Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 AGREEMENT (the “Agreement”), effective as
of November 1, 2012 (the “Commencement Date”), by and between UNITIL CORPORATION, a New Hampshire corporation (the “Company”) and ROBERT G. SCHOENBERGER (the “Executive”). 

The Company desires to employ the Executive and the Executive is willing to be employed by the Company, on the terms and conditions of
this Agreement. 
 Accordingly, in consideration of the premises and the respective covenants and agreements of the parties
herein contained, and intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Employment. The
Company hereby agrees to employ the Executive, and the Executive hereby agrees to be employed by the Company, on the terms and conditions set forth herein. 
 2. Term. The employment of the Executive under this Agreement shall commence on the Commencement Date and shall end at the close of business on October 31, 2015 (the “Term”).

 3. Title, Duties and Authority. The Executive shall serve as Chairman of the Board of Directors (the
“Board”) and as a member of the Board, and as Chief Executive Officer and President of the Company, and shall have such responsibilities and duties for the Company and its subsidiaries consistent with the Executive’s positions as
Chairman, Board member, Chief Executive Officer and President. The Executive shall have all of the powers and duties usually incident to the offices of Chairman, Chief Executive Officer and President. The Executive shall devote substantially all of
his working time and efforts to the business and affairs of the Company. The Executive agrees that he shall resign as a Board member effective on the date of his termination of employment with the Company; which agreement shall survive the
termination of this Agreement. 
 4. Compensation and Benefits. 

(a) Base Salary. During the Term, the Company shall pay the Executive a base salary (“Base Salary”), payable in
accordance with the Company’s normal practice for paying base salaries to its executive employees. The Base Salary shall initially be payable at the rate of $540,844 per annum, and shall be subject to annual review by the Board for
discretionary periodic increases in accordance with the Company’s compensation policies. 
 (b) Bonus. The
Executive shall participate in the Company’s Management Incentive Plan at the target rate of 50%. 
 (c) Employee
Benefits. The Executive shall be entitled to participate in the Company’s Supplemental Executive Retirement Program (the “SERP”), and all other employee benefit plans made available by the Company (or any affiliate thereof) to all
of its executives during the Term as may be in effect from time to time. 

  
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 (d) Stock Plans. The Executive shall be entitled to participate in any stock option,
restricted stock, phantom stock or similar plan of the Company or any subsidiary as and to the extent provided by the Board from time to time. 
 (e) Expenses. During the Term, the Executive shall be entitled to receive prompt reimbursement upon submission of expense claims to the Company for all reasonable and customary expenses incurred by
the Executive in performing services hereunder, in accordance with the terms and conditions of the Company’s expense reimbursement policy. The Executive shall be entitled to a monthly allowance of $1,000 for the leasing or financing of a
vehicle in accordance with the Company’s automobile policies. The Company shall pay for the membership in a local club. 

(f) Vacations. The Executive shall be entitled to paid vacation in accordance with the Company’s vacation policy, subject to
a minimum of four (4) weeks of paid vacation per year. The Executive shall also be entitled to all paid holidays and sick days given by the Company to its executives. 
 (g) Taxes. The Company may withhold from any amounts payable under this Agreement such federal, state, local and/or other taxes as shall be required to be withheld pursuant to any applicable law or
regulation. 
 (h) Board Fees. The Executive shall promptly remit to the Company any compensation received by the
Executive (including, without limitation, any fees, equity securities or retirement benefits) for service on the board of directors or similar governing body of any entity in which the Company owns at least five percent of the voting equity
securities, unless the Board authorizes the Executive to retain some or all of any such compensation. Notwithstanding the foregoing, the Executive shall be entitled to retain any reimbursements paid to him by any such entity of the actual
out-of-pocket expenses incurred by the Executive in attending any meeting of any such board or other governing body. Nothing in this Section 4(h) shall be deemed to authorize the Executive to serve on the board of directors or similar governing
body of any other entity if doing so would cause the Executive to be in breach of his obligations under any other provision of this Agreement. 
 (i) Change in Control. The Company and the Executive have entered into a Severance Agreement (“Severance Agreement”) dated June 30, 2008, providing for certain compensation and
benefits during and after employment (including severance benefits) if a change in control of the Company occurs. This Agreement shall not affect the Executive’s rights or obligation under the Severance Agreement and, as long as the Severance
Agreement is not in effect, the Severance Agreement shall not affect this Agreement or the Executive’s rights or obligations under this Agreement. As provided in the Severance Agreement, if the Severance Agreement becomes effective due to a
change in control, the Severance Agreement shall supersede this Agreement. 
 5. Termination. The Company, by action of
the Board, may terminate the Executive’s employment hereunder for any reason. 
 (a) If the Executive’s employment is
terminated by the Company during the Term for any reason other than for Cause (as defined below), death, or Disability (as defined below), or if the Executive terminates his employment hereunder for Good Reason (as defined below), except as
otherwise provided in Section 10 hereof, the Company shall pay to the Executive, as soon as practicable (but in no event more than fifteen (15) days) after the date of termination of employment, 

