Document:

EX-10.48

               AMENDMENT IN TOTAL AND COMPLETE RESTATEMENT OF THE
                           DEFERRED COMPENSATION PLAN

        THIS  AMENDMENT  IN  TOTAL  AND  COMPLETE  RESTATEMENT  OF THE  DEFERRED
COMPENSATION  PLAN  (hereinafter  referred  to as the  "Amended  Agreement")  is
entered  into  effective  the ___  day of  ___,  1998,  by and  between  NU SKIN
INTERNATIONAL,  INC., a Utah Corporation,  hereinafter  called "Company," and by
__________, hereinafter called "Employee."

                                   WITNESSETH:

        WHEREAS,   the  Company  and  the  Employee   entered  into  a  Deferred
Compensation  Plan  effective  as of  September  25, 1992 (the  "Plan"),  and an
Amendment No. 1 to Plan  effective as of April 4, 1997 and an Amendment No. 2 to
Plan  effective as of April 4, 1997 and the Company and the  Employee  desire to
amend and restate the Plan in total to incorporate all amendments and to include
affiliates of the Company within the terms of the Plan.

        THEREFORE  AND  IN  CONSIDERATION  of  the  premises,   and  the  mutual
covenants,  promises and conditions herein contained, the parties agree that the
Plan as  previously  amended  shall be amended in total and  restated  to become
effective as of the date first written above to read as follows:

        1.      TERM OF PLAN.  This Plan shall become  effective as of the above
                date and shall remain in effect  until the entire  amount of the
                Deferred   Compensation  Trust   (hereinafter   referred  to  as
                "Compensation  Trust") has been  distributed  to the Employee or
                his designated  beneficiary.  Employee  hereby accepts this Plan
                and  agrees to serve at the  discretion  of the  Company  and to
                devote his full time and talents to the  business  conducted  by
                the Company.

        2.      OTHER  AGREEMENTS.  This  Plan  shall  not  supersede  any other
                contract of  employment,  whether  written or oral,  between the
                Company  and  Employee.  However,  any  article or clause of any
                other  contract which may be in conflict with this Plan shall be
                deemed amended by this Plan as herein provided.

        3.      COMPENSATION  ACCOUNTS  AND TRUST.  Upon the  execution  of this
                Plan,  the Company will  establish  an Account on the  Company's
                books for the benefit of Employee (the "Compensation  Account").
                The  Compensation  Account  will contain two  sub-accounts;  the
                "Employee    Compensation    Sub-Account"   and   the   "Company
                Compensation   Sub-Account."  In  addition,  the  Company  shall
                establish   a  Trust  to  support  its   deferred   compensation
                obligation ("Compensation Trust").
<PAGE>
        4.      EMPLOYEE  CONTRIBUTIONS.  Prior to the  beginning of each fiscal
                year of the Company  during which the Employee is employed,  the
                Employee may elect to defer a portion of the  compensation to be
                paid  to  the   Employee   for  the   coming   year   ("Employee
                Contribution").  The Employee  Contribution shall be credited by
                the  Company to the  Employee  Compensation  Sub-Account  at the
                times at which the compensation  would have been paid except for
                the deferral  election  (i.e., if the Employee elects to defer a
                portion of his normal bi-weekly  compensation  then the deferred
                portion   shall  be  credited  to  the   Employee   Compensation
                Sub-Account  on a bi-weekly  basis).  For purposes of the fiscal
                year in which this Plan is first  implemented,  the  election by
                the  Employee  shall be made within  thirty (30) days after this
                Plan is effective.

        5.      COMPANY CONTRIBUTIONS. Until this Plan is terminated as provided
                for  herein,  the  Company  will make a  contribution  ("Company
                Contributions") to the Company Compensation Sub-Account, subject
                to and based upon the continued profitability of the Company and
                the continued employment and performance of the Employee.  On or
                before the end of each fiscal year of the Company  during  which
                the Employee works,  the Board of Directors of the Company shall
                determine in their sole  discretion  an amount to be credited to
                the Company Compensation  Sub-Account for the fiscal year, which
                amount  shall not be less than  $1,000.00  per month  during the
                term of this Plan. Upon execution of this Plan, the Company will
                initially contribute to the Company Compensation Sub-Account the
                sum of $10,000.00.

        6.      CONTRIBUTIONS TO COMPENSATION TRUST. On at least a annual basis,
                the amount in the  Compensation  Account shall be contributed to
                the Compensation Trust.

        7.      ACCOUNTING.  At the end of each fiscal  year the  Company  shall
                notify the  Employee in writing as to the amount,  if any,  that
                has been credited to the Employee Compensation Sub-Account,  the
                Company   Compensation  Sub-  Account  and  contributed  to  the
                Compensation Trust for the past fiscal year and the total amount
                held in the  Compensation  Trust for the benefit of the Employee
                with the earnings  thereon.  The  accounting  shall  specify the
                vested portion of amounts held pursuant to the Plan.

