establishment of the Plan and the existence of
this Agreement are not sufficient, in and of themselves, to exempt the Optionee
from the requirements of Section 16(b) of the Exchange Act and any rules or
regulations promulgated thereunder and that the Optionee (to the extent Section
16(b) applies to

3 

Optionee) shall not be exempt from such requirements pursuant to
Rule 16b-3 unless and until the Optionee shall comply with all applicable
requirements of Rule 16b-3, including without limitation, the possible requirement
that the Optionee must not sell or otherwise dispose of any share of Class A Common
Stock acquired upon exercise of an Option unless and until a period of at least six
months shall have elapsed between the date upon which such Option was granted to the
Optionee and the date upon which the Optionee desires to sell or otherwise dispose of
any share of Class A Common Stock acquired upon exercise of such Option. 

            (d)
       Acknowledges and understands that
the Optionee's use of Class A Common Stock owned by the Optionee to pay the Option Price
of an Option could have substantial adverse tax consequences to the Optionee and that
the Company recommends the Optionee consult with a knowledgeable tax advisor before
paying the Option Price of any Option with Class A Common Stock. 

            (e)
       Represents that Optionee has
received and carefully read a copy of the Prospectus (as defined below) together
with the Company's most recent Annual Report to Stockholders. Optionee hereby
acknowledges that he or she is aware of the risks associated with the Options and that
there can be no assurance the price of the Class A Common Stock will not decrease in
the future or that the Options will ever have any value. Optionee hereby
acknowledges no representations or statements have been made to Optionee
concerning the value or potential value of the Class A Common Stock. Optionee
acknowledges that Optionee has relied only on information contained in the
Prospectus and that Optionee has received no representations, written or oral, from
the Company or its employees, attorneys or agents, other than those contained in the
Prospectus or this Agreement. The Prospectus means those materials bearing a legend
that such materials constitute a prospectus under the Securities Act of 1933 and the
documents incorporated by reference therein. Optionee acknowledges
that the Company has made no representations concerning the tax and other effects of
this Option and the exercise thereof, and Optionee represents that Optionee has
consulted with Optionee's own tax and other advisors concerning the tax and other
effects of the Option and the exercise thereof. 

      
13.       REPRESENTATIONS AND WARRANTIES. As
a condition to the exercise of any Option granted pursuant to the Plan, the Company may
require the person exercising such Option to make any representations and warranties to
the Company that legal counsel to the Company may determine to be required or advisable
under any applicable law or regulation, including without limitation, representations
and warranties that the shares of Class A Common Stock being acquired through the
exercise of such Option are being acquired only for investment and without any present
intention or view to sell or distribute any such shares. 

      14.      
NO EMPLOYMENT OR SERVICE CONTRACT.
Nothing in this Agreement or in the Plan shall confer upon Optionee any right to
continue in the employment or service of the Company for any period of specific
duration or interfere with or otherwise restrict in any way the rights of the Company,
which rights are hereby expressly reserved, to terminate Optionee's employment or
service at any time for any reason, with or without cause except as may otherwise be
provided pursuant to a separate written employment agreement. 

      15.      
WITHHOLDING OF TAXES. The Optionee
authorizes the Company to withhold, in accordance with applicable laws and regulations,
from any compensation or other payment payable to the Optionee, all federal, state
and other taxes attributable to taxable income realized by the Optionee as a result of
the grant or exercise of any Options. As a condition to the exercise of any Option,
Optionee shall remit to the Company the amount of cash necessary to pay any withholding
taxes associated therewith or make other arrangements acceptable to the Company, in
the Company's sole discretion, for the payment of any withholding taxes. 

      16.      
EFFECTIVE DATE OF GRANT. Each Option
granted pursuant to this Agreement shall be effective as of the date first written
above. 

4 

      17.      
COMPLIANCE WITH LAW AND REGULATIONS.
The obligations of the Company hereunder are subject to all applicable federal and
state laws and to the rules, regulations
and other requirements of the Securities and Exchange Commission, any stock exchange
upon which the Class A Common Stock is then listed and any other government or
regulatory agency. 

