Document:

EX-10.46

                     CONTRIBUTION AND DISTRIBUTION AGREEMENT

         THIS CONTRIBUTION AND DISTRIBUTION  AGREEMENT (the "Agreement") is made
and entered into effective as of December 31, 1997 (the  "Effective  Date"),  by
and between NU SKIN INTERNATIONAL,  INC., a Utah corporation  ("NSI"), and 252nd
Shelf  Corporation,  a recently formed  Delaware  corporation and a wholly-owned
subsidiary of NSI,  which is in the process of changing its name to Nu Skin USA,
Inc. ("NUSA").

                                    Recitals

         A. NSI has determined it is  appropriate  and desirable to separate NSI
into two  companies by  contributing  certain  assets to, and  providing  for an
assumption  of  certain  liabilities  by,  NUSA,  and  by  distributing  to  the
stockholders of NSI all of the outstanding  shares of NUSA.  These  transactions
are are intended to qualify as a reorganization  and distribution under Sections
368(a)(1)(D) and 355 of the Code (as defined).

         B. The assets to be contributed to NUSA are to include those associated
with the sale and distribution of Nu Skin products within the United States.

         C. The  separation  and  contribution  described  above are intended to
permit NSI to combine its global business operations (i.e.,  distribution rights
for  areas  outside  of the  United  States)  with Nu Skin  Asia  Pacific,  Inc.
("NSAP").  NSI  understands  that NSAP will not consider an acquisition of NSI's
United States business  operations,  so the  transactions  described  herein are
necessary to facilitate a possible sale of NSI's global  business  operations to
NSAP. It is anticipated  that the acquisition by NSAP, if  consummated,  will be
structured as a transfer of all outstanding shares of NSI and the other Acquired
Entities (as defined) to NSAP (the "Stock  Acquisitions"),  intended to qualify,
at least in part, as a tax-free exchange under Section 351 of the Code.

         D. NSI and NUSA have determined that it is appropriate and desirable to
set forth in this Agreement the agreement and understanding  between the parties
with  respect  to the  subject  matter  hereof,  to  provide  for the  corporate
transactions   required   to  effect   the   above-referenced   separation   and
reorganization, and to establish the terms of such contribution,  assumption and
distribution.

                                    Agreement

         NOW, THEREFORE,  in consideration of the mutual agreements,  provisions
and covenants contained in this Agreement, the parties hereby agree as follows:
<PAGE>
                                   ARTICLE I.
                                   DEFINITIONS

         Section  1.1  General  Definitions.  Capitalized  terms as used in this
Agreement and not defined  elsewhere  herein shall have the  following  meanings
(such meanings to be equally applicable to both the singular and plural forms of
the terms defined):

         "Acquired  Entities"  shall mean NSI and all other  affiliated  Nu Skin
entities around the world,  including Nu Skin  International  Management  Group,
Inc., but excluding NUSA,  Scrub Oak, Ltd., Aspen  Investments,  Ltd. and the Nu
Skin affiliates operating in Canada, Mexico, Guatemala and Puerto Rico.

         "Assumption"  shall  mean the  assumption  by NUSA of the NUSA  Assumed
Liabilities.

         "Assumption   of   Liabilities   and   Indemnification   Agreement"  or
"Indemnification  Agreement"  shall  mean  the  Assumption  of  Liabilities  and
Indemnification  Agreement  in the form  attached  hereto  as  Exhibit  A, to be
executed by NSI and NUSA  concurrently  with the execution of this Agreement and
dated as of the Effective Date.

         "Benefits  Agreement"  shall  mean  the  Employee  Benefits  Allocation
Agreement  in the form  attached  hereto as Exhibit B to be  executed by NSI and
NUSA and dated as of the Effective Date. The Benefits  Agreement  relates to the
NUSA  Employees  who are to  become  employees  of NUSA in  connection  wtih the
Contribution,  Assumption and Distribution,  and NUSA's obligations with respect
to the accrued and ongoing benefits payable to the NUSA employees.

         "Code" shall mean the Internal Revenue Code of 1986, as amended, or any
successor legislation.

         "Contribution"  shall  mean  NSI's  contribution  of the NUSA  Acquired
Assets to NUSA.

         "Conveyancing  and Assumption  Instruments"  shall mean,  collectively,
such  instruments  of transfer,  assignment  and  assumption  as may be mutually
agreed upon by NSI and NUSA to effect the transfer of the NUSA  Acquired  Assets
to NUSA and the assumption of the NUSA Assumed Liabilities by NUSA in the manner
contemplated by this Agreement and the other Transaction Documents.

         "Distribution"  shall mean the  distribution  of all NUSA Shares to the
NSI Stockholders as provided in Section 2.4 hereof.

         "Effective Date" shall mean December 31, 1997.
<PAGE>
         "Intercompany Agreements" shall mean the Intercompany Agreements in the
form  attached  hereto as Exhibit C, to be  executed  by NSI,  NUSA and  certain
affiliated  entities  and  dated  as of the  Effective  Date.  The  Intercompany
Agreements  relate to the provision of rights,  licenses and services to NUSA in
connection with NUSA's conduct of the NUSA Acquired Business,  including: access
to the NSI  distribution  network;  management  services to be provided to NUSA;
licensing  of the  right to use the Nu Skin  trademarks  and  trade  names;  and
agreements  relating to licensing,  sales, and pricing of products to be offered
by NUSA through the NUSA Acquired Business.

         "Lease  Agreement"  shall mean the Lease Agreement in the form attached
hereto as  Exhibit  D, to be  executed  by NSI and NUSA and  certain  affiliated
entities and dated as of the Effective Date.

         "Liabilities"  of any  party  hereto  shall  mean  all  losses,  debts,
liabilities, damages, obligations, claims, demands, judgments, or settlements of
any  nature or kind owed by such  party,  whether  accrued  or  contingent,  and
including all  penalties,  costs and expenses  (legal,  accounting or otherwise)
associated therewith.

         "NSAP" shall mean Nu Skin Asia Pacific, Inc., a Delaware corporation.

