Document:

CALIFORNIA FEDERAL BANK, A FEDERAL SAVINGS BANK
                           1998 CHANGE OF CONTROL PLAN

                                    ARTICLE I
                                     PURPOSE

     The purpose of the Plan is to recognize  the  contributions  to the success
and  profitability  of  CALIFORNIA  FEDERAL  BANK,  A FEDERAL  SAVINGS BANK (the
"Bank")  provided by officers of the Bank through the payment of certain  future
compensation (as described  herein) that will  (a) increase the interest of such
officers in the Bank's  welfare and (b) furnish an incentive to such officers to
continue their services for the Bank.  This Plan shall be  interpreted,  for all
purposes,  in a manner  that  will  effectuate  the  purposes,  objectives,  and
intentions  set  forth in this  Article.  The  substance  of this  Plan has been
adopted by the Compensation Committee of the Board of Directors of the Bank.

                                   ARTICLE II
                                   DEFINITIONS

     For  purposes of this Plan,  unless the  context  requires  otherwise,  the
following terms shall have the meanings indicated:

     "Bank" means California Federal Bank, A Federal Savings Bank.

     "Bank Board" means the Board of Directors of the Bank.

     "Business Combination"  shall  have  the  meaning  set  forth  within  the
definition of "Change of Control."

     "Cause"  shall mean gross  neglect by a  Participant  of the  Participant's
duties to the Bank,  conviction of the Participant of any felony,  conviction of
the  Participant  of any lesser crime or offense  involving  the property of the
Bank  or  any of its  subsidiaries  or  affiliates,  willful  misconduct  by the
Participant in connection  with the  performance of any material  portion of the
Participant's  duties to the Bank,  breach by the  Participant  of any  material
provision of the Bank's employment policies including the Code of Ethics, or any
other conduct on the part of the Participant  which would make the Participant's
continued employment by the Bank materially prejudicial to the best interests of
the Bank. "Cause" also shall include the bases set forth in the provisions of 12
C.F.R.  Section  563.39(b)(1) or successor  regulation defining  termination for
cause in employment agreements for employees of a savings association.

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     "Change of Control Event" means the occurrence of 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  Securities  Exchange  Act of 1934,  as
amended) (a "Person") of beneficial  ownership (within the meaning of Rule 13d-3
promulgated  under the  Securities  Exchange Act of 1934,  as amended) of 20% or
more of either (1) the then-outstanding shares of common stock (the "Outstanding
Company Common  Stock") of Golden State Bancorp Inc. (the  "Company") or (2) 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
paragraph (a) the following  acquisitions shall not constitute,  or be deemed to
cause, a Change of Control Event:  (i) any increase in such percentage ownership
of a Person  to 20% or more  resulting  solely  from any  acquisition  of shares
directly from the Company or any acquisition of shares by the Company, provided,
however,  that any subsequent  acquisitions  of shares by such Person that would
add,  in the  aggregate,  2% or more  (measured  as of the  date  of  each  such
subsequent  acquisition)  to such Person's  beneficial  ownership of Outstanding
Company Common Stock or Outstanding Company Voting Securities shall be deemed to
constitute  a Change of Control  Event,  (ii) any  acquisition  by any  employee
benefit plan (or related  trust)  sponsored or  maintained by the Company or any
corporation  controlled  by the  Company;  (iii) any  acquisition  by  Ronald O.
Perelman,  Gerald J.  Ford or an entity controlled by either or both of them; or
(iv) any acquisition by any corporation pursuant to a transaction which complies
with clauses (1), (2) and (3) of paragraph (c) below; or

     (b)  Individuals  who,  as of the  date  hereof,  constitute  the  Board of
Directors  of the  Company  (the  "Incumbent Board")  cease  for any  reason to
constitute  at least a  majority  of the  Board  of  Directors  of the  Company;
PROVIDED, HOWEVER,  that any individual  becoming a director  subsequent to the
date  hereof  whose  election,  or  nomination  for  election  by the  Company's
stockholders,  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 of Directors of the
Company; 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,  (1) all or  substantially  all of the individuals and entities who
were the beneficial owners, respectively, of the then 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-

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<PAGE>

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, (2) no Person (excluding any corporation
resulting  from such  Business  Combination  or any  employee  benefit  plan (or
related  trust)  of the  Company  or of such  corporation  resulting  from  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 (3) individuals who
were on the  Incumbent  board  cease to  constitute  at least a majority  of the
members of the board of directors of the corporation resulting from the Business
Combination;   provided,  however,  that  any  individual  becoming  a  director
subsequent to the date hereof whose election,  or nomination for election by the
Company's  stockholders,  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 of Directors of the
Company; or

Notwithstanding the foregoing, the occurrence of an event described in the above
paragraphs  (a) through  (c),  inclusive,  shall not be deemed to  constitute  a
Change of Control Event if,  following the  occurrence of such event,  Gerald J.
Ford  continues  to serve as the  Chairman  and Chief  Executive  Officer of the
Company (in the case of a Business Combination, of the surviving company in such
Business  Combination).  However,  if a Change of  Control  Event does not occur
solely  because of the  operation of the  preceding  sentence,  then a Change of
Control Event shall occur upon the subsequent  death or permanent  disability of
Gerald J. Ford.

     (d) Approval by the  stockholders of the Company of a complete  liquidation
or dissolution of the Company.

