Document:

Exhibit 10.54 NSE 2003 10-K Series A and B Senior Notes

NU SKIN ENTERPRISES,
INC. 
SERIES A SENIOR NOTE 

No. A-1 

CURRENCY AND ORIGINAL PRINCIPAL AMOUNT:  U.S. $11,257,000

ORIGINAL ISSUE DATE:  October 31, 2003

INTEREST RATE:  4.00%

INTEREST PAYMENT DATES: April 30 and October 31

FINAL MATURITY DATE: April 30, 2008 

PRINCIPAL PREPAYMENT DATES AND AMOUNTS: $2,251,400 on October 31, 2004, April 30, 2005, April 30, 2006, and April
30, 2007 

        FOR
VALUE RECEIVED, the undersigned, NU SKIN ENTERPRISES, INC. (herein called the
“Company”), a corporation organized and existing under the laws of
Delaware, hereby promises to pay to THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, or
registered assigns, the principal sum of ELEVEN MILLION TWO HUNDRED FIFTY-SEVEN
THOUSAND U.S. DOLLARS, payable on the Principal Payment Dates and in the amounts
specified above, and on the Final Maturity Date as specified above in an amount equal to
the unpaid balance of the principal hereof, with interest (computed on the basis of a
360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the Interest
Rate per annum specified above, payable on each Interest Payment Date specified above and
on the Final Maturity Date specified above, commencing with the Interest Payment Date next
succeeding the date hereof, until the principal hereof shall have become due and payable,
and (b) on any overdue payment (including any overdue prepayment) of principal, any
overdue payment of any Make-Whole Amount and any overdue payment of interest, payable on
each Interest Payment Date as aforesaid (or, at the option of the registered holder
hereof, on demand), at a rate per annum from time to time equal to the Default Rate. 

        Payments
of principal, Make-Whole Amount, if any, and interest are to be made at The Bank of New
York in New York City or at such other place as the holder hereof shall designate to the
Company in writing, in lawful money of the United States of America. 

        This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to a Private Shelf Agreement, dated as of August 26, 2003 (as from time to
time amended, herein called the “Agreement”), between Nu Skin
Enterprises, Inc. (the “Company”) and each Issuer Subsidiary which becomes party
thereto, on the one hand, and Prudential Investment Management, Inc. and each Prudential
Affiliate which becomes party thereto, on the other hand, and is entitled to the benefits
thereof. Capitalized terms used and not otherwise defined herein shall have the meanings
provided in the Agreement. Each holder of this Note will be deemed, by its acceptance
hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of
the Agreement, and (ii) to have made the representations set forth in Section 6 of the
Agreement. This Note is secured by the Collateral Documents and is guaranteed by the
Subsidiary Guarantors pursuant to the Subsidiary Guaranty. 

        This
Note is subject to optional prepayment, in whole or from time to time in part, on the
terms specified in the Agreement. 

        This
Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for the then outstanding principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company shall not be affected by any notice to the contrary. 

        In
case an Event of Default shall occur and be continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount), and with the effect provided in the Agreement. 

        This
Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles
of the law of such State (other than Section 5-1401 of the New York General Obligations
Law) that would require the application of the laws of a jurisdiction other than such
State. 

NU SKIN ENTERPRISES,
INC. 

By:         /s/  Ritch N. Wood

Name:    Ritch N. Wood

Title:      Chief Financial Officer 

NU SKIN ENTERPRISES, INC. 

SERIES A SENIOR NOTE 

No. A-2 

CURRENCY AND ORIGINAL PRINCIPAL AMOUNT:  U.S. $5,555,556

ORIGINAL ISSUE DATE:  October 31, 2003

INTEREST RATE:  4.00%

INTEREST PAYMENT DATES: April 30 and October 31

FINAL MATURITY DATE: April 30, 2008 

PRINCIPAL PREPAYMENT DATES AND AMOUNTS: $1,111,111.20 on October 31, 2004, April 30, 2005, April 30, 2006, and
April 30, 2007 

        FOR
VALUE RECEIVED, the undersigned, NU SKIN ENTERPRISES, INC. (herein called the
“Company”), a corporation organized and existing under the laws of
Delaware, hereby promises to pay to THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, or
registered assigns, the principal sum of FIVE MILLION FIVE HUNDRED FIFTY-FIVE THOUSAND
FIVE HUNDRED FIFTY-SIX U.S. DOLLARS, payable on the Principal Payment Dates and in the
amounts specified above, and on the Final Maturity Date as specified above in an amount
equal to the unpaid balance of the principal hereof, with interest (computed on the basis
of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the
Interest Rate per annum specified above, payable on each Interest Payment Date specified
above and on the Final Maturity Date specified above, commencing with the Interest Payment
Date next succeeding the date hereof, until the principal hereof shall have become due and
payable, and (b) on any overdue payment (including any overdue prepayment) of principal,
any overdue payment of any Make-Whole Amount and any overdue payment of interest, payable
on each Interest Payment Date as aforesaid (or, at the option of the registered holder
hereof, on demand), at a rate per annum from time to time equal to the Default Rate. 

        Payments
of principal, Make-Whole Amount, if any, and interest are to be made at The Bank of New
York in New York City or at such other place as the holder hereof shall designate to the
Company in writing, in lawful money of the United States of America. 

