Document:

<PAGE>

                                                                Exhibit 10.11

                           GREENPOINT FINANCIAL CORP.

                             NON-EMPLOYEE DIRECTORS
                             2001 STOCK OPTION PLAN

SECTION 1. PURPOSE; DEFINITIONS.

The purpose of the Plan is to provide compensation to Non-Employee Directors in
the form of Stock Options.

For purposes of the Plan, the following terms are defined as set forth below:

"BOARD" means the Board of Directors of the Company.

"CHANGE OF CONTROL" means any of the following:

         a. the acquisition by any individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 20% or more of either (i) the then outstanding shares of common
stock of the Company (the "Outstanding Company Common Stock") or (ii) the
combined voting power of the then outstanding voting securities of the Company
entitled to vote generally in the election of directors (the "Outstanding
Company Voting Securities"); provided, however, that for purposes of this
subsection (a), the following acquisitions shall not constitute a Change of
Control: (A) any acquisition directly from the Company, (B) any acquisition by
the Company, (C) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the
Company or (D) any acquisition by any corporation pursuant to a transaction
which complies with clauses (i), (ii) and (iii) of paragraph c; or

         b. individuals who, as of the effective date of the Plan, constitute
the Board (the "Incumbent Board") cease for any reason not to constitute at
least a majority of the Board; provided, however, that any individual becoming a
director subsequent to the effective date of the Plan whose election, or
nomination for election by the Company's shareholders, was approved by a vote of
at least a majority of the directors then comprising the Incumbent Board shall
be considered as though such individual were a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with
respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the
Board; or

         c. consummation of a reorganization, merger or consolidation or sale or
other disposition of all or substantially all of the assets of the Company (a
"Business Combination"), in each case, unless, following such Business
Combination, (i) all or substantially all of the individuals and entities who
were the beneficial owners, respectively, of the Outstanding Company Common
Stock and Outstanding Company Voting Securities immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of,
respectively, the then outstanding shares of common stock and the combined
voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a
corporation which as a result of such transaction owns the Company or all or
substantially all of the Company's assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination of the Outstanding Company Common
Stock and Outstanding Company Voting Securities, as the case may be, (ii) no
Person (excluding any employee benefit plan (or related trust) of the Company or
such corporation resulting from

<PAGE>

such Business Combination) beneficially owns, directly or indirectly, 20% or
more of, respectively, the then outstanding shares of common stock of the
corporation resulting from such Business Combination or the combined voting
power of the then outstanding voting securities of such corporation except to
the extent that such ownership existed prior to the Business Combination and
(iii) at least a majority of the members of the board of directors of the
corporation resulting from such Business Combination were members of the
Incumbent Board at the time of the execution of the initial agreement, or of the
action of the Board, providing for such Business Combination; or

         d. approval by the shareholders of the Company of a complete
liquidation or dissolution of the Company.

"CODE" means the Internal Revenue Code of 1986, as amended from time to time,
and any successor thereto.

"COMPANY" means GreenPoint Financial Corp., a Delaware corporation.

"ERISA" means the Employee Retirement Income Security Act of 1974, as amended
from time to time, and any successor thereto.

"EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended from time
to time, and any successor thereto.

"FAIR MARKET VALUE" means as of any given date, the closing price of the Stock
on the New York Stock Exchange or on any national exchange on which the Stock is
listed. If there is no regular public trading market for such Stock, the Fair
Market Value of the Stock shall be determined by the Committee (as defined in
Section 2(a)) in good faith.

"NON-EMPLOYEE DIRECTOR" means a person who as of any applicable date is a member
of the Board and is not an officer or employee of the Company or any subsidiary
of the Company.

"NON-QUALIFIED STOCK OPTION" means a Stock Option that does not meet the
requirements of Section 422 of the Code.

"PARTICIPANT" means a Non-Employee Director who is granted a Stock Option
hereunder.

"PLAN" means the GreenPoint Financial Corp. Non-Employee Directors 2001Stock
Option Plan, as set forth herein and as hereinafter amended from time to time.

"STOCK" means the common stock, par value $.01 per share, of the Company.

"STOCK OPTION" means an option to purchase shares of Stock.

"TERMINATION OF DIRECTORSHIP" means the date upon which any Participant ceases
to be a member of the Board for any reason whatsoever.