        8.      NATURE OF EMPLOYER'S OBLIGATION. The Company's obligations under
                this Plan shall be an unfunded and
<PAGE>
                unsecured  promise to pay.  The Company  shall not be  obligated
                under any circumstances to fund its financial  obligations under
                this Plan.  Any assets  which the  Company  may  acquire to help
                cover its financial liabilities are and remain general assets of
                the Company subject to the claims of its creditors.  Neither the
                Company nor the plan created by this Plan gives the Employee any
                beneficial  ownership interest in any asset of the Company.  All
                rights of  ownership  in any such  assets  are and remain in the
                Company.  All  assets  in the  Compensation  Account  and in the
                Compensation  Trust  shall  always be deemed to be assets of the
                Company  subject to corporate  general  creditors.  The Employee
                shall have no vested  right in the  Compensation  Account or the
                Compensation  Trust. The assets in the Compensation  Account and
                Compensation Trust shall be held pursuant to this Plan and shall
                remain the sole and exclusive  property of the Company and shall
                be subject to corporate general creditors.

        9.      EMPLOYEE RIGHT TO ASSETS.

                9.1.    The rights of the Employee,  any Designated  Beneficiary
                        of the Employee,  or any other person  claiming  through
                        the Employee  under this Plan,  shall be solely those of
                        an  unsecured  general  creditor  of  the  Company.  The
                        Employee, the Designated Beneficiary of the Employee, or
                        any other person  claiming  through the Employee,  shall
                        have the right to receive those payments specified under
                        this  Plan only  from the  Company,  and has no right to
                        look to any specific or special  property  separate from
                        the  Company  to satisfy a claim for  benefit  payments,
                        including but not limited to the Compensation Trust.

                9.2.    The Employee agrees that he, his Designated Beneficiary,
                        or any other person  claiming  through him shall have no
                        rights or beneficial  ownership  interest  whatsoever in
                        any general asset that the Company may acquire or use to
                        help support its financial  obligations under this Plan,
                        including but not limited to the Compensation Trust. Any
                        such  general  asset used or  acquired by the Company in
                        connection  with the  liabilities  it has assumed  under
                        this  Plan,  shall not be  deemed  to be held  under any
                        trust for the benefit of the Employee or his  Designated
                        Beneficiary.   Nor  shall  any  such  general  asset  be
                        considered   security   for  the   performance   of  the
                        obligations of the Company.  Any such asset shall remain
                        a  general,  unpledged,  and  unrestricted  asset of the
                        Company.
<PAGE>
                9.3.    The  Employee  also  understands  and  agrees  that  his
                        participation  in the  acquisition  of any such  general
                        asset   for  the   Company   shall  not   constitute   a
                        representation   to   the   Employee,   his   Designated
                        Beneficiary, or any person claiming through the Employee
                        that any of them has a special or beneficial interest in
                        such general asset.

        10.     RETIREMENT  BENEFITS.   At  such  time  as  Employee  terminates
                employment  with the  Company  (which  time shall  hereafter  be
                referred  to  as  "Retirement  Date")  the  Company  will  pay a
                deferred   compensation   benefit   ("Retirement   Benefit")  to
                Employee. The amount of the Retirement Benefit shall be equal to
                the vested portion of the amount contributed to the Compensation
                Trust from the  Compensation  Account together with any earnings
                thereon  as  of  the  Retirement  Date  of  the  Employee.   The
                Retirement Benefit shall be paid to Employee in 60 equal monthly
                installments,  with the first  payment  commencing 30 days after
                the Employee  reaches his  Retirement  Date. The Company may, in
                its discretion,  accelerate any payments to the Employee and may
                accelerate  vesting of the benefits under the plan. In addition,
                the Company in its  discretion  may pay the  Retirement  Benefit
                prior to termination of Employee's  employment with the Company.
                The Company may, in its  discretion,  accelerate any payments to
                the Employee and may  accelerate  vesting of the benefits  under
                the plan.

        11.     DISABILITY  BENEFITS.  If it is determined using social security
                standards that the Employee is permanently and totally  disabled
                and unable to continue to perform his duties in the Company, and
                on the express  condition that the Employee has satisfied all of
                the covenants,  conditions  and promises  contained in this Plan
                (to the extent applicable) the Company shall pay to the Employee
                the vested portion of the amount contributed to the Compensation
                Trust from the  Compensation  Account together with any earnings
                thereon   as  of  the  date  that   disability   is   determined
                ("Disability Benefit").  The Disability Benefit shall be paid to
                the  Employee in 60 equal  monthly  installments  to commence 30
                days after  disability is established to the satisfaction of the
                Company.  The Company  may, in its  discretion,  accelerate  any
                payments  to the  Employee  and may  accelerate  vesting  of the
                benefits under the plan.

        12.     DEATH BENEFITS.

                12.1.   Pre-retirement death benefit. Upon the death of Employee
                        prior to his  Retirement  Date, a Death Benefit shall be
                        paid to Employee's estate (or his
<PAGE>
                        designated beneficiary) in an amount equal to sum of the
                        following ("Death Benefit"):

                        12.1.1. The amount contributed to the Compensation Trust
                                from  the  Employee   Compensation   Sub-Account
                                together  with any  earnings  thereon  as of the
                                date of the Employee's death; and

                        12.1.2. the  greater  of (a) the  vested  portion of the
                                amount  contributed  to the  Compensation  Trust
                                from the Compensation  Account together with any
                                earnings   thereon   as  of  the   date  of  the
                                Employee's death; or (b) an amount equal to five
                                times the average of the Employee's  Base Salary
                                for the three most recent years.