"Code" shall have the meaning set forth in Section 6.13.

"Committee" shall have the meaning set forth in Article III.

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<PAGE>

     "Company" shall have the meaning set forth within the definition of "Change
of Control."

     "Disability"  shall mean that a  Participant  has  suffered  a physical  or
mental disability, whether total or partial, such that the Participant is unable
to  perform  the  Participant's  services  to the bank  for (i) a period  of six
consecutive months or (ii) for shorter periods aggregating six months during any
twelve month period.

     "Excess Amount" shall have the meaning set forth in Section 6.13.

     "Incumbent Board" shall have the meaning set forth within the definition of
"Change of Control."

     "Outstanding  Company Common Stock" shall have the meaning set forth within
the definition of "Change of Control."

     "Outstanding  Company Voting  Securities"  shall have the meaning set forth
within the definition of "Change of Control."

     "Participant" shall have the meaning set forth in Article IV.

     "Payment  Date" shall mean the earlier to occur of (a) the date of a Change
of Control Event or (b) December 31, 2002.

     "Person"  shall have the meaning set forth within the definition of "Change
of Control."

     "Plan" means this  California  Federal Bank, A Federal  Savings Bank,  1998
Change of Control Plan, as amended from time to time.

     "Plan Payment" shall mean for a Participant  the product of (a) 125% of the
Participant's  base salary as of December  31,  1998,  as set forth on Exhibit A
hereto  opposite such  Participant's  name under the heading "Base Award Amount"
multiplied by (b)such Participant's Vested Percentage as of the Payment Date.

     "Service Period" shall have the meaning set forth in Section 5.2.

     "Vested Percentage" means the quotient of the Participant's  Service Period
divided by 60.

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<PAGE>

                                   ARTICLE III
                                 ADMINISTRATION

     The Plan shall be  administered by the  Compensation  Committee of the Bank
Board (the "Committee").  Without limitation, the Committee shall: (i) interpret
the Plan; (ii) prescribe, amend, and rescind any rules and regulations necessary
or  appropriate  for the  administration  of the Plan; and (iii) make such other
determinations  and take such other action as it deems  necessary or  advisable.
Any  interpretation,  determination,  or  other  action  made  or  taken  by the
Committee shall be final, binding, and conclusive on all interested parties.

                                   ARTICLE IV
                                  PARTICIPANTS

     The Board has  selected  the  individuals  listed  on  Exhibit A  to be the
Participants in the Plan.  "Participant"  shall mean the  individuals  listed on
Exhibit A hereto;  provided,  however, that an officer whose employment with the
Bank is  terminated  by the Bank for  Cause or by the  Participant  for a reason
other than death or  Disability,  shall  cease to be a  "Participant"  hereunder
simultaneously  with such  termination.  A Participant whose employment with the
Bank is  terminated  by the  Bank  for a  reason  other  than  for  Cause or who
terminates his or her employment due to Disability shall nonetheless continue to
be a  Participant  hereunder.  If a  Participant's  employment  with the Bank is
terminated  due to the  Participant's  death,  then the  person or  entity  that
succeeds  to the  Participant's  interest  under the Plan shall be  entitled  to
receive  any Plan  Payment  which the  Participant  would have  received  if the
Participant had been employed by the Bank on the Payment Date.

                                    ARTICLE V
                                  PLAN PAYMENTS

     5.1 Payment of Plan  Payments.  On the Payment Date,  the Bank shall make a
Plan  Payment  to each  person  who then is a  Participant  in the Plan and,  if
applicable,   to  the  person  or  entity  that  has  succeeded  to  a  deceased
Participant's  interest  under the  Plan.  Plan  Payments  shall be paid by Bank
check,  which need not be a certified check or a cashier's check. The Bank shall
deduct or withhold from any Plan Payment made  hereunder all federal,  state and
local income taxes, Social Security,  FICA, FUTA and other amounts that the Bank
determines are required by law to be withheld.  Simultaneously  with or prior to
the payment of the Plan Payments,  the President and Chief Operating  Officer or
other  appropriate  officer of the Bank  shall  deliver  to each  Participant  a
written notice setting forth the calculation of such Participant's Plan Payment.

     5.2 Service Period.  Set forth opposite each initial  Participant's name on
Exhibit A hereto  under the  heading  "First  Month of Service" is the month and
year during which the  Participant  entered  into his or her current  employment
relationship  with the  Bank  (as  owned  by  First  Nationwide  Holdings  Inc.,
effective  January 3, 1997) or First Madison Bank,  FSB; First

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<PAGE>

Gibraltar Bank, FSB; or First  Nationwide Bank, A Federal Savings Bank (as owned
by First Nationwide  Holdings Inc.,  effective October 1, 1994). For purposes of
determining  a  Participant's  Vested  Percentage,  the  Participant's  "Service
Period"  shall be the total number of months  beginning  with the  Participant's
First Month of Service and ending  with the last day of the month  during  which
the Payment Date occurs  (inclusive);  provided,  however,  the maximum possible
Service Period for purposes of such determination shall be 60 months.

                                   ARTICLE VI
                            MISCELLANEOUS PROVISIONS

     6.1  Non-Assignability.  A Participant's right to a Plan Payment may not be
transferred  or  assigned  other  than  by will or by the  laws of  descent  and
distribution, in all cases subject to the terms and provisions hereof.

