Document:

EDS INFORMATIONSTECHNOLOGIE & SERVICE GMBH       EDS CONFIDENTIAL AND PRIVILEGED

THIS SERVICES AGREEMENT is made the 16th day of February 2001.

BETWEEN:

(1)      Aucxis  Corp,  a  company  registered  in  Ontario,  Canada  and  whose
         registered office is at BCE Place, 220 King Street West,  Toronto,  ON,
         Canada M5H 1K4 ("Aucxis Corp") ; and

(2)      EDS  Informationstechnologie  und Service GmbH a company  registered in
         Germany  and  whose  registered  office  is  at  Eisenstr.   56,  65428
         Russelsheim, Germany ("EDS").

EDS will  provide to AUCXIS CORP the  services  specified  in Schedule 1 to this
Agreement (the "Services") and AUCXIS CORP will make payment for the services in
accordance with the terms and conditions of this Agreement.

This Agreement  commences on the date of the later of the  signatures  below and
will, unless terminated earlier, terminate on completion of the Services.

This Agreement  consists of this executed cover page together with the Terms and
Conditions  for  Services,  Schedule 1 (Services  Charges and  Payments) and any
schedules referenced therein.

Signed for and on behalf of EDS          Signed for and on behalf of AUCXIS CORP

By/s/ Peter Herrmann                     By /s/ Daniel McKenzie
  .................................        ...................................

Name:                                    Name:

Title:                                   Title: President

Date:2/20/01                             Date: 2/19/01

(C) EDS LEGAL & CONTRACTS                                     1

<PAGE>
                            EDS TERMS AND CONDITIONS

1.       CHARGES
         -------
1.1      In  consideration of the performance of the Services in accordance with
         the terms of this Agreement AUCXIS CORP will pay the Charges calculated
         on the basis and at the rates set out in Schedule 1.

1.2      Payment,  together  with the  applicable  Value Added Tax, will be made
         within  thirty (30) days of receipt by the  receiving  party of a valid
         invoice from the sending party.  Late payment will bear interest at the
         rate of 2% above the base rate in Germany.

2.       WARRANTIES AND REPRESENTATIONS
         ------------------------------
         EDS will  discharge its  obligations  hereunder  with all due skill and
         care and in accordance with its own established internal procedures.

3.       LIMITATION OF LIABILITY
         -----------------------
         EDS'  liability  for  ordinary  negligence  is limited  to typical  and
         foreseeable  damages in a business  of AUCXIS  CORP'S  type.  Except as
         provided in the preceeding  sentence and for EDS' liability for willful
         intent or gross negligence,  AUCXIS CORP agrees that EDS shall not have
         any other  liability  under this  Agreement.  This agreement  shall not
         exclude or limit EDS' liability for willful intent or gross negligence.
         No claim,  demand for mediation or arbitration or cause of action which
         arose  out of an event or  events  which  occurred  more than two years
         prior to the filing of a demand for  mediation or  arbitration  or suit
         alleging a claim or cause of action  may be  asserted  by either  party
         against the other.

4.       INTELLECTUAL PROPERTY RIGHTS
         ----------------------------
4.1      Each party will  retain all rights in any  software,  ideas,  concepts,
         know-how,  development  tools,  techniques  or  any  other  proprietary
         material  or  information  that it  owned  or  developed  prior  to the
         Effective Date of this  agreement,  or acquired or developed  after the
         Effective  Date of this  Agreement  without  reference to or use of the
         intellectual property of the other party. No licenses will be deemed or
         have been granted by either party to any of its patents, trade secrets,
         trademarks or  copyrights,  except as otherwise  expressly  provided in
         this Agreement.

4.2      Subject  to any  third  party  rights  or  restrictions  and the  other
         provisions  of this section  AUCXIS CORP will own the  copyright to all
         distinct, tangible deliverables that (a) are specifically developed and
         delivered by EDS to AUCXIS CORP under this  agreement and (b) are fully
         paid by AUCXIS CORP (the "Deliverables").