      18.      
SECTION REFERENCES. The references
to Plan sections shall be to the sections as in existence on the date hereof unless an
amendment to the Plan specifically provides otherwise. 

      19.      
QUESTIONS. All questions regarding
this Agreement shall be addressed to M. Truman Hunt. 

[Intentionally Left Blank] 

5 

        IN
WITNESS WHEREOF, these parties hereby execute this Agreement to be effective as
of the Effective Date. 

NU SKIN ENTERPRISES, INC., a Delaware
corporation 

By:    /s/Steven J. Lund         
             
           

Its:    Steven J. Lund, President and CEO

Optionee

Optionee's Address

6Exhibit 10.54 to NSE FORM 10-K 2007

Performance Vested Option 

NU SKIN ENTERPRISES,
INC.STOCK 
OPTION GRANT NOTICE2006 
STOCK INCENTIVE PLAN 

        Nu
Skin Enterprises, Inc. (“Company”), pursuant to its 2006 Stock Incentive Plan
(“Plan”) and the 2006 Stock Incentive Plan Master Stock Option Agreement
(“Master Agreement”) previously entered into by the parties, hereby grants to
the “Optionholder” identified below an option to purchase the number of shares
of the Company’s common stock (“Shares”) set forth below. This option is
subject to all of the terms and conditions set forth in this Stock Option Grant Notice
(the “Grant Notice”), the Master Agreement and the Plan, all of which are
incorporated herein in their entirety. Any capitalized terms not defined herein shall have
the meaning provided to such terms in the Plan. 

Optionholder:

Date of Grant:

 Vesting Commencement Date:

Number of Shares Subject to Option:

Exercise Price (Per Share): US$

Total Exercise Price: 

Expiration Date: 

Type of Grant [check one]:    
Incentive Stock Option(1)                 
Nonstatutory Stock Option

	Exercise Schedule: 	  	
                 Same as Vesting Schedule. 

     	Vesting Schedule: 	       
                     

          

 	  	
           (a) 50% of the Options shall vest at such time as the Company’s earnings per
          share for the previous 12 months (determined on a quarterly basis by the
          Compensation Committee on the date the Company’ files its Quarterly Report
          on Form 10-Q with the Securities and Exchange Commission or within a reasonable
          time thereafter) equals or exceeds $1.50 per share. 

          

     	 	(b)
                    The remaining 50% of the Options shall vest at such time as the Company’s
          earnings per share for the previous 12 months (determined on a quarterly basis
          by the Compensation Committee on the date the Company’ files its Quarterly
          Report on Form 10-Q with the Securities and Exchange Commission or within a
          reasonable time thereafter) equals or exceeds $2.00 per share. 

          

     	  	(c)

           For purposes of the foregoing, “earnings per share” shall mean
          fully-diluted earnings per share calculated in accordance with generally
          accepted accounting principles; provided, however, that the following shall be
          excluded from the calculation of “earnings per share: (A) asset
          write-downs, (B) litigation or claim judgments or settlements related to claims
          arising prior to the Date of Grant or claims based, in whole or in part, on
          events or actions occurring prior to the Date of Grant, (C) accruals for
          recapitalization, reorganization and restructuring programs, (D) the
          discontinuation, disposal or acquisition of a business or division, and (E) any
          other extraordinary items. The Compensation Committee shall review and approve
          the calculation of “earnings per share,” and shall determine,
          exercising its judgment, the items to be excluded pursuant to the exceptions set
          forth above, which determination shall be binding on the Company and the
          Optionholder. The respective vesting dates under (a) and (b) above shall be the
          date that the Compensation Committee approves the calculation of earnings per
          share that meet or exceed the performance measures set forth in (a) or (b)
          above, as the case may be. 

          

	  	
In
the event any Options have not vested on or prior to the second business day following the
filing of the Company’s annual report for the year ended December 31, 2012, all
unvested options shall immediately terminate. 

