Document:

8-K Exhibit Stock Repurchase Agreement

NU SKIN ENTERPRISES,
INC. 

STOCK REPURCHASE
AGREEMENT 

        This
Stock Repurchase Agreement (this “Agreement”) is made as of October 22,
2003, by and among Nu Skin Enterprises, Inc., a Delaware corporation (the
“Company”), and the stockholders of the Company listed on Schedule
I attached hereto (each a “Selling Stockholder” and together the
“Selling Stockholders”). 

        In
consideration of the mutual covenants and agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows: 

             1.    
          Repurchase and Sale of Common Stock. 

            
1.1    Sale and Issuance of
Common Stock. 

                     
(a)    
          Subject to the terms and conditions of this Agreement, (i) the Company agrees to
          repurchase that number of shares of the Company’s Class A Common Stock, par
          value $0.001 (the “Class A Common Stock”), and Class B Common
          Stock, par value $0.001 (the “Class B Common Stock”), listed
          opposite the name of each of the Selling Stockholders on Schedule I, and
          (ii) each of the Selling Stockholders, severally and not jointly, agrees to sell
          that number of shares of Class A Common Stock and Class B Common Stock listed
          opposite such Selling Stockholder’s name on Schedule I. The shares
          of Class A Common Stock and Class B Common Stock sold to the Company pursuant to
          this Agreement are hereinafter referred to as the “Stock.” The
          repurchase price of the Stock to be paid by the Company under this Agreement
          shall be $12.95 per share or $140,005,014.10 in the aggregate (the
          “Purchase Price”), which shall be payable (i) by delivery of
          promissory notes (a form of which is attached hereto as Exhibit A) as set
          forth on Schedule I and (ii) cash for the balance of the Purchase Price
          by wire transfer or delivery of other immediately available funds pursuant to
          the Escrow Agreement (as defined below) and in the amounts set forth on
          Schedule I. 

            
1.2    Closing; Delivery. 

                     (a)    
          The repurchase and sale of the Stock (the “Closing”) shall take
          place at the offices of Wilson Sonsini Goodrich & Rosati, Professional
          Corporation, 2795 East Cottonwood Parkway, Suite 300, Salt Lake City, Utah
          84121, or such other location mutually agreeable to the parties hereto, no later
          than one (1) business day after the satisfaction or (subject to applicable
          law) waiver of the conditions set forth in Section 4 and Section
          5 (excluding conditions that, by their terms, cannot be satisfied until the
          Closing). 

                     (b)    
          Upon execution of this Agreement, each Selling Stockholder shall deliver to
          American Stock Transfer & Trust Company, as custodian (the
          “Custodian”), a certificate or certificates for the number of
          shares of the Stock to be sold by such Selling Stockholder pursuant to this
          Agreement. 

                     (c)    
          Prior to Closing, the Company shall deliver to Bank One, N.A. (the
          “Escrow Agent”) pursuant to an escrow agreement among the
          Escrow Agent, the Company, the Selling Stockholders and the purchasers listed on
          Schedule II of that certain Stock Purchase Agreement of even date
          herewith (the “Escrow Agreement”) (a form of which is attached
          hereto as Exhibit B) cash by wire transfer or delivery of other
          immediately available funds in the amounts set forth opposite the names of the
          Selling Stockholders on Schedule I. 

                     (d)    
          At the Closing, the Company shall deliver to the Selling Stockholders promissory
          notes in the principal amounts set forth opposite the names of the Selling
          Stockholders on Schedule I. 

             2.    
          Representations and Warranties of the Selling Stockholders. Each
          Selling Stockholder severally and not jointly represents and warrants to the
          Company as of the date hereof and as of the Closing as follows: 

            
2.1    Authorization
of Agreements. Such Selling Stockholder has the full right, power and authority to
enter into this Agreement, the Lock-Up Agreement to be entered into by and among the
Company and each of the Selling Stockholders (collectively, the “Lock-Up
Agreements”) (a form of which is attached hereto as Exhibit C), the Escrow
Agreement, the Power of Attorney and the Custody Agreement referred to in
Section 2.3 below and to sell, transfer and deliver the Stock to be sold by
such Selling Stockholder hereunder, and this Agreement, the Lock-Up Agreements, the Escrow
Agreement, the Power of Attorney and the Custody Agreement, when executed and delivered by
such Selling Stockholder, will each constitute a valid and legally binding obligation of
the Selling Stockholder, enforceable against the Selling Stockholder in accordance with
its terms except as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, and other laws of general application affecting
enforcement of creditors’ rights generally, and as limited by laws relating to the
availability of specific performance, injunctive relief, or other equitable remedies. The
execution and delivery of this Agreement, the Lock-Up Agreements, the Escrow Agreement,
the Power of Attorney and Custody Agreement and the sale and delivery of the Stock to be
sold by such Selling Stockholder and the consummation of the transactions contemplated
herein and therein and compliance by such Selling Stockholder with its obligations
hereunder and thereunder have been duly authorized by such Selling Stockholder and do not
and will not, whether with or without the giving of notice or passage of time or both,
conflict with or constitute a breach of, or default under, or result in the creation or
imposition of any tax, lien, charge or encumbrance upon the Stock to be sold by such
Selling Stockholder or any property or assets of such Selling Stockholder pursuant to any
contract, indenture, mortgage, deed of trust, loan or credit agreement, note, license,
lease or other agreement or instrument to which such Selling Stockholder is a party or by
which such Selling Stocking may be bound, or to which any of the property or assets of
such Selling Stockholder is subject, nor will such action result in any violation of the
provisions of the charter or bylaws or other organizational instrument of such Selling
Stockholder, if applicable, or any applicable treaty, law, statute, rule, regulation,
judgment, order, writ or decree of any government, government instrumentality or court,
domestic or foreign, having jurisdiction over such Selling Stockholder or any of its
properties. 

            
2.2    Valid
Title. Such Selling Stockholder has and will at the Closing have valid title to,
or a valid “security entitlement” within the meaning of Section 8-501 of
the New York Uniform Commercial Code in respect of, the Stock to be sold by such Selling
Stockholder hereunder, free and clear of any security interest, mortgage, pledge, lien,
charge, claim, equity or encumbrance of any kind, other than pursuant to this Agreement;
and upon delivery of such Stock and payment of the repurchase price therefor as herein
contemplated, assuming the Company has no notice of any adverse claim, the Company will
receive valid title to the Stock repurchased by it from such Selling Stockholder, free and
clear of any security interest, mortgage, pledge, lien, charge, claim, equity or
encumbrance of any kind. 

            
2.3     Due Execution
of Escrow Agreement, Power-of-Attorney and Custody Agreement. Such Selling
Stockholder has duly executed and delivered, in the form heretofore furnished to the
Company, the Escrow Agreement, the Power of Attorney (the
“Power-of-Attorney”) (the form of which is attached hereto as Exhibit
D) with Blake M. Roney and Brooke B. Roney as attorneys-in-fact (each an
“Attorney-in–Fact”) and the Custody Agreement (the “Custody
Agreement”) (the form of which is attached hereto as Exhibit E) with
American Stock Transfer & Trust Company as the Custodian; the Custodian is authorized
to deliver the Stock to be sold by such Selling Stockholder hereunder; and each
Attorney-in-Fact is authorized to execute and deliver this Agreement on behalf of such
Selling Stockholder, to sell, assign and transfer to the Company the Stock to be sold by
such Selling Stockholder hereunder, to authorize the delivery of the Stock to be sold by
such Selling Stockholder hereunder and otherwise to act on behalf of such Selling
Stockholder in connection with this Agreement. 

            
2.4     Absence of
Manipulation. Such Selling Stockholder has not taken, and will not take prior to
the Closing, directly or indirectly, any action which is designed to or which has
constituted or which might reasonably be expected to cause or result in stabilization or
manipulation of the price of any security of the Company to facilitate the sale or resale
of the Stock. 