  
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 (i) all accrued and unpaid salary, bonus and expense reimbursements, 

(ii) a lump sum cash payment equal to the present value of twenty-four (24) monthly salary payments, assuming
for this purpose that (A) each monthly salary payment would have been equal to 1/12th of the Executive’s Base Salary in effect at the time of his employment termination (disregarding any reductions in Base Salary that were not approved by the Executive) and (B) such monthly
salary payments would have been made on each of the 24 monthly anniversaries of the date the Executive’s employment terminated, 
 (iii) a lump sum cash payment equal to the present value of two (2) annual bonus payments, assuming for this purpose that (A) each such annual bonus payment would have been equal to the average
of the annual bonus amounts received by the Executive in the two calendar years preceding the year in which the employment termination occurs and (B) the first annual bonus would have been paid on the last business day of the first February
following the date of employment termination and the second annual bonus would have been paid on the last business day of the second February following the date of employment termination, and 

(iv) a lump sum cash amount equal to the sum of (A) the present value of the monthly cost that would have been incurred by the
Company (exclusive of the Executive’s portion thereof and determined in good faith by the Company) if it provided group medical, dental and life insurance coverage to the Executive and the Executive’s eligible dependents (at the same level
and Executive cost as in effect at the time of employment termination) for a period of two (2) consecutive years following employment termination, determined based on the cost of such coverage at the time of employment termination and assuming
such cost remained constant through the coverage period, and (B) an additional payment (the “Additional Payment”) in an amount such that, after payment by the Executive of all Federal, State, city and local income taxes and the
Executive’s portion of all payroll taxes imposed upon the Additional Payment, the Executive retains an amount of the Additional Payment equal to the Federal, State, city and local income taxes and the Executive’s portion of all payroll
taxes imposed upon the payment provided pursuant to subpart (A) of this Section 5(a)(iv). For a period of two (2) consecutive years following employment termination, the Executive and the Executive’s eligible dependents shall
remain eligible to participate in the Company’s group medical, dental and life insurance plan, in each case, that is generally available to other senior executives of the Company; provided, that the Executive shall pay one-hundred
(100%) percent of the cost of such coverage. The continued coverage provided under this Section 5(a)(iv) shall not count against the Executive’s and the Executive’s dependent’s continuation of coverage period required under
the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (or any similar state or local law). 
 For purposes of calculating the
lump sum cash payments provided by this Section 5, present value shall be determined by using a discount factor equal to one percentage point below the Prime Rate, compounded annually. The “Prime Rate” shall be the base rate on
corporate loans at large U.S. money center commercial banks as reported in The Wall Street Journal (or, if such rate is no longer published, such other base rate on corporate loans by large money center commercial banks in the United States
to their most creditworthy customers as published by any newspaper or periodical of general circulation) as of the date on which termination shall have occurred. 

