Document:

<PAGE>
                                                                   EXHIBIT 10.46

                                   MEMORANDUM
                                       OF
                                    AGREEMENT

     THIS MEMORANDUM OF AGREEMENT (the "Agreement") entered into this 28th day
of December, 2000 by and among Marketing Specialists Sales Company, a Texas
corporation ("Marketing Specialists"), William F. Lee on behalf of the former
stockholders of The Sales Force Companies, Inc. ("Sales Force") other than the
Employee Stock Ownership Trust ("ESOT") established by Sales Force (William F.
Lee being referred to herein as the "Non-ESOT Stockholders Representative" and
the stockholders other than the ESOT being referred to herein as the "Non-ESOT
Stockholders") and the ESOT. This Agreement amends that certain Stock Purchase
Agreement, dated March 2, 2000, by and among Marketing Specialists, Sales Force,
and all the stockholders of Sales Force, including the ESOT (the "Purchase
Agreement"), which agreement is otherwise unchanged except as modified herein.

     RECITALS. Pursuant to Section 1.2(b) of the Purchase Agreement, the
Purchase Price (as defined in the Purchase Agreement) was to be adjusted. Any
upward Purchase Price adjustment was to be paid as provided in Section 1.2(b).

     Computations as to the adjusted Purchase Price were submitted to Marketing
Specialists. Marketing Specialists retained PricewaterhouseCoopers ("PwC") to
review the computations and submit its unaudited version of the adjusted
Purchase Price. After further negotiations, PwC submitted a letter and final
version of its reports, schedules and calculations dated November 29, 2000,
copies of which are attached as Exhibit A.

<PAGE>

     The parties are still in disagreement as to various components of the
Purchase Price adjustment as well as to the amount of the adjustment. Also,
since any adjustment paid to the ESOT is to be paid in cash, Marketing
Specialists has negotiated separately with the ESOT over the amount of cash to
be paid. In order to resolve all disagreements and disputes relating to the
matters covered by the Purchase Price adjustment, and in order to provide for
the special handling of the income tax component of the adjustment, the parties
have made and entered into the agreement set forth below.

1.   PURCHASE PRICE ADJUSTMENT; PAYMENT.

     (a)  The ESOT shall receive an adjustment to the Purchase Price of One
          Million Nine Hundred Thousand Dollars ($1,900,000.00), payable in cash
          by wire transfer to a designated account of the ESOT on or before
          December 29, 2000.

     (b)  The Non-ESOT Stockholders shall receive an adjustment to the Purchase
          Price of Two Million Three Hundred Sixty-four Thousand Two Hundred
          Thirty-six Dollars ($2,364,236.00), payable by delivery of replacement
          Notes in exchange for the Notes then held by such Non-ESOT
          Stockholders pursuant to the terms of Section 1.2(b). Such replacement
          Notes will be delivered to the Non-ESOT Stockholders on or before
          January 31, 2001. Notwithstanding the foregoing, the amount set forth
          in this subparagraph (b) shall be deemed a debt and obligation of
          Marketing Specialists as of the date hereof, whether or not the
          replacement Notes are issued and the April 1, 2001 payment and all
          subsequent

<PAGE>

          payments due to the Non-ESOT Stockholders shall include such increased
          amounts.

2.   ADJUSTMENT FOR TAXES/PAYMENT. In addition to the payment set forth above,
     if there is a difference between the estimated tax liability assumed by
     Marketing Specialists in the amount of $2,607,697 as shown in Exhibit A and
     the actual aggregate tax liability associated with Sales Force for the
     portion of the tax period prior to April 15, 2000, as reflected in the
     federal and state income tax returns as and when filed (the "Tax
     Adjustment"), then Marketing Specialists shall pay an additional amount to
     the ESOT and the Non-ESOT Stockholders equal to such difference. The Tax
     Adjustment, if any, will be allocated 51.1% to the ESOT and 48.9% to the
     Non-ESOT Stockholders. The ESOT's portion of the Tax Adjustment, if any,
     will be paid in cash to the ESOT within thirty (30) days after the filing
     of the applicable returns or within thirty (30) days after a tax refund is
     received, whichever is later. The balance of the Tax Adjustment will be
     paid to the Non-ESOT Stockholders in additional replacement notes dated
     within thirty (30) days after the filing of the applicable returns. In the
     event that due to audit adjustments by any tax jurisdiction or otherwise,
     the amount of aggregate tax liability is changed from the amount indicated
     on the final tax returns, the Tax Adjustment will be recalculated, but the
     ESOT will not receive any additional amounts from the audit adjustment nor
     will it be liable to repay amounts previously received. If the amount of
     the Tax Adjustment increases as a result of any tax audit, forty-eight and
     nine-tenths percent (48.9%) of any additional amounts will be paid by
     Marketing Specialists to the Non-ESOT Stockholders in the same manner as
     the Tax Adjustment is to be paid as

<PAGE>

     provided above. In the event the Tax Adjustment is reduced as a result of
     any tax audit, Marketing Specialists shall be entitled to deduct (without
     further action or consent from the Non-ESOT Stockholders) 48.9% of the
     reduced amount from the replacement Notes issued to the Non-ESOT
     Stockholders.

3.   MATTERS RESOLVED BY PURCHASE PRICE ADJUSTMENT. The matters resolved by the
     Purchase Price adjustment and this Agreement are set forth in Exhibit A
     prepared by PwC and reviewed by all parties hereto. Neither party shall
     have any further claim against the other for any matter covered by the
     adjustments proposed by PwC, except that Marketing Specialists shall retain
     all of the indemnification protections available to it under the Purchase
     Agreement, including, without limitation, the indemnification for
     understated taxes as provided in the Purchase Agreement, subject to the
     limitation on claims against the ESOT.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

                                        MARKETING SPECIALISTS SALES COMPANY,
                                        a Texas corporation

                                        By:  ___________________________________
                                               Nancy Jagielski
                                               Secretary and General Counsel

                                        ________________________________________
                                        William F. Lee the Non-ESOT Stockholders
                                        Representative for and on behalf of the
                                        Stockholders other than the ESOT

                                        ESOT

                                        By:   FIRST BANKERS TRUST COMPANY, N.A.,
                                              not in its corporate capacity but
                                              solely as Trustee of the ESOT

                                        By:  ___________________________________

                                        Name:___________________________________

                                        Title:__________________________________

<PAGE>
            ADJUSTED PURCHASE PRICE AND PAYMENT SCHEDULE 1.2.b         4/13/2001

<TABLE>
<CAPTION>
                                                                                         Increase (Decrease)
                                                                                          to Consideration
                                                                                         -------------------
<S>                                                                     <C>                  <C>
UNRESTRICTED CASH

Unrestricted                                                            1,708,485

Required Minimum                                                        2,400,000

Additional Consideration                                                 (691,515)            (691,515)

WORKING CAPITAL

Current Assets                                                          5,621,720

Current Liabilities                                                    (7,427,781)
                                                                       ----------

Calculated Working Capital                                             (1,806,061)

Required Minimum                                                        1,500,000
                                                                       ----------

Additional Consideration                                               (3,306,061)          (3,306,061)
                                                                       ==========

LONG TERM DEBT AND DISCOUNTED OFF BALANCE SHEET LIABILITIES

Required Maximum                                                       12,800,000

Long Term Debt                                                         (3,003,941)

Off Balance Sheet - Adjustment Addition                                  (176,370)

Off Balance Sheet - Liabilities Discounted at 8%                       (1,688,717)
                                                                       ==========
Additional Consideration                                               7,930, 972           7,930, 972
                                                                       ==========
Pending Adjustment                                                                            (225,000)
                                                                                            ----------
Total Additional Consideration due 90 days after close                                       3,708,397
                                                                                            ==========

Total Additional Cash Consideration due 90 days after close                    51%           1,894,991

Total Additional Notes Consideration due 90 days after close                 48.9%           1,813,406
                                                                                            ----------
                                                                                             3,708,397
                                                                                            ==========
</TABLE>

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

THE SALES FORCE COMPANIES, INC.
ADJUSTMENTS TO SCHEDULE 1.2(B) OF THE PURCHASE PRICE AGREEMENT DATED 4/14/2000

<TABLE>
<CAPTION>
                                                                         ----------------   -----------------  --------------------
                                                                            4/7/2000                                ADJUSTED
                                                                             BALANCE           ADJUSTMENT            BALANCE
                                                                         ----------------   -----------------  --------------------
<S>                                                                            <C>                <C>                    <C>
UNRESTRICTED CASH

Unrestricted Cash                                                              5,455,808          (3,747,323)            1,708,485

Required Minimum                                                               2,400,000                  --             2,400,000
                                                                         ---------------    ----------------   -------------------

Additional Consideration                                                                                                  (691,515)
                                                                                                               ===================

WORKING CAPITAL

Current Assets                                                                 8,920,285          (3,298,565)            5,621,720

Current Liabilities                                                           (7,368,987)            (58,794)           (7,427,781)
                                                                         ---------------    ----------------   -------------------

Calculated Working Capital                                                     1,551,298          (3,357,359)           (1,806,061)

Required Minimum                                                               1,500,000                  --             1,500,000
                                                                         ---------------    ----------------   -------------------

Additional Consideration                                                          51,298          (3,357,359)           (3,306,061)
                                                                         ===============    ================   ===================

LONG TERM DEBT AND DISCOUNTED OFF BALANCE SHEET LIABILITIES

Required Maximum                                                              12,800,000                  --            12,800,000

Long Term Debt                                                                (3,090,661)             86,720            (3,003,941)

