Document:

EXHIBIT 10.1

                               GLOBAL SOURCES LTD.
                                  Canon's Court
                               22 Victoria Street
                             Hamilton HM 12, Bermuda

                                 --------------

                NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS
                             To Be Held May 9, 2005

                                 --------------

To Our Shareholders:

      NOTICE IS HEREBY given that a general meeting of the shareholders of
Global Sources Ltd. (the "Company") will be held on May 9, 2005 at The Ritz
Carlton, Hong Kong, Chater Room II, Function Room Level B1, 3 Connaught Road,
Central, Hong Kong, S.A.R., People's Republic of China, at 11:00 a.m., local
time, for the following purposes:

      1)    To re-elect Mr. David F. Jones, a member of the Board of Directors
            (the "Board") who is retiring by rotation and, being eligible,
            offering himself for re-election;

      2)    To re-elect Mr. James Watkins, a Casual Director, who was appointed
            on February 28, 2005, to serve as a member of the Board;

      3)    To fix the number of Directors that comprise the whole Board at nine
            (9) persons, declare any vacancies on the Board to be casual
            vacancies and authorize the Board to fill these vacancies on the
            Board as and when it deems fit; and

      4)    To re-appoint Ernst & Young as the Company's independent auditors
            until the next annual general meeting.

      The foregoing matters are described more fully in the accompanying Proxy
Statement. While this Notice and Proxy Statement and the enclosed form of proxy
are being sent only to shareholders of record and beneficial owners of whom the
Company is aware as of March 25, 2005, all shareholders of the Company of record
on the date of the meeting are entitled to attend the Annual General Meeting.
The Company's audited financial statements for the year ended December 31, 2004
are included with the mailing of this Notice and Proxy Statement.

      We hope you will be represented at the Annual General Meeting by signing,
dating and returning the enclosed proxy card in the accompanying envelope as
promptly as possible, whether or not you expect to be present in person. Your
vote is important - as is the vote of every shareholder - and the Board
appreciates the cooperation of shareholders in directing proxies to vote at the
Annual General Meeting.

      Your proxy may be revoked at any time by following the procedures set
forth in the accompanying Proxy Statement, and the giving of your proxy will not
affect your right to vote in person if you attend the Annual General Meeting.

                                              By order of the Board of Directors

                                              Nguyen Thuy-chi,
                                              Secretary

DATED: April 8, 2005
Hamilton, Bermuda

<PAGE>

                               GLOBAL SOURCES LTD.
                                  Canon's Court
                               22 Victoria Street
                             Hamilton HM 12, Bermuda

                                 PROXY STATEMENT
                 For the Annual General Meeting of Shareholders
                                   May 9, 2005

      This proxy statement is being furnished in connection with the
solicitation of proxies by the Board of Directors (the "Board") of GLOBAL
SOURCES LTD., a Bermuda corporation (the "Company"), for use at the annual
general meeting of shareholders of the Company to be held at The Ritz Carlton,
Hong Kong, Chater Room II, Function Room Level B1, Connaught Road, Central, Hong
Kong, S.A.R. China, on May 9, 2005 at 11:00 a.m., local time, and at any
adjournments or postponements thereof (the "Annual General Meeting"). Unless the
context otherwise requires, references to the Company includes Global Sources
Ltd. and its subsidiaries. The proxy is revocable by (i) filing a written
revocation with the Secretary of the Company prior to the voting of such proxy,
(ii) giving a later dated proxy, or (iii) attending the Annual General Meeting
and voting in person. Shares represented by all properly executed proxies
received prior to the Annual General Meeting will be voted at the meeting in the
manner specified by the holders thereof. Proxies that do not contain voting
instructions will be voted (i) FOR re-electing Mr. David F. Jones, a Director
retiring by rotation; (ii) FOR the re-election of Mr. James Watkins as a
Director; (iii) FOR fixing the number of Directors that comprise the whole Board
at nine (9), declaring any vacancies on the Board to be casual vacancies and
authorizing the Board to fill these vacancies on the Board as and when it deems
fit; and (iv) FOR re-appointing Ernst & Young as the Company's independent
auditors until the next annual general meeting. In accordance with Section 84 of
the Companies Act 1981 of Bermuda, the audited financial statements of the
Company for the period from January 1, 2004 to December 31, 2004, enclosed
herewith, will be presented at the Annual General Meeting. These statements have
been approved by the Board of the Company. There is no requirement under Bermuda
law that such statements be approved by shareholders, and no such approval will
be sought at the Annual General Meeting.

      The Board has established March 25, 2005 as the date used to determine
those record holders and beneficial owners of common shares, US$.01 par value
per share (the "Common Shares"), to whom notice of the Annual General Meeting
will be sent (the "Record Date"). On the Record Date, there were 31,957,194
Common Shares outstanding. The holders of the Common Shares are entitled to one
vote for each Common Share held. On February 28, 2005, the Board approved a
one-for-ten share dividend to be paid to all shareholders of record at March 4,
2005, which shares were issued on April 1, 2005. All information in this proxy
statement regarding share ownership speaks as of the Record Date and does not
include such bonus shares issued after such date. The presence, in person or by
proxy, at the Annual General Meeting of at least two (2) shareholders entitled
to vote representing more than 50% of the outstanding Common Shares as of the
Record Date is necessary to constitute a quorum at the Annual General Meeting.
All matters presented at the Annual General Meeting require approval by a simple
majority of votes cast at the meeting. Only votes for or against a proposal
count. Votes which are withheld from voting on a proposal will be excluded
entirely and will have no effect in determining the quorum or the majority of
votes cast. Abstentions and broker non-votes count for quorum purposes only and
not for voting purposes. Broker non-votes occur when a broker returns a proxy
but does not have the authority to vote on a particular proposal. Brokers that
do not receive instructions are entitled to vote on the election of Directors
and the re-appointment of the auditors.

      This Notice, Proxy Statement and enclosed form of proxy are first being
mailed on or about April 8, 2005.

<PAGE>

                          SECURITY OWNERSHIP OF CERTAIN
                        BENEFICIAL OWNERS AND MANAGEMENT

      The following table sets forth information concerning beneficial ownership
of Common Shares of the Company outstanding at March 25, 2005 (i) by each person
known by the Company to be the beneficial owner of more than five percent of its
outstanding Common Shares, (ii) by each Director (and Director nominee) and
executive officer of the Company and (iii) by all Directors and executive
officers of the Company as a group. Unless otherwise indicated, the address of
all Directors and officers is: 22nd Floor, Vita Tower, 29 Wong Chuk Hang Road,
Aberdeen, Hong Kong.