  
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 (b) If the Executive terminates his employment hereunder for any reason other than for Good
Reason, if the Executive’s employment hereunder is terminated due to the Executive’s death, or if the Company terminates the Executive’s employment as a result of Disability or Cause, the Company shall have no further obligation
hereunder and no further payments (except for accrued and unpaid salary, bonus and expense reimbursement) shall be made to the Executive. 
 (c) Disability. For purposes of this Agreement, “Disability” shall mean the Executive’s incapacity due to physical or mental illness which, if he were to apply, would in the sole
determination of the Board entitle him to the receipt of benefits under the Company’s long-term disability plan and if the Executive shall not have returned to the performance of his duties hereunder on a full-time basis within thirty
(30) days after a written Notice of Termination (as defined in Section 6(a)) is given to the Executive by the Company. 
 (d) Cause. For the purposes of this Agreement, “Cause” shall mean: 
 (i) the failure by the Executive to substantially perform the Executive’s duties hereunder (other than any such failure resulting from the Executive’s incapacity due to physical or mental
illness which shall be subject to the provisions of Section 5(c)); 
 (ii) the willful violation by the Executive of any
of the Executive’s material obligations hereunder; 
 (iii) the willful engaging by the Executive in misconduct which is
materially injurious to the business or reputation of the Company or any of its affiliates; or 
 (iv) the Executive’s
conviction of a felony. 
 Notwithstanding the foregoing, the Executive shall not be terminated for Cause without: 

(A) reasonable notice to the Executive setting forth the reasons for the Company’s intention to terminate the Executive’s
employment hereunder for Cause; 
 (B) the failure of the Executive to cure the nonperformance, violation or misconduct
described in the notice referred to in clause (A) of this paragraph, if the cure thereof is possible, to the reasonable satisfaction of the Board, within fifteen (15) days of such notice; 

(C) an opportunity for the Executive, together with the Executive’s counsel, to be heard before the Board; and 

(D) delivery to the Executive of a written Notice of Termination (as defined in Section 6(a)) from the Company notifying him that
in the good faith opinion of a majority of the Board the Company is entitled to terminate the Executive for Cause as set forth above, and specifying the particulars thereof in detail. 

(e) Good Reason. For the purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following
events or conditions unless the Executive specifically agrees in writing that such event or condition shall not constitute Good Reason: 
 (i) a material diminution in the Executive’s authority, duties or responsibilities or the Company requiring the Executive to report to a corporate officer or employee rather than reporting directly
to the Board; 

  
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 (ii) a material change in the geographic location at which the Executive must perform
services, which the Company has determined to include a change in the Executive’s principal place of employment by the Company from the location of the Company’s principal place of business on the date of this Agreement to a location more
than fifty (50) miles from such principal place of business; 
 (iii) a material diminution in the Executive’s base
compensation; or 
 (iv) any other action or inaction that constitutes a material breach by the Company of the Agreement.

 6. Termination Procedure. 
 (a) Notice of Termination. Any termination of the Executive’s employment by the Company or by the Executive shall be communicated by a written Notice of Termination to the other party hereto
in accordance with Section 8. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and the Date of Termination, and shall
set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment hereunder pursuant to the provision so indicated. 

(b) Date of Termination. “Date of Termination” shall mean: 

(i) if the Executive’s employment is terminated on account of the Executive’s Disability, thirty (30) days after a Notice
of Termination has been provided pursuant thereto (provided that the Executive shall not have returned to the performance of the Executive’s duties on a full-time basis during such thirty (30) day period); 

(ii) if the Executive’s employment is terminated for Cause, the date specified in the Notice of Termination provided pursuant
thereto; and 
 (iii) if the Executive’s employment is terminated for any other reason, the date on which a Notice of
Termination is provided or any later date (within thirty (30) days) set forth in such Notice of Termination. 
 (c)
Termination for Good Reason. Notwithstanding anything herein to the contrary, no event or condition described in Section 5(e) shall constitute “Good Reason” unless (i) the Executive gives the Company notice of the
termination for Good Reason within ninety (90) days of the initial existence of the event or condition constituting Good Reason and (ii) the Executive gives the Company thirty (30) days’ prior written notice of such termination
due to Good Reason and the Company fails to cure such event or condition within the thirty (30) day period. 

  
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 7. Restrictions. 