                The Death Benefit shall be paid in 60 equal monthly installments
        to commence 30 days after the death of Employee. The Company may, in its
        discretion,  accelerate any payments due and may  accelerate  vesting of
        the benefits under the plan.

                12.2.   Post-retirement  death  benefit.  If Employee dies after
                        his  Retirement  Date,  the  Employee's  estate  (or his
                        designated beneficiary) shall be entitled to receive the
                        remaining   unpaid  vested  portion  of  the  Retirement
                        Benefit.  The remaining Retirement Benefit shall be paid
                        to the Employee's estate (or his Designated Beneficiary)
                        on the same basis as it was being  paid to the  Employee
                        as of Employee's  Retirement  Date.  The Company may, in
                        its  discretion,  accelerate  any  payments  due and may
                        accelerate vesting of the benefits under the plan.

        13.    VESTING. Employee's right to receive the Benefits hereunder shall
               vest as follows:

                13.1.   The  Employee  shall  be  100%  vested  in  all  amounts
                        contributed to the Employee Compensation Sub-Account.

                13.2.   The Employee  shall vest 100% in amounts  contributed to
                        the Company Compensation Sub-Account if the Employee has
                        been  continuously  employed  with the Company  from the
                        date of the Plan  until  the  earlier  of the  following
                        events:

                        13.2.1  The Employee attains 60 years of age; or

                        13.2.2  The Employee has been  continuously  employed by
                                the Company for a period of ten (10) years.
<PAGE>
                        13.2.3  The Employee's death or disability as defined in
                                the Plan.

                13.3.   No  amounts  contributed  to  the  Company  Compensation
                        Sub-Account  shall  vest  unless the  employee  has been
                        continuously  employed by the  Company  from the date of
                        the Plan until the events  specified in  paragraph  13.2
                        above.

                13.4.   Notwithstanding  paragraphs  13.1,  13.2 and 13.3 above,
                        Employee shall forfeit all benefits  accruing under this
                        Plan if at any  time  during  his  employment  with  the
                        Company, Employee (a) directly or indirectly enters into
                        the  employment  of or owns any  interest  in any  other
                        company, business or corporation which competes directly
                        or indirectly  with the business of the Company,  or (b)
                        the Employee  allows the association of his name with or
                        renders any service or assistance or advice,  whether or
                        not for consideration, to any other corporation, company
                        or business which company, business or corporation is in
                        competition with the Company.

        14.     NATURE  OF  BENEFITS.  It  is  expressly  understood  that  when
                Benefits  provided for herein are  payable,  they are payable on
                account of the past  services of Employee and are not payable on
                account of services to be rendered  after the date the  Employee
                retires or terminates. Further, all amounts to be paid hereunder
                do  not  depend  on  Employee  serving  as a  consultant  or the
                Employee  serving  in any  capacity  for the  Company  after the
                Employee's   Retirement.    Benefits   payable   hereunder   are
                specifically meant to be paid upon the termination,  retirement,
                death or disability of the Employee as deferred compensation.

        15.     NONASSIGNABILITY.   It  is  expressly   understood   and  agreed
                hereunder  that the  Benefits  derived  from  this  Plan are not
                subject to  attachment  for payment of any debts or judgments of
                Employee and neither Employee nor the Employee's spouse or heirs
                shall have any right to transfer, modify, anticipate,  encumber,
                or assign any of the Benefits or rights  hereunder.  None of the
                payments which may be due to the Employee shall be transferrable
                by operation of law in the event the Employee becomes  insolvent
                or bankrupt.
<PAGE>
        16.     MERGER  OR  CONSOLIDATION.   In  the  event  the  Company  shall
                reorganize,  consolidate  or merge with any other  company  this
                Plan shall  become an  obligation  of the new  company or of any
                company  taking  over the  duties  and  responsibilities  of the
                Company.  The Company  agrees that if any of these events occur,
                Employee may request that a Rabbi trust be  established  to hold
                the Benefits.

        17.     LIQUIDATION  AND  INSOLVENCY.  In the  event  the  Company  must
                liquidate  due to  insolvency  or events  resulting in an act of
                bankruptcy, or in the event the Company becomes insolvent and is
                incapable of paying its bills and obligations, then this Amended
                Agreement  shall  terminate and shall be considered as fully and
                completely discharged.

        18.     PAYMENTS TO OTHER  PERSONS.  If the Company  shall find that any
                person  to whom any  payment  is to be made  under  this Plan is
                unable to care for his affairs  because of illness or  accident,
                or is a minor,  any Benefit  due (unless a prior claim  therefor
                shall have been made by a duly appointed guardian,  committee or
                other legal  representative) may be paid to the spouse, a child,
                a parent, or a brother or sister, or to any person deemed by the
                Company to have  incurred  expenses  for such  person  otherwise
                entitled  to  payment,  in such  manner and  proportions  as the
                Company  may  determine.  Any such  payment  shall be a complete
                discharge of the liabilities of the Company under this Plan.