     6.2 No Right To Continue In  Employment.  Nothing in the Plan  confers upon
any employee the right to continue in the employ of the Bank or interferes  with
or restricts  in any way the right of the Bank to discharge  any employee at any
time (subject to any contractual rights of such employee).

     6.3 Indemnification Of Board and Committee.  No member of the Bank Board or
the  Committee,  nor any officer or employee of the Bank acting on behalf of the
Bank  Board  or   Committee   shall  be   personally   liable  for  any  action,
determination, or interpretation taken or made in good faith with respect to the
Plan,  and all members of the Bank Board or the  Committee  and each  officer or
employee of the Bank acting on their behalf  shall,  to the extent  permitted by
law,  be fully  indemnified  and  protected  by the Bank in  respect of any such
action, determination or interpretation.

     6.4 Plan Funding.  The Plan shall at all times be entirely  unfunded and no
provision  shall at any time be made with respect to  segregating  assets of the
Bank for payment of any amounts  hereunder.  No  Participant or any other person
shall have any  interest in any  particular  assets of the Bank by reason of the
right to receive a Plan Payment under the Plan. Participants shall have only the
rights  of a  general  unsecured  creditor  of the Bank and only at such time or
times when such rights may arise in accordance with the terms hereof.

     6.5 Governing Law. This Plan shall be construed in accordance with the laws
of the State of California and the rights and  obligations  created hereby shall
be governed by the laws of the State of California.

     6.6  Binding  Effect.  This  Plan  shall be  binding  upon and inure to the
benefit of the Bank, its successors and assigns, and the Participants, and their
respective heirs and personal representatives.

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<PAGE>

     6.7  Construction  of  Plan.  The  captions  used  in  this  Plan  are  for
convenience only and shall not be construed in interpreting  the Plan.  Whenever
the context so requires,  the  masculine  shall include the feminine and neuter,
and the singular shall also include the plural, and conversely.

     6.8  Integrated   Plan.  This  Plan  constitutes  the  final  and  complete
expression of the Bank's agreement with respect to the subject matter hereof.

     6.9 Effective  Date and  Termination  Date.  The effective date of the Plan
shall be  December 31,  1998.  The  Termination  Date of this Plan  shall be the
earlier to occur of (i) the date on which the Bank Board determines to terminate
the Plan pursuant to Section 6.11 or (ii) the Payment Date.

     6.10 Compliance with Other Laws and Regulations.  The Bank Board may obtain
such agreements or undertakings, if any, as the Bank Board may deem necessary or
advisable to assure  compliance  with any law or regulation of any  governmental
authority or any national securities exchange or other forum in which the Bank's
common stock is traded. The Plan and any Plan Payment hereunder shall be subject
to all  applicable  federal and state laws,  rules and  regulations  and to such
approvals by any government or regulatory agency as may be required.

     6.11  Amendment;  Termination.  The Bank  Board  may  terminate  the  Plan;
provided, however, that on the effective date of such termination the Bank shall
pay to each  Participant  (and, if applicable,  to the person or entity that has
succeeded to a deceased  Participant's  interest  under the Plan) the amount set
forth on Exhibit A  hereto  opposite such  Participant's  name under the heading
"Base Award Amount," without regard to such  Participant's  Vested Percentage or
Service  Period.  The Bank Board may amend this Plan  without the consent of the
Participants  if such  amendment  will not  reduce  the amount to be paid to any
Participant  or  otherwise  materially  affect  the  rights or  benefits  of any
Participant.  Notwithstanding the foregoing,  the Bank Board may amend this Plan
to delete Section 6.13 without obtaining the consent of the Participants.

          6.12  Plan  Subject  to  Applicable  Law.  Any  payments  made  to any
     Participant  pursuant  to this  Plan,  or  otherwise,  are  subject  to and
     conditioned  upon their  compliance with 12 U.S.C.  Section 1828(k) and any
     regulations promulgated thereunder.

     6.13 Limitation on Payments.

          (a)  Notwithstanding  anything  in this Plan to the  contrary,  in the
     event it shall be  determined  that any payment or  distribution  made,  or
     benefit  provided,  by the Bank or the Company to or for the benefit of any
     Participant  (whether paid or payable or  distributed or  distributable  or
     provided  pursuant to the terms  hereof or  otherwise)  would  constitute a
     "parachute payment" as defined in Section 280G of the Internal Revenue Code
     of 1986, as amended (the "Code"), then the Plan Payment payable pursuant to
     such  Participant  pursuant  to this  Plan  shall  be  reduced  so that the
     aggregate  present value of all

                                       7

<PAGE>

     payments  in the nature of  compensation  to (or for the  benefit  of) such
     Participant which are contingent on a change of control (as defined in Code
     Section  280G(b)(2)(A))  is One Dollar  ($1.00)  less than the amount which
     such  Participant  could receive without being  considered to have received
     any  parachute  payment  (the  amount  of this  reduction  in the  lump sum
     severance  payment  is  referred  to herein as the  "Excess  Amount").  The
     determination of the amount of any reduction required by this Section shall
     be made by an independent  accounting firm selected by the Bank Board,  and
     such determination shall be conclusive and binding on such Participant.