Off Balance Sheet Liabilities Discounted at 8%                                (1,688,717)           (176,370)           (1,865,087)
                                                                         ---------------    ----------------   -------------------

Additional Consideration                                                       8,020,622             (89,650)            7,930,972
                                                                         ===============    ================   ===================

Pending Adjustment                                                                                                        (225,000)
                                                                                                               ===================

TOTAL ADDITIONAL CONSIDERATION

Total Additional Consideration due 90 days after close                         8,071,920          (4,138,524)            3,708,397
                                                                         ===============    ================   ===================

Total Additional Cash Consideration due 90 days after close        51.1%       4,124,751          (2,114,786)            1,894,991
                                                                         ===============    ================   ===================

Total Additional Notes Consideration due 90 days after close       48.9%       3,947,169          (2,023,738)            1,813,406
                                                                         ===============    ================   ===================
</TABLE>

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>

                                                               ORIGINAL 4/7/00 BALANCE SHEET DETAIL
                                                --------------------------------------------------------------------
                                                                   Stub                Effect of Sale  Adjusted for
                                                3/31/2000      Adjustments   4/7/2000     of Prism     Prism 4/7/2000
                                                ---------------------------------------------------------------------
<S>                                               <C>          <C>          <C>           <C>            <C>
ASSETS

Current Assets:
Cash                                              1,441,188    (18,750)     1,422,438     1,220,744      2,643,182
Marketable Securities                             2,812,627       --        2,812,627          --        2,812,627
Less: Restricted Cash and Cash
 Equivalents (See Note A)                              --         --             --            --             --
                                                -----------               -----------                  -----------
Sub Total: Unrestricted Cash
 and Cash Equivalents                             4,253,814    (18,750)     4,235,064     1,220,744      5,455,808

Accounts Receivable:
     Brokerage Commissions                        3,277,566       --        3,277,566          --        3,277,566
     Principal's (net of allowance
  for doubtful receivables $50,000)                 (98,325)      --          (98,325)         --          (98,325)
Other                                               215,510       --          215,510          --          215,510
                                                -----------               -----------                  -----------

Total                                             7,648,565    (18,750)     7,629,815     1,220,744      8,850,559
                                                -----------               -----------                  -----------
Notes Receivables                                     9,988       --            9,988          --            9,988
Prepaid Income Taxes                                   --         --             --            --             --
Deferred Income Taxes                                  --         --             --            --          338,640
Prepaid Expenses                                     59,738       --           59,738          --           59,738
                                                -----------               -----------                  -----------

TOTAL CURRENT ASSETS                              7,718,291    (18,750)     7,699,541     1,220,744      8,920,285
                                                ===========               ===========                  ===========

Notes Receivable Long Term                            1,984       --            1,984          --            1,984

Property and Equipment                                 --         --             --            --             --
     Furniture & Equipment                        2,324,229       --        2,324,229          --        2,324,229
     Computer & Related Equipment                 2,222,630       --        2,222,630          --        2,222,630
     Leasehold Improvements                         145,764       --          145,764          --          145,764
                                                -----------               -----------                  -----------

Total Property and Equipment                      4,692,623       --        4,692,623          --        4,692,623

Less:  Accumulated Depreciation                  (3,106,075)      --       (3,106,075)         --       (3,106,075)
                                                -----------               -----------                  -----------

Net Property and Equipment                        1,586,548       --        1,586,548          --        1,586,548

Investment in Affiliate                           2,515,887       --        2,515,887    (2,515,887)          --

Other Assets:
     Intangibles (Net of Amortization)              909,194       --          909,194          --          909,194
     Deferred Income Tax                            225,307       --          225,307          --          225,307
     CSV of Life Insurance
      (Net of O/S Loans)                            147,704       --          147,704          --          147,704
     Other                                            4,138       --            4,138          --            4,138
                                                -----------               -----------                  -----------

Total Other Assets                                1,286,343       --        1,286,343                    1,286,343
                                                -----------               -----------                  -----------

TOTAL ASSETS                                     13,109,053    (18,750)    13,090,303    (1,295,143)    11,795,160
                                                ===========               ===========                  ===========
</TABLE>

NOTE A - Restricted cash and cash equivalents is comprised of Advances from
Principals (related to Marketing Development Funds), Employee Flexible Spending
and Accrued Income Taxes. The Accrued Income Taxes are considered restricted as
they were required to be paid by April 14, 2000 according to Section 2.9 on the
Purchase Agreement between Marketing Specialist Sales Company and The Sales
Force Companies, Inc.

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>

                                                                                                    ADJUSTMENTS DIRECTED
                                          GRANT THORTON ADJUSTMENTS  DUE DILIGENCE ADJUSTMENTS     IN PURCHASE AGREEMENT
                                       ---------------------------- --------------------------- -----------------------------
                                                                                   Due                        Due Diligence
                                       Tax Reclas-                    Due         Diligence                     Adjusted for
                                       sification     Adjusted for   Diligence    Adjusted      Remove Prism     Prism Tax
                                        Adjustments  Tax Reclasses  Adjustments   4/7/2000       Tax Reserve    04/07/2000
                                      ---------------------------- ------------- -------------- -----------------------------
<S>                                         <C>       <C>            <C>           <C>          <C>           <C>
ASSETS

Current Assets:
Cash                                         --       2,643,182      (106,072)     2,537,109    (2,238,303)      298,807
Marketable Securities                        --       2,812,627        27,379      2,840,006          --       2,840,006
Less: Restricted Cash and Cash
 Equivalents (See Note A)                    --            --      (3,668,630)    (3,668,630)    2,238,303    (1,430,327)
                                                    -----------                  -----------                  ----------
Sub Total: Unrestricted Cash
 and Cash Equivalents                                 5,455,808                    1,708,485                   1,708,485

Accounts Receivable:
     Brokerage Commissions                   --       3,277,566    (1,221,597)     2,055,969          --       2,055,969
     Principal's (net of allowance
  for doubtful receivables $50,000)          --         (98,325)        3,714        (94,611)         --         (94,611)
Other                                        --         215,510      (176,683)        38,827          --          38,827
                                                    -----------                  -----------                  ----------

Total                                        --       8,850,559    (1,473,259)     7,377,300    (2,238,303)    5,138,997
                                                    -----------                  -----------                  ----------
Notes Receivables                            --           9,988          --            9,988                       9,988
Prepaid Income Taxes                         --            --            --             --
Deferred Income Taxes                     338,640       338,640          --          338,640
Prepaid Expenses                             --          59,738        74,356        134,094          --         134,094
                                                    -----------                  -----------                  ----------

TOTAL CURRENT ASSETS                      338,640     9,258,925    (1,398,902)     7,860,023    (2,238,303)    5,621,720
                                                     ==========                  ===========                  ==========

Notes Receivable Long Term                   --           1,984          --            1,984          --           1,984

Property and Equipment                       --            --            --             --            --            --
     Furniture & Equipment                   --       2,324,229          --        2,324,229          --       2,324,229
     Computer & Related Equipment            --       2,222,630          --        2,222,630          --       2,222,630
     Leasehold Improvements                  --         145,764          --          145,764          --         145,764
                                                    -----------                  -----------                  ----------

Total Property and Equipment                 --       4,692,623          --        4,692,623          --       4,692,623

Less:  Accumulated Depreciation              --      (3,106,075)         --       (3,106,075)         --      (3,106,075)
                                                    -----------                  -----------                  ----------

Net Property and Equipment                   --       1,586,548          --        1,586,548          --       1,586,548

Investment in Affiliate                      --            --            --             --

Other Assets:
     Intangibles (Net of Amortization)       --         909,194          --          909,194          --         909,194
     Deferred Income Tax                     --         225,307          --          225,307          --         225,307
     CSV of Life Insurance
      (Net of O/S Loans)                     --         147,704          --          147,704          --         147,704
     Other                                   --           4,138          --            4,138          --           4,138

Total Other Assets                           --       1,286,343          --        1,286,343          --       1,286,343
                                                    -----------                  -----------                  ----------

TOTAL ASSETS                              338,640    12,133,800    (1,398,902)    10,734,898    (2,238,303)    8,496,595
                                                    ===========                  ===========                  ==========
</TABLE>

NOTE A - Restricted cash and cash equivalents is comprised of Advances from
Principals (related to Marketing Development Funds), Employee Flexible Spending
and Accrued Income Taxes. The Accrued Income Taxes are considered restricted as
they were required to be paid by April 14, 2000 according to Section 2.9 on the
Purchase Agreement between Marketing Specialist Sales Company and The Sales
Force Companies, Inc.

