Document:

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                                                                   EXHIBIT 10.12

                                 PROMISSORY NOTE

THESE SECURITIES AND THE SHARES ISSUABLE UPON CONVERSION HEREOF, HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OFFERED FOR SALE IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES OR AN
OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE CORPORATION THAT SUCH
REGISTRATION IS NOT REQUIRED.

$100,000                                                        June    , 1999
                                                                     ---

         FOR VALUE RECEIVED, NATURAL HEALTH TRENDS CORP., a Florida corporation,
having an office at 250 Park Avenue, New York, New York (the "Maker"), hereby
promises to pay to the order of Domain Investments, Inc., (the "Payee"), at the
office of the Payee at ______________________________________, or at such other
place as the Payee of this Note may designate in writing from time to time, the
principal sum of $100,000 together with interest thereon at the rate of 10% per
annum on demand.

         The following shall be deemed "Events of Default" hereunder:

         (a) If any payment hereunder shall not be made when due;

         (b) if the Maker shall fail to perform or comply with any of the other
terms, covenants, or conditions of this Note;

         (c) if Maker ceases doing business as a going concern, or makes or
sends notice of an intended bulk sale or makes an assignment for the benefit of
creditors;

         (d) if any proceedings are commenced by or against Maker under any
bankruptcy, reorganization, arrangement, insolvency, readjustment of debt,
receivership, liquidation or dissolution law or statute of any jurisdiction,
whether now or hereafter in effect; or

         (e) if a receiver, trustee or conservator be appointed for any of
Maker's property.

         Unless the Payee otherwise elects, in the Payee's sole discretion, this
Note shall automatically become immediately due and payable, without further
notice or demand, upon the occurrence of any event of default hereinabove
described. Upon the acceleration of the entire or any portion of the unpaid
balance of this Note, the holder, without prejudice to any other rights, is
authorized to proceed against Maker and shall not be required to have recourse
to any security given for payment of this Note.

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         In the event that this Note is not paid within five (5) days of demand,
this Note shall bear additional interest at the rate of 1.5% per month.

         Nothing contained in this Note shall require the Maker to pay interest
at a rate exceeding the maximum rate permitted by applicable law. If the amounts
payable to the Payee on any date shall exceed the maximum permissible amount,
such amounts shall be automatically reduced to the maximum permissible amount,
and the payments for any subsequent period, to the extent less than that
permitted by applicable law, shall, to that extent, be increased by the amount
of such reduction. In the event that the period from the due date of such
payment is not long enough to cause the payments due hereunder not to exceed the
maximum amount permitted by applicable law, then the Payee at its option shall
have the right (i) to extend the amount of time for such payment such that the
payments shall not be deemed to exceed the maximum amount permitted by
applicable law or (ii) to reduce the amounts payable under this Note.

         Except as otherwise expressly provided herein, Payee hereby waives
presentment, demand for payment, dishonor, notice of dishonor, protest and
notice of protest.

         Except as otherwise provided herein at the option of Maker, the unpaid
balance of this Note may be prepaid in whole or in part, from time to time,
without penalty or premium.

         The liability of Maker hereunder shall be unconditional. No act,
failure or delay by the Payee hereof to declare a default as set forth herein or
to exercise any right or remedy it may have hereunder, or otherwise, shall
constitute a waiver of its rights to declare such default or to exercise any
such right or remedy at such time as it shall determine in its sole discretion.

         Maker further agrees to pay all costs of collection, including a
reasonable attorney's fee and all costs of levy or appellate proceedings or
review, or both, in case the principal or any interest thereon is not paid at
the respective maturity thereof, or in case it becomes necessary to protect the
security hereof, whether suit be brought or not.

         Any and all notices or other communications required or permitted to be
given under this Note shall be in writing and shall be deemed to have been duly
given upon personal delivery or the mailing thereof by certified or registered
mail (a) if to Maker, addressed to it at its address set forth above; and (b) if
to Payee, addressed to it at its address set forth above or at such other
address any person or entity entitled to receive notices may specify by written
notice given as aforesaid.

         This Note may not be amended, modified, supplemented or terminated
orally.

         This Note shall be binding upon Maker, its legal representatives,
successors or assigns and shall inure to the benefit of Payee and its
successors, endorsees, assigns or holder(s) in due course.

