NATURAL HEALTH TRENDS CORP
STOCK PURCHASE AGREEMENT
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d31622exv10w1.htm
<DESCRIPTION>STOCK PURCHASE AGREEMENT
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<DIV align="center" style="font-size: 22pt; margin-top: 18pt"><B>STOCK PURCHASE AGREEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>re</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>KGC Networks Pte Ltd.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>dated December&nbsp;21, 2005</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>made by and among</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Natural Health Trends Corp</B>., 2050 Diplomat Drive, Dallas Texas 75234, USA,<BR>
(<B>&#147;Seller</B>&#148;)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>and</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Bannks Foundation</B>, c/o Tremaco Treuunternehmen reg, Essanestrasse 91, FL-<BR>
9492 Eschen, Principality of Liechtenstein,<BR>
(&#147;<B>Purchaser</B>&#148;)
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PREAMBLE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WHEREAS, </B>KGC Networks Pte Ltd. (hereinafter referred to as the &#147;<B>Company</B>&#148;) is a stock corporation
incorporated under the laws of Singapore having its registered office at Asiaciti Management Pte
Ltd., 1 Raffles Place, #21-01 OUB Center, Singapore 048616;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WHEREAS, </B>the Seller is at the date hereof the legal and beneficial owners of 51,000 of the total of
100,000 shares of the Company issued and outstanding at such date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WHEREAS</B>, the Seller wishes to sell and Purchaser wishes to acquire all the 51,000 Shares presently
held by Seller, so that the Purchaser ends up holding 100% of the outstanding shares of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NOW, THEREFORE </B>the Parties agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1<BR>
Definitions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As used in this Stock Purchase Agreement, the following terms have the following meanings unless
the context requires otherwise:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">"<B>Agreement</B>&#148; or &#147;<B>Stock Purchase Agreement</B>&#148; shall mean this stock purchase agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">"<B>Closing</B>&#148; shall mean the consummation of the transaction described in article 2 of this Agreement
in accordance with article 3 of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">"<B>Closing Date</B>&#148; shall mean the date of the Closing defined in article 3.1 of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">"<B>Company</B>&#148; shall have the meaning set forth in the recitals to this Stock Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">"<B>Lien</B>&#148; shall mean any mortgage, pledge, security interest, encumbrance, lien or charge of any kind.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">"<B>Purchaser</B>&#148; shall have the meaning given on the first page of this Stock Purchase Agreement.
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">"<B>Party</B>&#148; or &#147;<B>Parties</B>&#148; shall mean one or all of the Seller and Purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">"<B>Shareholders Agreement</B>&#148; shall mean the shareholders agreement made by and among the Seller
together with Purchaser dated March&nbsp;17, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">"<B>Shares</B>&#148; shall mean shares of the Company as outstanding at the date of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">"<B>Seller</B>&#148; shall have the meaning given on the first page of this Stock Purchase Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2:<BR>
Sale and Purchase of Shares from Seller</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Sale and Purchase of Shares</U>. Upon the terms and subject to the conditions defined
herein, the Seller herewith sells to Purchaser all 51,000 Shares it holds and Purchaser
herewith agrees to purchase such Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Purchase Price</U>. The total purchase price for the Shares sold and transferred pursuant
to article 2.1 shall be USD 350,000.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 3:<BR>
Closing</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Closing Date and Location for Closing</U>. The transaction described in this Agreement
shall be consummated immediately after the signing of this Agreement, or on a later closing
date if so agreed upon by the Parties. The date at which the transaction described in this
Agreement is to be consummated shall hereinafter be referred to as the &#147;<B>Closing Date</B>&#148;. Closing
shall take place in Zurich and shall be effected with the assistance of Globaco AG,
Seefeldstrasse 5, 8008 Z&#252;rich.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><u>Action at Closing</u>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the Closing, the Seller shall deliver to Purchaser:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a written directive signed by Seller
to Globaco to release to Purchaser
the share certificate representing
all the Shares identified in article
2.1 of this Agreement;
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>stock transfer forms duly executed by
Seller transferring the Shares
identified in article 2.1 of this
Agreement to the Purchaser; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a copy of the agreement between the
Seller and the Company in the form
set out as Exhibit&nbsp;3.2 hereto, duly
executed by the Seller</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the Seller&#146;s presentation of said documents, Purchaser shall</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give the necessary instructions for the wire transfer of an amount
of USD 350,000 being the total purchase price for all the Shares sold by the
Seller to such bank account(s) as will be notified by the latter to Purchaser no
later than 2 working days before Closing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon confirmation by the bank designated by the respective Seller that the funds have been
credited to the designated accounts, the Parties shall exchange all documents listed