In addition, certain other terms used herein have definitions given to them in
the first place in which they are used.

SECTION 2. ADMINISTRATION.

         a. COMMITTEE. The Plan shall be administered by the Compensation
Committee of the Board (the "Committee"), which shall consist of not less than
three members of the Board, each of whom shall be a "non-employee director" as
that term is used in Rule 16b-3 as promulgated by the Securities and Exchange
Commission or any successor agency under Section 16(b) of the Exchange Act
("Rule 16b-3"). Grants of Stock Options to Participants under the Plan and the
amount, nature and timing of the

<PAGE>

grants shall be automatically determined as described in Section 5 and shall not
be subject to the determination of the Committee.

         b. AUTHORITY OF THE COMMITTEE. Subject to certain specific limitations
and restrictions set forth in the Plan, the Committee shall have full and final
authority to interpret the Plan; to prescribe, amend and rescind rules and
regulations, if any, relating to the Plan; and to make all determinations
necessary or advisable for the administration of the Plan. No member of the
Committee shall be liable for anything done or omitted to be done by him or her
or by any other member of the Committee in connection with the Plan, except for
his or her own willful misconduct or gross negligence. All decisions which are
made by the Committee with respect to interpretation of the terms of the Plan
and with respect to any questions or disputes arising under the Plan shall be
final and binding on the Company and the Participants, their heirs or
beneficiaries. The Committee shall not be empowered to take any action, whether
or not otherwise authorized under the Plan, which would result in any Director
of the Company failing to qualify as a "non-employee director".

         c. ACTS OF THE COMMITTEE. A majority of the Committee shall constitute
a quorum and the acts of a majority of the members present at any meeting at
which a quorum is present, or acts approved in writing by all members of the
Committee without a meeting, shall be the acts of the Committee.

SECTION 3. STOCK SUBJECT TO PLAN.

         Subject to adjustment as provided herein, there may be granted under
the Plan an aggregate of not more than 275,000 shares of Stock, which number
includes 12,000 of the shares of Stock remaining available for awards as of the
date of adoption of the Plan under the Company's Non-Employee Directors Stock
Option.

         In the event of any change in corporate capitalization (including, but
not limited to, a change in the number of shares of Stock outstanding), such as
a stock split or a corporate transaction, such as any merger, consolidation,
separation, including a spin-off, or other distribution of stock or property of
the Company, any reorganization (whether or not such reorganization comes within
the definition of such term in Section 368 of the Code) or any partial or
complete liquidation of the Company, the Committee or Board may make such
substitution or adjustments in the aggregate number of shares of Stock reserved
for issuance under the Plan, and the number and option price of shares of Stock
subject to outstanding Stock Options, and/or such other equitable substitution
or adjustments as it may determine to be appropriate in its sole discretion;
PROVIDED, HOWEVER, that the number of shares subject to any Stock Option shall
always be a whole number.

SECTION 4. ELIGIBILITY.

         Only individuals who are Non-Employee Directors are eligible to be
granted Stock Options under the Plan.

SECTION 5. STOCK OPTIONS.

         a. INITIAL GRANTS. Each Non-Employee Director shall initially receive,
within thirty days after initial election to office, a Non-Qualified Stock
Option to purchase 10,000 shares of Stock at a price equal to the Fair Market
Value at the time of the grant of the shares of Stock subject to such
Non-Qualified Stock Option (the "Initial Grant").

         b. ANNUAL GRANTS. Prior to termination of the Plan pursuant to Section
6, on the day following the Company's Annual Meeting commencing with its Annual
Meeting in 2001, such Non-Employee Director shall receive a Non-Qualified Stock
Option to purchase 4,000 shares of Stock at a price equal to the Fair Market
Value at the time of the grant of the shares of Stock subject to such
Non-Qualified Stock Option, provided such individual shall continue to be a
Non-Employee Director.

<PAGE>

         c. INSUFFICIENT SHARES OF STOCK. In the event that the number of shares
of Stock available for grant under the Plan is insufficient to make all grants
required to be made on a given date, then all Non-Employee Directors entitled to
a grant on such date shall share ratably in the number of Stock Options on
shares available for grant under the Plan.

         d. ADDITIONAL TERMS AND CONDITIONS. Stock Options granted under the
Plan shall be subject to the following terms and conditions in addition to those
set forth above:

1.       OPTION TERM. The term of each Stock Option shall be 10 years from the
         date the Stock Option is granted.