(a) Reasonable Covenants. It is expressly understood by and between the Company and the Executive that the covenants contained in
this Section 7 are an essential element of this Agreement and that but for the agreement by the Executive to comply with these covenants and thereby not to diminish the value of the organization and goodwill of the Company or any affiliate of
the Company, if any, including, without limitation relations with their employees, suppliers, customers and accounts, the Company would not enter into this Agreement. The Executive acknowledges that he has been given the opportunity to independently
consult with his legal counsel and agrees that such covenants are reasonable and proper. 
 (b) Noncompetition; No Diversion
of Customers, Etc. During the Term and for twelve (12) months after the later of (i) the Executive’s Date of Termination, or (ii) the last day a payment is made to the Executive pursuant to Section 5, the Executive shall
not: 
 (i) engage directly, alone or in association with or as a shareholder, principal, agent, partner, officer, director,
employee or consultant of any other organization or entity, in competition with the Company and/or any of its affiliates; 

(ii) divert to any competitor of the Company or any of its affiliates, any customer of the Company or any of its affiliates; or

 (iii) solicit or encourage any officer, employee or consultant of the Company or any of its affiliates to leave the employ
of the Company or any of its affiliates for employment by or with any competitor of the Company or any of its affiliates; 
 provided,
however, that the Executive may invest in stocks, bonds or other securities of any competitor of the Company or any of its affiliates if: 
 (A) such stocks, bonds or other securities are listed on any national or regional securities exchange or have been registered under Section 11(g) of the Securities Exchange Act of 1934; 

(B) the Executive’s investment does not exceed, in the case of any class of the capital stock of any one issuer, one percent
(1%) of the issued and outstanding shares, or, in the case of other securities, one percent (1%) of the aggregate principal amount thereof issued and outstanding; and 

(C) such investment would not prevent, directly or indirectly, the transaction of business by the Company and/or any of its affiliates
with any state, district, territory or possession of the United States or any governmental subdivision, agency or instrumentality thereof by virtue of any statute, law, regulation or administrative practice. 

If, at any time, the provision of this Section 7(b) shall be determined to be invalid or unenforceable by reason of being vague or
unreasonable as to the area, duration or scope of activity, this Section 7(b) shall be considered severable and shall become and shall be immediately amended solely with respect to such area, duration and scope of activity as shall be
determined to be reasonable and enforceable by the court or other body having jurisdiction over the matter and the Executive agrees that this Section 7(b) as so amended shall be valid and binding as though any

  
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invalid or unenforceable provision had not been included herein. Except as provided in this Section 7 and in Section 3, nothing in this Agreement shall prevent or restrict the Executive
from engaging in any business or industry in any capacity. 
 (c) Public Support and Assistance. The Executive agrees
that following any termination of his employment hereunder by the Company, the Executive shall not disclose or cause to be disclosed any negative, adverse or derogatory comments or information of a substantial nature about the Company or its
management, or about any product or service provided by the Company, or about the Company’s prospects for the future (including any such comments or information with respect to affiliates of the Company). The Company and/or any of its
affiliates may seek the assistance, cooperation or testimony of the Executive following any such termination in connection with any investigation, litigation or proceeding arising out of matters within the knowledge of the Executive and related to
the Executive’s position as an officer or employee of the Company, and in any such instance, the Executive shall provide such assistance, cooperation or testimony and the Company shall pay the Executive’s reasonable costs and expenses in
connection therewith; in addition, if such assistance, cooperation or testimony requires more than a nominal commitment of the Executive’s time, the Company shall compensate the Executive for such time at a per diem rate derived from the
Executive’s Base Salary at the time of the Executive’s Date of Termination. 
 (d) Nondisclosure of Confidential
Information. During the Term, the Executive shall hold in a fiduciary capacity for the benefit of the Company and its affiliates all Confidential Information (as defined below). After termination of the Executive’s employment with the
Company, the Executive shall keep secret and confidential all Confidential Information and shall not use or disclose to any third party in any fashion or for any purpose whatsoever, any Confidential Information. As used herein, “Confidential
Information” shall mean any information regarding this Agreement, or any other information regarding the Company or its affiliates which is not available to the general public, and/or not generally known outside the Company or any such
affiliate, to which the Executive has or shall have had access at any time during the course of the Executive’s employment with the Company, including, without limitation, any information relating to the Company’s (and its
affiliates’): 
 (i) business, operations, plans, strategies, prospects or objectives; 

(ii) products, technologies, processes, specifications, research and development operations or plans; 

(iii) customers and customer lists; 
 (iv) sales, service, support and marketing practices and operations; 
 (v)
financial condition and results of operations; 
 (vi) operational strengths and weaknesses; and 

(vii) personnel and compensation policies and procedures. 