        This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to a Private Shelf Agreement, dated as of August 26, 2003 (as from time to
time amended, herein called the “Agreement”), between Nu Skin
Enterprises, Inc. (the “Company”) and each Issuer Subsidiary which becomes party
thereto, on the one hand, and Prudential Investment Management, Inc. and each Prudential
Affiliate which becomes party thereto, on the other hand, and is entitled to the benefits
thereof. Capitalized terms used and not otherwise defined herein shall have the meanings
provided in the Agreement. Each holder of this Note will be deemed, by its acceptance
hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of
the Agreement, and (ii) to have made the representations set forth in Section 6 of the
Agreement. This Note is secured by the Collateral Documents and is guaranteed by the
Subsidiary Guarantors pursuant to the Subsidiary Guaranty. 

        This
Note is subject to optional prepayment, in whole or from time to time in part, on the
terms specified in the Agreement. 

        This
Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for the then outstanding principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company shall not be affected by any notice to the contrary. 

        In
case an Event of Default shall occur and be continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount), and with the effect provided in the Agreement. 

        This
Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles
of the law of such State (other than Section 5-1401 of the New York General Obligations
Law) that would require the application of the laws of a jurisdiction other than such
State. 

NU SKIN ENTERPRISES,
INC. 

By:         /s/  Ritch N. Wood

Name:    Ritch N. Wood

Title:      Chief Financial Officer 

NU SKIN ENTERPRISES, INC. 

SERIES A SENIOR NOTE 

No. A-3 

CURRENCY AND ORIGINAL PRINCIPAL AMOUNT:  U.S. $1,243,000

ORIGINAL ISSUE DATE:  October 31, 2003

INTEREST RATE:  4.00%

INTEREST PAYMENT DATES: April 30 and October 31 

FINAL MATURITY DATE: April 30, 2008 

PRINCIPAL PREPAYMENT DATES AND AMOUNTS: $248,600 on October 31, 2004, April 30, 2005, April 30, 2006, and April
30, 2007 

        FOR
VALUE RECEIVED, the undersigned, NU SKIN ENTERPRISES, INC. (herein called the
“Company”), a corporation organized and existing under the laws of
Delaware, hereby promises to pay to PRUCO LIFE INSURANCE COMPANY, or registered
assigns, the principal sum of ONE MILLION TWO HUNDRED FORTY-THREE THOUSAND U.S.
DOLLARS, payable on the Principal Payment Dates and in the amounts specified above,
and on the Final Maturity Date as specified above in an amount equal to the unpaid balance
of the principal hereof, with interest (computed on the basis of a 360-day year of twelve
30-day months) (a) on the unpaid balance thereof at the Interest Rate per annum specified
above, payable on each Interest Payment Date specified above and on the Final Maturity
Date specified above, commencing with the Interest Payment Date next succeeding the date
hereof, until the principal hereof shall have become due and payable, and (b) on any
overdue payment (including any overdue prepayment) of principal, any overdue payment of
any Make-Whole Amount and any overdue payment of interest, payable on each Interest
Payment Date as aforesaid (or, at the option of the registered holder hereof, on demand),
at a rate per annum from time to time equal to the Default Rate. 

        Payments
of principal, Make-Whole Amount, if any, and interest are to be made at The Bank of New
York in New York City or at such other place as the holder hereof shall designate to the
Company in writing, in lawful money of the United States of America. 

        This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to a Private Shelf Agreement, dated as of August 26, 2003 (as from time to
time amended, herein called the “Agreement”), between Nu Skin
Enterprises, Inc. (the “Company”) and each Issuer Subsidiary which becomes party
thereto, on the one hand, and Prudential Investment Management, Inc. and each Prudential
Affiliate which becomes party thereto, on the other hand, and is entitled to the benefits
thereof. Capitalized terms used and not otherwise defined herein shall have the meanings
provided in the Agreement. Each holder of this Note will be deemed, by its acceptance
hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of
the Agreement, and (ii) to have made the representations set forth in Section 6 of the
Agreement. This Note is secured by the Collateral Documents and is guaranteed by the
Subsidiary Guarantors pursuant to the Subsidiary Guaranty. 

        This
Note is subject to optional prepayment, in whole or from time to time in part, on the
terms specified in the Agreement. 

        This
Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for the then outstanding principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company shall not be affected by any notice to the contrary. 

        In
case an Event of Default shall occur and be continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount), and with the effect provided in the Agreement. 

        This
Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles
of the law of such State (other than Section 5-1401 of the New York General Obligations
Law) that would require the application of the laws of a jurisdiction other than such
State. 

NU SKIN ENTERPRISES,
INC. 

By:         /s/  Ritch N. Wood

Name:    Ritch N. Wood

Title:      Chief Financial Officer 

NU SKIN ENTERPRISES, INC. 