2.       EXERCISABILITY. Other than the Initial Grant, Stock Options shall be
         fully exercisable one year after the date of grant. Stock Options
         subject to the Initial Grant shall become exercisable with respect to
         6,000 shares, one year after the date of grant, and with respect to an
         additional 2,000 shares on each of the second and third anniversaries
         of the date of grant.

         All Stock Options shall become immediately exercisable upon the death,
         retirement or disability of a Non-Employee Director or upon a Change of
         Control of the Company.

3.       METHOD OF EXERCISE. Subject to the provisions of this Section 5, Stock
         Options may be exercised, in whole or in part, at any time during the
         option term by giving written notice of exercise to the Company
         specifying the number of shares of Stock subject to the Stock Options
         to be purchased.

         Such notice shall be accompanied by payment in full of the purchase
         price by certified or bank check or such other instrument as the
         Company may accept. Stock Options may be exercised pursuant to a
         "cashless exercise" of a Stock Option (I.E., payment of the purchase
         price may be made, in whole or in part, through the surrender of shares
         of Common Stock at the Fair Market Value of such shares on the date of
         surrender), in accordance with applicable securities laws.

         No shares of Stock shall be issued until full payment therefor has been
         made. An optionee shall have all of the rights of a stockholder of the
         Company holding the class or series of Stock that is subject to such
         Stock Option (including, if applicable, the right to vote the shares
         and the right to receive dividends), when the optionee has given
         written notice of exercise, has paid in full for such shares and, has
         given the representation described in Section 7(a).

4.       NON-TRANSFERABILITY OF STOCK OPTIONS. No Stock Option shall be
         transferable by the optionee other than (i) by will or by the laws of
         descent and distribution; (ii) as otherwise expressly permitted by the
         Committee including, if so permitted, pursuant to a transfer to such
         optionee's immediate family, whether directly or indirectly or by means
         of a trust or partnership or otherwise; or (iii) pursuant to a
         qualified domestic relations order (as defined in the Code or ERISA).
         For purposes of this Plan, unless otherwise determined by the
         Committee, "immediate family" shall mean the optionee's children,
         spouse and grandchildren. All Stock Options shall be exercisable,
         subject to the terms of this Plan, only by the optionee, the guardian
         or legal representative of the optionee, or any person to whom such
         Stock Option is transferred pursuant to this paragraph, it being
         understood that the term "optionee" includes such guardian, legal
         representative and other transferee.

5.       TERMINATION. If a Termination of Directorship occurs for any reason,
         any Stock Option held by such Participant shall continue to be
         exercisable, in accordance with its terms and may be exercised for the
         balance of such Stock Option's term.

<PAGE>

SECTION 6. TERM, AMENDMENT AND TERMINATION.

         The Plan will terminate on the tenth anniversary of the effective date
of the Plan. Under the Plan, Stock Options outstanding as of such date shall not
be affected or impaired by the termination of the Plan.

         The Board may amend, alter, or discontinue the Plan, but no amendment,
alteration or discontinuation shall be made which would (a) impair the rights of
an optionee under a Stock Option without the optionee's consent, except such an
amendment made to comply with applicable law, stock exchange rules or accounting
rules, or (b) disqualify the Plan from the exemption provided by Rule 16b-3. In
addition, (a) no amendment shall be made without the approval of the Company's
stockholders to the extent such approval is required by applicable law or stock
exchange rules and (b) the Plan shall not be amended more often than once every
six months, other than to comport with changes in the Code, ERISA, or the rules
thereunder.

         Subject to the above provisions, the Board shall have the authority to
amend the Plan to take into account changes in law and accounting rules as well
as other developments, and to grant Stock Options which qualify for beneficial
treatment under such rules without stockholder approval.