4.3      Notwithstanding anything to the contrary in this Agreement, EDS
         (a)      will own and retain  all  intellectual  property  rights in or
                  related to the Deliverables other than the copyright ownership
                  rights granted to AUCXIS CORP pursuant to this section,

         (b)      will  retain  all  right,  title  and  interest  in and to all
                  know-how,  intellectual  property,  methodologies,  processes,
                  technologies,  algorithms,  software or development tools used
                  in performing the Services which are based on trade secrets or
                  proprietary  information  of  EDS or are  otherwise  owned  or
                  licensed by EDS (collectively, the "Tools"),
         (c)      will be free to use the ideas, concepts and know-how which are
                  developed or created in the course of performing  the Services
                  (collectively, the "Residual Technology"), and
         (d)      will retain ownership of any Tools or Residual Technology that
                  become embedded in the Deliverables.
         EDS hereby  grants to AUCXIS  CORP a perpetual  (subject to  compliance
         with  this  sentence),  royalty-free,  non-transferable,   nonexclusive
         license to use any  embedded  Tools and  Residual  Knowledge  solely in
         connection with AUCXIS CORP'S use of the  Deliverables and only so long

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<PAGE>

                            EDS TERMS AND CONDITIONS

         as  such  Tools  and  Residual   Technology   remain  embedded  in  the
         Deliverables and are not separated therefrom.

4.4      Nothing in this Agreement
         (a)      will  require EDS or AUCXIS  CORP to violate  the  proprietary
                  rights of any third party in any software or otherwise or
         (b)      subject to the confidentiality restrictions in Section 7, will
                  impair EDS' right to  acquire,  license,  market,  distribute,
                  develop  for itself or others or have  others  develop for EDS
                  similar technology performing the same or similar functions as
                  the technology,  Deliverables or Services contemplated by this
                  Agreement.

5.       FORCE MAJEURE
         -------------
5.1      Neither party will in any  circumstances be liable to the other for any
         loss of any kind whatsoever including but not limited to any damages or
         abatement  of  Charges  whether  directly  or  indirectly  caused to or
         incurred  by the other  party by reason of any  failure or delay in the
         performance of its obligations  hereunder which is due to circumstances
         beyond the reasonable  control of the affected party including (without
         limitation)  acts of God or fire flood strike or labour  disputes civil
         commercial  sabotage  statute order or any regulation of any government
         public or local authority ("Force Majeure").

5.2      If  either  of the  parties  becomes  aware of  circumstances  of Force
         Majeure it will  forthwith  notify the other of the period  which it is
         estimated that the failure or delay will continue.

6.       INTELLECTUAL PROPERTY RIGHTS
         ----------------------------
         Replaced by Section 4.

7.       CONFIDENTIALITY
         ---------------
7.1      All information  made available to one party by the other party for the
         purpose of this Agreement  concerning its present  activities or future
         plans or actual or  potential  business  dealings or trade,  product or
         customer  information or information of a similar nature concerning any
         parent,  subsidiary or associated  concern of the  disclosing  party or
         obtained from the disclosing party's clients and this Agreement will be
         regarded as confidential except where such information is in the public
         domain, is already in the possession of the receiving party at the date
         hereof or comes into the  possession of the  receiving  party after the
         date  hereof  as  a  result  of  independent   research  or  legitimate
         disclosure by a third party.

7.2      The receiving party undertakes on behalf of itself and its staff not to
         disclose such information to any third party (other than when requested
         to do so in the discharge of its obligations to supply  information for
         parliamentary,  governmental or judicial purposes or under the rules or
         regulations  of any  applicable  stock  exchange)  nor to use it in any
         publication  at any time  during the term of this  Agreement  or in the
         five (5) years immediately following termination.

8.       HEALTH AND SAFETY HAZARDS
         -------------------------
8.1      Each Party will notify the other of any health and safety hazards which
         may arise in connection  with the performance of this Agreement and the
         party  notified  will  draw  these  hazards  to  the  attention  of its
         employees and sub-contractors or any persons engaged in the performance
         of this Agreement.

8.2      When working at AUCXIS CORP'S  premises EDS' personnel will comply with
         such rules,  regulations and requirements  (including those relating to
         access and security arrangements) as

(C) EDS LEGAL & CONTRACTS                                     3
<PAGE>

                            EDS TERMS AND CONDITIONS

         are in force  from time to time for the  conduct of  personnel  when at
         those premises and which have been notified in writing to EDS.