SERIES A SENIOR NOTE 

No. A-4 

CURRENCY AND ORIGINAL PRINCIPAL AMOUNT:  U.S. $4,166,666

ORIGINAL ISSUE DATE:  October 31, 2003

INTEREST RATE:  4.00%

INTEREST PAYMENT DATES: April 30 and October 31

 FINAL MATURITY DATE: April 30, 2008

 PRINCIPAL PREPAYMENT DATES AND AMOUNTS: $833,333.20 on October 31, 2004, April 30, 2005, April 30, 2006, and
April 30, 2007 

        FOR
VALUE RECEIVED, the undersigned, NU SKIN ENTERPRISES, INC. (herein called the
“Company”), a corporation organized and existing under the laws of
Delaware, hereby promises to pay to BAYSTATE INVESTMENTS, LLC, or registered
assigns, the principal sum of FOUR MILLION ONE HUNDRED SIXTY-SIX THOUSAND SIX HUNDRED
SIXTY-SIX U.S. DOLLARS, payable on the Principal Payment Dates and in the amounts
specified above, and on the Final Maturity Date as specified above in an amount equal to
the unpaid balance of the principal hereof, with interest (computed on the basis of a
360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the Interest
Rate per annum specified above, payable on each Interest Payment Date specified above and
on the Final Maturity Date specified above, commencing with the Interest Payment Date next
succeeding the date hereof, until the principal hereof shall have become due and payable,
and (b) on any overdue payment (including any overdue prepayment) of principal, any
overdue payment of any Make-Whole Amount and any overdue payment of interest, payable on
each Interest Payment Date as aforesaid (or, at the option of the registered holder
hereof, on demand), at a rate per annum from time to time equal to the Default Rate. 

        Payments
of principal, Make-Whole Amount, if any, and interest are to be made at The Bank of New
York in New York City or at such other place as the holder hereof shall designate to the
Company in writing, in lawful money of the United States of America. 

        This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to a Private Shelf Agreement, dated as of August 26, 2003 (as from time to
time amended, herein called the “Agreement”), between Nu Skin
Enterprises, Inc. (the “Company”) and each Issuer Subsidiary which becomes party
thereto, on the one hand, and Prudential Investment Management, Inc. and each Prudential
Affiliate which becomes party thereto, on the other hand, and is entitled to the benefits
thereof. Capitalized terms used and not otherwise defined herein shall have the meanings
provided in the Agreement. Each holder of this Note will be deemed, by its acceptance
hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of
the Agreement, and (ii) to have made the representations set forth in Section 6 of the
Agreement. This Note is secured by the Collateral Documents and is guaranteed by the
Subsidiary Guarantors pursuant to the Subsidiary Guaranty. 

        This
Note is subject to optional prepayment, in whole or from time to time in part, on the
terms specified in the Agreement. 

        This
Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for the then outstanding principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company shall not be affected by any notice to the contrary. 

        In
case an Event of Default shall occur and be continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount), and with the effect provided in the Agreement. 

        This
Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles
of the law of such State (other than Section 5-1401 of the New York General Obligations
Law) that would require the application of the laws of a jurisdiction other than such
State. 

NU SKIN ENTERPRISES,
INC. 

By:         /s/  Ritch N. Wood

Name:    Ritch N. Wood

Title:      Chief Financial Officer 

NU SKIN ENTERPRISES, INC. 
SERIES A SENIOR NOTE 

No. A-5 

CURRENCY AND ORIGINAL PRINCIPAL AMOUNT:  U.S. $2,777,778

ORIGINAL ISSUE DATE:  October 31, 2003

INTEREST RATE:  4.00%

INTEREST PAYMENT DATES: April 30 and October 31

FINAL MATURITY DATE: April 30, 2008

 PRINCIPAL PREPAYMENT DATES AND AMOUNTS: $555,555.60 on October 31, 2004, April 30, 2005, April 30, 2006, and
April 30, 2007 

        FOR
VALUE RECEIVED, the undersigned, NU SKIN ENTERPRISES, INC. (herein called the
“Company”), a corporation organized and existing under the laws of
Delaware, hereby promises to pay to GOLDEN AMERICAN LIFE INSURANCE COMPANY, or
registered assigns, the principal sum of TWO MILLION SEVEN HUNDRED SEVENTY-SEVEN
THOUSAND SEVEN HUNDRED SEVENTY-EIGHT U.S. DOLLARS, payable on the Principal Payment
Dates and in the amounts specified above, and on the Final Maturity Date as specified
above in an amount equal to the unpaid balance of the principal hereof, with interest
(computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid
balance thereof at the Interest Rate per annum specified above, payable on each Interest
Payment Date specified above and on the Final Maturity Date specified above, commencing
with the Interest Payment Date next succeeding the date hereof, until the principal hereof
shall have become due and payable, and (b) on any overdue payment (including any overdue
prepayment) of principal, any overdue payment of any Make-Whole Amount and any overdue
payment of interest, payable on each Interest Payment Date as aforesaid (or, at the option
of the registered holder hereof, on demand), at a rate per annum from time to time equal
to the Default Rate. 

        Payments
of principal, Make-Whole Amount, if any, and interest are to be made at The Bank of New
York in New York City or at such other place as the holder hereof shall designate to the
Company in writing, in lawful money of the United States of America. 

        This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to a Private Shelf Agreement, dated as of August 26, 2003 (as from time to
time amended, herein called the “Agreement”), between Nu Skin
Enterprises, Inc. (the “Company”) and each Issuer Subsidiary which becomes party
thereto, on the one hand, and Prudential Investment Management, Inc. and each Prudential
Affiliate which becomes party thereto, on the other hand, and is entitled to the benefits
thereof. Capitalized terms used and not otherwise defined herein shall have the meanings
provided in the Agreement. Each holder of this Note will be deemed, by its acceptance
hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of
the Agreement, and (ii) to have made the representations set forth in Section 6 of the
Agreement. This Note is secured by the Collateral Documents and is guaranteed by the
Subsidiary Guarantors pursuant to the Subsidiary Guaranty. 