                                       -2-
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         The Payee of this Note is entitled, at its option, in the event that
this Note is not paid within two (2) days of demand, to convert at any time, the
principal amount of this Note at a conversion price equal to forty (40%) of the
five day average closing bid price of the Common Stock, as reported by The
NASDAQ SmallCap Market for the five trading days immediately preceding the
applicable Conversion Date (the "Conversion Price"). Conversion, shall be
effectuated by surrendering the Note to be converted to the Maker with the form
of conversion notice attached hereto as Exhibit A (the "Conversion Notice"),
executed by the Payee of the Note evidencing the Payee's intention to convert
this Note or a specified portion (as above provided) hereof, and accompanied, if
required by the Maker, by proper assignment hereof in blank. No fractional
shares or scrip representing fractions of shares will be issued on conversion,
but the number of shares issuable shall be rounded to the nearest whole share.
The date on which notice of conversion is given (the "Conversion Date") shall be
deemed to be the date on which the Payee has delivered this Note, with the
Conversion Notice duly executed, to the Maker. Facsimile delivery of the
Conversion Notice shall be accepted by the Maker. Certificates representing
shares of Common Stock upon conversion will be delivered within five (5)
business days from the Conversion Date.

         The shares to be issued pursuant to this Note shall contain unlimited
piggyback registration rights. Payee's piggyback registration rights shall
commence on the date hereof and shall terminate three (3) years after the date
hereof. The Maker shall bear the costs of such registrations. In the event of
the sale of the shares contemplated hereunder, Payee shall pay any and all
underwriting commissions and non-accountable expenses of any underwriter
selected by Payee to sell the common stock (the "Registrable Securities"). As to
Payee's registration rights, the Maker agrees to qualify or register the
Registrable Securities in such additional states as are reasonably requested by
Payee and the Maker shall bear all costs and expenses, of the qualification of
registration of the Registrable Securities in such additional states as are
reasonably requested by the Payee. In no event shall the Maker be required to
register the Registrable Securities in more than five (5) states or in a state
in which such registration would cause (i) the Maker to be obligated to do
business in such state, or (ii) the principal stockholders of the Maker to be
obligated to escrow any of their securities.

         In no event shall the Payee be entitled to convert that amount of the
Note in excess of that amount upon conversion of which the sum of (1) the number
of shares of Common Stock beneficially owned by the Payee and its affiliates
(other than shares of Common Stock which may be deemed beneficially owned
through the ownership of the unconverted portion of the Note), and (2) the
number of shares of Common Stock issuable upon the conversion of the Note with
respect to which the determination of this proviso is being made, would result
in beneficial ownership by the Payee and its affiliates of more than 4.9% of the
outstanding shares of Common Stock of the Maker. For purposes of the immediately
preceding sentence, beneficial ownership shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation
13 D-G thereunder, except as otherwise provided in clause (1) of the immediately
preceding sentence.

         The certificates for the shares of Common Stock shall bear the
following legend:

                                      -3-
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         THESE SECURITIES (THE "SECURITIES") HAVE NOT BEEN
         REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
         AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
         LAWS OF ANY STATE AND MAY NOT BE SOLD OR OFFERED FOR
         SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
         STATEMENT FOR THE SECURITIES OR AN OPINION OF COUNSEL
         OR OTHER EVIDENCE ACCEPTABLE TO THE CORPORATION THAT
         SUCH REGISTRATION IS NOT REQUIRED.

         The Payee of the Note, by acceptance hereof, agrees that this Note is
being acquired for investment and that such Payee will not offer, sell or
otherwise dispose of this Note or the shares of Common Stock issuable upon
conversion thereof except under circumstances which will not result in a
violation of the Act or any applicable state Blue Sky or foreign laws or similar
laws relating to the sale of securities.

         In no event shall the Maker be required to issue more than 20% of the
number of shares of Common Stock outstanding on the date hereof (the "Maximum
Number") upon the conversion of the Note unless the stockholders of the Maker
approve the issuance of additional shares of Common Stock upon the conversion of
the Note or NASDAQ waives the requirements of Market Place Rule 4460(i)(l)(D).
In the event that the Maximum Number of shares of Common Stock have been issued
upon the conversion of the Note, and (i) NASDAQ has not waived the requirements
of Market Place Rule 4460(i)(1)(D) or (ii) the stockholders have not approved
the issuance of additional shares of Common Stock, then any Note that remains
unconverted shall, at the election of the Payee, be immediately due and payable.

         This Note shall be governed by and construed in accordance with the
laws of the State of New York, without giving effect to principles of conflicts
of law. By signing below, Maker hereby irrevocably submits to the jurisdiction
of such state and to service of process by certified or registered mail at
Maker's last known address. No provision of this Note may be changed unless in
writing signed by the Payee and Maker.