SECTION 7. GENERAL PROVISIONS.

         a. Unless the shares have been registered under the Securities Act of
1933, as amended, each person purchasing or receiving shares of Stock pursuant
to a Stock Option shall represent to and agree with the Company in writing that
such person is acquiring the shares of Stock without a view to the distribution
thereof. The certificates for such shares of Stock shall include an appropriate
legend to reflect the restrictions on transfer.

         b. Nothing contained in the Plan shall prevent the Company or any
subsidiary from adopting other or additional compensation arrangements for its
Non-Employee Directors.

         c. No later than the date as of which an amount first becomes
includible in the gross income of the Participant for Federal income tax
purposes with respect to any Stock Option awarded under the Plan, the
Participant shall pay to the Company, or make arrangements satisfactory to the
Company regarding the payment of, any Federal, state, local or foreign taxes of
any kind required by law to be withheld with respect to such amount. Withholding
obligations may, at the election of the optionee (which election shall be
subject to compliance with requirements of Rule 16b-3), be settled with Stock,
including Stock that is part of the Stock Option that gives rise to the
withholding requirement. The obligations of the Company under the Plan shall be
conditional on such payment or arrangements, and the Company shall, to the
extent permitted by law, have the right to deduct any such taxes from any
payment otherwise due to the Participant.

         d. The Plan and all Stock Options awarded and actions taken thereunder
shall be governed by and construed in accordance with the laws of the State of
Delaware.

SECTION 8. EFFECTIVE DATE OF PLAN.

         The Plan shall be adopted by the Board and presented to stockholders of
the Company for their approval. Stock Options may be granted prior to such
approval but are contingent upon such approval being obtained.Prepared by MERRILL CORPORATION www.edgaradvantage.com

QuickLinks
 -- Click here to rapidly navigate through this document

EXHIBIT 10.8  

 
 

AMENDED TERM NOTE    
  

Due:
September 1, 2004 

 
 

TERM NOTE
  USANA HEALTH SCIENCES, INC.    
  

	$8,000,000.00	 	Dated: March 26, 2001

Seattle, Washington

    USANA
HEALTH SCIENCES, INC., a Utah corporation ("Borrower") unconditionally promises to pay to the order of Bank of America, N.A. ("Bank"), at its Commercial Banking office,
on or before September 1, 2004, in immediately available funds, the principal sum of Eight Million and No/100 Dollars ($8,000,000.00), plus interest. Interest under this Note shall accrue on
the daily unpaid principal balance from the date of this Note in accordance with the terms, conditions, and definitions of Exhibit A attached, which are incorporated herein. 

    This
Note is governed by and shall be construed in accordance with the laws of the State of Washington. This Note is also governed by the Credit Agreement dated March 26, 2001,
between Bank and Borrower (the "Agreement"), and all terms, conditions, and definitions of the Agreement are incorporated herein. This Note amends, restates and continues that certain Revolving Note
made by Borrower in favor of Bank dated September 20, 1999 in the amount of $10,000,000 (as amended from time to time, the "Prior Note"). The indebtedness evidenced by the Prior Note has not
been repaid, satisfied or discharged and nothing herein shall constitute a repayment, satisfaction or discharge of such indebtedness. This is the "Term Note" referred to in the Agreement. 

    Borrower
shall pay all accrued interest under this Note on each Interest Payment Date until the maturity date of this Note. Principal of this Note shall be repaid in quarterly
installments as follows (a) four installments of $500,000 each commencing on March 1, 2002 and continuing the first Business Day of the following June, September and December and
(b) seven installments of $857,143 each commencing on March 3, 2003 and continuing thereafter on first Business Day of each June, September, December and March. Any prepayments of
principal under this Note shall be applied to installments of principal due under this Note in inverse order of their maturities. All unpaid principal and accrued but unpaid interest shall be due and
payable in full on September 1, 2004. 

    If
at any time in connection with this Note Borrower and Bank enter into a "Swap Contract" as such term is defined in the Agreement, and if as a consequence the quarterly installment
payments under this Note will change, then unless otherwise agreed to in writing, this Note shall thereafter be repaid in quarterly installments, due on the first Business Day of each December March,
June, and September until the maturity date of this Note, equal to the sum of (a) accrued interest, computed as provided herein, to the due date of the quarterly payment, plus
(b) quarterly principal payments in the amounts set forth in a schedule (the "Principal Payment Schedule") to be prepared by Bank and delivered to Borrower after the Swap Contract has been
entered into. The Principal Payment Schedule shall be deemed incorporated into and a part of this Note. 