above.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Closing Confirmation</U>. In addition, Globaco AG shall provide a closing confirmation
which shall serve as evidence of the Closing and of the transaction contemplated under this
Agreement. Except as otherwise required for legal grounds, all actions taken at Closing shall
be deemed to have occurred simultaneously (<I>Zug-um-Zug</I>).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Other action to be taken at or after Closing Date</U>. Seller and Purchaser shall execute
and deliver to the other or shall cause the Company to execute and deliver any and all
documents and instruments in addition to those provided for herein that may be necessary or
appropriate to effect the transaction contemplated by this Agreement at or after the Closing
Date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 4:<BR>
Representations and Warranties of the Seller</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Seller represents and warrants to Purchaser as of the date hereof and as of the Closing Date as
follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Capacity of Sellers</U>. The Sellers has full power and authority to sell, transfer and
deliver to Purchaser the Shares sold pursuant to article 2.1 of this Agreement and to perform
all other undertakings under this
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Due Execution</U>. This Agreement has been duly executed by Seller and the execution,
delivery and performance of this Agreement by Seller will not violate, result in a breach, or
constitute default under any agreement, instrument judgments or decree to which Seller is a
party or to which Seller may presently be subject, nor will such execution or performance
constitute a violation of or a conflict with any fiduciary duty to which Seller is subject.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Title to Shares</U>. The Seller has at the date hereof good and marketable title to the
Shares sold pursuant to article 2.1 of this Agreement, free and clear of any Liens.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No other Representations and Warranties</U>. Except as specifically provided in this
article 4, the Seller makes no further or other representation and warranty.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Purchaser represents and warrants to Seller as of the date hereof and as of the Closing Date as
follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Capacity of Purchaser.</U> The Purchaser has full power and authority to purchase and
acquire from Seller the Shares sold pursuant to article 2.1 of this Agreement and to perform
all other undertakings under this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Due Execution.</U> This Agreement has been duly executed by Purchaser and the execution,
delivery and performance of this Agreement by Purchaser will not violate, result in a breach,
or constitute default under any agreement, instrument, judgment or decree to which Purchaser
is a party or to which Purchaser may presently be subject, nor will such execution or
performance constitute a violation of or a conflict with any fiduciary duty to which Purchaser
is subject.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No other Representations and Warranties</U>. Except as specifically provided in this
article 4, the Purchaser makes no further or other representation and warranty.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 5:<BR>
Remedies</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Term of Representations and Warranties</U>. The representations and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">5
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>warranties set forth in article 4 of this Agreement shall continue in effect for a period
of 12&nbsp;months from the Closing Date except for article 4.3 (Title to Shares) which shall
continue in effect for 10&nbsp;years from the Closing Date. This article 5 and the remedies
provided therein shall be in lieu of and not in addition to, and shall replace all
remedies available to any Party for misrepresentation or breach of warranty under any
applicable law, including the Swiss Code of Obligations.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Notification of Claim and Arbitration</U>. The Seller herewith waives the notification
and examination requirements of Art. 201 of the Swiss Code of Obligations. However, a Party
has to give notice to the counterparty in writing within 180&nbsp;days after the Party has detected
a breach of representations and warranties, describing in reasonable details such breach and
any damage suffered by it as a consequence of such breach to the extent then known. If the
Party has given notice to the counterparty of a breach of representations and warranties, the
Party has to commence arbitration in accordance with article 9.2 of this Agreement within 180
days after such notice has been given, unless the claim raised by the Party is either settled
before the expiry of such deadline or the Parties agree on an extension of such deadline. If
the Party fails to meet any of the deadlines set out herein, the claim concerned shall be
foregone and unenforceable.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Indemnification</U>. In case of a breach of a representation or warranty, the breaching
party shall within the limitations set forth in this Stock Purchase Agreement fully indemnify
the counterparty for any damage suffered. Any other action, relief or remedy, in particular
the right to rescind (Wandelung) this Agreement is hereby excluded and expressly waived.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Limitation of Liability</U>. Any indemnity payments to the counterparty for breach of
representations and warranties or covenants set forth in this Agreement shall in any event be
limited to 100 % of the total purchase price paid to the Seller pursuant to article 2.2 of
this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 6:<BR>
Termination of Shareholders Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Conditional only upon the Closing occurring, the Parties herewith terminate the Shareholders
Agreement as of the Closing Date. Conditional upon the Closing actually occurring, the Parties,
moreover, declare that they have no further claims whatsoever against each other under the
Shareholders Agreement and that to
</DIV>