9.       TRANSFER AND SUB-CONTRACTING
         ----------------------------
         AUCXIS CORP will not assign, novate,  sub-contract or otherwise dispose
         of the Agreement in whole or in part without the prior written  consent
         of EDS.

10.      CHANGE REQUEST
         --------------
         This Agreement  constitutes the entire  agreement and  understanding of
         the parties and may only be varied or amended by  agreement  in writing
         of a duly  authorised  representative  of  AUCXIS  CORP and EDS.  Where
         AUCXIS CORP or EDS sees a need to change the  Services  AUCXIS CORP may
         at any time  request,  and EDS may at any time  recommend  such change.
         Neither party will unreasonably withhold its agreement to any change.

11.      TERMINATION
         -----------
         This  Agreement may be  terminated by either party  forthwith on giving
         notice in writing to the other if:

11.1     the other commits any material or persistent breach of any term of this
         Agreement and (in the case of a breach capable of being remedied) fails
         within 30 days  after the  receipt of a request in writing so to do, to
         remedy the breach;

11.2     the other party has a receiver or administrative  receiver appointed of
         it or over any part of its undertaking or assets or passes a resolution
         for  winding up (other  than for the  purposes of a bona fide scheme of
         solvent  amalgamation  or  reconstruction  ) or a  court  of  competent
         jurisdiction makes an order to that effect or if the other party enters
         into any voluntary arrangement with its creditors or becomes subject to
         an administration order.

11.3     Aucxis  Corp  may,  if it is  not  satisfied  with  the  EDS  services,
         terminate  the  Internet  Data Centre  hosting  agreement  upon 30 days
         written notice.

12.      GENERAL PROVISIONS
         ------------------

12.1     NOTICES
         -------
         Any notice or other communication to be given under this Agreement must
         be in writing  and may be  delivered  or sent by  pre-paid  first class
         letter post or facsimile transmission to the party to be served at that
         party's  last know  address.  In the case of EDS all  notices and other
         communication   must  be  marked  to  the  attention  of  the  "Company
         Secretary". Any notice or document will be deemed served: if delivered,
         at the time of delivery; if posted, 48 hours after posting; and if sent
         by facsimile transmission, at the time of transmission.

12.2.    SEVERABILITY
         ------------
         If any  provision  of  this  Agreement  is  held  invalid,  illegal  or
         unenforceable  for any reason by any court of  competent  jurisdiction,
         such  provision  will be severed and the  remainder  of the  provisions
         hereof will continue in full force and effect as if this  Agreement had
         been  executed  with the invalid,  illegal or  unenforceable  provision
         eliminated.  In the event of a holding of invalidity so  fundamental as
         to prevent the accomplishment of the purpose of this Agreement, EDS and
         AUCXIS CORP will immediately commence good faith negotiations to remedy
         such invalidity.

12.3     RELATIONSHIP
         ------------

(C) EDS LEGAL & CONTRACTS                                     4

<PAGE>

                            EDS TERMS AND CONDITIONS

         EDS and AUCXIS CORP  acknowledge and agree that this Agreement does not
         constitute,   create  or  give  effect  to  a  joint  venture,  pooling
         arrangement  principal/  agency  relationship,  partnership  or  formal
         business  organisation of any kind and neither EDS nor AUCXIS CORP will
         have the right to bind the other  without  the  other's  express  prior
         written consent.

12.4     NO SOLICITATION OF EMPLOYEES
         ----------------------------
         For  the  term  of  this  Agreement  and  for a  period  of six  months
         thereafter,  without  the prior  written  consent  of the other  party,
         neither party will either directly or indirectly solicit or entice away
         (or seek or attempt to entice  away) from the  employment  of the other
         party  any  person(s)  employed  (or any  person(s)  who  have  been so
         employed  in the  preceding  six months) by such other  party.  For the
         avoidance of doubt, this Clause will not apply to unsolicited responses
         to general recruitment advertising.

12.5     LAW AND JURISDICTION
         --------------------
12.5.1   This Agreement is made and construed in accordance with German Law.

12.5.2   In the event of any dispute  arising  between the parties in connection
         with this Agreement  which cannot be resolved by the parties  immediate
         contract  representatives,  senior representatives of the parties will,
         within  twenty-one  (21) days of a written request from either party to
         the other, meet in good faith to attempt to resolve the dispute without
         recourse to legal proceedings,  failing which this agreement is subject
         to the  exclusive  jurisdiction  of the  German  Courts  to which  both
         parties hereby submit.