        This
Note is subject to optional prepayment, in whole or from time to time in part, on the
terms specified in the Agreement. 

        This
Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for the then outstanding principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company shall not be affected by any notice to the contrary. 

        In
case an Event of Default shall occur and be continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount), and with the effect provided in the Agreement. 

        This
Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles
of the law of such State (other than Section 5-1401 of the New York General Obligations
Law) that would require the application of the laws of a jurisdiction other than such
State. 

NU SKIN ENTERPRISES,
INC. 

By:         /s/  Ritch N. Wood

Name:    Ritch N. Wood

Title:      Chief Financial Officer 

NU SKIN ENTERPRISES, INC. 

SERIES B SENIOR NOTE 

No. B-1 

CURRENCY AND ORIGINAL PRINCIPAL AMOUNT:  U.S. $22,514,000

ORIGINAL ISSUE DATE:  October 31, 2003

INTEREST RATE:  4.45%

INTEREST PAYMENT DATES: April 30 and October 31

 FINAL MATURITY DATE: April 30, 2010

 PRINCIPAL PREPAYMENT DATES AND AMOUNTS: $4,502,800 on April 30 of 2006 through 2009, inclusive 

        FOR
VALUE RECEIVED, the undersigned, NU SKIN ENTERPRISES, INC. (herein called the
“Company”), a corporation organized and existing under the laws of
Delaware, hereby promises to pay to THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, or
registered assigns, the principal sum of TWENTY-TWO MILLION FIVE HUNDRED FOURTEEN
THOUSAND U.S. DOLLARS, payable on the Principal Payment Dates and in the amounts
specified above, and on the Final Maturity Date as specified above in an amount equal to
the unpaid balance of the principal hereof, with interest (computed on the basis of a
360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the Interest
Rate per annum specified above, payable on each Interest Payment Date specified above and
on the Final Maturity Date specified above, commencing with the Interest Payment Date next
succeeding the date hereof, until the principal hereof shall have become due and payable,
and (b) on any overdue payment (including any overdue prepayment) of principal, any
overdue payment of any Make-Whole Amount and any overdue payment of interest, payable on
each Interest Payment Date as aforesaid (or, at the option of the registered holder
hereof, on demand), at a rate per annum from time to time equal to the Default Rate. 

        Payments
of principal, Make-Whole Amount, if any, and interest are to be made at The Bank of New
York in New York City or at such other place as the holder hereof shall designate to the
Company in writing, in lawful money of the United States of America. 

        This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to a Private Shelf Agreement, dated as of August 26, 2003 (as from time to
time amended, herein called the “Agreement”), between Nu Skin
Enterprises, Inc. (the “Company”) and each Issuer Subsidiary which becomes party
thereto, on the one hand, and Prudential Investment Management, Inc. and each Prudential
Affiliate which becomes party thereto, on the other hand, and is entitled to the benefits
thereof. Capitalized terms used and not otherwise defined herein shall have the meanings
provided in the Agreement. Each holder of this Note will be deemed, by its acceptance
hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of
the Agreement, and (ii) to have made the representations set forth in Section 6 of the
Agreement. This Note is secured by the Collateral Documents and is guaranteed by the
Subsidiary Guarantors pursuant to the Subsidiary Guaranty. 

        This
Note is subject to optional prepayment, in whole or from time to time in part, on the
terms specified in the Agreement. 

        This
Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for the then outstanding principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company shall not be affected by any notice to the contrary. 

        In
case an Event of Default shall occur and be continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount), and with the effect provided in the Agreement. 

        This
Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles
of the law of such State (other than Section 5-1401 of the New York General Obligations
Law) that would require the application of the laws of a jurisdiction other than such
State. 

NU SKIN ENTERPRISES,
INC. 

By:         /s/  Ritch N. Wood

Name:    Ritch N. Wood

Title:      Chief Financial Officer 

NU SKIN ENTERPRISES, INC. 

SERIES B SENIOR NOTE 

No. B-2 

CURRENCY AND ORIGINAL PRINCIPAL AMOUNT:  U.S. $11,111,111

ORIGINAL ISSUE DATE:  October 31, 2003

INTEREST RATE:  4.45%

INTEREST PAYMENT DATES: April 30 and October 31

 FINAL MATURITY DATE: April 30, 2010

 PRINCIPAL PREPAYMENT DATES
AND AMOUNTS: $2,222,222.20 on April 30 of 2006 through 2009, inclusive 

        FOR
VALUE RECEIVED, the undersigned, NU SKIN ENTERPRISES, INC. (herein called the
“Company”), a corporation organized and existing under the laws of
Delaware, hereby promises to pay to THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, or
registered assigns, the principal sum of ELEVEN MILLION ONE HUNDRED ELEVEN THOUSAND ONE
HUNDRED ELEVEN U.S. DOLLARS, payable on the Principal Payment Dates and in the amounts
specified above, and on the Final Maturity Date as specified above in an amount equal to
the unpaid balance of the principal hereof, with interest (computed on the basis of a
360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the Interest
Rate per annum specified above, payable on each Interest Payment Date specified above and
on the Final Maturity Date specified above, commencing with the Interest Payment Date next
succeeding the date hereof, until the principal hereof shall have become due and payable,
and (b) on any overdue payment (including any overdue prepayment) of principal, any
overdue payment of any Make-Whole Amount and any overdue payment of interest, payable on
each Interest Payment Date as aforesaid (or, at the option of the registered holder
hereof, on demand), at a rate per annum from time to time equal to the Default Rate. 