            
2.5     Absence of
Further Requirements. No filing with, or consent, approval, authorization, order,
registration, qualification or decree of, any court or governmental authority or agency,
domestic or foreign, is necessary or required for the performance by each Selling
Stockholder of its obligations under this Agreement or under the Custody Agreement, or in
connection with the sale and delivery of the Stock or the consummation of the transactions
contemplated by this Agreement except such as may have previously been made or obtained or
as may be required under the Securities Act of 1933, as amended (the “Securities
Act”), or state securities laws. 

            
2.6     Certificates
Suitable for Transfer. Certificates for all of the Stock to be sold by such
Selling Stockholder pursuant to this Agreement in suitable form for transfer by delivery
or accompanied by duly executed instruments of transfer or assignment in blank with
signatures guaranteed have been placed in custody with the Custodian with irrevocable
conditional instructions to deliver such Stock to the Company pursuant to this Agreement. 

            
2.7     Tax
Advisors.  Such Selling Stockholder has reviewed with its own tax advisors
the U.S. federal, state, local and foreign tax consequences of the transactions
contemplated by this Agreement. With respect to such matters, such Selling Stockholder
relies solely on such advisors and not on any statements or representations of the Company
or any of its agents, written or oral. Such Selling Stockholder understands and agrees
that it (and not the Company) shall be responsible for its own tax liability that may
arise as a result of the transactions contemplated by this Agreement. 

            
2.8     Access to
Data.  Such Selling Stockholder has been given the opportunity to ask
questions of, and has received answers from, the Company with respect to the terms and
conditions of this Agreement, the Power of Attorney, the Custody Agreement and the Lock-Up
Agreements and publicly available information relating to the business or financial
condition of the Company. Such Selling Stockholder has also had access to and has reviewed
the Company’s publicly available filings with the Securities and Exchange Commission
including, but not limited to, the Risk Factors set forth in the Company’s
Registration Statement on Form S-3 (File Number 333-109836) filed on October 20, 2003, as
well as the financial and business information contained in the Company’s most recent
filings on Form 10-Q and Form 10-K under the Securities Exchange Act of 1934, as amended.
In addition, the Company has provided, on a confidential basis, to such Selling
Stockholder the information set forth on Schedule II, and such Selling Stockholder
has had an opportunity to review such information and ask questions of, and has received
answers from, the Company with respect to such information. Such Selling Stockholder has
not been furnished with nor relied upon any representations or other information (whether
oral or written) relating to the business or financial condition of the Company from the
Company or its representatives or agents other than as described above or set forth in the
Company’s publicly available documents. 

             3.    
          Representations and Warranties of the Company. The Company represents
          and warrants to each Selling Stockholder as of the date hereof and as of the
          Closing as follows: 

            
3.1     Authorization
of Agreements. The Company has the full right, power and authority to enter into
and deliver this Agreement, the Lock-Up Agreements and the Escrow Agreement, and this
Agreement, the Lock-Up Agreements and the Escrow Agreement, when executed and delivered by
the Company, and assuming each of this Agreement, the Lock-Up Agreements and the Escrow
Agreement is a valid and legally binding obligation of each of the Selling Stockholders,
each of this Agreement, the Lock-Up Agreements and the Escrow Agreement constitutes a
valid and legally binding obligation of the Company, enforceable against the Company in
accordance with its terms except as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, and other laws of general application
affecting enforcement of creditors’ rights generally, and as limited by laws relating
to the availability of specific performance, injunctive relief, or other equitable
remedies. The Company has the full legal right and power and all authority and approval
required to execute and deliver, or authorize execution and delivery of, this Agreement,
the Lock-Up Agreements, the Escrow Agreement and all other instruments executed and
delivered by or on behalf of the Company in connection with the repurchase of the Stock to
be repurchased by the Company from the Selling Stockholders hereunder. 

            
3.2     Compliance
with Other Instruments. The execution, delivery and performance of this Agreement,
the Lock-Up Agreements and the Escrow Agreement by the Company and the consummation of the
transactions contemplated hereby and thereby will not result in any violation or be in
conflict with or constitute, with or without the passage of time and giving of notice,
either a default under any provision of the governing documents of the Company or any
instrument, judgment, order, writ, decree or contract to which the Company or any of its
subsidiaries is a party or by which it is bound, or any provision of any federal or state
statute, rule or regulation applicable to the Company or any of its subsidiaries. 

            
3.3     Due Execution of Escrow
Agreement.  The Company has duly executed and delivered the Escrow Agreement. 

             4.    
          Conditions of the Company’s Obligations at Closing. The
          obligations of the Company to the Selling Stockholders under this Agreement are
          subject to the fulfillment, on or before the Closing, of each of the following
          conditions, unless otherwise waived by the Company: 

            
4.1   
Qualifications. All authorizations, approvals or permits, if any, of any
governmental authority or regulatory body of the United States or of any state that are
required in connection with the lawful sale of the Stock pursuant to this Agreement shall
be obtained and effective as of the Closing. 

            
4.2     Opinion of
Financial Advisor. A reputable investment banking or other financial advisory firm
shall have delivered a written opinion to the Special Committee of the Board of Directors
of the Company, in a form acceptable to the Special Committee, with respect to fairness,
from a financial point of view, to the Company of the consideration to be paid by the
Company to the Selling Stockholders for the Stock pursuant to this Agreement. 

            
4.3     Completion of
Financing. The Company shall have completed a debt or equity financing on terms
acceptable to the Company in an amount sufficient to finance the Company’s repurchase
of the Stock from the Selling Stockholders pursuant to this Agreement. 

            
4.4     Lock-Up
Agreements. Each of the Selling Stockholders (and the affiliated estate planning
entities and trusts) shall have executed a Lock-Up Agreement and delivered it to the
Company at the Closing. 

            
4.5     Conversion of
Class B Common Stock. All shares of Class B Common Stock held by the
Selling Stockholders and affiliated estate planning entities and trusts that are not
repurchased by the Company pursuant to this Agreement shall have been converted into
shares of Class A Common Stock. 

             5.    
          Conditions of the Selling Stockholders’ Obligations at Closing.
          The obligations of the Selling Stockholders to the Company under this Agreement
          are subject to the fulfillment, on or before the Closing, of the following
          condition, unless otherwise waived by each Selling Stockholder: 

            
5.1     Lock-Up
Agreements. The Company shall have executed the Lock-Up Agreements and delivered
them to the Selling Stockholders at the Closing. 

             6.    
         Miscellaneous. 

            
6.1    
Survival. The representations and warranties of the Selling Stockholders and
the Company contained herein shall terminate on the first anniversary of the Closing. 

            
6.2     Transfer; No
Third-Party Beneficiaries. This Agreement shall not be assigned without the prior
written consent of the Company or, if intended to be assigned by the Company, a
majority-in-interest of the Selling Stockholders; provided, that the Company may
transfer its rights hereunder to an affiliate, so long as such affiliate agrees in writing
to be bound by all obligations under this Agreement and confirms in writing the
representations and warranties set forth in Section 3 as if made by such affiliate.
Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement. For purposes of
this Agreement, the term “majority-in-interest” shall mean the Selling
Stockholders who hold a majority of the Stock to be sold pursuant to this Agreement. 

            
6.3     Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights
and obligations of the parties hereto shall be governed by and construed in accordance
with the laws of the State of New York, without giving effect to principles of conflicts
of laws. 

            
6.4    
Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original and all of which together shall constitute one
instrument. 6.5 Titles and Subtitles. The titles and subtitles
used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. 