<TABLE>
<CAPTION>
                                                                                                  PERCENTAGE
                                                                       SHARES BENEFICIALLY            OF
NAME AND ADDRESS OF BENEFICIAL OWNER(1)                                       OWNED                 CLASS(2)
---------------------------------------                                -------------------        ----------
<S>                                                                       <C>                       <C>
Hung Lay Si Co. Ltd.............................................          2,605,082 (3)(4)           8.2%
   P.O. Box 219GT,
   British American Centre
   Georgetown, Cayman Islands

Appleby Trust (Bermuda) Ltd.....................................          2,229,214 (5)              7.0%
   Argyle House
   41 Cedar Avenue
   P.O. Box HM 1179
   Hamilton HM EX
   Bermuda

Merle A. Hinrichs...............................................         19,464,771 (4)             61.0%
   23/F, Vita Tower
   29 Wong Chuk Hang Road
   Hong Kong

Jeffrey J. Steiner..............................................            372,312(6)               1.2%
Eddie Heng Teng Hua                                                               *
J. Craig Pepples                                                                  *
Bill Georgiou                                                                     *

Sarah Benecke                                                                     *
David F. Jones                                                                    *
Roderick Chalmers                                                                 *
Dr. Lynn Hazlett                                                                  *
James Watkins                                                                     *
All Directors, Director Nominees and Executive Officers as a
   Group (10 persons)...........................................         19,959,233(7)              62.5%
</TABLE>

----------
*Less than 1%

(1)   Each shareholder has sole voting power and sole dispositive power with
      respect to all shares beneficially owned by him unless otherwise
      indicated.

(2)   Based upon 31,957,194 Common Shares outstanding at March 25, 2005. On
      April 1, 2005, the Company issued 2,896,241 Common Shares to shareholders
      of record as at March 4, 2005 pursuant to a one-for-ten bonus share issue
      approved by the Board on February 28, 2005. This bonus share issue is not
      included in the total number of outstanding Common Shares for the purposes
      of this Proxy Statement because it took place after the Record Date.

                                       2
<PAGE>

(3)   Hung Lay Si Co. Ltd. is a company organized under the laws of the Cayman
      Islands. It is wholly owned by the Quan Gung 1986 Trust, a trust formed
      under the laws of the Island of Jersey. The trustee of the trust is Hill
      Street Trustees Limited, an Island of Jersey limited liability company
      whose shares are wholly owned by Mourant Limited which is an Island of
      Jersey limited liability company that provides trust administration
      services. Hill Street Trustees Limited is the sole beneficial owner of the
      Hung Lay Si Co. Ltd. shares under applicable Securities and Exchange
      Commission ("SEC") regulations.

      The Quan Gung 1986 Trust (through Hung Lay Si Co. Ltd., its wholly owned
      subsidiary) beneficially owns 2,605,082 Common Shares, or approximately
      8.2% of the Company's Common Shares as at the Record Date, and may also be
      deemed to be the beneficial owner of approximately 61.0% of the Company's
      Common Shares as at the Record Date (see Note (4) below). The Quan Gung
      1986 Trust was formed under the laws of the Island of Jersey. Counsel to
      the trustee has informed us that, by virtue of the terms of the Trust and
      the laws of the Island of Jersey, the trustee cannot make disclosure of
      the names of the beneficiaries or settlor of the Trust in breach of the
      obligations placed on it and in accordance with its duties of
      confidentiality. Accordingly, you may never know the identity of the
      beneficiaries or settlors of the Quan Gung 1986 Trust.

(4)   Pursuant to a Sale Agreement by and among Merle A. Hinrichs, Hung Lay Si
      Co. Ltd. and Hill Street Trustees Limited, dated November 27, 2003 (the
      "Sale Agreement"), Hung Lay Si Co. Ltd. has a right of first refusal in
      respect of 19,442,889 Common Shares, or 61.0% of the Company's outstanding
      Common Stock as at the Record Date, 15,033,846 of which were sold by it to
      Mr. Hinrichs on November 27, 2003. Pending payment by Mr. Hinrichs of the
      purchase price for the shares to Hung Lay Si Co. Ltd. as set forth under
      "Change in Control" below, Hung Lay Si Co. Ltd. has a security interest in
      the Common Shares purchased from it by Mr. Hinrichs and the other Common
      Shares owned by Mr. Hinrichs. See "Change in Control" below. In addition,
      Mr. Hinrichs is also required to pay to Hung Lay Si Co. Ltd. 50% of any
      cash dividend payments made on any of the Common Stock purchased from Hung
      Lay Si Co. Ltd., to the extent those shares are pledged to Hung Lay Si Co.
      Ltd. to secure Mr. Hinrichs' obligation to pay the purchase price.
      Additionally, Mr. Hinrichs is required to obtain the prior written consent
      of Hung Lay Si Co. Ltd. prior to selling any of the Common Shares in which
      Hung Lay Si Co. Ltd. has a security interest, which consent may only be
      withheld if Hung Lay Si Co. Ltd. reasonably believes that its security
      interest is jeopardized by such sale. Hung Lay Si Co. Ltd. may be deemed
      to be the beneficial owner of the 19,442,889 shares in which it has a
      right of first refusal and a security interest under Securities and
      Exchange Commission rules.

(5)   Appleby Trust (Bermuda) Ltd. ("Appleby") is a trust organized under the
      laws of Bermuda and until its name change in October 2004, was called
      Harrington Trust Ltd. It is wholly-owned by the partners of one of
      Bermuda's largest law firms, Appleby Spurling Hunter. Appleby is the
      trustee of the Global Sources Employee Equity Compensation Trust (the
      "Trust"). Appleby administers the monies and other assets of the Trust. By
      virtue of its position as trustee of the Trust, Appleby has the power to
      vote and dispose of the Company's shares owned by the Trust.

(6)   Mr. Jeffrey J. Steiner is the sole manager of The Steiner Group LLC, and
      as such may be deemed to beneficially own the same Common Shares owned
      directly or beneficially by The Steiner Group LLC. Mr. Steiner disclaims
      beneficial ownership of shares owned by The Steiner Group LLC, the Jeffrey
      Steiner Family Trust and shares owned by him as custodian for his
      children. The Steiner Group LLC is a Delaware limited liability company.
      The members are Jeffrey J. Steiner (with a 20% membership interest) and
      the Jeffrey Steiner Family Trust (with an 80% membership interest). The
      Jeffrey Steiner Family Trust is a trust created for the benefit of the
      issue of Jeffrey J. Steiner.

(7)   Includes (a) 8,730 Common Shares held by Ron Koyich, Ms. Benecke's spouse,
      of which Ms. Benecke disclaims beneficial ownership, and (b) 372,312
      Common Shares owned directly or beneficially by The Steiner Group LLC. Mr.
      Jeffrey J. Steiner, a Director of the Company, is the sole manager of The
      Steiner Group LLC, and as such may be deemed to beneficially own the
      Common Shares owned directly or beneficially by The Steiner Group LLC. Mr.
      Steiner disclaims beneficial ownership of shares owned by

                                       3
<PAGE>

      The Steiner Group LLC, the Jeffrey Steiner Family Trust and shares owned
      by him as custodian for his children. The Steiner Group LLC is a Delaware
      limited liability company. The members are Jeffrey J. Steiner (with a 20%
      membership interest) and the Jeffrey Steiner Family Trust (with an 80%
      membership interest). The Jeffrey Steiner Family Trust is a trust created
      for the benefit of the issue of Jeffrey J. Steiner.