        Payments
of principal, Make-Whole Amount, if any, and interest are to be made at The Bank of New
York in New York City or at such other place as the holder hereof shall designate to the
Company in writing, in lawful money of the United States of America. 

        This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to a Private Shelf Agreement, dated as of August 26, 2003 (as from time to
time amended, herein called the “Agreement”), between Nu Skin
Enterprises, Inc. (the “Company”) and each Issuer Subsidiary which becomes party
thereto, on the one hand, and Prudential Investment Management, Inc. and each Prudential
Affiliate which becomes party thereto, on the other hand, and is entitled to the benefits
thereof. Capitalized terms used and not otherwise defined herein shall have the meanings
provided in the Agreement. Each holder of this Note will be deemed, by its acceptance
hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of
the Agreement, and (ii) to have made the representations set forth in Section 6 of the
Agreement. This Note is secured by the Collateral Documents and is guaranteed by the
Subsidiary Guarantors pursuant to the Subsidiary Guaranty. 

        This
Note is subject to optional prepayment, in whole or from time to time in part, on the
terms specified in the Agreement. 

        This
Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for the then outstanding principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company shall not be affected by any notice to the contrary. 

        In
case an Event of Default shall occur and be continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount), and with the effect provided in the Agreement. 

        This
Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles
of the law of such State (other than Section 5-1401 of the New York General Obligations
Law) that would require the application of the laws of a jurisdiction other than such
State. 

NU SKIN ENTERPRISES,
INC. 

By:         /s/  Ritch N. Wood

Name:    Ritch N. Wood

Title:      Chief Financial Officer 

NU SKIN ENTERPRISES, INC. 

SERIES B SENIOR NOTE 

No. B-3 

CURRENCY AND ORIGINAL PRINCIPAL AMOUNT:  U.S. $2,486,000

ORIGINAL ISSUE DATE:  October 31, 2003

INTEREST RATE:  4.45%

INTEREST PAYMENT DATES: April
30 and October 31 

FINAL MATURITY DATE: April 30, 2010 

PRINCIPAL PREPAYMENT DATES
AND AMOUNTS: $497,200 on April 30 of 2006 through 2009, inclusive 

        FOR
VALUE RECEIVED, the undersigned, NU SKIN ENTERPRISES, INC. (herein called the
“Company”), a corporation organized and existing under the laws of
Delaware, hereby promises to pay to PRUCO LIFE INSURANCE COMPANY, or registered
assigns, the principal sum of TWO MILLION FOUR HUNDRED EIGHTY-SIX THOUSAND U.S.
DOLLARS, payable on the Principal Payment Dates and in the amounts specified above,
and on the Final Maturity Date as specified above in an amount equal to the unpaid balance
of the principal hereof, with interest (computed on the basis of a 360-day year of twelve
30-day months) (a) on the unpaid balance thereof at the Interest Rate per annum specified
above, payable on each Interest Payment Date specified above and on the Final Maturity
Date specified above, commencing with the Interest Payment Date next succeeding the date
hereof, until the principal hereof shall have become due and payable, and (b) on any
overdue payment (including any overdue prepayment) of principal, any overdue payment of
any Make-Whole Amount and any overdue payment of interest, payable on each Interest
Payment Date as aforesaid (or, at the option of the registered holder hereof, on demand),
at a rate per annum from time to time equal to the Default Rate. 

        Payments
of principal, Make-Whole Amount, if any, and interest are to be made at The Bank of New
York in New York City or at such other place as the holder hereof shall designate to the
Company in writing, in lawful money of the United States of America. 

        This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to a Private Shelf Agreement, dated as of August 26, 2003 (as from time to
time amended, herein called the “Agreement”), between Nu Skin
Enterprises, Inc. (the “Company”) and each Issuer Subsidiary which becomes party
thereto, on the one hand, and Prudential Investment Management, Inc. and each Prudential
Affiliate which becomes party thereto, on the other hand, and is entitled to the benefits
thereof. Capitalized terms used and not otherwise defined herein shall have the meanings
provided in the Agreement. Each holder of this Note will be deemed, by its acceptance
hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of
the Agreement, and (ii) to have made the representations set forth in Section 6 of the
Agreement. This Note is secured by the Collateral Documents and is guaranteed by the
Subsidiary Guarantors pursuant to the Subsidiary Guaranty. 

        This
Note is subject to optional prepayment, in whole or from time to time in part, on the
terms specified in the Agreement. 

        This
Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for the then outstanding principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company shall not be affected by any notice to the contrary. 

        In
case an Event of Default shall occur and be continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount), and with the effect provided in the Agreement. 

        This
Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles
of the law of such State (other than Section 5-1401 of the New York General Obligations
Law) that would require the application of the laws of a jurisdiction other than such
State. 