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>

                                                             ORIGINAL 4/7/00 BALANCE SHEET DETAIL
                                         --------------------------------------------------------------------
                                                            Stub                Effect of Sale  Adjusted for
                                         3/31/2000      Adjustments   4/7/2000     of Prism     Prism 4/7/2000
                                         ---------------------------------------------------------------------
<S>                                       <C>                 <C>      <C>            <C>            <C>
LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
    Current Maturities of Long
     Term Obligations                     (1,444,841)          --      (1,444,841)          --       (1,444,841)
   Notes Payable - LSNB                   (1,543,000)          --      (1,543,000)          --       (1,543,000
   Accounts Payable                         (410,331)          --        (410,331)          --         (410,331)
   Advances from Principals
   (includes Food Shows)                  (1,279,068)          --      (1,279,068)          --       (1,279,068)

   Accrued Liabilities:
     Salaries & Wages                       (349,718)          --        (349,718)          --         (349,718)
     Commissions                             (41,170)          --         (41,170)          --         (41,170)
     ESOP Contribution                          --
     Insurance                              (286,581)          --        (286,581)          --         (286,581)
     Legal and Audit                        (177,692)          --        (177,692)          --         (177,692)
                                                                                        (668,000)
                                                                                         354,676
     Income Taxes                            232,406           --         232,406     (1,220,744)    (1,301,662)
     Federal, State and Local Taxes
      Withheld & Accrued                      (1,449)          --          (1,449)          --           (1,449)
    Oklahoma City Contingent Liability      (114,941)          --        (114,941)          --         (114,941)
     Interest & Other                       (418,534)          --        (418,534)          --         (418,534)
                                         -----------                  -----------                   -----------

    Total Accrued Liabilities             (1,157,678)          --      (1,157,678)    (1,534,068)    (2,691,746)
                                         -----------                  -----------                   -----------

  Investment In Affiliates                  (100,000)          --        (100,000)       100,000            (0)
                                                --             --            --          668,000           --
  Deferred Income Tax                       (313,324)          --        (313,324)      (354,676)          --
                                         -----------                  -----------                   -----------

TOTAL  CURRENT LIABILITIES                (6,248,243)          --      (6,248,243)    (1,120,744)    (7,368,987)
                                         ===========                  ===========                   ===========

Long Term Obligations                     (3,090,661)          --      (3,090,661)          --       (3,090,661)

Stockholders' Equity

Common Stock                                (121,570)          --        (121,570)          --         (121,570)
Additional Paid In Capital                (4,304,242)          --      (4,304,242)          --       (4,304,242)
Retained Earnings                         (8,714,917)          --      (8,714,917)    (4,185,369)   (12,900,286)
Unrealized Gain/(Loss) On
 Marketable Securities                        38,915           --          38,915           --           38,915
Unearned Compensation                         13,263           --          13,263           --           13,263
                                         -----------                  -----------                   -----------

Total Stockholders' Equity               (13,088,552)          --     (13,088,552)                  (17,273,921)

Less Treasury Stock                        9,992,700           --       9,992,700      6,601,256     16,593,956
                                         -----------                  -----------                   -----------

TOTAL STOCKHOLDERS' EQUITY                (3,095,852)          --      (3,095,852)          --         (679,965)
                                         ===========                  ===========                   ===========

YTD Net (Income) / Loss                     (674,297)        18,750      (655,547)          --         (655,547)
                                         -----------                  -----------                   -----------

TOTAL LIABILITIES, STOCKHOLDERS'
 EQUITY AND YTD INCOME / (LOSS)          (13,109,053)          --     (13,090,303)     1,295,143    (11,795,160)
                                         ===========                  ===========                   ===========
</TABLE>

NOTE A - Restricted cash and cash equivalents is comprised of Advances from
Principals (related to Marketing Development Funds), Employee Flexible Spending
and Accrued Income Taxes. The Accrued Income Taxes are considered restricted as
they were required to be paid by April 14, 2000 according to Section 2.9 on the
Purchase Agreement between Marketing Specialist Sales Company and The Sales
Force Companies, Inc.

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>
                                                                                                        ADJUSTMENTS DIRECTED
                                             GRANT THORTON ADJUSTMENTS   DUE DILIGENCE ADJUSTMENTS     IN PURCHASE AGREEMENT
                                           ---------------------------- --------------------------- -----------------------------
                                                                                       Due                        Due Diligence
                                           Tax Reclas-                    Due         Diligence                     Adjusted for
                                           sification     Adjusted for   Diligence    Adjusted      Remove Prism     Prism Tax
                                            Adjustments  Tax Reclasses  Adjustments   4/7/2000       Tax Reserve    04/07/2000
                                          ---------------------------- ------------- -------------- -----------------------------

<S>                                       <C>             <C>            <C>           <C>                  <C>      <C>
LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
    Current Maturities of Long
     Term Obligations                           --       (1,444,841)       (20,100)    (1,464,940)                   (1,464,940)
   Notes Payable - LSNB                         --       (1,543,000)                   (1,543,000)                   (1,543,000)
   Accounts Payable                             --         (410,331)       170,638       (239,693)                     (239,693)
   Advances from Principals
   (includes Food Shows)                        --       (1,279,068)        41,861     (1,237,208)                   (1,237,208)

   Accrued Liabilities:
     Salaries & Wages                           --         (349,718)    (1,049,715)    (1,399,433)                   (1,399,433)
     Commissions                                --          (41,170)                      (41,170)                      (41,170)
     ESOP Contribution
     Insurance                                  --         (286,581)        98,193       (188,388)                     (188,388)
     Legal and Audit                            --         (177,692)      (486,629)      (664,321)                     (664,321)

     Income Taxes                           (354,676)    (1,656,338)      (727,259)    (2,383,597)     2,238,303       (145,294)
     Federal, State and Local Taxes
      Withheld & Accrued                        --           (1,449)                       (1,449)                       (1,449)
    Oklahoma City Contingent Liability          --         (114,941)                     (114,941)                     (114,941)
     Interest & Other                           --         (418,534)        30,589       (387,945)                     (387,945)
                                                        -----------                   -----------                   -----------

    Total Accrued Liabilities               (354,676)    (3,046,422)    (2,134,821)    (5,181,243)     2,238,303     (2,942,940)
                                                        -----------                   -----------                   -----------

  Investment In Affiliates                                       (0)                           (0)                           (0)
                                                               --
  Deferred Income Tax                           --             --                            --                            --
                                                        -----------                   -----------                   -----------

TOTAL  CURRENT LIABILITIES                  (354,676)    (7,723,663)    (1,942,421)    (9,666,084)     2,238,303     (7,427,781)
                                                        ===========                   ===========                   ===========

Long Term Obligations                                    (3,090,661)        86,720     (3,003,941)                   (3,003,941)

Stockholders' Equity

Common Stock                                    --         (121,570)                     (121,570)                     (121,570)
Additional Paid In Capital                      --       (4,304,242)                   (4,304,242)                   (4,304,242)
Retained Earnings                             68,214    (12,832,072)     3,713,682     (9,118,390)                   (9,118,390)
Unrealized Gain/(Loss) On
 Marketable Securities                       (38,915)            (0)                           (0)                           (0)
Unearned Compensation                        (13,263)            (0)                           (0)                           (0)
                                                        -----------                   -----------                   -----------

Total Stockholders' Equity                    16,036    (17,257,885)                  (13,544,203)                  (13,544,203)

Less Treasury Stock                             --       16,593,956       (459,079)    16,134,877                    16,134,877
                                                        -----------                   -----------                   -----------

TOTAL STOCKHOLDERS' EQUITY                      --         (663,929)                    2,590,674                     2,590,674
                                                        ===========                   ===========                   ===========

YTD Net (Income) / Loss                         --         (655,547)                     (655,547)                     (655,547)
                                                        -----------                   -----------                   -----------

TOTAL LIABILITIES, STOCKHOLDERS'
 EQUITY AND YTD INCOME / (LOSS)             (709,352)   (12,133,800)     1,398,902    (10,734,898)                   (8,496,595)
                                                        ===========                   ===========                   ===========
</TABLE>

NOTE A - Restricted cash and cash equivalents is comprised of Advances from
Principals (related to Marketing Development Funds), Employee Flexible Spending
and Accrued Income Taxes. The Accrued Income Taxes are considered restricted as
they were required to be paid by April 14, 2000 according to Section 2.9 on the
Purchase Agreement between Marketing Specialist Sales Company and The Sales
Force Companies, Inc.

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>

THE SALES FORCE COMPANIES, INC.
ADJUSTMENTS TO 4/7/2000 BALANCE SHEET THAT SUPPORTS
SCHEDULE 1.2(B) OF THE PURCHASE AGREEMENT DATED 4/14/2000

ADJUSTMENT NUMBER   WP REFERENCE        ACCOUNT DESCRIPTION                                        DEBIT            CREDIT
----------------    -----------------   -------------------------------------------------------    -------------    ----------------

<S>                 <C>                 <C>                                                           <C>                 <C>
                    12                  Retained Earnings                                             1,221,597
                                              Brokerage Commissions                                                       1,221,597
                                        TO ADJUST BROKERAGE COMMISSIONS WHICH WERE NOT
                                         UPDATED FROM FISCAL YEAR END

                    12                  Accounts Receivable - Principals                                  3,714
                                               Retained Earnings                                                               3,714
                                        TO ADJUST BEGINNING BALANCE FOR STUB PERIOD
                                         ACTIVITY AND CUT OFF ENTRY.

                    16                  Advances to Principals (MDF Funds)                               41,861
                                               Retained Earnings                                                              41,861
                                        TO ADJUST FOR ACTIVITY IN STUB PERIOD

                    17                  Retained Earnings                                               452,024
                                               Accrued Salaries and Wages                                                    452,024
                                        TO ACCRUE FOR SALARY AND WAGES IN THE STUB PERIOD
                                        IN ADDITION TO THE VACATION ACCRUAL PREVIOUSLY BOOKED.

                    18-A(1)             Retained Earnings                                               727,259
                                               Income Taxes                                                                  727,259
                                        INCREASE INCOME TAX ACCRUAL TO REFLECT ACTUAL PAYMENTS
                                         MADE SUBSEQUENT TO APRIL 7, 2000.