        19.     LIMITATIONS  OF THIS PLAN.  Nothing  contained  herein  shall be
                construed as conferring  upon the Employee the right to continue
                in the employ of the Company in any capacity.

        20.     OTHER BENEFITS DETERMINED BY COMPENSATION.  All amounts credited
                to the Account under this Plan shall not be deemed to be part of
                the Employee's  regular annual  compensation  for the purpose of
                computing  benefits  to  which  he may  be  entitled  under  any
                pension, profit sharing, 401(k) plan or other arrangement of the
                Company for the benefit of its employees.

        21.     BOARD OF  DIRECTORS  AUTHORITY.  The Board of  Directors  of the
                Company  shall  have full  power  and  authority  to  interpret,
                construe and  administer and amend  prospectively  this Plan and
                the Board's  interpretations and construction hereof and actions
                hereunder shall be binding and conclusive on all persons for all
                purposes.  No Employee,  representative  or agent of the Company
                shall be liable to any person for any action taken or omitted in
                connection with the
<PAGE>
                interpretation   and   administration   of  this   Plan   unless
                attributable  to his  own  willful  misconduct  or  lack of good
                faith.

        22.     AMENDMENT. During the lifetime of the employee, this Plan may be
                amended or revoked at any time,  in whole or part, by the mutual
                written agreement of the parties.

        23.     BINDING  EFFECT.  This Plan  shall be binding  upon the  parties
                hereto,   their   heirs,   assigns,    successors,    executors,
                administrators  and  they  shall  agree to  execute  any and all
                instruments  necessary for the  fulfillment of the terms of this
                Plan.

        24.     APPLICABLE  LAW. This Plan shall be construed in accordance with
                and governed by the laws of the State of Utah.

        25.     COMPENSATION  TRUST.  The Company may effect such  amendments to
                the  Compensation  Trust  Agreement  dated September 23, 1993 as
                convenient  or  required  to be  consistent  with  this  Amended
                Agreement  and/or is  required  to make or  continue to make the
                Compensation Trust Agreement in compliance with Internal Revenue
                Service   Revenue   Procedure   92-64  or  any   amendments   or
                replacements thereto.

        26.     LEAVE OF ABSENCE.  For all purposes of this  Amended  Agreement,
                there shall be included as a year in which the  Employee  works,
                any year in which the  Employee is on leave of absence  from the
                Company and is serving as a full-time missionary for any legally
                recognized   ecclesiastical   organization.   Further,  for  all
                purposes of this Amended  Agreement,  there shall be included in
                the time the  Employee  is deemed  continuously  employed by the
                Company  any time in which the  Employee  is on leave of absence
                from the Company and is serving as a  full-time  missionary  for
                any  legally  recognized  ecclesiastical  organization.  For all
                purposes of this  Amended  Agreement,  whenever  the Employee is
                deemed employed by the Company while the Employee is on leave of
                absence  from  the  Company  and  is  serving  as a  full-  time
                missionary   for   any   legally    recognized    ecclesiastical
                organization,  the Base Salary of the Employee shall be the Base
                Salary in effect  immediately  prior to the commencement of such
                leave of absence.

        27.     AFFILIATES. For all purposes of this Amended Agreement, the term
                "Company  Contributions"  will include all  contributions to the
                Company  Compensation  Sub-Account  by  the  Company  or by  any
                Affiliate of the
<PAGE>
                Company.  Further, the term "Base Salary" shall include the Base
                Salary  received by Employee from the Company or by an Affiliate
                of the  Company.  An  Affiliate of the Company is a company that
                directly  or  indirectly,  through  one or more  intermediaries,
                controls,  or is controlled  by, or is under common control with
                the Company.

        IN WITNESS  WHEREOF the parties  hereto have set their hands the day and
year first above written.

                                    COMPANY:

                                            NU SKIN INTERNATIONAL, INC.,

                                            By ___________________________
                                            Its___________________________

                                    EMPLOYEE:

                                               ___________________________
<PAGE>
                             BENEFICIARY DESIGNATION

ENDORSEMENT:

        The Employee pursuant to that certain Deferred Compensation Plan entered
into on the 25th day of  September,  1992,  by NU SKIN  INTERNATIONAL,  INC. and
Employee does hereby elect the following beneficiary: _________________________.

                                    EMPLOYEE:

                                               ___________________________
<PAGE>
                DEFERRED COMPENSATION CONTRIBUTION RECONCILIATION

TO:   __________________(Employee)
DATE: September 25, 1992

        The  amounts  which  have  been   credited   pursuant  to  the  Deferred
Compensation Plan for your benefit are as follows:

             DEFERRED COMPENSATION PLAN CONTRIBUTION RECONCILIATION
================================================================================
NAME OF ACCOUNT          AMOUNT                 ACCUMULATED          VESTED
                         CONTRIBUTED            VALUE                PERCENTAGE
                         TO DATE
======================== ====================== ==================== ===========
Employee                                                                 100%
Compensation Sub
Account

Company
Compensation Sub
Account 1992

Company
Compensation Sub
Account  1993

Company
Compensation Sub
Account 1994

Company
Compensation Sub
Account  1995

Company
Compensation Sub
Account 1996

Company
Compensation Sub
Account 1997

Company
Compensation Sub
Account 1998
<PAGE>
         DEFERRED COMPENSATION PLAN CONTRIBUTION RECONCILIATION (Cont.)