         "NSI Board"  shall mean the Board of Directors of NSI.

         "NSI Common Stock" or "NSI Shares"  shall mean the 1,000,000  currently
outstanding shares of NSI Common Stock, $0.01 par value per share.

         "NSI  Continuing  Business"  shall mean the business to be conducted by
NSI  immediately  after giving  effect to the  Distribution,  utilizing  the NSI
Retained Assets, and including: the business of marketing and distributing of Nu
Skin  products;  managing and  licensing the Nu Skin Global  Compensation  Plan;
licensing of the right to use the Nu Skin  trademarks and trade names,  products
and distributor lists;  providing management services to local Nu Skin entities;
developing  new formulas and  ingredients  for Nu Skin  products;  and all other
businesses  conducted by NSI prior to the  Effective  Date,  other than the NUSA
Acquired Business.

         "NSI Employees" shall mean all individuals who immediately prior to the
Effective  Date  were  employed  by NSI and  who,  after  giving  effect  to the
Contribution,  Assumption and  Distribution,  are intended to remain employed by
NSI or in the NSI Continuing Business.

         "NSI  Retained  Assets"  shall mean,  collectively,  all assets of NSI,
other than the NUSA Acquired Assets.

         "NSI Retained  Liabilities"  shall mean each of the Liabilities of NSI,
other  than  the NUSA  Assumed  Liabilities,  all as  further  described  in the
Assumption of Liabilities and Indemnification Agreement.
<PAGE>
         "NSI Stockholders"  shall mean Blake M. Roney, Nedra Dee Roney,  Sandie
N.  Tillotson,  R. Craig Bryson,  Craig S. Tillotson,  Kirk V. Roney,  Brooke R.
Roney, Steven J. Lund and Keith R. Halls.

         "NUSA Acquired  Assets" shall mean,  collectively,  those assets of NSI
which are to be  transferred  to and  acquired by NUSA  pursuant to the terms of
this Agreement, as identified in Exhibit E attached hereto.

         "NUSA  Acquired  Business"  shall mean the  business to be conducted by
NUSA  immediately  after  giving  effect  to the  Contribution,  Assumption  and
Distribution,  utilizing the NUSA Acquired  Assets,  including the marketing and
distribution  of Nu Skin  products  in the  United  States as  permitted  by the
Intercompany Agreements.

         "NUSA Assumed  Liabilities"  shall mean each of the  Liabilities of NSI
that  are to be  assumed  by NUSA as of the  Effective  Date,  including  NUSA's
portion  of  Liabilities  that will be jointly  assumed by NSI and NUSA,  all as
provided in the Assumption of Liabilities and Indemnification Agreement.

         "NUSA Board" shall mean the Board of Directors of NUSA.

         "NUSA Common Stock" or "NUSA Shares" shall mean the ten (10)  currently
outstanding  shares of NUSA  Common  Stock,  $100 par value per share.  Upon the
filing of the NUSA Restated  Certificate with the Delaware Secretary of State, a
100,000 for 1 stock split will be implemented,  thereby increasing the number of
NUSA Shares outstanding to 1,000,000.

         "NUSA  Employees"  shall mean all individuals who immediately  prior to
the  Effective  Date were  employed by NSI and who,  after giving  effect to the
Contribution,  Assumption and Distribution, are intended to be employed by NUSA,
as referenced in the Benefits Agreement.

         "NUSA  Restated  Certificate"  shall mean the Restated  Certificate  of
Incorporation of NUSA, in the form attached hereto as Exhibit F.

         "NUSA  Stockholders"  shall,  immediately  after  giving  effect to the
Distribution,  mean Blake M. Roney,  Nedra Dee Roney,  Sandie N.  Tillotson,  R.
Craig Bryson, Craig S. Tillotson, Kirk V. Roney, Brooke B. Roney, Steven J. Lund
and Keith R. Halls, and any permitted designees thereof.

         "Stock  Acquisitions" has the meaning set forth in the Recitals to this
Agreement.

         "Tax Sharing and Indemnification  Agreement" shall mean the Tax Sharing
and  Indemnification  Agreement to be executed by NSI and NUSA concurrently with
the execution of this Agreement, in the form attached hereto as Exhibit G.
<PAGE>
         "Transaction  Documents"  shall  mean  this  Agreement,   the  Benefits
Agreement,  the  Conveyancing  and  Assumption  Instruments,  the  Assumption of
Liabilities and  Indemnification  Agreement,  the Intercompany  Agreements,  the
Lease Agreement and the Tax Sharing and Indemnification Agreement.

         Section  1.2  Exhibits,  Etc.  References  to  an  "Exhibit"  or  to  a
"Schedule" are, unless otherwise specified,  to one of the Exhibits or Schedules
attached to this Agreement,  and references to a "Section" are, unless otherwise
specified, to one of the Sections of this Agreement.

                                   ARTICLE II.
         CONTRIBUTION, ASSUMPTION, DISTRIBUTION AND RELATED TRANSACTIONS

         Section 2.1 General Description of Transactions.

                  (a) Pursuant to the terms of this Agreement, the Contribution,
         Assumption  and  Distribution  will be  consummated as of the Effective
         Date,  subject to such  actions as are to be taken after the  Effective
         Date, as provided herein.  Pursuant to the terms and conditions of this
         Agreement,  NSI's entire  right,  title and interest in and to the NUSA
         Acquired  Assets will be transferred to NUSA, NUSA will assume the NUSA
         Assumed  Liabilities and will indemnify NSI from such Liabilities,  and
         the NUSA  Shares will be  distributed  to the NSI  Stockholders.  These
         transactions  will result in the separation of NSI's current assets and
         business  into  two  entities,  with  NSI  continuing  to hold  the NSI
         Retained  Assets and to conduct the NSI Continuing  Business,  and with
         NUSA  acquiring  the NUSA  Acquired  Assets,  assuming the NUSA Assumed
         Liabilities,  and being entitled to conduct the NUSA Acquired Business.
         The  reorganization  and separation  contemplated  by this Agreement as
         described above (the "Reorganization") are being effected to facilitate
         the potential Stock Acquisitions, in a transaction intended to qualify,
         in part,  for United States  federal  income tax purposes as a tax-free
         exchange  under  Section  351 of the  Code,  while  retaining  the NUSA
         Acquired  Business  for  the  benefit  of  the  NSI  Stockholders.  The
         Reorganization   is  intended  to  qualify  as  a  reorganization   and
         disposition within the meaning of Sections  368(a)(1)(D) and 355 of the
         Code.