          (b)  Notwithstanding the provisions of item (a) of this Section, if it
     is established  pursuant to a final determination of a court or an Internal
     Revenue  Service   proceeding  which  has  been  finally  and  conclusively
     resolved,  that an Excess Amount was received  hereunder by a  Participant,
     then such Excess  Amount  shall be deemed for all  purposes to be a loan to
     such  Participant  made on the date the  Participant  received  the  Excess
     Amount and such  Participant  shall repay the Excess  Amount to the Bank on
     demand (but no less than ten (10) days after written  demand is received by
     such  Participant)  together  with  interest  on the  Excess  Amount at the
     "applicable  Federal rate" (as defined in Section 1274(d) of the Code) from
     the date of the Participant's  receipt of such Excess Amount until the date
     of such repayment.

     IN  WITNESS  WHEREOF,  this  Plan has been  executed  as of the 25th day of
March, 1999.

                                       CALIFORNIA FEDERAL BANK
                                       A FEDERAL SAVINGS BANK

                                       By:      /s/ Gerald J. Ford
                                       -----------------------------------------
                                       Name: Gerald J. Ford
                                       Title: Chairman & Chief Executive Officer

                                       8AMENDMENT NO. 2 TO

                   AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

     This  Amendment  No.2 to the Amended and  Restated  Stockholders  Agreement
(this  "AMENDMENT")  is  entered  into  as of May 13,  1999  by and  among  the
Stockholders who have executed the signature pages of this Amendment and Nu Skin
Enterprises,  Inc.,  a  corporation  organized  under  the laws of the  State of
Delaware (the  "COMPANY").  This Amendment shall be binding upon each person who
executes this  Amendment  notwithstanding  the fact that any other  Stockholders
fail or refuse to execute this  Amendment.  The  capitalized  terms used in this
Amendment and not otherwise  defined  herein shall have the meanings  given such
terms in the Amended and  Restated  Stockholders  Agreement  dated  November 28,
1997, as previously  amended by Amendment No. 1 to such  agreement  (hereinafter
the "AMENDED AND RESTATED STOCKHOLDERS AGREEMENT").

                                    RECITALS

     A.  WHEREAS,  the Company is  proposing to undertake  the  registration  of
shares for resale by the Stockholders and the former  stockholders of Pharmanex,
Inc.  pursuant  to  an  underwritten   public  offering  (the  "PROPOSED  PUBLIC
OFFERING"); and

     B. WHEREAS, the Company is willing to continue to proceed with the Proposed
Public  Offering  only  if the  Stockholders  agree  to  extend  certain  resale
restrictions set forth in the Amended and Restated Stockholders Agreement;

     NOW, THEREFORE,  in consideration of the premises and the mutual agreements
set forth herein and for other good and valuable consideration,  the receipt and
sufficiency of which are hereby  acknowledged,  the Parties  hereto  irrevocably
agree as follows:

     1. Section 2.2 Lock-up  Agreement is hereby amended to lengthen the lock-up
period for all  Stockholders  other than the trusts  identified  on  Schedule B.
Accordingly Section 2.2 is amended to read in its entirety as follows:

          "2.2  Lock-up  Agreement.   Notwithstanding   any  provision  of  this
     Agreement to the contrary,  except for Transfers pursuant to Sections 3 and
     5, from and after the date hereof each  Stockholder  (other than the trusts
     identified on Schedule B) will not,  without the prior  written  consent of
     the Company, jointly or individually,  Transfer, offer, make any short sale
     of,  contract  to sell,  lend,  grant any  option for the  purchase  of, or
     otherwise dispose of, directly or indirectly, any Shares owned of record or
     beneficially by such Stockholder  until June 30, 2000 (the "INITIAL LOCK-UP
     PERIOD");  provided,  however,  that the Initial  Lock-up  Period  shall be
     further  extended  until up to  December  31, 2000 (the  "EXTENDED  LOCK-UP
     PERIOD")  with respect to any  Stockholder  who,  together with any of such
     Stockholder's  Stockholder  Controlled Entities,  receives additional gross
     proceeds (the "ADDITIONAL SALE PROCEEDS") from the sale of shares in one or
     any combination of public offerings  (excluding the sale of up to 9 million
     shares in the Proposed Public Offering,  but including any shares in excess
     of 9  million  shares  sold  in  the  Proposed  Public  Offering),  private
     placements,  or  any  Company  share  repurchases  (with  each  Stockholder
     eligible to participate in any private placements or share repurchases at a
     level at least equal to that Stockholder's

<PAGE>

     percentage equity ownership interest in the Company  immediately  preceding
     the Company's initial public offering).  The extent of the Extended Lock-up
     Period shall be  determined  by  multiplying  six months by a fraction (the
     "EXTENDED  LOCK-UP  FRACTION").  The  numerator  of the  Extended  Lock- up
     Fraction shall be equal to the actual  Additional Sale Proceeds received by
     the  Stockholder  divided by $120 million.  The denominator of the Extended
     Lock-up Fraction shall be equal to the Stockholder's  percentage  ownership
     interest in the Company immediately  preceding the Company's initial public
     offering.  For example, if a Stockholder  received Additional Sale Proceeds
     of $5 million,  and that Stockholder's  percentage ownership interest prior
     to the initial  public  offering were 5%, then the Extended  Lock-up Period
     would run for 5 months, calculated as follows:

                             $5 million/$120 million
                             -----------------------
                     6 months   x       .05 =      5 months

     If any  Stockholder  elects not to  participate  in a liquidity  event that
     generates  Additional  Sale  Proceeds,  then the  lock-up  period  for that
     Stockholder  shall expire on June 30, 2000.  In the event  Additional  Sale
     Proceeds  exceed $120 million,  then the Extended  Lock-up  Period shall be
     subject to an additional negotiated extension."

