NU SKIN ENTERPRISES INC
NSJ RETIREMENT ALLOWANCE PLAN
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<TYPE>EX-10.48
<SEQUENCE>10
<FILENAME>ex10-48.htm
<DESCRIPTION>NSJ RETIREMENT ALLOWANCE PLAN
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<TITLE>NSJ Director Retirement Allowance Plan</TITLE>
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<P ALIGN=CENTER><FONT FACE="Arial, Times, Serif" SIZE=4><B>
Nu Skin Japan Director Retirement Allowance Plan</B></FONT></P>


<P><FONT FACE="Arial, Times, Serif" SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; Background. Based on
Japanese employment regulations and customary business practice, Nu Skin Japan
(NSJ) has implemented a retirement plan for NSJ employees. Employees who also
serve on the Board of Directors are not eligible for the general retirement plan
available to NSJ employees. In order to reward NSJ&#146;s most senior managers
for their leadership, commitment and overall contribution to NSJ, and in order
to attract and retain the highest quality leaders available to NSJ, a Director
Retirement Allowance Plan was adopted that is available to senior managers in
Japan who are both officers of the Corporation as well as members of the Board. </FONT></P>

<P><FONT FACE="Arial, Times, Serif" SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Details. The plan provides additional compensation above
regular salary and bonuses,  at the date of retirement,  to eligible  members as
provided in the following formula:<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Monthly Salary at Retirement *
Years of Service * Efficiency Rate<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (The  efficiency  rate  is  an
arbitrary multiplier based on position)</FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
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<TD WIDTH=15%><FONT FACE="Arial, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=40%><FONT FACE="Arial, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=30% ALIGN=CENTER><FONT FACE="Arial, Times, Serif" SIZE=2><U>Efficiency Rate</U></FONT></TD>
<TD WIDTH=15%><FONT FACE="Arial, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH=15%><FONT FACE="Arial, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=40%><FONT FACE="Arial, Times, Serif" SIZE=2>President and Board Member</FONT></TD>
<TD WIDTH=30% ALIGN=CENTER><FONT FACE="Arial, Times, Serif" SIZE=2>2.0</FONT></TD>
<TD WIDTH=15%><FONT FACE="Arial, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>

 <TR VALIGN=BOTTOM>
<TD WIDTH=15%><FONT FACE="Arial, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=40%><FONT FACE="Arial, Times, Serif" SIZE=2>Vice President and Board Member</FONT></TD>
<TD WIDTH=30% ALIGN=CENTER><FONT FACE="Arial, Times, Serif" SIZE=2>1.9</FONT></TD>
<TD WIDTH=15%><FONT FACE="Arial, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH=15%><FONT FACE="Arial, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=40%><FONT FACE="Arial, Times, Serif" SIZE=2>Executive Director and Board Member</FONT></TD>
<TD WIDTH=30% ALIGN=CENTER><FONT FACE="Arial, Times, Serif" SIZE=2>1.8</FONT></TD>
<TD WIDTH=15%><FONT FACE="Arial, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P><FONT FACE="Arial, Times, Serif" SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Additional  Allowance.  Under  the  plan  the  Board  of
Directors  is  authorized  to approve at their sole  discretion,  an  additional
allowance  at the date of  retirement  in an amount  determined  by the Board of
Directors but not more than 25% of the amound  determined in accordance with the
formula set forth in paragraph 2 above.</FONT></P>

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