      A change in control of the Company occurred on November 27, 2003. On that
date, Mr. Hinrichs purchased 15,033,846 Common Shares from Hung Lay Si Co. Ltd.
After giving effect to this purchase, Mr. Hinrichs owned approximately 67.2% of
the Common Shares outstanding on the date of purchase. As consideration for the
purchase of the Common Shares, Mr. Hinrichs has agreed to pay to Hung Lay Si Co.
Ltd. $109,337,056, payable on the earliest of (i) November 27, 2013, (ii) the
date of Mr. Hinrichs' death and (iii) the day before the date on which Mr.
Hinrichs becomes subject to proceedings under any bankruptcy or insolvency laws
applicable to him. Mr. Hinrichs also has the right to prepay such amount at any
time. Pending payment of such amount, Hung Lay Si Co. Ltd. will have a security
interest in the Common Shares purchased from it by Mr. Hinrichs.

                                       4
<PAGE>

                                 PROPOSAL NO. 1

                    ELECTION OF DIRECTOR ELIGIBLE BY ROTATION

      Pursuant to the Company's Bye-Laws, one-third of the Directors shall
retire from office each year by rotation, with those who have been longest in
office retiring first. Those persons who became or were last appointed Directors
on the same day as those retiring shall be determined by lot or by agreement.
Mr. Jones and Dr. Hazlett are retiring at this year's Annual General Meeting.
Mr. Jones has been nominated to be re-elected to the Board and Dr. Hazlett is
retiring from the Board for personal reasons. Management has no reason to
believe that Mr Jones will be unable or unwilling to serve as a Director, if
elected. Should Mr Jones not be a candidate at the time of the Annual General
Meeting (a situation that is not now anticipated), proxies may be voted for a
substitute nominee, selected by the Board.

      Unless authority is specifically withheld, proxies will be voted for the
election of the nominee named below to serve for a three-year term and until his
successor has been duly elected and has qualified. Directors shall be elected by
a majority of the votes cast, in person or by proxy, at the Annual General
Meeting. The remaining Directors will continue to serve until they are retired
by rotation at the 2006 Annual General Meeting of Shareholders of the Company
and the 2007 Annual General Meeting of Shareholders of the Company.

    Certain biographical information concerning Mr. Jones is set forth below:

                                                               FIRST YEAR BECAME
NAME                                                              A DIRECTOR
----                                                              ----------

David F. Jones.........................................              2000

      MR. JONES has been a Director of the Company since April 2000. Mr. Jones
was an executive at MacQuarie Direct Investment, a venture capital firm in
Sydney, Australia from 1994 to August 1999. He founded and ran UBS Capital in
Australia from July 1999 to September 2002. He is currently a director of the
following companies: Castle Harlan Australian Mezzanine Partners Pty. Limited,
an Australian buyout firm; Otowa Pty Ltd.; Sheridan Australia Pty Ltd., Austar
United Ltd., New Price Retail and Penrice Soda Products Pty Ltd. Mr. Jones
serves on the compensation committees of Sheridan Australia Pty Ltd., Austar
United Ltd. and New Price Retail, and serves on the audit committee of Austar
United Ltd. Mr. Jones has an MBA from Harvard Business School and is a
mechanical engineering graduate from the University of Melbourne.

      The names and certain biographical information of the Directors whose
terms expire at the 2006 and 2007 Annual General Meeting of Shareholders of the
Company are set forth below:

                                                   FIRST YEAR BECAME   YEAR TERM
NAME                                                   A DIRECTOR       EXPIRES
----                                                   ----------       -------
Merle A. Hinrichs.............................            2000           2006
Roderick Chalmers.............................            2000           2006
Jeffrey J. Steiner............................            1999           2006
Eddie Teng Heng Hua...........................            2000           2007
Sarah Benecke.................................            2000           2007

      MR. HINRICHS has been a Director of the Company since April 2000 and is
currently its Chairman and Chief Executive Officer. A co-founder of the
business, he was the principal executive officer of Trade Media Holdings Ltd., a
Cayman Islands corporation wholly-owned by the Company ("Trade Media") from 1971
through 1993 and resumed that position in September 1999. From 1994 to August
1999, Mr. Hinrichs was chairman of the ASM Group, which included Trade Media.
Mr. Hinrichs is a director of Trade Media and has also been the Chairman of the
Board of Trade Media. Mr. Hinrichs graduated from the University of Nebraska and
Thunderbird, the American Graduate School of International Management
("Thunderbird"). Mr. Hinrichs is a co-founder and former chairman

                                       5
<PAGE>

of the Society of Hong Kong Publishers. He is a member of the board of trustees
of Thunderbird and is a board member of the Economic Strategy Institute.

      MR. CHALMERS has been a Director of the Company since October 2000. He has
been the Chairman of the Board of Directors of the Bank of Valetta, Malta
Banking since 2004. He was chairman, Asia-Pacific, of PricewaterhouseCoopers
("PwC") and a member of PwC's Global Management Board from 1998 until his
retirement in July 2000. He is a 30-year veteran with PwC merger partner Coopers
& Lybrand with specialist experience in the securities industry. He has at
various times been a non-executive director of the Hong Kong SAR Securities and
Futures Commission, a member of the Takeovers and Mergers Panel, and chairman of
the Working Group on Financial Disclosure. He is a director of Gasan Group
Limited (Malta) and of Gasan Mamo Insurance Co. Ltd. (Malta).

      MR. STEINER has been a Director of the Company since November 1999. Mr.
Steiner also has been a director of The Fairchild Corporation ("Fairchild")
since 1985. He has been the chairman of the board and chief executive officer of
Fairchild since December 1985. Mr. Steiner was president of Fairchild from July
1991 to September 1998.

      In 2003, Mr. Jeffrey Steiner was convicted in France on a charge of
unjustified use (in 1990) of the corporate funds of Elf Acquitaine, which is a
criminal offense in France. Mr. Steiner was given a suspended sentence of one
year and ordered to pay a fine of (euro)500,000 by the French court. The French
court has since ordered that (euro)259,000 of the (euro)500,000 fine assessed
against Mr. Steiner be withdrawn from a part of the surety (caution) previously
deposited by Fairchild in the court.