(C) EDS LEGAL & CONTRACTS                                     5

<PAGE>

                            EDS TERMS AND CONDITIONS

                        SCHEDULE 1 - INCUBATION SERVICES
                        --------------------------------
                       THE SERVICES, CHARGES AND PAYMENTS
                       ----------------------------------

THE SERVICES
------------
DEFINITION OF THE SERVICES

The Services agreed to be provided by EDS are as listed in the attached document
[AUCXIS CORP & EDS INFORMATIONSTECHNOLOGIE & SERVICE GMBH, STATEMENT OF WORK AND
SERVICE LEVEL AGREEMENT].

COMMENCEMENT DATE
-----------------

The Commencement Date is: 1st of February 2001

ASSUMPTIONS/DEPENDENCIES
------------------------

The assumptions and  dependencies  have been described in detail in the attached
document [AUCXIS CORP & EDS INFORMATIONSTECHNOLOGIE & SERVICE GMBH, STATEMENT OF
WORK AND SERVICE LEVEL AGREEMENT].

FACILITIES
----------

The facilities supplied are described in detail in the attached document [AUCXIS
CORP & EDS INFORMATIONSTECHNOLOGIE & SERVICE GMBH, STATEMENT OF WORK AND SERVICE
LEVEL AGREEMENT].

CHARGES
-------

The charges are described in detail in the attached  document [AUCXIS CORP & EDS
INFORMATIONSTECHNOLOGIE  & SERVICE  GMBH,  STATEMENT  OF WORK AND SERVICE  LEVEL
AGREEMENT].

(C) EDS LEGAL & CONTRACTS                                     6
<PAGE>

                            EDS TERMS AND CONDITIONS

            AUCXIS CORP & EDS INFORMATIONSTECHNOLOGIE & SERVICE GMBH
                           DEFINITION OF THE SERVICES

The "Transaction":

1.       CONSULTING SERVICES

         Sales &  Marketing,  Whereby  EDS  will  perform  Sales  and  marketing
         activities  within their existing client base,  using their channels to
         market in accordance with the  Go-To-Market  strategy  developed by EDS
         for Aucxis Corp within the first phase of the consultancy engagement.

         These channels are listed below:

         EDS x-LOB Management:

         |X|      Divisional
         |X|      Regional
         EDS Global Industry Groups:
         |X|      Communications
         |X|      Energy
         |X|      Financial
         |X|      Government
         |X|      Health Care
         |X|      Manufacturing and Retail
         |X|      Transportation
         EDS x-LOB Sales community:
         |X|      Client Sales Executives
         |X|      Client Executives
         |X|      A.T. Kearney Vice President's
         |X|      Indirect Channels
         |X|      Partners and Strategic Alliances

2.       INCUBATION  SERVICES,  pursuant  to  which  EDS will  host  the  Aucxis
         Collateral  Management  Utility,  build,  customise  and host other web
         based  applications,  including  the AUCXIS  CORP'S  Market  Place;  in
         accordance  with  the  Terms  and  Conditions  of the  web-hosting  and
         infrastructure  proposal  agreed by Aucxis.  This  contract will act as
         guaranteed  income  to EDS from  Aucxis  for the  Sales  and  Marketing
         activities conducted by EDS on behalf of Aucxis. Payment, together with
         the applicable Value Added Tax, will be made within thirty (30) days of
         receipt by Aucxis Corp of a valid  invoice from EDS.  Late payment will
         bear interest at the rate of 2% above the base rate in Germany.

3.       RESELLER,  pursuant to which EDS will resell the services of the Aucxis
         eFinance Platform (on-line, service line and body shop);

4.       RESELLER,  pursuant  to which  AUCXIS  CORP will  resell  certain  EDS'
         services to AUCXIS CORP'S customers (including and not confined to, EDS
         and  A.T.  Kearney  consulting  services  for  client  integration  and
         customisation, web-hosting and infrastructure services).