  
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 Notwithstanding the foregoing provisions of this Section 8, the Executive may discuss this Agreement
with the members of the Executive’s immediate family and with the Executive’s personal legal advisors. 
 (e)
Specific Performance. Without intending to limit the remedies available to the Company, the Executive agrees that damages at law would be an insufficient remedy to the Company in the event that the Executive violates any of the provisions of
this Section 7, and that the Company may apply for and, upon the requisite showing, have injunctive relief in any court of competent jurisdiction to restrain the breach or threatened breach of or otherwise to specifically enforce any of the
covenants contained in this Section 7. 
 (f) Survival of Provisions. This Section 7 shall survive after the
termination of this Agreement. 
 8. Notice. For the purpose of this Agreement, notices, demands and all other
communications provided for herein shall be in writing and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by United States certified or registered mail, return receipt requested, postage prepaid,
addressed as follows: 
 If to the Executive: 
 Robert G. Schoenberger 
 3 Sea Road 

North Hampton, NH 03862 
 If to the Company: 
 Unitil Corporation 

6 Liberty Lane West 
 Hampton, NH 03842 
 or to such other address as any party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
 9.
Successors. Without the prior written consent of the Executive, this Agreement cannot be assigned by the Company except that it shall be binding automatically on any successors and assigns of all or substantially all of the business and/or
assets of the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise). In addition, without the prior written consent of the Company, this Agreement cannot be assigned by the Executive, except that the right to receive
payments or benefits hereunder may be transferred by will or the laws of descent and distribution. This Agreement and all rights of the Executive hereunder shall inure to the benefit of and be enforceable by the Executive’s personal or legal
representatives. 
 10. Code Section 409A. The provisions of this Agreement and all payments made pursuant to this
Agreement are intended to comply with, and should be interpreted so that they are consistent with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and any related regulations or other
applicable guidance promulgated thereunder (collectively, “Section 409A”). It is the intent of the parties hereto that all severance payments and benefits provided pursuant to this Agreement qualify as short-term deferrals, as defined in
Treasury Regulation §1.409A-1(b)(4), separation pay due to an involuntary separation from service under Treasury Regulation §1.409A-1(b)(9)(iii), and/or limited payments, as defined in Treasury Regulation §1.409A-1(b)(9)(v)(D)).
Notwithstanding the foregoing, if (i) it is determined that any payments or benefits provided pursuant to this Agreement upon a separation 

  
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from service (as that term is used in Section 409A) constitute deferred compensation for purposes of Section 409A (after taking into account the exception for short-term deferrals set
forth in Treasury Regulation §1.409A-1(b)(4), the exception for separation pay due to an involuntary separation set forth in Treasury Regulation §1.409A-1(b)(9)(iii), the exception for limited payments as set forth in Treasury Regulation
§1.409A-1(b)(9)(v)(D) and/or any other applicable exception from Section 409A) and (ii) the Executive is a “specified employee,” as determined under the Company’s policy for determining specified employees, on the date
on which the termination of employment occurs, no such payments or benefits shall be provided prior to the first business day after the date that is six months following the Executive’s termination of employment or, if the Executive dies during
such six month period, on the first business day after the date of the Executive’s death. The first payment that can be made shall include the cumulative amount of any amounts that could not be paid during such six-month period. In addition,
interest will accrue at the Federal short-term rate determined under Section 1274(d) of the Code (as in effect on the date of the separation from service or, if such date is not a business day, the first business day prior to such date) on all
payments not paid to the Executive prior to the first business day after the sixth month anniversary of termination of employment that otherwise would have been paid during such six-month period had this delay provision not applied to the Executive
and shall be paid with the first payment after such six-month period. For all purposes under this Agreement, references to termination of employment, employment termination or words of similar import shall be interpreted to mean “separation
from service,” as that term is used in Section 409A, and the Executive’s employment shall in no event be deemed to have terminated unless and until a separation from service shall have occurred for purposes of Section 409A.

 11. Arbitration. Except as provided in Section 7(e), all controversies, claims or disputes arising out of or
relating to this Agreement shall be settled by binding arbitration to be conducted in Hampton, New Hampshire under the rules of the American Arbitration Association, as the sole and exclusive remedy of either party, and judgment upon any such award
rendered by the arbitrator(s) may be entered in any court of competent jurisdiction. The costs of arbitration shall be borne by the unsuccessful party or otherwise as determined by the arbitrators in their discretion. 