      In November 2004, Mr. Jeffrey Steiner was named in NOTO V. STEINER, ET
AL., and BARBONEL V. STEINER, ET AL., in the Court of Chancery of the State of
Delaware in and for New Castle County, Delaware. The plaintiffs in these actions
are shareholders of Fairchild and purport to bring actions derivatively on
behalf of Fairchild, claiming, among other things, that Fairchild executive
officers have received excessive pay and perquisites in violation of fiduciary
duties to Fairchild. The complaints name Mr. Steiner, as well as all of
Fairchild's directors, as defendants.

      MR. HENG has been the Chief Financial Officer (previously entitled vice
president of finance) since April 1994 and has been a Director of the Company
since April 2000. He joined the Company in August 1993 as deputy to the vice
president of finance. He received an MBA from Shiller International University
in London in 1993, is a Singapore Certified Public Accountant, a member of the
Institute of Certified Public Accountants, Singapore, and a Fellow Member of The
Association of Chartered Certified Accountants in the United Kingdom. Prior to
joining us, he was the regional financial controller of Hitachi Data Systems, a
joint venture between Hitachi and General Motors.

      MS. BENECKE has been a Director of the Company since April 2000, and,
since 1993, has been a director of Trade Media. Ms. Benecke was the Company's
principal executive officer from January 1994 through August 1999. She joined
the Company in May 1980 and served in numerous positions, including publisher
from 1988 to December 1992 and chief operating officer in 1993. Since September
1999, Ms. Benecke has been a consultant to Publishers Representatives, Ltd.
(Hong Kong), a subsidiary of the Company. Ms. Benecke is also a director of
Hintak Ltd. (Hong Kong). She graduated with a B.A. from the University of New
South Wales, Australia.

RECOMMENDATION OF THE BOARD OF DIRECTORS

      THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE ELECTION OF MR. DAVID F.
JONES.

                                       6
<PAGE>

                                 PROPOSAL NO. 2

                        RE-ELECTION OF MR. JAMES WATKINS

      On February 28, 2005, Mr. James Watkins was appointed to the Board of
Directors as a Casual Director pursuant to the Board's authority to fill casual
vacancies on the Board, which authority was granted at last year's annual
general meeting. Mr. Watkins is retiring at this year's Annual General Meeting,
and has been nominated to be re-elected to the Board. Management has no reason
to believe that Mr. Watkins will be unable or unwilling to serve as a Director,
if elected. Should Mr. Watkins not be a candidate at the time of the Annual
General Meeting (a situation that is not now anticipated), proxies may be voted
for a substitute nominee, selected by the Board.

      Unless authority is specifically withheld, proxies will be voted for the
election of Mr. Watkins to serve for a three-year term and until his successor
has been duly elected and has qualified. As with the other Directors eligible
for re-election, Mr. Watkins shall be elected by a majority of the votes cast,
in person or by proxy, at the Annual General Meeting.

                                                               FIRST YEAR BECAME
NAME                                                               A DIRECTOR
----                                                               ----------
James Watkins........................................                 2005

      MR. WATKINS was appointed as a Director on February 28, 2005. Mr. Watkins
was a Director and Group General Counsel of the Jardine Matheson Group in Hong
Kong from 1997 until 2003. He was Group Legal Director of Schroeders plc in
1996-1997 and of Trafalgar House plc from 1994-1996. He was previously a partner
and solicitor in the London and Hong Kong offices of Linklaters from 1975 to
1994. He currently is a non-executive Director of Mandarin Oriental
International Ltd., Jardine Cycle & Carriage Ltd., MCL Land Ltd. and Advanced
Semiconductor Manufacturing Corporation Ltd. and is a member of the Audit
Committees of Jardine Cycle & Carriage Ltd. and MCL Land Ltd. and the Chairman
of the Audit Committee of Advanced Semiconductor Manufacturing Corporation Ltd.
Mr Watkins has a law degree from the University of Leeds (First Class Hons.). If
his appointment is confirmed at the Annual General Meeting, his regular term as
director will expire in 2008.

RECOMMENDATION OF THE BOARD OF DIRECTORS

      THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE ELECTION OF MR. JAMES
WATKINS.

COMMITTEES OF THE BOARD

      The Company has a separately-designated standing audit committee (the
"Audit Committee") established in accordance with Section 3(a)(58)(A) of the
Securities Exchange Act of 1934, as amended. The members of the Audit Committee
are David Jones, Roderick Chalmers and Lynn Hazlett. The Board has determined
that Mr. Chalmers is an "audit committee financial expert" under Item 401(h)(2)
of Regulation S-K. None of the Audit Committee members is an "affiliate" of the
Company.

      The Audit Committee's charter, a copy of which was attached as ANNEX A to
the Company's Proxy Statement for the 2003 annual general meeting, filed on May
5, 2004, provides that the Audit Committee shall consist of at least three
members, all of whom shall, in the opinion of the Board, be "independent" in
accordance with the requirements of the SEC and Nasdaq. Members of the Audit
Committee shall be considered independent if they have no relationship to the
Company which, in the opinion of the Board of Directors, would interfere with
the exercise of his or her judgment independent of the Company's management.

                                       7
<PAGE>

      The primary functions of the Audit Committee consist of:

      a.    Ensuring that the affairs of the Company are subject to effective
            internal and external independent audits and control procedures;
      b.    Approving the selection of internal and external independent
            auditors annually,
      c.    Reviewing all Forms 20-F, prior to their filing with the SEC.
      d.    Conducting appropriate reviews of all related party transactions for
            potential conflict of interest situations on an ongoing basis and
            approving such transactions, if appropriate.

      The Audit Committee held four meetings in the fiscal year ended December
31, 2004.

      The Board has also established an executive committee, and Merle Hinrichs
and Eddie Heng serve as members thereof. The executive committee acts for the
entire Board between Board meetings.

BOARD MEETINGS

      The Board held a total of four meetings during the fiscal year ended
December 31, 2004. None of the incumbent Directors attended fewer than 75% of
the aggregate of the total number of Board meetings and the total number of
meetings held by all committees of the Board on which (s)he served.

                                   MANAGEMENT

EXECUTIVE OFFICERS OF THE COMPANY

      The names, positions and certain biographical information of the executive
officers of the Company who are not Directors are set forth below.

NAME                                                           POSITION
----                                                           --------
J. Craig Pepples................................       Chief Operating Officer
Bill Georgiou...................................       Chief Information Officer

      MR. PEPPLES has been our Chief Operating Officer since June 1999 and is
responsible for our worldwide operations, including interactive media, corporate
marketing, community development, information services, human resources and
finance. Mr. Pepples joined Trade Media in October 1986 in an editorial
capacity, managed Trade Media's sales in China from 1989 to 1992, and served as
country manager for China from 1992 to June 1999. Mr. Pepples graduated with a
B.A. in Linguistics from Yale University.