    All
conversions between the interest rate options, and all payments of principal and interest, may be reflected on a schedule or a computer-generated statement which shall be come a
part hereof. Bank is authorized to automatically debit each required installment of interest from Borrower's checking account number 68504810 at Bank, or such other deposit account at Bank as Borrower
may authorize in the future. 

    If
a "Default" shall occur as such term is defined in the Agreement, interest shall accrue, at the option of the holder of this Note, from the date of Default, at a floating rate per
annum three percent (3%) above the Prime Rate, as the Prime Rate may vary from time to time, and the entire unpaid 

principal amount of this Note, together with all accrued interest, shall become immediately due and payable at the option of the holder hereof. 

    Borrower
hereby waives presentment, demand, protest, and notice of dishonor hereof. Each party signing or endorsing this Note signs as maker and principal, and not as guarantor,
surety, or accommodation party; and is estopped from asserting any defense based on any capacity other than maker or principal. 

    ORAL
AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, TO EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. 

	 	 	USANA HEALTH SCIENCES, INC.
	
 	
 	

By:	

/s/ GILBERT A. FULLER
 Gilbert A. Fuller, Senior Vice President & CFO

 
 

Exhibit A
  INTEREST PROVISIONS
  
    Article 1: Definitions    
  

    All terms defined below shall have the meaning indicated: 

    1.1  Adjusted LIBOR Rate shall mean for any day that per annum rate equal to the sum of (a) the
Margin, (b) the Assessment Rate, and (c) the quotient of (i) the LIBOR Rate was determined for such day, divided by (ii) the Reserve Adjustment. The Adjusted LIBOR Rate
shall change with any change in the LIBOR Rate on the first day of each Interest Period and on the effective date of any change in the Assessment Rate or Reserve Adjustment. 

    1.2  Agreement shall mean the Credit Agreement dated as of March 26, 2001, between Borrower and
Bank, including all amendments thereto and restatements thereof. 

    1.3  Assessment Rate shall mean as of any day the minimum annual percentage rate established by the
Federal Deposit Insurance Corporation (or any successor) for the assessment due from members of the Bank Insurance Fund (or any successor) in effect for the assessment period during which said day
occurs based on deposits maintained at such members' offices located outside of the United States. In the event of a retroactive reduction in the Assessment Rate after a commencement of any Interest
Period, Bank shall not retroactively adjust as to such Interest Period any interest rate calculated using the Assessment Rate. 

    1.4  Bank shall mean the holder of the Note. 

    1.5  Borrower shall mean the maker of the Note. 

    1.6  Business Day shall mean any day other than a Saturday, Sunday, or other day on which commercial
banks in Seattle, Washington, are authorized or required by law to close. 

    1.7  Commencement Date shall mean the first day of any Interest Period as requested by Borrower. 

    1.8  Floating Rate shall mean the Prime Rate per annum plus the Margin. 

    1.9  Floating Rate Loans shall mean those portions of principal of the Note accruing interest at the
Floating Rate. 

    1.10  Interest Payment Date shall mean (a) the first Business Day of each month for Floating Rate
Loans, (b) the last day of the Interest Period as to LIBOR Rate Loans with Interest Periods of three months or less, (c) as to LIBOR Rate Loans with Interest Periods of more than three
months, on the day which is three months after the Commencement Date and the last day of the Interest Period, and (d) upon maturity of this Note,
including maturity by acceleration. 

    1.11  Interest Period shall mean the period commencing on the date of any conversion to an Adjusted LIBOR
Rate and ending on any date thereafter as selected by Borrower, subject to the restrictions of Section 2.3. If any Interest Period would end on a day which is not a Business Day, the Interest
Period shall be extended to the next succeeding Business Day. 

    1.12  LIBOR Rate shall mean for any Interest Period the per annum rate for U.S. Dollar deposits for a
period equal to the Interest Period appearing on the display designated as "Page 3750" on the Telerate Service (or such other page on that service or such other service designated by the British
Banker's Association for the display of that Association's Interest Settlement Rates for U.S. Dollar deposits) as of 11:00 a.m., London time, on the day which is two London Banking Days prior
to the first day of the Interest Period. If there is no period equal to the Interest Period on the display, the LIBOR Rate shall be determined by straight-line interpolation to the nearest
month (or week or day if expressed in weeks or days) corresponding to the Interest Period between the two nearest neighboring periods on the display. 