Through  the  integration  of the  Aucxis  eFinance  Platform  into a  suite  of
Financial Services product offerings, EDS targets to generate $100 Million US in
transactional  revenue over 5 years to Aucxis

(C) EDS LEGAL & CONTRACTS                                     7
<PAGE>

                            EDS TERMS AND CONDITIONS

through  the  provisioning  of  the  eFinance  platform  services.  The  parties
anticipate allocating such revenue 70% to Aucxis and 30% to EDS.

If Aucxis  and EDS agree to  perform  additional  services,  Aucxis and EDS will
enter into specific  contracts for such services,  and such additional  services
will be carried out under the standard EDS  contractual  terms and on a Time and
Material basis.EMPLOYMENT AGREEMENT

                  THIS EMPLOYMENT AGREEMENT  ("Agreement") is made as of the 1st
day of  February,  2000,  by and between  GLOBAL  SOURCES  LIMITED.,  a Delaware
corporation  with an office  for the  conduct  of its  business  at 342  Madison
Avenue,  Suite 1500, New York, New York 10173 (the "Company"),  and PETER MAHER,
an individual  residing at 8 Sloping Hill Terrace,  Wayne, New Jersey 07470 (the
"Executive").

                  WHEREAS,  the Company  desires to employ the  Executive as the
Executive  Vice  President  of  M&S  CORPORATE  HOLDINGS,  INC.,  a  New  Jersey
corporation d/b/a THE PARTNERSHIP GROUP (hereinafter,  "GROUP'), acquired by the
Company on the date hereof,  and as a Vice  President  of the  Company,  and the
Executive desires to be employed by GROUP and the Company in such capacity; and

                  WHEREAS,  the parties hereto desire to enter into an agreement
of  employment  mutually  beneficial  to said  parties,  and for the  purpose of
defining the rights, duties and obligations of each of the parties hereto;

                  NOW,  THEREFORE,  for good  and  valuable  consideration,  the
sufficiency  and  receipt of which is hereby  acknowledged,  the Company and the
Executive agree as follows:

         1.  Employment.  Upon the terms and subject to the  conditions  of this
Agreement,  the Company  hereby  employs the Executive and the Executive  hereby
accepts  employment by the Company on the terms and conditions  hereinafter  set
forth.

         2. Term.  Subject  Term.  to the  provisions  of  Section  10.8 of this
Agreement, Executive's employment shall be for a period of fifty six (56) months
commencing as of the date hereof and terminating on September 30, 2004.

         3. Executive's Position, Duties and Authority.

            3.1  Position.  The  Company  shall  employ the  Executive,  and the
Executive  shall  serve as the  Executive  Vice  President  of GROUP  and a Vice
President of the Company.

            3.2  Description.  The  Executive  shall  perform  such  duties  and
responsibilities  on a full time basis as shall be  reasonably  assigned  to the
Executive by the Chairman and Chief Executive  Officer and/or  President  and/or
Executive Vice President and Chief Operating  Officer of the Company,  and which
are customarily incident to the day-to-day management and operation of GROUP and
the Company or the offices of Executive  Vice  President  and a  Vice-

<PAGE>

President,  respectively,  including,  but not  limited  to  performing  various
administrative duties as shall be reasonably assigned to the Executive.

            3.3  Authority.  At all times during the Term,  the Executive  shall
report directly to the Chairman and Chief Executive  Officer of the Company,  or
to such other senior  executive as the Chairman and Chief  Executive  Officer of
the Company may designate.

         4. Full-Time Services.

            4.1 General.  The Executive  shall devote  substantially  all of his
business  time,  labor,  skill and  energy to the  business  and  affairs of the
Company  and to the duties and  responsibilities  referred  to in Section 3.2 of
this  Agreement,  but shall be  permitted  to provide  the  incidental  services
described in Section 13.7 hereof so long as, and in such manner that they do not
interfere with the full and fitful  performance of Executive's  responsibilities
to the Company and GROUP

            4.2 Opportunities;  Investments.  The Executive covenants and agrees
that, during the Term, he shall inform the Company of each business  opportunity
related to the business of the Company or any of the Company's  subsidiaries  or
affiliates  of  which  he  becomes  aware  and  that he will  not,  directly  or
indirectly, exploit any such opportunity for his own account, nor will he render
any  services to any other  person or  business,  or acquire any interest of any
type in any other  business,  that  competes with any business of the Company or
any of the Company's  subsidiaries  or  affiliates.