      MR. GEORGIOU was appointed our Chief Information Officer (previously Chief
Technology Officer) in January 2001. Mr. Georgiou has had over 20 years'
experience in information technology, most recently as a consultant with 3Com
Technologies during 2000 and as IT Director with Park N'Shop (HK) Ltd., a
subsidiary company of A.S. Watson from 1999 to 2000. He received his B.Ec.
(Honours degree) and M.B.A. from the University of Adelaide.

                                       8
<PAGE>

COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS

      For the year ended December 31, 2004, the Company and its subsidiaries
provided its nine Directors and executive officers as a group aggregate
remuneration, pension contributions, allowances and other benefits of
approximately $2,483,057, including the non-cash compensation of $192,143
associated with the share award and equity compensation plans. Of that amount,
$150,000 was paid under a performance based, long-term discretionary bonus plan
which the Company implemented in 1989 for members of its senior management.
Under the plan, members of senior management may, at the discretion of the
Company, receive a long-term discretionary bonus payment. The awards, which are
payable in either five or ten years time, are paid to a member of senior
management if his or her performance is satisfactory to the Company. There are
four current members of senior management and three former members of senior
management who may receive payments on maturity.

      In 2004, the Company and its subsidiaries incurred $29,173 in costs to
provide pension, retirement or similar benefits to their respective officers and
Directors pursuant to the Company's retirement plan and pension plan.

EMPLOYMENT AGREEMENTS

      We have employment agreements with Merle A. Hinrichs under which he serves
as the chairman and chief executive officer of the Company and President of one
of its subsidiaries. The agreements contain covenants restricting Mr. Hinrichs'
ability to compete with us during his term of employment and preventing him from
disclosing any confidential information during the term of his employment
agreement and for a period of three years after the termination of his
employment agreement. In addition, the Company retains the rights to all
trademarks and copyrights acquired and any inventions or discoveries made or
discovered by Mr. Hinrichs in the course of his employment. Upon a change of
control, if Mr. Hinrichs is placed in a position of lesser stature than that of
a senior executive officer, a significant change in the nature or scope of his
duties is effected, Mr. Hinrichs ceases to be a member of the Board or there is
a breach of those sections of his employment agreements relating to
compensation, reimbursement, title and duties or termination, each of the
Company and the subsidiary shall pay Mr. Hinrichs a lump sum cash payment equal
to five times the sum of his base salary prior to the change of control and the
bonus paid to him in the year preceding the change of control. The agreements
may be terminated by either party by giving six months' notice.

      We have employment agreements with each of our executive officers. Each
employment agreement contains a non-competition provision, preventing the
employee from undertaking or becoming involved in any business activity or
venture during the term of employment without notice to us and our approval. The
employee must keep all of our proprietary and private information confidential
during the term of employment and for a period of three years after the
termination of the agreement. We can assign the employee to work for another
company if the employee's duties remain similar. In addition, we retain the
rights to all trademarks and copyrights acquired and any inventions or
discoveries made or discovered by the employee during the employee's term of
employment. Each employment agreement contains a six-months' notice provision
for termination, and does not have a set term of employment. Bonus provisions
are determined on an individual basis.

                                       9
<PAGE>

                 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

      Until November 27, 2003, Hung Lay Si Co. Ltd. was the Company's
controlling shareholder. However, a change in control of the Company occurred on
November 27, 2003. On that date, Mr. Hinrichs purchased 15,033,846 Common Shares
from Hung Lay Si Co. Ltd. After giving effect to this purchase, Mr. Hinrichs
owned approximately 67.2% of the outstanding Common Shares as at November 27,
2003. As consideration for the purchase of the Common Shares, Mr. Hinrichs has
agreed to pay to Hung Lay Si Co. Ltd. $109,337,056, payable on the earliest of
(i) November 27, 2013, (ii) the date of Mr. Hinrichs' death, and (iii) the day
before the date on which Mr. Hinrichs becomes subject to proceedings under any
bankruptcy or insolvency laws applicable to him. Mr. Hinrichs also has the right
to prepay such amount at any time.

      In 2004, the Company fully repaid the $11,404,000 in net obligations due
to Hung Lay Si Co. Ltd. as a result of the transfer of intangibles in connection
with our re-incorporation in the Cayman Islands in 1983 and allocations of
operating expenses incurred prior to the year 2000, and there were therefore no
amounts due or owing to Hung Lay Si Co. Ltd. as at December 31, 2004.

      We lease approximately 90,327 square feet of our office facilities from
our former affiliated companies under cancelable and non-cancelable operating
leases and incur building maintenance services fees to those former affiliated
companies. We incurred rental, building services expenses and reimbursement of
membership fees for use of club memberships of $747,553 during the year ended
December 31, 2004. We also receive legal, treasury management consultancy
services and investment consultancy services from our former affiliated
companies. The expenses incurred for these services during the year ended
December 31, 2004 totaled $264,500.

      For further information on these transactions, see notes to our audited
consolidated financial statements enclosed herewith.

      Our management believes these transactions are commercially reasonable in
the jurisdictions where it operates.

                                       10
<PAGE>

                                 PROPOSAL NO. 3

                  FIXING BOARD SIZE AND TREATMENT OF VACANCIES

      Pursuant to Bye-Law 89 of the Company's Bye-Laws, the Company shall
determine the minimum and maximum number of Directors at the Annual General
Meeting of Shareholders.

CHANGE OF SIZE OF THE BOARD

      The Company's Bye-Laws currently provide for a minimum of two (2)
Directors on the Board of Directors. In October 2000, the Company's shareholders
established the maximum size of the Board at nine (9) members. In each of the
last four years, the shareholders voted to maintain the number of Directors
constituting the Board at nine (9) Directors. This proposal would continue to
maintain the number of Directors constituting the entire Board of the Company at
nine (9) Directors.

      The Company believes that having nine (9) Directors is necessary for the
Company to comply with the Nasdaq Stock Market requirements that a listed
company maintain a certain number of independent directors on its Board and
certain of its committees, while retaining as Directors officers and members of
the Company's management who are familiar with the Company. Since the Annual
General Meeting in October 2000, where the shareholders agreed to permit the
Board to fill casual vacancies, the shareholders have continued to give the
Board the authority to appoint additional Directors without a vote of
shareholders.

AUTHORIZATION OF DIRECTORS TO FILL CASUAL VACANCIES

      At the Annual General Meeting in October 2000, the shareholders approved a
proposal to allow casual vacancies on the Board to be filled by the Board. This
proposal was again approved in each of the last four years. This proposal would
allow the remaining vacant directorships to be casual vacancies and would
authorize the Board to fill those vacancies as and when it deems fit.

RECOMMENDATION OF THE BOARD OF DIRECTORS

      THE BOARD OF DIRECTORS RECOMMENDS A VOTE TO FIX THE NUMBER OF DIRECTORS AT
NINE (9) DIRECTORS, TO DECLARE THAT ANY REMAINING VACANCIES BE CASUAL VACANCIES
AND TO AUTHORIZE THE BOARD TO FILL ANY SUCH CASUAL VACANCIES.