                    9A                  Cash                                                            363,650
                                        Retained Earnings                                                95,429
                                               Treasury Stock                                                                459,079
                                        TO ADJUST PRISM SALE TRANSACTION ON THE 4/7/00
                                         BALANCE SHEET

                    18-A(1)             Income Tax Liability                                          2,238,303
                                               Cash                                                                        2,238,303
                                        TO REMOVE PRISM TAX RESERVE FROM WORKING CAPITAL OR
                                        UNRESTRICTED CASH AS DEFINED IN SECTION
                                        1.2(B) OF THE PURCHASE AGREEMENT

                    13                  Retained Earnings                                                 5,165
                                               Other Assets                                                                    5,165
                                        TO ADJUST FOR A WRITE-OFF OF YEAR OLD CHECKS LOST
                                         IN THE MAIL AND A SMALL CALCULATION ADJUSTMENT.

                    14                  Retained Earnings                                                 3,341
                                               Prepaid Expenses                                                                3,341
                                        TO ADJUST AMORTIZATION AND REVERSE 2 MISCODED
                                         JOURNAL ENTRIES.

                    17                  Accrued Insurance                                               124,813
                                               Retained Earnings                                                             124,813
                                        ESTIMATED REDUCTION IN ACCRUAL

                    20-C                Long Term Debt                                                   20,100
                                               Current Portion Long Term Debt                                                 20,100
                                        TO ADJUST CURRENT PORTION OF LONG TERM DEBT TO REFLECT
                                         BALANCE AS OF 4/7/00

                    20-C                Long Term Debt                                                   30,496
                                        Retained Earnings                                                 2,710
                                               Cash                                                                           33,206
                                        TO ADJUST LONG TERM DEBT FOR PAYMENTS MADE
                                         DURING STUB PERIOD

                    10-A                Prepaid Expenses                                                 77,697
                                        Accrued Legal & Audit                                            28,066
                                        Long Term Debt                                                   36,125
                                        Retained Earnings                                               466,146
                                               Cash                                                                         608,034
                                        TO ADJUST CASH TO REFLECT ACTIVITY OF THE STUB
                                         PERIOD AS OF 4/7/00

</TABLE>

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>
THE SALES FORCE COMPANIES, INC.
ADJUSTMENTS TO 4/7/2000 BALANCE SHEET THAT SUPPORTS
SCHEDULE 1.2(B) OF THE PURCHASE AGREEMENT DATED 4/14/2000

ADJUSTMENT NUMBER   WP REFERENCE        ACCOUNT DESCRIPTION                                    DEBIT            CREDIT
----------------    -----------------   ----------------------------------------------------   -------------    ----------------
<S>                 <C>                 <C>                                                       <C>                 <C>
                    17                  Retained Earnings                                           597,691
                                               Accrued Salaries & Wages                                                  597,691
                                        TO ADJUST ACCRUED VACATION BALANCE TO REFLECT
                                         OUTSTANDING LIABILITY AS OF 4/7/00

                    19                  Accrued Interest & Other                                     30,589
                                               Retained Earnings                                                          30,589
                                        TO ADJUST ACCRUED INTEREST TO RECORD PAYMENTS AND
                                         REFLECT BALANCE AS OF 4/7/00

                    15                  Accounts Payable                                            170,638
                                               Retained Earnings                                                         170,638
                                        TO ADJUST ACCOUNTS PAYABLE FOR STUB PERIOD ACTIVITY

                    17-H                Retained Earnings                                            26,620
                                               Accrued Insurance                                                          26,620
                                        TO ADJUST THE ACCRUED INSURANCE RELATED TO FLEX
                                         SPENDING FOR STUB PERIOD

                    11                  Marketable Securities                                        27,379
                                               Retained Earnings                                                          27,379
                                        TO ADJUST THE MARKETABLE SECURITIES BALANCE AS
                                         OF 4/7/00

                    17                  Retained Earnings                                            80,000
                                               Accrued Legal & Audit                                                      80,000
                                        TO ADJUST THE ACCRUAL FOR 10/31/99 AND STUB PERIOD
                                         TAX RETURN PREPARATION FEES

                    17                  Retained Earnings                                           434,695
                                               Accrued Legal & Audit                                                     434,695 *
                                        TO ADJUST THE ACCRUAL FOR PENDING LITIGATION
                                          AS OF 4/7/00

                                        Cash                                                        171,518
                                               Other Assets                                                              171,518
                                        TO ADJUST FOR THE RECEIPT OF GILLETTE
                                         CHECK BY MARKETING SPECIALISTS

ITEMS NOT ON BALANCE SHEET BUT RELATED TO PPA AND EXHIBIT 1.29(b) OF THE PURCHASE AGREEMENT

                    schd 1.2(b)         Retained Earnings                                           123,532
                                               Off Balance Sheet Liabilities                                             123,532
                                        TO ADJUST OFF BALANCE SHEET LIABILITIES TO
                                         INCLUDE LEAKER AND BAKER

                    schd 1.2(b)         Retained Earnings                                            52,838
                                               Off Balance Sheet Liabilities                                             52,838
                                        TO ADJUST OFF BALANCE SHEET LIABILITIES TO
                                         INCLUDE MCCORMICK
</TABLE>

*    In accordance with Section 9.1 of the Purchase Price Agreement regarding
     stockholder indemnification.

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>

THE SALES FORCE COMPANIES, INC.
DUE DILIGENCE PROJECT
A/R-BROKERAGE COMMISSIONS ANALYSIS

<S>                                                                <C>
A/R-Brokerage Commissions Balance as of 4/7/00                      3,277,566

                          ADJUSTMENTS
Adjustment to True-Up Balance to Actual Cash Receipts              (1,221,597)(A)
                                                                   ----------

Adjusted A/R-Brokerage Commissions Balance as of 4/7/00             2,055,969
                                                                   ==========

(1)  A/R-BROKERAGE COMMISSIONS ADJUSTMENT DETAIL:
                                     75% of April Cash Receipts     1,495,774
                                     25% of May Cash Receipts         560,195
                                                                   ----------
                      Total Cash Receipts                           2,055,969 (1)

          A/R-Brokerage Commissions Balance per SFCI                3,277,566
                                                                   ----------

                     Calculated Adjustment                         (1,221,597)
                                                                   ==========
</TABLE>

(1) $171,518 removed from this balance as a result of that amount being recorded
as Other Assets: A/R from Marketing Specialists related to the Gillette Account.

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>
THE SALES FORCE COMPANIES, INC.
DUE DILIGENCE PROJECT
CASH ADJUSTMENT ANALYSIS

<S>                                                                            <C>
Cash Balance as of 4/7/00                                                      2,643,182
Marketable Securities Balance as of 4/7/00                                     2,812,627
                                                                              ----------
                Total Cash & Cash Equivalents as of 4/7/00                     5,455,808

                                ADJUSTMENTS
Increase in Cash Due to Prism                                                    363,650  (1)
Decrease in Cash Due to Stub Period Activity (4/1/00 - 4/7/00)                  (641,240) (2)
Increase in Cash Due to Gillette Check received by MSSC prior to 4/7/00          171,518  (3)
Increase Due In Marketable Securities due to Liquidation Value                    27,379  (4)
                                                                              ----------

Adjusted Cash Balance as of 4/7/00                                             2,537,109
Adjusted Marketable Securities Balance as of 4/7/00                            2,840,006
                                                                              ----------

               Adjusted Cash & Cash Equivalents as of 4/7/00                   5,377,115
                                                                              ==========

                        RESTRICTED CASH COMPONENTS
Advances from Principals - Marketing Development Funds                        (1,237,208) (5)
Employee Flexible Spending                                                       (47,826) (6)
Income Taxes                                                                  (2,383,597) (7)
                                                                              ----------
                           Total Restricted Cash                              (3,668,630)

Total Unrestricted Cash & Cash Equivalents as of 4/7/00                        1,708,485
                                                                              ==========

</TABLE>

(1) On 4/7/00 Balance Sheet, the Company made an adjustment to include Prism
Cash and Taxes as opposed to removing the amounts as stated in the purchase
agreement. This entry reflects a true up to actual entries booked on 4/14/00.

(2) On the 4/7/00 Balance Sheet, the Cash Balance reflected the account activity
as of March 31, 200 as opposed to the balance as of 4/7/00. This entry reflects
the stub period cash activity occurring between 4/1/00 - 4/7/00.

(3) Marketing Specialists received checks from Gillette amounting to $171,518
which related to Sales Force receivables. Based on the timing of these receipts
the amount is being reflected as cash received by Sales Force.

(4) On the 4/7/00 Balance Sheet, the Marketable Securities Balance did not
reflect the actual liquidation value of the securities. This entry reflects the
write-up to the liquidation amount which occurred on 4/11/00.

(5) This amount represents marketing development funds (MDF) considered
restricted on Marketing Specialists' 10K based upon their use being directed by
the principal that advanced the funds.

(6) This amounts represents cash deducted from employee paychecks for cafeteria
plan flexible spending accounts. This money is controlled and maintained by a
third party administrator and belongs to the employees.

(7) The total accrued income taxes are considered restricted as they were
required to be paid in full at the close of the acquisition according to Section
2.9 of the Purchase Agreement.