     2.  Section 2.3 Post  Lock-up  Selling  Restrictions  is hereby  amended as
follows:

          (a)  Section  2.3 is hereby  amended  to provide  that the  Restricted
Resale Period for each Stockholder (other than the trusts identified on Schedule
B to the Amended and Restated Stockholders Agreement) shall expire one year from
the expiration of the Extended  Lock-up Period with respect to that  Stockholder
and that the  Restricted  Resale Period for the trusts  identified on Schedule B
would  expire on the  earlier of December  31,  2001 or the date the  Restricted
Resale Period ends for any other Stockholder. Accordingly, the first sentence of
Section 2.3 is amended to read in its entirety as follows:

          "2.3 Post Lock-up Selling  Restrictions.  Except as otherwise provided
     herein,  for a one year  period  following  the  expiration  of the Initial
     Lock-up  Period or the Extended  Lock-up  Period,  whichever is the last to
     expire as it applies to each Stockholder (the "Restricted  Resale Period"),
     all sales of Shares in a public  resale  pursuant  to  Section  4(1) of the
     Securities Act or Rule 144 promulgated  thereunder or pursuant to any other
     exempt  transaction  under the  Securities  Act,  shall  not  exceed in any
     calendar quarter the Stockholder's specified Rule 144 Allotment (as defined
     below). Notwithstanding the foregoing, the Restricted Resale Period for the
     trusts  identified  on Schedule B would run from March 26, 1999 through the
     earlier to occur of (a) December 31, 2001,  and (b) the date the Restricted
     Resale Period expires for any other stockholder."

          (b) The Stockholders agree that the provisions of subparagraphs  2.3.1
through 2.3.6 apply to all public resales whether effected pursuant to Rule 144,
Section 4(1) of the Securities Act or any other available exemption.

          (c)  Section  2.3.7 is hereby  amended to read in its  entirety as set
forth below to clarify the terms of such subparagraph:

          "2.3.7. Following the expiration of the Restricted Resale Period, each
     Stockholder  agrees  not to sell  in  public  resales  more  shares  in any
     calendar  quarter  than the greater of (a) one  percent of the  outstanding
     shares  of Class A Common  Stock as  shown  by the most  recent  report  or
     statement  published by the Company,  and (b) the average  reported  weekly
     volume of trading in the Class A Common Stock determined in accordance with
     the provisions of Rule 144(e)."

                                      -2-

<PAGE>

          (d) All other terms and  conditions of the first  paragraph of Section
2.3 of the Amended and Restated  Stockholders  Agreement  and its  subparagraphs
(2.3.1 through 2.3.7) shall remain in full force and effect.

     3. Effect of  Amendment.  This  Amendment  amends the Amended and  Restated
Stockholders Agreement only to the extent expressly provided herein. Pursuant to
Section 12.5 of the Amended and Restated Stockholders Agreement,  this Amendment
shall be  binding  upon each of the  Stockholders  who  elects to  execute  this
Amendment even if one or more of the Stockholders fail or refuse to execute this
Amendment.  To the extent  provisions  of the Amended and Restated  Stockholders
Agreement  are  not  expressly  modified  or  amended  by this  Agreement,  such
unamended  provisions  shall  continue  in full  force and  effect  and shall be
construed  together with the amendments set forth herein as the entire agreement
of the parties hereto. The Amendment shall not apply to any Stockholder who does
not execute this  Amendment,  but such  Stockholder  shall remain subject to and
obligated  under the terms of the Amended and Restated  Stockholders  Agreement,
without giving effect to this  Amendment,  and this Amendment shall in no way be
interpreted  as limiting  the  obligations  or  restrictions  in the Amended and
Restated  Stockholders  Agreement with respect to any  Stockholder  who does not
execute this Amendment Agreement. In the event a Proposed Public Offering is not
completed  by  November 1, 1999,  or if prior to such date the Company  provides
written notice to the  Stockholders  that it has elected not to proceed with the
Proposed  Public  Offering,  then the  amendments  set forth in Sections 1 and 2
hereof  shall  expire and no longer be of any force or effect  from  November 1,
1999 (if a secondary  offering has not been  completed by such date) or the date
of such written notice (in the event the Company  provides written notice it has
elected not to proceed with such offering).

     4. Liquidity Events. In consideration of the redemption of 20,000 shares of
Class A Common  Stock by the Company from each of Kirk Roney and Rick Roney at a
purchase  price of $16.00 per share,  each of Kirk Roney and Rick Roney agree to
execute and be bound by the terms of the Amendment No. 1 to Amended and Restated
Stockholders Agreement. Upon execution of such amendment, each of Kirk Roney and
Rick Roney  shall have the same right to  participate  in any  private or public
liquidity events as the other Stockholders.  Each Stockholder hereby agrees that
the right to participate  in liquidity  events shall be subject to the following
terms.