                                       11
<PAGE>

                                 PROPOSAL NO. 4

                       APPOINTMENT OF INDEPENDENT AUDITORS

      Unless otherwise instructed, the proxies given pursuant to this
solicitation will be voted FOR the appointment of Ernst & Young as the
independent auditors of the Company to hold office until the close of the next
annual general meeting at a remuneration to be negotiated by management and
approved by the Audit Committee. A representative of that firm, which served as
the Company's independent auditors during the year preceding the Annual General
Meeting, is expected to be present at the Annual General Meeting and, if he so
desires, will have the opportunity to make a statement, and in any event will be
available to respond to appropriate questions. Ernst & Young has advised the
Company that it does not have any direct or indirect financial interest in the
Company, nor has such firm had any such interest in connection with the Company
during the past fiscal year other than in its capacity as the Company's
independent auditors.

AUDIT FEES

      Audit fees billed to the Company by Ernst & Young for the fiscal years
ended December 31, 2003 and December 31, 2004, for review of the Company's
annual financial statements, review of the Company's quarterly financial
statements filed with the SEC and services that are normally provided by the
accountant in connection with statutory and regulatory filings or engagements
for those fiscal years, totaled approximately $203,790 and $226,716,
respectively.

AUDIT-RELATED FEES

      There were no audit-related fees billed to the Company by Ernst & Young
for the fiscal years ended December 31, 2003 and December 31, 2004 for assurance
and related services by Ernst & Young.

TAX FEES

      Tax fees to the Company for the fiscal year ended December 31, 2003, for
tax compliance, tax advice and tax planning, totaled approximately $3,000 and
consisted of preparation of tax returns and filing fees for a subsidiary. Tax
fees to the Company for the fiscal year ended December 31, 2004, for tax
compliance, tax advice and tax planning, totaled approximately $1,500 and
consisted of preparation of tax returns and filing fees for a subsidiary.

ALL OTHER FEES

      Fees billed to the Company by Ernst & Young during the fiscal year ended
December 31, 2003 and December 31, 2004, for products and services not included
in the foregoing categories, totaled approximately $94,036 and $158,595,
respectively. For the fiscal year ended December 31, 2003 such fees consisted
mainly of cyber process certification for the Company's management's assertions
on the computation of the number of community membership, security consultancy
services for the review of network infrastructure, mail server review and
outsourced information technology security management services and for the
fiscal year ended December 31, 2004 such fees consisted mainly of cyber process
certification for the Company's management's assertions on the computation of
the number of community membership, outsourced information technology security
management services, due diligence for a proposed investment and review of tax
status.

      The audit committee has approved 100% of the services described above
under Tax Fees and All Other Fees.

RECOMMENDATION

      THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE APPOINTMENT OF ERNST &
YOUNG AS THE COMPANY'S INDEPENDENT AUDITORS UNTIL THE NEXT ANNUAL GENERAL
MEETING.

                                       12
<PAGE>

                             SOLICITATION STATEMENT

      The Company shall bear all expenses in connection with the solicitation of
proxies. In addition to the use of the mails, solicitations may be made by the
Company's regular employees, by telephone, telegraph or personal contact,
without additional compensation. The Company shall, upon their request,
reimburse brokerage houses and persons holding Common Shares in the names of
their nominees for their reasonable expenses in sending solicited material to
their principals.

                                  OTHER MATTERS

      There is no business other than that described above to be presented for
action by the shareholders at the Annual General Meeting.

                              SHAREHOLDER PROPOSALS

      In order to be considered for inclusion in the proxy materials to be
distributed in connection with the next annual meeting of shareholders of the
Company, shareholder proposals for such meeting must be submitted to the Company
no later than December 9, 2005. Shareholder proposals may only be submitted by
shareholders or nominee holders that hold of record at least 1% of the Company's
Common Shares entitled to vote on such matter.

                          AUDITED FINANCIAL STATEMENTS

      The Company has sent, or is concurrently sending, all of its shareholders
of record as of the Record Date a copy of its audited financial statements for
the fiscal year ended December 31, 2004.

                                                        By Order of the Company,

                                                        Nguyen Thuy-chi
                                                        SECRETARY

Dated: April 8, 2005
Hamilton, Bermuda

                                       13
<PAGE>

THIS PROXY WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE   Please
UNDERSIGNED SHAREHOLDER. UNLESS OTHERWISE SPECIFIED, THIS       Mark Here
PROXY WILL BE VOTED FOR ITEMS 1, 2, 3 AND 4.                    for Address  |_|
                                                                Change or
                                                                Comments
                                                                SEE REVERSE SIDE

(I)   TO CONVENE THE ANNUAL GENERAL MEETING ("AGM") OF THE COMPANY AT THE RITZ
      CARLTON, HONG KONG, CHATER ROOM II, FUNCTION ROOM LEVEL B1, 3 CONNAUGHT
      ROAD, CENTRAL, HONG KONG, S.A.R., PEOPLE'S REPUBLIC OF CHINA ON MONDAY,
      MAY 9, 2005 AT 11:00 A.M., LOCAL TIME, FOR THE FOLLOWING PURPOSES:

1.    To re-elect Mr. David F. Jones to the Board of Directors (the "Board"),
      who is retiring by rotation and, being eligible, offering himself for
      re-election;

                   FOR NOMINEE         WITHHOLD FROM NOMINEE
                       |_|                      |_|

2.    To re-elect Mr. James Watkins, a Casual Director, who was appointed on
      February 28, 2005, to serve as a member of the Board;

                   FOR NOMINEE         WITHHOLD FROM NOMINEE
                       |_|                      |_|

3.    To fix the number of Directors that comprise the whole Board at nine (9)
      persons, declare any vacancies on the Board to be casual vacancies and
      authorize the Board to fill these vacancies on the Board as and when it
      deems fit; and

                       FOR           AGAINST        ABSTAIN
                       |_|             |_|            |_|

4.    To re-appoint Ernst & Young as the Company's independent auditors until
      the next annual general meeting.

                       FOR           AGAINST        ABSTAIN
                       |_|             |_|            |_|

Dated: ___________________________________________________________________, 2005

________________________________________________________________________________
                                    Signature

________________________________________________________________________________
                            Signature if held jointly

NOTE: Your signature should appear the same as your name appears hereon. In
signing as attorney, executor, administrator, trustee or guardian, please
indicate the capacity in which signing. When signing as joint tenants, all
parties in the joint tenancy must sign. When a proxy is given by a corporation,
it should be signed by an authorized officer and the corporate seal affixed. No
postage is required if mailed in the United States.

--------------------------------------------------------------------------------
                            ^ FOLD AND DETACH HERE ^

<PAGE>

                              GLOBAL SOURCES LTD.