                  (b) To facilitate the transactions  described  above,  each of
         NSI and NUSA will,  concurrently  with the execution of this  Agreement
         (or promptly thereafter,  as requested by the other party), execute and
         deliver  all  of  the  other  Transaction   Documents  (and/or,   where
         applicable, cause its respective subsidiaries or affiliates to do so).

         Section 2.2 The Contribution.

                  (a)  Concurrently  with the execution of this  Agreement,  NSI
         agrees to, and does hereby,  transfer,  assign,  and  contribute to the
         capital of NUSA,  NSI's entire right,  title and interest in and to all
         of the NUSA Acquired Assets, subject to the NUSA Assumed Liabilities.
<PAGE>
                  (b)  Concurrently  with the execution of this  Agreement,  NSI
         shall deliver,  or undertake to deliver,  to NUSA  possession of all of
         the NUSA Acquired Assets.

                  (c) To the  extent  that  NSI has  established  and  maintains
         separate cash management systems, and maintains separate bank accounts,
         lock boxes, cash balances and other investments with respect to the NSI
         Continuing Business and the NUSA Acquired Business,  from and after the
         date hereof,  NSI shall be entitled to all such  accounts,  lock boxes,
         balances and  investments  related to the NSI  Continuing  Business and
         NUSA shall be entitled to all such accounts,  lock boxes,  balances and
         investments  related to the NUSA Acquired Business.  Following the date
         hereof,  (i) NSI shall,  and shall cause its  affiliates  to,  remit to
         NUSA,  no less  frequently  than  weekly,  any amounts (net of returned
         checks  and  similar  items)  received  by any of them on or after  the
         Distribution which constitute NUSA Acquired Assets and (ii) NUSA shall,
         and shall cause its  affiliates  to,  remit to NSI, no less  frequently
         than  weekly,  any amounts (net of returned  checks and similar  items)
         received  by any of them on or after the date hereof  which  constitute
         NSI Retained Assets.

         Section 2.3 The Assumption and Related Matters.

                  (a) In  consideration  for the  transfer  to NUSA of the  NUSA
         Acquired  Assets,  NUSA  agrees  to, and does  hereby,  assume the NUSA
         Assumed  Liabilities  and  indemnify  NSI  from  obligations   relating
         thereto,  in  accordance  with  the  terms  of this  Agreement  and the
         Assumption of Liabilities and Indemnification Agreement.

                  (b) NSI and NUSA shall use their  reasonable  best  efforts to
         cause all rights and  obligations of NSI in respect of the NUSA Assumed
         Liabilities  to be assigned to and assumed by NUSA  effective as of the
         Effective Date.

                  (c) From and after the Effective  Date, NSI and NUSA shall use
         their  reasonable best efforts to obtain from each holder or obligee of
         such NUSA Assumed  Liabilities a full release of NSI from any liability
         or obligation in respect of such NUSA Assumed Liabilities, effective as
         of the date hereof or as of the earliest possible date.

                  (d) Each of NSI and NUSA  shall  cooperate  with the other and
         execute  such   instruments  and  documents  as  may  be  necessary  or
         reasonably  requested  by  the  other  party  in  connection  with  the
         assignment,  assumption  and  release of any NUSA  Assumed  liabilities
         contemplated by this Section 2.3.

                  (e) If and to the  extent  that  NSI and NUSA  are  unable  to
         obtain the  assignment,  assumption  and  release  of any NUSA  Assumed
         Liabilities  as  contemplated  by this  Section 2.3, as between NSI and
         NUSA,  effective  as of the  Effectuve  Date,  NUSA  agrees  to pay and
         perform  as and  when due all  liabilities  and  obligations  of NSI in
         respect of such NUSA Assumed Liabilities,  whether arising prior to, on
         or after the date  hereof,  and,  in the event that for any reason NUSA
         does not make any such  payment or perform any such  obligation  as and
         when due or NSI makes any such payment or performs any such obligation,
         NUSA shall promptly  reimburse NSI for all costs and expenses  incurred
         by NSI in connection therewith.
<PAGE>
                  (f) Concurrently with the execution of this Agreement, the Tax
         Sharing and  Indemnification  Agreement will be executed by the parties
         named therein in order to implement an allocation  of  Liabilities  for
         Taxes as provided therein.

         Section 2.4  Distribution of NUSA Shares.  Upon the Effective Date, and
concurrently with the Contribution and Assumption, the NSI Stockholders shall be
entitled to a pro-rata  distribution of the NUSA Shares,  in accordance with the
number of NSI Shares  held by each of them.  On the  Effective  Date,  NSI shall
deliver to Steven J. Lund or Keith R. Halls,  as the  representative  of the NSI
Stockholders,  the  certificate  representing  the NUSA  Shares.  NUSA agrees to
promptly  file the NUSA  Restated  Certificate  with the  Delaware  Secretary of
State.  The filing of the NUSA Restated  Certificate will effect a 100,000 for 1
split of the outstanding NUSA Shares. Promptly upon such filing, and against the
surrender and cancellation of the originally issued certificate representing the
pre-split  NUSA  Shares,  NUSA will  deliver to each of the NSI  Stockholders  a
certificate  representing  such  NSI  Stockholder's  proportionate  share of the
post-split NUSA Common Stock, based on the number of NSI Shares held by such NSI
Stockholder.  This  Distribution will result in one (1) post-split share of NUSA
Common Stock being  distributed  with respect to each  outstanding  share of NSI
Common  Stock,  as  reflected  on Exhibit H. As a condition  to the  delivery of
certificates to the NSI Stockholders representing the NUSA Common Stock to which
they are entitled as a result of the Distribution, NUSA may require that the NSI
Stockholders  execute  representations  regarding the  restricted  status of the
shares being  distributed,  their investment intent, and otherwise as reasonably
requested to establish  that the  Distribution  is conducted in compliance  with
applicable state and federal securities laws.