Company
Compensation Sub
Account 1999

Company
Compensation Sub
Account 2000

Company
Compensation Sub
Account 2001

Company
Compensation Sub
Account 2002

Company
Compensation Sub
Account 2003

        This  reconciliation  reflects the amounts as set forth on the books and
records of the Company as of the date set forth above and does not guarantee the
amount or availability of any benefit under the Plan. The amount or availability
of any benefit  under the Plan must be  determined by reference to the terms and
conditions of the Plan.EX-10.49

                           DEFERRED COMPENSATION PLAN
                             (New Participant Form)

        THIS DEFERRED  COMPENSATION PLAN (hereinafter  referred to as "Plan") is
entered  into  effective  this ____ day of ____,  19__ , by and  between NU SKIN
INTERNATIONAL,  INC., a Utah  corporation,  hereinafter  called "Company" and by
[Name of Employee], hereinafter called "Employee".

                                   WITNESSETH:

        FOR  AND  IN  CONSIDERATION  of  the  mutual  covenants,   promises  and
conditions herein contained, the parties agree as follows:

        1. TERM OF PLAN.  This Plan shall become  effective as of the above date
and shall remain in effect until the entire amount of the Deferred  Compensation
Trust (hereinafter  referred to as "Compensation Trust") has been distributed to
the Employee or his designated beneficiary, or forfeited to the Company pursuant
to the terms of this Plan. Employee hereby accepts this Plan and agrees to serve
at the  discretion of the Company and to devote his full time and talents to the
business conducted by the Company.

        2. OTHER  AGREEMENTS,  SUPERSEDURE.  This Plan shall not  supersede  any
other contract of employment,  whether written or oral,  between the Company and
Employee.  However,  any article or clause of any other contract which may be in
conflict with this Plan shall be deemed amended by this Plan as herein provided.

        3. COMPENSATION ACCOUNTS AND TRUST. Upon the execution of this Plan, the
Company  will  establish  an Account on the  Company's  books for the benefit of
Employee (the "Compensation Account"). The Compensation Account will contain two
sub-accounts;   the  "Employee   Compensation   Sub-Account"  and  the  "Company
Compensation   Sub-Account."  In  addition,  the  Company  shall  establish  the
Compensation  Trust to facilitate the  performance of its deferred  compensation
obligation.  The Compensation  Trust may be amended as convenient or required to
permit the inclusion therein of plans similar to the Plan as a "Plan" as defined
in the Compensation Trust agreement.

        4. EMPLOYEE CONTRIBUTIONS. Prior to the beginning of each fiscal year of
the Company  during which the  Employee is  employed,  the Employee may elect to
defer a portion of the  compensation  to be paid to the  Employee for the coming
year ("Employee  Contribution").  The Employee Contribution shall be credited by
the Company to the Employee  Compensation  Sub-Account at the times at which the
compensation would have been paid except for the deferral election (i.e., if the
Employee elects to defer a
<PAGE>
portion of his normal bi-weekly  compensation then the deferred portion shall be
credited to the Employee  Compensation  Sub-Account on a bi-weekly  basis).  For
purposes  of the  fiscal  year in  which  this  Plan is first  implemented,  the
election by the Employee  shall be made within  thirty (30) days after this Plan
is effective.

        5. COMPANY CONTRIBUTIONS.  Until this Plan is terminated as provided for
herein,  the Company will make a contribution  ("Company  Contributions") to the
Company  Compensation  Sub-Account,  subject  to and  based  upon the  continued
profitability of the Company and the continued employment and performance of the
Employee,  which Company Contributions shall be as follows: On or before the end
of each fiscal year of the Company during which the Employee works, the Board of
Directors of the Company shall  determine in their sole  discretion an amount to
be credited to the Company  Compensation  Sub-Account for the fiscal year, which
amount  shall  not be less  than ten  percent  (10%) of the Base  Salary  of the
Employee  for  the  fiscal  year,  determined  prior  to  the  deferral  of  any
compensation  pursuant to this Plan,  and exclusive of all bonuses,  commissions
and other  compensation paid to the Employee.  For purposes of this paragraph 5,
there shall be included as a year in which the Employee works, any year in which
the  Employee  is on leave of  absence  from the  Company  and is  serving  as a
full-time missionary for any legally recognized ecclesiastical organization, and
there shall be credited to the  Company  Compensation  Sub-Account  for any such
year an  amount  not less  than ten  percent  (10%)  of the Base  Salary  of the
Employee  for the most recent  preceding  fiscal year in which the  Employee was
employed throughout the year by the Company.

        For all purposes of this Agreement,  the term Company Contributions will
include all contributions to the Company Compensation Sub-Account by the Company
or by any Affiliate of the Company.  Further, the term Base Salary shall include
the Base Salary  received by Employee from the Company or by an Affiliate of the
Company.  An Affiliate of the Company is a company that directly or  indirectly,
through one or more intermediaries,  controls,  or is controlled by, or is under
common control with the Company.

