The electronic structure and bonding of the N2S2 molecule are studied by the spin-coupled valence bond method. Unusual features are revealed which clarify much of the hitherto puzzling properties of this molecule, leading ultimately to a simple Lewis structure : The two N atoms of the N2S2 ring bear a substantial negative charge, and the two S atoms, a complementary positive charge. There are four single N-S sigma bonds and two lone pairs of pi electrons, one pair centered about each N atom. Two further pi electrons, one from each of the S atoms, are directly coupled to each other across the ring, giving the molecule the overall character of the (SN)(x) polymer.