                PROXY FOR ANNUAL GENERAL MEETING OF SHAREHOLDERS
                                  MAY 9, 2005

          THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

      KNOW ALL MEN BY THESE PRESENTS, that the undersigned shareholder of Global
Sources Ltd., a Bermuda corporation, does hereby constitute and appoint Sarah
Benecke, Sim Shih Lieh Adrian and Nguyen Thuy-chi and each of them, with full
power to act alone and to designate substitutes, the true and lawful attorneys
and proxies of the undersigned for and in the name, place and stead of the
undersigned, to vote all Common Shares of Global Sources Ltd. which the
undersigned would be entitled to vote if personally present at the 2005 Annual
General Meeting of Shareholders of Global Sources Ltd. to be held at at The Ritz
Carlton, Hong Kong, Chater Room II, Function Room Level B1, 3 Connaught Road,
Central, Hong Kong, S.A.R. China, on Monday, May 9, 2005 at 11:00 a.m., local
time, or at any adjournment or adjournments thereof.

      The undersigned hereby revokes any proxy or proxies heretofore given and
acknowledges receipt of a copy of the Notice of Annual General Meeting and Proxy
Statement, both dated April 8, 2005, and a copy of the Company's audited
financial statements for the fiscal year ended December 31, 2004.

                    (To Be Dated And Signed On Reverse Side)

________________________________________________________________________________
    Address Change/Comments (Mark the corresponding box on the reverse side)
________________________________________________________________________________

________________________________________________________________________________

--------------------------------------------------------------------------------
                            ^ FOLD AND DETACH HERE ^Exhibit 10.2

EMC CORPORATION

1992 EMC CORPORATION STOCK OPTION PLAN FOR DIRECTORS,
 as amended January
27, 2005

	1.	 	PURPOSE

The purpose of this 1992 Stock Option Plan for
Directors (the “Plan”) is to advance the interests of EMC Corporation (the “Company”) by enhancing the ability of the Company to
attract and retain directors who are in a position to make significant contributions to the success of the Company and to reward directors for such
contributions through ownership of shares of the Company’s Common Stock (the “Stock”).

	2.	 	ADMINISTRATION

The Plan shall be administered by the Board of
Directors (the “Board”) of the Company and the Executive Compensation and Stock Option Committee (the “Committee”) of the Board, as
set forth herein. The Board and the Committee shall each have authority, not inconsistent with the express provisions of the Plan to grant options in
accordance with the Plan to such directors as are eligible to receive options. The Committee shall in addition have authority, not inconsistent with
the express provisions of the Plan, (a) to prescribe the form or forms of instruments evidencing options and any other instruments required under the
Plan and to change such forms from time to time; (b) to adopt, amend and rescind rules and regulations for the administration of the Plan; and (c) to
interpret the Plan and decide any questions and settle all controversies and disputes that may arise in connection with the Plan. Such determinations
of the Committee or the Board, as the case may be, shall be conclusive and shall bind all parties. Subject to Section 7, the Committee shall also have
the authority, both generally and in particular instances, to waive compliance by a director with any obligation to be performed by him or her under an
option and to waive any condition or provision of an option. Notwithstanding the preceding two sentences, any change to the terms of an option granted
hereunder shall be approved by the Board to the extent such change would be deemed to be a new option grant or such terms relate to a subsequent
transaction that would not be exempt from Section 16(b) of the Securities Exchange Act of 1934 in the absence of such approval.

	3.	 	EFFECTIVE DATE

The Plan shall become effective on the date on which
the Plan is approved by the stockholders of the Company.

	4.	 	SHARES SUBJECT TO THE PLAN

(a) Number of Shares. Subject to adjustment
as provided in Section 4(c), the aggregate number of shares of Stock that may be delivered upon the exercise of options granted under the Plan shall be
14,400,000. If any option granted under the Plan terminates without having been exercised in full, the number of shares of Stock as to which such
option was not exercised shall be available for future grants within the limits set forth in this Section 4(a).

(b) Shares to be Delivered. Shares delivered
under the Plan shall be authorized but unissued Stock or, if the Board so decides in its sole discretion, previously issued Stock acquired by the
Company and held in treasury. No fractional shares of Stock shall be delivered under the Plan.

(c) Changes in Stock. In the event of a stock
dividend, stock split or other change in corporate structure or capitalization affecting the Stock, the number and kind of shares of stock or
securities of the Company to be subject to options then outstanding or to be granted under the Plan, and the option price, and other relevant
provisions shall be appropriately adjusted by the Committee, whose determination shall be binding on all persons.

	5.	 	ELIGIBILITY FOR OPTIONS

Directors eligible to receive options under the Plan
(“Eligible Directors”) shall be those directors who (i) are not employees of the Company; and (ii) are not holders of more than 5% of the
outstanding shares of the Stock or persons in control of such holders.

1

	6.	 	TERMS AND CONDITIONS OF OPTIONS

(a) Formula Options. Each Eligible Director
who joins the Board shall be awarded options to purchase up to 30,000 shares of Stock on or about the date of the first annual meeting of stockholders
following the date upon which he or she joined the Board.

(b) Discretionary Options. In addition to the
formula options provided for above, the Committee or the Board may award options to purchase shares of Stock to Eligible Directors on such terms as it
may determine not inconsistent with this Plan.

(c) Exercise Price. The exercise price of
each option shall be not less than 50% of the fair market value per share of the Stock at the time of the grant. Unless the Board or the Committee
specifies otherwise with respect to a particular formula option, the exercise price of each formula option provided for in Section 6(a) above shall be
the fair market value per share of the Stock at the time of grant. “Fair market value” shall mean (i) the composite closing price per share
of the Stock on the principal national securities exchange or market on which the Stock is then traded or (ii) if the Stock is not then traded on any
such exchange or market, the fair market value as determined from time to time in good faith by the Board or, where appropriate, by the Committee,
taking into account all information which the Board, or the Committee, considers relevant.

(d) Duration of Options. The latest date on
which an option may be exercised (the “Final Exercise Date”) shall be the date which is ten years from the date the option was
granted.

(e) Exercise of Options.

(1) Each formula option shall become exercisable in
increments of 331/3% of the shares covered thereby on each of the first through third anniversaries of the grant. Each discretionary option
shall become exercisable at such time or times as the Committee or the Board shall determine.

(2) Any exercise of an option shall be in writing,
signed by the proper person and delivered or mailed to the Company, accompanied by (a) an option exercise notice and any other documents required by
the Committee; and (b) payment in full for the number of shares for which the option is exercised.

(3) If any option is exercised by the executor or
administrator of a deceased director, or by the person or persons to whom the option has been transferred by the director’s will or the applicable
laws of descent and distribution, the Company shall be under no obligation to deliver Stock pursuant to such exercise until the Company is satisfied as
to the authority of the person or persons exercising the option.

(4) The Company shall have the right to settle any
option, and to terminate the rights of the holder thereof, by paying to the option holder the difference between the fair market value of the Stock at
the time of settlement and the purchase price.