        6.     CONTRIBUTIONS TO COMPENSATION TRUST.  On at least a
annual basis, the amount in the Compensation Account shall be
contributed to the Compensation Trust.

        7.  ACCOUNTING.  At the end of each fiscal year the Company shall notify
the Employee in writing as to the amount,  if any, that has been credited to the
Employee  Compensation  Sub-Account,  the Company  Compensation  Sub-Account and
contributed  to the  Compensation  Trust for the past  fiscal year and the total
amount held in the  Compensation  Trust for the benefit of the Employee with the
earnings  thereon.  The  accounting  shall specify the vested portion of amounts
held pursuant to the Plan.
<PAGE>
        8. NATURE OF COMPANY'S OBLIGATION.  The Company's obligations under this
Plan shall be an unfunded and unsecured promise to pay. The Company shall not be
obligated under any  circumstances to fund its financial  obligations under this
Plan.  Any assets  which the  Company  may  acquire to help cover its  financial
liabilities  are and remain general assets of the Company  subject to the claims
of its  creditors.  Neither the Company nor the Plan  created  hereby  gives the
Employee any  beneficial  ownership  interest in any asset of the  Company.  All
rights of ownership in any such assets are and remain in the Company. All assets
in the Compensation Account and in the Compensation Trust shall always be deemed
to be assets of the Company subject to the general creditors of the Company. The
Employee  shall  have  no  vested  right  in  the  Compensation  Account  or the
Compensation  Trust.  The assets in the  Compensation  Account and  Compensation
Trust  shall  be held  pursuant  to this  Plan  and  shall  remain  the sole and
exclusive  property  of the Company  and shall be subject to  corporate  general
creditors.

        9.     EMPLOYEE RIGHT TO ASSETS.

               a. The rights of the Employee,  any Designated Beneficiary of the
        Employee,  or any other person claiming  through the Employee under this
        Plan,  shall be solely  those of an  unsecured  general  creditor of the
        Company. The Employee,  the Designated  Beneficiary of the Employee,  or
        any other person claiming through the Employee,  shall have the right to
        receive those payments  specified under this Plan only from the Company,
        and has no right to look to any  specific or special  property  separate
        from the Company to satisfy a claim for benefit payments,  including but
        not limited to the Compensation Trust.

               b. The Employee  agrees that he, his Designated  Beneficiary,  or
        any other person claiming through him shall have no rights or beneficial
        ownership interest  whatsoever in any general asset that the Company may
        acquire or use to help  support  its  financial  obligations  under this
        Plan,  including  but not limited to the  Compensation  Trust.  Any such
        general  asset used or acquired by the  Company in  connection  with the
        liabilities  it has assumed  under this Plan,  shall not be deemed to be
        held under any trust for the benefit of the  Employee or his  Designated
        Beneficiary. Nor shall any such general asset be considered security for
        the performance of the obligations of the Company.  Any such asset shall
        remain a general, unpledged, and unrestricted asset of the Company.

               c.  The   Employee   also   understands   and  agrees   that  his
        participation  in the  acquisition  of any such  general  asset  for the
        Company  shall not  constitute a  representation  to the  Employee,  his
        Designated Beneficiary, or any person claiming through the Employee that
        any of them has a special or
<PAGE>
        beneficial interest in such general asset.

        10. RETIREMENT BENEFITS.  At such time as Employee terminates employment
with the Company  (which  time shall  hereafter  be  referred to as  "Retirement
Date")  the  Company  will  pay a  deferred  compensation  benefit  ("Retirement
Benefit") to Employee.  The amount of the  Retirement  Benefit shall be equal to
the vested portion of the amount  contributed to the Compensation Trust from the
Compensation  Account  together with any earnings  thereon as of the  Retirement
Date of the  Employee.  The  Retirement  Benefit shall be paid to Employee in 60
equal monthly installments,  with the first payment commencing 30 days after the
Employee  reaches  his  Retirement  Date.  The Company  may, in its  discretion,
accelerate  any  payments  to the  Employee  and may  accelerate  vesting of the
benefits under the plan. In addition,  the Company in its discretion may pay the
Retirement  Benefit  prior to  termination  of  Employee's  employment  with the
Company.  The Company  may, in its  discretion,  accelerate  any payments to the
Employee and may accelerate vesting of the benefits under the plan.

        11.  DISABILITY  BENEFITS.  If it is  determined  using social  security
standards  that the Employee is permanently  and totally  disabled and unable to
continue to perform his duties in the Company, and on the express condition that
the  Employee  has  satisfied  all of the  covenants,  conditions  and  promises
contained in this Plan (to the extent  applicable)  the Company shall pay to the
Employee the vested portion of the amount  contributed to the Compensation Trust
from the Compensation  Account together with any earnings thereon as of the date
that disability is determined  ("Disability  Benefit").  The Disability  Benefit
shall be paid to the Employee in 60 equal  monthly  installments  to commence 30
days after  disability is established to the  satisfaction  of the Company.  The
Company may, in its discretion,  accelerate any payments to the Employee and may
accelerate vesting of the benefits under the plan.