12. Governing Law: The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of
the State of New Hampshire without regard to conflicts of law principles. 
 13. Amendments. No provision of this
Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and such officer of the Company as may be specifically designated for such purpose by the Board. No waiver
by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. 
 14. Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 

  
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 15. Entire Agreement. Except as otherwise provided in Section 4(i) hereof, this
Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or
written, by any officer, employee or representative of any party hereto. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth
expressly in this Agreement. For avoidance of doubt, while this Agreement is in effect, the Executive shall not be eligible to receive severance payments under the Unitil Corporation Severance Pay Plan, as may be amended from time to time, or any
successor or similar plan maintained by the Company or an affiliate. 
 16. Severability. The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision hereof. 
 IN WITNESS WHEROF, the parties have executed this Agreement as of the date and year first above written. 

 

					
	UNITIL CORPORATION
		
	By:	 	 /s/ Eben S. Moulton

			
		 	Name:	 	Eben S. Moulton
		 	Title:	 	Chairman, Compensation Committee of the Board of Directors
	
	ROBERT G. SCHOENBERGER
	
	 /s/ Robert G. Schoenberger

  
 10Thirteenth Amendment to First Amended and Restated Loan and Security Agreement

 Exhibit 10.1 
 THIRTEENTH AMENDMENT TO FIRST AMENDED AND RESTATED 
 LOAN AND SECURITY AGREEMENT

 THIS THIRTEENTH AMENDMENT TO FIRST AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (herein called this
“Amendment”) made as of the 19th day of
September, 2012 by and between Priority Fulfillment Services, Inc. (“Borrower”) and Comerica Bank (“Bank”), 

W I T N E S S E T H: 
 WHEREAS, Borrower and Bank have entered into that certain First Amended and Restated Loan and Security Agreement dated as of December 29, 2004 (as from time to time amended or modified, the
“Original Agreement”) for the purposes and consideration therein expressed, pursuant to which Bank became obligated to make loans to Borrower as therein provided; and 

WHEREAS, Borrower and Bank desire to amend the Original Agreement for the purposes set forth herein; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Original Agreement,
in consideration of the loans which may hereafter be made by Bank to Borrower, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows: 

ARTICLE I. 

Definitions and References 
 § 1.1 Terms Defined in the Original Agreement. Unless the context otherwise requires or unless otherwise expressly defined herein, the terms defined in the Original Agreement shall have the
same meanings whenever used in this Amendment. 
 § 1.2 Other Defined Terms. Unless the context otherwise requires,
the following terms when used in this Amendment shall have the meanings assigned to them in this §1.2: 

“Amendment” means this Thirteenth Amendment to First Amended and Restated Loan and Security Agreement.

 “Loan Agreement” means the Original Agreement as amended hereby 

 ARTICLE II. 
 Amendment to Original Agreement 
 § 2.1 Defined Terms.

 (a) The definition of “Committed Revolving Line” in Exhibit A to the Original Agreement is hereby
amended in its entirety to read as follows: 
 “Committed Revolving Line” means a Credit Extension of
up to (i) $10,000,000 during the period of September 1, 2012 to and including October 31, 2012, (ii) $12,500,000 during the period of November 1, 2012 to and including March 31, 2013, (iii) $10,000,000 during the
period of April 1, 2013 to and including October 31, 2013, and (iv) $12,500,000 from November 1, 2013 and thereafter, in each case inclusive of any amounts outstanding and the aggregate limits of the corporate credit cards issued
to Borrower under the Letter of Credit and Credit Card Sublimit. 
 (b) The definition of “Revolving
Maturity Date” in Exhibit A to the Original Agreement is hereby amended in its entirety to read as follows: 

“Revolving Maturity Date” means March 31, 2014. 

§ 2.2 Fees. Section 2.5(a) of the Original Agreement is hereby amended in its entirety to read as follows: 

(a) Facility Fee. A facility fee in the aggregate amount of $30,000 to be paid on September 19, 2012.