             4.1 The 9 million shares allocated to the Stockholders party to the
Amended and Restated Stockholder Agreement in the Proposed Public Offering shall
be allocated among the Stockholders,  together with their respective Stockholder
Controlled Entities,  in accordance with the percentages set forth on Schedule A
to the Amended and Restated  Stockholders  Agreement,  including any  additional
shares  that may be  allocated  as a result of the  Pharmanex  stockholders  not
selling  their  entire  allotment,  or  as a  result  of  the  exercise  of  the
over-allotment option by the underwriters. In the event a Stockholder,  together
with  his or her  respective  Stockholder  Controlled  Entities,  agrees  at the
request of the  underwriters to sell less than his or her applicable  percentage
as set forth in  Schedule  A of the 9 million  shares,  he or she shall have the
right to receive a larger and priority  allocation of any  additional  shares in
order to bring his or her percentage of the total shares allocated to him or her
up to the  percentage  set  forth in  Schedule  A to the  Amended  and  Restated
Stockholders Agreement.

             4.2 Subject to agreeing to any terms and conditions the Company may
impose with respect to any such private  liquidity event as set forth in Section
4.3 below, a Stockholder, together with his or respective Stockholder Controlled
Entities,  shall have the right to participate in any Company  sponsored private
placements or share repurchases by the Company at a level at least equal to that

                                      -3-

<PAGE>

Stockholder's  percentage equity ownership  interest in the Company  immediately
preceding the Company's initial public offering.

             4.3  The  Company  may  require  as a  condition  to the  right  to
participate in any future  liquidity  event,  that a Stockholder  and his or her
Stockholder  Controlled  Entities,  agree to such terms and conditions as may be
requested by the Company for all  Stockholders,  including any extensions of the
Extended Lock-up Period and the Restricted Selling Periods;  provided,  however,
that with respect to any liquidity event that occurs prior to June 30, 2000, the
provisions of Section 2.2 and 2.3, as amended above,  shall determine the length
of any extension of the Extended  Lock-up  Period and  Restricted  Resale Period
unless the  Additional  Sales  Proceeds are in excess of $120 million,  in which
event  the  Company  may   negotiate  a  further   extension   of  such  selling
restrictions.

     5.  Counterparts.  This  Amendment  may be executed by facsimile and by any
number of counterparts, each of which shall be deemed to be an original, but all
of which together shall  constitute one agreement.  Each counterpart may consist
of a number of copies each signed by less than all, but  together  signed by all
of the Parties hereto.

                                      -4-

<PAGE>

                        SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

         IN WITNESS  WHEREOF,  this Amendment has been signed by duly authorized
signatories  of the Parties  hereto and is binding upon the Parties hereto as of
the date first above written.

                        NU SKIN ENTERPRISES, INC.,
                        a Delaware Corporation

                        By:      /s/
                                 __________________________________________

                        Its:     __________________________________________

                        /s/Blake M. Roney
                        Blake M. Roney, individually

                        /s/Nancy L. Roney
                        Nancy L. Roney, individually

                        THE ALL R'S TRUST

                        By:      /s/L. S. McCullough
                                 L. S. McCullough
                        Its:     Trustee

                        THE B & N RONEY TRUST

                        By:      /s/ L. S. McCullough
                        Its:     Trustee

                        THE WFA TRUST

                        By:      /s/ L. S. McCullough
                        Its:     Trustee

                                      S-1

<PAGE>

                        SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        BNASIA, LTD.

                        By:     /s/ Blake M. Roney
                                 Blake M. Roney
                        Its:     General Partner

                        By:     /s/ Nancy L. Roney
                                 Nancy L. Roney
                        Its:     General Partner

                        THE BLAKE M. AND NANCY L. RONEY
                        FOUNDATION

                        By:      /s/ Blake M. Roney
                                 Blake M. Roney
                        Its:     Trustee

                        By:      /s/ Nancy L. Roney
                                 Nancy L. Roney
                        Its:     Trustee

                        THE ONE FOUNDATION

                        By:      /s/ Blake M. Roney
                                 Blake M. Roney
                        Its:     Trustee

                        By:      /s/ Nancy L. Roney
                                 Nancy L. Roney
                        Its:     Trustee

                        By:      /s/ Keith R. Halls
                                 Keith R. Halls
                        Its:     Trustee

                                   S-2

<PAGE>

                        SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        B & N RHINO COMPANY, L.C.

                        By:      /s/ Craig F. McCullough
                                 Craig F. McCullough
                        Its:     Manager

                        By:      /s/ Nedra D. Roney
                                 Nedra D. Roney, individually

                        By:      /s/ Rick A. Roney
                                 Rick A. Roney, individually

                        By:      /s/ Burke F. Roney
                                 Burke F. Roney, individually

                        By:      /s/ Park R. Roney
                                 Park R. Roney, individually

                        THE MAR TRUST

                        By:      /s/ Tom D. Branch
                                 Tom D. Branch
                        Its:     Trustee

                        THE NR TRUST

                        By:      /s/ Tom D. Branch
                                 Tom D. Branch
                        Its:     Trustee

                                      S-3

<PAGE>

                        SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        THE ROSE FOUNDATION

                        By:      /s/ Nedra D. Roney
                                 Nedra D. Roney
                        Its:     Trustee

                        By:      /s/ Tom D. Branch
                                 Tom D. Branch
                        Its:     Trustee

                        THE NEDRA RONEY FIXED CHARITABLE TRUST

                        By:      /s/ Tom D. Branch
                                 Tom D. Branch
                        Its:     Trustee

                        NR RHINO COMPANY, L.C.