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>

THE SALES FORCE COMPANIES, INC.
DUE DILIGENCE PROJECT
INCOME TAXES ADJUSTMENT ANALYSIS

<S>                                                              <C>
Income Taxes Payable Balance as of 4/7/00                        1,301,662

                         ADJUSTMENTS
  Grant Thorton Tax Reclassification                               354,676
    Increase Income Tax Liability based on Actual Payments         727,259
                                                                 ---------

Adjusted Income Taxes Payable Balance as of 4/7/00               2,383,597 (1)
                                                                 =========

(1)  INCOME TAX ADJUSTMENT DETAIL:
                          2nd Quarter Estimated State Payments     350,700
                        2nd Quarter Estimated Federal Payments   1,669,000
                          1st Quarter Estimated State Payments      24,100
                        1st Quarter Estimated Federal Payments     200,000
                                                                 ---------

       Total Estimated 1st & 2nd Quarter Payments @ 90%          2,243,800
                                                                 =========

              Total Estimated 1st & 2nd Quarter Payments @100%   2,493,111
                     Increase State Income Taxes from 6% to 8%     114,586
                         Less:  1st Quarter Estimated Payments    (224,100)
                                                                 ---------

            Total Calculated Income Tax Liability                2,383,597

              Grant Thorton Tax Reclassification                   354,676
           Income Tax Payable Balance as of 4/7/00               1,301,662
                                                                 ---------

               Income Tax Liability Adjustment                     727,259
                                                                 =========
</TABLE>

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>

THE SALES FORCE COMPANIES, INC.
DUE DILIGENCE PROJECT
LEGAL & AUDIT ADJUSTMENT ANALYSIS

<S>                                                               <C>
Accrued Legal & Audit Balance as of 4/7/00                        177,692

                          ADJUSTMENTS
Adjustment to reflect stub period cash disbursements              (28,066) (1)
Adjustment to accrue for tax return preparation fees               80,000  (2)
Adjustment to accrue for pending litigation                       434,695  (3)
                                                                  -------
                       Total Adjustments                          486,629

Adjusted Accrued Legal & Audit Balance as of 4/7/00               664,321
                                                                  =======

</TABLE>

(1) Amount represents payment of legal fees to Schwartz & Freeman on April 4,
2000.

(2) Amount reflects estimated billing by Grant Thorton for preparation of
10/31/99 and stub period tax returns.

(3) Amount reflects potential litagation settlement for breach of purchase
agreement complaint filed against Sales Force.

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>
THE SALES FORCE COMPANIES, INC.
DUE DILIGENCE PROJECT
OFF-BALANCE SHEET LIABILITIES ADJUSTMENT ANALYSIS

<S>                                                                    <C>
Off-Balance Sheet Liabilities Balance as of 4/7/00                     1,688,717

                            ADJUSTMENTS
               Off-Balance Sheet Liabilities True-Up                     176,370  (1)
                                                                       ---------

Adjusted Off-Balance Sheet Liabilities Balance as of 4/7/00            1,865,087
                                                                       =========

(1)  OFF-BALANCE SHEET LIABILITIES ADJUSTMENT DETAIL:
               Adjustment for Baker & Leeker Non-Compete Agreements      123,532
                            Adjustment for McCormick Life Insurance       52,838
                                                                       ---------

          Total Off-Balance Sheet Liabilities Adjustment                 176,370
                                                                       =========
</TABLE>

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>

THE SALES FORCE COMPANIES, INC.
DUE DILIGENCE PROJECT
PRISM TAX RESERVE ADJUSTMENT ANALYSIS

<S>                                                                  <C>

Gain on Sale of Prism                                                4,089,940
State Income Tax Rate                                                     7.18%
                                                                    ----------
                 Projected State Income Taxes                          293,658
                                                                    ==========

Gain on Sale of Prism                                                4,089,940
Less:  Projected State Income Taxes                                   (293,658)
                                                                    ----------
                           Subtotal                                  3,796,282
Federal Income Tax Rate                                                   34.0%
                                                                    ----------
                Projected Federal Income Taxes                       1,290,736
                                                                    ==========

1999 Prism K-1                                                       1,687,995
State Income Tax Rate                                                     7.18%
                                                                    ----------
                 Projected State Income Taxes                          121,198
                                                                    ==========

1999 Prism K-1                                                       1,687,995
Less:  Projected State Income Taxes                                   (121,198)
                                                                    ----------
                           Subtotal                                  1,566,797
Federal Income Tax Rate                                                   34.0%
                                                                    ----------
                 Project Federal Income Taxes                          532,711
                                                                    ==========

                  PRISM TAX RESERVE SUMMARY

             State Taxes Related to Gain on Sale                       293,658
            Federal Taxes Related to Gain on Sale                    1,290,736
               State Taxes Related to 1999 K-1                         121,198
              Federal Taxes Related to 1999 K-1                        532,711
                                                                    ----------
                   Total Prism Tax Reserve                           2,238,303
                                                                    ==========
</TABLE>

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>

THE SALES FORCE COMPANIES, INC.                                        4/13/2001
DUE DILIGENCE PROJECT
SALARIES & WAGES ADJUSTMENT ANALYSIS

<S>                                                                <C>
Salaries & Wages Balance as of 4/7/00                                 349,718

                          ADJUSTMENTS
Salaries & Wages Accrual for Stub Period of 4/1/00-4/7/00             452,024 (A)
Vacation Accrual Adjustment True-Up                                   597,691 (B)
                                                                    ---------
                       Total Adjustments                            1,049,715

Adjusted Accrued Salaries & Wages Balance as of 4/7/00              1,399,433
                                                                    =========

(A)  SALARIES & WAGES ADJUSTMENT DETAIL:
                25 % Exempt Payroll for the month ending 4/30/00      292,209
             75% Non-Exempt Payroll for the month ending 4/30/00      159,815
                                                                    ---------

               Total Salaries & Wages Adjustment                      452,024
                                                                    =========

(B)  VACATION ACCRUAL ADJUSTMENT DETAIL:
        Net SFCI Vacation Balance per MSSC as of 6/30/00              947,409

             Vacation Accrual Balance as of 4/7/00                    349,718
                                                                    ---------

              Vacation Accrual True-Up Adjustment                     597,691
                                                                    =========
</TABLE>

(1) Expempt Employees were paid through 3/31/00 on 3/31/00. Therefore, the
accrual is calculated to represent the estimated salaries earned during the
first week of April which were to be paid on 4/15/00.

(2) Non-Exempt Employees were paid through 3/18/00 on 3/31/00. Therefore, the
accrual is calculated to represent the estimated salaries earned during the last
two weeks of March which were to be paid on 4/15/00 and the first week of April
which were to be paid on 4/30/00.

PRIVILEGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION

<PAGE>

<TABLE>
<CAPTION>

THE SALES FORCE COMPANIES, INC.                                       4/13/2001
DETAIL OF ADJUSTMENTS TO SCHEDULE 1.2(B)
OF THE PURCHASE PRICE AGREEMENT DATED 4/14/2000

                      UNRESTRICTED CASH

<S>                                                                 <C>
CASH & CASH EQUIVALENTS BALANCE AS OF 4/7/00                         5,455,808

                         ADJUSTMENTS
Decrease in Cash & Cash Equivalents                                   (106,072)
Increase in Marketable Securities                                       27,379
Restricted Cash & Cash Equivalents                                  (3,668,630)
                                                                    ----------
                      TOTAL ADJUSTMENTS                             (3,747,323)
                                                                    ----------
ADJUSTED CASH & CASH EQUIVALENTS BALANCE AS OF 4/7/00                1,708,485
                                                                    ==========

                        CURRENT ASSETS

CURRENT ASSETS BALANCE AS OF 4/7/00                                  8,920,285

                         ADJUSTMENTS
Grant Thorton Tax Reclassification                                     338,640
Decrease in Cash & Cash Equivalents                                   (277,590)
Increase in Marketable Securities                                       27,379
Decrease in A/R-Brokerage Commissions                               (1,221,597)
Increase in A/R-Principal's                                              3,714
Decrease in Other Assets                                                (5,165)
Increase in Prepaid Expenses                                            74,356
Prism Tax Reserve Adjustment                                        (2,238,303)*
                                                                    ----------
                      TOTAL ADJUSTMENTS                             (3,298,565)
                                                                    ----------

ADJUSTED CURRENT ASSETS BALANCE AS OF 4/7/00                         5,621,720
                                                                    ==========

                     CURRENT LIABILITIES

CURRENT LIABILITIES BALANCE AS OF 4/7/00                            (7,368,987)

                         ADJUSTMENTS
Grant Thorton Tax Reclassification                                    (354,676)
Increase in Current Maturities of Long Term Obligations                (20,100)
Decrease in Accounts Payable                                           170,638
Decrease in Advances from Principals                                    41,861
Increase in Accrued Liabilities:  Salaries and Wages                (1,049,715)
Decrease in Accrued Liabilities:  Insurance                             98,193
Increase in Accrued Liabilities:  Legal & Audit                       (486,629)
Increase in Income Taxes Payable                                      (727,259)
Decrease in Accrued Interest & Other                                    30,589
Prism Tax Reserve Adjustment                                        2,238,303 *
                                                                    ----------
                      TOTAL ADJUSTMENTS                                (58,794)
                                                                    ----------

ADJUSTED CURRENT LIABILITIES BALANCE AS OF 4/7/00                   (7,427,781)
                                                                    ==========
</TABLE>

* The Prism Tax Reserve shall not be included in the calculation of Working
Capital or unrestricted cash in accordance with Section 1.2(b) of the Purchase
Agreement.