        12.    DEATH BENEFITS.

               a. Pre-retirement death benefit. Upon the death of Employee prior
        to his  Retirement  Date, a Death  Benefit  shall be paid to  Employee's
        estate (or his designated  beneficiary) in an amount equal to sum of the
        following ("Death Benefit"):

                      (i) The amount  contributed to the Compensation Trust from
                      the Employee  Compensation  Sub-Account  together with any
                      earnings  thereon as of the date of the Employee's  death;
                      and

                      (ii) the  greater of (a) the vested  portion of the amount
                      contributed   to   the   Compensation   Trust   from   the
                      Compensation Account together with any
<PAGE>
                      earnings  thereon as of the date of the Employee's  death;
                      or (b) an amount  equal to five  times the  average of the
                      Employee's Base Salary for the three most recent years.

               The Death Benefit shall be paid in 60 equal monthly  installments
        to commence 30 days after the death of Employee. The Company may, in its
        discretion,  accelerate any payments due and may  accelerate  vesting of
        the benefits under the plan.

               b.  Post-retirement  death  benefit.  If Employee  dies after his
        Retirement Date, the Employee's  estate (or his designated  beneficiary)
        shall be entitled to receive the remaining  unpaid vested portion of the
        Retirement  Benefit.  The remaining  Retirement Benefit shall be paid to
        the Employee's estate (or his Designated  Beneficiary) on the same basis
        as it was being paid to the Employee as of Employee's  Retirement  Date.
        The Company may, in its discretion,  accelerate any payments due and may
        accelerate vesting of the benefits under the plan.

               c. For the  purposes of this  Section 12, the  Employee  shall be
        deemed  employed by the Company at any time during which the Employee is
        on leave of absence  from the  Company  and is  serving  as a  full-time
        missionary for any legally recognized  ecclesiastical  organization,  at
        the Base  Salary  of the  employee  in effect  immediately  prior to the
        commencement of such leave of absence.

        13. VESTING.  Employee's  right to receive the Benefits  hereunder shall
vest as follows:

               1. The Employee  shall be 100% vested in all amounts  contributed
        to the Employee Compensation Sub-Account.

               2. The  Employee  shall vest 100% in amounts  contributed  to the
        Company  Compensation  Sub-Account if the Employee has been continuously
        employed with the Company from the date of the Plan until the earlier of
        the following events:

                      (a)    The Employee attains 60 years of age; or

                      (b) The  Employee  has been  continuously  employed by the
               Company for a period of twenty (20) years.

                      (c) The  Employee's  death or disability as defined in the
               Plan.

               3. No amounts contributed to the Company Compensation Sub-Account
        shall vest unless the  employee  has been  continuously  employed by the
        Company from the date of the
<PAGE>
        Plan until the events specified in paragraph 13.2 above.

               4. Notwithstanding paragraphs 13.1, 13.2 and 13.3 above, Employee
        shall  forfeit  all  benefits  accruing  under  this Plan if at any time
        during  his  employment  with the  Company,  Employee  (1)  directly  or
        indirectly  enters into the  employment  of or owns any  interest in any
        other  company,  business  or  corporation  which  competes  directly or
        indirectly with the business of the Company,  or (2) the Employee allows
        the association of his name with or renders any service or assistance or
        advice,  whether  or not for  consideration,  to any other  corporation,
        company  or  business  which  company,  business  or  corporation  is in
        competition with the Company.

               5. For purposes of this  paragraph 13, there shall be included in
        the time the Employee is deemed continuously employed by the Company any
        time in which the  Employee is on leave of absence  from the Company and
        is  serving  as  a  full-time  missionary  for  any  legally  recognized
        ecclesiastical organization.

        14. NATURE OF BENEFITS.  It is expressly  understood  that when Benefits
provided  for  herein  are  payable,  they are  payable  on  account of the past
services of  Employee  and are not payable on account of services to be rendered
after the date the Employee  retires or terminates.  Further,  all amounts to be
paid hereunder do not depend on Employee serving as a consultant or the Employee
serving  in any  capacity  for the  Company  after  the  Employee's  Retirement.
Benefits  payable  hereunder  are  specifically   meant  to  be  paid  upon  the
termination,  retirement,  death  or  disability  of the  Employee  as  deferred
compensation.

        15. INVESTMENT  DISCRETION.  All amounts contributed to the Contribution
Account  under this Plan,  and any and all  earnings  thereon may be invested or
utilized by the Company as the Company, in its sole and absolute discretion, may
determine,  including,  without  limitation,  in any aspect of the  business  or
operations of the Company. The Company may exercise this discretion to determine
the amount of earnings on any amounts  contributed to the  Contribution  Account
for any period.

        16.  NONASSIGNABILITY.  It is expressly  understood and agreed hereunder
that the  Benefits  derived  from this Plan are not  subject to  attachment  for
payment of any debts or  judgments  of  Employee  and neither  Employee  nor the
Employee's spouse or heirs shall have any right to transfer, modify, anticipate,
encumber,  or  assign  any of the  Benefits  or  rights  hereunder.  None of the
payments which may be due to the Employee shall be transferrable by operation of
law in the event the Employee becomes insolvent or bankrupt.
<PAGE>
        17. MERGER OR CONSOLIDATION.  In the event the Company shall reorganize,
consolidate or merge with any other company this Plan shall become an obligation
of the new company or of any company taking over the duties and responsibilities
of the Company.  The Company agrees that if any of these events occur,  Employee
may request that a Rabbi trust be established to hold the Benefits.