	Payment:  	  	
        By
cash or check 

        
Same
day sale program (if permitted by the Board)

        
 Tender of Common Stock (if permitted by the
Board)
 

Additional
Terms/Acknowledgements: The undersigned Optionholder acknowledges receipt of, and
understands and agrees that his or her Option is subject to this Grant Notice, the Master
Agreement and the Plan. Optionholder further acknowledges that as of the Date of Grant,
this Grant Notice, the Master Agreement and the Plan set forth the entire understanding
between Optionholder and the Company regarding the acquisition of Shares covered by this
Grant Notice and supersedes all prior oral and written agreements on that subject with the
exception of the agreements, if any, listed below. To the extent that this Grant Notice
varies the terms of the Master Agreement, this Grant Notice will prevail only with respect
to Options granted pursuant to this Grant Notice. 

         Other
Agreements: 

NU SKIN ENTERPRISES, INC. 

By:

      Signature 

Title:

Date:     

Master Stock Option Agreement
2006 Plan (US Performance Version 2007) 

NU SKIN ENTERPRISES,
INC.2006 
STOCK INCENTIVE PLAN 
MASTER STOCK OPTION
AGREEMENT 

This Master Stock Option Agreement
(the “Master Agreement”) is made and entered into effective as of
__________________ (the “Effective Date”) by and between Nu Skin Enterprises,
Inc., a Delaware corporation (the “Company” ), and ___________________ subject
to the terms and conditions of the Nu Skin Enterprises, Inc. 2006 Stock Incentive Plan
(the “Plan”). In the event of a conflict between the terms and conditions of the
Plan and the terms and conditions of this Master Agreement, the terms and conditions of
the Plan shall prevail. Unless otherwise defined herein, the terms defined in the Plan
shall have the same defined meanings in this Master Agreement. 

        1.    
 Master Agreement. By
executing this Master Agreement, you agree that this           Master Agreement shall
govern all Options granted to you under the Plan on or           after the Effective Date
pursuant to a Stock Option Grant Notice (“Grant           Notice”) that
incorporates by reference the terms of this Master Agreement.           Each Option grant
that is intended to be governed by this Master Agreement shall           incorporate all
of the terms and conditions of this Master Agreement and shall           contain such
other terms and conditions as the Committee shall establish for the           grant of
options covered by such Grant Notice. In the event of a conflict           between the
language of this Master Agreement and any Grant Notice, the language           of the
Grant Notice shall prevail with respect to Options granted pursuant to           that
Grant Notice. In order to be effective, the Grant Notice must be executed           by a
duly authorized executive officer of the Company. You will not be required           to
sign each Grant Notice, but you shall be deemed to have accepted the Grant
          Notice (and all of the terms and conditions set forth therein) unless you
          provide written notice to the Plan Administrator of your rejection of the Grant
          Notice and all of the Options granted pursuant to such Grant Notice within 20
          days after receipt of the Grant Notice.  

        2.    
 Grant of Option. The
Company grants to you, as of the Date of Grant           specified in the Grant Notice,
an Option to purchase up to the number of shares           of the Company’s Common
Stock (“Shares”) specified in the Grant           Notice.  

        3.    
 Vesting.  

	(a)  	  	Each
Option will vest and become exercisable as set forth in the applicable           Grant
Notice, provided that vesting will cease upon the termination of your
          Continuous Service, as described in Section 15(h) of this Master Agreement.  

	(b)  	  	Notwithstanding
any provision in the Master Agreement to the contrary, if,           during the two-year
period following a Change of Control, your Continuous           Service is terminated
other than for Cause, or if you terminate your Continuous           Service for “Good
Reason,” the vesting of each Option governed by this           Master Agreement
shall be accelerated such that it shall be deemed to be vested           in full
immediately prior to the termination of your Continuous Service.  

        For
purposes of this Master Agreement:

“Cause” shall have the
meaning set forth in the Plan. 

“Change of Control” shall
have the meaning set forth in the Plan. 