(f) Payment for and Delivery of Stock. Stock
purchased under the Plan shall be paid for as follows: (i) in cash or by certified check, bank draft or money order payable to the order of the
Company; (ii) through the delivery of shares of Stock having a fair market value on the last business day preceding the date of exercise equal to the
purchase price; or (iii) by a combination of cash and Stock as provided in clauses (i) and (ii) above.

An option holder shall not have the rights of a
stockholder with regard to awards under the Plan except as to Stock actually received by him or her under the Plan.

The Company shall not be obligated to deliver any
shares of Stock (a) until, in the opinion of the Company’s counsel, all applicable Federal and state laws and regulations have been complied with;
and (b) if the outstanding Stock is at the time listed on any stock exchange, until the shares to be delivered have been listed or authorized to be
listed on such exchange upon official notice of issuance; and (c) until all other legal matters in connection with the issuance and delivery of such
shares have been approved by the Company’s counsel. If the sale of Stock has not been registered under the Securities Act of 1933, as amended, the
Company may require, as a condition to exercise of the option, such representations or agreements as counsel for the Company may consider appropriate
to avoid violation of such Act and may require that the certificates evidencing such Stock bear an appropriate legend restricting
transfer.

2

(g) Nontransferability of Options/Exceptions.
No option may be transferred by a director otherwise than by will, by the laws of descent and distribution or pursuant to a qualified domestic
relations order, and during the director’s lifetime the option may be exercised only by him or her; provided, however, that the
Board of Directors or the Committee, as applicable, in its discretion, may allow for transferability of options by the Participant to “Immediate
Family Members.” Immediate Family Members means children, grandchildren, spouse or common law spouse, siblings or parents of the Participant or to
bona fide trusts, partnerships or other entities controlled by and of which the beneficiaries are Immediate Family Members of the Participant. Any
option grants that are transferable are further conditioned on the Participant and Immediate Family Members agreeing to abide by the Company’s
then current stock option transfer guidelines.

(h) Death or Disability. Unless the Committee
or the Board of Directors specifies otherwise, if a director dies or if a director’s service terminates with the Company by reason of
“Disability” (as defined below), then all options held by the director shall vest fully on the date that the director’s service
terminates by reason of death or Disability without regard to whether any applicable vesting requirements have been fulfilled. The options may be
exercised by the director (in the case of a Disability) or the director’s executor or administrator, or by the person to whom the option is
transferred under the applicable laws of descent and distribution (in the case of death), until the earlier of three years after the date of the
director’s death or Disabilityor the Final Exercise Date. Disability means the disability of a director within the meaning of Section 22(e)(3) of
the Internal Revenue Code of 1986, as amended.

(i) Other Termination of Status of Director.
All previously unexercised options terminate and are forfeited automatically upon the termination of the director’s service with the Company,
unless the Committee or the Board of Directors specifies otherwise.

(j) Mergers, etc. In the event of a
dissolution, liquidation, consolidation or merger in which the Company is not the surviving corporation, or which results in the acquisition of
substantially all of the Company’s stock by a single person or entity or by a group of persons and entities acting in concert all outstanding
options will thereupon terminate, provided at least twenty days prior to the effective date of any such dissolution, liquidation, consolidation or
merger, the Committee or the Board may either (i) make all outstanding options immediately exercisable or (ii) arrange to have the surviving
corporation grant replacement options for the option holders.

(k) Cancellation and Rescission of Options.
The following provisions of this Section 6(k) shall apply to options granted on or after July 1, 1998. The Committee or the Board of Directors may
cancel, rescind, suspend or otherwise limit or restrict any unexpired option at any time if the director engages in “Detrimental Activity”
(as defined below). Furthermore, in the event a director engages in Detrimental Activity at any time prior to or during the six months after any
exercise of an option, such exercise may be rescinded until the later of (i) two years after such exercise or (ii) two years after such Detrimental
Activity. Upon such rescission, the Company at its sole option may require the director to (i) deliver and transfer to the Company the shares of Common
Stock received by the director upon such exercise, (ii) pay to the Company an amount equal to any realized gain received by the director from such
exercise, or (iii) pay to the Company an amount equal to the market price (as of the exercise date) of the Common Stock acquired upon such exercise
minus the respective exercise price. The Company shall be entitled to set-off any such amount owed to the Company against any amount owed to the
director by the Company. As used in this Section 6(k), “Detrimental Activity” shall include: (i) the failure to comply with the terms of the
Plan or certificate or agreement evidencing the option; (ii) the failure to comply with any term set forth in the Company’s Key Employee Agreement
(irrespective of whether the director is a party to the Key Employee Agreement), (iii) any activity that results in termination of the director’s
employment for cause; (iv) a violation of any rule, policy, procedure or guideline of the Company; or (v) the director being convicted of, or entering
a guilty plea with respect to a crime whether or not connected with the Company. Further, if the Company commences an action against such director (by
way of claim or counterclaim and including declaratory claims), in which it is preliminarily or finally determined that such director engaged in
Detrimental Activity or otherwise violated this Section 6(k), the director shall reimburse the Company for all costs and fees incurred in such action,
including but not limited to, the Company’s reasonable attorneys’ fees.

(l) Jurisdiction and Governing Law. The
parties submit to the exclusive jurisdiction and venue of the federal or state courts of the Commonwealth of Massachusetts to resolve issues that may
arise out of or relate to the Plan or the same subject matter. The Plan shall be governed by the laws of the Commonwealth of

3

Massachusetts, excluding its conflicts or choice
of law rules or principles that might otherwise refer construction or interpretation of this Plan to the substantive law of another
jurisdiction.

7. EFFECT, DISCONTINUANCE, CANCELLATION, AMENDMENT AND
TERMINATION

Neither adoption of the Plan nor the grant of
options to a director shall affect the Company’s right to grant to such director or any director options that are not subject to the Plan, to
issue to such directors Stock as a bonus or otherwise, or to adopt other plans or arrangements under which Stock may be issued to
directors.

The Committee or the Board may at any time
discontinue granting options under the Plan. The Board may at any time, or times, amend the Plan for the purpose of satisfying any changes in
applicable laws or regulations or for any other purpose which may at the time be permitted by law, or may at any time terminate the Plan as to any
further grants of options, provided that (except to the extent expressly required or permitted herein above) no such amendment shall, without the
approval of the stockholders of the Company, (a) increase the maximum number of shares available under the Plan; (b) increase the number of options to
be granted to Eligible Directors; (c) amend the definition of Eligible Directors so as to enlarge the group of directors eligible to receive options
under the Plan; (d) reduce the price at which options may be granted other than as permitted in the Plan; or (e) amend the provisions of this Section
7, and no such amendment shall adversely affect the rights of any director (without his or her consent) with respect to any outstanding option held by
such director.

4

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