         5. Location of Employment.  Unless the Executive  consents otherwise in
writing,  the principal  location for the  performance  of his duties  hereunder
shall be at the Company's offices in New York City or in Roseland, New Jersey.

         6. Base Salary/Bonuses.

            6.1 Base Salary.  The Company  shall,  commencing on the date hereof
and during the continuance of the Executive's  employment hereunder,  pay to the
Executive, and the Executive agrees to accept, in consideration of his services,
a salary (the "Base  Salary") (i) from the Effective  Date through the remainder
of the contract, at a rate of TWELVE THOUSAND EIGHTY THREE AND 33/1OOTHS DOLLARS
($12,083.33)  per month. All Base Salary shall be payable in accordance with the
Company's  normal  payroll  practices,  so  long as the  Executive's  employment
continues as provided by this Agreement.

            6.2 Bonuses. During the Term of this Agreement,  the Executive shall
be  eligible  to receive  the  following  bonus  payments  (each a "Bonus,"  and
collectively,  the "Bonuses"):

                  (a) An annual (calendar year) bonus, payable at the discretion
of the Board of Directors,  of no less than seven and one-half percent (7.5%) of
the increase, if any, in pretax profits of GROUP; and

                                      -2-
<PAGE>

                  (b) A bonus  equal to 3 percent of the  purchase  price of any
acquisition of another human resource  company made by the Company or one of its
affiliates  that was originated or introduced by the  Executive,  payable at the
time of the  closing  of the  acquisition.  The said bonus is payable in cash or
stock in the same proportion as the  consideration  given for the acquisition on
which it is based.

                  (c) Calculation of pre-tax profits shall be made in good faith
by the Company's Chief Financial Officer consistent with the Company's usual and
customary practice.

         7.  Stock  Options.  Commencing  with the Term of this  Agreement,  the
Executive shall be eligible to receive the following options (collectively,  the
"Stock  Options") to purchase  shares of the Company's  Common Stock as provided
below:

            Stock Options, to be issued on the date (the "Market Date") that the
            Company's   Form  S-4   (registering   all  of  the  Company's  then
            outstanding  Common  Stock  and  stock  under  options)  or Form S-8
            registering  the  Company's  proposed  stock option plan and options
            issued thereunder is deemed effective by the Securities and Exchange
            Commission  (the "SEC"),  to acquire 25,000 shares,  as adjusted for
            any stock splits,  stock dividends or similar events occurring after
            the date  hereof,  of the Common  Stock of the  Company,  at a price
            equal to the market value of the Company's Common Stock as of twenty
            (20) days after the Market Date.

The  Stock  Options  shall  fully  vest on the  date of  their  issuance  to the
Executive,  shall not be transferable  except upon the optionee's death,  shall,
unless terminated,  be exercisable for 10 years from the date of issuance, shall
be subject to early termination upon cessation of employment with the Company as
set forth in greater  detail in  Exhibit A hereto,  and shall be subject to such
other terms and conditions  applicable to stock options of the Company  pursuant
to the Company's stock option plan.

         8.  Expenses;  Vacation.  The Company shall  reimburse the Executive in
accordance with the Company's regular procedures in effect from time to time and
in form  suitable to establish  the validity of such  expenses for tax purposes,
all ordinary,  reasonable and necessary travel, entertainment and other business
expenses as shall be incurred by him in the performance of his duties hereunder.
During the Term of this  Agreement,  the  Executive  shall be entitled to twenty
(20) days vacation annually with pay.

         9.  Benefits.  During the Term,  the  Executive  shall be  eligible  to
participate in any pension or profit-sharing  plan or program of the Company now
existing or hereafter  established,  on terms no less  favorable than those made
available to other senior executives of the Company. Upon meeting all applicable
eligibility requirements,  the Executive shall be entitled to receive such other
benefits or rights as may be provided under any employment benefit plan provided
by  the  Company  that  is  now  or  hereafter  will  be  reflected,   including
participation in life, medical, disability and dental insurance plans.