 ARTICLE III. 
 Conditions of Effectiveness 
 § 3.1 Effective Date. This
Amendment shall become effective as of the date first above written when and only when Bank shall have received, at Bank’s office (i) a counterpart of this Amendment executed and delivered by Borrower, (ii) the attached Consent and
Agreement executed and delivered by Guarantor, and (iii) the facility fee set forth in Section 2.5(a) of the Loan Agreement. 
 ARTICLE IV. 
 Representations and Warranties 

§ 4.1 Representations and Warranties of Borrower. In order to induce Bank to enter into this Amendment, Borrower represents
and warrants to Bank that: 
 (a) The representations and warranties contained in Article 5 of the Original
Agreement are true and correct at and as of the time of the effectiveness hereof, except to the extent such representations or warranties relate to an earlier date in which case such representation or warranty shall be true and correct as of such
earlier date or as otherwise disclosed to the Bank in writing. 

  
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 (b) Borrower is duly authorized to execute and deliver this Amendment and is
and will continue to be duly authorized to borrow and to perform its obligations under the Loan Agreement. Borrower has duly taken all corporate action necessary to authorize the execution and delivery of this Amendment and to authorize the
performance of the obligations of Borrower hereunder. 
 (c) The execution and delivery by Borrower of this
Amendment, the performance by Borrower of its obligations hereunder and the consummation of the transactions contemplated hereby do not and will not conflict with any provision of law, statute, rule or regulation or of the organizational documents
of Borrower, or of any material agreement, judgment, license, order or permit applicable to or binding upon Borrower, or result in the creation of any lien, charge or encumbrance upon any assets or properties of Borrower. Except for those which have
been duly obtained, no consent, approval, authorization or order of any court or governmental authority or third party is required in connection with the execution and delivery by Borrower of this Amendment or to consummate the transactions
contemplated hereby. 
 (d) When duly executed and delivered, each of this Amendment and the Loan Agreement will
be a legal and binding instrument and agreement of Borrower, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency and similar laws applying to creditors’ rights generally and by principles of equity applying to
creditors’ rights generally. 
 ARTICLE V. 
 Miscellaneous 
 § 5.1 Ratification of Agreements. The Original
Agreement as hereby amended is hereby ratified and confirmed in all respects. Any reference to the Loan Agreement in any Loan Document shall be deemed to be a reference to the Original Agreement as hereby amended. The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Bank under the Loan Agreement or any other Loan Document nor constitute a waiver of any provision of the Loan
Agreement or any other Loan Document. 
 § 5.2 Survival of Agreements. All representations, warranties, covenants
and agreements of Borrower herein shall survive the execution and delivery of this Amendment and the performance hereof, including without limitation the making or granting of the Advances, and shall further survive until all of the Obligations are
paid in full. All statements and agreements contained in any certificate or instrument delivered by Borrower hereunder or under the Loan Agreement to Bank shall be deemed to constitute representations and warranties by, or agreements and covenants
of, Borrower under this Amendment and under the Loan Agreement. 
 § 5.3 Loan Documents. This Amendment is a Loan
Document, and all provisions in the Loan Agreement pertaining to Loan Documents apply hereto. 

  
 3 

 § 5.4 Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of California and any applicable laws of the United States of America in all respects, including construction, validity and performance. 
 § 5.5 Counterparts. This Amendment may be separately executed in counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to
constitute one and the same Amendment. 
 THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. 

[Remainder of this page intentionally left blank] 

  
 4 

 IN WITNESS WHEREOF, this Amendment is executed as of the date first above written.

  

			
	PRIORITY FULFILLMENT SERVICES, INC.
	
	By:                           
                                         
    
	Name:	 	
	Title:	 	
	
	COMERICA BANK
	
	By:                           
                                         
    
	Name:	 	
	Title:	 	

 [Thirteenth Amendment – Signature Page] 

 CONSENT AND AGREEMENT 

PFSWEB, INC., a Delaware corporation, hereby consents to the provisions of this Amendment and the transactions contemplated herein, and
hereby ratifies and confirms the Guaranty dated as of December 29, 2004, made by it for the benefit of Bank, and agrees that its obligations and covenants thereunder are unimpaired hereby and shall remain in full force and effect. 

 

			
	PFSWEB, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Consent and Agreement

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