         Section 2.5 Businesses to be Conducted.

                  (a) From and after the Effective Date, and after giving effect
         to  the  Contribution,  Assumption  and  Distribution,  NUSA  shall  be
         authorized  to carry out and conduct  the NUSA  Acquired  Business,  in
         accordance with the terms of the Intercompany  Agreements and the Lease
         Agreement.

                  (b) From and after the Effective  Date,  NSI shall continue to
         conduct the NSI Continuing Business.

                  (c) Except as otherwise specifically provided herein or in any
         of the Transaction Documents, neither party hereto shall be required to
         conduct any particular  business for any particular  period of time, or
         be restricted from engaging in any line of business in the future.
<PAGE>
                  (d) As described in the Benefits Agreement, upon the Effective
         Date the NUSA Employees  shall become  employees of NUSA, and NUSA will
         assume all obligations arising from such employment relationship.

         Section 2.6  Transfers Not  Effectuated  on Effective  Date;  Transfers
Deemed  Effective as of the  Effective  Date.  To the extent that any  transfers
contemplated by this Article II shall not have been consummated on the Effective
Date,  the parties  shall  cooperate to  effectuate  such  transfers as promptly
following the Effective  Date as shall be  practicable.  Nothing herein shall be
deemed to require the  transfer of any assets  which by their terms or operation
of law cannot be transferred;  provided,  however, that NSI shall cooperate with
NUSA to seek to obtain any  necessary  consents or approvals for the transfer of
all NUSA Acquired Assets contemplated to be transferred pursuant to this Article
II. In the event  that the  transfer  of any NUSA  Acquired  Assets has not been
consummated, from and after the Effective Date, NSI, as the party retaining such
NUSA Acquired  Assets shall hold such assets in trust for the use and benefit of
NUSA (at the expense of NUSA),  and take such other action as may be  reasonably
requested by NUSA, in order to place NUSA, insofar as is reasonably possible, in
the same position as would have existed had NSI's  interests in such assets been
transferred to NUSA as contemplated  hereby.  As and when any such asset becomes
transferable,  such transfer shall be effectuated  forthwith.  The parties agree
that, as of the  Effective  Date,  NUSA shall be deemed to have  acquired  NSI's
entire  rights,  title and interests in and to all of the NUSA Acquired  Assets,
together  with all  powers  and  privileges  incident  thereto  and all  duties,
obligations and  responsibilities  incident  thereto,  which NUSA is entitled to
acquire or required to assume pursuant to the terms of this Agreement.

         Section 2.7 Further Actions to Facilitate Transactions.

                  (a) From and after the date  hereof,  each party  hereto shall
         execute  all  other  documents  and take all  other  actions  as may be
         reasonably requested by the other party to fully effect and confirm the
         transfer and assignment of NSI's rights,  title and interests in and to
         the NUSA  Acquired  Assets  to NUSA,  to carry  out and  perform  their
         respective obligations under the Transaction  Documents,  and to effect
         the transactions  contemplated by the Transaction  Documents.  All such
         actions shall be at the expense of the  requesting  party.  As provided
         elsewhere herein,  the parties understand and acknowledge that the NUSA
         Acquired  Assets  are  being  transferred  to NUSA "as is,  where  is,"
         without  representation or warranty.  Furthermore,  NUSA shall bear the
         economic and legal risk that any conveyances of such assets shall prove
         to be  insufficient  or that NUSA's  title to any such assets  shall be
         other than good and marketable and free from encumbrances.

                  (b) NUSA will promptly file the NUSA Restated Certificate with
         the Delaware Secretary of State, to effect the change of NUSA's name to
         NU Skin USA,  Inc., to increase the number of shares NUSA is authorized
         to issue, to include language limiting the liability of NUSA directors,
         and to provide for a 100,000 for 1 stock  split,  all as  reflected  in
         Exhibit F. As a result of such stock split,  which will be  implemented
         effective upon the filing of the NUSA Restated Certificate,  the number
         of NUSA Shares  outstanding  will be increased to a total of 1,000,000,
         thereby  facilitating the pro-rata  Distribution to NSI Stockholders as
         described in Section 2.4 above.  As a result of the  Distribution,  the
         post-split  NUSA  Shares  will be held by the NSI  Stockholders  as set
         forth in Exhibit H.
<PAGE>
                                   ARTICLE III
                         REPRESENTATIONS AND WARRANTIES

         Section 3.1  Representations of NSI. NSI hereby represents and warrants
to NUSA as follows:

                  (a) NSI has all  requisite  corporate  power and  authority to
         execute  and  deliver  this  Agreement  and  perform  its   obligations
         hereunder.  The execution,  delivery and  performance of this Agreement
         and the other  Transaction  Documents  by NSI have been or will be duly
         and validly approved or ratified by the requisite vote of the NSI Board
         and NSI  Shareholders,  and authorized by all other necessary action on
         the part of NSI. This Agreement has been duly and validly  executed and
         delivered  by NSI,  and is the valid  and  binding  obligation  of NSI,
         enforceable  against  NSI in  accordance  with  its  terms,  except  as
         enforceability may be affected by bankruptcy,  insolvency,  moratorium,
         reorganization,  fraudulent  conveyance  and other laws  affecting  the
         rights of creditors  generally,  and by general  equitable  principles,
         whether enforcement is sought in an action at law or in equity.

                  (b) No consent, approval or authorization of, or filing of any
         certificate,  notice,  application,  report or other document with, any
         governmental  authority  or  person is  required  on the part of NSI in
         connection  with the valid  execution and delivery of this Agreement or
         the consummation of the  transactions  contemplated  hereby,  except as
         otherwise specifically referenced herein.