“Good Reason” means the
occurrence of any of the following, without your express written consent, after the
occurrence of a Change of Control: 

             (i)
          the assignment to you of any duties inconsistent in any material adverse respect
          with your position, authority or responsibilities as in effect immediately prior
          to a Change of Control, or any other material adverse change in such position,
          including authority or responsibilities; 

             (ii)
          any failure by the Company (or any successor company) to continue to provide you
          with base pay, incentive compensation opportunities, and other material benefits
          (including, but not limited to, savings plans, defined benefit plans, welfare
          benefit plans and perquisites) at a level which is, in the aggregate, at least
          equal to that in effect immediately prior to a Change of Control, but shall not
          include any reduction in incentive compensation opportunities or other material
          benefits granted by the Company that are part of an across-the-board reduction
          of the incentive compensation or other material benefits of employees who are
          similarly situated with respect to you; 

             (iii)
          the Company’s (or any successor company’s) requiring you to be based
          at any office or location more than 49 miles from that location at which you
          performed your services immediately prior to the Change of Control, except for
          travel reasonably required in the performance of your responsibilities; or 

             (iv)
          any failure by the Company or an Affiliate to obtain the commitment of any
          successor in interest or failure on the part of such successor in interest to
          perform the obligations to you under this Agreement or any employee-related
          obligations assumed by the successor in interest in connection with its
          acquisition of the Company or an Affiliate. 

The occurrence of the events or
conditions in clauses (i)-(iv) shall not constitute Good Reason unless you provide written
notice of the action(s) or omission(s) deemed to constitute Good Reason and the Company
(or any successor company) or, if applicable, an Affiliate fails to remedy such action(s)
or omission(s) within 30 days after the receipt of such written notice. In no event shall
the mere occurrence of a Change of Control, absent any further impact on you, be deemed to
constitute Good Reason. 

	4.  	  	Exercise
Price. Your Option may be exercised, to the extent vested, prior           to the
Expiration Date (unless earlier terminated) at the Exercise Price (Per           Share)
specified in the applicable Grant Notice. The Exercise Price indicated in           your
Grant Notice may be adjusted from time to time for various adjustments in           the
Company’s equity capital structure, as provided in the Plan.  

	5.  	  	Method
of Payment.  

	  	(a)  	  	Payment
of the Exercise Price with respect to the exercised Option is due in           full upon
exercise of all or any part of your Option. You may elect to make           payment of
the Exercise Price in cash, by check or pursuant to a program           developed under
Regulation T as promulgated by the Federal Reserve Board that,           prior to the
issuance of Common Stock, results in either the receipt of cash (or           check) by
the Company or the receipt of irrevocable instructions to pay the           aggregate
Exercise Price to the Company from the sales proceeds. Notwithstanding           the
terms of the previous sentence, you may not be permitted to exercise your
          Option pursuant to a program developed under Regulation T as promulgated by the
          Federal Reserve Board if such exercise would violate the provisions of Section
          402 of the Sarbanes-Oxley Act of 2002.  

	  	(b)  	  	The
Company may permit you to make payment of the Exercise Price, in whole or in
          part, in Shares having a Fair Market Value equal to the amount of the aggregate
          Exercise Price or such portion thereof, as applicable; provided, however, that
          you must satisfy all such requirements as may be imposed by the Board including
          without limitation that you have held such shares for not less than six months
          (or such other period as established from time to time by the Board in order to
          avoid a supplemental charge to earnings for financial accounting purposes).  

	  	(c)  	  	Where
you are permitted to pay the Exercise Price of an Option by delivering           Shares,
you may, subject to procedures satisfactory to the Board, satisfy such           delivery
requirement by presenting proof that you are the Beneficial Owner of           such
Shares, in which case the Company shall treat the as exercised without           further
payment and shall withhold such number of shares from the Option Shares
          acquired by the exercise of the Option.  

	  	(d)  	  	The
Company may permit you to make payment of the Exercise Price in any other           form
of legal consideration that may be acceptable to the Board, in its sole
          discretion.  