                                      -3-
<PAGE>

         10. Termination.

            10.1 Notwithstanding the provisions of Sections 1 and 2 hereof, this
Agreement may be terminated prior to the expiration of the Term by the President
and Chief  Executive  Officer of the Company upon the  occurrence  of any of the
following events:

            10.1.1 Upon the death of the Executive;

            10.1.2 Upon the  inability of the Executive to perform his duties in
any material  respects on account of illness or other  incapacity for the longer
of (i) three  (3)  months in any  period  of 12  consecutive  months or (ii) any
longer period prescribed by any applicable law;

            10.1.3 For Cause, which shall be defined as:

                     (a)  the  Executive  is  convicted  of  a  felony  criminal
offense, or of a criminal offense involving any act or acts of moral turpitude;

                     (b) The Executive is found guilty of any act of dishonesty,
fraud or  theft  from  the  Company,  or any of the  Company's  subsidiaries  or
affiliates;

                     (c) In the event of gross negligence,  willful malfeasance,
or gross  or  willful  material  misconduct  in the  performance  of his  duties
hereunder; or

                     (d) Upon the failure or refusal by the Executive to perform
according  to  or  to  comply  with  the  reasonable   policies  and  directions
established by the Company after written notice of such  non-compliance  stating
what is required of the  Executive to cure such  noncompliance  and a reasonable
opportunity to cure such noncompliance within ten (10) business days of delivery
of such notice.

         11. Noncompetition.

            11.1 The  Executive  shall be prohibited  from  disclosing to anyone
(except to the extent  reasonably  necessary to perform the  Executive's  duties
hereunder) any  confidential  information  concerning the business or affairs of
the Company or the Company's  subsidiaries or affiliates which the Executive may
have  acquired  in the  course of and as  incident  to his  employment  or prior
dealings  with  the  Company  or  the  Company's   subsidiaries  or  affiliates,
including,  without  limitation,  client lists,  business or trade  secrets,  or
methods or  techniques  used by the  Company or the  Company's  subsidiaries  or
affiliates in or about its business.  The  obligation  in this  subsection  11.1
survives the expiration or earlier termination of this Agreement.

            11.2  During the Term of this  Agreement  and for a period of twenty
four (24)  months  after the  expiration  or  earlier  termination  hereof,  the
Executive  will not:

                                      -4-
<PAGE>

                     (a) compete  with the Company for business  with  customers
and/or  clients that are or have been clients or customers of the Company or its
subsidiaries  within the four (4) months preceding the date the Executive leaves
the  Company;  or

                     (b)  influence or attempt to influence  any employee of the
Company or the  Company's  subsidiaries  or  affiliates  to terminate his or her
employment with the Company or the Company's subsidiaries or affiliates.

The  obligation  in this  subsection  11.2  survives the  expiration  or earlier
termination of this Agreement. In the event that the restrictive period provided
in this  Section  11.2 is  determined  to be too long by any court or other body
having  jurisdiction  over any dispute between the parties over such issue whose
decision is binding on the parties hereto,  this Section 11.2 shall be valid and
enforceable for the period determined to be so enforceable.

         12. Notices. Any notice, direction or instruction required or permitted
to be given  hereunder  shall be given  in  writing  and may be given by  telex,
telegram,  facsimile  transmission  or similar  method if  confirmed  by mail as
herein  provided;  by mail if sent postage  prepaid by registered  mail,  return
receipt requested;  or by hand delivery to any party at the address of the party
set forth below. If notice, direction or instruction is given by telex, telegram
or facsimile  transmission  or similar method or by hand  delivery,  it shall be
deemed  to have  been  given or made on the day on which  it was  given,  and if
mailed,  shall be deemed to have been  given or made on the third  business  day
following  the day after which it was mailed.  Any party may, from time to time,
by like  notice  give  notice of any change of address  and in such  event,  the
address of such party shall be deemed to be changed accordingly.

          (a)   If to the Company:

                Global Sources Limited.
                342 Madison Avenue
                New York, New York 10 173
                Attention: John Mazzuto

                With a copy to:

                Frank DiPrima, Esq.
                Global Sources Limited
                1055 Parsippany Boulevard
                Parsippany, New Jersey 07054

                                      -5-
<PAGE>

                and to

                Robert Schneider, Esq.
                Graham & James LLP
                885 Third Ave, 21st Floor
                New York, N.Y. 10022

          (b)   If to the Executive:

                Peter Maher
                M&S Corporate Holdings, Inc.
                7 Becker Farm Road
                Roseland, New Jersey 07068

                With a copy to:

                Joseph Vena, Esq.
                Mandelbaum, Salsburg, Gold, Lazris, Discenza & Steinberg, P. C.
                155 Prospect Avenue
                West Orange, New Jersey 07052

         13. General.

            13.1  Governing,  Law.  This  Agreement  shall  be  governed  by and
construed and enforced in accordance  with the internal laws of the State of New
York,  regardless  of the laws that  might  otherwise  govern  under  applicable
principles of conflicts of laws.