         IN WITNESS WHEREOF, Maker has caused this note to be duly executed and
delivered by its duly authorized representative as of the date and year first
above written.

                                         NATURAL HEALTH TRENDS CORP.

                                         By:  /s/ MARK D. WOODBURN
                                              -------------------------
                                              Name:  Mark D. Woodburn
                                              Title: Chief Financial Officer

                                      -4-<PAGE>   1

                                                                  EXHIBIT 10.13

                                    AGREEMENT

         This Agreement is entered into and is effective this _____ day of
October, 1999 is by and between Natural Health Trends Corp. (the "Company"), and
Meridian Equities Hong Kong, Ltd. ("MEHK").

         WHEREAS, the Company desires to retain MEHK to provide services to the
Company.

         NOW THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein contained, the parties hereto do covenant and
agree, as follows:

1. RETENTION. MEHK shall consult with the Company with regard to strategic
alliances and potential joint venture partners, as well as identify merger and
acquisition candidates for the Company in Hong Kong, China, and other parts of
Asia. MEHK's duties shall also include attempting to identify new and unique
products that may have appeal to the Asian marketplace. MEHK shall be
responsible for any legal, accounting and other expenses including travel in
connection with its duties pursuant to this Agreement. This shall be a
non-exclusive agreement on the part of the Company and MEHK agrees not to
represent any other companies in the same business as the Company in Asia.

2. TERM. The Term of this Agreement shall be twenty-four (24) months from the
date hereof, but within the 24-month period, the Company may, without cause,
elect to terminate the Agreement by giving thirty (30) days' notice. Upon such
termination, MEHK shall be relieved of any further obligation of performance to
the Company; provided, however that all obligations of confidentiality,
non-disclosure and non-competition will continue in full force and effect for
one (1) year from the effective date of any termination. If this agreement shall
be terminated prior to the end of the Term, MEHK shall not, in any event, be
liable to return any pre-payment. The parties hereby agree that any pre-payment
made to MEHK shall be fully earned by MEHK at the time such pre-payment is made
and shall be in consideration of MEHK's agreement to expend time, effort and
energy on behalf of Company to the exclusion of other clients.

3. COMPENSATION. The Company shall pay to MEHK $10,000 per month for a 24-month
term. MEHK shall also be entitled to a fee equal in value to 10% of any
transaction that it initiates and is consummated. The monthly payments shall be
applied against any transaction fee earned by MEHK. Failing the Company's
ability to make the necessary monthly payments, the Company shall have the
ability to issue, in lieu of cash, 185,000 shares of its common stock to MEHK.
Given the latter option, the Company will have no further obligation to MEHK.
The Company has the right to redeem any unsold shares of MEHK for a price of
$1.25 per share.

4. ASSIGNABILITY OF SHARES. MEHK represents and warrants to the Company that it
is not acquiring the Shares with a view to, or for resale in connection with,
any distribution in violation of the Securities Act of 1933, as amended. The
Shares have not been registered under the Securities Act or any state securities
law and shall not be transferred, sold, assigned or hypothecated in

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violation thereof. If permitted by law, any such transfer, sale, assignment or
hypothecation shall be effected by MEHK only by surrendering the Shares for
assignment at the office of the Company, accompanied by an opinion of counsel
satisfactory to the Company, and its counsel, stating that such transfer does
not violate the Securities Act or any applicable state securities law.

5. REGISTRATION RIGHTS. The shares to be issued pursuant to subsection 4 of this
Agreement shall contain unlimited piggyback registration rights. MEHK's
piggyback registration rights shall commence on the date hereof and shall
terminate three (3) years after the Company shall register any of its shares of
common stock for sale pursuant to the Securities Act of 1933, as amended (the
"Act"). The Company shall bear the costs of such registrations except
underwriting commissions and non-accountable expenses of any underwriter
selected by MEHK to sell the common stock (the "Registrable Securities"). The
Company agrees to use its prompt best efforts to cause the filing required
herein to become effective and to qualify or register the Registrable Securities
in such states as are reasonably requested by MEHK. As to MEHK's registration
rights, the Company agrees to qualify or register the Registrable Securities in
such additional states as are reasonably requested by MEHK and the Company shall
bear all costs and expenses, of the qualification of registration of the
Registrable Securities in such additional states as are reasonably requested by
MEHK. In no event shall the Company be required to register the Registrable
Securities in more than five (5) states or in a state in which such registration
would cause (i) the Company to be obligated to do business in such state, or
(ii) the principal stockholders of the Company to be obligated to escrow any of
their securities.