	6.  	  	Whole
Shares. You may exercise your Option only for whole Shares.  

	7.  	  	Compliance.  

	  	(a)  	  	Securities
Law Compliance. Notwithstanding anything to the contrary                contained
herein, you may not exercise your Option unless the Shares issuable                upon
such exercise are then registered under the Securities Act or, if such
               Shares are not then so registered, the Company has determined that such
exercise                and issuance would be exempt from the registration requirements
of the                Securities Act. The exercise of your Option must also comply with
other                applicable laws and regulations governing your Option, and you may
not exercise                your Option if the Company determines that such exercise
would not be in                material compliance with such laws and regulations.  

	  	(b)  	  	Plan
Compliance. Notwithstanding anything to the contrary contained                herein,
you may not exercise your Option if the terms of the Plan do not permit
               the exercise of Options, or if the Company exercises its rights under the
Plan                to suspend, delay or restrict the exercise of Options.  

	8.  	  	Term. Subject
to the provisions of the Plan and this Master Agreement,                you may exercise
all or any part of the vested portion of an Option at any time                prior to
the earliest to occur of:  

	  	(a)  	  	 the
date on which your Continuous Service is terminated for Cause;  

	  	(b)  	  	 three
(3) months after the termination of your Continuous Service for any reason
               other than for Cause or as a result of your death or Disability;  

	  	(c)  	  	twelve
(12) months after the termination of your Continuous Service due to your
               Disability;  

	  	(d)  	  	 twelve
(12) months after the termination of your Continuous Service due to your
               death; or  

	  	(e)  	  	 the
Expiration Date indicated in the Grant Notice.  

Notwithstanding the foregoing, if the
exercise of an Option is prevented by the Company within the applicable time periods set
forth in Sections 8(b), (c), or (d) for any reason, your Option shall not expire before
the date that is thirty (30) days after the date that you are notified by the Company that
the Option is again exercisable, but in any event no later than the Expiration Date
indicated in your Grant Notice; provided, however, that if the Grant Notice designates
your Option as an Incentive Stock Option, and if any such extension causes the term of
your Option to exceed the maximum term allowable for Incentive Stock Options, your Option
shall cease to be treated as an Incentive Stock Option and instead shall be treated
thereafter as a Nonstatutory Stock Option. 

	9. 	  	Exercise
Procedures.  

	  	(a) 	  	Subject
to Section 5 and 8 above and other relevant terms and conditions of the           Plan
and this Master Agreement, you may exercise the vested portion of an Option
          during its term by delivering a Notice of Exercise (in a form designated by the
          Company) specifying the number of Shares for which the Option is being
          exercised, together with the Exercise Price, to the Board or a Committee
          appointed by the Board, or to such other person as the Company may designate,
          during regular business hours, together with such additional documents as the
          Company may then reasonably require.  

	  	(b) 	  	By
exercising an Option you agree that, as a condition to any exercise of an
          Option, the Company may require you to enter into an arrangement providing for
          the payment by you to the Company of any tax withholding obligation of the
          Company (including any Affiliate) arising by reason of (1) the exercise of your
          Option, or (2) other applicable events (as described in Section 14 of this
          Master Agreement).  

	  	(c) 	  	 Your
participation in the Plan, including vesting in any Options, will cease           upon
termination of Continuous Service for any reason (unless otherwise provided           in
the Plan or this Master Agreement); for the purposes of this Master           Agreement,
in the event of involuntary termination of Continuous Service, the           termination
shall be effective as of the date stated in the relevant notice of           termination
and, unless otherwise required by law, will not be extended by any           notice
period or other period of leave under local law. Subject to applicable           law, the
Company shall determine the date of termination in its sole discretion.  

	10.  	  	Documents
Governing Issued Common Stock. Shares that you acquire upon           exercise of an
Option are subject to the terms of the Plan, the Company’s           bylaws, the
Company’s certificate of incorporation, any applicable Master           Agreement
relating to such Shares, or any other similar document. You should           ensure that
you understand your rights and obligations as a stockholder of the           Company
prior to the time that you exercise an Option.  