    1.13  LIBOR Rate Loans shall mean those portions of principal of the Note accruing interest at the
Adjusted LIBOR Rate. 

    1.14  London Banking Day shall mean any day other than a Saturday, Sunday, or other day on which
commercial banks in London, England, are authorized or required by law to close. 

    1.15  Margin shall have the meaning given in the Agreement. 

    1.16  Note shall mean the promissory note to which this exhibit is attached. 

    1.17  Prime Rate shall mean the rate of interest publicly announced from time to time by Bank as its
"Prime Rate." The Prime Rate is set based on various factors, including Bank's costs and desired return, general economic conditions, and other factors, and is used as a reference point for pricing
some loans. Bank may price loans to its customers at, above, or below the Prime Rate. Any change in the Prime Rate shall take effect at the opening of business on the day specified in the public
announcement of a change in the Prime Rate. 

    1.18  Reserve Adjustment shall mean as of any day the remainder of one minus that percentage (expressed
as a decimal) which is the highest of any such percentages established by the Board of Governors of the Federal Reserve System (or any successor) for required reserves (including any emergency,
marginal, or supplemental reserve requirement) regardless of the aggregate amount of deposits with said member bank and without benefit of any possible credit, proration, exemptions, or offsets for
time deposits established at offices of member banks located outside of the United States or for eurocurrency liabilities, if any. 

 
 

Article 2: Interest Rate Options    
  

    2.1  Interest Rate and Payment Date. The Note shall bear interest from the date of advance on the unpaid
principal balance outstanding from time to time at the Floating Rate or Adjusted LIBOR Rate as selected by Borrower and all accrued interest shall be payable in arrears on each Interest Payment Date. 

    2.2  Procedure. Borrower may, by 11:30 a.m., Pacific time, on any London Banking Day two London
Banking Days before a Commencement Date, request Bank to give an Adjusted LIBOR Rate quote for a specified loan amount and Interest Period. Bank will then quote to Borrower the available Adjusted
LIBOR Rate. Borrower shall have one hour from the time of the quote to elect an Adjusted LIBOR Rate by giving Bank irrevocable notice of such election. 

    2.3  Restrictions. Each Interest Period shall be one, two, three or six months. In no event shall an
Interest Period extend beyond the maturity date of the Note. The minimum amount of a LIBOR Rate Loan shall be $100,000. 

    2.4  Prepayments. If Borrower prepays all or any portion of a LIBOR Rate Loan prior to the end of an
Interest Period, there shall be due at the time of any such prepayment the Prepayment Fee, determined in accordance with Exhibit 1 attached to the Note. Floating Rate Loans may be prepaid on
any Business Day, without premium or penalty. 

    2.5  Reversion to Floating. The Note shall bear interest at the Floating Rate unless an Adjusted LIBOR
Rate is specifically selected. At the termination of any Interest Period each LIBOR Rate Loan shall revert to a Floating Rate Loan unless Borrower directs otherwise pursuant to Section 2.2. 

    2.6  Inability to Participate in Market. If Bank in good faith cannot participate in the Eurodollar
market for legal or practical reasons, there shall be no Adjusted LIBOR Rate option. Bank shall notify Borrower of and when it again becomes legal or practical to participate in the Eurodollar market,
at which time the Adjusted LIBOR Rate option shall resume being an interest rate option. 

    2.7  Costs. Borrower shall reimburse Bank for all costs, taxes, and expenses, and defend and hold Bank
harmless for any liabilities, which Bank may incur as a consequence of any changes in the cost of participating in, or in the laws or regulations affecting, the Eurodollar market, including any
additional reserve requirements, except to the extent such costs are already calculated into the Adjusted LIBOR Rate. This covenant shall survive the payment of the Note. 

    2.8  Basis of Quotes. Borrower acknowledges that Bank may or may not in any particular case actually
match-fund a LIBOR Rate Loan. FDIC assessments, and Federal Reserve Board reserve requirements, if any are assessed, will be based on Bank's best estimates of its marginal cost for each of
these items. Whether such estimates in fact represent the actual cost to Bank for any particular dollar or Eurodollar deposit or any LIBOR Rate Loan will depend upon how Bank actually chooses to fund
the LIBOR Rate Loan. By electing an Adjusted LIBOR Rate, Borrower waives any right to object to Bank's means of calculating the Adjusted LIBOR Rate quote accepted by Borrower. 