6. COMPANY DISCLOSURE OF INFORMATION. The Company hereby agrees to timely
provide MEHK with the documents and the information enumerated below. MEHK
agrees that it shall keep all such information and the contents of such
documents confidential and shall utilize such information solely for the purpose
of performing the Services, and for no other purpose. The information and/or
documents that Company shall provide are:

     a.   all of the Company's current filings with the SEC or other regulatory
          bodies with jurisdiction over the Company's activities;

     b.   copies of any meetings of the Company's shareholders, directors or
          committees of its board of directors;

     c.   the Company's current audited financial statement and any unaudited
          financial statements produced currently by the Company's auditors; and

     d.   all public releases of information.

7. MEHK'S NON-DISCLOSURE OF INFORMATION/NON-COMPETITION.

     a.   MEHK acknowledges that in the course of its engagement it may become
          familiar with trade secrets and other confidential information
          (collectively, "Confidential Information" ) concerning the Company and
          MEHK shall hold in a fiduciary capacity for the benefit of the Company
          all secret, confidential proprietary information, knowledge or data
          relating to the Company that shall have been obtained by MEHK

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<PAGE>   3

          during its engagement by the Company and that shall have not been or
          now or hereafter have become public knowledge (other than by acts by
          MEHK or its representatives in violation of this Agreement). MEHK
          agrees that it shall not disclose to any third party any Confidential
          Information for any purpose other than the performance of its duties
          under this Agreement. During the Term and at all times thereafter,
          regardless of the reason for the termination of this Agreement, MEHK
          shall not, without the prior written consent of the Company or as
          otherwise may be required by law or legal process, communicate or
          divulge any such information, knowledge or data to anyone other than
          the Company and those designated by the Company.

     b.   Upon completion of the Term or earlier termination of this Agreement
          for any reason, MEHK will return to the Company any confidential
          materials or information which the Company may have supplied to MEHK.
          MEHK may retain a copy of such materials or information for MEHK's
          own due diligence file. However, MEHK hereby agrees not to distribute
          or release such confidential materials or information without giving
          the Company at least five (5) days' written notice so that Company
          shall have the opportunity, at Company's sole cost and expense, to
          move to prevent MEHK's distribution or release of the confidential
          material or information.

     c.   Subject to the limitations set forth herein, MEHK agrees that during
          the Term and for a period of one year thereafter it shall not directly
          or indirectly, own, manage, control, participate in, consult with,
          render services for, or in any manner engage in any business competing
          with the business of the Company as such business exists within any
          geographical area in which the Company conducts its business. In
          addition, MEHK shall not solicit, interfere with or conduct business
          with any vendors, customers or employees of the Company during the
          term of this Agreement or for a period of one year after the
          termination hereof. In the event the Company breaches any of its
          duties or obligations under this Agreement, the Company agrees that
          MEHK shall not be bound by the provisions of this Agreement, except
          for the provisions concerning Confidential Information.

8. INDEMNIFICATION. The Company agrees to indemnify and hold harmless MEHK and
its directors, officers, and affiliates against any and all losses, claims,
damages, obligations, penalties, judgment, awards, liabilities, costs, expenses,
and disbursements (and all actions, suits, proceedings and investigations in
respect thereof and any and all legal or other costs, expenses and disbursements
in giving testimony or furnishing documents in response to a subpoena or
otherwise), including, without limitation, the costs, expenses, and
disbursements, as and when incurred, of investigating, preparing or defending
any such action, proceeding or investigation (whether or not in connection with
litigation to which MEHK is a party), directly or indirectly, caused by,
relating to, based upon, arising out of or in connection with information
provided by the Company which contains a material misrepresentation or material
omission in connection with the provision of services by MEHK under this
Agreement; provided, however, such indemnity agreement shall not apply to
any portion of any

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<PAGE>   4

such loss, claim, damage, obligation, penalty, judgement, award, liability,
cost, expense or disbursements, to the extent that it is found by a court of
competent jurisdiction to have resulted from the gross negligence or willful
misconduct of MEHK. The Company also agrees MEHK shall not have any liability
(whether direct or indirect in contract or tort or otherwise) to the Company or
to any person (including, without limitation, Company shareholders) claiming
through the Company except to the extent that any such liability result from
MEHK gross negligence or willful misconduct. This indemnification shall survive
the termination of this Agreement.