            
6.6    
Notices. Any notice required or permitted by this Agreement shall be in writing
and shall be deemed sufficient upon delivery, when delivered personally or by overnight
courier or sent by telegram or fax, or four (4) business days after being deposited in the
U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party
to be notified at such party’s address as set forth on the signature page hereto, or
as subsequently modified by written notice, and if to any of the Selling Stockholders with
a copy to P. Christian Anderson, Snell & Wilmer L.L.P., Gateway Tower West, 15 W.
South Temple, Suite 1200, Salt Lake City, Utah 84101, Facsimile: (801) 257-1800, and if to
the Company with a copy to Mark Bonham, Wilson Sonsini Goodrich & Rosati, Professional
Corporation, 2795 E. Cottonwood Parkway, Suite 300, Salt Lake City, Utah 84121, Facsimile:
(801) 993-6499. 

            
6.7     Finder’s
Fee. Each party represents that it neither is nor will be obligated for any
finder’s fee or commission in connection with this transaction. The Company agrees to
indemnify and to hold harmless each Selling Stockholder from any liability for any
commission or compensation in the nature of a finder’s fee (and the costs and
expenses of defending against such liability or asserted liability) for which the
Company or any of its officers, employees, or representatives is responsible. Each Selling
Stockholder severally and not jointly agrees to indemnify and hold harmless the Company
from any liability for any commission or compensation in the nature of a
finder’s fee (and the costs and expenses of defending against such liability or
asserted liability) for which such Selling Stockholder or any of its officers, employees
or representatives is responsible. 

            
6.8     Fees and
Expenses. Each of the Selling Stockholders and the Company shall pay their
respective fees and all other associated expenses incurred by such party in connection
with the negotiation, execution, delivery and performance of the Agreement. 

            
6.9     Conversion of
Class B Common Stock. In the event that the Company agrees to waive the condition
to Closing set forth in Section 4.5 above with respect to any Selling Stockholder,
each such Selling Stockholder shall, as soon as practicable (but no later than two (2)
business days after the date of the Closing), take all actions necessary to effect the
conversion into Class A Common Stock of all such Selling Stockholder’s (or the
affiliated estate planning entities’ or trusts’) shares of Class B Common Stock
that are not repurchased by the Company pursuant to this Agreement. 

            
6.10    
Attorney’s Fees. If any action at law or in equity (including arbitration)
is necessary to enforce or interpret the terms of any of the Agreement, the prevailing
party shall be entitled to reasonable attorney’s fees, costs and necessary
disbursements in addition to any other relief to which such party may be entitled. 

            
6.11     Amendments
and Waivers. Any term of this Agreement may be amended or waived only with the
written consent of the Company, on the one hand, and a majority-in-interest of the Selling
Stockholders on the other hand. Any amendment or waiver effected in accordance with this
Section 6.10 shall be binding upon the Company and each transferee of the
Stock, each future holder of all such Stock, and each of the Selling Stockholders. 

            
6.12    
Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, the parties agree to renegotiate such provision in
good faith. In the event that the parties cannot reach a mutually agreeable and
enforceable replacement for such provision, then (a) such provision shall be excluded
from this Agreement, (b) the balance of the Agreement shall be interpreted as if such
provision were so excluded and (c) the balance of the Agreement shall be enforceable
in accordance with its terms. 

            
6.13     Delays or
Omissions. No delay or omission to exercise any right, power or remedy accruing to
any party under this Agreement, upon any breach or default of any other party under this
Agreement, shall impair any such right, power or remedy of such non-breaching or
non-defaulting party nor shall it be construed to be a waiver of any such breach or
default, or an acquiescence therein, or of or in any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a waiver of any
other breach or default theretofore or thereafter occurring. Any waiver, permit, consent
or approval of any kind or character on the part of any party of any breach or default
under this Agreement, or any waiver on the part of any party of any provisions or
conditions of this Agreement, must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under this Agreement or by
law or otherwise afforded to any party, shall be cumulative and not alternative. 

            
6.14     Entire
Agreement. This Agreement, and the documents referred to herein, constitute the
entire agreement between the parties hereto pertaining to the subject matter hereof, and
any and all other written or oral agreements relating to the subject matter hereof
existing between the parties hereto are expressly canceled. 

            
6.15    
Termination. This Agreement may be terminated and the transactions contemplated
hereby may be abandoned at any time prior to the Closing: 

          	 	(i)	
               at any time by mutual written consent of the Company, on the one hand, and a
               majority-in-interest of the Selling Stockholders on the other hand; or 

               

          	 	(ii)	
               by any party (as to such party only) hereto if the Closing does not occur on or
               prior to the fifth (5th) business day after the date of this Agreement. 

               

        Upon
any such termination, this Agreement shall become void and of no further effect, except
for Section 6.3, Section 6.7, Section 6.8, Section 6.9,
Section 6.10 and this Section 6.15 which shall survive such
termination. 

[Signature Pages
Follow] 

        IN
WITNESS WHEREOF, the parties have executed this Stock Repurchase Agreement as of the
date first written above. 

COMPANY: 

NU
SKIN ENTERPRISES, INC.

a
Delaware corporation

                                                              By:  /s/ Ritch N. Wood

                                                              Name:  Ritch N. Wood     

                                                              Title: Chief Financial Officer        

[Signature Page to
Stock Repurchase Agreement] 

SELLING
STOCKHOLDERS:

	  	
Blake
M. Roney, as Attorney-In-Fact acting on behalf of each of the Selling Stockholders listed
on Schedule I to this Stock Repurchase Agreement 

/s/ Blake
M. Roney

Blake
M. Roney, Attorney-In-Fact

SCHEDULE I 

SELLING STOCKHOLDERS 

         Selling
Amount Payable by Stockholder 
Amount Payable by Delivery of 

SCHEDULE I 

SELLING STOCKHOLDERS 

	Name of Selling Stockholder
	Selling

Stockholder

Commitment (in

shares)
	Amount Payable by

Escrow Agent (in

U.S. Dollars)
	Amount Payable by

Delivery of

Promissory Notes (in

U.S. Dollars)

	 	 		 		 	
	Entities affiliated with Blake M. Roney:	 		 		 		 
	    BMR NS Holdings LLC	 	3,436,167	 	$     14,304,126.24	 	$     30,194,235.46	 
	 	 		 		 	
	Nedra D. Roney and affiliated entities:	 
	     Nedra D. Roney, individually	 	3,499,800	 	14,569,017.46	 	30,753,387.96	 
	     Nedra Roney Fixed CRT	 	135,929	 	565,847.39	 	1,194,433.63	 
	 	 		 		 	
	Entities affiliated with Steven J. Lund:	 
	     SJL NS Holdings	 	274,257	 	1,141,681.19	 	2,409,947.31	 
	     The S and K Lund Trust	 	12,090	 	50,329.33	 	106,238.98	 
	 	 		 		 	
	Entities affiliated with Brooke B. Roney:	 
	     BBR NS Holdings	 	280,866	 	1,169,192.79	 	2,468,020.89	 
	     The B and D Roney Trust	 	2,874	 	11,962.49	 	25,251.33	 
	 	 		 		 	
	Entities affiliated with Sandra N. Tillotson:	 
	     Sandra N. Tillotson Family Trust	 	1,151,752	 	4,794,531.20	 	10,120,660.40	 
	     Sandra N. Tillotson Fixed Charitable Trust	 	120,902	 	503,293.33	 	1,062,389.77	 
	 	 		 		 	
				
	Entities affiliated with R. Craig Bryson:	 
	     RCB NS Holdings LLC	 	636,327	 	2,648,912.27	 	5,591,525.08	 
	 	 		 		 	
	Entities affiliated with Kirk V. and Melanie K. Roney:	 
	     Kirk V. Roney, individually	 	27,916	 	116,207.78	 	245,300.21	 
	     Melanie K. Roney Trust	 	402,485	 	1,675,471.44	 	3,536,712.31	 
	 	 		 		 	