            13.2  Entire  Agreement.   This  Agreement  sets  forth  the  entire
agreement  and  understanding  of the parties  relating  to the  subject  matter
hereof,  and supersedes all prior agreements,  arrangements and  understandings,
written or oral, between or among the parties,  except as specifically  provided
herein.

            13.3  Successors and Assigns.  This  Agreement,  and the Executive's
rights and obligations hereunder,  may not be assigned by the Executive,  except
that the  Executive  may  designate  one or more  beneficiaries  to receive  any
amounts that would  otherwise be payable  hereunder to the  Executive's  estate.
This  Agreement  shall be binding on any  successor  to the  Company  whether by
merger, consolidation,  acquisition of all or substantially all of the Company's
assets or business or otherwise,  as fully as if such successor were a signatory
hereto; and the Company shall cause such successor to, and such successor shall,
expressly assume the Company's obligations hereunder.

            13.4 Amendments; Waivers. This Agreement cannot be changed, modified
or  amended,  and no  provision  or  requirement  hereof may be waived,  without
consent in writing of the parties hereto. However, in the event that the Company
issues an  Employee  Manual  which

                                      -6-
<PAGE>

amends or modifies any policy specifically identified and incorporated into this
Agreement,  such policy  automatically  shall be deemed included as part of this
Agreement without further  consideration other than the continued performance of
this Agreement's material terms by the Company.

            13.5  Ability to Fulfill  Obligations.  Neither  the Company nor the
Executive is a party to or bound by any agreement which would be violated by the
terms of this Agreement.

            13.6  Counterparts.  This  Agreement  may be executed in two or more
counterparts,  each of which shall be deemed to be an original.  It shall not be
necessary  when  making  proof of this  Agreement  to account  for more than one
counterpart.

         IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the date first above written.

                                                GLOBAL SOURCES LIMITED.

                                                By:/s/ John Mazzuto
                                                   ----------------------------
                                                   Name: John Mazzuto
                                                   Title: President

                                                EXECUTIVE:

                                                /s/ Peter Maher
                                                -------------------------------
                                                PETER MAHER

                                      -7-
<PAGE>

                                    EXHIBIT A

                       Early Termination of Stock Options
                       ----------------------------------

                  1. Should  Optionee  cease  service for any reason  other than
death or  permanent  disability  while  the  option  remains  outstanding,  then
Optionee  will  have a three  (3) month  period  measured  from the date of such
cessation  of  Service  in which to  exercise  the  option for any or all of the
option shares for which the option is  exercisable at the time of such cessation
of Service. In no event,  however, may the option be exercised at any time after
the specified  expiration  date of the option term.  Upon the expiration of such
three (3) month period or (if earlier) upon the specified expiration date of the
option term, the option will terminate and cease to be outstanding.

                  2.  Should  Optionee  die while in service or within the three
(3) month period  following his or her  cessation of service,  then the personal
representative  of Optionee's estate or the person or persons to whom the option
is  transferred  pursuant to Optionee's  will or in accordance  with the laws of
descent and  distribution  will have the right to exercise the option for any or
all of the  option  shares for which the  option is  exercisable  at the time of
Optionee's cessation of service,  less any option shares subsequently  purchased
by Optionee prior to death. Such right will lapse, and the option will terminate
and cease to remain  outstanding,  upon the earlier of (i) the expiration of the
twelve (12) month period measured from the date of Optionee's  death or (ii) the
expiration date.

                  3. Should (i) Optionee's  service be terminated for misconduct
(including, but not limited to, any act of dishonesty, willful misconduct, fraud
or  embezzlement)  or (ii) Optionee make any  unauthorized  use or disclosure of
confidential  information  or trade  secrets  of the  Company  or any  parent or
subsidiary,  then in any such event the option will  terminate  immediately  and
cease to be outstanding.

                                      -8-

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