                  (c) The  execution  and delivery of this  Agreement by NSI and
         the  performance  by NSI of its  obligations  hereunder do not and will
         not:  (i)  conflict  with,  violate,  result in a breach of, or default
         under NSI's  Certificate of Incorporation  or Bylaws;  (ii) violate any
         provision  of  any  applicable  laws,  rules,  regulations,  or  orders
         applicable to NSI, the violation of which would be reasonably likely to
         result in a  material  adverse  effect  on the  business  or  financial
         condition of NUSA, or (iii) conflict with, violate,  result in a breach
         of,  constitute a default  under  (without  regard to  requirements  of
         notice,  lapse  of time  or  elections  of any  third  parties,  or any
         combination  thereof),  or accelerate or permit the  acceleration  of a
         material performance required by, any order, instrument or agreement to
         which NSI is a party,  the  conflict,  violation,  breach,  default  or
         acceleration  of which  would  be  reasonably  likely  to  result  in a
         material adverse effect on the business or financial condition of NUSA.

                  (d)  The  NSI  Shares   constitute   all  of  the  issued  and
         outstanding  securities  of NSI, and the NSI Shares are held by the NSI
         Stockholders in the amounts indicated on Exhibit H attached hereto.
<PAGE>
                  (e)  EXCEPT  AS   OTHERWISE   SPECIFICALLY   PROVIDED  IN  ANY
         TRANSACTION  DOCUMENT,  NSI'S  RIGHT,  TITLE AND INTEREST IN AND TO THE
         NUSA ACQUIRED  ASSETS ARE BEING  TRANSFERRED  TO NUSA HEREUNDER "AS IS,
         WHERE  IS,"  WITHOUT   REPRESENTATION  OR  WARRANTY  AS  TO  CONDITION,
         MERCHANTABILITY,  OR  FITNESS  FOR ANY  PARTICULAR  PURPOSE.  EXCEPT AS
         EXPRESSLY  PROVIDED TO THE CONTRARY IN ANY OTHER TRANSACTION  DOCUMENT,
         NSI IS NOT REPRESENTING OR WARRANTING IN ANY WAY (A) AS TO THE VALUE OR
         FREEDOM FROM ENCUMBRANCE OF, OR ANY OTHER MATTER CONCERNING, ANY OF THE
         NUSA  ACQUIRED  ASSETS,  OR  (B)  AS TO THE  LEGAL  SUFFICIENCY  OF THE
         EXECUTION,   DELIVERY  AND  FILING  OF  THIS  AGREEMENT  OR  ANY  OTHER
         TRANSACTION   DOCUMENT  TO  CONVEY  TITLE  TO  ANY  PARTICULAR   ASSET,
         INCLUDING,   WITHOUT   LIMITATION,   ANY  CONVEYANCING  AND  ASSUMPTION
         INSTRUMENTS.

         Section  3.2  Representations  of  NUSA.  NUSA  hereby  represents  and
warrants to NSI as follows:

                  (a) NUSA has all  requisite  corporate  power and authority to
         execute  and  deliver  this  Agreement  and  perform  its   obligations
         hereunder.  The execution,  delivery and  performance of this Agreement
         and the other  Transaction  Documents by NUSA have been or will be duly
         and validly  approved or authorized by the NUSA Board and authorized by
         all other necessary action on the part of NUSA. This Agreement has been
         duly and validly  executed and delivered by NUSA,  and is the valid and
         binding obligation of NUSA, enforceable against NUSA in accordance with
         its terms,  except as  enforceability  may be affected  by  bankruptcy,
         insolvency, moratorium, reorganization, fraudulent conveyance and other
         laws  affecting  the  rights of  creditors  generally,  and by  general
         equitable principles, whether enforcement is sought in an action at law
         or in equity.

                  (b) No consent, approval or authorization of, or filing of any
         certificate,  notice,  application,  report or other document with, any
         governmental  authority  or person is  required  on the part of NUSA in
         connection  with the valid  execution and delivery of this Agreement or
         the consummation of the  transactions  contemplated  hereby,  except as
         otherwise specifically referenced herein.

                  (c) The execution  and delivery of this  Agreement by NUSA and
         the  performance by NUSA of its  obligations  hereunder do not and will
         not:  (i)  conflict  with,  violate,  result in a breach of, or default
         under NUSA's  Certificate of Incorporation or Bylaws;  (ii) violate any
         provision  of  any  applicable  laws,  rules,  regulations,  or  orders
         applicable to NUSA,  the violation of which would be reasonably  likely
         to result in a material  adverse  effect on the  business or  financial
         condition of NSI, or (iii) conflict with,  violate,  result in a breach
         of,  constitute a default  under  (without  regard to  requirements  of
         notice,  lapse  of time  or  elections  of any  third  parties,  or any
         combination  thereof),  or accelerate or permit the  acceleration  of a
         material performance required by, any order, instrument or agreement to
         which NUSA is a party,  the  conflict,  violation,  breach,  default or
         acceleration  of which  would  be  reasonably  likely  to  result  in a
         material adverse effect on the business or financial condition of NSI.
<PAGE>
                  (d)  The  NUSA  Shares   constitute  all  of  the  issued  and
         outstanding  securities  of NUSA.  Immediately  prior to the  Effective
         Date,  all of the NUSA Shares were held by NSI.  Upon the filing of the
         NUSA  Restated  Certificate,  1,000,000  NUSA shares will be issued and
         outstanding.

                                   ARTICLE IV
                       ACCESS TO INFORMATION AND SERVICES

         Section 4.1 Provision of Corporate Records.