	Corporation of the President of The Church of	 
	    Jesus Christ of Latter-day Saints	 	829,833	 	$       3,454,441.19	 	7,291,896.68	 
		
		
		
	
	 	 		 		 	
	                  Total:	 	10,811,198	 	$     45,005,014.10	 	$     95,000,000.00	 
		
		
		
	
		
		
		
	

Schedule I to Stock Repurchase
Agreement 

SCHEDULE II 

CONFIDENTIAL
INFORMATION PROVIDED TO SELLING STOCKHOLDERS 

Schedule  II to Stock Repurchase
Agreement 

EXHIBIT A 

FORM OF PROMISSORY NOTE 

Exhibit A to Stock Repurchase
Agreement 

EXHIBIT B 

FORM OF ESCROW
AGREEMENT 

Exhibit B to Stock Repurchase
Agreement 

EXHIBIT C 

FORM OF LOCK-UP
AGREEMENT 

Exhibit C to Stock Repurchase
Agreement 

EXHIBIT D 

FORM OF
POWER-OF-ATTORNEY 

Exhibit D to Stock Repurchase
Agreement 

EXHIBIT E 

FORM OF CUSTODY
AGREEMENT 

Exhibit E to Stock Repurchase
Agreement8-k Exhbiit Registration Rights Agreement

NU SKIN ENTERPRISES,
INC. 

REGISTRATION RIGHTS
AGREEMENT 

        This
Registration Rights Agreement (this “Agreement”) is made and entered into
as of October __, 2003, by and among Nu Skin Enterprises, Inc. (the
“Company”) and the Purchasers. 

        This
Agreement is made pursuant to the Purchase Agreement, dated as of the date hereof, by and
among the Selling Stockholders and the Purchasers (the “Purchase
Agreement”), relating to the sale of the Stock by the Selling Stockholders and
the purchase of the Stock by the Purchasers upon the terms and subject to the conditions
set forth therein (the “Transaction”). 

        The
Company and the Purchasers hereby agree as follows: 

             1.    
          Definitions. Capitalized terms used and not otherwise
          defined herein that are defined in the Purchase Agreement shall have the
          meanings given such terms in the Purchase Agreement. As used in this Agreement,
          the following terms shall have the following meanings: 

                “Agreement”
shall have the meaning set forth in the Preamble. 

                “Advice”
shall have the meaning set forth in Section 7(c). 

                “Affected
Holders” shall have the meaning set forth in Section 7(d). 

                “Closing
Date” means the date on which the Stock is sold by the Selling Stockholders to
the Purchasers pursuant to the Purchase Agreement. 

                “Commission”
means the Securities and Exchange Commission. 

                “Company”
shall have the meaning set forth in the Preamble. 

                “Effectiveness
Date” means, with respect to the Registration Statement required to be filed, the
180th day following the Closing Date. 

                “Effectiveness
Period” shall have the meaning set forth in Section 2(b). 

                “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 

                “Filing
Date” means, with respect to the Registration Statement required to be filed
hereunder, the 30th day following the Closing Date. 

                “Holder”
or “Holders” means the holder or holders, as the case may be, from time
to time of Registrable Securities. 

                “Indemnified
Party” shall have the meaning set forth in Section 6(c). 

                “Indemnifying
Party” shall have the meaning set forth in Section 6(c). 

                “Losses”
shall have the meaning set forth in Section 6(a). 

                “Notice” shall
have the meaning set forth in Section 3(a). 

                “Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation,
an investigation or partial proceeding, such as a deposition), whether commenced or
threatened. 

                “Prospectus”
means the prospectus included in a registration statement, as amended or supplemented by
any prospectus supplement, with respect to the terms of the offering of any portion of the
Registrable Securities covered by the registration statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

                “Purchase
Agreement” shall have the meaning set forth in the Preamble. 

                “Registrable
Securities” means the Stock that is sold by the Selling Stockholders to the
Purchasers on the Closing Date pursuant to the Purchase Agreement. 

                “Registration
Statement” means the registration statement required to be filed pursuant to
Section 2 hereunder, including the Prospectus, amendments and supplements to such
registration statement or Prospectus, including pre- and post-effective amendments, all
exhibits thereto, and all material incorporated by reference or deemed to be incorporated
by reference in such registration statement. 

                “Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act,
as such Rule may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission having substantially the same effect as such Rule. 

                “Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act,
as such Rule may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission having substantially the same effect as such Rule. 

                “Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act,
as such Rule may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission having substantially the same effect as such Rule. 

                “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations
thereunder. 

                “Suspension
Period” shall have the meaning set forth in Section 2. 

                “Transaction”
shall have the meaning set forth in the Preamble. 

        2.    Shelf Registration. 

                 (a)       
          On or prior to the applicable Filing Date, the Company shall prepare and file
          with the Commission the Registration Statement covering the resale of all
          Registrable Securities for an offering to be made on a continuous basis pursuant
          to Rule 415. The Registration Statement shall be on Form S-3 (except if the
          Company is not then eligible to register for resale the Registrable Securities
          on Form S-3, in which case such registration shall be on another
          appropriate form in accordance herewith) and shall contain (except if otherwise
          directed by the Holders) the “Plan of Distribution” attached hereto as
          Annex A. The Company shall use its commercially reasonable best efforts
          to cause the Registration Statement to be declared effective under the
          Securities Act as soon as possible but, in any event, no later than the
          applicable Effectiveness Date, provided, however, that the Company may,
          upon written notice to all Holders, postpone having the Registration Statement
          declared effective for a period not to exceed 90 days if the Company possesses
          material non-public information, the disclosure of which would have a material
          adverse effect on the Company and its subsidiaries, taken as a whole. 

                 (b)       
          The Company shall use its commercially reasonable best efforts to keep the
          Registration Statement continuously effective under the Securities Act until the
          earliest of: (i) the date which is two years after the date that such
          Registration Statement is declared effective by the Commission, (ii) the date
          when all of the Registrable Securities registered under the Registration
          Statement are disposed of in accordance with the Registration Statement or (iii)
          the date when all Registrable Securities covered by such Registration Statement
          have been sold or may be sold without volume restrictions pursuant to Rule 144
          (the “Effectiveness Period”). Notwithstanding the foregoing,
          the Company may suspend the effectiveness of the Registration Statement and the
          use of the related Prospectus by written notice to the Holders for a period not
          to exceed an aggregate of 30 days in any 60-day period (each such period, a
          “Suspension Period”) if the Board of Directors of the Company
          shall have determined in good faith that because of valid business reasons,
          including the acquisition or divestiture of assets, pending corporate
          developments or similar events, it is in the best interests of the Company to
          suspend such effectiveness of use, provided, that Suspension Periods
          shall not exceed an aggregate of 90 days in any 360-day period. The Company
          shall not be required to specify in the written notice to the Holders the nature
          of the event giving rise to the Suspension Period. 

             3.    
          Registration Procedures. In connection with the Company’s
          registration obligations hereunder, the Company shall: 

                 (a)    
          (i) Use its commercially reasonable best efforts to prepare and file with the
          Commission such amendments, including post-effective amendments, to the
          Registration Statement and the Prospectus used in connection therewith as may be
          necessary to keep such Registration Statement continuously effective as to the
          applicable Registrable Securities for the Effectiveness Period and prepare and
          file with the Commission such Registration Statement in order to register for
          resale under the Securities Act all of the Registrable Securities, as the case
          may be; (ii) respond as promptly as reasonably possible to any comments received
          from the Commission with respect to the Registration Statement or any amendment
          thereto; and (iii) comply in all material respects with the provisions of the
          Securities Act and the Exchange Act with respect to the disposition of all
          Registrable Securities covered by the Registration Statement during the
          applicable period in accordance with the intended methods of disposition by the
          Holders thereof set forth in the Registration Statement as so amended or in such
          Prospectus as so supplemented. The Company shall not be required to include a
          Holder’s shares in the Registration Statement, and a Holder shall not be
          entitled to use the related Prospectus, if the Registration Statement has been
          declared effective by the Commission and such Holder has not delivered to the
          Company a completed and signed Notice of Registration Statement and Selling
          Securityholder Questionnaire (the “Notice”), substantially in
          the form set forth in Annex B hereto, within fifteen (15) calendar days of the
          Closing Date. 