PRIVILEDGED & CONFIDENTIAL
ATTORNEY-CLIENT COMMUNICATION<PAGE>
                                                                   Exhibit 10.47

                                                                   EXHIBIT XVII

================================================================================

                        MARKETING SPECIALISTS CORPORATION

                            PREFERRED STOCK PURCHASE
                                    AGREEMENT

                          DATED AS OF JANUARY 26, 2001

                                 7,568 SHARES OF
                SERIES B CONVERTIBLE PAID-IN-KIND PREFERRED STOCK

================================================================================
<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE

1.       PURCHASE AND SALE OF PREFERRED STOCK..................................1
                  1.1.     Authorization of Preferred Stock....................1
                  1.2.     Purchase Price and Closing..........................1
                  1.3.     Use of Proceeds.....................................2
                  1.4.     Notes...............................................2

2.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY.........................2
                  2.1.     Organization, Standing and Power....................2
                  2.2.     Authority...........................................2
                  2.3.     Enforceability......................................3
                  2.4.     Valid Issuance......................................3
                  2.5.     Capitalization......................................3
                  2.6.     No Violation........................................3
                  2.7.     Reports and Financial Statements....................4
                  2.8.     Litigation..........................................4
                  2.9.     Registration Rights Agreement.......................4

3.       REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.......................4
                  3.1.     Authorization.......................................4
                  3.2.     Purchase for Own Account............................4
                  3.3.     Disclosure of Information...........................5
                  3.4.     Investment Experience...............................5
                  3.5.     Accredited Investor Status..........................5
                  3.6.     Restricted Securities...............................5
                  3.7.     Governmental Consents...............................5
                  3.8.     Further Limitations on Disposition..................5
                  3.9.     Legends.............................................6

4.       CONDITIONS PRECEDENT TO THE PURCHASER'S OBLIGATIONS...................6
                  4.1.     Representations and Warranties......................6
                  4.2      Consents............................................6

5.       DEFINITIONS...........................................................7

                                       i

<PAGE>

6.       INDEMNIFICATION.......................................................8
                  6.1.     General Indemnity...................................8
                  6.2.     Indemnification Procedure...........................8
                  6.3.     Indemnification Limitations.........................9

7.       MISCELLANEOUS.........................................................9
                  7.1.     No Waiver; Cumulative Remedies......................9
                  7.2.     HSR.................................................9
                  7.3.     Amendments, Waivers and Consents....................9
                  7.4.     Notices............................................10
                  7.5.     Binding Effect; Assignment.........................11
                  7.6.     Survival of Representations and Warranties.........11
                  7.7.     Severability.......................................11
                  7.8.     Governing Law......................................11
                  7.9.     Headings...........................................11
                  7.10.    Counterparts.......................................11
                  7.11.    Closing Condition Waivers..........................11

                                       ii

<PAGE>

                       PREFERRED STOCK PURCHASE AGREEMENT

     THIS PREFERRED STOCK PURCHASE AGREEMENT (this "Agreement") is dated this
26th day of January 2001, by and between Marketing Specialists Corporation, a
Delaware corporation (the "Company"), and MS Acquisition Limited, a Texas
limited partnership (the "Purchaser").

                             PRELIMINARY STATEMENTS

     A. The Purchaser is a stockholder of the Company and is the holder of a
certain promissory note, dated November 7, 2000, signed by the Company, in the
amount of $2,500,000 (the "Promissory Note"). The Promissory Note has accrued
interest as of the date hereof in the amount of $67,962.20.

     B. The Purchaser desires to return the Promissory Note to the Company in
consideration of the purchase of shares of the Company's 8.0% Series B
Convertible Paid-In-Kind Preferred Stock, $0.01 par value, (the "Preferred
Stock"), directly from the Company, subject to the terms and conditions set
forth herein.

     C. The Purchaser also desires to purchase additional shares of Preferred
Stock for cash in the amount of $5,000,037.80, directly from the Company,
subject to the terms and conditions set forth herein.

     D. The Company desires to sell shares of Preferred Stock to the Purchaser,
subject to the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the foregoing, the mutual promises and
agreements herein contained and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

                             STATEMENT OF AGREEMENT

1.   PURCHASE AND SALE OF PREFERRED STOCK

                                     iii
<PAGE>

     1 1. AUTHORIZATION OF PREFERRED STOCK. The Company has authorized the
issuance and sale of 7,568 shares (the "Shares") of its authorized but unissued
shares of the Preferred Stock, having the rights set forth in the Certificate of
Incorporation of the Company.

     1.2. PURCHASE PRICE AND CLOSING. The Company agrees to issue and sell to
the Purchaser, and in consideration of, and in express reliance upon, the
representations, warranties, terms and conditions contained in this Agreement,
the Purchaser agrees to purchase the Shares at a purchase price of $1,000 per
share, for an aggregate purchase price of $7,568,000 (the "Purchase Price").
Subject to the terms and conditions contained herein, the closing of the
purchase and sale of the Shares to be acquired by the Purchaser from the Company
under this Agreement (the "Closing") shall take place promptly upon satisfaction
of all the conditions contained in Section 4 of this Agreement shall have been
satisfied or waived, or at such other time and date as the Purchaser and the
Company may agree (the "Closing Date"), at the offices of Skadden, Arps, Slate,
Meagher & Flom LLP, Four Times Square, New York, NY 10036, or such other
location as the parties mutually agree. At the Closing, the Company will deliver
to the Purchaser a certificate of the Secretary or an Assistant Secretary of the
Company, dated the Closing Date, (a) attesting to corporate action taken by the
Company, including resolutions of the Board of Directors authorizing (i) the
execution, delivery and performance by the Company of this Agreement and (ii)
the issuance of the Shares, and (b) verifying that the Certificate of
Incorporation of the Company and the Bylaws of the Company currently on file
with the Commission are true, correct and complete as of the Closing Date. As
soon as practicable after the closing, but in any event not later than seven
business days, the Company will deliver to the Purchaser certificates evidencing
the Shares to be purchased by the Purchaser hereunder. At or before the Closing,
in full satisfaction of the Purchase Price, Purchaser shall deliver to the
Company (i) the Promissory Note and (ii) $5,000,037.80 by wire transfer of
immediately available funds.

     1.3. USE OF PROCEEDS. The Company shall use the cash proceeds from the sale
of the Shares for general corporate purposes including, without limitation,
working capital.

     1.4. NOTES. Upon delivery to the Purchaser of the certificates evidencing
the Shares, the Promissory Notes shall be fully paid and the Company shall have
no further obligations thereunder.

                                       2
<PAGE>

2.   REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     The Company hereby represents and warrants to the Purchaser as follows:

     2.1. ORGANIZATION, STANDING AND POWER. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware, and has the requisite power and authority to own or lease its
properties and to carry on its business as presently conducted. There is no
pending or, to the Company's knowledge, threatened proceeding for the
dissolution, liquidation, insolvency or rehabilitation of the Company. The
Company's operating subsidiaries are entities duly organized, validly existing
and in good standing under the laws of each such subsidiary's state of
organization, and each has the requisite power and authority to own or lease its
properties and to carry on its business as presently conducted. There is no
pending or, to the Company's knowledge, threatened proceeding for the
dissolution, liquidation, insolvency or rehabilitation of any of the Company's
operating subsidiaries.

     2.2. AUTHORITY. The Company has all requisite corporate power and authority
to enter into this Agreement, to issue and sell the Shares and to carry out its
obligations hereunder. The issuance and sale of the Shares by the Company to the
Purchaser has been unanimously approved by an independent committee of the Board
of Directors of the Company.

         2.3. ENFORCEABILITY. This Agreement has been duly executed and
delivered by the Company and constitutes its legal, valid and binding obligation
enforceable against it in accordance with its terms, except as the same may be
limited by the terms of this Agreement or by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and general equitable principles regardless of
whether such enforceability is considered in a proceeding at law or in equity.

         2.4. VALID ISSUANCE. Upon consummation of the transactions contemplated
hereby and the issuance and delivery of certificates representing the Shares to
the Purchaser, the Shares will be validly issued, fully paid, non-assessable
and, except as created by Purchaser, free of preemptive rights or similar rights
of stockholders of the Company and free and clear of any liens or other
encumbrance.

                                       3
<PAGE>

         2.5. CAPITALIZATION. As of the date hereof, the authorized capital
stock of the Company consists of 50,000,000 shares of Common Stock, 4,000,000
shares of Restricted Common Stock and 1,000,000 shares of preferred stock. As of
November 13, 2000, (i) 25,912,809 shares of Common Stock and 72,736 shares of
Restricted Common Stock were validly issued and outstanding, fully paid and
non-assessable, (ii) no shares of Series A 8.0% Convertible Paid-In-Kind
Preferred Stock were issued and outstanding, and (iii) 12,397 shares of the
Preferred Stock were issued and outstanding.

         2.6. NO VIOLATION. The execution and delivery of this Agreement by the
Company, the performance by the Company of its obligations hereunder and the
consummation by the Company of the transactions contemplated by this Agreement
will not (a) contravene any provision of the Certificate of Incorporation or
Bylaws of the Company, (b) violate or conflict with any material law, statute,
ordinance, rule, regulation, decree, writ, injunction, judgment, ruling or order
of any governmental authority or of any arbitration award which is either
applicable to, binding upon, or enforceable against the Company, (c) conflict
with, result in any breach of, or constitute a default under, or give rise to a
right to terminate, amend, modify, abandon or accelerate, any material agreement
which is applicable to, binding upon or enforceable against the Company, (d)
result in or require the creation or imposition of any lien or other encumbrance
upon or with respect to any of the material property or assets of the Company,
(e) give to any individual or entity a right or claim against the Company, which
would have a Material Adverse Effect on the Company; or (f) require the consent,
approval, authorization or permit of, or filing with or notification to, any
governmental authority, any court or tribunal or any other person, except (i) to
the extent necessary, consents under (A) the Second Amended and Restated Credit
Agreement dated March 30, 2000, as amended, among the Company, the lenders set
forth on Schedule 1 thereto and First Union National Bank as agent for the
lenders, and (B) the Credit Agreement dated March 30, 2000 , as amended, among
the Company and certain of its subsidiaries, as borrowers, the lenders named
therein and The Chase Manhattan Bank, as Agent which such consents have been
obtained, (ii) pursuant to the Exchange Act and the Securities Act and
applicable inclusion requirements of any stock exchange on which the Common
Stock is listed, (iii) filings required under the securities or blue sky laws of
the various states or (iv) filings required under the HSR Act, if any
(collectively, "Required Consents").