                  (a) As soon as practicable  following the Effective  Date, NSI
         shall  arrange for the  delivery,  at NUSA's cost,  to NUSA of existing
         corporate  records in NSI's  possession  relating to the NUSA  Acquired
         Business, including all licenses, leases, agreements,  litigation files
         and  filings  with  federal,  state,  local or foreign  governments  or
         governmental  or  regulatory  agencies  or  authorities,  except to the
         extent such items are already in the  possession of NUSA or on premises
         included  in the  NUSA  Acquired  Assets.  Such  records  shall  be the
         property  of  NUSA,  but  shall  be  available  to NSI for  review  and
         duplication  until NSI shall  notify NUSA in writing  that such records
         are no longer of use to NSI. NSI may also retain  copies of any of such
         records relating to actions  commenced  against NSI. To the extent such
         documents  relate  both  to the  NUSA  Acquired  Business  and  the NSI
         Continuing Business,  NSI shall deliver, at NUSA's cost, copies of such
         documents to NUSA.

                  (b)  The   originals   of  any  other   documents   containing
         information  with  respect  to  NSI  (including  accounting,   tax  and
         financial  records)  shall  be  retained  by NSI.  Copies  of any  such
         documents shall be delivered to NUSA, at NUSA's request,  in accordance
         with paragraph (a) hereof. Costs of duplicating such documents shall be
         allocated 50% to NUSA and 50% to NSI.

         Section 4.2 Access to  Information.  From and after the Effective Date,
NSI  shall  afford to NUSA and its  authorized  accountants,  counsel  and other
designated  representatives  reasonable  access and  duplicating  rights  during
normal business hours to all records,  books, contracts,  instruments,  computer
data and other data and information  (collectively,  `Information') within NSI's
possession and shall use  reasonable  efforts to give to NUSA and its authorized
accountants,  counsel and other designated  representatives access to persons or
firms possessing  Information,  insofar as such access is reasonably required by
NUSA and  subject to  appropriate  restrictions  for  confidential  Information.
Similarly, NUSA shall afford to NSI and its authorized accountants,  counsel and
other designated representatives reasonable access and duplicating rights during
normal  business  hours to  Information  within NUSA's  possession and shall use
reasonable  efforts to give to NSI and its authorized  accountants,  counsel and
other  designated   representatives   access  to  persons  or  firms  possessing
Information, insofar as such access is reasonably required by NSI and subject to
appropriate  restrictions  for  confidential  Information.  Information  may  be
requested  under this Article IV for,  without  limitation,  audit,  accounting,
claims,  litigation  and tax  purposes,  as well as for  purposes of  fulfilling
disclosure and reporting  obligations  and for performing this Agreement and the
transactions contemplated hereby.
<PAGE>
         Section 4.3 Reimbursement.  Except to the extent otherwise contemplated
herein or by any other Transaction  Agreement,  a party providing Information to
the other  party under this  Article IV shall be  entitled  to receive  from the
recipient,  upon  the  presentation  of  invoices  therefor,  payments  for such
amounts,  relating to supplies,  disbursements  and other  direct  out-of-pocket
expenses as may be reasonably incurred in providing such Information.

         Section 4.4 Retention of Records.  Except as otherwise  required by law
or agreed to in writing,  each of NSI and NUSA may destroy or otherwise  dispose
of any of the  Information  at any time  after  the  tenth  anniversary  of this
Agreement,  provided that, prior to such  destruction or disposal,  (a) it shall
provide no less than 90 days' prior written  notice to the other,  specifying in
reasonable  detail the Information  proposed to be destroyed or disposed of, and
(b) if a  recipient  of such  notice  shall  request  in  writing  prior  to the
scheduled  date for such  destruction  or  disposal  that any of the  requesting
party,  the party proposing the  destruction or disposal shall promptly  arrange
for the delivery of such of the  Information  as was requested at the expense of
the party requesting such Information.

         Section 4.5 Confidentiality. Each of NSI and NUSA shall hold, and shall
cause its directors,  employees,  agents,  consultants  and advisors to hold, in
strict  confidence,  all  Information  concerning the other in its possession or
furnished by the other or the other's representatives pursuant to this Agreement
(except to the extent that such  Information  has been (a) in the public  domain
through no fault of such party or (b) lawfully  acquired  from other  sources by
such party),  and each party shall not release or disclose such  Information  to
any other person, except its auditors,  attorneys,  financial advisors,  bankers
and other consultants and advisors,  unless compelled to disclose by judicial or
administrative  process or, as advised by its counsel,  by other requirements of
law.

                                    ARTICLE V
                                  MISCELLANEOUS

         Section 5.1 Complete Agreement; Construction. This Agreement, including
the  Schedules  and  Exhibits  and the  other  Transaction  Documents  and other
agreements  and  documents  referred  to  herein,  shall  constitute  the entire
agreement  between the parties  with  respect to the subject  matter  hereof and
shall supersede all previous negotiations, commitments and writings with respect
to such subject matter.
<PAGE>
         Section 5.2 Survival of Agreements. Except as otherwise contemplated by
this  Agreement,  all covenants and agreements of the parties  contained in this
Agreement shall survive the Effective Date.

         Section 5.3  Governing  Law.  This  Agreement  shall be governed by and
construed in accordance  with the laws of the State of Utah,  without  regard to
the principles of conflicts of law thereof.

         Section  5.4 Dispute  Resolution.  In the event of any  controversy  or
dispute  between the parties  hereto  arising out of or in connection  with this
Agreement, the parties shall attempt, promptly and in good faith, to resolve any
such  dispute.  If the parties are unable to resolve any such  dispute  within a
reasonable time (not to exceed 90 days),  all unresolved  disputes arising under
this Agreement shall be submitted to mandatory and binding arbitration in Provo,
Utah under the then applicable rules of the America  Arbitration  Association or
any successor organization.

         Section 5.5  Attorneys'  Fees.  The  prevailing  party in any  arbitral
proceeding  brought by one party  against the  other(s)  and arising out of this
Agreement shall be entitled, in addition to any other rights and remedies it may
have, to reimbursement for its expenses, including its costs and attorneys' fees
and arbitral costs.