NU SKIN ENTERPRISES,
INC. 

By:         /s/  Ritch N. Wood

Name:    Ritch N. Wood

Title:      Chief Financial Officer 

NU SKIN ENTERPRISES, INC. 

SERIES B SENIOR NOTE 

No. B-4 

CURRENCY AND ORIGINAL PRINCIPAL AMOUNT:  U.S. $8,333,334

ORIGINAL ISSUE DATE: 
 October 31, 2003

INTEREST RATE:  4.45%

INTEREST PAYMENT DATES: April
30 and October 31 

FINAL MATURITY DATE: April 30, 2010 PRINCIPAL PREPAYMENT DATES
AND AMOUNTS: $1,666,666.80 on April 30 of 2006 through 2009, inclusive 

        FOR
VALUE RECEIVED, the undersigned, NU SKIN ENTERPRISES, INC. (herein called the
“Company”), a corporation organized and existing under the laws of
Delaware, hereby promises to pay to BAYSTATE INVESTMENTS, LLC, or registered
assigns, the principal sum of EIGHT MILLION THREE HUNDRED THIRTY-THREE THOUSAND THREE
HUNDRED THIRTY-FOUR U.S. DOLLARS, payable on the Principal Payment Dates and in the
amounts specified above, and on the Final Maturity Date as specified above in an amount
equal to the unpaid balance of the principal hereof, with interest (computed on the basis
of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the
Interest Rate per annum specified above, payable on each Interest Payment Date specified
above and on the Final Maturity Date specified above, commencing with the Interest Payment
Date next succeeding the date hereof, until the principal hereof shall have become due and
payable, and (b) on any overdue payment (including any overdue prepayment) of principal,
any overdue payment of any Make-Whole Amount and any overdue payment of interest, payable
on each Interest Payment Date as aforesaid (or, at the option of the registered holder
hereof, on demand), at a rate per annum from time to time equal to the Default Rate. 

        Payments
of principal, Make-Whole Amount, if any, and interest are to be made at The Bank of New
York in New York City or at such other place as the holder hereof shall designate to the
Company in writing, in lawful money of the United States of America. 

        This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to a Private Shelf Agreement, dated as of August 26, 2003 (as from time to
time amended, herein called the “Agreement”), between Nu Skin
Enterprises, Inc. (the “Company”) and each Issuer Subsidiary which becomes party
thereto, on the one hand, and Prudential Investment Management, Inc. and each Prudential
Affiliate which becomes party thereto, on the other hand, and is entitled to the benefits
thereof. Capitalized terms used and not otherwise defined herein shall have the meanings
provided in the Agreement. Each holder of this Note will be deemed, by its acceptance
hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of
the Agreement, and (ii) to have made the representations set forth in Section 6 of the
Agreement. This Note is secured by the Collateral Documents and is guaranteed by the
Subsidiary Guarantors pursuant to the Subsidiary Guaranty. 

        This
Note is subject to optional prepayment, in whole or from time to time in part, on the
terms specified in the Agreement. 

        This
Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for the then outstanding principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company shall not be affected by any notice to the contrary. 

        In
case an Event of Default shall occur and be continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount), and with the effect provided in the Agreement. 

        This
Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles
of the law of such State (other than Section 5-1401 of the New York General Obligations
Law) that would require the application of the laws of a jurisdiction other than such
State. 

NU SKIN ENTERPRISES,
INC. 

By:         /s/  Ritch N. Wood

Name:    Ritch N. Wood

Title:      Chief Financial Officer 

NU SKIN ENTERPRISES, INC. 

SERIES B SENIOR NOTE 

No. B-5 

CURRENCY AND ORIGINAL PRINCIPAL AMOUNT:  U.S. $5,555,555

ORIGINAL ISSUE DATE:  October 31, 2003

INTEREST RATE:  4.45%

INTEREST PAYMENT DATES: April
30 and October 31

 FINAL MATURITY DATE: April 30, 2010

 PRINCIPAL PREPAYMENT DATES
AND AMOUNTS: $1,111,111 on April 30 of 2006 through 2009, inclusive 

        FOR
VALUE RECEIVED, the undersigned, NU SKIN ENTERPRISES, INC. (herein called the
“Company”), a corporation organized and existing under the laws of
Delaware, hereby promises to pay to GOLDEN AMERICAN LIFE INSURANCE COMPANY, or
registered assigns, the principal sum of FIVE MILLION FIVE HUNDRED FIFTY-FIVE THOUSAND
FIVE HUNDRED FIFTY-FIVE U.S. DOLLARS, payable on the Principal Payment Dates and in
the amounts specified above, and on the Final Maturity Date as specified above in an
amount equal to the unpaid balance of the principal hereof, with interest (computed on the
basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the
Interest Rate per annum specified above, payable on each Interest Payment Date specified
above and on the Final Maturity Date specified above, commencing with the Interest Payment
Date next succeeding the date hereof, until the principal hereof shall have become due and
payable, and (b) on any overdue payment (including any overdue prepayment) of principal,
any overdue payment of any Make-Whole Amount and any overdue payment of interest, payable
on each Interest Payment Date as aforesaid (or, at the option of the registered holder
hereof, on demand), at a rate per annum from time to time equal to the Default Rate. 