	11.  	  	Limitations
on Transfer of Options. Options are not transferable, except           by will or by
the laws of descent and distribution, and is exercisable during           your life only
by you. Any purported assignment, alienation, pledge, sale,           transfer or
encumbrance, other than as expressly permitted herein, shall be void           and
unenforceable against the Company and any Affiliate. Notwithstanding the
          foregoing, by delivering written notice to the Company, in a form satisfactory
          to the Company, you may designate a third party who, in the event of your
death,           shall thereafter be entitled to exercise your Options. In the absence of
such           designation, your Option shall remain exercisable by your executor or
          administrator, or the person or persons to whom your rights under this Master
          Agreement shall pass by will or by the laws of descent and distribution, as the
          case may be. Any heir or legatee shall take rights herein granted subject to
the           terms and conditions hereof and in accordance with such requirements as may
be           established by the Company from time to time.  

	12.  	  	Rights
Upon Exercise. You will not have any rights to dividends or other           rights of
a stockholder with respect to the Shares subject to an Option until           you have
given written notice of the exercise of the Option, paid the Exercise           Price and
any applicable taxes for such shares in full, satisfied any other           conditions
imposed by the Board pursuant to the Plan, if applicable, and become           a holder
of record of the purchased Shares.  

	13.  	  	Forfeiture
of Options and Related Gains.  

	  	(a)  	  	If
at any time during your Continuous Service or following the termination of           your
Continuous Service until the later of (i) the twelve (12) month
          anniversary of the termination of your Continuous Service for any reason, and
          (ii) the six (6) month anniversary of the date you exercise any outstanding
          Options, a Forfeiture Event occurs, then the Company may, in its sole
          discretion: (A) direct that you return for cancellation (without the payment of
          any consideration) any Shares which you hold that were issued to you under the
          Plan, and/or (B) direct that you pay back, in cash or in shares, or any
          combination thereof, an amount equal to the gain realized or payment received
          upon the exercise of any of your Options and/or the sale of any underlying
          Shares obtained under the Plan (whether or not pursuant to the exercise of
          Options) during the 12 month period immediately preceding the Forfeiture Event
          or upon or after the occurrence of any such Forfeiture Event. The Company shall
          determine the manner of the recovery of any such amounts which may be due and
          which may include, without limitation, set-off against any amounts which may be
          owed by the Company or any of its Affiliates to you. For purposes of
determining           whether a “Forfeiture Event” has occurred, the
term           “Cause” shall mean the following: (i) conduct related to your
          employment for which criminal penalties may be sought, (ii) the commission of
an           act of fraud or intentional misrepresentation, (iii) embezzlement or
          misappropriation or conversion of assets or opportunities of the Company, (iv)
          any material breach of the non-competition or non-solicitation provisions of
the           Key Employee Covenants previously provided to you, (v) any material breach
of           the confidentiality provisions of the Key Employee Covenants, or any other
          non-disclosure Master Agreement with the Company or other duty of
          confidentiality, or (vi) any other material breach of the Key Employee
          Covenants. The Committee, in its sole discretion, may waive at any time in
          writing this forfeiture provision and release you from liability hereunder.  

	  	(b)  	  	If
the Company is required to prepare an accounting restatement due to the
          material noncompliance of the Company with any financial reporting requirement
          under the securities laws, the Compensation Committee may terminate any options
          granted hereunder or require you to reimburse the Company the amount of any
          payment or benefit received upon exercise of any option granted hereunder to
the           extent the Option would not have been earned or accrued after giving effect
to           the accounting restatement.  

	14.  	  	Responsibility
for Taxes and Notice Requirement.  

	  	(a)  	  	Regardless
of any action the Company or, if different, your employer (the           “Employer”)
takes with respect to any or all income tax (including           federal, state and other
taxes), social insurance, payroll tax or other           tax-related withholding (“Tax-Related
Items”), you acknowledge that           the ultimate liability for all Tax-Related
Items legally due by you is and           remains your responsibility and that the
Company and/or the Employer (i) make no           representations or undertakings
regarding the treatment of any Tax-Related Items           in connection with any aspect
of the Options, including the grant of the           Options, the vesting of the Options,
the exercise of the Options, the subsequent           sale of any Shares acquired upon
exercise and the receipt of any dividends; and           (ii) do not commit to structure
the terms of the grant or any aspect of the           Options to reduce or eliminate your
liability for Tax-Related Items.  

