Amendment to Stock Purchase Agreement between Global Sources Limited, M&S Corporate Holdings, Peter Maher, and Raymond Schwartz (March 23, 2001)

Summary

This letter agreement, dated March 23, 2001, amends a previous stock purchase agreement among Global Sources Limited, M&S Corporate Holdings, Peter Maher, and Raymond Schwartz. The amendment delays the effective date of certain keepwell guarantees by one year. It also confirms that this delay does not constitute a default under the original agreement, and any rights or remedies related to such a default are waived. All other terms of the original stock purchase agreement remain unchanged.

EX-2.2 3 0003.txt LETTER AGREEMENT DATED MARCH 23, 2001 March 23, 2001 Global Sources Limited Attn: President 1055 Parsippany Blvd., Suite 106 Parsippany, N.J. 07054 Dear Mr. President: This letter agreement amends that certain stock purchase agreement dated as of February 1, 2000 (the "Stock Purchase Agreement") by and among Global Sources Limited, a Delaware corporation (the "Company"), M&S Corporate Holdings, Inc., a New Jersey corporation ("Investments"), Peter Maher and Raymond Schwartz. Except as otherwise provided herein, the Stock Purchase Agreement shall remain in full force and effect. The undersigned hereby acknowledges and confirms, that the initial keepwell guarantee and the anniversary keepwell guarantee (the "Keepwell Guarantees") referenced in Article I of the Stock Purchase Agreement and, more specifically, in Sections 1.05, 1.06 and 1.07 of the Stock Purchase Agreement, relating to the stock of the Company received by Peter Maher and Raymond Schwartz pursuant to the terms of the Stock Purchase Agreement, shall not become effective until a date that is one year later than the date on which they are to become effective pursuant to the terms of the Stock Purchase Agreement. The undersigned hereby further acknowledges and confirms that the change of the date on which the Keepwell Guarantees are to become effective does not constitute a default under the Stock Purchase Agreement, and to the extent that such a default should be found to have occurred, the undersigned hereby waives any and all rights and remedies that may have arisen in the past, or may arise in the future, as a result of such default. Very truly yours, /s/ Peter Maher and Raymond Schwartz Peter Maher and Raymond Schwartz