        Payments
of principal, Make-Whole Amount, if any, and interest are to be made at The Bank of New
York in New York City or at such other place as the holder hereof shall designate to the
Company in writing, in lawful money of the United States of America. 

        This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to a Private Shelf Agreement, dated as of August 26, 2003 (as from time to
time amended, herein called the “Agreement”), between Nu Skin
Enterprises, Inc. (the “Company”) and each Issuer Subsidiary which becomes party
thereto, on the one hand, and Prudential Investment Management, Inc. and each Prudential
Affiliate which becomes party thereto, on the other hand, and is entitled to the benefits
thereof. Capitalized terms used and not otherwise defined herein shall have the meanings
provided in the Agreement. Each holder of this Note will be deemed, by its acceptance
hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of
the Agreement, and (ii) to have made the representations set forth in Section 6 of the
Agreement. This Note is secured by the Collateral Documents and is guaranteed by the
Subsidiary Guarantors pursuant to the Subsidiary Guaranty. 

        This
Note is subject to optional prepayment, in whole or from time to time in part, on the
terms specified in the Agreement. 

        This
Note is a registered Note and, as provided in the Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney
duly authorized in writing, a new Note for the then outstanding principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company shall not be affected by any notice to the contrary. 

        In
case an Event of Default shall occur and be continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount), and with the effect provided in the Agreement. 

        This
Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles
of the law of such State (other than Section 5-1401 of the New York General Obligations
Law) that would require the application of the laws of a jurisdiction other than such
State. 

NU SKIN ENTERPRISES,
INC. 

By:         /s/  Ritch N. Wood

Name:    Ritch N. Wood

Title:      Chief Financial OfficerExhibit 10.59 NSE 2003 Form 10-K Death Benefit Plan

NU SKIN INTERNATIONAL,
INC. 
1997 KEY EMPLOYEE
DEATH BENEFIT PLAN 

     1.        
          Establishment and Purpose. 

        By
approval of the Board of Directors of Nu Skin International, Inc., a Utah corporation (the
“Company”), there is hereby established a benefit plan for key employees to be
known as the Nu Skin International, Inc. 1997 Key Employee Death Benefit Plan (the
“Plan”). The purposes of the Plan are: (a) to enhance the growth and
profitability of the Company and any subsidiaries it may have now or in the future by
providing greater security to certain officers, directors, and employees and their
families and (b) to attract and retain officers, directors, and employees of outstanding
competence and ability. 

     2.        
          Definitions. 

        For
the purposes of this Plan, the following terms shall have the indicated meanings: 

                 a.       
          “Board of Directors” or “Board” shall mean the Board of
          Directors of the Company. 

                 b.       
          “Company” shall mean the Company and shall include each of its present
          and future subsidiaries, which are defined to include any corporation,
          partnership, or other organization in which the Company has proprietary interest
          by reason of share or equity ownership or otherwise, but only if the Company
          owns or controls, directly or indirectly, shares or other equity interests
          possessing not less than 50% of the total combined voting power of all classes
          of stock or other equity interests in such corporation, partnership, or
          organization. However, for purposes of determining whether a person is an
          officer or shareholder of the Company, the term “Company” shall not
          include any subsidiary. 

                 c.       
          “Committee” shall mean a Committee of members of the Board of
          Directors established by the Board of Directors to administer this Plan, or its
          functional successor, unless no committee has been designated by the Board of
          Directors to administer this Plan, in which case the entire Board of Directors
          shall constitute the Committee to administer this Plan. Committee members shall
          serve at the pleasure of the Board of Directors. 

                 d.       
          “Death Benefit” shall mean the insurance benefit payable to the
          designated beneficiary or beneficiaries of a Participant upon the death of the
          Participant pursuant to insurance obtained under to this Plan. 

                 e.       
          “Participant” shall mean any officer, director, or employee of the
          Company who has been designated as a Participant by the Committee, and any
          person on leave of absence from the Company while serving as a full-time
          missionary for any legally recognized ecclesiastical organization, who was
          designated as a Participant by the Committee prior to the commencement of such
          leave of absence. 

3.        Administration. 

                 a.       
          The Plan shall be administered by the Committee. Subject to the provisions of
          this Plan, the Committee shall have sole and complete authority to: (i) select
          Participants after receiving the recommendations of the management of the
          Company; (ii) determine the amount of any death benefit payable under this Plan;
          (iii) determine the amount and terms of such insurance obtained by the Company
          under this Plan; (iv) adopt, amend, and rescind such rules and regulations as,
          in its opinion, may be advisable for the administration of this Plan; (v)
          construe and interpret this Plan, the rules and regulations, and the instruments
          utilized hereunder; and (vi) make all determinations deemed advisable or
          necessary for the administration of this Plan. All determinations by the
          Committee shall be final and binding unless otherwise determined by the Board of
          Directors. 

                 b.       
          The Committee shall hold meetings at such times and places as it may determine.
          The Committee may request advice or assistance or employ such other persons as
          are necessary for proper administration of this Plan. A quorum of the Committee
          shall consist of a majority of its members, and the Committee may act by a
          majority vote of its members at a meeting at which a quorum is present, or
          without a meeting by a written consent to the action taken, signed by all
          members of the Committee. The Board of Directors may from time to time appoint
          members to the Committee in substitution of members previously appointed and
          fill any vacancies, however caused, in the Committee. 