                                       4
<PAGE>

         2.7. REPORTS AND FINANCIAL STATEMENTS. From January 1, 1997 to the date
hereof, except where failure to have done so did not and would not have a
Material Adverse Effect on the Company, the Company (including any predecessor
entities) has filed all reports, registrations and statements, together with any
required amendments thereto, that it was required to file with the Commission,
including, but not limited to, Forms 10-K, Forms 10-Q, Forms 8-K and proxy
statements (collectively, the "Company Reports"), copies of all of which have
been delivered to the Purchaser. As of their respective dates (but taking into
account any amendments filed prior to the date of this Agreement), the Company
Reports complied in all material respects with all the rules and regulations
promulgated by the Commission and did not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

     2.8. LITIGATION. With the exception of BROWN V. PEDERSEN, C.A. No.
18099-NC, PARNES V. BYRD, C.A. No. 18103-NC, and KLUG V. PEDERSEN, C.A. No.
18135-NC, there is no action, suit or other legal or administrative proceeding
or governmental investigation pending, or, to the knowledge of the Company,
threatened, anticipated or contemplated against, by or affecting the Company
which questions the validity or enforceability of this Agreement or the
Registration Rights Agreement or the transactions contemplated hereby or
thereby.

     2.9. REGISTRATION RIGHTS AGREEMENT. The Company acknowledges and agrees
that the Common Stock issuable upon conversion of the Shares will be eligible
for registration pursuant to the terms of the Registration Rights Agreement by
and among the Purchaser, the Company and certain other parties thereto.

3.   REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

     The Purchaser hereby represents and warrants to the Company as follows:

     3.1. AUTHORIZATION. This Agreement constitutes the Purchaser's valid and
legally binding obligation, enforceable in accordance with its terms except as
may be limited by (a) applicable bankruptcy, insolvency, reorganization or other
laws of general application relating to or affecting the enforcement of
creditors' rights generally, and (b) the effect of rules of law governing the
availability of equitable remedies. The Purchaser represents that the Purchaser
has full power and authority to enter into this Agreement.

                                       5
<PAGE>

     3.2. PURCHASE FOR OWN ACCOUNT. The Shares to be purchased by the Purchaser
hereunder shall be acquired for investment for the Purchaser's own account, not
as a nominee or agent, and not with a view to the public resale or distribution
thereof, and the Purchaser has no present intention of selling, granting any
participation in, or otherwise distributing the same. The Purchaser represents
that the Purchaser has not been formed for the specific purpose of acquiring the
Shares.

     3.3. DISCLOSURE OF INFORMATION. The Purchaser has received or has had full
access to all the information it considers necessary or appropriate to make an
informed investment decision with respect to the Shares to be purchased under
this Agreement. The Purchaser further has had an opportunity to ask questions
and receive answers from the Company regarding the terms and conditions of the
offering of the Shares and to obtain additional information (to the extent the
Company possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify any information furnished to the
Purchaser or to which the Purchaser had access.

     3.4. INVESTMENT EXPERIENCE. The Purchaser understands that the purchase of
the Shares involves substantial risk. The Purchaser acknowledges that the
Purchaser is able to fend for itself, can bear the economic risk of the
Purchaser's investment in the Shares and has such knowledge and experience in
financial or business matters that the Purchaser is capable of evaluating the
merits and risks of this investment in the Shares and protecting its own
interests in connection with this investment.

     3.5. ACCREDITED INVESTOR STATUS. The Purchaser is an "accredited investor"
within the meaning of Regulation D promulgated under the Securities Act.

     3.6. RESTRICTED SECURITIES. The Purchaser understands that the Shares are
characterized as "restricted securities" under the Securities Act inasmuch as
they are being acquired from the Company in a transaction not involving a public
offering and that under the Securities Act and applicable regulations thereunder
such securities may be resold without registration under the Securities Act only
in certain limited circumstances. Further, the Purchaser represents that the
Purchaser is familiar with Rule 144 of the Commission, as presently in effect,
and understands the resale limitations imposed thereby and by the Securities
Act. The Purchaser understands

                                       6
<PAGE>

that the Company is under no obligation to register any of the securities sold
hereunder except as provided in the Registration Rights Agreement.

     3.7. GOVERNMENTAL CONSENTS. No filings are required to be made, or consents
to be obtained, from any governmental authority to consummate the transactions
contemplated hereby, including the filing of any notification required under the
HSR Act.

     3.8. FURTHER LIMITATIONS ON DISPOSITION. Without in any way limiting the
representations set forth above, the Purchaser further agrees not to make any
disposition of all or any portion of the Shares unless and until:

          (a) there is then in effect a registration statement under the
     Securities Act covering such proposed disposition and such disposition is
     made in accordance with such registration statement; or

          (b) the Purchaser shall have furnished the Company at the expense of
     the Purchaser or its transferee, with an opinion of counsel, reasonably
     satisfactory to the Company, that such disposition will not require
     registration of such securities under the Securities Act or is in
     compliance with Rule 144 of the Securities Act.

Notwithstanding the provisions of subparagraphs (a) and (b) above, no such
registration statement or opinion of counsel shall be required for any transfer
of Shares to (A) a partner of the Purchaser, (B) a retired partner of the
Purchaser who retires after the date hereof, or (C) the estate of any such
partner; provided that in each of the foregoing cases the transferee agrees in
writing to be subject to the terms of this Section 3 to the same extent as if
the transferee were an original purchaser hereunder.

     3.9. LEGENDS. It is understood that the certificates evidencing the Shares
will bear the legends set forth below:

     (a)  THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
          SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER
          THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND MAY NOT BE
          SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED, OR OTHERWISE
          DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT, OR THE COMPANY
          HAS RECEIVED AN OPINION

                                       7
<PAGE>

          OF COUNSEL OR OTHER EVIDENCE, SATISFACTORY TO IT AND ITS COUNSEL, THAT
          AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

     (b) Any legend imposed or required by the applicable state securities laws,
the Registration Rights Agreement or any other ancillary agreement.

     4.   CONDITIONS PRECEDENT TO THE PURCHASER'S OBLIGATIONS

     The obligation of the Purchaser to purchase the Shares is subject to the
satisfaction by the Company, or waiver by the Purchaser, on or prior to the
Closing Date, of the following conditions:

     4.1. REPRESENTATIONS AND WARRANTIES. Each of the representations and
warranties of the Company set forth in this Agreement that is qualified as to
Material Adverse Effect or materiality shall be true and correct, and each of
the representations and warranties of the Company set forth in this Agreement
not so qualified shall be true and correct in all material respects, in each
case as of the date of this Agreement and as of the Closing Date as though made
on and as of the Closing Date (except to the extent in either case that such
representations and warranties speak as of another date).

     4.2. CONSENTS. The Company shall have obtained all necessary consents to
the transactions contemplated by this Agreement under each of (a) the Second
Amended and Restated Credit Agreement dated March 30, 2000, among the Company,
the lenders set forth on Schedule 1 thereto and First Union National Bank as
agent for the lenders, and (b) the Credit Agreement dated March 30, 2000 among
the Company and certain of its subsidiaries, as borrowers, the lenders named
therein and The Chase Manhattan Bank, as Agent.

5.   DEFINITIONS

     As used in this Agreement, the following terms shall have the following
meanings:

                                       8
<PAGE>

     "Agreement" means this Preferred Stock Purchase Agreement, including all
amendments, modifications and supplements thereto.

     "Closing" shall have the meaning assigned to such term in Section 1.2.

     "Closing Date" shall have the meaning assigned to such term in Section 1.2.

     "Commission" means the Securities and Exchange Commission.

     "Common Stock" shall mean the common stock of the Company, par value $.01
per share.

     "Company" shall have the meaning assigned to such term in the introductory
paragraph hereof.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     "HSR Act" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended.

     "Indemnified Party" shall have the meaning assigned to such term in Section
6.2.

     "Material Adverse Effect" means any material adverse effect on (a) the
business, assets, operations or financial condition of the Company and its
subsidiaries, taken as a whole, (b) the ability of the Company to perform its
obligations under this Agreement or the Registration Rights Agreement or (c) the
binding nature, validity or enforceability of this Agreement or the Registration
Rights Agreement.

     "Purchaser" shall have the meaning assigned to such term in the
introductory paragraph hereof.

     "Registration Rights Agreement" means the Registration Rights Agreement for
the RMSI Stockholders, dated as of August 18, 1999, by and among the Company,
the Purchaser and the other parties thereto.

     "Securities Act" means the Securities Act of 1933, as amended.

                                       9
<PAGE>

     "Shares" shall have the meaning assigned to such term in Section 1.1.

6.   INDEMNIFICATION

     6.1. GENERAL INDEMNITY. The Company agrees to indemnify and save harmless
the Purchaser and its directors, officers, affiliates, successors and assigns
from and against any and all losses, liabilities, deficiencies, costs, damages
and expenses (including, without limitation, reasonable attorneys' fees, charges
and disbursements) incurred by the Purchaser as a result of any inaccuracy in or
breach of the representations, warranties or covenants made by the Company in
this Agreement. The Purchaser agrees to indemnify and save harmless the Company
and its directors, officers, affiliates, successors and assigns from and against
any and all losses, liabilities, deficiencies, costs, damages and expenses
(including, without limitation, reasonable attorneys' fees, charges and
disbursements) incurred by the Company as a result of any inaccuracy in or
breach of the representations, warranties or covenants made by the Purchaser
herein.