                 (b)    
          Notify the Holders of Registrable Securities to be sold as promptly as
          reasonably possible and (if requested by any such person) confirm such notice in
          writing (i) with respect to the Registration Statement or any post-effective
          amendment, when the same has become effective; (ii) of any request by the
          Commission or any other Federal or state governmental authority for amendments
          or supplements to the Registration Statement or Prospectus or for additional
          information relating thereto; provided, however, that under no
          circumstances shall the Company be required to disclose material non-public
          information in connection with the notice pursuant to this Section 3(b); (iii)
          of the issuance by the Commission of any stop order suspending the effectiveness
          of the Registration Statement covering any or all of the Registrable Securities
          or the initiation of any Proceedings for that purpose; (iv) of the receipt by
          the Company of any notification with respect to the suspension of the
          qualification or exemption from qualification of any of the Registrable
          Securities for sale in any jurisdiction, or the initiation or threatening of any
          Proceeding for such purpose; and (v) of the suspension of the Registration
          Statement pursuant to Section 2. 

                 (c)    
          Use its commercially reasonable best efforts to avoid the issuance of, or, if
          issued, obtain the withdrawal of (i) any order suspending the effectiveness of
          the Registration Statement, or (ii) any suspension of the qualification (or
          exemption from qualification) of any of the Registrable Securities for sale in
          any jurisdiction, at the earliest practicable moment. 

                 (d)    
          Promptly deliver to each Holder, without charge, as many copies of the
          Prospectus or Prospectuses and each amendment or supplement thereto as such
          Holder may reasonably request in writing. Subject to any notice by the Company
          in accordance with Section 3(b), the Company hereby consents to the use of such
          Prospectus and each amendment or supplement thereto by each of the selling
          Holders in connection with the offering and sale of the Registrable Securities
          covered by such Prospectus and any amendment or supplement thereto. 

                 (e)    
          Cooperate with the Holders to facilitate the timely preparation and delivery of
          certificates representing the Registrable Securities to be delivered to a
          transferee pursuant to the Registration Statement, which certificates shall be
          free, to the extent permitted by the Purchase Agreement, of all restrictive
          legends, and to enable such Registrable Securities to be in such denominations
          and registered in such names as any such Holders may request. 

                 (f)    
          The Company may require each selling Holder to furnish to the Company a
          certified statement as to the number of shares of Common Stock beneficially
          owned by such Holder and, if requested by the Commission, the controlling person
          thereof. 

             4.    
          Registration Expenses. All fees and expenses incident to the
          performance of or compliance with this Agreement by the Company shall be borne
          by the Company whether or not any Registrable Securities are sold pursuant to
          the Registration Statement. 

             5.    
          Non-Public Information. The Company shall not provide any
          Holder with any information that constitutes material, non-public information
          without such Holder’s prior written consent. 

             6.    
          Indemnification. 

                 (a)    
          Indemnification by the Company. The Company shall indemnify and
          hold harmless each Holder, the officers, directors, agents and employees of such
          Holder, each person who controls any such Holder (within the meaning of Section
          15 of the Securities Act or Section 20 of the Exchange Act) and the officers,
          directors, agents and employees of each such controlling person, to the fullest
          extent permitted by applicable law, from and against any and all losses, claims,
          damages or liabilities (collectively, “Losses”), insofar as
          such Losses arise out of or are based upon (i) any untrue or alleged untrue
          statement of a material fact contained in the Registration Statement, any
          Prospectus or any form of prospectus or in any amendment or supplement thereto
          or in any preliminary prospectus, or (ii) any omission or alleged omission of a
          material fact required to be stated therein or necessary to make the statements
          therein (in the case of any Prospectus or form of prospectus or supplement
          thereto, in light of the circumstances under which they were made) not
          misleading, and the Company hereby agrees to reimburse such Holder for any legal
          or other expenses reasonably incurred by them in connection with investigating
          or defending any such claim or action as such expenses are incurred;
          provided, however, that the Company shall not be liable to any such
          Holder in any such case to the extent that such Losses arise out of or are based
          upon (1) any untrue statements or alleged untrue statements or omissions or
          alleged omissions based upon information furnished in writing to the Company by
          such Holder expressly for use therein, or to the extent that such information
          relates to such Holder or such Holder’s proposed method of distribution of
          Registrable Securities as set forth in the Registration Statement, such
          Prospectus or such form of Prospectus or in any amendment or supplement thereto
          (it being understood that the Holder has approved Annex A hereto for this
          purpose) or (2) in the case of an occurrence of an event of the type specified
          in Section 3(b), the use by such Holder of an outdated or defective Prospectus
          after the Company has notified such Holder in writing that the Prospectus is
          outdated or defective and prior to the receipt by such Holder of the Advice
          contemplated in Section 7(c). The Company shall notify the Holders promptly of
          the institution, threat or assertion of any Proceeding of which the Company is
          aware in connection with the transactions contemplated by this Agreement. 

                 (b)    
          Indemnification by Holders. Each Holder shall, severally and not
          jointly, indemnify and hold harmless the Company, its directors, officers,
          agents and employees, each person who controls the Company (within the meaning
          of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
          directors, officers, agents or employees of each such controlling person, to the
          fullest extent permitted by applicable law, from and against all Losses, as
          incurred, arising out of or based upon: (x) such Holder’s failure to comply
          with the prospectus delivery requirements of the Securities Act or (y) any
          untrue statement or alleged untrue statement of a material fact contained in the
          Registration Statement, any Prospectus, or any form of prospectus, or in any
          amendment or supplement thereto, or arising out of or based upon any omission or
          alleged omission of a material fact required to be stated therein or necessary
          to make the statements therein not misleading to the extent, but only to the
          extent, that (1) such untrue statements or alleged untrue statements or
          omissions or alleged omissions are based upon information furnished in writing
          to the Company by such Holder expressly for use therein, or to the extent that
          such information relates to such Holder or such Holder’s proposed method of
          distribution of Registrable Securities as set forth in the Registration
          Statement, such Prospectus or such form of Prospectus or in any amendment or
          supplement thereto (it being understood that the Holder has approved Annex A
          hereto for this purpose) or (2) in the case of an occurrence of an event of the
          type specified in Section 3(b), the use by such Holder of an outdated or
          defective Prospectus after the Company has notified such Holder in writing that
          the Prospectus is outdated or defective and prior to the receipt by such Holder
          of the Advice contemplated in Section 7(c). In no event shall the liability of
          any selling Holder hereunder be greater in amount than the dollar amount of the
          net proceeds received by such Holder upon the sale of the Registrable Securities
          giving rise to such indemnification obligation. 

                 (c)    
          Notice of Claims, Etc. If any Proceeding shall be brought or
          asserted against any person entitled to indemnity hereunder (an
          “Indemnified Party”), such Indemnified Party shall promptly
          notify the person from whom indemnity is sought (the “Indemnifying
          Party”) in writing, and the Indemnifying Party shall assume the defense
          thereof, including the employment of counsel reasonably satisfactory to the
          Indemnified Party and the payment of all fees and expenses incurred in
          connection with defense thereof; provided, that the failure of any
          Indemnified Party to give such notice shall not relieve the Indemnifying Party
          of its obligations or liabilities pursuant to this Agreement, except and only to
          the extent that such failure shall have adversely prejudiced the Indemnifying
          Party. 