	  	(b)  	  	You
may not exercise an Option unless and until the tax withholding obligations           of
the Company and/or any Affiliate are satisfied or appropriate arrangements
          (acceptable to the Company) are made therefor, and you authorize the Company
and           its Affiliates to take such action as may be necessary to satisfy any such
tax           withholding obligations.  

	  	(c)  	  	If
permissible under local law and regulations, you authorize the Company and/or
          the Employer, at their discretion, to satisfy the obligations with respect to
          Tax-Related Items by one or a combination of the following: (i) selling or
          arranging for the sale of Shares otherwise deliverable to you upon exercise of
          the Options; (ii) withholding from your wages or other cash compensation
payable           to you by the Company or the Employer (whether in cash, securities or
other           property); (iii) withholding from proceeds of the sale of Shares
purchased upon           exercise of the Options (including by means of a “same day
sale”          program developed under Regulation T as promulgated by the Federal
Reserve Board           to the extent permitted by the Company and applicable law,
including, but not           limited to, Section 402 of the Sarbanes-Oxley Act of 2002);
or (iv) withholding           in Shares, provided that the Company only withholds the
amount of Shares           necessary to satisfy the minimum withholding amount. Finally,
you will pay to           the Company or the Employer any amount of Tax-Related Items
that the Company or           the Employer may be required to withhold as a result of
your participation in           the Plan that cannot be satisfied by the means previously
described.  

	  	(d)  	  	The
Company may permit you to make provision for the payment of any tax           withholding
obligation by delivering shares, or authorizing the Company to           withhold shares,
of Common Stock having a Fair Market Value equal to the amount           of such taxes or
a portion thereof, as applicable. Where you are permitted to           pay the taxes
relating to the exercise of an Option by delivering shares of           Common Stock, you
may, subject to procedures satisfactory to the Board, satisfy           such delivery
requirement by presenting proof that you are the Beneficial Owner           of such
shares of Common Stock, in which case the Company shall treat the taxes           as paid
without further payment and shall withhold such number of shares from           the
shares acquired by the exercise of the Option.  

	  	(e)  	  	The
Company may refuse to deliver any of the Shares if you fail to comply with           your
obligations in connection with the Tax-Related Items described in this           Section.  

	  	(f)  	  	You
agree to promptly notify the Company of any disposition of shares issued
          pursuant to the exercise of an Incentive Stock Option that results in a
          “disqualifying disposition” for purposes of Section 421 of the Code.  

     	15. 	
          Nature of Grant. In accepting the Options and signing this Master
          Agreement, you acknowledge that: 

          

     	(a) 	
          the Plan is established voluntarily by the Company, it is discretionary in
          nature and may be modified, amended, suspended or terminated by the Company at
          any time, unless otherwise provided in the Plan; 

          

	  	(b)  	  	the
grant of the Option is voluntary and occasional and does not create any
          contractual or other right to receive future awards of options, or benefits in
          lieu of options even if options have been awarded repeatedly in the past;  

	  	(c)  	  	nothing
in this Master Agreement or in the Plan shall confer upon you any right           to
continue in the employment or service of the Employer or the Company for any
          period of specific duration or interfere with or otherwise restrict in any way
          the rights of the Employer or the Company, which rights are hereby expressly
          reserved, to terminate your employment or service at any time for any reason,
          with or without Cause except as may otherwise be provided pursuant to a
separate           written employment agreement. In addition, nothing in this Master
Agreement or           the Plan shall obligate the Company or your Employer or any of its
Affiliates,           their respective stockholders, Boards of Directors, officers or
employees to           continue any relationship that you might have as a Director or
Consultant or           otherwise for your Employer or the Company or any of its
Affiliates;  

	  	(d)  	  	all
decisions with respect to future grants of Options, if any, will be at the           sole
discretion of the Company;  

