Amendment No. 1
to the
Shareholders Agreement
in respect of
VIP Calling (Hong Kong) Limited
This Amendment No. 1, made between VIP Calling, Inc. and Microworld Limited,
Witnesseth That
WHEREAS VIP Calling, Inc. and Microworld Limited entered into a Shareholders
Agreement dated March 28, 1998, in relation to the joint venture company VIP
Calling (Hong Kong) Limited (the "Shareholders Agreement"); and
WHEREAS both VIP Calling, Inc. and Microworld Limited have determined that it is
in their mutual interest to extend the time by which they each must make their
contributions in accordance with Article 2 of the Shareholders Agreement;
NOW THEREFORE, VIP Calling, Inc. and Microworld Limited have agreed to amend the
Shareholders Agreement as follows:
The first sentence in Paragraph 2.3 shall be deleted in its entirety and
replaced with the following:
The Parties shall make their contributions set forth in Paragraph 2.2 on
or before June 1, 1998, or such other date as the Parties may agree in
writing.
This Amendment No. 1 is made in accordance with Paragraph 17.3 of the
Shareholders Agreement and shall be effective as soon as both parties have
signed below. Except as modified herein, all other provisions of the
Shareholders Agreement shall remain as written and agreed.
IN WITNESS WHEREOF, VIP Calling, Inc. and Microworld Limited have executed this
Amendment No. 1 on the dates as indicated below.
For and on Behalf of VIP Calling, Inc. For and on Behalf of Microworld Limited
/s/ Xxxx Xxxxxx /s/ Xxxxxx Xxxx
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By: XXXX XXXXXX By XXXXXX XXXX
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Date: May 4, 1998 Date: 30th April, 1998
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