        18. LIQUIDATION AND INSOLVENCY.  In the event the Company must liquidate
due to insolvency or events  resulting in an act of bankruptcy,  or in the event
the  Company  becomes  insolvent  and is  incapable  of  paying  its  bills  and
obligations,  then this  Agreement  shall  terminate  and shall be considered as
fully and completely discharged.

        19. PAYMENTS TO OTHER PERSONS. If the Company shall find that any person
to whom any  payment  is to be made  under  this  Plan is unable to care for his
affairs because of illness or accident, or is a minor, any Benefit due (unless a
prior  claim  therefor  shall  have  been  made  by a duly  appointed  guardian,
committee or other legal  representative)  may be paid to the spouse, a child, a
parent,  or a brother or sister,  or to any person deemed by the Company to have
incurred expenses for such person otherwise entitled to payment,  in such manner
and  proportions  as the  Company may  determine.  Any such  payment  shall be a
complete discharge of the liabilities of the Company under this Plan.

        20.  LIMITATIONS  OF  THIS  PLAN.  Nothing  contained  herein  shall  be
construed as conferring upon the Employee the right to continue in the employ of
the Company in any capacity.

        21. OTHER BENEFITS  DETERMINED BY COMPENSATION.  All amounts credited to
the  Account  under this Plan  shall not be deemed to be part of the  Employee's
regular annual  compensation  for the purpose of computing  benefits to which he
may be  entitled  under  any  pension,  profit  sharing,  401(k)  plan or  other
arrangement of the Company for the benefit of its employees.

        22. BOARD OF DIRECTORS AUTHORITY.  The Board of Directors of the Company
shall have full power and authority to interpret,  construe and  administer  and
amend  prospectively this Plan and the Board's  interpretations and construction
hereof and actions  hereunder shall be binding and conclusive on all persons for
all  purposes.  No  Employee,  representative  or agent of the Company  shall be
liable to any  person for any action  taken or  omitted in  connection  with the
interpretation  and  administration of this Plan unless  attributable to his own
willful misconduct or lack of good faith.

        23.  AMENDMENT.  During the lifetime of the  employee,  this Plan may be
amended  or  revoked  at any  time,  in  whole or part,  by the  mutual  written
agreement of the parties.
<PAGE>
        24. BINDING EFFECT.  This Plan shall be binding upon the parties hereto,
their heirs, assigns, successors, executors, administrators and they shall agree
to execute any and all instruments necessary for the fulfillment of the terms of
this Plan.

        25.  APPLICABLE LAW. This Plan shall be construed in accordance with and
governed by the laws of the State of Utah.

        26.  COMPENSATION  TRUST.  The Company may effect such amendments to the
Compensation  Trust Agreement dated September 23, 1993 as convenient or required
to be  consistent  with this  Amended  Agreement  and/or is  required to make or
continue to make the Compensation Trust Agreement in compliance with Internal
<PAGE>
Revenue  Service  Revenue  Procedure  92-64 or any  amendments  or  replacements
thereto.

        IN WITNESS  WHEREOF the parties  hereto have set their hands the day and
year first above written.

                                    COMPANY:

                                            NU SKIN INTERNATIONAL, INC.

                                            By ______________________________
                                               Its___________________________

                                    EMPLOYEE:

                                            ______________________________
                                            [Name of Employee]
<PAGE>
                             BENEFICIARY DESIGNATION

ENDORSEMENT:

        The Employee pursuant to that certain Deferred Compensation Plan entered
into  on the  day of , 19 , by and  between  NU  SKIN  INTERNATIONAL,  INC.  and
Employee, does hereby designate the following beneficiary:

                                    EMPLOYEE:

                                            ______________________________
                                            [Name of Employee]
<PAGE>
                       DEFERRED COMPENSATION CONTRIBUTION RECONCILIATION

TO:            [Name of Employee]
DATE:

        The  amounts  which  have  been   credited   pursuant  to  the  Deferred
Compensation Plan for your benefit are as follows:

             DEFERRED COMPENSATION PLAN CONTRIBUTION RECONCILIATION
================================================================================
NAME OF ACCOUNT           AMOUNT               ACCUMULATED        VESTED
                          CONTRIBUTED          VALUE              PERCENTAGE
                          TO DATE
========================= ==================== ================== ==============
Employee                                                               100%
Compensation Sub
Account

Company
Compensation Sub
Account 1998

Company
Compensation Sub
Account 1999

Company
Compensation Sub
Account 2000

Company
Compensation Sub
Account 2001

        This  reconciliation  reflects the amounts as set forth on the books and
records of the Company as of the date set forth above and does not guarantee the
amount or availability of any benefit under the Plan. The amount or availability
of any benefit  under the Plan must be  determined by reference to the terms and
conditions of the Plan.

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