     	(e) 	
          your participation in the Plan is voluntary; 

          

	  	(f)  	  	the
Option is not part of normal or expected compensation or salary for any
          purpose, including, but not limited to, calculation of any severance,
          resignation, termination, redundancy, end of service payments, bonuses,
          long-service awards, pension, welfare or retirement benefits or similar
          payments;  

	  	(g)  	  	in
consideration of the grant of the Option, no claim or entitlement to
          compensation or damages arises from termination of the Option or diminution in
          value of the Option or Shares received upon vesting of the Option resulting
from           termination of your Continuous Service or other service-providing
relationship           with the Company or any Affiliate (for any reason whatsoever and
whether or not           in breach of local labor laws) and you irrevocably release the
Company and the           Employer from any such claim that may arise; if,
notwithstanding the foregoing,           any such claim is found by a court of competent
jurisdiction to have arisen,           then, by signing this Master Agreement, you shall
be deemed irrevocably to have           waived your entitlement to pursue such claim;  

	  	(h)  	  	in
the event of the termination of your Continuous Service (whether or not in
          breach of local labor laws), your right to receive and vest in the Option under
          the Plan, if any, will terminate effective as of the date that you are no
longer           actively employed or providing service and will not be extended by any
notice           period mandated under local law (e.g., active employment or
service would           not include a period of “garden leave” or similar
period pursuant to           local law); the Committee shall have the exclusive
discretion to determine when           you are no longer providing Continuous Service for
purposes of the Plan; and  

	  	(i) 	  	the
Company is not providing any tax, legal or financial advice, nor is the           Company
making any recommendations regarding your participation in the Plan, or           your
acquisition or sale of the underlying Shares; and  

	  	(j) 	  	you
are hereby advised to consult with your personal tax, legal and financial
          advisors regarding your participation in the Plan before taking any action
          related to the Plan.  

	16.  	  	Severability.
If any one or more terms, provisions, covenants or           restrictions contained
herein shall be determined by a court of competent           jurisdiction to be invalid,
void or unenforceable, then the remainder of the           terms, provisions, covenants
and restrictions shall remain in full force and           effect and shall in no way be
affected, impaired or invalidated.  

	17.  	  	Notices.
Any notices provided for in this Master Agreement (including the           Notice of
Exercise required under Section 9 of this Master Agreement) or the           Plan shall
be given in writing and shall be deemed effectively given upon           receipt, or in
the case of notices delivered by mail, five (5) days after           deposit in the
United States mail (or with another delivery service), certified           or registered
mail, return receipt requested or postage prepaid. Notices from           the Company
will be provided to you at the last address you provided to the           Company and
will be deemed effectively given to you at that address.  

	18.  	  	Signature
in Counterparts. This Master Agreement may be signed in           counterparts, each
of which shall be an original, with the same effect as if the           signatures
thereto and hereto were upon the same instrument.  

	19.  	  	Electronic
Delivery. The Company may, in its sole discretion, decide to           deliver any
documents related to participation in the Plan, Options granted           under the Plan
or future options that may be granted under the Plan by           electronic means or to
request your consent to participate in the Plan by           electronic means. You hereby
consent to receive such documents by electronic           delivery and, if requested, to
agree to participate in the Plan through an           on-line or electronic system
established and maintained by the Company or a           third party designated by the
Company.  

	20.  	  	Option
Subject to Plan Document. By entering into this Master Agreement,           you agree
and acknowledge that you have received and read a copy of the Plan and           this
Master Agreement. The Option is subject to the terms and provisions of the
          Plan, this Master Agreement and the applicable Grant Notice.  

	21.  	  	Choice
of Law. The interpretation, performance and enforcement of this           Master
Agreement shall be governed by the laws of the State of Utah, without           regard to
principles of conflicts of laws.  

        IN
WITNESS WHEREOF, the parties have executed this Master Agreement to be
effective as of the date first indicated above. 

Nu Skin Enterprises,
Inc. 

By:
        ______________________________ 

Title:      ______________________________

Date:  

Employee 

Name: 

Date: 

Address:

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