                        By:      /s/ Craig F. McCullough
                                 Craig F. McCullough
                        Its:     Manager

                        By:      /s/ Sandra N. Tillotson
                                 Sandra N. Tillotson, individually

                        THE SNT TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE DVNM TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                                      S-4

<PAGE>

                       SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        THE CWN TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE DPN TRUST

                        By:      /s/ Craig S. Tillotson
                                 Craig S. Tillotson
                        Its:     Trustee

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE GNT TRUST

                        By:      /s/ Craig S. Tillotson
                                 Craig S. Tillotson
                        Its:     Trustee

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE LMB TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                                      S-5

<PAGE>

                       SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        THE SANDRA N. TILLOTSON FOUNDATION

                        By:      /s/ Sandra N. Tillotson
                                 Sandra N. Tillotson
                        Its:     Trustee

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE SANDRA N. TILLOTSON FIXED  CHARITABLE TRUST

                        By:      /s/ Sandra N. Tillotson
                                 Sandra N. Tillotson
                        Its:     Trustee

                        By:      /s/ L. S. McCullough
                                 L. S. McCullough
                        Its:     Independent Trustee

                        SNT RHINO COMPANY, L.C.

                        By:      /s/ Craig S. Tillotson
                                 Craig S. Tillotson
                        Its:     Manager

                        /s/ Steven J. Lund
                        Steven J. Lund, individually

                        /s/ Kalleen Lund
                        Kalleen Lund, individually

                        SKASIA, LTD.

                        By:      /s/ Steven J. Lund
                                 Steven J. Lund
                        Its:     General Partner

                                      S-6

<PAGE>

                       SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        By:      /s/ Kalleen Lund
                                 Kalleen Lund
                        Its:     General Partner

                        THE S AND K LUND TRUST

                        By:      /s/ Blake M. Roney
                                 Blake M. Roney
                        Its:     Trustee

                        THE STEVEN J. AND KALLEEN LUND
                        FOUNDATION

                        By:      /s/ Steven J. Lund
                                 Steven J. Lund
                        Its:     Trustee

                        By:      /s/ Kalleen Lund
                                 Kalleen Lund
                        Its:     Trustee

                        THE STEVEN AND KALLEEN LUND FIXED
                        CHARITABLE TRUST

                        By:      /s/Steven J. Lund
                                 Steven J. Lund
                        Its:     Trustee

                        By:      /s/ Kalleen Lund
                                 Kalleen Lund
                        Its:     Trustee

                        By:      /s/ L. S. McCullough
                                 L. S. McCullough
                        Its:     Independent Trustee

                        S & K RHINO COMPANY, L.C.

                        By:      /s/ Craig F. McCullough
                                 Craig F. McCullough
                        Its:     Manager

                                      S-7

<PAGE>

                        SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        /s/ Brooke B. Roney
                        Brooke B. Roney, individually

                        /s/ Denice R. Roney
                        Denice R. Roney, individually

                        BDASIA, LTD.

                        By:      /s/ Brooke B. Roney
                                 Brooke B. Roney
                        Its:     General Partner

                        By:      /s/ Denice R. Roney
                                 Denice R. Roney
                        Its:     General Partner

                        THE B AND D RONEY TRUST

                        By:      /s/ Blake M. Roney
                                 Blake M. Roney
                        Its:     Trustee

                        THE BROOKE BRENNAN AND DENICE RENEE
                        RONEY FOUNDATION

                        By:      /s/ Brooke B. Roney
                                 Brooke B. Roney
                        Its:     Trustee

                        By:      /s/ Denice R. Roney
                                 Denice R. Roney
                        Its:     Trustee

                         /s/ Kirk V. Roney
                         Kirk V. Roney, individually

                                      S-8

<PAGE>

                        SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        /s/ Melanie K. Roney
                        Melanie K. Roney, individually

                        KMASIA, LTD.

                        By:      /s/ Kirk V. Roney
                                 Kirk V. Roney
                        Its:     General Partner

                        By:      /s/ Melanie K. Roney
                                 Melanie K. Roney
                        Its:     General Partner

                        THE K AND M RONEY TRUST

                        By:      /s/ Rick A. Roney
                                 Rick A. Roney
                        Its:     Trustee

                        THE KIRK V. AND MELANIE K. RONEY
                        FOUNDATION

                        By:      /s/ Kirk V. Roney
                                 Kirk V. Roney
                        Its:     Trustee

                        By:      /s/ Melanie K. Roney
                                 Melanie K. Roney
                        Its:     Trustee

                        THE KIRK AND MELANIE RONEY FIXED
                        CHARITABLE TRUST

                        By:      /s/ Kirk V. Roney
                                 Kirk V. Roney
                        Its:     Trustee

                                      S-9

<PAGE>

                        SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        By:      /s/ Melanie K. Roney
                                 Melanie K. Roney
                        Its:     Trustee

                        By:      /s/ L. S. McCullough
                                 L. S. McCullough
                        Its:     Trustee

                        K & M RHINO COMPANY, L.C.