        An
Indemnified Party shall have the right to employ separate counsel in any such Proceeding
and to participate in the defense thereof, but the fees and expenses of such counsel shall
be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses or (2) the Indemnifying Party shall
have failed promptly to assume the defense of such Proceeding and to employ counsel within
a commercially reasonable period of time after having received written notice of such
Proceeding. No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement or compromise of or consent to the entry of a
judgment with respect to any pending or threatened Proceeding in respect of which
indemnification or contribution may be sought hereunder, unless such settlement,
compromise or judgment (i) includes an unconditional release of such Indemnified Party
from all liability on claims that are the subject matter of such Proceeding and (ii) does
not include a statement as to, or an admission of, fault, culpability or a failure to act,
by or on behalf of any Indemnified Party. 

        All
fees and expenses of the Indemnified Party (including reasonable fees and expenses to the
extent incurred in connection with investigating or preparing to defend such Proceeding in
a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as
incurred, within ten Trading Days of written notice thereof to the Indemnifying Party
(regardless of whether it is ultimately determined that an Indemnified Party is not
entitled to indemnification hereunder; provided, that the Indemnifying Party may require
such Indemnified Party to undertake to reimburse all such fees and expenses to the extent
it is finally judicially determined that such Indemnified Party is not entitled to
indemnification hereunder). 

                 (d)    
          Contribution. If a claim for indemnification under Section
          6(a) or 6(b) is unavailable to or insufficient to hold harmless an Indemnified
          Party (by reason of public policy or otherwise), then each Indemnifying Party,
          in lieu of indemnifying such Indemnified Party, shall contribute to the amount
          paid or payable by such Indemnified Party as a result of such Losses, in such
          proportion as is appropriate to reflect the relative fault of the Indemnifying
          Party and Indemnified Party in connection with the actions, statements or
          omissions that resulted in such Losses as well as any other relevant equitable
          considerations. The relative fault of such Indemnifying Party and Indemnified
          Party shall be determined by reference to, among other things, whether any
          action in question, including any untrue or alleged untrue statement of a
          material fact or omission or alleged omission of a material fact, has been taken
          or made by, or relates to information supplied by, such Indemnifying Party or
          Indemnified Party, and the parties’ relative intent, knowledge, access to
          information and opportunity to correct or prevent such action, statement or
          omission. The amount paid or payable by a party as a result of any Losses shall
          be deemed to include, subject to the limitations set forth in Section 6(c), any
          reasonable attorneys’ or other reasonable fees or expenses incurred by such
          party in connection with any Proceeding to the extent such party would have been
          indemnified for such fees or expenses if the indemnification provided for in
          this Section was available to such party in accordance with its terms. No person
          guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
          the Securities Act) shall be entitled to contribution from any person who was
          not guilty of such fraudulent misrepresentation. 

        The
parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 6(d) were determined by pro rata allocation or by any other method of
allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. 

             7.    
          Miscellaneous. 

                 (a)    
          Remedies. In the event of a breach by the Company or by a Holder,
          of any of their obligations under this Agreement, each Holder or the Company, as
          the case may be, in addition to being entitled to exercise all rights granted by
          law and under this Agreement, including recovery of damages, will be entitled to
          specific performance of its rights under this Agreement. 

                 (b)    
          Compliance. Each Holder covenants and agrees that it will comply
          with the prospectus delivery requirements of the Securities Act as applicable to
          it in connection with sales of the Registrable Securities pursuant to the
          Registration Statement. 

                 (c)    
          Discontinued Disposition. Each Holder agrees by its acquisition of
          such Registrable Securities that, upon receipt of a notice from the Company of
          the occurrence of any event of the kind described in Sections 2(b) and 3(b),
          such Holder will forthwith discontinue disposition of such Registrable
          Securities under the Registration Statement until such Holder’s receipt of
          the copies of the supplemented Prospectus and/or amended Registration Statement
          or until it is advised in writing (the “Advice”) by the Company
          that the use of the applicable Prospectus may be resumed, and, in either case,
          has received copies of any additional or supplemental filings that are
          incorporated or deemed to be incorporated by reference in such Prospectus or
          Registration Statement. The Company may provide appropriate stop orders to
          enforce the provisions of this paragraph. 

                 (d)    
          Amendments and Waivers. The provisions of this Agreement,
          including the provisions of this sentence, may not be amended, modified or
          supplemented, and waivers or consents to departures from the provisions hereof
          may not be given, unless the same shall be in writing and signed by the Company
          and the Holders of at least a majority of the then outstanding Registrable
          Securities. Notwithstanding the foregoing, a waiver or consent to depart from
          the provisions hereof with respect to a matter that relates exclusively to the
          rights of certain Holders (the “Affected Holders”) and that
          does not directly or indirectly affect the rights of other Holders may be given
          by those Affected Holders holding at least a majority of the then outstanding
          Registrable Securities held by all the Affected Holders, provided, that the
          provisions of this sentence may not be amended, modified, or supplemented except
          in accordance with the provisions of the immediately preceding sentence. 

                 (e)    
          Notices. Any and all notices or other communications or deliveries
          required or permitted to be provided hereunder shall be in writing and shall be
          deemed given and effective on the earliest of (i) the date of transmission, if
          such notice or communication is delivered via facsimile at the facsimile
          telephone number specified in this Section prior to 6:30 p.m. (New York City
          time) on a Trading Day, (ii) the Trading Day after the date of transmission, if
          such notice or communication is delivered via facsimile at the facsimile
          telephone number specified in this Agreement later than 6:30 p.m. (New York City
          time) on any date and earlier than 11:59 p.m. (New York City time) on such date,
          (iii) the Trading Day following the date of mailing, if sent by nationally
          recognized overnight courier service, or (iv) upon actual receipt by the party
          to whom such notice is required to be given. The address for such notices and
          communications shall be as follows: 

        
 If to the Company: 

        Nu Skin Enterprises, Inc.

                                    75 West Center Street

                                    Provo, UT 84601

                                    Attn: General Counsel

                                    Fax No.:  (801) 345-3899

         With a copy to:    

        Simpson Thacher & Bartlett LLP  

                                    3330 Hillview Avenue

                                    Palo Alto, CA 94304

                                    Attn:  Kevin Kennedy, Esq.

                                    Facsimile No.:  (650) 251-5002

If
to a Purchaser:

 To the address set forth under such Purchaser’s name on the signature
pages hereto. 

If
to any other person who is then the registered Holder: 

To the
address of such Holder as it appears in the stock transfer books of the Company 

or such other address as may be
designated in writing hereafter, in the same manner, by such person. 

                 (f)    
          Successors and Assigns. This Agreement shall be binding upon each
          party hereto and its successors and assigns. Each Purchaser shall be entitled to
          transfer or assign its interest hereunder to up to three persons or entities
          which are non-affiliated with it and to any affiliate thereof. 

                 (g)    
          Execution and Counterparts. This Agreement may be executed in any
          number of counterparts, each of which when so executed shall be deemed to be an
          original and, all of which taken together shall constitute one and the same
          Agreement. In the event that any signature is delivered by facsimile
          transmission, such signature shall create a valid binding obligation of the
          party executing (or on whose behalf such signature is executed) the same with
          the same force and effect as if such facsimile signature were the original
          thereof. 