         Section 5.6  Notices.  All notices and other  communications  hereunder
shall be in writing and shall be  delivered by hand or mailed by  registered  or
certified  mail  (return  receipt  requested)  to the  parties at the  following
addresses (or at such other  addresses for a party as shall be specified by like
notice) and shall be deemed given on the date on which such notice is received:

         To NSI:

         Nu Skin International, Inc.
         One Nu Skin Plaza
         75 West Center Street
         Provo, UT  84601
         Attention:  Mr. M. Truman Hunt

         To NUSA:

         Nu Skin USA, Inc.
         One Nu Skin Plaza
         75 West Center Street
         Provo, UT  84601
         Attention: Mr. Richard M. Hartvigsen
<PAGE>
         With a copy to:

         Holland & Hart LLP
         215 South State Street
         Suite 500
         Salt Lake City, UT  84111-2346
         Attention: David R. Rudd, Esq.

         Section 5.7  Amendments.  This Agreement may not be modified or amended
except by an agreement in writing signed by the parties.

         Section 5.8  Successors  and  Assigns.  This  Agreement  and all of the
provisions  hereof shall be binding upon and inure to the benefit of the parties
and their respective successors and permitted assigns.

         Section 5.9 No Third Party Beneficiaries.  This Agreement is solely for
the benefit of the  parties  hereto and shall not be deemed to confer upon third
parties any remedy, claim, right of reimbursement or other right.

         Section  5.10  Titles and  Headings.  Titles and  headings  to sections
herein are inserted for the  convenience  of reference only and are not intended
to be a part of or to affect the meaning or interpretation of this Agreement.

         Section 5.11 Exhibits and Schedules.  The Exhibits and Schedules  shall
be construed  with and as an integral part of this  Agreement to the same extent
as if the same had been set forth verbatim herein.

         Section 5.12 Legal  Enforceability.  Any  provision  of this  Agreement
which is prohibited  or  unenforceable  in any  jurisdiction  shall,  as to such
jurisdiction,   be   ineffective   to  the   extent  of  such   prohibition   or
unenforceability  without invalidating the remaining provisions hereof. Any such
prohibition  or  unenforceability  in any  jurisdiction  shall not invalidate or
render unenforceable such provision in any other jurisdiction. Without prejudice
to any rights or remedies  otherwise  available to any party hereto,  each party
hereto acknowledges that damages would be an inadequate remedy for any breach of
the provisions of this Agreement and agrees that the  obligations of the parties
hereunder shall be specifically enforceable.

         Section  5.13   Counterparts.   This   Agreement  may  be  executed  in
counterparts and each taken together shall constitute one and the same document.
<PAGE>
         IN WITNESS  WHEREOF,  the parties have caused this Agreement to be duly
executed as of the day and year first above written.

                                   NU SKIN INTERNATIONAL, INC.

                                   By:
                                   Its:

                                   NU SKIN USA, INC.

                                   By:
                                   Its:
<PAGE>
                                    EXHIBIT A

             ASSUMPTION OF LIABILITIES AND INDEMNIFICATION AGREEMENT
<PAGE>
                                    EXHIBIT B

                     EMPLOYEE BENEFITS ALLOCATION AGREEMENT
<PAGE>
                                    EXHIBIT C

                             INTERCOMPANY AGREEMENTS
<PAGE>
                                    EXHIBIT D

                                LEASE AGREEMENT
<PAGE>
                                    EXHIBIT E

                     ASSETS TO BE ACQUIRED BY NUSA FROM NSI

                                                                       Estimated
                                                                        Amount
                                                                      ----------
1.  All cash, except $2,750,000 which will be retained
          to pay interest on the S-Notes                              38,518,015
2.  Related party receivables                                          1,381,054
3.  Amounts due from employees                                           377,206
4.  Interest receivable                                                  119,689
5.  Other receivables                                                     84,911
6.  Inventory                                                          2,042,251
7.  Investment in Aspen partnership                                      540,921
8.  Investment in Scrub Oak partnership                                  344,514
9.  679,000 shares of NSAP Stock valued at $18.25 per share
          as of 12/31/97                                              12,391,872
10. Investment in Mountain Pictures venture
         (Martin Anderson)                                                75,000
11. Investment in Global Airwaves venture
         (Kevin Doman and Nathan Ricks)                                  275,000
12. Note receivable from Scrub Oak                                     5,128,666
13. Note receivable from Kevin Doman                                     100,000
14. Other Notes                                                          159,523
                                                                      ----------
                      Total Assets to be transferred to Nu Skin USA   61,538,622
                                                                      ==========

Note: This list reflects assets recorded in the financial  records at historical
cost. A copy of the  financial  statements  reflecting  these assets is attached
hereto as Schedule E-1.  NUSA will also obtain the rights and licenses  required
to  carry  out  the  NUSA  Acquired  Business,  pursuant  to  the  terms  of the
Intercompany Agreements.
<PAGE>
                                    EXHIBIT F

                   NUSA RESTATED CERTIFICATE OF INCORPORATION
<PAGE>
                                    EXHIBIT G

                    TAX SHARING AND INDEMNIFICATION AGREEMENT
<PAGE>
                                    EXHIBIT H

                             NSI SHAREHOLDER LISTING

NAME                  NUMBER OF NSI     PERCENTAGE       NUMBER OF POST-SPLIT
                       SHARES HELD       INTEREST      NUSA  SHARES TO BE ISSUED
                                                          IN DISTRIBUTION
                      -------------     ----------     -------------------------
Blake M. Roney           303,334          30.3334               303,334
Nedra Dee Roney          253,333          25.3333               253,333
Sandie N. Tillotson      141,667          14.1667               141,667
Craig Bryson              70,833           7.0833                70,833
Craig S. Tillotson        70,833           7.0833                70,833
Steven J. Lund            50,000           5.0000                50,000
Brooke R. Roney           50,000           5.0000                50,000
Kirk V. Roney             50,000           5.0000                50,000
Keith R. Halls            10,000           1.0000                10,000
                      -------------     ----------     -------------------------
        TOTALS         1,000,000            100%              1,000,000EX-10.47

           Nu Skin Enterprises, Nu Skin International and Nu Skin USA
                   Employee Incentive Bonus Plan (the "Plan")
                             Effective July 1, 1998

Introduction:

         A performance  based incentive plan was introduced to Nu Skin Employees
         at the  beginning  of  1998.  The  employees  of Nu Skin  International
         ("NSI") and Nu Skin USA ("NSUSA") were  participants  in that plan. The
         acquisition  of NSI by Nu Skin Asia  Pacific  (name  changed to Nu Skin
         Enterprises  ("NSE")  led to the  termination  of  that  plan  and  the
         adoption of the Plan which is described below.