     6.2. INDEMNIFICATION PROCEDURE. Any party entitled to indemnification under
this Section 6 (an "Indemnified Party") will give written notice to the
indemnifying party of any claim with respect to which it seeks indemnification
promptly after the discovery by such party of any matters giving rise to a claim
for indemnification; provided that the failure of any party entitled to
indemnification hereunder to give notice as provided herein shall not relieve
the indemnifying party of its obligations under this Section 6 except to the
extent that the indemnifying party is actually prejudiced by such failure to
give notice. In case any action, proceeding or claim is brought against an
Indemnified Party in respect of which indemnification is sought hereunder, the
indemnifying party shall be entitled to participate in and, unless in the
reasonable judgment of the Indemnified Party a conflict of interest between it
and the indemnifying party may exist in respect of such action, proceeding or
claim, to assume the defense thereof, with counsel reasonably satisfactory to
the Indemnified Party. In the event that the indemnifying party advises an
Indemnified Party that it will contest such a claim for indemnification
hereunder, or fails, within thirty (30) days of receipt of any indemnification
notice to notify, in writing, such person of its election to defend, settle or
compromise, at its sole cost and expense, any action, proceeding or claim (or
discontinues its defense at any time after it commences such defense), then the
Indemnified Party may, at its

                                       10
<PAGE>

option, defend, settle or otherwise compromise or pay such action, proceeding or
claim. In any event, unless and until the indemnifying party elects in writing
to assume and does so assume the defense of any such claim, proceeding or
action, the Indemnified Party's costs and expenses arising out of the defense,
settlement or compromise of any such action, proceeding, claim or proceeding
shall be losses subject to indemnification hereunder. The Indemnified Party
shall cooperate fully with the indemnifying party in connection with any
negotiation or defense of any such action, proceeding or claim by the
indemnifying party and shall furnish to the indemnifying party all information
reasonably available to the Indemnified Party which relates to such action,
proceeding or claim. The indemnifying party shall keep the Indemnified Party
fully informed at all times as to the status of the defense or any settlement
negotiations with respect thereto. If the indemnifying party elects to defend
any such action, proceeding or claim, then the Indemnified Party shall be
entitled to participate in such defense with counsel of its choice at its sole
cost and expense. The indemnifying party shall not be liable for any settlement
of any action, claim or proceeding effected without its written consent,
provided, however, that the indemnifying party shall not unreasonably withhold,
delay or condition its consent. Anything in this Section 6 to the contrary
notwithstanding, the indemnifying party shall not, without the Indemnified
Party's prior written consent, settle or compromise any claim or consent to
entry of any judgment in respect thereof which imposes any future obligation on
the Indemnified Party or which does not include, as an unconditional term
thereof, the giving by the claimant or the plaintiff to the Indemnified Party, a
release from all liability in respect of such claim, proceeding or action. The
indemnification required by this Section 6 shall be made by periodic payments of
the amount thereof during the course of the investigation or defense, as and
when bills are received or expense, loss, damage or liability is incurred. The
indemnity agreements contained herein shall be in addition to (a) any cause of
action or similar right of the Indemnified Party against the indemnifying party
or others, and (b) any liabilities the indemnifying party may be subject to
pursuant to the law.

     6.3. INDEMNIFICATION LIMITATIONS. Notwithstanding the foregoing, the
Indemnified Party shall be entitled to make claims under Section 6.1 hereof only
to the extent that the aggregate amount of losses arising from such claims does
not exceed $7,568,000. Nothing contained in this Section 6.3 shall be construed
to limit the indemnification obligations of the Company afforded to any holder
of Shares under the Registration Rights Agreement afforded to any director or
officer of the Company under its organizational documents, state law or
otherwise.

                                       11
<PAGE>

70       MISCELLANEOUS

         7.1. NO WAIVER; CUMULATIVE REMEDIES. No failure or delay on the part of
any party to this Agreement in exercising any right, power or remedy hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of
any such right, power or remedy preclude any other or further exercise thereof
or the exercise of any other right, power or remedy thereunder. The remedies
therein provided are cumulative and not exclusive of any remedies provided by
law.

         7.2. HSR. If required by applicable law, each of the Purchaser and the
Company agree to cooperate in the preparation of, and file, any required
notification form pursuant to the HSR Act with respect to the acquisition by the
Purchaser of shares of the Company's Common Stock issuable to the Purchaser upon
conversion of the Preferred Stock.

         7.3. AMENDMENTS, WAIVERS AND CONSENTS. Any provisions in this Agreement
to the contrary notwithstanding, and except as hereinafter provided, changes in,
termination or amendments of or additions to this Agreement may be made, and
compliance with any provision set forth herein may be omitted or waived, if the
Company shall obtain consent thereto in writing from the Purchaser. Any waiver
or consent may be given subject to satisfaction of conditions stated therein and
any waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given.

     7.4. NOTICES. All notices, requests and other communications hereunder must
be in writing and will be deemed to have been duly given only if delivered
personally against written receipt or by facsimile transmission or mailed by
prepaid first class mail, return receipt requested, or mailed by overnight
courier prepaid to the parties at the following addresses or facsimile numbers.

         To the Company:                Marketing Specialists Corporation
                                        17855 N. Dallas Parkway, Suite 200
                                        Dallas, Texas  75287
                                        Attention:  Nancy K. Jagielski
                                        Facsimile Number:  972-687-1693

                  With a copy to:       Akin, Gump, Strauss, Hauer & Feld, LLP
                                        1700 Pacific Avenue, Suite 4100

                                       12
<PAGE>

                                        Dallas, Texas 75201
                                        Attention: Alan M.  Utay
                                        Facsimile Number: 214-969-4343

         To the Purchaser:              MS Acquisition Limited
                                        17855 North Dallas Parkway
                                        Suite 200
                                        Dallas, Texas  75287
                                        Attention:  Nick Bouras
                                        Fax:  (972) 860-7584

                  With a copy to:       Skadden, Arps, Slate, Meagher & Flom LLP
                                        4 Times Square
                                        New York, New York  10036
                                        Attention:  Eileen T. Nugent
                                        Fax:  (212) 735-2000

All such notices, requests and other communications will (i) if delivered
personally to the address as provided in this Section 7.4 be deemed given upon
delivery, (ii) if delivered by facsimile transmission to the facsimile number as
provided in this Section 7.4 be deemed given upon successful transmission, (iii)
if delivered by mail in the manner described above to the address as provided in
this Section 7.4 be deemed given upon the earlier of the third business day
following mailing or upon receipt and (iv) if delivered by overnight courier to
the address as provided in this Section 7.4 be deemed given on the earlier of
the first business day following the date sent by such overnight courier or upon
receipt. Any party from time to time may change its address, facsimile number or
other information for the purpose of notices to that party by giving notice
specifying such change to the other parties hereto.

     7.5. BINDING EFFECT; ASSIGNMENT. This Agreement shall be binding upon and
inure to the benefit of each of the Company and the Purchaser and their
respective heirs, successors and assigns, except that the Company shall not have
the right to delegate its obligations hereunder.

     7.6. SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations and
warranties made in this Agreement, or any other instrument or document delivered
in

                                       13
<PAGE>

connection herewith, shall survive the execution and delivery hereof or
thereof for a period of 12 months after the date hereof.

     7.7. SEVERABILITY. The provisions of this Agreement and the terms of the
Shares are severable and, in the event that any court of competent jurisdiction
shall determine that any one or more of the provisions or part of a provision
contained in this Agreement or the terms of the Shares shall, for any reason, be
held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provision or part of a
provision of this Agreement or the terms of the Shares, but this Agreement and
the terms of the Shares shall be reformed and construed as if such invalid or
illegal or unenforceable provision, or part of a provision, had never been
contained herein, and such provisions or part reformed so that it would be
valid, legal and enforceable to the maximum extent possible.

         7.8. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN
ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT
TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE
OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE
LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE.

     7.9. HEADINGS. The headings used in this Agreement have been inserted for
convenience of reference only and do not define or limit the provisions hereof.

     7.10. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each or which will be deemed an original, but all of which
together will constitute one and the same instrument.

     7.11. CLOSING CONDITION WAIVERS. At any time prior to the Closing Date, any
party hereto may (a) extend the time for the performance of any of the
obligations or other acts of any other party hereto, (b) waive any inaccuracies
in the representations and warranties contained herein or in any document
delivered pursuant hereto, and (c) waive compliance with any of the agreements
or conditions contained herein. Any agreement on the part of a party hereto to
any such extension or waiver shall be valid only if set forth in an instrument
in writing signed by the party granting such waiver but such waiver or failure
to insist upon strict compliance

                                       14
<PAGE>

with such obligation, covenant, agreement or condition shall not operate as a
waiver of, or estoppel with respect to, any subsequent or future failure.

                                       15
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date and year first above written.

                                 MARKETING SPECIALISTS
                                 CORPORATION

                                 By:
                                    -----------------------------------------
                                     Name:             Title:

                                 MS ACQUISITION LIMITED

                                 By: MSSC Acquisition Corp., its General Partner

                                     By:  /S/ NICK G. BOURAS
                                          --------------------------------
                                          Name: Nick G. Bouras
                                          Title:  Vice President

             [SIGNATURE PAGE TO PREFERRED STOCK PURCHASE AGREEMENT]

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