                 (h)    
          Governing Law. All questions concerning the construction,
          validity, enforcement and interpretation of this Agreement shall be governed by
          and construed and enforced in accordance with the internal laws of the State of
          New York, without regard to the principles of conflicts of law thereof. Each
          party hereto hereby irrevocably waives personal service of process and consents
          to process being served in any such suit, action or proceeding by mailing a copy
          thereof via registered or certified mail or overnight delivery (with evidence of
          delivery) to such party at the address in effect for notices to it under this
          Agreement and agrees that such service shall constitute good and sufficient
          service of process and notice thereof. Nothing contained herein shall be deemed
          to limit in any way any right to serve process in any manner permitted by law.
          Each party hereto hereby irrevocably waives, to the fullest extent permitted by
          applicable law, any and all right to trial by jury in any legal proceeding
          arising out of or relating to this Agreement or the transactions contemplated
          hereby. If either party shall commence an action or proceeding to enforce any
          provisions of this Agreement, then the prevailing party in such action or
          proceeding shall be reimbursed by the other party for its reasonable attorneys
          fees and other reasonable costs and expenses incurred with the investigation,
          preparation and prosecution of such action or proceeding. 

                 (i)    
          Severability. If any term, provision, covenant or restriction of
          this Agreement is held by a court of competent jurisdiction to be invalid,
          illegal, void or unenforceable, the remainder of the terms, provisions,
          covenants and restrictions set forth herein shall remain in full force and
          effect and shall in no way be affected, impaired or invalidated, and the parties
          hereto shall use their commercially reasonable efforts to find and employ an
          alternative means to achieve the same or substantially the same result as that
          contemplated by such term, provision, covenant or restriction. It is hereby
          stipulated and declared to be the intention of the parties that they would have
          executed the remaining terms, provisions, covenants and restrictions without
          including any of such that may be hereafter declared invalid, illegal, void or
          unenforceable. 

                 (j)    
          Headings. The headings in this Agreement are for convenience of
          reference only and shall not limit or otherwise affect the meaning hereof. 

                 (k)    
          Independent Nature of Purchasers’ Obligations and Rights. The
          obligations of each Purchaser hereunder is several and not joint with the
          obligations of any other Purchaser hereunder, and no Purchaser shall be
          responsible in any way for the performance of the obligations of any other
          Purchaser hereunder. Nothing contained herein or in any other agreement or
          document delivered at any closing, and no action taken by any Purchaser pursuant
          hereto or thereto, shall be deemed to constitute the Purchasers as a
          partnership, an association, a joint venture or any other kind of entity, or
          create a presumption that the Purchasers are in any way acting in concert with
          respect to such obligations or the transactions contemplated by this Agreement.
          Each Purchaser shall be entitled to protect and enforce its rights, including
          without limitation the rights arising out of this Agreement, and it shall not be
          necessary for any other Purchaser to be joined as an additional party in any
          proceeding for such purpose. 

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SIGNATURE PAGES TO FOLLOW] 

        IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above. 

NU SKIN ENTERPRISES,
INC. 

By: /s/ Ritch N. Wood 

Name: Ritch N. Wood 

Title: Chief Financial Officer 

Address:  75 West Center Street, Provo UT  84601

Phone:  801-345-5000

Facsimile:  801-345-5099

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK 

SIGNATURE PAGES OF PURCHASERS
TO FOLLOW] 

        IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above. 

PURCHASER: 

By:  

Name:  

Title:  

Address:  

Phone:  

Facsimile:

[REMAINDER OF PAGE
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Annex A 

Plan of Distribution 

        The
Selling Stockholders and any of their pledgees, assignees and successors-in-interest may,
from time to time, sell any or all of their shares of Common Stock on any stock exchange,
market or trading facility on which the shares are traded or in private transactions.
These sales may be at fixed or negotiated prices. The Selling Stockholders may use any one
or more of the following methods when selling shares: 

	  	  	o  	  	ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

	  	  	o 	  	
block trades in which the broker-dealer will attempt to sell the shares as agent but may
position and resell a portion of the block as principal to facilitate the transaction; 

	  	  	o  	  	purchases
by a broker-dealer as principal and resale by the broker-dealer for its account; 

	  	  	o  	  	an
exchange distribution in accordance with the rules of the applicable exchange; 

	  	  	o  	  	 privately
negotiated transactions;  

	  	  	o  	  	in
satisfaction of positions created by short sales; 

	  	  	o  	  	broker-dealers
 may agree with the Selling  Stockholders to sell a specified  number of such shares at a
stipulated  price per share;

	  	  	o  	  	a
combination of any such methods of sale; and 

	  	  	o  	  	any
other method permitted pursuant to applicable law. 

        The
Selling Stockholders may also sell shares under Rule 144 under the Securities Act, if
available, rather than under this prospectus. 

        Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers-dealers to participate
in sales. Broker-dealers may receive commissions or discounts from the Selling
Stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the
purchaser) in amounts to be negotiated. The Selling Stockholders do not expect these
commissions and discounts to exceed what is customary in the types of transactions
involved. 

        The
Selling Stockholder may from time to time pledge or grant a security interest in some or
all of the Shares or common stock owned by them and, if they default in the performance of
their secured obligations, the pledgees or secured parties may offer and sell the shares
of common stock from time to time under this prospectus, or under an amendment to this
prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of
1933, by amending the list of Selling Stockholders to include the pledgee, transferee or
other successors in interest as Selling Stockholders under this prospectus. 

        The
Selling Stockholders and any broker-dealers or agents that are involved in selling the
shares may be deemed to be “underwriters” within the meaning of the Securities
Act in connection with such sales. In such event, any commissions received by such
broker-dealers or agents and any profit on the resale of the shares purchased by them may
be deemed to be underwriting commissions or discounts under the Securities Act. The
Selling Stockholders have informed the Company that it does not have any agreement or
understanding, directly or indirectly, with any person to distribute the Common Stock. 

        The
Company is required to pay all fees and expenses incident to the registration of the
shares. The Company has agreed to indemnify the Selling Stockholders against certain
losses, claims, damages and liabilities, including certain liabilities under the
Securities Act. 

Annex B 

Nu Skin Enterprises,
Inc. 

Notice of Registration
Statement 

and 

Selling
Securityholder Questionnaire 

        The
undersigned beneficial holder of Class A Common Stock (the “Registrable
Securities”) of Nu Skin Enterprises, Inc. (the “Company”) understands that
the Company has filed or intends to file with the United States Securities and Exchange
Commission (the “Commission”) a registration statement on an appropriate form
(the “Shelf Registration Statement”) for the registration and resale under
Rule 415 of the United States Securities Act of 1933, as amended (the
“Securities Act”), of the Registrable Securities in accordance with the terms of
the Registration Rights Agreement, dated as of _________, 2003 (the “Registration
Rights Agreement”), between the Company and the Purchasers party thereto. A copy of
the Registration Rights Agreement is available from the Company upon request at the
address set forth below. 

        In
order to sell or otherwise dispose of any Registrable Securities pursuant to the Shelf
Registration Statement (or a supplement or amendment thereto), a beneficial owner of
Registrable Securities generally will be required to be named as a Selling Securityholder
in the related prospectus, deliver a prospectus to purchasers of Registrable Securities
and be bound by those provisions of the Registration Rights Agreement applicable to such
beneficial owner (including certain indemnification provisions, as described below). In
addition, this Notice of Registration Statement and Selling Securityholder Questionnaire
must be completed, executed and delivered to the Company at the address set forth herein
for receipt ON OR BEFORE ___________, 2003. Beneficial owners of Registrable
Securities who do not complete, execute and return this Notice and Questionnaire by such
date (i) will not be named as selling securityholders in the Shelf Registration Statement
and (ii) may not use the Prospectus forming a part thereof for resales of Registrable
Securities. Certain legal consequences arise from being named as a selling securityholder
in the Shelf Registration Statement and related prospectus. Accordingly, holders and
beneficial owners of Registrable Securities are advised to consult their own securities
law counsel regarding the consequences of being named or not being named as a selling
securityholder in the Shelf Registration Statement and related prospectus. 