 
 

Exhibit 1—PREPAYMENT FEES    
  

    If the principal balance of this note is prepaid in whole or in part, whether by voluntary prepayment, operation of law, acceleration or otherwise, a
prepayment fee, in addition to any interest earned, will be immediately payable to the holder of this note. 

    The
amount of the prepayment fee depends on the following: 

	(1)
	The
amount by which interest reference rates as defined below have changed between the time the loan is prepaid and either a) the time the loan was made for fixed rate loans,
or b) the time the interest rate last changed (repriced) for variable rate loans.

	(2)
	A
prepayment fee factor (see "Prepayment Fee Factor Schedule" on reverse).

	(3)
	The
amount of principal prepaid. 

If
the proceeds from a CD or time deposit pledged to secure the loan are used to prepay the loan resulting in payment of an early withdrawal penalty for the CD, a prepayment fee will not also be
charged under the loan. 

 
 

Definition of Prepayment Reference Rate for Variable Rate Loans    
  

    The "Prepayment Reference Rate" used to represent interest rate levels for variable rate loans shall be the index rate used to determine the rate on this loan
having maturities equivalent to the remaining period to interest rate change date (repricing) of this loan rounded upward to the nearest month. The "Initial Prepayment Reference Rate" shall be the
Prepayment Reference Rate at the time of last repricing and a new Initial Prepayment Reference Rate shall be assigned at each subsequent repricing. The "Final Prepayment Reference Rate" shall be the
Prepayment Reference Rate at the time of prepayment. 

 
 

Definition of Prepayment Reference Rate for Fixed Rate Loans    
  

    The "Prepayment Reference Rate" used to represent interest rate levels on fixed rate loans shall be the bond equivalent yield of the average U.S. Treasury rate
having maturities equivalent to the remaining period to maturity of this loan rounded upward to the nearest month. The "Initial Prepayment Reference Rate" shall be the Prepayment Reference Rate at the
time the loan was made. The "Final Prepayment Reference Rate" shall be the Prepayment Reference Rate at time of prepayment. 

    The
Prepayment Reference Rate shall be interpolated from the yields as displayed on Page 119 of the Dow Jones Telerate Service (or such other page or service as may replace that page
or service for the purpose of displaying rates comparable to said U.S. Treasury rates) on the day the loan was made (Initial Prepayment Reference Rate) or the day of prepayment (Final Prepayment
Reference Rate). 

    An
Initial Prepayment Reference Rate of  N/A  % has been assigned to this loan to represent interest rate levels at origination. 

 
 

Calculation of Prepayment Fee    
  

    If the Initial Prepayment Reference Rate is less than or equal to the Final Prepayment Reference Rate, there is no prepayment fee. 

    If
the Initial Prepayment Reference Rate is greater than the Final Prepayment Reference Rate, the prepayment fee shall be equal to the difference between the Initial and Final
Prepayment Reference Rates (expressed as a decimal), multiplied by the appropriate factor from the Prepayment Fee Factor Schedule, multiplied by the principal amount of the loan being prepaid. 

 
 

Example of Prepayment Fee Calculation    
  

    Variable Rate Loan:  A non-amortizing 6-month LIBOR based loan with
principal of $250,000 is fully prepaid with 3 months remaining until next interest rate change date (repricing). An Initial Prepayment Reference Rate of 7.0% was assigned to the loan at last
repricing. The Final Prepayment Reference Rate (as determined by the 3-month LIBOR index) is 6.5%. Rates therefore have dropped 0.5% since
last repricing and a prepayment fee applies. A prepayment fee factor of 0.31 is determined from Table 3 below and the prepayment fee is computed as follows: 

Prepayment
Fee = (0.07-0.065) × (0.31) × ($250,000) = $387.50 

    Fixed Rate Loan:  An amortizing loan with remaining principal of $250,000 is fully prepaid with
24 months remaining until maturity. An Initial Prepayment Reference Rate of 9.0% was assigned to the loan when the loan was made. The Final Prepayment Reference Rate (as determined by the
current 24-month U.S. Treasury rate on Page 119 of Telerate) is 7.5%. Rates therefore have dropped 1.5% since the loan was made and a prepayment fee applies. A prepayment fee factor of 1.3
is determined from Table 1 below and the prepayment fee is computed as follows: 