                        By:      /s/ Craig F. McCullough
                                 Craig F. McCullough
                        Its:     Manager

                        /s/ Keith R. Halls
                        Keith R. Halls, individually

                        /s/ Anna Lisa Massaro Halls
                        Anna Lisa Massaro Halls, individually

                        KAASIA, LTD.

                        By:      /s/ Keith R. Halls
                                 Keith R. Halls
                        Its:     General Partner

                        By:      /s/ Anna Lisa Halls
                                 Anna Lisa Halls
                        Its:     General Partner

                        THE K AND A HALLS TRUST

                        By:      /s/ Michael Lee Halls
                                 Michael Lee Halls
                        Its:     Trustee

                                      S-10

<PAGE>

                        SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        By:      /s/ Dennis Morgan
                                 Dennis Morgan
                        Its:     Trustee

                        THE HALLS FAMILY TRUST

                        By:      /s/ Micahel Lee Halls
                                 Michael Lee Halls
                        Its:     Trustee

                        By:      /s/ Dennis Morgan
                                 Dennis Morgan
                        Its:     Trustee

                        THE KEITH AND ANNA LISA HALLS FIXED
                        CHARITABLE TRUST

                        By:      /s/ Keith R. Halls
                                 Keith R. Halls
                        Its:     Trustee

                        By:      /s/ Anna Lisa Halls
                                 Anna Lisa Halls
                        Its:     Trustee

                        By:      /s/ L. S. McCullough
                                 L. S. McCullough
                        Its:     Independent Trustee

                        THE KEITH RAY AND ANNA LISA MASSARO
                        HALLS FOUNDATION

                        By:      /s/ Keith R. Halls
                                 Keith R. Halls
                        Its:     Trustee

                                      S-11

<PAGE>

                        SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        By:      /s/ Anna Lisa Halls
                                 Anna Lisa Halls
                        Its:     Trustee

                        K & A RHINO COMPANY, L.C.

                        By:      /s/ Craig F. McCullough
                                 Craig F. McCullough
                        Its:     Manager

                        /s/ Craig S. Tillotson
                        Craig S. Tillotson, individually

                        THE CST TRUST

                        By:      /s/ Robert L. Stayner
                                 Robert L. Stayner
                        Its:     Trustee

                        THE JS TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE JT TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE CB TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                                      S-12

<PAGE>

                        SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        THE CM TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE BCT TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE ST TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE NJR TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE RLS TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE RBZ TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                                      S-13

<PAGE>

                        SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        THE LB TRUST

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE CRAIG S. TILLOTSON FOUNDATION

                        By:      /s/ Craig S. Tillotson
                                 Craig S. Tillotson
                        Its:     Trustee

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Trustee

                        THE CRAIG S. TILLOTSON FIXED CHARITABLE
                        TRUST

                        By:      /s/ Craig S. Tillotson
                                 Craig S. Tillotson
                        Its:     Trustee

                        By:      /s/ Lee M. Brower
                                 Lee M. Brower
                        Its:     Independent Trustee

                        CST RHINO COMPANY, L.C.

                        By:      /s/ Sandra N. Tillotson
                                 Sandra N. Tillotson
                        Its:     Manager

                        /s/ R. Craig Bryson
                        R. Craig Bryson, individually

                        /s/ Kathleen D. Bryson
                        Kathleen D. Bryson, individually

                                  S-14
<PAGE>

                       SIGNATURE PAGE OF AMENDMENT NO. 2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        RCKASIA, LTD.

                        By:      /s/ R. Craig Bryson
                                 R. Craig Bryson
                        Its:     General Partner

                        By:      /s/ Kathleen D. Bryson
                                 Kathleen D. Bryson
                        Its:     General Partner

                        THE C AND K TRUST

                        By:      /s/ Steven J. Lund
                                 Steven J. Lund
                        Its:     Trustee

                        THE BRYSON FOUNDATION

                        By:      /s/ R. Craig Bryson
                                 R. Craig Bryson
                        Its:     Trustee

                        By:      /s/ Kathleen D. Bryson
                                 Kathleen D. Bryson
                        Its:     Trustee

                        THE BRYSON FIXED CHARITABLE TRUST

                        By:      /s/ R. Craig Bryson
                                 R. Craig Bryson
                        Its:     Trustee

                        By:      /s/ Kathleen D. Bryson
                                 Kathleen D. Bryson
                        Its:     Trustee

                        By:      /s/ Robert L. Stayner
                                 Robert L. Stayner
                        Its:     Independent Trustee

                                      S-15

<PAGE>

                        SIGNATURE PAGE OF AMENDMENT NO.2
                 TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

                        CKB RHINO COMPANY, L.C.

                        By:      /s/ Keith R. Halls
                                 Keith R. Halls
                        Its:     Manager

                        THE RICK AND KIMBERLY RONEY VARIABLE
                        CHARITABLE REMAINDER UNITRUST

                        By:      /s/ James Blaylock
                                 James Blaylock
                        Its:     Trustee

                        THE RICK AND KIMBERLY RONEY FIXED
                        CHARITABLE UNITRUST

                        By:      /s/ Rick A. Roney
                                 Rick A. Roney
                        Its:     Trustee

                        By:      /s/ Kimberly Roney
                                 Kimberly Roney
                        Its:     Trustee

                        By:      /s/ L. S. McCullough
                                 L.S. McCullough
                        Its:     Independent Trustee

                                      S-16

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