NOTICE 

        The
undersigned beneficial owner (the “Selling Securityholder”) of Registrable
Securities hereby gives notice to the Company of its intention to sell or otherwise
dispose of Registrable Securities beneficially owned by it and listed below in Item 3
(unless otherwise specified under Item 3) pursuant to the Shelf Registration Statement.
The undersigned, by signing and returning this Notice and Questionnaire, agrees to be
bound with respect to such Registrable Securities by the terms and conditions of this
Notice and Questionnaire and the Registration Rights Agreement. The Selling Securityholder
hereby provides the following information to the Company and represents and warrants that
such information is accurate and complete: 

QUESTIONNAIRE 

     1.    
          (a) Full legal name of Selling Securityholder: 

     

         (b)       
          Full legal name of registered holder (if not the same as in (a) above) of
          Registrable Securities listed in Item 3 below: 

     

         (c)       
          Full legal name of DTC participant (if applicable and if not the same as (b)
          above) through which Registrable Securities listed in Item 3 below are held: 

     

     2.    
          Address for notices to Selling Securityholder: 

_________________ 

_________________ 

_________________ 

Telephone:  

_________________ 

Fax:

_________________ 

Contact Person:  

_________________ 

     3.    
          Beneficial ownership of Registrable Securities: 

        Principal
amount of Registrable Securities beneficially owned:

     

        CUSIP
No(s). of such Registrable Securities:

     

     4.    
          Beneficial Ownership of other securities of the Company: 

	  	
Except
as set forth below in this Item 4, the undersigned Selling Securityholder is not the
beneficial or registered owner  of any shares of common stock or any other
securities of the Company, other than the Registrable Securities listed above in 
Item 3. 

        State
any exceptions here: 

     

     

     

     5.    
          Relationships with the Company: 

	  	
Except
as set forth below, neither the Selling Securityholder nor any of its affiliates,
officers, directors or principal  equity holders (5% or more) has held any position
or office or has had any other material relationship with the Company (or  its
predecessors or affiliates) during the past three years. 

State
any exceptions here: 

     

     

     6.    
          Plan of Distribution: 

	  	
Except
as set forth below, the undersigned Selling Securityholder(including its donees or
pledges) intends to distribute  the Registrable Securities listed above in Item 3
pursuant to the Shelf Registration Statement only as follows (if at all):  Such
Registrable Securities may be sold from time to time directly by the undersigned Selling
Securityholder or,  alternatively, through underwriters, broker-dealers or agents.
Such Registrable Securities may be sold in one or more  transactions at fixed
prices, at prevailing market prices at the time of sale, at varying prices determined at
the time of  sale, or at negotiated prices. Such sales may be effected in
transactions (which may involve crosses or block transactions)  (i) on any national
securities exchange or quotation service on which the Registrable Securities may be listed
or quoted at  the time of sale, (ii) in the over-the-counter market, (iii) in
transactions otherwise than on such exchanges or services or  in the
over-the-counter market, or (iv) through the writing of options. In connection with sales
of the Registrable  Securities or otherwise, the Selling Securityholder may enter
into hedging transactions with broker-dealers, which may in  turn engage in short
sales of the Registrable Securities in the course of hedging the positions they assume.
The Selling  Securityholder may also sell Registrable Securities short and deliver
Registrable Securities to close out such short  positions, or loan or pledge
Registrable Securities to broker-dealers that in turn may sell such securities. 

State
any exceptions here: 

     

     

	  	
By
signing below, the Selling Securityholder acknowledges that it understands its obligation
to comply, and agrees that it will comply, with the prospectus delivery and other
provisions of the Securities Act and the Exchange Act and the rules and regulations
thereunder, particularly Regulation M. 

	  	
The
Selling Securityholder hereby acknowledges its obligations under the Registration Rights
Agreement to indemnify and hold harmless certain persons under certain circumstances as
set forth therein. 

	  	
Pursuant
to the Registration Rights Agreement, the Company has agreed under certain circumstances
to indemnify the Selling Securityholders against certain liabilities. 

	  	
In
the event that the Selling Securityholder transfers all or any portion of the Registrable
Securities listed in Item 3 above after the date on which such information is
provided to the Company, the Selling Securityholder agrees to notify the transferee(s) at
the time of the transfer of its rights and obligations under this Notice and Questionnaire
and the Registration Rights Agreement. 

	  	
By
signing below, the Selling Securityholder consents to the disclosure of the information
contained herein in its answers to Items 1 through 6 above and the inclusion of such
information in the Shelf Registration Statement and related Prospectus. The Selling
Securityholder understands that such information will be relied upon by the Company in
connection with the preparation of the Shelf Registration Statement and related
prospectus. 

	  	
In
accordance with the Selling Securityholder’s obligation under the Registration Rights
Agreement to provide such information as may be required by law for inclusion in the Shelf
Registration Statement, the Selling Securityholder agrees to promptly notify the Company
of any inaccuracies or changes in the information provided herein which may occur
subsequent to the date hereof at any time while the Shelf Registration Statement remains
in effect. All notices hereunder and pursuant to the Registration Rights Agreement shall
be made in writing, by hand-delivery, first-class mail, or air courier guaranteeing
overnight delivery as follows: 

     (i)       
          To the Company: 

Nu Skin Enterprises, Inc.

                                            75 West Center Street

                                            Provo, Utah   84601

                                            Attention:  Matthew Dorny 

(ii)         With a copy to:

Simpson Thacher & Bartlett LLP
 3330 Hillview Avenue
 Palo Alto, CA 94304

Attention: Kevin Kennedy  

	  	
Once
this Notice and Questionnaire is executed by the Selling Securityholder and received by
the Company, the terms of this Notice and Questionnaire, and the representations and
warranties contained herein, shall be binding on, shall inure to the benefit of and shall
be enforceable by the respective successors, heirs, personal representatives, and assigns
of the Company and the Selling Securityholder (with respect to the Registrable Securities
beneficially owned by such Selling Securityholder and listed in Item 3 above). This
Agreement shall be governed in all respects by the laws of the State of New York. 

[THE REMAINDER OF THIS
PAGE LEFT INTENTIONALLY BLANK.] 

        IN
WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and
Questionnaire to be executed and delivered either in person or by its duly authorized
agent. 

Dated:  

     

     

Selling
Securityholder

(Print/type
full legal name of beneficial owner of Registrable Securities) 

By:

     

Name:

Title:

Exhibit 1 

NOTICE OF TRANSFER
PURSUANT TO REGISTRATION STATEMENT 

Nu Skin Enterprises, Inc.
75
West Center Street
Provo, Utah 84601
Attention: Matthew Dorny 

American Stock Transfer
& Trust Company
6201 15th Avenue 

Brooklyn, New York 11219

Attention: Craig Leibell 

Re:    
Nu Skin Enterprises, Inc. (the “Company”)
          Class A Common Stock (the
“Shares”)

Dear Sirs: 

        Please
be advised that _____________________ has transferred $___________ aggregate principal
amount of the above-referenced pursuant to an effective Registration Statement on Form
[S-3] (File No. 333-____) filed by the Company. 

        We
hereby certify that the prospectus delivery requirements, if any, of the Securities Act of
1933, as amended, have been satisfied with respect to the transfer described above and
that the above-named beneficial owner of the Shares is named as a selling securityholder
in the Prospectus dated _____, 200_, or in amendments or supplements thereto, and that the
aggregate principal amount of the Shares transferred are [all] [a portion of] the Shares
listed in such Prospectus as amended or supplemented opposite such owner’s name. 

Dated: 

Very truly yours,

                
                 
                 
                 
                 
                 
                 

(Name)

By:                
                 
                 
                 
                 
                 
                 

(Authorized Signature)

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