Prepayment
Fee = (0.09-0.075) × (1.3) × ($250,000) = $4,875 

 
 

PREPAYMENT FEE FACTOR SCHEDULE    
  

TABLE
I: FULLY AMORTIZING LOANS 

	 
	 	Months Remaining To Maturity/Repricing1

	Proportion of Remaining Principal

Amount Being Prepaid
 

	 	0
	 	3
	 	6
	 	9
	 	12
	 	24
	 	36
	 	48
	 	60
	 	84
	 	120
	 	240
	 	360

	90-100%	 	0	 	.21	 	.36	 	.52	 	.67	 	1.3	 	1.9	 	2.5	 	3.1	 	4.3	 	5.9	 	10.3	 	13.1
	60-89%	 	0	 	.24	 	.44	 	.63	 	.83	 	1.6	 	2.4	 	3.1	 	3.9	 	5.4	 	7.5	 	13.2	 	17.0
	30-59%	 	0	 	.28	 	.53	 	.78	 	1.02	 	2.0	 	3.0	 	4.0	 	5.0	 	7.0	 	9.9	 	18.5	 	24,4
	0-29%	 	0	 	.31	 	.63	 	.92	 	1.22	 	2.4	 	3.7	 	5.0	 	6.3	 	9.0	 	13.4	 	28.3	 	41.8

TABLE
II: PARTIALLY AMORTIZING (BALLOON) LOANS 

	 
	 	Months Remaining To Maturity/Repricing1

	Proportion of Remaining Principal

Amount Being Prepaid
 

	 	0
	 	3
	 	6
	 	9
	 	12
	 	24
	 	36
	 	48
	 	60
	 	84
	 	120
	 	240
	 	360

	90-100%	 	0	 	.26	 	.49	 	.71	 	.94	 	1.8	 	2.7	 	3.4	 	4.2	 	5.6	 	7.4	 	11.6	 	14.0
	60-89%	 	0	 	.30	 	.59	 	.86	 	1.15	 	2.2	 	3.3	 	4.3	 	5.3	 	7.1	 	9.4	 	15.0	 	18.1
	30-59%	 	0	 	.31	 	.63	 	.95	 	1.27	 	2.6	 	3.9	 	5.3	 	6.6	 	9.1	 	12.6	 	21.2	 	26.2
	0-29%	 	0	 	.31	 	.63	 	.95	 	1.27	 	2.6	 	4.0	 	5.4	 	7.0	 	10.2	 	15.7	 	33.4	 	46.0

TABLE
III: NONAMORTIZING (INTEREST ONLY) LOANS 

	 
	 	Months Remaining To Maturity/Repricing1

	Proportion of Remaining Principal

Amount Being Prepaid
 

	 	0
	 	3
	 	6
	 	9
	 	12
	 	24
	 	36
	 	48
	 	60
	 	84
	 	120
	 	240
	 	360

	0-100%	 	0	 	.31	 	.61	 	.91	 	1.21	 	2.3	 	3.4	 	4.4	 	5.3	 	6.9	 	8.9	 	13.0	 	14.8

	1
	For
the remaining period to maturity/repricing between any two maturities/repricings shown in the above schedules, interpolate between the corresponding factors to the
closest month. 

    The
holder of this note is not required to actually reinvest the prepaid principal in any U.S. Government Treasury Obligations, or otherwise prove its actual loss, as a condition to
receiving a prepayment fee as calculated above. 

QuickLinks

AMENDED TERM NOTE

TERM NOTE USANA HEALTH SCIENCES, INC.

Exhibit A INTEREST PROVISIONS Article 1: Definitions

Article 2: Interest Rate Options

Exhibit 1—PREPAYMENT FEES

Definition of Prepayment Reference Rate for Variable Rate Loans

Definition of Prepayment Reference Rate for Fixed Rate Loans

Calculation of Prepayment Fee

Example of Prepayment Fee Calculation

PREPAYMENT FEE FACTOR SCHEDULE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]