         Each party entitled to indemnification under this agreement (the
"Indemnified Party"), shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnify may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom, provided that counsel for the Indemnifying
Party (whose approval shall not be unreasonably withheld), and the Indemnified
Party may participate in such defense at such party's expense, and provided
further that the failure of any Indemnified Party to give notice as provided
herein shall not relieve the Indemnified Party of its obligations under this
Section 8. Each Indemnified Party shall furnish such information regarding
itself or the claim in question as an Indemnifying Party may reasonably request
in writing and as shall be reasonably required in connection with the defense of
such claim and any litigation resulting therefrom.

9. ARBITRATION. Any dispute, controversy or claim between the Company and MEHK
arising out of or related to this Agreement shall be conducted solely in a
proceeding held in accordance with the rules of the American Arbitration
Association then in effect. This Agreement, or breach thereof, shall be settled
by arbitration, and any award shall be binding and conclusive for all purposes
thereof, may include injunctive relief (but only as ordered by a Court of
competent jurisdiction), as well as orders for specific performance and may be
entered as a final judgment in any court of competent jurisdiction. No
arbitration arising out of or relating to this Agreement shall include, by
consolidation or joinder or in any other manner, parties other than the Company
and MEHK and other persons substantially involved in common question of fact or
law whose presence is required if complete relief is to be afforded in
arbitration. The cost and expenses of such arbitration shall be borne in
accordance with the determination of the arbitrator and may include reasonable
attorney's fees, provided, however, that if either party shall commence any
action or proceeding against the other in order to enforce the provisions
hereof, or to recover damages resulting from the alleged breach of any of the
provisions hereof, the prevailing party therein shall be entitled to recover all
reasonable costs incurred in connection therewith, including, but not limited
to, reasonable attorneys' fees. Each party hereby further agrees that service of
process may be made upon it by registered or certified mail, express delivery or
personal service at the address provided for herein.

10. REMEDIES. In the event of the actual or threatened breach of the provisions
of this Agreement by a party, the other party shall have the right to obtain
injunctive relief and/or specific performance and to seek any other remedy
available to it.

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<PAGE>   5

11.  LAW, VENUE, JURISDICTION. This agreement and all matters and issued
     collateral thereto shall be governed by the laws and the courts of the
     State of New York without regard to the principles of conflicts of laws.

12.  SEVERABILITY. If any provisions of this Agreement becomes or is found to be
     illegal or unenforceable for any reason, such clause or provision must
     first be modified to the extent necessary to make this Agreement legal and
     enforceable and then if necessary, second, severed from the remainder of
     the Agreement to allow the remainder of the Agreement to remain in full
     force and effect.

13.  COUNTERPARTS. This Agreement may be executed in several counterparts, and
     all of such counterparts taken together shall be deemed to be one
     Agreement.

14.  ATTORNEYS' FEES. If either party shall commence any action or proceeding
     against the other in order to enforce the provisions hereof, or to recover
     damages resulting from the alleged breach of any of the provisions hereof,
     the prevailing party therein shall be entitled to recover all reasonable
     costs incurred in connection therewith, including, but not limited to,
     reasonable attorneys' fees.

15.  WAIVER OF BREACH. The waiver by any party of a breach of any provision of
     this Agreement shall not operate be construed as a waiver of any subsequent
     breach by any party.

16.  NOTICES. Each notice, demand, request, approval or communication ("Notice")
     which is or may be required to be given by any party to any other party in
     connection with this Agreement and the transactions contemplated hereby,
     shall be in writing, and given by personal delivery, certified mail, return
     receipt requested, prepaid, or by overnight express mail delivery and
     properly addressed to the party to be served at such address as set forth
     above. Notices shall be effective on the date delivered personally, the
     next day if delivered by overnight express mail or three days after the
     date mailed by certified mail.

17.  ENTIRE AGREEMENT. This Agreement contains the entire agreement between MEHK
     and Company, and correctly sets forth the rights and duties of each of the
     parties to each other concerning such matter as of this date. Any agreement
     or representation concerning the subject matter of this Agreement or the
     duties of MEHK in relation to Company not set forth in this Agreement is
     null and void.

18.  BINDING EFFECT. The rights created by this Agreement shall inure to the
     benefit of, and the obligations created hereby shall be binding upon the
     parties, their heirs, successors, assigns and personal representatives.

                                       5

<PAGE>   6

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement the
day and year first hereinabove written.

                                           NATURAL HEALTH TRENDS CORP.

                                           By:  /s/ MARK D WOODBURN
                                               -------------------------------
                                           Name:    Mark D Woodburn
                                           Title:   Chief Financial Officer

                                           MERIDIAN EQUITIES HONG KONG, LTD.

                                           By:
                                               -------------------------------
                                           Name:
                                           Title:

                                        6

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