     4.        
          Designation of Participants. 

        The
Committee shall, in its sole and absolute discretion, designate employees, officers and
directors of the Company as Participants in the Plan, and the amount of Death Benefit to
which each such Participant shall be entitled. Unless otherwise provided by the Committee,
all persons who (1) are officers of the Company and have the rank of chairman of the
board, president, chief executive officer, or vice president and are shareholders in the
Company or (2) are designated by the Committee as key shareholders of the Company, shall
be deemed designated as Participants in the Plan and shall be entitled to a Death Benefit
of $1,000,000. Unless otherwise provided by the Committee, all persons who are officers of
the Company and have the rank of vice president, but are not shareholders in the Company,
shall be deemed designated as Participants in the Plan and shall be entitled to a Death
Benefit under the Plan of $500,000. 

5.        Death Benefit. 

        The
Company shall procure and pay all premiums for insurance upon the life of each
Participant, providing to the Participant a Death Benefit in the amount established
pursuant to Section 4 hereof, with the right to the Participant to designate the
beneficiary of such insurance. The Participant shall have the right to assign all of the
Participant’s rights in the policy pursuant to U.C.A. §31A-22-412. The terms of
any insurance policy obtained by the Company shall be determinative as to the right of any
person to any benefit under such insurance policy. The Company may provide the benefits
under this Plan through the adoption of a split-dollar arrangement with any or all of the
participants, as the Company may determine, in its sole and absolute discretion. 

     6.        
          Beneficiary Designation. 

        Designation
of beneficiaries of insurance provided under this Plan shall be accomplished in accordance
with the terms of such insurance. 

7.         Employment Rights. 

        Neither
this Plan nor any action taken hereunder shall be construed as giving any employee of the
Company the right to become a Participant nor any right to be retained in the employ of
the Company. 

8.         Protection of Company. 

        The
Company reserves the right not to pay any premium or other payment for any insurance
procured by the Company under this Plan at any time, for any or no reason, provided,
however, that to the extent that the insurance provided under this Plan may, under the
terms of such insurance, be assumed and paid for by the Participant, the Participant may
pay such premium or other payment and continue such insurance in force. The Company’s
sole obligation shall be to provide reasonable notice to the Participant of its
determination not to pay any such premium or other payment. 

9.         Withholding. 

        The
Company shall have the right to deduct or withhold from any other compensation payments
made to the Participant, any Federal, state, or local taxes, including transfer taxes,
required by law to be withheld or to require the Participant to pay any amount, or the
balance of any amount, required to be withheld as a condition to receiving a benefit
hereunder. 

10.         Relationship to Other
Benefits. 

        No
benefits under this Plan shall be taken into account in determining any benefits under any
pension, retirement, group insurance, or other employee benefit plan of the Company,
whether now existing or hereafter adopted. This Plan shall not preclude the shareholders
of the Company, whether now existing or hereafter adopted. This Plan shall not preclude
the shareholders of the Company, the Board of Directors or any committee thereof, or the
Company from authorizing or approving other employee benefit plans or forms of incentive
compensation, nor shall it limit or prevent the continued operation of other incentive
compensation plans or other employee benefit plans of the Company or the participation in
any such plans by Participation in this Plan. 

11.         No Trust or Fund
Created. 

        Neither
this Plan nor any benefit conferred hereunder shall create or be construed to create a
trust or separate fund of any kind or a fiduciary relationship between the Company and a
Participant or any other person. 

12.         Accounts. 

        There
shall be maintained separate accounts for the Participants under this Plan. 

13.         Expenses. 

        The
expenses of administering this Plan shall be borne by the Company. 

14.         Indemnification. 

        Service
on the Committee for purposes of this Plan only shall constitute service as a member of
the Board of Directors so that members of the Committee shall be entitled to
indemnification and reimbursement similar to directors of the Company pursuant to its
Articles of Incorporation, By-Laws or resolutions of its Board of Directors or
shareholders. 

15.         Tax Litigation. 

        The
Company shall have the right to contest, at its expense, any tax ruling or decision,
administrative or judicial, on any issue that is related to this Plan and that the Company
believes to be important to the Company and to conduct any such contest or any litigation
arising therefrom to a final decision. 

     16.        
          Amendment and Termination. 

        The
Board of Directors may modify, amend, or terminate this Plan in any respect at any time.
The Company may terminate insurance under this Plan at any time. 

     17.        
          Governmental and Other Regulations. 

        This
Plan shall be subject to all applicable Federal and state laws, rules, and regulations and
to such approvals by any regulatory or governmental agency which may, in the opinion of
the counsel for the Company, be required. This Plan is not, nor is it intended to be, an
“employee benefit plan” or “plan” as those terms are defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974. 

     18.        
          Governing Law. 

        This
Plan shall be construed and its provisions enforced and administered in accordance with
the laws of the State of Utah. 

19.         Effective Date. 

        This
Plan shall not be effective unless and until adopted by action of the Board of Directors,
and shall be effective upon the day and date specified in the adoptive resolution of the
Board of Directors. 

DATED the 4th day of
April, 1997. 

By
order of the Board of Directors 

NU SKIN INTERNATIONAL,
INC. 

/s/  Blake M. Roney 

By:     Blake M. Roney

ATTEST: 

/s/ Steven J. Lund 

Secretary

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