<P align="center" style="font-size: 10pt">6
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the extent they may actually have some known or unknown claims under such Shareholders Agreement
such claims are herewith expressly waived.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 7:<BR>
Covenants</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Information and Audit Rights</U>. For any reporting period up to and including December
31, 2005 the Purchaser shall use its best endeavors to ensure that the Company will, up to
March&nbsp;31, 2008 or when the Seller is required by statute, government authority or independent
auditors to produce KGC-related information, cooperate fully and promptly with the Seller and
provide the Seller with such financial information, copies of accounting and copies of other
books and records as reasonably requested by Seller. Any costs for the provision of such
information are to be borne by Seller and upon reasonable request by the Company prepaid by
Seller.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Credit Card Services</U>. Seller herewith undertakes to use its best endeavors to ensure
that Paymentech Inc, the current credit card service provider of the Company will continue to
provide its services to the Company on current terms until at least December&nbsp;31, 2005.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Supply of Certain Products</U>. Seller herewith undertakes to continue for at least two
years after the Closing Date to provide the Company on a normal client-supplier-relationship
on reasonable commercial terms with Volupta and Esensacion products.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 8:<BR>
Miscellaneous</B>
</DIV>


<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Notice</U>. Any notice, request, instruction or other document deemed by any Party to be
necessary or desirable to be given to another Party shall be in writing and shall be mailed by
registered mail addressed as follows:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If to the Seller:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Natural Health Trends Corp.<br>
2050 Diplomat Drive<br>
Dallas Texas 75234<br>
USA</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">7
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If to the Purchaser:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bannks Foundation<br>
c/o Tremaco Treuunternehmen reg<br>
Essanestrasse 91<br>
FL-9492 Eschen<br>
Principality of Liechtenstein</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Party may at any time change its address by giving notice to the other Party in the
manner described above.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Waiver</U>. The failure of any Party to enforce any of the provisions of this Stock
Purchase Agreement or any rights with respect thereto shall in no way be considered as a
waiver of such provisions or rights or in any way to affect the validity of this Stock
Purchase Agreement. The waiver of any breach of this Stock Purchase Agreement by any Party
hereto shall not be construed as a waiver of any other prior or subsequent breach.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Entire Agreement; Modifications</U>. This instrument and the instruments referred to
herein embodies the entire agreement between the Parties hereto with respect to the
transaction contemplated herein and, except for the rights and obligations agreed in the
Shareholders Agreement, there have been and are no agreements or warranties between the
Parties other than those set forth or provided for herein. This Stock Purchase Agreement may
be amended only in writing through a document signed by the Parties to be bound by such
amendment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Binding on Successors</U>. All of the terms, provisions and conditions of this Stock
Purchase Agreement shall be binding upon and inure to the benefit of the Parties hereto and
their respective heirs, successors and legal representatives.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Assignment</U>. Neither Party shall assign this Stock Purchase Agreement or any rights
or obligations hereunder to any third party without the written consent of the other Parties
hereto.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 9:<BR>
Governing Law and Arbitration</B>
</DIV>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Governing Law</U>. This Stock Purchase Agreement shall be subject to and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">8
</DIV>

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</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>governed by Swiss law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Arbitration</U>. Any dispute arising out of or in connection with this Agreement,
including disputes on the conclusion, binding effect, amendment and termination of this
Agreement in general and this provision in particular shall be solely and finally settled, to
the exclusion of the ordinary courts, in accordance with the Swiss Rules of International
Arbitration Rules of the Swiss Chambers of Commerce by an arbitral tribunal consisting of
three arbitrators appointed in accordance with said Rules. The place of arbitration shall be
Zurich. The arbitral tribunal shall, subject to an agreement of the parties to such
arbitration proceedings to the contrary, conduct the proceedings and all awards shall be
rendered in the German language, provided that documents submitted to the arbitral tribunal
shall be admissible in the English language.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">9
</DIV>

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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF</B>, the Parties hereto have executed this Stock Purchase Agreement as of the date
and year first above written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Chris T. Sharng
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Natural Health Trends Corp.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Authorized Signatory
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Bannks Foundation&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;3.2 Agreement between Company and Seller
</DIV>



<P align="center" style="font-size: 10pt">10
</DIV>


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