Purpose:

         The purpose of the Plan is to focus  employees on excellent,  sustained
         performance  that  leads  to  long-term   growth,   profitability   and
         stability.

Objectives:

         - To increase  revenue and  profit and to improve  the  efficiency  and
              effectiveness of operations
         - To maintain steady long-term growth
         - To create a performance based incentive program
         - To motivate employees

Employee Incentive Bonus Plan Summary:

         The Plan  includes a base portion and a stretch  portion.  The base and
         stretch format provides increased  incentive for superior  performance.
         The incentive  bonus that can be earned under the Plan is determined by
         how well the company,  departments  and employees  perform  relative to
         earnings  targets,  revenue  targets,  department  goals and individual
         goals.  Under the Plan, failure to achieve at least 90% of the earnings
         target disqualifies  employees from receiving an incentive bonus in any
         area of the four areas noted. Earnings are 40%, revenue 20%, department
         goals 20% and  individual  goals  20% of the base  portion  bonus.  The
         stretch  bonus is 60% based on  earnings  performance  and 40% based on
         revenue performance.

         The base portion applies when actual performance is greater than 90% of
         the target but does not exceed the target.  The stretch portion relates
         only to revenue and earnings goals and applies when actual  performance
         exceeds the target.  If the  earnings  performance  does not exceed the
         target no stretch  incentive  can be earned for  exceeding  the revenue
         target.  Individual  and  department  goals are not  applicable  to the
         stretch  portion as achievement of more than 100% of those goals is not
         possible.  If the actual  performance  for earnings  exceed 120% of the
         target a portion of the bonus will be  deferred  for those with a grade
         of 20 or higher.
<PAGE>
         The  earnings   and  revenue   performance   targets  are   established
         semi-annually.  Department  and individual  goals are also  established
         every  six  months.  Employees  will be able to track  progress  toward
         achieving the targets by receiving on a quarterly  basis,  a percentage
         number that indicates actual performance compared to the targets.

         The maximum bonus,  expressed as a percentage of base salary,  that can
         be earned under the Plan is based on the position  held by the employee
         and the  grade  associated  with  the  position.  The  following  table
         contains the maximum percentage for the indicated grade categories.

             (Less than      (Less than        (Greater than
                100%)           120%)             120%)
  Grade         Base %         Stretch %      Double Stretch %      Maximum %
---------    ----------      -----------      ----------------      ---------
1-18            5.0% +           7.5% +             7.5% =             20.0%
19-22          10.0% +          15.0% +            15.0% =             40.0%
23-24, SC      15.0% +          22.5% +            22.5% =             60.0%
25-26, MC      20.0% +          30.0% +            30.0% =             80.0%
VP's, LC       30.0% +          50.0% +            50.0% =            130.0%
CFO, LC        35.0% +          60.0% +            60.0% =            155.0%
COO            40.0% +          75.0% +            75.0% =            190.0%

Deferred Bonuses:

         Stretch incentives earned when earnings and revenue performances exceed
         120% of the target will be deferred, in part, for employees with grades
         of 20 or higher. 1/3rd of the additional incentive is paid currently on
         March 15 along with any amounts  due for the stretch and base  portions
         and 1/3rd is paid in each of the two following  calendar  years as long
         as 90% of the earnings target is achieved during the following  year(s)
         and the  employee is employed by the company at the time the payment is
         made; otherwise the deferred portion is forfeited.

Employment Requirements:

         Employees must be currently  employed at the time the incentive is paid
         in order to receive the incentive bonus. The incentive plan was created
         to encourage  employees to be committed to Nu Skin's long-term  success
         and  should  function  as an  incentive  for the  employee  to remain a
         contributor.  Therefore,  an  employee  is not  eligible  to receive an
         incentive bonus if the employee terminates employment,  for any reason,
         prior to the date the incentive bonus is paid.
<PAGE>
Individual and Department Goals:

         Employees must achieve at least 80 percent of each  individual  goal in
         order for that goal to count toward their incentive bonus.  Since goals
         are set at the  distinguished  level, 80 percent  achievement  reflects
         that the employee has performed at a "competent"  level. If an employee
         gets below 80 percent  achievement on a particular  goal,  that goal is
         not considered achieved and counts for zero. It is averaged in with the
         rest of the goals to determine  the total amount of incentive  bonus an
         employee receives.  At least 80% of all individual and department goals
         must be achieved to receive any  incentive  related to those areas.  In
         addition,  if employees  don't go through the process of setting  goals
         and  having  those  goals  approved  by their  managers,  they  will be
         ineligible for any kind of incentive bonus.

Eligible Participants:

         All  employees  of NSE,  NSI and  NSUSA who are  employed  prior to the
         beginning of the incentive period are eligible to participate.

Timing of bonus payments:

         The Plan  includes two  six-month  periods,  one ending June 30 and one
         ending December 31.

         Incentive  bonuses  earned  under  the  Plan,  if  any,  will  be  paid
         semi-annually on or near March 15 and September 15.

Other Compensation Issues:

         When appropriate and as approved by the Board of Directors annual merit
         increases  will be granted  effective the first pay period which starts
         in July (generally the second paycheck received in July). The amount of
         the  merit  increase  will  vary from year to year and will be based on
         various  relevant  factors,  as  determined  by  management,  including
         company performance, market conditions and employee performance.

         In the past Executive Management has generally provided a non-cash gift
         to employees in December. The value and nature of this gift can change.
         This  practice is expected to  continue  but could be  discontinued  or
         altered at anytime at the discretion of Executive Management.

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